title,url,timestamp,content,source,clean_date,clean_content,arti_score,pos_sent,neg_sent,rnn_arti_score,rnn_pos_sent,rnn_neg_sent,date_extracted
Jeff Bezos op-ed defends the Washington Post over endorsement change,https://www.bbc.co.uk/news/articles/c8dmq8p54zdo,2024-10-29T12:09:19.704Z,"Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility.  Mr Bezos, who is also the Amazon founder, argued in an article on the Post's website on Monday that presidential endorsements created the ""perception of bias"" and did not ""tip the scales"" of an election.  The comments follow public scrutiny, as well as the newspaper's reported loss of thousands of subscribers and the resignation of some editorial staff members.  The decision to stop endorsing a presidential candidate - which was announced just days before the election - broke with a custom the Post had generally followed for decades. ""No undecided voters in Pennsylvania are going to say, 'I’m going with Newspaper A’s endorsement'. None,"" Mr Bezos wrote in his defence of the move.  ""What presidential endorsements actually do is create a perception of bias. A perception of non-independence. Ending them is a principled decision, and it’s the right one."" The paper has endorsed a candidate in most presidential elections since the 1970s, though when it announced the move, CEO William Lewis described the decision as a return ""to our roots of not endorsing presidential candidates"". The Washington Post Guild's leadership - which represents workers at the paper - said it was ""deeply concerned"" by the decision. ""We are already seeing cancellations from once-loyal readers,"" the Guild said in its statement. ""This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it."" The paper has lost as many as 200,000 digital subscribers, and several editorial staff including board members have stepped down, according to a report by NPR. The Post itself declined to comment, and Mr Bezos has not addressed the report. In its own news article on the decision, The Washington Post reported - citing two sources briefed on the sequence of events who were not authorised to speak publicly - that editorial staffers had planned to endorse Vice-President Kamala Harris, but the article was never published.  Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"".  ""I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,"" Mr Bezos wrote. But he said the paper would need to ""exercise new muscles"" to stay competitive and current.   The Washington Post owner also denied the decision was a ""quid pro quo of any kind"" with Harris or her Republican rival for the presidency, Donald Trump. In addition to The Washington Post, the Los Angeles Times and USA Today have also announced they will not endorse a presidential candidate this time.  Meanwhile, the New York Times and New York Post have made endorsements for Harris and Trump respectively.  ",BBC,29/10/2024,"[""Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility."", 'Mr Bezos, who is also the Amazon founder, argued in an article on the Post\'s website on Monday that presidential endorsements created the ""perception of bias"" and did not ""tip the scales"" of an election.', ""The comments follow public scrutiny, as well as the newspaper's reported loss of thousands of subscribers and the resignation of some editorial staff members."", 'The decision to stop endorsing a presidential candidate - which was announced just days before the election - broke with a custom the Post had generally followed for decades. ""', ""No undecided voters in Pennsylvania are going to say, 'I’m going with Newspaper A’s endorsement'."", 'None,"" Mr Bezos wrote in his defence of the move. ""', 'What presidential endorsements actually do is create a perception of bias.', 'A perception of non-independence.', 'Ending them is a principled decision, and it’s the right one.""', 'The paper has endorsed a candidate in most presidential elections since the 1970s, though when it announced the move, CEO William Lewis described the decision as a return ""to our roots of not endorsing presidential candidates"".', 'The Washington Post Guild\'s leadership - which represents workers at the paper - said it was ""deeply concerned"" by the decision. ""', 'We are already seeing cancellations from once-loyal readers,"" the Guild said in its statement. ""', 'This decision undercuts the work of our of members at a time when we should be building our readers\' trust, not losing it.""', 'The paper has lost as many as 200,000 digital subscribers, and several editorial staff including board members have stepped down, according to a report by NPR.', 'The Post itself declined to comment, and Mr Bezos has not addressed the report.', 'In its own news article on the decision, The Washington Post reported - citing two sources briefed on the sequence of events who were not authorised to speak publicly - that editorial staffers had planned to endorse Vice-President Kamala Harris, but the article was never published.', 'Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"". ""', 'I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,"" Mr Bezos wrote.', 'But he said the paper would need to ""exercise new muscles"" to stay competitive and current.', 'The Washington Post owner also denied the decision was a ""quid pro quo of any kind"" with Harris or her Republican rival for the presidency, Donald Trump.', 'In addition to The Washington Post, the Los Angeles Times and USA Today have also announced they will not endorse a presidential candidate this time.', 'Meanwhile, the New York Times and New York Post have made endorsements for Harris and Trump respectively.']",0.0478902803261538,"This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it.""","Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"". """,-0.6610200007756551,"Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility.","This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it.""",2024-10-30
Budget 2024 summary: Key points from Rachel Reeves’s speech,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power in July’s general election. She announced tax rises worth £40bn to fund the NHS and other public services. Here is a summary of the main measures.  ",BBC,18/09/2024,"['Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power in July’s general election.', 'She announced tax rises worth £40bn to fund the NHS and other public services.', 'Here is a summary of the main measures.']",0.2094239266473058,"Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power in July’s general election.",,0.9934117197990416,She announced tax rises worth £40bn to fund the NHS and other public services.,,2024-10-30
$2 billion marina development aims to turn Fort Lauderdale into 'mini Monaco',https://www.cnbc.com/2024/10/30/fort-lauderdale-marina-development.html,2024-10-30T12:52:52+0000,"A team of developers including Related Group is launching a $2 billion development at the largest marina in Fort Lauderdale, Florida, aiming to create a ""mini Monaco,"" according to executives.The new development at the Bahia Mar marina will include a hotel and condo towers, along with a beach club, restaurants and retail space, according to the plans.""Fort Lauderdale — and South Florida in general — has been waiting for a true destination that has a Monaco-like feel,"" said Nick Perez, president of the condominium division for Related Group. ""We have the deep water marina, we have the restaurants, but we don't have this five-star resort that encompasses everything. So this is kind of what the market has been missing.""Miami-based Related Group, controlled by billionaire Jorge Perez, is teaming up with Tate Capital and Rok Acquisitions on the project. The development will span nearly 40 acres of land and water, with multiple condo towers and a St. Regis hotel with about 200 guest rooms, according to the plans. The hotel will replace the existing DoubleTree hotel on the site.The development caps years of failed efforts to redevelop Bahia Mar, a sprawling yacht marina that has helped make Fort Lauderdale the yacht capital of the U.S. The Bahia Mar is also host to the Fort Lauderdale International Boat Show, the nation's largest yacht show, which starts Wednesday.The Bahia Mar land is owned by the city of Fort Lauderdale and leased to an entity led by developer Jimmy Tate and his family. Plans by the Tates and Rok Acquisitions to develop the property were stalled for years by Fort Lauderdale residents and local officials, who opposed the large scale of the project. The new plan called for scaled-down buildings and more public amenities.Along with the condo towers and hotel, the plan calls for 88,000 square feet of waterfront commercial space, with restaurants, boat docking, a public park along the Intracoastal and a 25-foot-wide pedestrian promenade. The marina will have slips for yachts up to 350 feet.Perez said since 65% of the visitors to the Fort Lauderdale International Boat Show are from overseas, mainly Europe and Latin America, the development will draw from a global clientele of yacht owners and boating enthusiasts.""There is no facility in South Florida where you can have a residential unit, have a hotel, amazing food and beverage and your mega yacht or regular yacht, whatever kind of boat you own, literally in your backyard,"" he said.The project is scheduled to open sometime in late 2029. Douglas Elliman will be marketing the residences, which will start at $4.4 million for the condos.",CNBC,30/10/2024,"['A team of developers including Related Group is launching a $2 billion development at the largest marina in Fort Lauderdale, Florida, aiming to create a ""mini Monaco,"" according to executives.', 'The new development at the Bahia Mar marina will include a hotel and condo towers, along with a beach club, restaurants and retail space, according to the plans.', '""Fort Lauderdale — and South Florida in general — has been waiting for a true destination that has a Monaco-like feel,"" said Nick Perez, president of the condominium division for Related Group. ""', ""We have the deep water marina, we have the restaurants, but we don't have this five-star resort that encompasses everything."", 'So this is kind of what the market has been missing.', '""Miami-based Related Group, controlled by billionaire Jorge Perez, is teaming up with Tate Capital and Rok Acquisitions on the project.', 'The development will span nearly 40 acres of land and water, with multiple condo towers and a St. Regis hotel with about 200 guest rooms, according to the plans.', 'The hotel will replace the existing DoubleTree hotel on the site.', ""The development caps years of failed efforts to redevelop Bahia Mar, a sprawling yacht marina that has helped make Fort Lauderdale the yacht capital of the U.S. The Bahia Mar is also host to the Fort Lauderdale International Boat Show, the nation's largest yacht show, which starts Wednesday."", 'The Bahia Mar land is owned by the city of Fort Lauderdale and leased to an entity led by developer Jimmy Tate and his family.', 'Plans by the Tates and Rok Acquisitions to develop the property were stalled for years by Fort Lauderdale residents and local officials, who opposed the large scale of the project.', 'The new plan called for scaled-down buildings and more public amenities.', 'Along with the condo towers and hotel, the plan calls for 88,000 square feet of waterfront commercial space, with restaurants, boat docking, a public park along the Intracoastal and a 25-foot-wide pedestrian promenade.', 'The marina will have slips for yachts up to 350 feet.', 'Perez said since 65% of the visitors to the Fort Lauderdale International Boat Show are from overseas, mainly Europe and Latin America, the development will draw from a global clientele of yacht owners and boating enthusiasts.', '""There is no facility in South Florida where you can have a residential unit, have a hotel, amazing food and beverage and your mega yacht or regular yacht, whatever kind of boat you own, literally in your backyard,"" he said.', 'The project is scheduled to open sometime in late 2029.', 'Douglas Elliman will be marketing the residences, which will start at $4.4 million for the condos.']",0.0868446230390658,"""There is no facility in South Florida where you can have a residential unit, have a hotel, amazing food and beverage and your mega yacht or regular yacht, whatever kind of boat you own, literally in your backyard,"" he said.","The development caps years of failed efforts to redevelop Bahia Mar, a sprawling yacht marina that has helped make Fort Lauderdale the yacht capital of the U.S. The Bahia Mar is also host to the Fort Lauderdale International Boat Show, the nation's largest yacht show, which starts Wednesday.",-0.962013214826584,,"Plans by the Tates and Rok Acquisitions to develop the property were stalled for years by Fort Lauderdale residents and local officials, who opposed the large scale of the project.",2024-10-30
Single bus fares to rise to £3 from £2 in England under new cap,https://www.bbc.co.uk/news/articles/cy0l99xz719o,2024-10-28T12:06:53.753Z,"The single bus fare cap in England will be raised to £3 in the upcoming Budget, Prime Minister Sir Keir Starmer has announced. It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living. The existing cap was due to expire at the end of December. Sir Keir said: ""I do know how much this matters, particularly in rural communities where there is heavy reliance on buses.""  The new £3 cap, covering most bus journeys in England, will run until the end of 2025. About 3.4 million people in England use buses. There had been speculation in recent days that the chancellor would announce in the Budget on Wednesday that the current cap would be scrapped. This would have meant that some passengers faced a steep hike in fares following two years of help. Single bus fares in London with Transport for London will, however, remain at £1.75 and those in Greater Manchester at £2.  They are excluded from the broader fare cap as their funding is structured differently. The Confederation of Passenger Transport said that raising the cap from £2 has avoided travellers facing a ""cliff edge"" at the end of this year.  But it said: ""An increase to £3 will still present challenges for many passengers, particularly those who rely on buses as their primary means of affordable travel."" Joshua Anderton is a second year student at Lancaster University who relies on buses to get to his lectures. “I find the bus fare cap increase an absolutely awful idea,” he said. “I spend a minimum of £4 a day on bus tickets, sometimes more when I have to commute multiple times in a day. He added that the prices are ""only made worse by the fact that return tickets have been removed"". Joshua says he’ll now have less money to spend on food and will avoid some social events. Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems.  Reverting to previous fares of £5 or £7 for example, would represent ""such a big jump that not only will it cause hardship for some people but of course it will result in some people saying I'm not going to take the bus anymore,"" he told the BBC's Today Programme. Meanwhile Greenpeace suggested lifting the cap was a ""'tough decision’ the government didn’t need to make"". ""It makes no political, economical or environmental sense whatsoever,"" said Paul Morozzo, Greenpeace's UK’s senior transport campaigner. He said buses are a ""critical lifeline to millions of people, particularly those on lower incomes"".  ""A government that was truly prioritising the needs of the poorest in society would rethink this decision at the first opportunity,"" he said. Additional reporting by Bernadette McCague ",BBC,28/10/2024,"['The single bus fare cap in England will be raised to £3 in the upcoming Budget, Prime Minister Sir Keir Starmer has announced.', 'It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.', 'The existing cap was due to expire at the end of December.', 'Sir Keir said: ""I do know how much this matters, particularly in rural communities where there is heavy reliance on buses.""', 'The new £3 cap, covering most bus journeys in England, will run until the end of 2025.', 'About 3.4 million people in England use buses.', 'There had been speculation in recent days that the chancellor would announce in the Budget on Wednesday that the current cap would be scrapped.', 'This would have meant that some passengers faced a steep hike in fares following two years of help.', 'Single bus fares in London with Transport for London will, however, remain at £1.75 and those in Greater Manchester at £2.', 'They are excluded from the broader fare cap as their funding is structured differently.', 'The Confederation of Passenger Transport said that raising the cap from £2 has avoided travellers facing a ""cliff edge"" at the end of this year.', 'But it said: ""An increase to £3 will still present challenges for many passengers, particularly those who rely on buses as their primary means of affordable travel.""', 'Joshua Anderton is a second year student at Lancaster University who relies on buses to get to his lectures. “', 'I find the bus fare cap increase an absolutely awful idea,” he said. “', 'I spend a minimum of £4 a day on bus tickets, sometimes more when I have to commute multiple times in a day.', 'He added that the prices are ""only made worse by the fact that return tickets have been removed"".', 'Joshua says he’ll now have less money to spend on food and will avoid some social events.', ""Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems."", 'Reverting to previous fares of £5 or £7 for example, would represent ""such a big jump that not only will it cause hardship for some people but of course it will result in some people saying I\'m not going to take the bus anymore,"" he told the BBC\'s Today Programme.', 'Meanwhile Greenpeace suggested lifting the cap was a ""\'tough decision’ the government didn’t need to make"". ""', 'It makes no political, economical or environmental sense whatsoever,"" said Paul Morozzo, Greenpeace\'s UK’s senior transport campaigner.', 'He said buses are a ""critical lifeline to millions of people, particularly those on lower incomes"". ""', 'A government that was truly prioritising the needs of the poorest in society would rethink this decision at the first opportunity,"" he said.', 'Additional reporting by Bernadette McCague']",-0.0513816960840243,It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.,"Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems.",-0.0314191222190856,It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.,This would have meant that some passengers faced a steep hike in fares following two years of help.,2024-10-30
"UK economy: Budget boost forecast to fade after two years, says OBR",https://www.bbc.co.uk/news/articles/c5yge6knpzdo,2024-10-30T13:02:45.905Z,"The Budget will only “temporarily boost” the economy, according to official forecasts, throwing into question the government’s promises to reboot growth. The pace of growth will peak next year at 2% before falling back to around 1.5% later in the parliament, the Office for Budget Responsibility (OBR) said. The government has pinned its reputation on delivering growth, arguing that a new approach to investment would underpin a better economic performance and “more pounds in people's pockets”. But the OBR said in the short term the Budget would push up inflation and interest rates, with a knock-on effect on growth. Overall that would leave the size of the economy ""largely unchanged in five years"" compared to its previous growth forecast, the OBR said. In her speech, Chancellor Rachel Reeves said: ""Every Budget I deliver will be focused on our mission to grow the economy."" She also promised ""an end to short-termism"". The package of policies includes tax increases to the tune of £41bn a year by the end of the parliament to finance more spending on public services. “The OBR pointed to a short-term sugar rush, as a result of the debt-financed spending splurge, but that turns into a modestly negative impact by the end of the parliament,” Paul Johnson, head of the Institute for Fiscal Studies, an independent economics think tank, said in a note. The OBR said in the longer term investment, planning reform and greater economic stability should help to boost growth, ""in a sustainable way"" Mr Johnson said, but not until 2032. It is hard it to make precise predictions several years ahead, and economic forecasts are regularly updated. The combination of stronger growth early in the parliament, followed by weaker growth in later years, suggests the cumulative impact will be small.  In total the economy is set to grow by nearly 8.2% in total by 2028. In March it was forecast to grow by nearly 8.5%. However, Mr Johnson described the growth forecast as “pretty disappointing stuff"". Measures in the Budget would increase demand this year and next year, which was likely to keep inflation and interest rates higher, resulting in slower growth in later years, he told the BBC. The OBR expects inflation to remain slightly above the Bank of England's 2% target until 2029. How much the economy grows is a key factor limiting what the government will be able to do over the course of the parliament. If growth is strong, tax revenues are likely to increase, meaning there is more to spend on public services, or on reducing taxes, and to pay the interest on government borrowing. If growth is weak, the government is likely to have to cut back on what it would like to do. Reeves said while there would be no return to austerity, there would “still be hard decisions to come”. But she said the OBR believed Labour's plans would have a positive impact on the ""supply capacity of the economy"" or its ability to grow. The government bases its policy plans on the forecast of the OBR. However, economic forecasting is not an exact science. Predictions can be affected by a huge range of factors including geopolitical risk, global energy prices, and events in the world's other large economies. Small changes in any of these factors can have an impact on the path of UK growth. Reeves said she would “catalyse £70bn of investment” in the UK through a new National Wealth fund, transform planning rules to “get Britain building”. She said she would work with devolved governments in Wales, Scotland and Northern Ireland, as well as regional mayors, to boost local and regional growth plans.  ",BBC,30/10/2024,"['The Budget will only “temporarily boost” the economy, according to official forecasts, throwing into question the government’s promises to reboot growth.', 'The pace of growth will peak next year at 2% before falling back to around 1.5% later in the parliament, the Office for Budget Responsibility (OBR) said.', ""The government has pinned its reputation on delivering growth, arguing that a new approach to investment would underpin a better economic performance and “more pounds in people's pockets”."", 'But the OBR said in the short term the Budget would push up inflation and interest rates, with a knock-on effect on growth.', 'Overall that would leave the size of the economy ""largely unchanged in five years"" compared to its previous growth forecast, the OBR said.', 'In her speech, Chancellor Rachel Reeves said: ""Every Budget I deliver will be focused on our mission to grow the economy.""', 'She also promised ""an end to short-termism"".', 'The package of policies includes tax increases to the tune of £41bn a year by the end of the parliament to finance more spending on public services. “', 'The OBR pointed to a short-term sugar rush, as a result of the debt-financed spending splurge, but that turns into a modestly negative impact by the end of the parliament,” Paul Johnson, head of the Institute for Fiscal Studies, an independent economics think tank, said in a note.', 'The OBR said in the longer term investment, planning reform and greater economic stability should help to boost growth, ""in a sustainable way"" Mr Johnson said, but not until 2032.', 'It is hard it to make precise predictions several years ahead, and economic forecasts are regularly updated.', 'The combination of stronger growth early in the parliament, followed by weaker growth in later years, suggests the cumulative impact will be small.', 'In total the economy is set to grow by nearly 8.2% in total by 2028.', 'In March it was forecast to grow by nearly 8.5%.', 'However, Mr Johnson described the growth forecast as “pretty disappointing stuff"".', 'Measures in the Budget would increase demand this year and next year, which was likely to keep inflation and interest rates higher, resulting in slower growth in later years, he told the BBC.', ""The OBR expects inflation to remain slightly above the Bank of England's 2% target until 2029."", 'How much the economy grows is a key factor limiting what the government will be able to do over the course of the parliament.', 'If growth is strong, tax revenues are likely to increase, meaning there is more to spend on public services, or on reducing taxes, and to pay the interest on government borrowing.', 'If growth is weak, the government is likely to have to cut back on what it would like to do.', 'Reeves said while there would be no return to austerity, there would “still be hard decisions to come”.', 'But she said the OBR believed Labour\'s plans would have a positive impact on the ""supply capacity of the economy"" or its ability to grow.', 'The government bases its policy plans on the forecast of the OBR.', 'However, economic forecasting is not an exact science.', ""Predictions can be affected by a huge range of factors including geopolitical risk, global energy prices, and events in the world's other large economies."", 'Small changes in any of these factors can have an impact on the path of UK growth.', 'Reeves said she would “catalyse £70bn of investment” in the UK through a new National Wealth fund, transform planning rules to “get Britain building”.', 'She said she would work with devolved governments in Wales, Scotland and Northern Ireland, as well as regional mayors, to boost local and regional growth plans.']",0.2834228997181844,"If growth is strong, tax revenues are likely to increase, meaning there is more to spend on public services, or on reducing taxes, and to pay the interest on government borrowing.","The OBR pointed to a short-term sugar rush, as a result of the debt-financed spending splurge, but that turns into a modestly negative impact by the end of the parliament,” Paul Johnson, head of the Institute for Fiscal Studies, an independent economics think tank, said in a note.",0.3287361827161577,In total the economy is set to grow by nearly 8.2% in total by 2028.,"However, Mr Johnson described the growth forecast as “pretty disappointing stuff"".",2024-10-30
Starbucks drops olive oil coffee as new boss shakes up menu,https://www.bbc.co.uk/news/articles/czj737llxzpo,2024-10-30T04:47:29.783Z,"Starbucks is dropping its much-hyped range of olive oil-infused coffees in the US and Canada from early November. The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers. The firm's sales have been tumbling as consumers see their budgets squeezed by the rising cost of living. Starbucks says the Oleato range of drinks will still be sold in some outlets in Italy, Japan and China. ""While this decision was made prior to Brian Niccol taking the role of CEO, the decision to remove the beverages aligns with his strategy to simplify our menu,"" a Starbucks spokesperson told the BBC.   Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around. Last week, he promised to simplify what he described as an ""overly complex menu"". Mr Niccol's comments came as Starbucks announced that its global sales had tumbled by 7% between July and September compared to a year earlier. Starbucks rolled out the Oleato drinks across North America less than a year ago, after initially being sold in Italy. The launch was part of an attempt to revitalise the chain's fortunes. The range features an iced shaken espresso and a latte with olive oil and oat milk. The products were created by Starbucks founder Howard Schultz, who said he was inspired by a visit to the olive groves of Sicily. Mr Schultz came up with the idea ""after being introduced to the Mediterranean custom of taking a spoonful of olive oil each day"", a Starbucks press release said in 2023. But the drinks were met with mixed reactions from customers, with some complaining of stomach aches or bowel problems. ",BBC,30/10/2024,"['Starbucks is dropping its much-hyped range of olive oil-infused coffees in the US and Canada from early November.', ""The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers."", ""The firm's sales have been tumbling as consumers see their budgets squeezed by the rising cost of living."", 'Starbucks says the Oleato range of drinks will still be sold in some outlets in Italy, Japan and China. ""', 'While this decision was made prior to Brian Niccol taking the role of CEO, the decision to remove the beverages aligns with his strategy to simplify our menu,"" a Starbucks spokesperson told the BBC.', 'Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around.', 'Last week, he promised to simplify what he described as an ""overly complex menu"".', ""Mr Niccol's comments came as Starbucks announced that its global sales had tumbled by 7% between July and September compared to a year earlier."", 'Starbucks rolled out the Oleato drinks across North America less than a year ago, after initially being sold in Italy.', ""The launch was part of an attempt to revitalise the chain's fortunes."", 'The range features an iced shaken espresso and a latte with olive oil and oat milk.', 'The products were created by Starbucks founder Howard Schultz, who said he was inspired by a visit to the olive groves of Sicily.', 'Mr Schultz came up with the idea ""after being introduced to the Mediterranean custom of taking a spoonful of olive oil each day"", a Starbucks press release said in 2023.', 'But the drinks were met with mixed reactions from customers, with some complaining of stomach aches or bowel problems.']",0.0856359841106541,"The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers.","But the drinks were met with mixed reactions from customers, with some complaining of stomach aches or bowel problems.",-0.214301598072052,"The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers.",Mr Niccol's comments came as Starbucks announced that its global sales had tumbled by 7% between July and September compared to a year earlier.,2024-10-30
Adidas ends 'fight' with Kanye West over antisemitic comments,https://www.bbc.co.uk/news/articles/cgej945wp9xo,2024-10-29T19:10:28.085Z,"Adidas has ended its ""fight"" with Kanye West over antisemitic comments he made in 2022, which scuppered the sports brand and US rapper's ""Yeezy"" collaboration. Adidas discontinued the collection at the time and started selling off Yeezy stock at wholesale prices. However, on Tuesday, the firm said it had reached a settlement with Mr West to end all legal proceedings between them. ""There [aren't] any more open issues and there is no... money going either way,"" Adidas chief executive Bjorn Gulden said on a conference call. ""There were tensions on many issues [but]... both parties said we don't need to fight any more,"" Gulden said on the call about the firm's latest financial results. The drama with West ""belongs to the past"", he added. ""When you have conflicts like this, you take provisions and you have legal opinions and there are negotiations and there are settlements being done, and this is the end to it. ""No-one owes anything to anybody anymore. Whatever was is history"", he said. Ending the partnership has left Adidas with Yeezy stock worth around €1.2bn (£840m), with the sports brand selling product in batches and donating the proceeds to NGOs, including its own recently launched anti-discrimination foundation. The final Yeezy stocks will be sold by the end of 2024, the company said. The decision to move on from the ""fight"" marks a stark contrast to 2022. At the time, Adidas said it does ""not tolerate antisemitism and any other sort of hate speech"". It added: ""Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness."" Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.  Demand for Yeezy products did not let up even after the furore, with many Yeezy trainers doing well in the resale market and selling for hundreds - and sometimes thousands - of pounds. West had his accounts suspended on Instagram and X (then known as Twitter) when he made a series of antisemitic comments in October 2022.  He repeated the claims in a number of interviews and podcasts, not all of which were aired, over the next two months. In December that year, Mr West appeared on conspiracy theorist Alex Jones' show InfoWars where he spoke of his admiration for Adolf Hitler. The rapper, now separated from celebrity Kim Kardashian, was diagnosed with bipolar disorder years ago and has publicly spoken about his challenges with his mental health. ",BBC,29/10/2024,"['Adidas has ended its ""fight"" with Kanye West over antisemitic comments he made in 2022, which scuppered the sports brand and US rapper\'s ""Yeezy"" collaboration.', 'Adidas discontinued the collection at the time and started selling off Yeezy stock at wholesale prices.', 'However, on Tuesday, the firm said it had reached a settlement with Mr West to end all legal proceedings between them. ""', 'There [aren\'t] any more open issues and there is no... money going either way,"" Adidas chief executive Bjorn Gulden said on a conference call. ""', 'There were tensions on many issues [but]... both parties said we don\'t need to fight any more,"" Gulden said on the call about the firm\'s latest financial results.', 'The drama with West ""belongs to the past"", he added. ""', 'When you have conflicts like this, you take provisions and you have legal opinions and there are negotiations and there are settlements being done, and this is the end to it. ""', 'No-one owes anything to anybody anymore.', 'Whatever was is history"", he said.', 'Ending the partnership has left Adidas with Yeezy stock worth around €1.2bn (£840m), with the sports brand selling product in batches and donating the proceeds to NGOs, including its own recently launched anti-discrimination foundation.', 'The final Yeezy stocks will be sold by the end of 2024, the company said.', 'The decision to move on from the ""fight"" marks a stark contrast to 2022.', 'At the time, Adidas said it does ""not tolerate antisemitism and any other sort of hate speech"".', 'It added: ""Ye\'s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company\'s values of diversity and inclusion, mutual respect and fairness.""', 'Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.', 'Demand for Yeezy products did not let up even after the furore, with many Yeezy trainers doing well in the resale market and selling for hundreds - and sometimes thousands - of pounds.', 'West had his accounts suspended on Instagram and X (then known as Twitter) when he made a series of antisemitic comments in October 2022.', 'He repeated the claims in a number of interviews and podcasts, not all of which were aired, over the next two months.', ""In December that year, Mr West appeared on conspiracy theorist Alex Jones' show InfoWars where he spoke of his admiration for Adolf Hitler."", 'The rapper, now separated from celebrity Kim Kardashian, was diagnosed with bipolar disorder years ago and has publicly spoken about his challenges with his mental health.']",-0.1229292469185571,"Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.","It added: ""Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness.""",-0.0751622234072004,"Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.","Adidas has ended its ""fight"" with Kanye West over antisemitic comments he made in 2022, which scuppered the sports brand and US rapper's ""Yeezy"" collaboration.",2024-10-30
"Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales",https://www.cnbc.com/2024/10/29/pfizer-pfe-earnings-q3-2024.html,2024-10-29T17:37:24+0000,"In this articlePfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales.The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share. Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion and $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value. The firm has a roughly $1 billion stake in the pharmaceutical company. Still, shares of Pfizer fell more than 2% on Tuesday.Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The company booked third-quarter net income of $4.47 billion, or 78 cents per share. That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago. Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker's shares are trading at about half of their pandemic-era high, putting the company's market cap at roughly $163 billion. Starboard managing member Jeff Smith contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value. Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company. Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics. Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it ""constructive and cordial."" Pfizer agrees with some of the points Starboard raised, but has ""vastly different views on many others,"" Bourla said. For example, Starboard challenged Pfizer's capital deployment for business development. But Pfizer believes its deals will bring significant shareholder returns, Bourla said.Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.Still, he said, ""We will engage productively with our shareholders, including Starboard"" and consider ""all good ideas that are offered.""Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year. The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027. Pfizer's third-quarter beat was fueled in part by higher demand for its Covid products.Paxlovid, its antiviral pill, brought in $2.7 billion in sales for the quarter, up from the $202 million it posted in the year-earlier period. That growth is mainly due to strong demand, particularly in the U.S. during a recent wave of the virus. It was also helped by a one-time contractual delivery of 1 million treatment courses of Paxlovid to the federal government's national stockpile during the third quarter, which accounted for $442 million in revenue. Those results are higher than the $707.7 million in sales that analysts were expecting for Paxlovid, according to estimates compiled by StreetAccount.""The demand for Paxlovid seems to have stabilized at the current levels and appears to be closely correlated with each wave of Covid-19,"" Bourla said.The company's Covid shot booked $1.42 billion in revenue, up 9% from the same period a year ago.Pfizer said that growth was mainly driven by the timing of stocking for the vaccine, pointing to the earlier approval of the updated version of the shot this fall compared with last year. That growth was partially offset by lower contractual deliveries and demand in international markets.Analysts expected $1.04 billion in sales for the shot, according to StreetAccount.Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas. Pfizer completed its acquisition of Seagen in December.Revenue also got a boost from sales of Pfizer's Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.  Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period. The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period. That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount. Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. Those price negotiations are a key provision of President Joe Biden's Inflation Reduction Act that the pharmaceutical industry fiercely opposes.Meanwhile, Pfizer's vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter. The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.",CNBC,29/10/2024,"[""In this articlePfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales."", 'The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share.', 'Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between$59.5 billion and $62.5 billion.', 'That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.', 'The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value.', 'The firm has a roughly $1 billion stake in the pharmaceutical company.', 'Still, shares of Pfizer fell more than 2% on Tuesday.', ""Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company booked third-quarter net income of $4.47 billion, or 78 cents per share."", 'That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago.', 'Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.', 'Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.', 'It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years.', ""The drugmaker's shares are trading at about half of their pandemic-era high, putting the company's market cap at roughly $163 billion."", 'Starboard managing member Jeff Smith contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value.', ""Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company."", 'Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics.', 'Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.', 'Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it ""constructive and cordial.', '""Pfizer agrees with some of the points Starboard raised, but has ""vastly different views on many others,"" Bourla said.', ""For example, Starboard challenged Pfizer's capital deployment for business development."", 'But Pfizer believes its deals will bring significant shareholder returns, Bourla said.', 'Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.', 'Still, he said, ""We will engage productively with our shareholders, including Starboard"" and consider ""all good ideas that are offered.', '""Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year.', ""The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027.Pfizer's third-quarter beat was fueled in part by higher demand for its Covid products."", 'Paxlovid, its antiviral pill, brought in $2.7 billion in sales for the quarter, up from the $202 million it posted in the year-earlier period.', 'That growth is mainly due to strong demand, particularly in the U.S. during a recent wave of the virus.', ""It was also helped by a one-time contractual delivery of 1 million treatment courses of Paxlovid to the federal government's national stockpile during the third quarter, which accounted for $442 million in revenue."", 'Those results are higher than the $707.7 million in sales that analysts were expecting for Paxlovid, according to estimates compiled by StreetAccount.', '""The demand for Paxlovid seems to have stabilized at the current levels and appears to be closely correlated with each wave of Covid-19,"" Bourla said.', ""The company's Covid shot booked $1.42 billion in revenue, up 9% from the same period a year ago."", 'Pfizer said that growth was mainly driven by the timing of stocking for the vaccine, pointing to the earlier approval of the updated version of the shot this fall compared with last year.', 'That growth was partially offset by lower contractual deliveries and demand in international markets.', 'Analysts expected $1.04 billion in sales for the shot, according to StreetAccount.', 'Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.', 'Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas.', 'Pfizer completed its acquisition of Seagen in December.', ""Revenue also got a boost from sales of Pfizer's Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle."", 'Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.', 'Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period.', 'The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period.', 'That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount.', 'Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government.', ""Those price negotiations are a key provision of President Joe Biden's Inflation Reduction Act that the pharmaceutical industry fiercely opposes."", ""Meanwhile, Pfizer's vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter."", 'The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.', 'Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.', ""Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.""]",0.0970695741951692,"Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.",Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company.,0.5383083259358126,"Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.","Still, shares of Pfizer fell more than 2% on Tuesday.",2024-10-30
Starbucks will discontinue Oleato olive oil drinks at U.S. cafes in early November,https://www.cnbc.com/2024/10/30/starbucks-oleato-olive-oil-drinks-leaving-us-cafes.html,2024-10-30T15:51:25+0000,"In this articleStarbucks' controversial line of olive oil-infused drinks will leave U.S. stores in early November.The decision to remove the Oleato drinks from domestic menus predates newly installed CEO Brian Niccol, who arrived at Starbucks in early September, a company spokesperson said. However, it aligns with Niccol's strategy to simplify menus as part of a broader turnaround scheme to go ""back to Starbucks,"" the spokesperson said.Bloomberg first reported the news of the drinks' departure.Starbucks is set to report its fiscal fourth-quarter earnings after the bell on Wednesday. In a preliminary release of its results, the company said its sales fell for the third consecutive quarter as weak demand in the U.S. and China weighed on its performance.Wall Street has high hopes for Niccol's leadership, including ending the outsized influence of former CEO Howard Schultz, who hatched the idea for the Oleato line.The lineup of Oleato drinks infused Partanna olive oil into Starbucks' Caffe Latte, Iced Shaken Espresso and cold foam. Baristas steamed the olive oil with oat milk for the latte, shook it in the iced espresso drink and infused it in vanilla sweet cream foam to top cold brews.Schultz imagined the Oleato line after a trip to Italy, where he saw Sicilians drinking olive oil as a daily ritual. He, too, began drinking olive oil alongside his daily coffee and decided that Starbucks should try to mix the two together. Ahead of the reveal, he teased the idea as ""alchemy"" and a ""game-changer.""Oleato means ""with oil"" in Italian, according to Starbucks.Starbucks first launched the line in Italy, then brought it to stores in Southern California in spring 2023. A nationwide launch followed in January.But it does not seem as though customers agreed with Schultz's high opinion of the drinks. Early reviews in the U.S. press were largely negative, and some social media users complained the drinks had a laxative effect.Cafes in China, Italy and Japan will continue to serve the Oleato drinks.",CNBC,30/10/2024,"[""In this articleStarbucks' controversial line of olive oil-infused drinks will leave U.S. stores in early November."", 'The decision to remove the Oleato drinks from domestic menus predates newly installed CEO Brian Niccol, who arrived at Starbucks in early September, a company spokesperson said.', 'However, it aligns with Niccol\'s strategy to simplify menus as part of a broader turnaround scheme to go ""back to Starbucks,"" the spokesperson said.', ""Bloomberg first reported the news of the drinks' departure."", 'Starbucks is set to report its fiscal fourth-quarter earnings after the bell on Wednesday.', 'In a preliminary release of its results, the company said its sales fell for the third consecutive quarter as weak demand in the U.S. and China weighed on its performance.', ""Wall Street has high hopes for Niccol's leadership, including ending the outsized influence of former CEO Howard Schultz, who hatched the idea for the Oleato line."", ""The lineup of Oleato drinks infused Partanna olive oil into Starbucks' Caffe Latte, Iced Shaken Espresso and cold foam."", 'Baristas steamed the olive oil with oat milk for the latte, shook it in the iced espresso drink and infused it in vanilla sweet cream foam to top cold brews.', 'Schultz imagined the Oleato line after a trip to Italy, where he saw Sicilians drinking olive oil as a daily ritual.', 'He, too, began drinking olive oil alongside his daily coffee and decided that Starbucks should try to mix the two together.', 'Ahead of the reveal, he teased the idea as ""alchemy"" and a ""game-changer.', '""Oleato means ""with oil"" in Italian, according to Starbucks.', 'Starbucks first launched the line in Italy, then brought it to stores in Southern California in spring 2023.', 'A nationwide launch followed in January.', ""But it does not seem as though customers agreed with Schultz's high opinion of the drinks."", 'Early reviews in the U.S. press were largely negative, and some social media users complained the drinks had a laxative effect.', 'Cafes in China, Italy and Japan will continue to serve the Oleato drinks.']",-0.0240208132845965,"Baristas steamed the olive oil with oat milk for the latte, shook it in the iced espresso drink and infused it in vanilla sweet cream foam to top cold brews.","Early reviews in the U.S. press were largely negative, and some social media users complained the drinks had a laxative effect.",0.1929400086402893,"Wall Street has high hopes for Niccol's leadership, including ending the outsized influence of former CEO Howard Schultz, who hatched the idea for the Oleato line.","In a preliminary release of its results, the company said its sales fell for the third consecutive quarter as weak demand in the U.S. and China weighed on its performance.",2024-10-30
Eli Lilly's Zepbound and Mounjaro are no longer in shortage. Here's where their sales still disappointed,https://www.cnbc.com/2024/10/30/why-sales-of-eli-lillys-zepbound-and-mounjaro-fell-short.html,2024-10-30T19:54:17+0000,"In this articleEli Lilly's blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro posted weaker-than-expected sales for the third quarter, even as supply of both medicines has largely recovered from widespread shortages in the U.S. The reason for the disappointing sales, according to the company, is not an issue of demand or supply. During an earnings call Wednesday, Eli Lilly instead blamed it on drug wholesalers cutting inventory of Zepbound and Mounjaro. Wholesalers purchase medicines from manufacturers and sell them to hospitals, clinics, pharmacies and other health-care providers.Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period, according to the pharmaceutical giant.But those wholesalers tapped into some of that existing stock in the third quarter instead of buying more from the company, which dampened revenue from both treatments, Eli Lilly said. Mounjaro's third-quarter sales of $3.11 billion fell well short of the $3.7 billion analysts had expected, according to estimates compiled by StreetAccount. Sales of Zepbound were $1.26 billion in the quarter, missing the $1.76 billion expected by analysts. ""The primary culprit was an inventory hit to Mounjaro and Zepbound ... not weaker demand,"" Citi analyst Geoff Meacham wrote in a research note Wednesday. Jared Holz, Mizuho health-care equity strategist, wrote in an email that ""destocking"" — or selling existing inventory for the drugs rather than stocking up on more — came as a surprise, especially with the high level of demand for the treatments.But he said Eli Lilly has invested $10 billion to $15 billion to expand manufacturing capacity for its injectable drugs in this year alone, which should ""help to reverse some of the trends reported in this period.""Still, some analysts question whether the inventory issue can explain all of what happened with the sales of Zepbound and Mounjaro in the third quarter. That factor likely explains ""only a fraction,"" or around 20%, of the drugs' revenue misses, Barclays analyst Carter Gould wrote in a note Wednesday. Demand for weight loss and diabetes injections has outpaced supply over the past two years. But Eli Lilly's supply woes began to ease earlier this year, and the Food and Drug Administration removed tirzepatide, the active ingredient in Mounjaro and Zepbound, from its shortage list.Earlier this month, a trade group representing compounding pharmacies, which make customized and often cheaper alternatives to branded drugs in shortage, sued the FDA. The group said tirzepatide is still in short supply and should therefore remain on the shortage list, which led the agency to reconsider its decision.On the earnings call, Eli Lilly executives insisted that underlying demand for the medicines remained strong. ""Is there a demand problem? No,"" Eli Lilly CEO Dave Ricks said, pointing instead to ""a lot of lumpiness in channel stocking.""""I think what we really don't control and don't attempt to but as a reality is that downstream customers from Lilly, wholesalers and retailers, are making their own decisions about which of the 12 different dosage forms they want to stock in at what level,"" Ricks said. He noted that wholesalers are dealing with some limitations, including financial pressures. They also have to deal with ""cold chain"" capacity constraints, or maintain a temperature-controlled supply chain that ensures the quality of the drugs from production to delivery. Ricks said Eli Lilly had yet to begin what the company calls ""demand-stimulating activities,"" or advertising and promoting, for Zepbound. The drugmaker will start those efforts in November, he said.That will include providing drug samples to health-care providers. Eli Lilly is also investing heavily in its direct-to-consumer website, which offers telehealth prescriptions and direct home delivery of certain drugs to expand patient access, executives said during the call. Ricks dismissed the idea that the disappointing sales in the quarter was due to competition from compounded versions of Mounjaro and Zepbound. ""We don't really see a financial impact on Lilly of compounding,"" Ricks said.",CNBC,30/10/2024,"[""In this articleEli Lilly's blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro posted weaker-than-expected sales for the third quarter, even as supply of both medicines has largely recovered from widespread shortages in the U.S.The reason for the disappointing sales, according to the company, is not an issue of demand or supply."", 'During an earnings call Wednesday, Eli Lilly instead blamed it on drug wholesalers cutting inventory of Zepbound and Mounjaro.', 'Wholesalers purchase medicines from manufacturers and sell them to hospitals, clinics, pharmacies and other health-care providers.', 'Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period, according to the pharmaceutical giant.', 'But those wholesalers tapped into some of that existing stock in the third quarter instead of buying more from the company, which dampened revenue from both treatments, Eli Lilly said.', ""Mounjaro's third-quarter sales of $3.11 billion fell well short of the $3.7 billion analysts had expected, according to estimates compiled by StreetAccount."", 'Sales of Zepbound were $1.26 billion in the quarter, missing the $1.76 billion expected by analysts.', '""The primary culprit was an inventory hit to Mounjaro and Zepbound ... not weaker demand,"" Citi analyst Geoff Meacham wrote in a research note Wednesday.', 'Jared Holz, Mizuho health-care equity strategist, wrote in an email that ""destocking"" — or selling existing inventory for the drugs rather than stocking up on more — came as a surprise, especially with the high level of demand for the treatments.', 'But he said Eli Lilly has invested $10 billion to $15 billion to expand manufacturing capacity for its injectable drugs in this year alone, which should ""help to reverse some of the trends reported in this period.', '""Still, some analysts question whether the inventory issue can explain all of what happened with the sales of Zepbound and Mounjaro in the third quarter.', 'That factor likely explains ""only a fraction,"" or around 20%, of the drugs\' revenue misses, Barclays analyst Carter Gould wrote in a note Wednesday.', 'Demand for weight loss and diabetes injections has outpaced supply over the past two years.', ""But Eli Lilly's supply woes began to ease earlier this year, and the Food and Drug Administration removed tirzepatide, the active ingredient in Mounjaro and Zepbound, from its shortage list."", 'Earlier this month, a trade group representing compounding pharmacies, which make customized and often cheaper alternatives to branded drugs in shortage, sued the FDA.', 'The group said tirzepatide is still in short supply and should therefore remain on the shortage list, which led the agency to reconsider its decision.', 'On the earnings call, Eli Lilly executives insisted that underlying demand for the medicines remained strong.', '""Is there a demand problem?', 'No,"" Eli Lilly CEO Dave Ricks said, pointing instead to""a lot of lumpiness in channel stocking.', '""""I think what we really don\'t control and don\'t attempt to but as a reality is that downstream customers from Lilly, wholesalers and retailers, are making their own decisions about which of the 12 different dosage forms they want to stock in at what level,"" Ricks said.', 'He noted that wholesalers are dealing with some limitations, including financial pressures.', 'They also have to deal with ""cold chain"" capacity constraints, or maintain a temperature-controlled supply chain that ensures the quality of the drugs from production to delivery.', 'Ricks said Eli Lilly had yet to begin what the company calls ""demand-stimulating activities,"" or advertising and promoting, for Zepbound.', 'The drugmaker will start those efforts in November, he said.', 'That will include providing drug samples to health-care providers.', 'Eli Lilly is also investing heavily in its direct-to-consumer website, which offers telehealth prescriptions and direct home delivery of certain drugs to expand patient access, executives said during the call.', 'Ricks dismissed the idea that the disappointing sales in the quarter was due to competition from compounded versions of Mounjaro and Zepbound.', '""We don\'t really see a financial impact on Lilly of compounding,"" Ricks said.']",0.035104929740799,"Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period, according to the pharmaceutical giant.","In this articleEli Lilly's blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro posted weaker-than-expected sales for the third quarter, even as supply of both medicines has largely recovered from widespread shortages in the U.S.The reason for the disappointing sales, according to the company, is not an issue of demand or supply.",-0.4238644748926162,"Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period, according to the pharmaceutical giant.","In this articleEli Lilly's blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro posted weaker-than-expected sales for the third quarter, even as supply of both medicines has largely recovered from widespread shortages in the U.S.The reason for the disappointing sales, according to the company, is not an issue of demand or supply.",2024-10-30
Ford guides to low end of 2024 earnings forecast as it slightly tops Wall Street's third-quarter expectations,https://www.cnbc.com/2024/10/28/ford-motor-f-earnings-q3-2024.html,2024-10-29T10:08:36+0000,"In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations.The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion. It had previously guided to between $10 billion and $12 billion. It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.Heading into Monday's results, several Wall Street analysts were concerned Ford would need to lower its forecast due to softening demand, rising vehicle inventory levels and worries about Ford's ability to achieve an announced $2 billion in cost cuts this year.""Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,"" Ford CFO and Vice Chair John Lawler said Monday during a media briefing.Lawler said Ford has achieved its $2 billion in material, freight and manufacturing costs, but higher inflationary and warranty costs have eaten into those improvements and have restricted the company ""from having a record year.""Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:Shares of the automaker were down by roughly 5% during after-hours trading after closing Monday at $11.37, up 2.7%.The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street's earnings expectations.Lawler said the company's warranty costs in the third quarter were slightly lower than they were a year earlier after increasing by $800 million year over year during the second quarter.""It's an improvement, but it's not as big as we would like to see,"" Lawler said, declining to disclose the overall costs during the period.Ford's third-quarter results were led by its ""Pro"" commercial and fleet business as well as its traditional operations, known as ""Ford Blue."" Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.Lawler said Ford Pro and Blue operations are being affected — and likely will continue to be affected — by some supplier problems, in part due to Hurricane Helene in late September.Ford's ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.Ford's net income for the third quarter was $896 million, or 22 cents per share. Adjusted EBIT increased roughly 16% year over year to $2.55 billion. Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.Ford's overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion. It marked the company's 10th consecutive quarter of year-over-year revenue growth.Farley noted that the company's operations in China, where legacy automakers have increasingly struggled, have contributed more than $600 million to the company's EBIT. That includes Ford's plans to increase vehicle exports from the country.Farley also addressed the company's rising new vehicle inventory levels. Ford has 91 days' supply of gross inventory, including vehicles in the company's possession, and 68 days' supply on dealer lots at the end of the third quarter, which has concerned investors.He said the mix and price of those vehicles is ""really good"" and the company is holding back some inventory to assist with vehicle changeovers in early 2025.",CNBC,29/10/2024,"[""In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations."", 'The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion.', 'It had previously guided to between $10 billion and $12 billion.', 'It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.', ""Heading into Monday's results, several Wall Street analysts were concerned Ford would need to lower its forecast due to softening demand, rising vehicle inventory levels and worries about Ford's ability to achieve an announced $2 billion in cost cuts this year."", '""Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,"" Ford CFO and Vice Chair John Lawler said Monday during a media briefing.', 'Lawler said Ford has achieved its $2 billion in material, freight and manufacturing costs, but higher inflationary and warranty costs have eaten into those improvements and have restricted the company ""from having a record year.', '""Here\'s how the company performed in the third quarter, compared with average estimates compiled by LSEG:Shares of the automaker were down by roughly 5% during after-hours trading after closing Monday at $11.37, up 2.7%.The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street\'s earnings expectations.', ""Lawler said the company's warranty costs in the third quarter were slightly lower thanthey werea year earlier after increasing by $800 million year over year during the second quarter."", '""It\'s an improvement, but it\'s not as big as we would like to see,"" Lawler said, declining to disclose the overall costs during the period.', 'Ford\'s third-quarter results were led by its ""Pro"" commercial and fleet business as well as its traditional operations, known as ""Ford Blue.""', 'Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.', 'Lawler said Ford Pro and Blue operations are being affected — and likely will continue to be affected — by some supplier problems, in part due to Hurricane Helene in late September.', 'Ford\'s ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.', 'Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.', ""Ford's net income for the third quarter was $896 million, or 22 cents per share."", 'Adjusted EBIT increased roughly 16% year over year to $2.55 billion.', ""Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share."", ""Ford's overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion."", ""It marked the company's 10th consecutive quarter of year-over-year revenue growth."", ""Farley noted that the company's operations in China, where legacy automakers have increasingly struggled, have contributed more than $600 million to the company's EBIT."", ""That includes Ford's plans to increase vehicle exports from the country."", ""Farley also addressed the company's rising new vehicle inventory levels."", ""Ford has 91 days' supply of gross inventory, including vehicles in the company's possession,and 68 days' supply on dealer lots at the end of the third quarter, which has concerned investors."", 'He said the mix and price of those vehicles is ""really good"" and the company is holding back some inventory to assist with vehicle changeovers in early 2025.']",0.0412858179760801,"Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.","Ford's ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.",0.4204728182624368,Adjusted EBIT increased roughly 16% year over year to $2.55 billion.,In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations.,2024-10-30
Airbus delivers first extra-long-range Airbus A321 as smaller jets fly farther,https://www.cnbc.com/2024/10/30/airbus-extra-long-range-airbus-a321-a321xlr.html,2024-10-30T16:31:40+0000,"Airbus said Wednesday that it has handed over its first extra-long-range narrow-body aircraft, the A321XLR, marking another step in an era of smaller and more fuel-efficient jets flying longer distances, and further expanding a delivery gap between Airbus and rival Boeing.The first aircraft was delivered to Spanish airline Iberia, which plans to debut it between Madrid and Boston next month. American Airlines and United Airlines have also ordered the 321XLRs.Airbus said the XLR can fly up to 11 hours nonstop, or 4,700 nautical miles, about 15% farther than the A321LR, a long-range version of the 321 aircraft, which is used for trans-Atlantic missions like JetBlue's service between New York and Amsterdam.The plane maker has been working on getting the aircraft certified for five years. It burns about 30% less fuel than older aircraft, the manufacturer said.The European company has more than 500 of the A321XLRs on order. It's a tiny part of its backlog that stood at nearly 8,600 airplanes as of the end of June, but it is debuting a new plane as its rival Boeing is struggling.In the wake of two fatal crashes of its 737 Max, Boeing put plans on the back burner for an all-new aircraft that would sit between 737s and wide-body jetliners, and potentially replace aging 757s, which are currently between the two.The company is now planning to slim down, shed jobs and potentially get rid of businesses it doesn't deem core to save cash and improve quality.""Boeing's 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,"" new CEO Kelly Ortberg said on an earnings call last week.",CNBC,30/10/2024,"['Airbus said Wednesday that it has handed over its first extra-long-range narrow-body aircraft, the A321XLR, marking another step in an era of smaller and more fuel-efficient jets flying longer distances, and further expanding a delivery gap between Airbus and rival Boeing.', 'The first aircraft was delivered to Spanish airline Iberia, which plans to debut it between Madrid and Boston next month.', 'American Airlines and United Airlines have also ordered the 321XLRs.', ""Airbus said the XLR can fly up to 11 hours nonstop, or 4,700 nautical miles, about 15% farther than the A321LR, a long-range version of the 321 aircraft, which is used for trans-Atlantic missions like JetBlue's service between New York and Amsterdam."", 'The plane maker has been working on getting the aircraft certified for five years.', 'It burns about 30% less fuel than older aircraft, the manufacturer said.', 'The European company has more than 500 of the A321XLRs on order.', ""It's a tiny part of its backlog that stood at nearly 8,600 airplanes as of the end of June, but it is debuting a new plane as its rival Boeing is struggling."", 'In the wake of two fatal crashes of its 737 Max, Boeing put plans on the back burner for an all-new aircraft that would sit between 737s and wide-body jetliners, and potentially replace aging 757s, which are currently between the two.', ""The company is now planning to slim down, shed jobs and potentially get rid of businesses it doesn't deem core to save cash and improve quality."", '""Boeing\'s 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,"" new CEO Kelly Ortberg said on an earnings call last week.']",0.0786916806012798,"The company is now planning to slim down, shed jobs and potentially get rid of businesses it doesn't deem core to save cash and improve quality.","It's a tiny part of its backlog that stood at nearly 8,600 airplanes as of the end of June, but it is debuting a new plane as its rival Boeing is struggling.",0.332848846912384,"Airbus said Wednesday that it has handed over its first extra-long-range narrow-body aircraft, the A321XLR, marking another step in an era of smaller and more fuel-efficient jets flying longer distances, and further expanding a delivery gap between Airbus and rival Boeing.","The company is now planning to slim down, shed jobs and potentially get rid of businesses it doesn't deem core to save cash and improve quality.",2024-10-30
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.,2024-10-30
Starbucks CEO pledges to fundamentally change strategy as sales fall for third straight quarter,https://www.cnbc.com/2024/10/30/starbucks-sbux-q4-2024-earnings.html,2024-10-30T20:07:36+0000,"In this articleStarbucks on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as sales in the U.S. and China, its two biggest markets, disappointed.The company previously released a preliminary report of its quarterly results on Oct. 22 and announced it was suspending its fiscal 2025 outlook. This report marks the first under CEO Brian Niccol, who joined the company on Sept. 9 to revive the floundering business. ""It is clear we need to fundamentally change our strategy to win back customers,"" CEO Brian Niccol said in a statement. ""We have a clear plan and are moving quickly to return Starbucks to growth.""Investors are expecting that Niccol will share more details about his turnaround strategy during the company's conference call, scheduled for 5 p.m. ET.Shares of the company fell 1% in extended trading on Wednesday.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Starbucks reported fiscal fourth-quarter net income attributable to the company of $909.3 million, or 80 cents per share, down from $1.22 billion, or $1.06 per share, a year earlier.Net sales dropped 3% to $9.07 billion. The company's global same-store sales fell 7%, fueled by weak demand in the U.S. and China. Traffic to its stores worldwide fell 8% during the quarter.The company's U.S. restaurants reported same-store sales declines of 6%, fueled by a 10% tumble in traffic.In China, the company's same-store sales plummeted 14% as both traffic and average ticket fell. Starbucks has been facing greater competition from local rivals, like Luckin Coffee, which can undercut the company's prices.",CNBC,30/10/2024,"[""In this articleStarbucks on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as sales in the U.S. and China, its two biggest markets, disappointed."", 'The company previously released a preliminary report of its quarterly results on Oct. 22 and announced it was suspending its fiscal 2025 outlook.', 'This report marks the first under CEO Brian Niccol, who joined the company on Sept. 9 to revive the floundering business.', '""It is clear we need to fundamentally change our strategy to win back customers,"" CEO Brian Niccol said in a statement. ""', 'We have a clear plan and are moving quickly to return Starbucks to growth.', '""Investors are expecting that Niccol will share more details about his turnaround strategy during the company\'s conference call, scheduled for 5 p.m. ET.Shares of the company fell 1% in extended trading on Wednesday.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Starbucks reported fiscal fourth-quarter net income attributable to the company of $909.3 million, or 80 cents per share, down from $1.22 billion, or $1.06 per share, a year earlier."", 'Net sales dropped 3% to $9.07 billion.', ""The company's global same-store sales fell 7%, fueled by weak demand in the U.S. and China."", 'Traffic to its stores worldwide fell 8% during the quarter.', ""The company's U.S. restaurants reported same-store sales declines of 6%, fueled by a 10% tumble in traffic."", ""In China, the company's same-store sales plummeted 14% as both traffic and average ticket fell."", ""Starbucks has been facing greater competition from local rivals, like Luckin Coffee, which can undercut the company's prices.""]",0.1528695593147356,"""It is clear we need to fundamentally change our strategy to win back customers,"" CEO Brian Niccol said in a statement. ""","In this articleStarbucks on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as sales in the U.S. and China, its two biggest markets, disappointed.",-0.6344883604483171,We have a clear plan and are moving quickly to return Starbucks to growth.,"The company's U.S. restaurants reported same-store sales declines of 6%, fueled by a 10% tumble in traffic.",2024-10-30
"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.",,2024-10-30
"Biogen tops estimates, raises profit guidance as Alzheimer's drug Leqembi gains traction",https://www.cnbc.com/2024/10/30/biogen-biib-earnings-q3-2024.html,2024-10-30T12:33:27+0000,"In this articleBiogen on Wednesday reported third-quarter revenue and adjusted earnings that topped expectations while raising its full-year profit guidance, as sales of its breakthrough Alzheimer's drug, Leqembi, and other new products gain traction. Biogen now expects full-year adjusted earnings to come in between $16.10 and $16.60 per share, up from a previous forecast of $15.75 to $16.25 per share. The biotech company still anticipates 2024 sales to decline by a low-single-digit percentage. Leqembi, which Biogen shares with the Japanese drugmaker Eisai, became the second drug proven to slow the progression of Alzheimer's to win approval in the U.S. last summer. The therapy's launch has been gradual due to bottlenecks related to diagnostic test requirements, regular brain scans and finding neurologists, among other issues. Still, uptake of Leqembi has been increasing over the last few quarters. The treatment brought in $67 million in sales for the third quarter, including $39 million from the U.S. Wall Street analysts had expected global sales of $50 million for Leqembi, according to estimates compiled by StreetAccount. The drug posted just $10 million in sales last year following its launch. It is unclear how many patients are currently taking the drug. Leqembi, along with Biogen's new rare disease and depression treatments, helped offset a year-over-year decline in revenue for the company's multiple sclerosis products. Here's what Biogen reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Biogen booked sales of $2.47 billion for the quarter, which is down around 3% from the year-earlier period. The drugmaker posted net income of $388.5 million, or $2.66 per share, for the period ended Sept. 30. That compares with a net loss of $68.1 million, or 47 cents per share, for the same period a year ago. Adjusting for one-time items, including certain restructuring charges and costs associated with intangible assets, the company reported earnings of $4.08 per share.",CNBC,30/10/2024,"[""In this articleBiogen on Wednesday reported third-quarter revenue and adjusted earnings that topped expectations while raising its full-year profit guidance, as sales of its breakthrough Alzheimer's drug, Leqembi, and other new products gain traction."", 'Biogen now expects full-year adjusted earnings to come in between $16.10 and $16.60 per share, up from a previous forecast of $15.75 to $16.25 per share.', 'The biotech company still anticipates 2024 sales to decline by a low-single-digit percentage.', ""Leqembi, which Biogen shares with the Japanese drugmaker Eisai, became the second drug proven to slow the progression of Alzheimer's to win approval in the U.S. last summer."", ""The therapy's launch has been gradual due to bottlenecks related to diagnostic test requirements, regular brain scans and finding neurologists, among other issues."", 'Still, uptake of Leqembi has been increasing over the last few quarters.', 'The treatment brought in $67 million in sales for the third quarter, including $39 million from the U.S.Wall Street analysts had expected global sales of $50 million for Leqembi, according to estimates compiled by StreetAccount.', 'The drug posted just $10 million in sales last year following its launch.', 'It is unclear how many patients are currently taking the drug.', ""Leqembi, along with Biogen's new rare disease and depression treatments, helped offset a year-over-year decline in revenue for the company's multiple sclerosis products."", ""Here's what Biogen reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Biogen booked sales of $2.47 billion for the quarter, which is down around 3% from the year-earlier period."", 'The drugmaker posted net income of $388.5 million, or $2.66 per share, for the period ended Sept. 30.', 'That compares with a net loss of $68.1 million, or 47 cents per share, for the same period a year ago.', 'Adjusting for one-time items, including certain restructuring charges and costs associated with intangible assets, the company reported earnings of $4.08 per share.']",0.123534049012808,"Leqembi, which Biogen shares with the Japanese drugmaker Eisai, became the second drug proven to slow the progression of Alzheimer's to win approval in the U.S. last summer.","Leqembi, along with Biogen's new rare disease and depression treatments, helped offset a year-over-year decline in revenue for the company's multiple sclerosis products.",0.122062603632609,"Biogen now expects full-year adjusted earnings to come in between $16.10 and $16.60 per share, up from a previous forecast of $15.75 to $16.25 per share.","Here's what Biogen reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Biogen booked sales of $2.47 billion for the quarter, which is down around 3% from the year-earlier period.",2024-10-30
"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.,2024-10-30
Apple Intelligence: AI features start to roll out to some iPhones,https://www.bbc.co.uk/news/articles/cwy9xj301wmo,2024-10-28T17:50:29.720Z,"After a long wait, Apple has finally released its artificial intelligence (AI) tools for iPhone - to a select few. Apple Intelligence, a suite of AI tools announced in June, became available to owners of some iPhones around the world on Monday. It was accessible for people with eligible devices by updating to the latest version of Apple's operating system for iPhones. Those hoping to get hold of Apple Intelligence have to request to join a waitlist to get it after updating  to iOS 18.1. According to Apple, users should be able to activate its suite of AI tools ""within a few hours"" of joining its waitlist, though it does say wait times may differ. The new features include notification summaries, tools to assist users in writing messages, and a glowing new interface for virtual assistant Siri. But they will only be available to people with the latest devices - including all iPhone 16 models, and the iPhone 15 Pro and Pro Max. Apple Intelligence is also available on Mac computers and iPad tablets that are powered by its latest chips. But some of the tools made available on Monday have arrived later than equivalent features on other popular devices. Apple chief executive Tim Cook said the public release of its AI tools introduced “a new era"" for its products. It comes after the company said on Friday it would reward ethical hackers who could demonstrate vulnerabilities in its AI software with a bounty of up to $1m (£770,000). The bundle of features released on Monday in its iOS 18.1 update are the first wave of AI tools previously shown off at Apple's summer developer conference. More features expected later this year include generating images and emoji from text prompts. Google and Samsung have already introduced AI features to their devices. These include allowing users to translate conversations in real-time, automatically organise notes, and search for something online by drawing a circle around it. While initially making its Galaxy AI features available on its latest handsets, Samsung widened it to include S22 devices released in 2022. The South Korean tech giant said in February it planned to introduce Galaxy AI for more than 100 million users within 2024. Apple's new Clean Up tool, allowing people to remove unwanted objects or people from an image, also follows Google's previous release of a similar tool called Magic Eraser. Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"". ",BBC,28/10/2024,"['After a long wait, Apple has finally released its artificial intelligence (AI) tools for iPhone - to a select few.', 'Apple Intelligence, a suite of AI tools announced in June, became available to owners of some iPhones around the world on Monday.', ""It was accessible for people with eligible devices by updating to the latest version of Apple's operating system for iPhones."", 'Those hoping to get hold of Apple Intelligence have to request to join a waitlist to get it after updating to iOS 18.1.', 'According to Apple, users should be able to activate its suite of AI tools ""within a few hours"" of joining its waitlist, though it does say wait times may differ.', 'The new features include notification summaries, tools to assist users in writing messages, and a glowing new interface for virtual assistant Siri.', 'But they will only be available to people with the latest devices - including all iPhone 16 models, and the iPhone 15 Pro and Pro Max.', 'Apple Intelligence is also available on Mac computers and iPad tablets that are powered by its latest chips.', 'But some of the tools made available on Monday have arrived later than equivalent features on other popular devices.', 'Apple chief executive Tim Cook said the public release of its AI tools introduced “a new era"" for its products.', 'It comes after the company said on Friday it would reward ethical hackers who could demonstrate vulnerabilities in its AI software with a bounty of up to $1m (£770,000).', ""The bundle of features released on Monday in its iOS 18.1 update are the first wave of AI tools previously shown off at Apple's summer developer conference."", 'More features expected later this year include generating images and emoji from text prompts.', 'Google and Samsung have already introduced AI features to their devices.', 'These include allowing users to translate conversations in real-time, automatically organise notes, and search for something online by drawing a circle around it.', 'While initially making its Galaxy AI features available on its latest handsets, Samsung widened it to include S22 devices released in 2022.', 'The South Korean tech giant said in February it planned to introduce Galaxy AI for more than 100 million users within 2024.', ""Apple's new Clean Up tool, allowing people to remove unwanted objects or people from an image, also follows Google's previous release of a similar tool called Magic Eraser."", 'Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".']",0.2440513068766842,"Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".",,0.9824722409248352,"Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".",,2024-10-30
McDonald's boss apologises for E. coli outbreak as sales slide,https://www.bbc.co.uk/news/articles/cqlr5pz9d7lo,2024-10-29T14:29:33.265Z,"The boss of McDonald's has apologised to customers hit by an E. coli outbreak in the US linked to the chain's Quarter Pounders, a new setback for the chain which has been struggling with flagging sales.  ""We are sorry for what our customers experienced,"" its chief executive Chris Kempczinski said. ""We offer our sincere and deepest sympathies and we are committed to making this right."" Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales. But they acknowledged it had added to the pressure the company has been under, as budget-conscious customers eat out less. On Tuesday, two customers in the US filed a proposed class-action lawsuit against the firm over the incident. Other consumers have also taken legal action. ""While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of expectations,"" Mr Kempczinski said while discussing the firm's latest update for investors.  In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday. Its international markets were hit particularly hard, especially the UK, France, China and the Middle East. It marked the second consecutive quarter of falling sales and the biggest in four years, after a decline of 1% in the three months prior. Mr Kempczinski said the firm was focused on offering ""value and affordability"" as customers continue ""to be mindful about their spending"". He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich. In the quarter, that helped the firm eke out a 0.3% sales rise in the US in stores open at least a year. McDonald's is now hoping to replicate that success in other markets such as the UK, where the chain has introduced offerings such as a Three for £3 deal and a £2.75 breakfast bundle.  The debut of the popular ""Grimace"" shake in the UK has also driven excitement, executives said.  ""We are beginning to see progress,"" said chief financial officer Ian Borden, while adding that the firm expected that its business in the Middle East would continue to be affected by conflict in the region. Bosses told investors they did not expect to increase prices significantly until the business was doing better, noting that they are still facing ""a lot of resistance"" from customers.  The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.  Profits fell 3% to $2.25bn.  Mr Borden said the public health scare had reversed signs of improving sales and traffic in the US, but said the company believed it would be able to restore confidence among its customers. ""The most significant events are behind us,"" he said. ""Getting our business back to that really strong momentum - we're really confident in our ability to do that."" McDonald's said on Monday it was starting to resume sales of Quarter Pounders, which had been suspended last week in about a fifth of its US restaurants.  It has stopped working indefinitely with Taylor Farms, which had been its supplier of onions believed to be the source of contamination.  ",BBC,29/10/2024,"['The boss of McDonald\'s has apologised to customers hit by an E. coli outbreak in the US linked to the chain\'s Quarter Pounders, a new setback for the chain which has been struggling with flagging sales. ""', 'We are sorry for what our customers experienced,"" its chief executive Chris Kempczinski said. ""', 'We offer our sincere and deepest sympathies and we are committed to making this right.""', 'Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales.', 'But they acknowledged it had added to the pressure the company has been under, as budget-conscious customers eat out less.', 'On Tuesday, two customers in the US filed a proposed class-action lawsuit against the firm over the incident.', 'Other consumers have also taken legal action. ""', 'While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of expectations,"" Mr Kempczinski said while discussing the firm\'s latest update for investors.', ""In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday."", 'Its international markets were hit particularly hard, especially the UK, France, China and the Middle East.', 'It marked the second consecutive quarter of falling sales and the biggest in four years, after a decline of 1% in the three months prior.', 'Mr Kempczinski said the firm was focused on offering ""value and affordability"" as customers continue ""to be mindful about their spending"".', ""He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich."", 'In the quarter, that helped the firm eke out a 0.3% sales rise in the US in stores open at least a year.', ""McDonald's is now hoping to replicate that success in other markets such as the UK, where the chain has introduced offerings such as a Three for £3 deal and a £2.75 breakfast bundle."", 'The debut of the popular ""Grimace"" shake in the UK has also driven excitement, executives said. ""', 'We are beginning to see progress,"" said chief financial officer Ian Borden, while adding that the firm expected that its business in the Middle East would continue to be affected by conflict in the region.', 'Bosses told investors they did not expect to increase prices significantly until the business was doing better, noting that they are still facing ""a lot of resistance"" from customers.', 'The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.', 'Profits fell 3% to $2.25bn.', 'Mr Borden said the public health scare had reversed signs of improving sales and traffic in the US, but said the company believed it would be able to restore confidence among its customers. ""', 'The most significant events are behind us,"" he said. ""', 'Getting our business back to that really strong momentum - we\'re really confident in our ability to do that.""', ""McDonald's said on Monday it was starting to resume sales of Quarter Pounders, which had been suspended last week in about a fifth of its US restaurants."", 'It has stopped working indefinitely with Taylor Farms, which had been its supplier of onions believed to be the source of contamination.']",0.1290154960473369,"He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich.",Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales.,-0.1140515208244323,"The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.","In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday.",2024-10-30
Dementia: AI developed to help make life easier,https://www.bbc.co.uk/news/articles/cqxj700pxpdo,2024-10-29T00:08:16.821Z,"Pete Middleton, who lives in Northamptonshire, UK with his wife, has long been an early adopter of technology. He became interested in computing while in the Royal Air Force in the 1980s and went on to learn several programming languages. In recent years he’s been enthusiastic about the rise of AI, which he uses for editing photographs, for translating text messages, and for research. Overall, Mr Middleton is having a busy retirement. In addition to his hobbies and his dementia blog, he’s a lived-experience consultant, committee member and volunteer with Alzheimer’s Society. Since his diagnosis with dementia five years ago, at the age of 65, he’s noticed changes to his short-term memory. For example, “I can still write apps for mobile phones, but I can’t remember where I put my telephone.” Mr Middleton believes that AI could help to bridge this gap. ""If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer. And if it does that, it keeps them out of the NHS system and out of care homes.” A number of AI-based tools offer to help with the daily routines of people living with dementia. One is Simon, an app that uses geo-tracking and machine learning to determine the specific needs of a user and provide notifications that could help. “For example, this could include reminding individuals of a PIN when the app detects they are at the bank,” says Fiona Carragher, the director of research and influencing at Alzheimer’s Society. Simon is currently being beta tested. A long-running programme in this domain is the Florence Project. The Florence Project seeks to develop useful communication technologies for people living with dementia. “We’re looking at this issue of keeping communication strong – so, not replacing communication between family and carers and people living with dementia, but rather supporting it,” says Janet Wiles, a professor in human-centred computing at Australia’s University of Queensland. Prof Wiles, whose own mother lives with dementia, is part of a team working on the Florence Project. The team are keen to avoid their products ending up in a drawer of unused, overly complicated devices. So, it includes a Living Experience Expert Panel, made up of people living with dementia and those who help care for them. The project has developed three devices – a diary, a music player, and a digital photo screen. These are easy-to-use, single-function devices with physical elements like knobs or buttons, which also integrate the preferences of the living experience experts.  The content on the devices can be adjusted either locally or remotely. For instance, a relative in another part of the country can update the playlist on the music player, if the person living with dementia gives permission. AI helps with personalising these tools. A knowledge bank is built for each person, based on questions they answer or conversations they have. Audio is transcribed and in some cases translated, before feeding into the kinds of information that are made available on the devices. For example, the diary device might display the photo of a new part-time carer next to the time that they will arrive. Needs and preferences may change as their condition does. So, for example, the information in the diary can be simplified to match the needs of the user. The team were keen not to rush the development process - the project has been running for about a decade already, and is now at the stage of testing its prototypes. ""The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions. She emphasises that data privacy and security are especially important for people with dementia. AI-based chatbots are also being integrated into companion robots. Hiro-chan is a faceless, huggable, soft therapy robot; the researchers believe that interacting with Hiro-chan reduces stress in people with dementia. They’re now working on integrating ChatGPT into the robots, along with speakers and microphones. The total weight would remain less than 800 grams. In initial tests with people with dementia living in care homes, “we found that a simpler dialogue than we expected would be more engaging for more of them,” says Hidenobu Sumioka, a roboticist at Advanced Telecommunications Research Institute International in Kyoto. However, “it’s critical that AI doesn’t replace the human contact that is so important in dementia care,” Ms Carragher says. “Instead, it should be used to enhance care in a way that is beneficial to people living with dementia and their carers.” Dennis Frost, a retired programmer who has served on the Florence Project’s Living Experience Expert Panel, points out that social engagement is very important for people who are diagnosed with dementia. “I would suggest increasing human interaction should be a priority over increasing AI interaction. After all would an AI actually care if I lived or died?” Mr Middleton sees great promise in AI, but emphasises that any technologies intended for people with dementia must be customisable to a diverse set of people. “No two people with dementia are the same,” Mr Middleton says. “What works for me won't work perhaps for my next-door neighbour, who has dementia.” “So developers must be very careful when they’re developing products to not just target the dementia community in general, but look for the specific stages of dementia and try and make up match up what they do with the person’s ability.” ",BBC,29/10/2024,"['Pete Middleton, who lives in Northamptonshire, UK with his wife, has long been an early adopter of technology.', 'He became interested in computing while in the Royal Air Force in the 1980s and went on to learn several programming languages.', 'In recent years he’s been enthusiastic about the rise of AI, which he uses for editing photographs, for translating text messages, and for research.', 'Overall, Mr Middleton is having a busy retirement.', 'In addition to his hobbies and his dementia blog, he’s a lived-experience consultant, committee member and volunteer with Alzheimer’s Society.', 'Since his diagnosis with dementia five years ago, at the age of 65, he’s noticed changes to his short-term memory.', 'For example, “I can still write apps for mobile phones, but I can’t remember where I put my telephone.”', 'Mr Middleton believes that AI could help to bridge this gap. ""', 'If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.', 'And if it does that, it keeps them out of the NHS system and out of care homes.”', 'A number of AI-based tools offer to help with the daily routines of people living with dementia.', 'One is Simon, an app that uses geo-tracking and machine learning to determine the specific needs of a user and provide notifications that could help. “', 'For example, this could include reminding individuals of a PIN when the app detects they are at the bank,” says Fiona Carragher, the director of research and influencing at Alzheimer’s Society.', 'Simon is currently being beta tested.', 'A long-running programme in this domain is the Florence Project.', 'The Florence Project seeks to develop useful communication technologies for people living with dementia. “', 'We’re looking at this issue of keeping communication strong – so, not replacing communication between family and carers and people living with dementia, but rather supporting it,” says Janet Wiles, a professor in human-centred computing at Australia’s University of Queensland.', 'Prof Wiles, whose own mother lives with dementia, is part of a team working on the Florence Project.', 'The team are keen to avoid their products ending up in a drawer of unused, overly complicated devices.', 'So, it includes a Living Experience Expert Panel, made up of people living with dementia and those who help care for them.', 'The project has developed three devices – a diary, a music player, and a digital photo screen.', 'These are easy-to-use, single-function devices with physical elements like knobs or buttons, which also integrate the preferences of the living experience experts.', 'The content on the devices can be adjusted either locally or remotely.', 'For instance, a relative in another part of the country can update the playlist on the music player, if the person living with dementia gives permission.', 'AI helps with personalising these tools.', 'A knowledge bank is built for each person, based on questions they answer or conversations they have.', 'Audio is transcribed and in some cases translated, before feeding into the kinds of information that are made available on the devices.', 'For example, the diary device might display the photo of a new part-time carer next to the time that they will arrive.', 'Needs and preferences may change as their condition does.', 'So, for example, the information in the diary can be simplified to match the needs of the user.', 'The team were keen not to rush the development process - the project has been running for about a decade already, and is now at the stage of testing its prototypes. ""', 'The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.', 'She emphasises that data privacy and security are especially important for people with dementia.', 'AI-based chatbots are also being integrated into companion robots.', 'Hiro-chan is a faceless, huggable, soft therapy robot; the researchers believe that interacting with Hiro-chan reduces stress in people with dementia.', 'They’re now working on integrating ChatGPT into the robots, along with speakers and microphones.', 'The total weight would remain less than 800 grams.', 'In initial tests with people with dementia living in care homes, “we found that a simpler dialogue than we expected would be more engaging for more of them,” says Hidenobu Sumioka, a roboticist at Advanced Telecommunications Research Institute International in Kyoto.', 'However, “it’s critical that AI doesn’t replace the human contact that is so important in dementia care,” Ms Carragher says. “', 'Instead, it should be used to enhance care in a way that is beneficial to people living with dementia and their carers.”', 'Dennis Frost, a retired programmer who has served on the Florence Project’s Living Experience Expert Panel, points out that social engagement is very important for people who are diagnosed with dementia. “', 'I would suggest increasing human interaction should be a priority over increasing AI interaction.', 'After all would an AI actually care if I lived or died?”', 'Mr Middleton sees great promise in AI, but emphasises that any technologies intended for people with dementia must be customisable to a diverse set of people. “', 'No two people with dementia are the same,” Mr Middleton says. “', ""What works for me won't work perhaps for my next-door neighbour, who has dementia.” “"", 'So developers must be very careful when they’re developing products to not just target the dementia community in general, but look for the specific stages of dementia and try and make up match up what they do with the person’s ability.”']",0.2069143561449764,"If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.","The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.",0.7386404201388359,"If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.","The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.",2024-10-30
HSBC profits jump as banking giant set for major shakeup,https://www.bbc.co.uk/news/articles/cgj761wz3j6o,2024-10-29T04:29:58.273Z,"HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history. The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations. It comes just days after HSBC's new boss announced a major overhaul of the company. The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. HSBC's new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank's full-year results in February. “We delivered another good quarter, which shows that our strategy is working,"" Mr  Elhedery added. The bank also said it will buy back another $3bn of its own shares. HSBC’s London-traded shares rose by almost 4% after the announcement. “HSBC’s third-quarter results were solid, with no major surprises,"" said Michael Makdad is a senior equity analyst at financial services firm Morningstar. ""Rather than the generally good results, I think the focus... will be on the structural overhaul"". The bank also said it expects to complete the sale of its Argentinian business by the end of this year. The company makes most of its money in Asia and has been shifting its focus to the region in recent years.  HSBC has also recently announced a reshuffle of its leadership, with the appointment of Pam Kaur as its first ever female finance chief. 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. Mr Elhedery replaced Noel Quinn as HSBC's chief executive in early September. It came at a crucial moment for the bank, as it tries to maintain its position in Asian and Western markets amid growing geopolitical tensions. ",BBC,29/10/2024,"['HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history.', ""The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations."", ""It comes just days after HSBC's new boss announced a major overhaul of the company."", 'The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.', 'HSBC\'s new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank\'s full-year results in February. “', 'We delivered another good quarter, which shows that our strategy is working,"" Mr Elhedery added.', 'The bank also said it will buy back another $3bn of its own shares.', 'HSBC’s London-traded shares rose by almost 4% after the announcement. “', 'HSBC’s third-quarter results were solid, with no major surprises,"" said Michael Makdad is a senior equity analyst at financial services firm Morningstar. ""', 'Rather than the generally good results, I think the focus... will be on the structural overhaul"".', 'The bank also said it expects to complete the sale of its Argentinian business by the end of this year.', 'The company makes most of its money in Asia and has been shifting its focus to the region in recent years.', 'HSBC has also recently announced a reshuffle of its leadership, with the appointment of Pam Kaur as its first ever female finance chief.', '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."", ""Mr Elhedery replaced Noel Quinn as HSBC's chief executive in early September."", 'It came at a crucial moment for the bank, as it tries to maintain its position in Asian and Western markets amid growing geopolitical tensions.']",0.0984866878134054,"HSBC's new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank's full-year results in February. “",The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.,0.9894006550312042,"The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations.",,2024-10-30
JP Morgan sues customers over viral cheque fraud,https://www.bbc.co.uk/news/articles/c4gzp7y8e7vo,2024-10-29T03:40:39.851Z,"US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs. The “infinite money glitch”, as it became known on TikTok, allowed the bank's customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced. Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles. They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank. ""Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers. Simply put, engaging in bank fraud is a crime."" In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant’s Chase bank account for $335,000 (£258,300). The court papers said the defendant then started to withdraw the money. The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added. The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase's lawyers.  Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared. Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media. The report said the bank was investigating thousands of possible cheque fraud incidents. ",BBC,29/10/2024,"['US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.', ""The “infinite money glitch”, as it became known on TikTok, allowed the bank's customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced."", 'Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles.', 'They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank. ""', 'Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""', 'Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers.', 'Simply put, engaging in bank fraud is a crime.""', 'In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant’s Chase bank account for $335,000 (£258,300).', 'The court papers said the defendant then started to withdraw the money.', 'The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added.', ""The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase's lawyers."", 'Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.', 'Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media.', 'The report said the bank was investigating thousands of possible cheque fraud incidents.']",-0.0488655598010159,Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.,"Simply put, engaging in bank fraud is a crime.""",0.0352715253829956,"Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""","US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.",2024-10-30
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.,2024-10-30
"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.",2024-10-30
McDonald's executives say E. coli outbreak is 'behind us',https://www.cnbc.com/2024/10/29/mcdonalds-e-coli-outbreak-ceo-comments.html,2024-10-29T18:29:54+0000,"In this articleA week after health authorities publicly linked a deadly E. coli outbreak to McDonald's Quarter Pounder burgers, the company's CEO, Chris Kempczinski, told investors that the situation is now behind them.""How we've handled the issue, now that we're moving ... we view it as being behind us,"" Kempczinski said on the company's call Tuesday.During his prepared remarks, he said that the ""situation appears to be contained.""On Sunday, McDonald's said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak. That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.Health authorities didn't detect any E. coli in the burger's fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source. McDonald's has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions.McDonald's saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said. He added that the company isn't anticipating a material impact to the business.Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.On Tuesday, McDonald's reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates.McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.Shares of McDonald's fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call. The stock was roughly flat when the markets opened.Earlier on the call, Kempczinski apologized to customers for the situation.""The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,"" Kempczinski said. ""On behalf of the entire system, we are sorry for what our customers have experienced. We offer our sincere and deepest sympathies, and we are committed to making this right.""As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.At least three lawsuits have already been filed against McDonald's by victims of the outbreak.Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.",CNBC,29/10/2024,"[""In this articleA week after health authorities publicly linked a deadly E. coli outbreak to McDonald's Quarter Pounder burgers, the company's CEO, Chris Kempczinski, told investors that the situation is now behind them."", '""How we\'ve handled the issue, now that we\'re moving ... we view it as being behind us,"" Kempczinski said on the company\'s call Tuesday.', 'During his prepared remarks, he said that the ""situation appears to be contained.', '""On Sunday, McDonald\'s said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak.', 'That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.', ""Health authorities didn't detect any E. coli in the burger's fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source."", ""McDonald's has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions."", ""McDonald's saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said."", ""He added that the company isn't anticipating a material impact to the business."", ""Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac."", '""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.', ""On Tuesday, McDonald's reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates."", ""McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets."", ""Shares of McDonald's fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call."", 'The stock was roughly flat when the markets opened.', 'Earlier on the call, Kempczinski apologized to customers for the situation.', '""The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,"" Kempczinski said. ""', 'On behalf of the entire system, we are sorry for what our customers have experienced.', 'We offer our sincere and deepest sympathies, and we are committed to making this right.', '""As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.', ""At least three lawsuits have already been filed against McDonald's by victims of the outbreak."", ""Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak."", 'About 900 restaurants will serve the burgers without slivered onions.']",0.0301672213047697,"""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.","McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.",-0.3777641832828521,"Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.","McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.",2024-10-30
Eli Lilly stock tumbles after drug giant misses estimates and slashes profit guidance,https://www.cnbc.com/2024/10/30/eli-lilly-lly-earnings-q3-2024.html,2024-10-30T20:00:55+0000,"In this articleEli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.The company's stock closed more than 6% lower on Wednesday. Eli Lilly now expects full-year adjusted earnings of between $13.02 and $13.52 per share, down from previous guidance of $16.10 to $16.60 per share. The drugmaker cited a $2.8 billion charge recorded during the third quarter and related to its acquisition of bowel disease drugmaker Morphic Holding as denting its results.Eli Lilly also lowered the high end of its revenue outlook for the year and now expects sales of between $45.4 billion and $46 billion. The company's previous guidance called for revenue of as much as $46.6 billion.Here's what Eli Lilly reported for the period ended Sept. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The September period was Zepbound's third full quarter on the U.S. market after winning approval from regulators nearly a year ago. The weekly injection raked in $1.26 billion in sales for the period, below the $1.76 billion that analysts expected, according to StreetAccount.Meanwhile, Mounjaro posted $3.11 billion in revenue for the third quarter, more than double what it booked in the same period a year ago. But analysts expected $3.77 billion in sales for the diabetes treatment, according to StreetAccount.In an interview with CNBC, Eli Lilly CEO David Ricks said the third-quarter performance of Zepbound and Mounjaro ""is not a function of supply."" The company said third-quarter sales of the drugs were negatively impacted by inventory decreases among wholesalers.Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period. Those wholesalers tapped into some of that existing stock in the third quarter instead of buying more from the company, which dampened revenue from both treatments. ""We did have a lot of inventory going into the quarter. We had a lot less going out in the channel,"" Ricks said. He also said underlying demand for Mounjaro and Zepbound remains strong.Demand in the U.S. has far outpaced supply for Lilly's incretin drugs, such as Zepbound and Mounjaro, over the last year. Both treatments mimic certain gut hormones to tamp down a person's appetite and regulate their blood sugar.The popularity of those injectable drugs has forced both Eli Lilly and Novo Nordisk to invest billions to increase manufacturing capacity for the treatments.Eli Lilly's supply woes began to ease earlier this year. As of Wednesday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages. Still, the agency warns that patients may not always be able to immediately fill their prescription for those drugs at a particular pharmacy.Ricks said the company pushed back plans to advertise and promote Zepbound due to customer service levels. He sad the drugmaker will begin those efforts, which are expected to help drive demand, in November.""When people go and they can't get their medicine, they're very frustrated. They tell us that. So we didn't want to send more people to do that necessarily,"" Ricks said.Eli Lilly has said it expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year. And Ricks said Wednesday the company expects ""even greater"" expansions in manufacturing capacity at the end of the year and 2025.For the third quarter, Ely Lilly recorded net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $1.18 per share for the most recent quarter.Revenue was up 20% year over year to $11.44 billion.The FDA's decision to remove tirzepatide, the active ingredient in Zepbound and Mounjaro, from its shortage list has drawn fierce opposition from compounding pharmacies that make customized and sometimes cheaper alternatives to Eli Lilly's branded drugs. Compounding pharmacies are calling for the FDA to reconsider its decision, as both Eli Lilly and Novo Nordisk attempt to crack down on unapproved versions of their top-selling drugs.Ricks told CNBC the company agrees with the FDA that Zepbound and Mounjaro are no longer in shortage, adding, ""We have stock."" He said that compounded versions of Eli Lilly's branded drugs are not regulated by the FDA, raising questions about their safety and efficacy.",CNBC,30/10/2024,"['In this articleEli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.', ""The company's stock closed more than 6% lower on Wednesday."", 'Eli Lilly now expects full-year adjusted earnings of between $13.02 and $13.52 per share, down from previous guidance of $16.10 to $16.60 per share.', 'The drugmaker cited a $2.8 billion charge recorded during the third quarter and related to its acquisition of bowel disease drugmaker Morphic Holding as denting its results.', 'Eli Lilly also lowered the high end of its revenue outlook for the year and now expects sales of between $45.4 billion and $46 billion.', ""The company's previous guidance called for revenue of as much as $46.6 billion."", ""Here's what Eli Lilly reported for the period ended Sept. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The September period was Zepbound's third full quarter on the U.S. market after winning approval from regulators nearly a year ago."", 'The weekly injection raked in $1.26 billion in sales for the period, below the $1.76 billion that analysts expected, according to StreetAccount.', 'Meanwhile, Mounjaro posted $3.11 billion in revenue for the third quarter, more than double what it booked in the same period a year ago.', 'But analysts expected $3.77 billion in sales for the diabetes treatment, according to StreetAccount.', 'In an interview with CNBC, Eli Lilly CEO David Ricks said the third-quarter performance of Zepbound and Mounjaro ""is not a function of supply.""', 'The company said third-quarter sales of the drugs were negatively impacted by inventory decreases among wholesalers.', 'Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period.', 'Those wholesalers tapped into some of that existing stock in the third quarter instead of buying more from the company, which dampened revenue from both treatments.', '""We did have a lot of inventory going into the quarter.', 'We had a lot less going out in the channel,"" Ricks said.', 'He also said underlying demand for Mounjaro and Zepbound remains strong.', ""Demand in the U.S. has far outpaced supply for Lilly's incretin drugs, such as Zepbound and Mounjaro, over the last year."", ""Both treatments mimic certain gut hormones to tamp down a person's appetite and regulate their blood sugar."", 'The popularity of those injectable drugs has forced both Eli Lilly and Novo Nordisk to invest billions to increase manufacturing capacity for the treatments.', ""Eli Lilly's supply woes began to ease earlier this year."", ""As of Wednesday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages."", 'Still, the agency warns that patients may not always be able to immediately fill their prescription for those drugs at a particular pharmacy.', 'Ricks said the company pushed back plans to advertise and promote Zepbound due to customer service levels.', 'He sad the drugmaker will begin those efforts, which are expected to help drive demand, in November.', '""When people go and they can\'t get their medicine, they\'re very frustrated.', 'They tell us that.', 'So we didn\'t want to send more people to do that necessarily,"" Ricks said.', 'Eli Lilly has said it expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year.', 'And Ricks said Wednesday the company expects ""even greater"" expansions in manufacturing capacity at the end of the year and 2025.For the third quarter, Ely Lilly recorded net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $1.18 per share for the most recent quarter.', 'Revenue was up 20% year over year to $11.44 billion.', ""The FDA's decision to remove tirzepatide, the active ingredient in Zepbound and Mounjaro, from its shortage list has drawn fierce opposition from compounding pharmacies that make customized and sometimes cheaper alternatives to Eli Lilly's branded drugs."", 'Compounding pharmacies are calling for the FDA to reconsider its decision, as both Eli Lilly and Novo Nordisk attempt to crack down on unapproved versions of their top-selling drugs.', 'Ricks told CNBC the company agrees with the FDA that Zepbound and Mounjaro are no longer in shortage, adding, ""We have stock.""', ""He said that compounded versions of Eli Lilly's branded drugs are not regulated by the FDA, raising questions about their safety and efficacy.""]",0.0895931567738403,"And Ricks said Wednesday the company expects ""even greater"" expansions in manufacturing capacity at the end of the year and 2025.For the third quarter, Ely Lilly recorded net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $1.18 per share for the most recent quarter.","""When people go and they can't get their medicine, they're very frustrated.",-0.1320884312902178,Revenue was up 20% year over year to $11.44 billion.,"In this articleEli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.",2024-10-30
"Novo Nordisk's Ozempic and Wegovy now available in the U.S. after shortages, FDA says",https://www.cnbc.com/2024/10/30/novo-nordisks-ozempic-wegovy-now-available-after-shortages.html,2024-10-30T20:01:48+0000,"In this articleAll doses of Novo Nordisk's highly popular weight loss injection Wegovy and diabetes drug Ozempic are now available in the U.S., according to an update on the U.S. Food and Drug Administration's drug shortage database Wednesday. It is a sign that Novo Nordisk's efforts to ramp up the supply of those weekly drugs are starting to pay off, as demand continues to skyrocket in the U.S.  A previous update said the lowest dose of Wegovy — 25 milligrams — was still in short supply.Several doses of semaglutide, the active ingredient in Wegovy and Ozempic, have been on the FDA's shortage list since early 2022. Wednesday's update raises the potential that the FDA might remove the blockbuster injections from its shortage list entirely, which could prevent compounding pharmacies from making customized and often cheaper versions of those branded drugs.In a statement, Novo Nordisk said all doses of Wegovy and Ozempic are being shipped regularly to wholesalers. The Danish drugmaker said the FDA's update is a result of the company's significant investment in expanding manufacturing capacity and ""ongoing communication"" with the agency. Still, Novo Nordisk said patients may not always be able to immediately fill their prescriptions at a particular pharmacy, even when a medication is listed as available. ""Our intentional approach to gradually increase supply into the U.S. market is working,"" Novo Nordisk said. ""We will continue to prioritize continuity of care for patients, closely monitoring market dynamics and prescribing trends along the way.""It comes a week after Novo Nordisk asked the FDA to prevent compounding pharmacies from making unapproved versions of Wegovy and Ozempic, arguing that the medications are too complex for those manufacturers to make safely. Earlier this month, the FDA removed tirzepatide, the active ingredient in Eli Lilly's weight loss drug Zepbound and diabetes treatment Mounjaro, from its shortage list. But 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,30/10/2024,"[""In this articleAll doses of Novo Nordisk's highly popular weight loss injection Wegovy and diabetes drug Ozempic are now available in the U.S., according to an update on the U.S. Food and Drug Administration's drug shortage database Wednesday."", ""It is a sign that Novo Nordisk's efforts to ramp up the supply of those weekly drugs are starting to pay off, as demand continues to skyrocket in the U.S.A previous update said the lowest dose of Wegovy — 25 milligrams — was still in short supply."", ""Several doses of semaglutide, the active ingredient in Wegovy and Ozempic, have been on the FDA's shortage list since early 2022.Wednesday's update raises the potential that the FDA might remove the blockbuster injections from its shortage list entirely, which could prevent compounding pharmacies from making customized and often cheaper versions of those branded drugs."", 'In a statement, Novo Nordisk said all doses of Wegovy and Ozempic are being shipped regularly to wholesalers.', 'The Danish drugmaker said the FDA\'s update is a result of the company\'s significant investment in expanding manufacturing capacity and ""ongoing communication"" with the agency.', 'Still, Novo Nordisk said patients may not always be able to immediately fill their prescriptions at a particular pharmacy, even when a medication is listed as available.', '""Our intentional approach to gradually increase supply into the U.S. market is working,"" Novo Nordisk said. ""', 'We will continue to prioritize continuity of care for patients, closely monitoring market dynamics and prescribing trends along the way.', '""It comes a week after Novo Nordisk asked the FDA to prevent compounding pharmacies from making unapproved versions of Wegovy and Ozempic, arguing that the medications are too complex for those manufacturers to make safely.', ""Earlier this month, the FDA removed tirzepatide, the active ingredient in Eli Lilly's weight loss drug Zepbound and diabetes treatment Mounjaro, from its shortage list."", 'But 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.']",0.0264095634121095,"We will continue to prioritize continuity of care for patients, closely monitoring market dynamics and prescribing trends along the way.","It is a sign that Novo Nordisk's efforts to ramp up the supply of those weekly drugs are starting to pay off, as demand continues to skyrocket in the U.S.A previous update said the lowest dose of Wegovy — 25 milligrams — was still in short supply.",0.5389778465032578,"The Danish drugmaker said the FDA's update is a result of the company's significant investment in expanding manufacturing capacity and ""ongoing communication"" with the agency.","Earlier this month, the FDA removed tirzepatide, the active ingredient in Eli Lilly's weight loss drug Zepbound and diabetes treatment Mounjaro, from its shortage list.",2024-10-30
Gatorade signs Duke basketball's Cooper Flagg to NIL deal,https://www.cnbc.com/2024/10/29/gatorade-signs-duke-basketballs-cooper-flagg-to-nil-deal.html,2024-10-29T16:43:51+0000,"In this articleGatorade is adding another big-name athlete to its already loaded portfolio.First-year Duke men's basketball player Cooper Flagg has agreed to a name, image and likeness deal with PepsiCo-owned Gatorade, according to a Tuesday announcement. Flagg is projected to be the first overall draft pick in the 2025 National Basketball Association Draft and already has NIL deals with brands including New Balance and New Era.""This has been a big year for me on and off the court, and Gatorade has been there the whole way,"" Flagg said in a news release. ""From being named the Gatorade Best Male Player of the Year to now officially joining the team, it's been surreal to have my name mentioned with some of the biggest names in basketball. The Gatorade roster is iconic, and I'm excited to work with them as I take this next step.""  As part of the deal, Gatorade will use Flagg in its marketing. Terms of the deal, like Flagg's others, are undisclosed.Flagg is the latest example of what is already a dramatically different college sports landscape than what existed prior to 2021. Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.Players like Flagg, a highly touted prospect and likely NBA star, have been able to net NIL deals, some of them reportedly worth millions of dollars.Flagg is Gatorade's first men's college basketball athlete, joining women's college basketball stars such as University of Connecticut's Paige Bueckers and University of Southern California's JuJu Watkins as well as collegiate football stars such as Colorado's Shedeur Sanders.""Cooper is an incredible talent who quickly emerged as one of the best young athletes in the nation, and we know he has a bright future ahead of him,"" said Jeff Kearney, global head of sports marketing at Gatorade, in a statement. ""At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins.""Flagg has inked his NIL deals all before playing in a college basketball game that counts toward a season record. Duke plays its first regular-season game Monday against Maine.",CNBC,29/10/2024,"['In this articleGatorade is adding another big-name athlete to its already loaded portfolio.', ""First-year Duke men's basketball player Cooper Flagg has agreed to a name, image and likeness deal with PepsiCo-owned Gatorade, according to a Tuesday announcement."", 'Flagg is projected to be the first overall draft pick in the 2025 National Basketball Association Draft and already has NIL deals with brands including New Balance and New Era.', '""This has been a big year for me on and off the court, and Gatorade has been there the whole way,"" Flagg said in a news release. ""', ""From being named the Gatorade Best Male Player of the Year to now officially joining the team, it's been surreal to have my name mentioned with some of the biggest names in basketball."", ""The Gatorade roster is iconic, and I'm excited to work with them as I take this next step."", '""As part of the deal, Gatorade will use Flagg in its marketing.', ""Terms of the deal, like Flagg's others, are undisclosed."", 'Flagg is the latest example of what is already a dramatically different college sports landscape than what existed prior to 2021.', 'Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.', 'Players like Flagg, a highly touted prospect and likely NBA star, have been able to net NIL deals, some of them reportedlyworth millions of dollars.', ""Flagg is Gatorade's first men's college basketball athlete, joining women's college basketball stars such as University of Connecticut's Paige Bueckers and University of Southern California's JuJu Watkins as well as collegiate football stars such as Colorado's Shedeur Sanders."", '""Cooper is an incredible talent who quickly emerged as one of the best young athletes in the nation, and we know he has a bright future ahead of him,"" said Jeff Kearney, global head of sports marketing at Gatorade, in a statement. ""', ""At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins."", '""Flagg has inked his NIL deals all before playing in a college basketball game that counts toward a season record.', 'Duke plays its first regular-season game Monday against Maine.']",0.3356200692136604,"At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins.",,0.9439092533929008,"Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.",,2024-10-30
Tariffs hurt his business. He's voting for Trump anyway,https://www.bbc.co.uk/news/articles/c0r8edwj9wlo,2024-10-28T00:57:09.731Z,"For almost 35 years, Wyoming entrepreneur Alan Chadwick has run his business importing clothing from China and selling the Western-style gear to stores serving ""working cowboys"" in the US.  Now, as former President Donald Trump campaigns on a pledge to hit all goods coming into the country with a 10%-20% tariff, or border tax, which would rise to 60% for goods from China, Chadwick is having to drastically rethink his strategy.  The 66-year-old has been exploring moving manufacturing of his products, like wool shirts with snaps and canvas jackets, to India or Pakistan - or perhaps closing his Wyoming Traders business, which employs 16 people, and retiring altogether. Chadwick said tariffs were a ""tax on the American people"" and warned that the expense for a company like his of opening a factory in the US was unrealistic. But as he prepares to cast his ballot, he expects to swallow his qualms about tariffs in favour of other priorities, such as illegal immigration and opposition to abortion. ""I will vote for Trump even though he's going to hurt our company if he does what he says he's going to do,"" he said. Chadwick's readiness to look past Trump's views on tariffs is a sign of the contradictory impulses shaping American politics. The Republican's platform has shifted America - once a global champion of free trade - towards an embrace of policies that are designed to protect US companies and jobs from foreign competition, despite the potential economic drawbacks. During his first term, Trump hit thousands of items from China with tariffs - measures that President Joe Biden, despite criticising them before entering the White House, kept in place.  This year, the Republican has put plans for sweeping tariffs at the centre of his presidential campaign, calling such duties ""the most beautiful word in the dictionary"". He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries.  ""We’re going to be a tariff nation. It’s not going to be a cost to you, it’s going to be a cost to another country,"" he has said on the trail. His claims are rejected by most traditional economists, who say the policy would do little to expand employment in the US, while raising costs for everyday Americans and slowing growth around the world. In the US, the Tax Foundation predicts the tariffs would reduce overall employment by 684,000 and shrink GDP by 0.8% - and that's without taking into account the almost certain retaliation from other countries. For a typical US household, costs would rise by at least $1,700, according to the Peterson Institute for International Economics, one of the lower estimates out there. ""It's absurd,"" economist Wendy Edelberg, director of the Hamilton Project and senior fellow at the Brookings Institution, said of Trump's promises. ""This is not the panacea that people are hoping for."" Despite the warnings, some surveys indicate that Trump's ideas are resonating: a September poll by Reuters/Ipsos found that 56% of likely voters favoured the Republican's tariff plans. Kyle Plesa, a 39-year-old Trump voter in Miami, Florida, said he did not think tariffs would have precisely the impact the candidate has promised, but the Republican's focus on the pitfalls of globalisation had touched a nerve. ""People are upset about it and I think Trump is at least addressing it,"" he said. ""I would probably prefer protecting business and paying a little bit more due to tariffs than I would dealing with the current state of inflation and raising taxes from the left,"" he added. Democratic presidential nominee Kamala Harris has attacked Trump’s tariff expansion plans as a ""national sales tax"", pledging a more targeted approach. But Trump has said money brought in from tariffs could allow for big tax cuts - sometimes floating the idea of eliminating income tax altogether.  Meanwhile, President Joe Biden’s decision to maintain Trump's China tariffs – and expand them on items such as electric vehicles - has also allowed the Republican to claim a policy victory.  Biden has also signed off other protectionist policies, such as on historic government spending to boost manufacturing in sectors such as semiconductors and green energy. He and Harris, like Trump, have opposed the takeover of US Steel by a Japanese company on national security grounds, raising chills in the business world about foreign investment. Michael Froman, who served as the US trade representative under former President Barack Obama, said Washington's turn to tools like tariffs and restrictions on foreign investment was ""probably here to stay"". ""There certainly is less enthusiasm around pursuing what we might call an affirmative trade agenda in terms of liberalisation, openness, reduction of barriers,"" he said. ""We just have to recognise that none of these policies are actually free. They all impose some kind of trade-off."" Jason Trice, the co-chief executive of Jasco, an Oklahoma-based lighting and electronics company that sells to major retailers such as Walmart, said the experience of his firm shows the damage tariffs can do. Since 2019, it has paid hundreds of millions of dollars worth of tariffs while transforming its supply chain, moving the bulk of its manufacturing from China to places such as Vietnam, Malaysia and the Philippines.  He said the changes have made his firm less efficient and raised costs by about 10%-15%, which he has passed on to retailers, ultimately raising prices and contributing to inflation. It has all taken a toll on his business, which has seen revenue fall 25% since 2020 and its staff numbers drop, via attrition, from 500 to 350. “In 50 years in business, the Chinese government has… never done anything nearly as damaging to our business as what the Trump administration has done,""  Trice said. “Tariffs have not helped bring jobs back to America. Tariffs have hurt American businesses and reduced employment opportunities.""   Lucerne International, a car parts supplier based in Michigan that has manufactured in China for decades, has also spent the last few years adjusting to the new climate.  With help from government incentives, the company is now working to open its first factory in its home state in 2026, plans expected to create more than 300 jobs over four years. But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “I don’t think tariffs are a long-term solution,” she said.  “All we’re going to do is continue to make ourselves uncompetitive on a global scale.” Michelle Fleury contributed to this report 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,28/10/2024,"['For almost 35 years, Wyoming entrepreneur Alan Chadwick has run his business importing clothing from China and selling the Western-style gear to stores serving ""working cowboys"" in the US.', 'Now, as former President Donald Trump campaigns on a pledge to hit all goods coming into the country with a 10%-20% tariff, or border tax, which would rise to 60% for goods from China, Chadwick is having to drastically rethink his strategy.', 'The 66-year-old has been exploring moving manufacturing of his products, like wool shirts with snaps and canvas jackets, to India or Pakistan - or perhaps closing his Wyoming Traders business, which employs 16 people, and retiring altogether.', 'Chadwick said tariffs were a ""tax on the American people"" and warned that the expense for a company like his of opening a factory in the US was unrealistic.', 'But as he prepares to cast his ballot, he expects to swallow his qualms about tariffs in favour of other priorities, such as illegal immigration and opposition to abortion. ""', 'I will vote for Trump even though he\'s going to hurt our company if he does what he says he\'s going to do,"" he said.', ""Chadwick's readiness to look past Trump's views on tariffs is a sign of the contradictory impulses shaping American politics."", ""The Republican's platform has shifted America - once a global champion of free trade - towards an embrace of policies that are designed to protect US companies and jobs from foreign competition, despite the potential economic drawbacks."", 'During his first term, Trump hit thousands of items from China with tariffs - measures that President Joe Biden, despite criticising them before entering the White House, kept in place.', 'This year, the Republican has put plans for sweeping tariffs at the centre of his presidential campaign, calling such duties ""the most beautiful word in the dictionary"".', 'He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries. ""', 'We’re going to be a tariff nation.', 'It’s not going to be a cost to you, it’s going to be a cost to another country,"" he has said on the trail.', 'His claims are rejected by most traditional economists, who say the policy would do little to expand employment in the US, while raising costs for everyday Americans and slowing growth around the world.', ""In the US, the Tax Foundation predicts the tariffs would reduce overall employment by 684,000 and shrink GDP by 0.8% - and that's without taking into account the almost certain retaliation from other countries."", 'For a typical US household, costs would rise by at least $1,700, according to the Peterson Institute for International Economics, one of the lower estimates out there. ""', 'It\'s absurd,"" economist Wendy Edelberg, director of the Hamilton Project and senior fellow at the Brookings Institution, said of Trump\'s promises. ""', 'This is not the panacea that people are hoping for.""', ""Despite the warnings, some surveys indicate that Trump's ideas are resonating: a September poll by Reuters/Ipsos found that 56% of likely voters favoured the Republican's tariff plans."", 'Kyle Plesa, a 39-year-old Trump voter in Miami, Florida, said he did not think tariffs would have precisely the impact the candidate has promised, but the Republican\'s focus on the pitfalls of globalisation had touched a nerve. ""', 'People are upset about it and I think Trump is at least addressing it,"" he said. ""', 'I would probably prefer protecting business and paying a little bit more due to tariffs than I would dealing with the current state of inflation and raising taxes from the left,"" he added.', 'Democratic presidential nominee Kamala Harris has attacked Trump’s tariff expansion plans as a ""national sales tax"", pledging a more targeted approach.', 'But Trump has said money brought in from tariffs could allow for big tax cuts - sometimes floating the idea of eliminating income tax altogether.', ""Meanwhile, President Joe Biden’s decision to maintain Trump's China tariffs – and expand them on items such as electric vehicles - has also allowed the Republican to claim a policy victory."", 'Biden has also signed off other protectionist policies, such as on historic government spending to boost manufacturing in sectors such as semiconductors and green energy.', 'He and Harris, like Trump, have opposed the takeover of US Steel by a Japanese company on national security grounds, raising chills in the business world about foreign investment.', 'Michael Froman, who served as the US trade representative under former President Barack Obama, said Washington\'s turn to tools like tariffs and restrictions on foreign investment was ""probably here to stay"". ""', 'There certainly is less enthusiasm around pursuing what we might call an affirmative trade agenda in terms of liberalisation, openness, reduction of barriers,"" he said. ""', 'We just have to recognise that none of these policies are actually free.', 'They all impose some kind of trade-off.""', 'Jason Trice, the co-chief executive of Jasco, an Oklahoma-based lighting and electronics company that sells to major retailers such as Walmart, said the experience of his firm shows the damage tariffs can do.', 'Since 2019, it has paid hundreds of millions of dollars worth of tariffs while transforming its supply chain, moving the bulk of its manufacturing from China to places such as Vietnam, Malaysia and the Philippines.', 'He said the changes have made his firm less efficient and raised costs by about 10%-15%, which he has passed on to retailers, ultimately raising prices and contributing to inflation.', 'It has all taken a toll on his business, which has seen revenue fall 25% since 2020 and its staff numbers drop, via attrition, from 500 to 350. “', 'In 50 years in business, the Chinese government has… never done anything nearly as damaging to our business as what the Trump administration has done,"" Trice said. “', 'Tariffs have not helped bring jobs back to America.', 'Tariffs have hurt American businesses and reduced employment opportunities.""', 'Lucerne International, a car parts supplier based in Michigan that has manufactured in China for decades, has also spent the last few years adjusting to the new climate.', 'With help from government incentives, the company is now working to open its first factory in its home state in 2026, plans expected to create more than 300 jobs over four years.', 'But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “', 'I don’t think tariffs are a long-term solution,” she said. “', 'All we’re going to do is continue to make ourselves uncompetitive on a global scale.”', 'Michelle Fleury contributed to this report 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.']",0.1512814468331093,"But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “","I will vote for Trump even though he's going to hurt our company if he does what he says he's going to do,"" he said.",-0.1755381178855896,"He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries. ""","Tariffs have hurt American businesses and reduced employment opportunities.""",2024-10-30
"Pending home sales took an unexpected leap higher last month, but rates have climbed back up",https://www.cnbc.com/2024/10/30/pending-home-sales-september.html,2024-10-30T17:20:03+0000,"Signed contracts to buy existing homes in September jumped a surprising 7.4% compared with August, according to the National Association of Realtors. Analysts had been expecting about a 1% gain.These so-called pending sales were at the highest level since March and 2.6% higher than September of last year.Since pending sales are based on signed contracts, representing people out shopping during the month, it is the most current indicator of buyer demand. It also shows just how sensitive today's buyers are to mortgage rates.The average rate on the 30-year fixed mortgage was coming down all through August and touched its most recent low of 6.11% on Sept. 11, according to Mortgage News Daily. It stayed around that level for the rest of the month before shooting higher in October. It is now just over 7%.""Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,"" said Lawrence Yun, chief economist for the Realtors, in a release. ""Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.""Regionally pending sales were higher year over year in the Northeast and West and flat in the Midwest and South. Overall, the gains were biggest in the West, where home prices are the highest and buyers would benefit most from even a small drop in rates.With rates now higher, affordability is taking a hit once again. Mortgage demand from homebuyers, however, still saw gains last week and was 10% higher compared with the same week one year ago, according to the Mortgage Bankers Association. The levels of mortgage demand are still historically low, and sales, while higher, are as well.""With rates pushing back to 7%, the rebound in pending activity is likely short lived and is unlikely to be enough to help 2024 home sales exceed 2023 levels,"" said Selma Hepp, chief economist at CoreLogic.",CNBC,30/10/2024,"['Signed contracts to buy existing homes in September jumped a surprising 7.4% compared with August, according to the National Association of Realtors.', 'Analysts had been expecting about a 1% gain.', 'These so-called pending sales were at the highest level since March and 2.6% higher than September of last year.', 'Since pending sales are based on signed contracts, representing people out shopping during the month, it is the most current indicator of buyer demand.', ""It also shows just how sensitive today's buyers are to mortgage rates."", 'The average rate on the 30-year fixed mortgage was coming down all through August and touched its most recent low of 6.11% on Sept. 11, according to Mortgage News Daily.', 'It stayed around that level for the rest of the month before shooting higher in October.', 'It is now just over 7%.""Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,"" said Lawrence Yun, chief economist for the Realtors, in a release. ""', 'Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.', '""Regionally pending sales were higher year over year in the Northeast and West and flat in the Midwest and South.', 'Overall, the gains were biggest in the West, where home prices are the highest and buyers would benefit most from even a small drop in rates.', 'With rates now higher, affordability is taking a hit once again.', 'Mortgage demand from homebuyers, however, still saw gains last week and was 10% higher compared with the same week one year ago, according to the Mortgage Bankers Association.', 'The levels of mortgage demand are still historically low, and sales, while higher, are as well.', '""With rates pushing back to 7%, the rebound in pending activity is likely short lived and is unlikely to be enough to help 2024 home sales exceed 2023 levels,"" said Selma Hepp, chief economist at CoreLogic.']",0.1090566945483432,Analysts had been expecting about a 1% gain.,"The average rate on the 30-year fixed mortgage was coming down all through August and touched its most recent low of 6.11% on Sept. 11, according to Mortgage News Daily.",0.3858582148185143,"""Regionally pending sales were higher year over year in the Northeast and West and flat in the Midwest and South.","The average rate on the 30-year fixed mortgage was coming down all through August and touched its most recent low of 6.11% on Sept. 11, according to Mortgage News Daily.",2024-10-30
TikTok founder Zhang Yiming becomes China's richest man,https://www.bbc.co.uk/news/articles/c8dmql101dno,2024-10-29T10:53:39.566Z,"The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person. According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023. The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm. TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state. While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it. Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,"" said head of Hurun Rupert Hoogewerf.  ""The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.  ""This gives an indication of some of the dynamism in the Chinese economy."" Mr Zhang is not the only representative of China's huge tech sector on the list. Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn. But their fortunes are not just explained by their companies successes - their rivals have made less in a year in which China's economy has sputtered. In fact, only approximately 30% of the people on the list had an increase in their net worth - the rest saw a decline. “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,"" said Mr Hoogewerf.  ""The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021."" He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled. “Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said.  ""Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively."" ",BBC,29/10/2024,"[""The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person."", 'According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023.', 'The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm.', 'TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state.', 'While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.', ""Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “"", 'Zhang Yiming is the 18th new Number One we have had in China in just 26 years,"" said head of Hurun Rupert Hoogewerf. ""', 'The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. ""', 'This gives an indication of some of the dynamism in the Chinese economy.""', ""Mr Zhang is not the only representative of China's huge tech sector on the list."", 'Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn.', ""But their fortunes are not just explained by their companies successes - their rivals have made less in a year in which China's economy has sputtered."", 'In fact, only approximately 30% of the people on the list had an increase in their net worth - the rest saw a decline. “', 'The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,"" said Mr Hoogewerf. ""', 'The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.""', 'He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled. “', 'Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said. ""', 'Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively.""']",0.293464252624078,"The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person.","Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said. """,-0.00037402510643,"Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “","The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.""",2024-10-30
Why female entrepreneurs are key to getting more women to work,https://www.bbc.co.uk/news/articles/c4g0g5005ggo,2024-10-29T00:07:10.657Z,"A new study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation. By creating more opportunities for other women, female-led businesses can drive significant economic growth, it says. Imagine a world where women, though half the population, own less than a fifth of businesses. This is the reality the World Bank uncovered in a survey spanning 138 countries from 2006 to 2018. Even more intriguing is how female-owned businesses empower other women.  In male-owned firms, only 23% of workers were women, but female-owned businesses employ far more women. And while just 6.5% of male-owned businesses have a woman as the top manager, over half of female-owned firms are led by women. In India, the situation is even more challenging. Female labour participation and entrepreneurship are low, with the total number of women in the workforce barely changing over the past 30 years. But the picture looks slightly better when it comes to entrepreneurship.  Women make up about 14% of entrepreneurs and own a significant share of micro, small, and medium enterprises (MSMEs). They contribute notably to industrial output and employ a substantial portion of the workforce, according to the 2023 State of India's Livelihoods Report. Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures, according to Niti Aayog, a government think-tank.  While some women-owned enterprises employ staff in big numbers, a large majority operate with very few workers.  So Indian women are not really under-represented in entrepreneurship, but they operate much smaller firms than men – especially in the informal sector. Not surprisingly, women's contribution to India’s GDP is just 17%, less than half the global average. And India ranks 57th out of 65 countries for women's entrepreneurship, according to the Global Entrepreneurship Monitor Report 2021. A new paper by Gaurav Chiplunkar (University of Virginia) and Pinelopi Goldberg (Yale University) argues that promoting female entrepreneurship could significantly boost women's workforce participation, as female-led businesses often create more opportunities for other women. The authors developed a framework to measure the barriers women in India face when entering the labour force and becoming entrepreneurs.  They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses by hiring workers. Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones. So, policies that support female entrepreneurship are crucial, the authors argue. Policies that boost entrepreneurship and increase labour demand  - allowing more women to become entrepreneurs - can be more effective - and quicker - than changing long-standing social norms, says Mr Chiplunkar. “History tells us that norms are sticky,” says Ashwini Deshpande of Ashoka University.  Women still shoulder most household chores - cooking, cleaning, laundry, childcare, and elder care. There are more barriers, including limited access to safe, efficient transportation and childcare, restricting their ability to work within commuting distance. Even women’s limited ability to travel independently is a key factor restricting their participation in the labour market, as shown in a recent study led by Rolly Kapoor of University of California. Despite a recent uptick in India’s women’s labour force participation, the picture is not as promising as it seems, as Ms Deshpande notes in a paper.   The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. ""There is an urgent need to increase women’s participation in regular salaried paid work with job contracts and social security benefits. This would be the most important step, albeit not the only one, towards women’s economic empowerment,” says Ms Deshpande.  It's not going to be easy. For one, many women face obstacles - from families and  communities -  to working at all, regardless of whether they want to be entrepreneurs. And if more women join the workforce but there aren’t enough jobs - because barriers to starting businesses remain - wages could actually drop. Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour. A recent Barclays Research report says India can reach 8% GDP growth by ensuring women make up over half of the new workforce by 2030. Boosting female entrepreneurship could be a way out.  ",BBC,29/10/2024,"[""A new study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation."", 'By creating more opportunities for other women, female-led businesses can drive significant economic growth, it says.', 'Imagine a world where women, though half the population, own less than a fifth of businesses.', 'This is the reality the World Bank uncovered in a survey spanning 138 countries from 2006 to 2018.', 'Even more intriguing is how female-owned businesses empower other women.', 'In male-owned firms, only 23% of workers were women, but female-owned businesses employ far more women.', 'And while just 6.5% of male-owned businesses have a woman as the top manager, over half of female-owned firms are led by women.', 'In India, the situation is even more challenging.', 'Female labour participation and entrepreneurship are low, with the total number of women in the workforce barely changing over the past 30 years.', 'But the picture looks slightly better when it comes to entrepreneurship.', 'Women make up about 14% of entrepreneurs and own a significant share of micro, small, and medium enterprises (MSMEs).', ""They contribute notably to industrial output and employ a substantial portion of the workforce, according to the 2023 State of India's Livelihoods Report."", 'Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures, according to Niti Aayog, a government think-tank.', 'While some women-owned enterprises employ staff in big numbers, a large majority operate with very few workers.', 'So Indian women are not really under-represented in entrepreneurship, but they operate much smaller firms than men – especially in the informal sector.', ""Not surprisingly, women's contribution to India’s GDP is just 17%, less than half the global average."", ""And India ranks 57th out of 65 countries for women's entrepreneurship, according to the Global Entrepreneurship Monitor Report 2021."", ""A new paper by Gaurav Chiplunkar (University of Virginia) and Pinelopi Goldberg (Yale University) argues that promoting female entrepreneurship could significantly boost women's workforce participation, as female-led businesses often create more opportunities for other women."", 'The authors developed a framework to measure the barriers women in India face when entering the labour force and becoming entrepreneurs.', ""They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses by hiring workers."", 'Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.', 'So, policies that support female entrepreneurship are crucial, the authors argue.', 'Policies that boost entrepreneurship and increase labour demand - allowing more women to become entrepreneurs - can be more effective - and quicker - than changing long-standing social norms, says Mr Chiplunkar. “', 'History tells us that norms are sticky,” says Ashwini Deshpande of Ashoka University.', 'Women still shoulder most household chores - cooking, cleaning, laundry, childcare, and elder care.', 'There are more barriers, including limited access to safe, efficient transportation and childcare, restricting their ability to work within commuting distance.', 'Even women’s limited ability to travel independently is a key factor restricting their participation in the labour market, as shown in a recent study led by Rolly Kapoor of University of California.', 'Despite a recent uptick in India’s women’s labour force participation, the picture is not as promising as it seems, as Ms Deshpande notes in a paper.', 'The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. ""', 'There is an urgent need to increase women’s participation in regular salaried paid work with job contracts and social security benefits.', 'This would be the most important step, albeit not the only one, towards women’s economic empowerment,” says Ms Deshpande.', ""It's not going to be easy."", 'For one, many women face obstacles - from families and communities - to working at all, regardless of whether they want to be entrepreneurs.', 'And if more women join the workforce but there aren’t enough jobs - because barriers to starting businesses remain - wages could actually drop.', ""Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour."", 'A recent Barclays Research report says India can reach 8% GDP growth by ensuring women make up over half of the new workforce by 2030.', 'Boosting female entrepreneurship could be a way out.']",0.1946842568910526,"Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.","The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. """,0.1974479734897613,"Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.","Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour.",2024-10-30
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.",2024-10-30
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.",2024-10-30
How X users earn thousands from US election misinformation and AI images,https://www.bbc.co.uk/news/articles/cx2dpj485nno,2024-10-29T23:42:50.520Z,"Some users on X who spend their days sharing content that includes election misinformation, AI-generated images and unfounded conspiracy theories say they are being paid ""thousands of dollars"" by the social media site. The BBC identified networks of dozens of accounts that re-share each other's content multiple times a day - including a mix of true, unfounded, false and faked material - to boost their reach, and therefore, revenue on the site. Several say earnings from their own and other accounts range from a couple of hundred to thousands of dollars. They also say they coordinate sharing each other’s posts on forums and group chats. ""It's a way of trying to help each other out,"" one user said. Some of these networks support Donald Trump, others Kamala Harris, and some are independent. Several of these profiles - which say they are not connected to official campaigns - have been contacted by US politicians, including congressional candidates, looking for supportive posts. On 9 October, X changed its rules so the payments made to eligible accounts with a significant reach are calculated according to the amount of engagement from premium users - likes, shares and comments - rather than the number of ads under their posts. Many social media sites allow users to make money from their posts or to share sponsored content. But they often have rules which allow them to de-monetise or suspend profiles that post misinformation. X does not have guidelines on misinformation in the same way. While X has a smaller user base than some sites, it has a significant impact on political discourse. It raises questions about whether X is incentivising users to post provocative claims, whether they’re true or not, at a highly sensitive moment for US politics. The BBC compared the approximate earnings reported by some of these X users with the amount they would be expected to earn, based on their number of views, followers and interactions with other profiles, and found them to be credible. Among the misleading posts shared by some of these networks of profiles were claims about election fraud which had been rebutted by authorities, and extreme, unfounded allegations of paedophilia and sexual abuse against the presidential and vice-presidential candidates. Some misleading and false posts that originated on X have also spilled on to other social media sites with a bigger audience, such as Facebook and TikTok. In one example, an X user with a small following says he created a doctored image purporting to show Kamala Harris working at McDonald's as a young woman. Other users then pushed evidence-free claims that the Democratic Party was manipulating images of its candidate. Unfounded conspiracy theories from X about the July assassination attempt on Donald Trump were also picked up on other social media sites. X did not respond to questions about whether the site is incentivising users to post like this, nor to requests to interview owner Elon Musk. Freedom Uncut’s content creation lair - where he streams and makes videos - is decorated with fairy lights in the shape of an American flag. He says he is an independent, but would rather Donald Trump becomes president than Kamala Harris. Free - as his friends call him - says he can spend up to 16 hours a day in his lair posting on X, interacting with the network of dozens of content creators he’s a part of, and sharing AI-generated pictures. He does not share his full name or real identity because he says his family's personal information has been exposed online, leading to threats. He is by no means one of the most extreme posters, and has agreed to meet me and explain how these networks on X operate. He says he has had 11 million views over the past few months since he began posting regularly about the US election. He brings several up on the screen as we chat at his home in Tampa, Florida. Some are obviously satire - Donald Trump looking like a character in The Matrix as he brushes aside bullets, or President Joe Biden as a dictator. Other AI images are less fantastical - including an image of someone on the roof of their flooded home as fighter jets pass by, with the comment: ""Remember that politicians don't care about you on November 5th."" The image echoes Mr Trump's claim that there were ""no helicopters, no rescue"" for people in North Carolina following Hurricane Helene. The claim has been rebutted by the North Carolina National Guard, which says it rescued hundreds of people in 146 flight missions. Freedom Uncut says he sees his images as “art” that sparks a conversation. He says he is “not trying to fool anybody” but that he can “do so much more by using AI”. Since his profile was monetised, he says he can make in the ""low thousands"" monthly from X: “I think it's become a lot easier for people to make money.” He adds that some users he knows have been making more than five figures and claims he could corroborate this by seeing the reach of their posts: ""It's at that point it really does become a job."" He says it is the “controversial” stuff that tends to get the most views - and compares this to “sensationalist” traditional media. While he posts “provocative stuff”, he says it is “usually based in some version of reality”. But he suggests that other profiles he sees are happy to share posts they know not to be true. This, he says, is an easy “money-maker”. Freedom Uncut dismisses concerns about false claims influencing the election, claiming the government “spreads more misinformation than the rest of the internet combined”. He also says it is “very common” for local politicians to reach out to accounts like his on X for support. He says some of them have chatted to him about appearing on his live streams and spoken to him about creating and sharing memes, AI images and artwork for them. Could any of these posts - misleading or not - have a tangible impact this election? “I think that you're seeing that currently. I think that a lot of the Trump support comes from that,” he says. In Freedom Uncut’s view, there is “more trust in independent media” - including accounts sharing AI-generated images and misinformation - than in “some traditional media companies”. Going head-to-head with the pro-Trump accounts Freedom Uncut describes are profiles such as Brown Eyed Susan, who has more than 200,000 followers on X. She is part of a network of “die-hard” accounts posting content multiple times every hour in support of Democratic candidate Kamala Harris. While she uses her first name, she does not share her surname because of threats and abuse she has received online. Speaking to me from Los Angeles, Susan says she never intended to start making money from her posts - or for her account’s reach to “explode”. Sometimes she posts and re-shares more than 100 messages a day - and her individual posts sometimes reach more than two million users each. She says she only makes money from her posts because she was awarded a blue tick, which marks paid users on the site and some prominent accounts. “I didn't ask for it. I can't hide it, and I can't return it. So I clicked on monetise,” she tells me, estimating she can make a couple of hundred dollars a month. Aside from posting about policy, some of her most viral posts - racking up more than three million views - have promoted unfounded and false conspiracy theories suggesting the July assassination attempt was staged by Donald Trump. She acknowledges that a member of the crowd and the shooter were killed, but says she has genuine questions about Donald Trump’s injury, the security failings, and whether the incident has been properly investigated. “There's no way to get to the truth in this. And if they want to call it conspiratorial, they can,” she says.  Susan also shares memes, some of which use AI, taking aim at the Republican contender. Several more convincing examples make him look older or unwell. She says these “illustrate his current condition”. Others show him looking like a dictator. She maintains that all her images are ""obvious"" fakes. Like Freedom Uncut, she says politicians, including congressional candidates, have contacted her for support, and she says she tries to “spread as much awareness” as she can for them. Following a row over whether Kamala Harris once worked at McDonald's, a doctored image of her in the fast food chain's uniform was shared on Facebook by her supporters and went viral. When some pro-Trump accounts realised it was an edited photo of a different woman in the uniform, it triggered unfounded accusations that the image came from the Democratic Party itself. An account called “The Infinite Dude” on X appeared to be the first to share the image with the caption: “This is fake”. The person behind the image tells me his name is Blake and that he shared it as part of an experiment. His profile does not have nearly as many followers as the other accounts I have been talking to. When I ask for evidence that he doctored the image, he told me he has “the original files and creation timestamps”, but he did not share those with me as he says proof does not really matter. “People share content not because it's real, but because they want it to be real. Both sides do it equally - they just choose different stories to believe,” he says. His political allegiance remains unclear and he says this “isn’t about politics”. X says online that its priority is to protect and defend the user's voice. The site adds manipulated media labels to some AI-generated and doctored video, audio and images. It also has a feature called Community Notes, which crowdsources fact-checking from users. During the UK election, X did take action over a network of accounts sharing faked clips that I investigated. In the US election campaign, however, I have received no response to my questions or requests to interview Elon Musk. That matters - because social media companies like his could affect what unfolds as voters head to the polls. Marianna Spring investigated this story using her Undercover Voters - five fictional characters based on data from the Pew Research Centre - that allow her to interrogate what some different users are recommended on social media. Their social media accounts are private and do not message real people.  Find out more about them here - and on the BBC Americast podcast on BBC Sounds. ",BBC,29/10/2024,"['Some users on X who spend their days sharing content that includes election misinformation, AI-generated images and unfounded conspiracy theories say they are being paid ""thousands of dollars"" by the social media site.', ""The BBC identified networks of dozens of accounts that re-share each other's content multiple times a day - including a mix of true, unfounded, false and faked material - to boost their reach, and therefore, revenue on the site."", 'Several say earnings from their own and other accounts range from a couple of hundred to thousands of dollars.', 'They also say they coordinate sharing each other’s posts on forums and group chats. ""', 'It\'s a way of trying to help each other out,"" one user said.', 'Some of these networks support Donald Trump, others Kamala Harris, and some are independent.', 'Several of these profiles - which say they are not connected to official campaigns - have been contacted by US politicians, including congressional candidates, looking for supportive posts.', 'On 9 October, X changed its rules so the payments made to eligible accounts with a significant reach are calculated according to the amount of engagement from premium users - likes, shares and comments - rather than the number of ads under their posts.', 'Many social media sites allow users to make money from their posts or to share sponsored content.', 'But they often have rules which allow them to de-monetise or suspend profiles that post misinformation.', 'X does not have guidelines on misinformation in the same way.', 'While X has a smaller user base than some sites, it has a significant impact on political discourse.', 'It raises questions about whether X is incentivising users to post provocative claims, whether they’re true or not, at a highly sensitive moment for US politics.', 'The BBC compared the approximate earnings reported by some of these X users with the amount they would be expected to earn, based on their number of views, followers and interactions with other profiles, and found them to be credible.', 'Among the misleading posts shared by some of these networks of profiles were claims about election fraud which had been rebutted by authorities, and extreme, unfounded allegations of paedophilia and sexual abuse against the presidential and vice-presidential candidates.', 'Some misleading and false posts that originated on X have also spilled on to other social media sites with a bigger audience, such as Facebook and TikTok.', ""In one example, an X user with a small following says he created a doctored image purporting to show Kamala Harris working at McDonald's as a young woman."", 'Other users then pushed evidence-free claims that the Democratic Party was manipulating images of its candidate.', 'Unfounded conspiracy theories from X about the July assassination attempt on Donald Trump were also picked up on other social media sites.', 'X did not respond to questions about whether the site is incentivising users to post like this, nor to requests to interview owner Elon Musk.', 'Freedom Uncut’s content creation lair - where he streams and makes videos - is decorated with fairy lights in the shape of an American flag.', 'He says he is an independent, but would rather Donald Trump becomes president than Kamala Harris.', 'Free - as his friends call him - says he can spend up to 16 hours a day in his lair posting on X, interacting with the network of dozens of content creators he’s a part of, and sharing AI-generated pictures.', ""He does not share his full name or real identity because he says his family's personal information has been exposed online, leading to threats."", 'He is by no means one of the most extreme posters, and has agreed to meet me and explain how these networks on X operate.', 'He says he has had 11 million views over the past few months since he began posting regularly about the US election.', 'He brings several up on the screen as we chat at his home in Tampa, Florida.', 'Some are obviously satire - Donald Trump looking like a character in The Matrix as he brushes aside bullets, or President Joe Biden as a dictator.', 'Other AI images are less fantastical - including an image of someone on the roof of their flooded home as fighter jets pass by, with the comment: ""Remember that politicians don\'t care about you on November 5th.""', 'The image echoes Mr Trump\'s claim that there were ""no helicopters, no rescue"" for people in North Carolina following Hurricane Helene.', 'The claim has been rebutted by the North Carolina National Guard, which says it rescued hundreds of people in 146 flight missions.', 'Freedom Uncut says he sees his images as “art” that sparks a conversation.', 'He says he is “not trying to fool anybody” but that he can “do so much more by using AI”.', 'Since his profile was monetised, he says he can make in the ""low thousands"" monthly from X: “I think it\'s become a lot easier for people to make money.”', 'He adds that some users he knows have been making more than five figures and claims he could corroborate this by seeing the reach of their posts: ""It\'s at that point it really does become a job.""', 'He says it is the “controversial” stuff that tends to get the most views - and compares this to “sensationalist” traditional media.', 'While he posts “provocative stuff”, he says it is “usually based in some version of reality”.', 'But he suggests that other profiles he sees are happy to share posts they know not to be true.', 'This, he says, is an easy “money-maker”.', 'Freedom Uncut dismisses concerns about false claims influencing the election, claiming the government “spreads more misinformation than the rest of the internet combined”.', 'He also says it is “very common” for local politicians to reach out to accounts like his on X for support.', 'He says some of them have chatted to him about appearing on his live streams and spoken to him about creating and sharing memes, AI images and artwork for them.', 'Could any of these posts - misleading or not - have a tangible impact this election? “', ""I think that you're seeing that currently."", 'I think that a lot of the Trump support comes from that,” he says.', 'In Freedom Uncut’s view, there is “more trust in independent media” - including accounts sharing AI-generated images and misinformation - than in “some traditional media companies”.', 'Going head-to-head with the pro-Trump accounts Freedom Uncut describes are profiles such as Brown Eyed Susan, who has more than 200,000 followers on X. She is part of a network of “die-hard” accounts posting content multiple times every hour in support of Democratic candidate Kamala Harris.', 'While she uses her first name, she does not share her surname because of threats and abuse she has received online.', 'Speaking to me from Los Angeles, Susan says she never intended to start making money from her posts - or for her account’s reach to “explode”.', 'Sometimes she posts and re-shares more than 100 messages a day - and her individual posts sometimes reach more than two million users each.', 'She says she only makes money from her posts because she was awarded a blue tick, which marks paid users on the site and some prominent accounts. “', ""I didn't ask for it."", ""I can't hide it, and I can't return it."", 'So I clicked on monetise,” she tells me, estimating she can make a couple of hundred dollars a month.', 'Aside from posting about policy, some of her most viral posts - racking up more than three million views - have promoted unfounded and false conspiracy theories suggesting the July assassination attempt was staged by Donald Trump.', 'She acknowledges that a member of the crowd and the shooter were killed, but says she has genuine questions about Donald Trump’s injury, the security failings, and whether the incident has been properly investigated. “', ""There's no way to get to the truth in this."", 'And if they want to call it conspiratorial, they can,” she says.', 'Susan also shares memes, some of which use AI, taking aim at the Republican contender.', 'Several more convincing examples make him look older or unwell.', 'She says these “illustrate his current condition”.', 'Others show him looking like a dictator.', 'She maintains that all her images are ""obvious"" fakes.', 'Like Freedom Uncut, she says politicians, including congressional candidates, have contacted her for support, and she says she tries to “spread as much awareness” as she can for them.', ""Following a row over whether Kamala Harris once worked at McDonald's, a doctored image of her in the fast food chain's uniform was shared on Facebook by her supporters and went viral."", 'When some pro-Trump accounts realised it was an edited photo of a different woman in the uniform, it triggered unfounded accusations that the image came from the Democratic Party itself.', 'An account called “The Infinite Dude” on X appeared to be the first to share the image with the caption: “This is fake”.', 'The person behind the image tells me his name is Blake and that he shared it as part of an experiment.', 'His profile does not have nearly as many followers as the other accounts I have been talking to.', 'When I ask for evidence that he doctored the image, he told me he has “the original files and creation timestamps”, but he did not share those with me as he says proof does not really matter. “', ""People share content not because it's real, but because they want it to be real."", 'Both sides do it equally - they just choose different stories to believe,” he says.', 'His political allegiance remains unclear and he says this “isn’t about politics”.', ""X says online that its priority is to protect and defend the user's voice."", 'The site adds manipulated media labels to some AI-generated and doctored video, audio and images.', 'It also has a feature called Community Notes, which crowdsources fact-checking from users.', 'During the UK election, X did take action over a network of accounts sharing faked clips that I investigated.', 'In the US election campaign, however, I have received no response to my questions or requests to interview Elon Musk.', 'That matters - because social media companies like his could affect what unfolds as voters head to the polls.', 'Marianna Spring investigated this story using her Undercover Voters - five fictional characters based on data from the Pew Research Centre - that allow her to interrogate what some different users are recommended on social media.', 'Their social media accounts are private and do not message real people.', 'Find out more about them here - and on the BBC Americast podcast on BBC Sounds.']",0.137379273507772,"Like Freedom Uncut, she says politicians, including congressional candidates, have contacted her for support, and she says she tries to “spread as much awareness” as she can for them.","Among the misleading posts shared by some of these networks of profiles were claims about election fraud which had been rebutted by authorities, and extreme, unfounded allegations of paedophilia and sexual abuse against the presidential and vice-presidential candidates.",0.0242918034394582,"The BBC identified networks of dozens of accounts that re-share each other's content multiple times a day - including a mix of true, unfounded, false and faked material - to boost their reach, and therefore, revenue on the site.",Several more convincing examples make him look older or unwell.,2024-10-30
JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch',https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html,2024-10-28T18:56:18+0000,"In this articleJPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.""On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $335,000,"" the bank said in the Texas filing. ""After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.""JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the ""infinite money glitch,"" though it hasn't disclosed the scope of associated losses. Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution. Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.Normally, banks only make available a fraction of the value of a check until it clears, which takes several days. JPMorgan says it closed the loophole a few days after it was discovered.The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situation who declined to be identified speaking about the internal investigation.In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank.JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints.The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar. JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said.The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.""Fraud is a crime that impacts everyone and undermines trust in the banking system,"" JPMorgan spokesman Drew Pusateri said in a statement to CNBC. ""We're pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they're held accountable.""",CNBC,28/10/2024,"['In this articleJPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.', 'The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.', 'A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.', '""On August 29, 2024, a masked man deposited a check in Defendant\'s Chase bank account in the amount of $335,000,"" the bank said in the Texas filing. ""', 'After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.', '""JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the ""infinite money glitch,"" though it hasn\'t disclosed the scope of associated losses.', ""Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report."", 'The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution.', 'Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.', 'Normally, banks only make available a fraction of the value of a check until it clears, which takes several days.', 'JPMorgan says it closed the loophole a few days after it was discovered.', 'The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situationwho declined to be identified speaking about the internal investigation.', ""In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank."", ""JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints."", ""The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar."", 'JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said.', 'The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.', '""Fraud is a crime that impacts everyone and undermines trust in the banking system,"" JPMorgan spokesman Drew Pusateri said in a statement to CNBC. ""', 'We\'re pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they\'re held accountable.""']",-0.2347626410039654,"Normally, banks only make available a fraction of the value of a check until it clears, which takes several days.","JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints.",-0.9642532914876938,,"Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.",2024-10-30
Immersive entertainment company Cosm lands rights to broadcast NFL games,https://www.cnbc.com/2024/10/28/cosm-nfl-games-shared-reality.html,2024-10-28T12:56:11+0000,"Cosm, the immersive technology company that broadcasts live sports events using what it calls ""shared reality,"" is partnering with the National Football League, the company announced Monday.As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive ""shared reality"" experience that mirrors being at the game.The domes fit about 700 people with the average ticket price ranging between $22 and $127. Cosm uses a dynamic pricing model, similar to concerts or live sports.""What's so unique about a property like the NFL is that fandom is everywhere,"" said Jeb Terry, president and CEO at Cosm. ""We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they're at the stadium themselves.""The company did not disclose the financial details of its deal with the NFL.Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said. The second game sold out in one minute.""Inventory is flying off the shelf,"" Terry said.While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show. This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.In July, the company raised more than $250 million in funding to expand globally. Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,28/10/2024,"['Cosm, the immersive technology company that broadcasts live sports events using what it calls ""shared reality,"" is partnering with the National Football League, the company announced Monday.', 'As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.', 'The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.', 'The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive ""shared reality"" experience that mirrors being at the game.', 'The domes fit about 700 people with the average ticket price ranging between $22 and $127.', 'Cosm uses a dynamic pricing model, similar to concerts or live sports.', '""What\'s so unique about a property like the NFL is that fandom is everywhere,"" said Jeb Terry, president and CEO at Cosm. ""', ""We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they're at the stadium themselves."", '""The company did not disclose the financial details of its deal with the NFL.Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.', 'Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.', 'Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said.', 'The second game sold out in one minute.', '""Inventory is flying off the shelf,"" Terry said.', 'While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show.', 'This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.', ""As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model."", 'Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.', 'In July, the company raised more than $250 million in funding to expand globally.', 'Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.1602931040687043,"As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.","Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.",0.993797500928243,"As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.",,2024-10-30
Australian PM Albanese accused of seeking upgrades from Qantas boss,https://www.bbc.co.uk/news/articles/c1mlr7m7k27o,2024-10-29T08:15:31.010Z,"Australian Prime Minister Anthony Albanese has been accused of asking for free personal flight upgrades directly from the former CEO of national carrier Qantas. A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019. In a press conference on Tuesday, Albanese did not say whether he had spoken to Joyce about personal upgrades, but said he followed the rules and had been ""completely transparent"" with his disclosures.  ""There is no accusations being made with any specifics at all about any of this, none,"" he added.  Albanese, who previously served as federal transport minister, also criticised  former opposition party staffer Aston of ""trying to sell a book"".  In his book - The Chairman's Lounge: The Inside Story of How Qantas Sold Us Out - Aston,  reportedly cites Qantas insiders as saying Albanese spoke to Joyce about his personal travel plans.  Albanese said he did recall having two conversations with Joyce about flights that did not involve personal travel.  ""Of the 22 flights, 10 of them were... [in 2013] over a one-month period where both Qantas and Virgin provided upgrades for flights that were paid for by the Australian Labor party to make sure there was not any cost to taxpayers for what was internal business. ""In my time in public life, I have acted with integrity, I have acted in a way that is entirely appropriate and I have declared in accordance with the rules,"" he said.  While it is not unheard of for Australian politicians to get free flight upgrades, they are required to declare such gifts.  Australia's shadow transport minister Senator Bridget McKenzie has called for an inquiry to investigate the allegations.  ""There are serious questions which only Mr Joyce and the Prime Minister can answer,"" she told reporters.  Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There's a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday. How about upgrading those economy tickets?"" Last year, the Albanese government faced questions for denying a request by Qatar Airways to increase flights to Australia - a move that aviation analysts said  favoured Qantas.  Criticism over that decision has now resurfaced as some opposition leaders questioned Albanese's personal relationship with Joyce. Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices. However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations. It also laid off 1,700 ground staff  during the pandemic - a move that an Australian high court later ruled illegal.  ",BBC,29/10/2024,"['Australian Prime Minister Anthony Albanese has been accused of asking for free personal flight upgrades directly from the former CEO of national carrier Qantas.', 'A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019.', 'In a press conference on Tuesday, Albanese did not say whether he had spoken to Joyce about personal upgrades, but said he followed the rules and had been ""completely transparent"" with his disclosures. ""', 'There is no accusations being made with any specifics at all about any of this, none,"" he added.', 'Albanese, who previously served as federal transport minister, also criticised former opposition party staffer Aston of ""trying to sell a book"".', ""In his book - The Chairman's Lounge: The Inside Story of How Qantas Sold Us Out - Aston, reportedly cites Qantas insiders as saying Albanese spoke to Joyce about his personal travel plans."", 'Albanese said he did recall having two conversations with Joyce about flights that did not involve personal travel. ""', 'Of the 22 flights, 10 of them were... [in 2013] over a one-month period where both Qantas and Virgin provided upgrades for flights that were paid for by the Australian Labor party to make sure there was not any cost to taxpayers for what was internal business. ""', 'In my time in public life, I have acted with integrity, I have acted in a way that is entirely appropriate and I have declared in accordance with the rules,"" he said.', 'While it is not unheard of for Australian politicians to get free flight upgrades, they are required to declare such gifts.', 'Australia\'s shadow transport minister Senator Bridget McKenzie has called for an inquiry to investigate the allegations. ""', 'There are serious questions which only Mr Joyce and the Prime Minister can answer,"" she told reporters.', 'Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There\'s a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday.', 'How about upgrading those economy tickets?""', 'Last year, the Albanese government faced questions for denying a request by Qatar Airways to increase flights to Australia - a move that aviation analysts said favoured Qantas.', ""Criticism over that decision has now resurfaced as some opposition leaders questioned Albanese's personal relationship with Joyce."", 'Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.', 'However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations.', 'It also laid off 1,700 ground staff during the pandemic - a move that an Australian high court later ruled illegal.']",0.0142175639240353,"Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There's a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday.","Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.",-0.562906014919281,"A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019.","However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations.",2024-10-30
Wikipedia v ANI: Why the online encyclopaedia has landed in legal trouble in India,https://www.bbc.co.uk/news/articles/cdrdydkypv7o,2024-10-30T09:35:11.381Z,"Wikipedia is embroiled in a major legal battle in India that experts say could impact how the online encyclopaedia functions in the country. The battle stems from a 20m rupee ($237,874; £183,012) lawsuit filed by India’s largest newswire service against Wikimedia Foundation, which runs Wikipedia, for allegedly publishing defamatory content against it.  In the lawsuit in the Delhi high court, Asian News International (ANI) said a paragraph in its description on Wikipedia falsely accuses it of being ""a propaganda tool for the incumbent [federal] government” and of ""distributing material from fake news websites"" and demanded the page be taken down. Wikipedia says the content on the website is completely managed by volunteers and that the Foundation has no control over it. In August, the court ordered Wikipedia to disclose who made these allegedly defamatory edits to the ANI page - and threatened to shut down the website if it didn't comply with its orders. The hearing is still on, but Wikipedia has since agreed to share basic information about the users in a sealed cover to the court, though it's not clear what that would be.  Experts say the case is an important one as its outcome could impact people's access to neutral information on the platform. “It will tell us whether India lives in the era of the internet, where information is truthful and free for everybody to access,” says technology law expert Mishi Choudhary. The hearing began in July after ANI petitioned the court, saying it had tried to change the allegedly defamatory material on Wikipedia but its edits were not accepted.  The ANI page was put under “extended confirmed protection” - a Wikipedia feature used to stop vandalism or abuse - where only users who have already done a certain number of edits can make changes to a page. In its lawsuit, ANI demanded that the allegedly defamatory content be taken down. However, it has not sued the news reports that are cited in the Wikipedia page. Wikipedia, in turn, argued that despite being a community-driven platform, it had a robust fact-checking system. Wikipedia works on a self-regulation model, where anyone can make edits on a page as long as it is backed by a published authentic source and written from a neutral point of view - this means no-one can add new, unpublished information on Wikipedia. There are volunteers on the website who edit and verify information, while maintaining their anonymity.  Any debates among volunteers about the edits are visible for everyone to see on the page. In case of disagreements, there are guidelines on how to resolve disputes. The website also uses bots to keep track of the changes. In court, the Wikimedia Foundation said that it only provided technical infrastructure and had no relationship with the volunteers who manage content on the website. But this model came under scrutiny after a page on the ongoing court case appeared on Wikipedia.  Last week, the court ordered it to be taken down saying it interfered with court proceedings.  The Foundation has since suspended the page. Observers say this is probably the first time that a Wikipedia page in English language has been taken down after a court order. Transparency reports published by the Foundation since 2012 show that in about 5,500 content takedown and alteration requests globally, it had complied with less than 10, and none of them were for the English website. The move was criticised by some digital experts who said it was wrong to take down the page as it collated what the press had been reporting on the case.  Simply put, a lot.  Experts say that the outcome of the case is likely to have significant ramifications for the platform's operations in India. Tech journalist and digital rights expert Nikhil Pahwa fears that the case may encourage more people and brands to start controlling their Wikipedia pages. ""Many people do not like how they have been portrayed on Wikipedia. Now anyone can file a case, ask for identification of editors and the court might grant it without any preliminary determination of whether there was defamation,” he says. Ms Choudhary says the case could have a ""chilling effect"" on free speech as editors might hesitate to write truthful content. Any form of self-censorship could also seriously hamper access to neutral information about a subject on the platform, she adds. Of course, Wikipedia is no stranger to controversy. It has faced various forms of censorship in at least 13 countries. China banned it in 2019 and Myanmar in 2021. It has also had run-ins with the Russian government and courts. Moscow has blocked several pages critical of the government and courts have fined the Wikimedia Foundation for its refusal to remove these articles. In 2023, Pakistan blocked the website for three days after it did not remove allegedly ""blasphemous content"". Wikipedia was blocked in Turkey in April 2017 after it refused to delete articles critical of the country's government. Turkey's top court lifted the ban in 2020. In India, experts say the platform is one of the few organisations that has pushed back against the federal government's orders to take down content. But a ban could seriously derail its operations in the country.   If the verdict is not in Wikipedia's favour, “we as a society will suffer since we will not have access to impartial information”, Ms Choudhary says. Follow BBC News India on Instagram, YouTube, Twitter and Facebook.  ",BBC,30/10/2024,"['Wikipedia is embroiled in a major legal battle in India that experts say could impact how the online encyclopaedia functions in the country.', 'The battle stems from a 20m rupee ($237,874; £183,012) lawsuit filed by India’s largest newswire service against Wikimedia Foundation, which runs Wikipedia, for allegedly publishing defamatory content against it.', 'In the lawsuit in the Delhi high court, Asian News International (ANI) said a paragraph in its description on Wikipedia falsely accuses it of being ""a propaganda tool for the incumbent [federal] government” and of ""distributing material from fake news websites"" and demanded the page be taken down.', 'Wikipedia says the content on the website is completely managed by volunteers and that the Foundation has no control over it.', ""In August, the court ordered Wikipedia to disclose who made these allegedly defamatory edits to the ANI page - and threatened to shut down the website if it didn't comply with its orders."", ""The hearing is still on, but Wikipedia has since agreed to share basic information about the users in a sealed cover to the court, though it's not clear what that would be."", ""Experts say the case is an important one as its outcome could impact people's access to neutral information on the platform. “"", 'It will tell us whether India lives in the era of the internet, where information is truthful and free for everybody to access,” says technology law expert Mishi Choudhary.', 'The hearing began in July after ANI petitioned the court, saying it had tried to change the allegedly defamatory material on Wikipedia but its edits were not accepted.', 'The ANI page was put under “extended confirmed protection” - a Wikipedia feature used to stop vandalism or abuse - where only users who have already done a certain number of edits can make changes to a page.', 'In its lawsuit, ANI demanded that the allegedly defamatory content be taken down.', 'However, it has not sued the news reports that are cited in the Wikipedia page.', 'Wikipedia, in turn, argued that despite being a community-driven platform, it had a robust fact-checking system.', 'Wikipedia works on a self-regulation model, where anyone can make edits on a page as long as it is backed by a published authentic source and written from a neutral point of view - this means no-one can add new, unpublished information on Wikipedia.', 'There are volunteers on the website who edit and verify information, while maintaining their anonymity.', 'Any debates among volunteers about the edits are visible for everyone to see on the page.', 'In case of disagreements, there are guidelines on how to resolve disputes.', 'The website also uses bots to keep track of the changes.', 'In court, the Wikimedia Foundation said that it only provided technical infrastructure and had no relationship with the volunteers who manage content on the website.', 'But this model came under scrutiny after a page on the ongoing court case appeared on Wikipedia.', 'Last week, the court ordered it to be taken down saying it interfered with court proceedings.', 'The Foundation has since suspended the page.', 'Observers say this is probably the first time that a Wikipedia page in English language has been taken down after a court order.', 'Transparency reports published by the Foundation since 2012 show that in about 5,500 content takedown and alteration requests globally, it had complied with less than 10, and none of them were for the English website.', 'The move was criticised by some digital experts who said it was wrong to take down the page as it collated what the press had been reporting on the case.', 'Simply put, a lot.', ""Experts say that the outcome of the case is likely to have significant ramifications for the platform's operations in India."", 'Tech journalist and digital rights expert Nikhil Pahwa fears that the case may encourage more people and brands to start controlling their Wikipedia pages. ""', 'Many people do not like how they have been portrayed on Wikipedia.', 'Now anyone can file a case, ask for identification of editors and the court might grant it without any preliminary determination of whether there was defamation,” he says.', 'Ms Choudhary says the case could have a ""chilling effect"" on free speech as editors might hesitate to write truthful content.', 'Any form of self-censorship could also seriously hamper access to neutral information about a subject on the platform, she adds.', 'Of course, Wikipedia is no stranger to controversy.', 'It has faced various forms of censorship in at least 13 countries.', 'China banned it in 2019 and Myanmar in 2021.', 'It has also had run-ins with the Russian government and courts.', 'Moscow has blocked several pages critical of the government and courts have fined the Wikimedia Foundation for its refusal to remove these articles.', 'In 2023, Pakistan blocked the website for three days after it did not remove allegedly ""blasphemous content"".', ""Wikipedia was blocked in Turkey in April 2017 after it refused to delete articles critical of the country's government."", ""Turkey's top court lifted the ban in 2020."", ""In India, experts say the platform is one of the few organisations that has pushed back against the federal government's orders to take down content."", 'But a ban could seriously derail its operations in the country.', ""If the verdict is not in Wikipedia's favour, “we as a society will suffer since we will not have access to impartial information”, Ms Choudhary says."", 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",-0.1697926306346895,"It will tell us whether India lives in the era of the internet, where information is truthful and free for everybody to access,” says technology law expert Mishi Choudhary.",But a ban could seriously derail its operations in the country.,-0.5364988012747332,"Tech journalist and digital rights expert Nikhil Pahwa fears that the case may encourage more people and brands to start controlling their Wikipedia pages. ""","Ms Choudhary says the case could have a ""chilling effect"" on free speech as editors might hesitate to write truthful content.",2024-10-30
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.,2024-10-30
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.,,2024-10-30
United Airlines raises spending requirements to earn frequent flyer status,https://www.cnbc.com/2024/10/30/united-airlines-frequent-flyer-status.html,2024-10-30T18:59:28+0000,"In this articleUnited Airlines customers will have to spend more to reach frequent flyer status next year, the latest move by the carrier to increase profits and give an exclusive feel to the increasingly crowded top ranks of airline loyalty programs.The thresholds to earn elite status in the airline's MileagePlus program are going up about 25% and include either spending on a co-branded card or a combination of spending and flying. The status earning requirements and accompanying perks earned next year will be valid in 2026.United, American Airlines, Delta Air Lines and other carriers have spent years changing their loyalty programs to reward travelers more based on how much they spend rather than how far they fly. Co-branded credit cards are a crucial business for airline profits, as banks pay carriers when consumers swipe those cards.Elite status comes with perks like free upgrades (when available), earlier boarding, better seat selection and access to extra legroom options. Airlines have grappled with increasing numbers of high-spending customers, which have led to crowded lounges and swarms of travelers in early boarding groups.The lowest level status, Silver Premier in 2025 will require customers to earn 5,000 premier qualifying points, or PQP, and fly 15 qualifying flights, up from 4,000 premier qualifying points and 12 qualifying flights.Travelers earn one PQPs for every $1 they spend on United and other qualifying flights.Earning Silver status only by spending — meaning getting to that status without the qualifying flights — will go for 6,000 points, up from 5,000. That would mean customers could spend $6,000 on United flights up from $5,000, regardless of the number of flights they take. Customers will also earn 1 PQP for every $20 they spend on co-branded cards, though some of the options in its credit card portfolio will offer 1 PQP for every $15 spent.Here are the changes:",CNBC,30/10/2024,"['In this articleUnited Airlines customers will have to spend more to reach frequent flyer status next year, the latest move by the carrier to increase profits and give an exclusive feel to the increasingly crowded top ranks of airline loyalty programs.', ""The thresholds to earn elite status in the airline's MileagePlus program are going up about 25% and include either spending on a co-branded card or a combination of spending and flying."", 'The status earning requirements and accompanying perks earned next year will be valid in 2026.United, American Airlines, Delta Air Lines and other carriers have spent years changing their loyalty programs to reward travelers more based on how much they spend rather than how far they fly.', 'Co-branded credit cards are a crucial business for airline profits, as banks pay carriers when consumers swipe those cards.', 'Elite status comes with perks like free upgrades (when available), earlier boarding, better seat selection and access to extra legroom options.', 'Airlines have grappled with increasing numbers of high-spending customers, which have led to crowded lounges and swarms of travelers in early boarding groups.', 'The lowest level status, Silver Premier in 2025 will require customers to earn 5,000 premier qualifying points, or PQP, and fly 15 qualifying flights, up from 4,000 premier qualifying points and 12 qualifying flights.', 'Travelers earn one PQPs for every $1 they spend on United and other qualifying flights.', 'Earning Silver status only by spending — meaning getting to that status without the qualifying flights — will go for 6,000 points, up from 5,000.', 'That would mean customers could spend $6,000 on United flights up from $5,000, regardless of the number of flights they take.', 'Customers will also earn 1 PQP for every $20 they spend on co-branded cards, though some of the options in its credit card portfolio will offer 1 PQP for every $15 spent.', 'Here are the changes:']",0.3364641812800761,"In this articleUnited Airlines customers will have to spend more to reach frequent flyer status next year, the latest move by the carrier to increase profits and give an exclusive feel to the increasingly crowded top ranks of airline loyalty programs.","The lowest level status, Silver Premier in 2025 will require customers to earn 5,000 premier qualifying points, or PQP, and fly 15 qualifying flights, up from 4,000 premier qualifying points and 12 qualifying flights.",0.7125214764050075,"Earning Silver status only by spending — meaning getting to that status without the qualifying flights — will go for 6,000 points, up from 5,000.","Airlines have grappled with increasing numbers of high-spending customers, which have led to crowded lounges and swarms of travelers in early boarding groups.",2024-10-30
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.",2024-10-30
Chipotle misses revenue estimates as same-store sales growth disappoints,https://www.cnbc.com/2024/10/29/chipotle-mexican-grill-cmg-q3-2024-earnings.html,2024-10-30T13:22:48+0000,"In this articleChipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants. Shares of the company fell 3% in extended trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Chipotle reported third-quarter net income of $387.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier. The company's food and beverage costs increased during the quarter, in part due to Chipotle's decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer.Excluding items, the company earned 27 cents per share.Net sales climbed 13% to $2.79 billion. Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain's streak of bucking an overall slump in foot traffic across the industry. While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls. ""We're seeing growth from all income cohorts at present,"" interim CEO Scott Boatwright said on CNBC's ""Closing Bell: Overtime"" on Tuesday.While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket. The limited-time menu item is currently the most expensive protein, topping even the chain's steak and beef barbacoa options.Boatwright, formerly Chipotle's chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks' turnaround. On the company's conference call on Tuesday, Boatwright reassured investors that the chain's strategy is not changing despite the leadership shake-up.""I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,"" he said.Digital sales accounted for 34% of the chain's quarterly food and beverage revenue.The company opened 86 new locations during the quarter, 73 of which included a ""Chipotlane"" dedicated to online order pickup.Chipotle is also investing in new equipment to improve its preparation and cooking. The company plans to roll out new produce slicers to all restaurants by next summer. Chipotle has also added dual-sided grills to 74 restaurants and will announce early next year its strategy to add the equipment to new and existing restaurants.For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage. The company also anticipates it will open between 285 and 315 new restaurants this year.Looking to 2025, Chipotle plans to open between 315 and 345 new locations. More than 80% of those restaurants will include a Chipotlane.Correction: Chipotle reported third-quarter net income of $387.4 million. A previous version of this article misstated the figure.",CNBC,30/10/2024,"['In this articleChipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants.', 'Shares of the company fell 3% in extended trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Chipotle reported third-quarter net income of $387.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier."", ""The company's food and beverage costs increased during the quarter, in part due to Chipotle's decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer."", 'Excluding items, the company earned 27 cents per share.', 'Net sales climbed 13% to $2.79 billion.', 'Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%.', ""Traffic to restaurants increased 3.3% in the quarter, continuing the chain's streak of bucking an overall slump in foot traffic across the industry."", 'While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls.', '""We\'re seeing growth from all income cohorts at present,"" interim CEO Scott Boatwright said on CNBC\'s ""Closing Bell: Overtime"" on Tuesday.', 'While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket.', ""The limited-time menu item is currently the most expensive protein, topping even the chain's steak and beef barbacoa options."", ""Boatwright, formerly Chipotle's chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks' turnaround."", ""On the company's conference call on Tuesday, Boatwright reassured investors that the chain's strategy is not changing despite the leadership shake-up."", '""I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,"" he said.', ""Digital sales accounted for 34% of the chain's quarterly food and beverage revenue."", 'The company opened 86 new locations during the quarter, 73 of which included a ""Chipotlane"" dedicated to online order pickup.', 'Chipotle is also investing in new equipment to improve its preparation and cooking.', 'The company plans to roll out new produce slicers to all restaurants by next summer.', 'Chipotle has also added dual-sided grills to 74 restaurants and will announce early next year its strategy to add the equipment to new and existing restaurants.', 'For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage.', 'The company also anticipates it will open between 285 and 315 new restaurants this year.', 'Looking to 2025, Chipotle plans to open between 315 and 345 new locations.', 'More than 80% of those restaurants will include a Chipotlane.', 'Correction: Chipotle reported third-quarter net income of $387.4 million.', 'A previous version of this article misstated the figure.']",0.1418580180994433,"""I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,"" he said.","While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket.",0.6996835867563883,"For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage.",Shares of the company fell 3% in extended trading.,2024-10-30
"McDonald's reverses U.S. same-store sales declines in the third quarter, but E. coli fallout looms",https://www.cnbc.com/2024/10/29/mcdonalds-mcd-earnings-q3-2024.html,2024-10-29T13:59:04+0000,"In this articleMcDonald's on Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline.However, investors are worried about another dent to U.S. sales fueled by a recent E. coli outbreak across 13 states linked to McDonald's Quarter Pounder burgers. As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.Daily sales and traffic turned negative immediately after McDonald's was linked to the outbreak, CFO Ian Borden said Tuesday during the company's earnings call. Still, the company isn't expecting the situation to have a material impact on its business.Health authorities have honed in on the burger's slivered onions as the likely source, and McDonald's has suspended its relationship with the supplier. Quarter Pounder burgers will return to affected restaurants on a rolling basis this week, sans slivered onions.Executives tried to reassure investors, saying that the company had addressed the issue and was moving on to bring back diners.""While the situation appears to be contained, and though it didn't affect Q3 numbers, it's certainly an important development, which I know is on many of your minds,"" CEO Chris Kempczinski told investors on the company's earnings call, adding that McDonald's was sorry and is committed to ""making this right.""Shares of the company were flat in morning trading.Here's what the company reported for the period ended Sept. 30, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's posted third-quarter net income of $2.26 billion, or $3.13 per share, down from $2.32 billion, or $3.17 per share, a year earlier.Excluding certain items, the fast-food giant earned $3.23 per share.Net sales rose 3% to $6.87 billion.The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets. It's the second straight quarter that the company's same-store sales have fallen.""While we anticipated a challenging environment in 2024, our performance this year has fallen short of our expectations,"" Kempczinski said.U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates. Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.Diners have pulled back their restaurant spending, leading McDonald's and its rivals to lean into discounts and other marketing tricks to bring customers back to their restaurants. For example, in August, McDonald's launched limited-time ""Collector's Edition"" cups.The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter. The international operated markets segment, which includes France, Germany and Australia, saw same-store sales shrink 2.1%. The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.Looking ahead to the fourth quarter, it's unclear how the E. coli outbreak might affect U.S. sales, particularly as consumers have grown more picky about how to spend their money and where.McDonald's executives have taken steps to reassure customers that the company's menu items are safe to eat, including pulling Quarter Pounder burgers from menus in the affected areas until its beef patties were cleared as the culprit.",CNBC,29/10/2024,"[""In this articleMcDonald'son Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline."", ""However, investors are worried about another dent to U.S. sales fueled by a recent E. coli outbreak across 13 states linked to McDonald's Quarter Pounder burgers."", 'As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.', ""Daily sales and traffic turned negative immediately after McDonald's was linked to the outbreak, CFO Ian Borden said Tuesday during the company's earnings call."", ""Still, the company isn't expecting the situation to have a material impact on its business."", ""Health authorities have honed in on the burger's slivered onions as the likely source, and McDonald's has suspended its relationship with the supplier."", 'Quarter Pounder burgers will return to affected restaurants on a rolling basis this week, sans slivered onions.', 'Executives tried to reassure investors, saying that the company had addressed the issue and was moving on to bring back diners.', '""While the situation appears to be contained, and though it didn\'t affect Q3 numbers, it\'s certainly an important development, which I know is on many of your minds,"" CEO Chris Kempczinski told investors on the company\'s earnings call, adding that McDonald\'s was sorry and is committed to ""making this right.', '""Shares of the company were flat in morning trading.', ""Here's what the company reported for the period ended Sept. 30, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's posted third-quarter net income of $2.26 billion, or $3.13 per share, down from $2.32 billion, or $3.17 per share, a year earlier."", 'Excluding certain items, the fast-food giant earned $3.23 per share.', 'Net sales rose 3% to $6.87 billion.', ""The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets."", ""It's the second straight quarter that the company's same-store sales have fallen."", '""While we anticipated a challenging environment in 2024, our performance this year has fallen short of our expectations,"" Kempczinski said.', ""U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates."", 'Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.', ""Diners have pulled back their restaurant spending, leading McDonald's and its rivals to lean into discounts and other marketing tricks to bring customers back to their restaurants."", 'For example, in August, McDonald\'s launched limited-time ""Collector\'s Edition"" cups.', ""The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter."", 'The international operated markets segment, which includes France, Germany and Australia, saw same-store sales shrink 2.1%.', 'The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.', ""Looking ahead to the fourth quarter, it's unclear how the E. coli outbreak might affect U.S. sales, particularly as consumers have grown more picky about how to spend their money and where."", ""McDonald's executives have taken steps to reassure customers that the company's menu items are safe to eat, including pulling Quarter Pounder burgers from menus in the affected areas until its beef patties were cleared as the culprit.""]",0.0056882074488061,"Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.","As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.",-0.3064927897955242,Net sales rose 3% to $6.87 billion.,"The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets.",2024-10-30
McDonald's Quarter Pounder back after E. coli outbreak,https://www.bbc.co.uk/news/articles/cgejj4l09djo,2024-10-28T02:00:15.862Z,"McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill. The fast food giant said samples of its beef patties that were taken by the Colorado Department of Agriculture (CDA) had tested negative for the bacteria. The company added that the CDA had no plans for further testing. McDonald's suspended sales of Quarter Pounder last week in around a fifth of its US restaurants in response to the outbreak. ""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain,"" Cesar Piña, McDonald's North America Chief Supply Chain Officer said in a statement. Earlier, the US Food and Drug administration singled out the slivered onions in Quarter Pounders as another potential source of the outbreak. McDonald's said it had stopped working with the supplier of the onions and had removed them from its supply chain. ""The 900 restaurants that historically received slivered onions from Taylor Farms’ Colorado Springs facility will resume sales of Quarter Pounders without slivered onions,"" McDonald's said. McDonald's is facing lawsuits from several people who fell ill. The US Centers for Disease Control and Prevention (CDC) advised people who had eaten a Quarter Pounder and showed symptoms such as diarrhoea, fever and vomiting, to see a doctor. Symptoms can develop up to four days after contaminated food is consumed. Most people will recover on their own within five to seven days but, some cases may require hospital care. McDonald's shares have lost more than 7.5% of their value since the CDC reported the outbreak last week. In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years. Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years. ",BBC,28/10/2024,"[""McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill."", 'The fast food giant said samples of its beef patties that were taken by the Colorado Department of Agriculture (CDA) had tested negative for the bacteria.', 'The company added that the CDA had no plans for further testing.', 'McDonald\'s suspended sales of Quarter Pounder last week in around a fifth of its US restaurants in response to the outbreak. ""', 'The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain,"" Cesar Piña, McDonald\'s North America Chief Supply Chain Officer said in a statement.', 'Earlier, the US Food and Drug administration singled out the slivered onions in Quarter Pounders as another potential source of the outbreak.', 'McDonald\'s said it had stopped working with the supplier of the onions and had removed them from its supply chain. ""', 'The 900 restaurants that historically received slivered onions from Taylor Farms’ Colorado Springs facility will resume sales of Quarter Pounders without slivered onions,"" McDonald\'s said.', ""McDonald's is facing lawsuits from several people who fell ill."", 'The US Centers for Disease Control and Prevention (CDC) advised people who had eaten a Quarter Pounder and showed symptoms such as diarrhoea, fever and vomiting, to see a doctor.', 'Symptoms can develop up to four days after contaminated food is consumed.', 'Most people will recover on their own within five to seven days but, some cases may require hospital care.', ""McDonald's shares have lost more than 7.5% of their value since the CDC reported the outbreak last week."", ""In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years."", ""Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.""]",-0.0435419417665564,"Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.",McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill.,-0.5309337139129638,"Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.","In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years.",2024-10-30
McDonald's Quarter Pounder burgers to return to restaurants affected by E. coli outbreak,https://www.cnbc.com/2024/10/27/mcdonalds-quarter-pounder-burgers-to-return-to-restaurants-affected-by-e-coli-outbreak.html,2024-10-29T16:53:39+0000,"In this articleMcDonald's Quarter Pounder burgers will return to roughly a fifth of U.S. restaurants this week — or roughly 3,000 locations — after the fast-food giant pulled the menu item linked to a deadly E. coli outbreak.About 900 of those locations will be serving the Quarter Pounder burgers without slivered onions for the foreseeable future as health authorities continue their investigation into the source of the outbreak. That change will affect restaurants in Colorado, Kansas and Wyoming and portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma and Utah.""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants,"" Cesar Pina, chief supply chain officer for McDonald's North American operations, said in a letter sent to the company's U.S. system.The Colorado Department of Agriculture's testing did not detect E. coli in samples of the beef patties taken from restaurants in the area, according to Pina. The agency isn't planning further tests of the company's beef.Instead, health authorities have honed in on slivered onions used in the Quarter Pounders as the likely suspect for the outbreak. The Food and Drug Administration is still investigating if onions produced by Taylor Farms are responsible. McDonald's has stopped using Taylor Farms as a supplier for the ingredient indefinitely.McDonald's is now asking its beef suppliers to produce a new supply of the fresh beef patties used in its Quarter Pounders, Pina wrote in a letter sent to the company's U.S. system. Customers can expect to see the menu item back in all restaurants in the coming week, although it will happen on a rolling basis, depending on delivery and resupply operations.The Centers for Disease Control and Prevention said Friday that the E. coli outbreak linked to McDonald's has led to 75 cases across 13 states. 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. The agency also said previously that an older adult in Colorado died.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 1 million Quarter Pounders in the affected region, according to company spokespeople.McDonald's USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company's website.""On behalf of the McDonald's system, I want you to hear from me: we are sorry,"" he said.McDonald's is expected to report its third-quarter earnings before the bell on Tuesday. Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.",CNBC,29/10/2024,"[""In this articleMcDonald's Quarter Pounder burgers will return to roughly a fifth of U.S. restaurants this week — or roughly 3,000 locations — after the fast-food giant pulled the menu item linked to a deadly E. coli outbreak."", 'About 900 of those locations will be serving the Quarter Pounder burgers without slivered onions for the foreseeable future as health authorities continue their investigation into the source of the outbreak.', 'That change will affect restaurants in Colorado, Kansas and Wyoming and portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma and Utah.', '""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald\'s restaurants,"" Cesar Pina, chief supply chain officer for McDonald\'s North American operations, said in a letter sent to the company\'s U.S. system.', ""The Colorado Department of Agriculture's testing did not detect E. coli in samples of the beef patties taken from restaurants in the area, according to Pina."", ""The agency isn't planning further tests of the company's beef."", 'Instead, health authorities have honed in on slivered onions used in the Quarter Pounders as the likely suspect for the outbreak.', 'The Food and Drug Administration is still investigating if onions produced by Taylor Farms are responsible.', ""McDonald's has stopped using Taylor Farms as a supplier for the ingredient indefinitely."", ""McDonald's is now asking its beef suppliers to produce a new supply of the fresh beef patties used in its Quarter Pounders, Pina wrote in a letter sent to the company's U.S. system."", 'Customers can expect to see the menu item back in all restaurants in the coming week, although it will happen on a rolling basis, depending on delivery and resupply operations.', ""The Centers for Disease Control and Prevention said Friday that the E. coli outbreak linked to McDonald's has led to 75 cases across 13 states."", '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.', 'The agency also said previously that an older adult in Colorado died.', '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 1 million Quarter Pounders in the affected region, according to company spokespeople."", 'McDonald\'s USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company\'s website.', '""On behalf of the McDonald\'s system, I want you to hear from me: we are sorry,"" he said.', ""McDonald's is expected to report its third-quarter earnings before the bell on Tuesday."", 'Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.', ""Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak."", 'About 900 restaurants will serve the burgers without slivered onions.']",-0.0597539443116469,"""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants,"" Cesar Pina, chief supply chain officer for McDonald's North American operations, said in a letter sent to the company's U.S. system.","McDonald's USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company's website.",-0.9215566714604696,,Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.,2024-10-30
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.",2024-10-30
US economy growing ahead of US election,https://www.bbc.co.uk/news/articles/cd0gelezlevo,2024-10-30T13:56:51.390Z,"The US economy grew solidly in the three months to September, expanding at an annual rate of 2.8%. Despite there being a slight slowdown from the prior quarter's 3% rate, the figures released by the Commerce Department showed the US is on track for one of the strongest economic performances of any major economy this year. Consumer spending was the biggest driver, picking up from earlier in the year.  The report arrives days before polls close in America's hotly contested presidential election, in which surveys have consistently indicated the economy is Americans' top concern.  It is not clear the latest figures will do much to assuage people's worries. Economic sentiment, which darkened abruptly during the pandemic, has remained downbeat, as a roughly 21% jump in prices over the past four years overshadows other economic news, no matter how positive.  This month, a solid 62% of Americans viewed the economy overall as ""bad"", according to a poll by the Associated Press-NORC Center for Public Affairs Research. In a country where the mantra ""it's the economy, stupid"" - coined by strategist James Carville in 1992 - is often deployed to explain elections, one might expect the worries to be bad news for Kamala Harris and the Democrats, as the party in the White House.  Donald Trump has tried to seize on the opportunity, making his economic record as president, which is remembered as a rosier time, a key part of his pitch to voters. But as opinions have grown increasingly coloured by a person's political views over the last few decades, analysts said it is not clear how big a role the economy will actually play in shaping the election outcome this year. ""Even though the economy is based on numbers, a lot of people's views are partisan,"" said Marjorie Connelly, senior fellow at the AP-NORC Center for Public Affairs. ""The economy will be a factor, but ... I think partisanship will be the biggest factor."" The AP-NORC poll found that 61% of Democrats thought the economy was good, compared with just 13% of Republicans and 28% of independents. The same poll found that voters were split, along party lines, as to whether they trusted Trump or Harris more on issues such as the cost of groceries and gas or jobs and unemployment.  Despite the economy ranking as a top election issue, other matters may prove more decisive, Ms Connelly added. ""I don't know how much people are going to vote on the economy,"" she said. ""There are other issues."" One reason the economy often emerges at the top of voter concerns in polls is simply because it's one of the few areas that large shares of both Democrats and Republicans agree is relatively important. Meanwhile, much of the hard data has been solid or moving in the right direction. Petrol prices are down, grocery prices are stabilising and wages, for at least the past year, have been rising faster than prices, which for many families is helping to offset the jump in living costs. In September, the Federal Reserve cut interest rates for the first time in four years, saying it was increasingly confident that the inflation problem was easing.  A sharp rebound in jobs growth in September also quieted the worries of many economic forecasters, who have spent much of the last few years predicting a downturn that has not materialised.  On Tuesday, the Conference Board reported that its monthly index of consumer sentiment jumped in October, as confidence in job availability and optimism about future business prospects and income rose. The share of people worried about an economic recession also fell to the lowest level since the organisation started asking the question in July 2022.  Samuel Tombs, chief US economist at Pantheon Macroeconomics, said he thought the improvement in sentiment was likely due to rising optimism among Republicans, as they grow more confident that Trump can win the election.  But Dana Peterson, chief economist for The Conference Board, said she thought it reflected growing realisation of the economic reality. ""The data are the data. What we're seeing is that third quarter GDP was strong, the job market is healthy and inflation is slowing,"" she said.  ""After several years of volatility, consumers are saying we think inflation is not as intense, we're not where we were... and we're not as worried."" ",BBC,30/10/2024,"['The US economy grew solidly in the three months to September, expanding at an annual rate of 2.8%.', ""Despite there being a slight slowdown from the prior quarter's 3% rate, the figures released by the Commerce Department showed the US is on track for one of the strongest economic performances of any major economy this year."", 'Consumer spending was the biggest driver, picking up from earlier in the year.', ""The report arrives days before polls close in America's hotly contested presidential election, in which surveys have consistently indicated the economy is Americans' top concern."", ""It is not clear the latest figures will do much to assuage people's worries."", 'Economic sentiment, which darkened abruptly during the pandemic, has remained downbeat, as a roughly 21% jump in prices over the past four years overshadows other economic news, no matter how positive.', 'This month, a solid 62% of Americans viewed the economy overall as ""bad"", according to a poll by the Associated Press-NORC Center for Public Affairs Research.', 'In a country where the mantra ""it\'s the economy, stupid"" - coined by strategist James Carville in 1992 - is often deployed to explain elections, one might expect the worries to be bad news for Kamala Harris and the Democrats, as the party in the White House.', 'Donald Trump has tried to seize on the opportunity, making his economic record as president, which is remembered as a rosier time, a key part of his pitch to voters.', 'But as opinions have grown increasingly coloured by a person\'s political views over the last few decades, analysts said it is not clear how big a role the economy will actually play in shaping the election outcome this year. ""', 'Even though the economy is based on numbers, a lot of people\'s views are partisan,"" said Marjorie Connelly, senior fellow at the AP-NORC Center for Public Affairs. ""', 'The economy will be a factor, but ... I think partisanship will be the biggest factor.""', 'The AP-NORC poll found that 61% of Democrats thought the economy was good, compared with just 13% of Republicans and 28% of independents.', 'The same poll found that voters were split, along party lines, as to whether they trusted Trump or Harris more on issues such as the cost of groceries and gas or jobs and unemployment.', 'Despite the economy ranking as a top election issue, other matters may prove more decisive, Ms Connelly added. ""', 'I don\'t know how much people are going to vote on the economy,"" she said. ""', 'There are other issues.""', ""One reason the economy often emerges at the top of voter concerns in polls is simply because it's one of the few areas that large shares of both Democrats and Republicans agree is relatively important."", 'Meanwhile, much of the hard data has been solid or moving in the right direction.', 'Petrol prices are down, grocery prices are stabilising and wages, for at least the past year, have been rising faster than prices, which for many families is helping to offset the jump in living costs.', 'In September, the Federal Reserve cut interest rates for the first time in four years, saying it was increasingly confident that the inflation problem was easing.', 'A sharp rebound in jobs growth in September also quieted the worries of many economic forecasters, who have spent much of the last few years predicting a downturn that has not materialised.', 'On Tuesday, the Conference Board reported that its monthly index of consumer sentiment jumped in October, as confidence in job availability and optimism about future business prospects and income rose.', 'The share of people worried about an economic recession also fell to the lowest level since the organisation started asking the question in July 2022.', 'Samuel Tombs, chief US economist at Pantheon Macroeconomics, said he thought the improvement in sentiment was likely due to rising optimism among Republicans, as they grow more confident that Trump can win the election.', 'But Dana Peterson, chief economist for The Conference Board, said she thought it reflected growing realisation of the economic reality. ""', 'The data are the data.', 'What we\'re seeing is that third quarter GDP was strong, the job market is healthy and inflation is slowing,"" she said. ""', 'After several years of volatility, consumers are saying we think inflation is not as intense, we\'re not where we were... and we\'re not as worried.""']",0.1672182268416057,"Samuel Tombs, chief US economist at Pantheon Macroeconomics, said he thought the improvement in sentiment was likely due to rising optimism among Republicans, as they grow more confident that Trump can win the election.","In a country where the mantra ""it's the economy, stupid"" - coined by strategist James Carville in 1992 - is often deployed to explain elections, one might expect the worries to be bad news for Kamala Harris and the Democrats, as the party in the White House.",0.5705225185344094,"Consumer spending was the biggest driver, picking up from earlier in the year.",The share of people worried about an economic recession also fell to the lowest level since the organisation started asking the question in July 2022.,2024-10-30
Lucid has high expectations for new Gravity SUV as customer orders set to open,https://www.cnbc.com/2024/10/29/lucid-gravity-suv.html,2024-10-29T13:08:36+0000,"In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson.The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website. It's set to retail starting at $94,900. Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.""I'm very confident we'll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position.""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street's expectations and its own initial expectations.Lucid delivered 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles delivered in 2023.Rawlinson said the company, which is backed by Saudi Arabia's Public Investment Fund, expects customer demand to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona.Lucid expects to begin serial production of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.Rawlinson said the company is still finalizing federal crash testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Board.Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected. The stock closed Monday at $2.52 per share, up less than 1%.Lucid is set to report its third-quarter results on Nov. 7 — the day customer ordering opens for the Gravity SUV.The Gravity Grand Touring will offer more than 800 horsepower and a projected electric range of more than 440 miles, according to Lucid.",CNBC,29/10/2024,"['In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company\'s losses, according to CEO Peter Rawlinson.', ""The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website."", ""It's set to retail starting at $94,900."", 'Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.', '""I\'m very confident we\'ll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""', ""We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position."", '""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street\'s expectations and its own initial expectations.', ""Lucid delivered 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles delivered in 2023.Rawlinson said the company, which is backed by Saudi Arabia's Public Investment Fund, expects customer demand to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona."", 'Lucid expects to begin serial production of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.', 'Rawlinson said the company is still finalizing federal crash testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Board.', 'Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected.', 'The stock closed Monday at $2.52 per share, up less than 1%.Lucid is set to report its third-quarter results on Nov. 7 — the day customer ordering opens for the Gravity SUV.The Gravity Grand Touring will offer more than 800 horsepower and a projected electric range of more than 440 miles, according to Lucid.']",0.1573272525788848,"""I'm very confident we'll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""","""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street's expectations and its own initial expectations.",0.7136221102305821,"In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson.","Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected.",2024-10-30
"Neal's Yard's stolen cheese could be sold abroad, supplier says",https://www.bbc.co.uk/news/articles/c5ygw9ye90po,2024-10-28T10:21:32.130Z,"Cheddar stolen from London cheese specialist Neal’s Yard Dairy may have been shipped abroad to be sold on, a supplier has told the BBC. Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October. Mr Holden said he believed the con was ""sophisticated"" and the cheese could have been taken to Russia or the Middle East. The Met Police is investigating and Neal's Yard Dairy said it was working with ""international authorities"" to identify the scammers.  The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg. The fraudsters posed as an agent of a French supermarket in order to receive the 22 tonnes of clothbound cheeses from the Southwark-based company without paying for it, Mr Holden said. ""The robbers asked Neal's Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people and then it disappeared, so they cleverly covered their tracks."" ""They have already claimed £300,000, these criminals, and if they sell the cheese they’ll get more again"", Mr Holden said. Confirming that the cheese had already been removed from the warehouse, Mr Holden said: ""I think they're hoping to sell it in the Middle East or Russia, that's my guess. ""Because people won't ask questions there. I think if they tried to sell it closer to home they'd find it difficult because the international artisan community is very connected,"" Mr Holden said. ""If they tried to sell it in North America, where we sell a lot of Hafod, or even Australia believe it or not, the balloon would go up because people would ask questions.""  Mr Holden, who runs a dairy farm in western Wales, said he and Neal's Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said. Neal's Yard Dairy has honoured it payment to suppliers despite the theft. On Monday, the firm thanked those who had ""rallied"" to support the business since the news of the theft and said it had received ""an overwhelming number of calls, messages, and visits"". It said: ""We are truly touched that so many people in the artisan cheese community and beyond are standing with us. It's a reminder of why we love the work we do."" Posting on social media, celebrity chef Jamie Oliver called for people to keep an eye out for ""lorryloads of posh cheese"" being sold ""for cheap"". Oliver told his Instagram followers: ""There has been a great cheese robbery. Some of the best cheddar cheese in the world has been stolen."" He described it as a ""real shame"", adding: ""If anyone hears anything about posh cheese going for cheap, it's probably some wrong'uns.""  Mr Holden said though it was a ""sad story"", he did not think the cheese industry would change how it operates.  He added that he hoped it would serve as a ""wake-up call"" about food production. He said: ""Don’t we want more trusted and transparent ways to get out food from the people who produce it? ""I think that is what’s disappeared in our modern food systems, we need to know more about the story behind our food… that should be our right."" The Met Police has confirmed it is investigating ""the theft of a large quantity of cheese"". Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk ",BBC,28/10/2024,"['Cheddar stolen from London cheese specialist Neal’s Yard Dairy may have been shipped abroad to be sold on, a supplier has told the BBC.', ""Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October."", 'Mr Holden said he believed the con was ""sophisticated"" and the cheese could have been taken to Russia or the Middle East.', 'The Met Police is investigating and Neal\'s Yard Dairy said it was working with ""international authorities"" to identify the scammers.', 'The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg.', 'The fraudsters posed as an agent of a French supermarket in order to receive the 22 tonnes of clothbound cheeses from the Southwark-based company without paying for it, Mr Holden said. ""', 'The robbers asked Neal\'s Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people and then it disappeared, so they cleverly covered their tracks."" ""', 'They have already claimed £300,000, these criminals, and if they sell the cheese they’ll get more again"", Mr Holden said.', 'Confirming that the cheese had already been removed from the warehouse, Mr Holden said: ""I think they\'re hoping to sell it in the Middle East or Russia, that\'s my guess. ""', ""Because people won't ask questions there."", 'I think if they tried to sell it closer to home they\'d find it difficult because the international artisan community is very connected,"" Mr Holden said. ""', 'If they tried to sell it in North America, where we sell a lot of Hafod, or even Australia believe it or not, the balloon would go up because people would ask questions.""', 'Mr Holden, who runs a dairy farm in western Wales, said he and Neal\'s Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""', 'That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said.', ""Neal's Yard Dairy has honoured it payment to suppliers despite the theft."", 'On Monday, the firm thanked those who had ""rallied"" to support the business since the news of the theft and said it had received ""an overwhelming number of calls, messages, and visits"".', 'It said: ""We are truly touched that so many people in the artisan cheese community and beyond are standing with us.', 'It\'s a reminder of why we love the work we do.""', 'Posting on social media, celebrity chef Jamie Oliver called for people to keep an eye out for ""lorryloads of posh cheese"" being sold ""for cheap"".', 'Oliver told his Instagram followers: ""There has been a great cheese robbery.', 'Some of the best cheddar cheese in the world has been stolen.""', 'He described it as a ""real shame"", adding: ""If anyone hears anything about posh cheese going for cheap, it\'s probably some wrong\'uns.""', 'Mr Holden said though it was a ""sad story"", he did not think the cheese industry would change how it operates.', 'He added that he hoped it would serve as a ""wake-up call"" about food production.', 'He said: ""Don’t we want more trusted and transparent ways to get out food from the people who produce it? ""', 'I think that is what’s disappeared in our modern food systems, we need to know more about the story behind our food… that should be our right.""', 'The Met Police has confirmed it is investigating ""the theft of a large quantity of cheese"".', 'Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram.', 'Send your story ideas to hello.bbclondon@bbc.co.uk']",0.1145859968953068,"The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg.","Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October.",-0.0759579864415255,"Mr Holden, who runs a dairy farm in western Wales, said he and Neal's Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""","That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said.",2024-10-30
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.",2024-10-30
Mexico economy,https://www.bbc.co.uk/news/articles/c2dpd8l4n69o,2024-10-28T00:35:53.878Z,"After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory. López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé. She inherits a nation, and an economy, that is performing well in some areas, and facing significant challenges in others. The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner. Mexico has benefitted from “nearshoring” – that is, the relocation of US and Asian firms from China to northern Mexico to bypass punitive US tariffs on Chinese exports. “Mexico has always been attractive to capital flows because of our geographical position, our free trade agreements with North America, our work force,” former Mexican trade negotiator Juan Carlos Baker Pineda told me before the election. “But over the past few years, it increasingly seems that if you [a foreign firm] want to do business with the US you need some kind of footing in Mexico.” The outlook is optimistic, he believes, pointing to Amazon’s recent announcement that it will invest $5bn (£3.8bn) in Mexico over the next 15 years, and an additional $1bn investment by German carmaker Volkswagen. Mr Baker Pineda also cites promising plans from South African, Japanese and Chinese firms. Critics are less convinced that the relocation of manufacturing from Asia to northern Mexico benefits the Mexican economy rather than just bolstering the companies involved. The key, Mr Baker Pineda believes, lies in creating the right “corporate and government decisions in this country to sustain this trend in the long-term”. When it comes to the immediate economic problems President Sheinbaum faces, the most pressing is state-run energy firm Pemex. It has debts of around $100bn, making it the world’s most indebted oil firm. “The debt is a problem not just for Pemex but for Mexico,” says Fernanda Ballesteros, Mexico country manager for the Natural Resource Governance Institute. In recent years, the López Obrador administration has reduced the amount of tax Pemex has had to pay the government. This has been cut by 60% to 30%.  At the same time, the outgoing government gave Pemex a number of cash injections, which López Obrador says he would like to see continue.  However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “President López Obrador’s policies and priorities were to double down on fossil fuels and give unconditional support to Pemex,” says Ms Ballesteros. The company is now poorly positioned, she argues, for the necessary transition to cleaner and more efficient energies in the coming decades. “Over the past six years, 90% of Pemex’s infrastructure investments have gone towards a new refinery in Dos Bocas in Tabasco state, and the acquisition of a refinery in Deer Park in Texas.” The government says it is on course to achieve its goal of total self-sufficiency in fuels by the first quarter of 2025. However, Pemex’s ongoing economic difficulties mean the Sheinbaum administration has its hands tied over servicing the colossal debt. Environmental expert Eugenio Fernández Vázquez says that Pemex is a “big challenge” for Sheinbaum. “Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains. Sheinbaum  must strike a difficult balance, he adds, in getting Pemex to sell more of its products “which are obviously fossil fuels and oil-based, while at the same time addressing Mexico’s climate change responsibilities and dealing with urgent issues in our cities, like air pollution”. For a president championed as Mexico’s most environmentally conscious leader – before entering politics, Sheinbaum was an accomplished environmental engineer – that must rankle. Especially while also spending billions in public money to prop up a greenhouse gas-emitting behemoth. Back in the realm of Mexico’s complex relationship with its northern neighbour, President Sheinbaum faces two very different prospective partners in Washington - either the first female president of the US in Kamala Harris or a second Trump presidency. Whoever wins in November, there are some tricky cross-border issues to address, whether on trade or undocumented immigration, the illegal traffic of guns into Mexico, or fentanyl into the US. Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible. USMCA was introduced in 2020, when it replaced the previous North American Free Trade Agreement between the three countries. Sheinbaum also has to keep an eye on the peso. In the days after her election victory in June, the currency tumbled against the dollar. This was largely in response to a decision by the outgoing president to press ahead with a wholesale reform of the country’s judicial system under which all 7,000 judges and magistrates in Mexico will be chosen by popular vote. The plan is also supported by Sheinbaum. Washington’s disapproval of the measure, as publicly expressed by the US Ambassador to Mexico, Ken Salazar, suggested it could complicate, even jeopardise, parts of the USMCA renegotiation. Relations between Ambassador Salazar and the new administration are already notably frostier. Diplomatic spats aside, marrying the new constitutional rules with the legal requirements of the free trade agreement could prove far thornier than first anticipated. Still, these are the very first days of President Sheinbaum’s administration. As part of her predecessor’s legacy, she enjoys an almost unprecedented level of support with the ruling party in an unassailable position across the country. Her key election promise – to extend López Obrador’s social programmes in pensions, family stipends and student grants, and build what she calls the “second floor” of his political project – secured her the backing of millions of Mexicans. She can also count on a loyal congress and, following the reform, potentially the control of the judiciary, too. Taking office in such a powerful position is a luxury, one which supporters and critics alike expect her to use to properly address some of Mexico’s main economic obstacles.  ",BBC,28/10/2024,"['After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory.', 'López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé.', 'She inherits a nation, and an economy, that is performing well in some areas, and facing significant challenges in others.', 'The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner.', 'Mexico has benefitted from “nearshoring” – that is, the relocation of US and Asian firms from China to northern Mexico to bypass punitive US tariffs on Chinese exports. “', 'Mexico has always been attractive to capital flows because of our geographical position, our free trade agreements with North America, our work force,” former Mexican trade negotiator Juan Carlos Baker Pineda told me before the election. “', 'But over the past few years, it increasingly seems that if you [a foreign firm] want to do business with the US you need some kind of footing in Mexico.”', 'The outlook is optimistic, he believes, pointing to Amazon’s recent announcement that it will invest $5bn (£3.8bn) in Mexico over the next 15 years, and an additional $1bn investment by German carmaker Volkswagen.', 'Mr Baker Pineda also cites promising plans from South African, Japanese and Chinese firms.', 'Critics are less convinced that the relocation of manufacturing from Asia to northern Mexico benefits the Mexican economy rather than just bolstering the companies involved.', 'The key, Mr Baker Pineda believes, lies in creating the right “corporate and government decisions in this country to sustain this trend in the long-term”.', 'When it comes to the immediate economic problems President Sheinbaum faces, the most pressing is state-run energy firm Pemex.', 'It has debts of around $100bn, making it the world’s most indebted oil firm. “', 'The debt is a problem not just for Pemex but for Mexico,” says Fernanda Ballesteros, Mexico country manager for the Natural Resource Governance Institute.', 'In recent years, the López Obrador administration has reduced the amount of tax Pemex has had to pay the government.', 'This has been cut by 60% to 30%.', 'At the same time, the outgoing government gave Pemex a number of cash injections, which López Obrador says he would like to see continue.', 'However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “', 'President López Obrador’s policies and priorities were to double down on fossil fuels and give unconditional support to Pemex,” says Ms Ballesteros.', 'The company is now poorly positioned, she argues, for the necessary transition to cleaner and more efficient energies in the coming decades. “', 'Over the past six years, 90% of Pemex’s infrastructure investments have gone towards a new refinery in Dos Bocas in Tabasco state, and the acquisition of a refinery in Deer Park in Texas.”', 'The government says it is on course to achieve its goal of total self-sufficiency in fuels by the first quarter of 2025.', 'However, Pemex’s ongoing economic difficulties mean the Sheinbaum administration has its hands tied over servicing the colossal debt.', 'Environmental expert Eugenio Fernández Vázquez says that Pemex is a “big challenge” for Sheinbaum. “', 'Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains.', 'Sheinbaum must strike a difficult balance, he adds, in getting Pemex to sell more of its products “which are obviously fossil fuels and oil-based, while at the same time addressing Mexico’s climate change responsibilities and dealing with urgent issues in our cities, like air pollution”.', 'For a president championed as Mexico’s most environmentally conscious leader – before entering politics, Sheinbaum was an accomplished environmental engineer – that must rankle.', 'Especially while also spending billions in public money to prop up a greenhouse gas-emitting behemoth.', 'Back in the realm of Mexico’s complex relationship with its northern neighbour, President Sheinbaum faces two very different prospective partners in Washington - either the first female president of the US in Kamala Harris or a second Trump presidency.', 'Whoever wins in November, there are some tricky cross-border issues to address, whether on trade or undocumented immigration, the illegal traffic of guns into Mexico, or fentanyl into the US.', 'Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible.', 'USMCA was introduced in 2020, when it replaced the previous North American Free Trade Agreement between the three countries.', 'Sheinbaum also has to keep an eye on the peso.', 'In the days after her election victory in June, the currency tumbled against the dollar.', 'This was largely in response to a decision by the outgoing president to press ahead with a wholesale reform of the country’s judicial system under which all 7,000 judges and magistrates in Mexico will be chosen by popular vote.', 'The plan is also supported by Sheinbaum.', 'Washington’s disapproval of the measure, as publicly expressed by the US Ambassador to Mexico, Ken Salazar, suggested it could complicate, even jeopardise, parts of the USMCA renegotiation.', 'Relations between Ambassador Salazar and the new administration are already notably frostier.', 'Diplomatic spats aside, marrying the new constitutional rules with the legal requirements of the free trade agreement could prove far thornier than first anticipated.', 'Still, these are the very first days of President Sheinbaum’s administration.', 'As part of her predecessor’s legacy, she enjoys an almost unprecedented level of support with the ruling party in an unassailable position across the country.', 'Her key election promise – to extend López Obrador’s social programmes in pensions, family stipends and student grants, and build what she calls the “second floor” of his political project – secured her the backing of millions of Mexicans.', 'She can also count on a loyal congress and, following the reform, potentially the control of the judiciary, too.', 'Taking office in such a powerful position is a luxury, one which supporters and critics alike expect her to use to properly address some of Mexico’s main economic obstacles.']",0.2329981047354126,"Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible.","Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains.",0.1462681605702354,"The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner.","However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “",2024-10-30
Philadelphia prosecutor sues Elon Musk over $1m swing-states voter lottery,https://www.bbc.co.uk/news/articles/c1e7lnye61eo,2024-10-28T18:20:27.106Z,"Prosecutors in Philadelphia have sued to stop Elon Musk and his political group America PAC from awarding $1m (£770,092m) to voters in swing states, accusing the billionaire of  ""running an illegal lottery"". ""America PAC and Musk must be stopped, immediately, before the upcoming Presidential Election on November 5, "" Philadelphia District Attorney Lawrence  Krasner said in the lawsuit. The lawsuit comes days after the US justice department warned Musk’s PAC that its $1 million giveaway might violate federal election law. Musk, who has been aggressively campaigning for Donald Trump, has said voters who want to be eligible for the prizes do not need to register as Republicans or vote. As part of that effort, Musk announced in October that he would randomly award a $1m prize to people in battleground states - Pennsylvania, Georgia, Nevada, Arizona, Wisconsin, Michigan and North Carolina - every day until 5 November.  To be eligible to win, the giveaway requires registered voters to release personal identifying information, like addresses and phone numbers. They are also required to sign a pledge that says they support the US Constitution. So far, nine $1m-prize winners have been announced, the latest a man from Michigan. Vice President Kamala Harris and Trump, whom Musk supports, remain locked in tight races in the battleground states. Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny.  “America PAC and Musk are lulling Philadelphia citizens... to give up their personal identifying information and make a political pledge in exchange for the chance to win $1 million,” according to the district attorney's lawsuit filed on Monday. ""That is a lottery. And it is indisputably an unlawful lottery.""  The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion. District Attorney Krasner has asked  for an immediate injunction before the presidential election because, he says, the ""scheme"" was hatched to ""influence voters"".  A court hearing on Mr Krasner’s request for a preliminary injunction has been set for Friday morning in Philadelphia - three days before election day.  The lawsuit makes clear that it is not accusing Musk and America PAC of violating federal laws prohibiting vote buying. A representative for America PAC told ABC News after the lawsuit was filed that it was fair to ""infer"" the PAC plans to continue handing out the $1m cheques. The BBC has reached out to Musk's America PAC for comment. Legal experts told the BBC that whether the giveaway violates federal law is a bit of a grey area.  Last week, the Justice Department sent a letter to America PAC warning that his lottery-style giveaway may be illegal. 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.  ",BBC,28/10/2024,"['Prosecutors in Philadelphia have sued to stop Elon Musk and his political group America PAC from awarding $1m (£770,092m) to voters in swing states, accusing the billionaire of ""running an illegal lottery"". ""', 'America PAC and Musk must be stopped, immediately, before the upcoming Presidential Election on November 5, "" Philadelphia District Attorney Lawrence Krasner said in the lawsuit.', 'The lawsuit comes days after the US justice department warned Musk’s PAC that its $1 million giveaway might violate federal election law.', 'Musk, who has been aggressively campaigning for Donald Trump, has said voters who want to be eligible for the prizes do not need to register as Republicans or vote.', 'As part of that effort, Musk announced in October that he would randomly award a $1m prize to people in battleground states - Pennsylvania, Georgia, Nevada, Arizona, Wisconsin, Michigan and North Carolina - every day until 5 November.', 'To be eligible to win, the giveaway requires registered voters to release personal identifying information, like addresses and phone numbers.', 'They are also required to sign a pledge that says they support the US Constitution.', 'So far, nine $1m-prize winners have been announced, the latest a man from Michigan.', 'Vice President Kamala Harris and Trump, whom Musk supports, remain locked in tight races in the battleground states.', ""Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny. “"", 'America PAC and Musk are lulling Philadelphia citizens... to give up their personal identifying information and make a political pledge in exchange for the chance to win $1 million,” according to the district attorney\'s lawsuit filed on Monday. ""', 'That is a lottery.', 'And it is indisputably an unlawful lottery.""', 'The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion.', 'District Attorney Krasner has asked for an immediate injunction before the presidential election because, he says, the ""scheme"" was hatched to ""influence voters"".', 'A court hearing on Mr Krasner’s request for a preliminary injunction has been set for Friday morning in Philadelphia - three days before election day.', 'The lawsuit makes clear that it is not accusing Musk and America PAC of violating federal laws prohibiting vote buying.', 'A representative for America PAC told ABC News after the lawsuit was filed that it was fair to ""infer"" the PAC plans to continue handing out the $1m cheques.', ""The BBC has reached out to Musk's America PAC for comment."", 'Legal experts told the BBC that whether the giveaway violates federal law is a bit of a grey area.', 'Last week, the Justice Department sent a letter to America PAC warning that his lottery-style giveaway may be illegal.', ""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.']",-0.0344883221123377,"So far, nine $1m-prize winners have been announced, the latest a man from Michigan.","The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion.",-0.8848362565040588,,"Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny. “",2024-10-30
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.",2024-10-30
TikTok founder Zhang Yiming becomes China's richest man,https://www.bbc.co.uk/news/articles/c8dmql101dno,2024-10-29T10:53:39.566Z,"The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person. According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023. The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm. TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state. While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it. Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,"" said head of Hurun Rupert Hoogewerf.  ""The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.  ""This gives an indication of some of the dynamism in the Chinese economy."" Mr Zhang is not the only representative of China's huge tech sector on the list. Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn. But their fortunes are not just explained by their companies successes - their rivals have made less in a year in which China's economy has sputtered. In fact, only approximately 30% of the people on the list had an increase in their net worth - the rest saw a decline. “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,"" said Mr Hoogewerf.  ""The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021."" He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled. “Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said.  ""Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively."" ",BBC,29/10/2024,"[""The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person."", 'According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023.', 'The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm.', 'TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state.', 'While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.', ""Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “"", 'Zhang Yiming is the 18th new Number One we have had in China in just 26 years,"" said head of Hurun Rupert Hoogewerf. ""', 'The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. ""', 'This gives an indication of some of the dynamism in the Chinese economy.""', ""Mr Zhang is not the only representative of China's huge tech sector on the list."", 'Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn.', ""But their fortunes are not just explained by their companies successes - their rivals have made less in a year in which China's economy has sputtered."", 'In fact, only approximately 30% of the people on the list had an increase in their net worth - the rest saw a decline. “', 'The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,"" said Mr Hoogewerf. ""', 'The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.""', 'He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled. “', 'Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said. ""', 'Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively.""']",0.293464252624078,"The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person.","Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said. """,-0.00037402510643,"Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “","The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.""",2024-10-29
JP Morgan sues customers over viral cheque fraud,https://www.bbc.co.uk/news/articles/c4gzp7y8e7vo,2024-10-29T03:40:39.851Z,"US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs. The “infinite money glitch”, as it became known on TikTok, allowed the bank's customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced. Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles. They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank. ""Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers. Simply put, engaging in bank fraud is a crime."" In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant’s Chase bank account for $335,000 (£258,300). The court papers said the defendant then started to withdraw the money. The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added. The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase's lawyers.  Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared. Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media. The report said the bank was investigating thousands of possible cheque fraud incidents. ",BBC,29/10/2024,"['US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.', ""The “infinite money glitch”, as it became known on TikTok, allowed the bank's customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced."", 'Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles.', 'They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank. ""', 'Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""', 'Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers.', 'Simply put, engaging in bank fraud is a crime.""', 'In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant’s Chase bank account for $335,000 (£258,300).', 'The court papers said the defendant then started to withdraw the money.', 'The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added.', ""The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase's lawyers."", 'Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.', 'Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media.', 'The report said the bank was investigating thousands of possible cheque fraud incidents.']",-0.0488655598010159,Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.,"Simply put, engaging in bank fraud is a crime.""",0.0352715253829956,"Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""","US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.",2024-10-29
Starbucks drops olive oil coffee as new boss shakes up menu,https://www.bbc.co.uk/news/articles/czj737llxzpo,2024-10-30T04:47:29.783Z,"Starbucks is dropping its much-hyped range of olive oil-infused coffees in the US and Canada from early November. The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers. The firm's sales have been tumbling as consumers see their budgets squeezed by the rising cost of living. Starbucks says the Oleato range of drinks will still be sold in some outlets in Italy, Japan and China. ""While this decision was made prior to Brian Niccol taking the role of CEO, the decision to remove the beverages aligns with his strategy to simplify our menu,"" a Starbucks spokesperson told the BBC.   Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around. Last week, he promised to simplify what he described as an ""overly complex menu"". Mr Niccol's comments came as Starbucks announced that its global sales had tumbled by 7% between July and September compared to a year earlier. Starbucks rolled out the Oleato drinks across North America less than a year ago, after initially being sold in Italy. The launch was part of an attempt to revitalise the chain's fortunes. The range features an iced shaken espresso and a latte with olive oil and oat milk. The products were created by Starbucks founder Howard Schultz, who said he was inspired by a visit to the olive groves of Sicily. Mr Schultz came up with the idea ""after being introduced to the Mediterranean custom of taking a spoonful of olive oil each day"", a Starbucks press release said in 2023. But the drinks were met with mixed reactions from customers, with some complaining of stomach aches or bowel problems. ",BBC,30/10/2024,"['Starbucks is dropping its much-hyped range of olive oil-infused coffees in the US and Canada from early November.', ""The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers."", ""The firm's sales have been tumbling as consumers see their budgets squeezed by the rising cost of living."", 'Starbucks says the Oleato range of drinks will still be sold in some outlets in Italy, Japan and China. ""', 'While this decision was made prior to Brian Niccol taking the role of CEO, the decision to remove the beverages aligns with his strategy to simplify our menu,"" a Starbucks spokesperson told the BBC.', 'Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around.', 'Last week, he promised to simplify what he described as an ""overly complex menu"".', ""Mr Niccol's comments came as Starbucks announced that its global sales had tumbled by 7% between July and September compared to a year earlier."", 'Starbucks rolled out the Oleato drinks across North America less than a year ago, after initially being sold in Italy.', ""The launch was part of an attempt to revitalise the chain's fortunes."", 'The range features an iced shaken espresso and a latte with olive oil and oat milk.', 'The products were created by Starbucks founder Howard Schultz, who said he was inspired by a visit to the olive groves of Sicily.', 'Mr Schultz came up with the idea ""after being introduced to the Mediterranean custom of taking a spoonful of olive oil each day"", a Starbucks press release said in 2023.', 'But the drinks were met with mixed reactions from customers, with some complaining of stomach aches or bowel problems.']",0.0856359841106541,"The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers.","But the drinks were met with mixed reactions from customers, with some complaining of stomach aches or bowel problems.",-0.214301598072052,"The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant's menu in an attempt to win back customers.",Mr Niccol's comments came as Starbucks announced that its global sales had tumbled by 7% between July and September compared to a year earlier.,2024-10-29
McDonald's Quarter Pounder back after E. coli outbreak,https://www.bbc.co.uk/news/articles/cgejj4l09djo,2024-10-28T02:00:15.862Z,"McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill. The fast food giant said samples of its beef patties that were taken by the Colorado Department of Agriculture (CDA) had tested negative for the bacteria. The company added that the CDA had no plans for further testing. McDonald's suspended sales of Quarter Pounder last week in around a fifth of its US restaurants in response to the outbreak. ""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain,"" Cesar Piña, McDonald's North America Chief Supply Chain Officer said in a statement. Earlier, the US Food and Drug administration singled out the slivered onions in Quarter Pounders as another potential source of the outbreak. McDonald's said it had stopped working with the supplier of the onions and had removed them from its supply chain. ""The 900 restaurants that historically received slivered onions from Taylor Farms’ Colorado Springs facility will resume sales of Quarter Pounders without slivered onions,"" McDonald's said. McDonald's is facing lawsuits from several people who fell ill. The US Centers for Disease Control and Prevention (CDC) advised people who had eaten a Quarter Pounder and showed symptoms such as diarrhoea, fever and vomiting, to see a doctor. Symptoms can develop up to four days after contaminated food is consumed. Most people will recover on their own within five to seven days but, some cases may require hospital care. McDonald's shares have lost more than 7.5% of their value since the CDC reported the outbreak last week. In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years. Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years. ",BBC,28/10/2024,"[""McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill."", 'The fast food giant said samples of its beef patties that were taken by the Colorado Department of Agriculture (CDA) had tested negative for the bacteria.', 'The company added that the CDA had no plans for further testing.', 'McDonald\'s suspended sales of Quarter Pounder last week in around a fifth of its US restaurants in response to the outbreak. ""', 'The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain,"" Cesar Piña, McDonald\'s North America Chief Supply Chain Officer said in a statement.', 'Earlier, the US Food and Drug administration singled out the slivered onions in Quarter Pounders as another potential source of the outbreak.', 'McDonald\'s said it had stopped working with the supplier of the onions and had removed them from its supply chain. ""', 'The 900 restaurants that historically received slivered onions from Taylor Farms’ Colorado Springs facility will resume sales of Quarter Pounders without slivered onions,"" McDonald\'s said.', ""McDonald's is facing lawsuits from several people who fell ill."", 'The US Centers for Disease Control and Prevention (CDC) advised people who had eaten a Quarter Pounder and showed symptoms such as diarrhoea, fever and vomiting, to see a doctor.', 'Symptoms can develop up to four days after contaminated food is consumed.', 'Most people will recover on their own within five to seven days but, some cases may require hospital care.', ""McDonald's shares have lost more than 7.5% of their value since the CDC reported the outbreak last week."", ""In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years."", ""Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.""]",-0.0435419417665564,"Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.",McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill.,-0.5309337139129638,"Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.","In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years.",2024-10-29
Mexico economy,https://www.bbc.co.uk/news/articles/c2dpd8l4n69o,2024-10-28T00:35:53.878Z,"After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory. López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé. She inherits a nation, and an economy, that is performing well in some areas, and facing significant challenges in others. The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner. Mexico has benefitted from “nearshoring” – that is, the relocation of US and Asian firms from China to northern Mexico to bypass punitive US tariffs on Chinese exports. “Mexico has always been attractive to capital flows because of our geographical position, our free trade agreements with North America, our work force,” former Mexican trade negotiator Juan Carlos Baker Pineda told me before the election. “But over the past few years, it increasingly seems that if you [a foreign firm] want to do business with the US you need some kind of footing in Mexico.” The outlook is optimistic, he believes, pointing to Amazon’s recent announcement that it will invest $5bn (£3.8bn) in Mexico over the next 15 years, and an additional $1bn investment by German carmaker Volkswagen. Mr Baker Pineda also cites promising plans from South African, Japanese and Chinese firms. Critics are less convinced that the relocation of manufacturing from Asia to northern Mexico benefits the Mexican economy rather than just bolstering the companies involved. The key, Mr Baker Pineda believes, lies in creating the right “corporate and government decisions in this country to sustain this trend in the long-term”. When it comes to the immediate economic problems President Sheinbaum faces, the most pressing is state-run energy firm Pemex. It has debts of around $100bn, making it the world’s most indebted oil firm. “The debt is a problem not just for Pemex but for Mexico,” says Fernanda Ballesteros, Mexico country manager for the Natural Resource Governance Institute. In recent years, the López Obrador administration has reduced the amount of tax Pemex has had to pay the government. This has been cut by 60% to 30%.  At the same time, the outgoing government gave Pemex a number of cash injections, which López Obrador says he would like to see continue.  However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “President López Obrador’s policies and priorities were to double down on fossil fuels and give unconditional support to Pemex,” says Ms Ballesteros. The company is now poorly positioned, she argues, for the necessary transition to cleaner and more efficient energies in the coming decades. “Over the past six years, 90% of Pemex’s infrastructure investments have gone towards a new refinery in Dos Bocas in Tabasco state, and the acquisition of a refinery in Deer Park in Texas.” The government says it is on course to achieve its goal of total self-sufficiency in fuels by the first quarter of 2025. However, Pemex’s ongoing economic difficulties mean the Sheinbaum administration has its hands tied over servicing the colossal debt. Environmental expert Eugenio Fernández Vázquez says that Pemex is a “big challenge” for Sheinbaum. “Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains. Sheinbaum  must strike a difficult balance, he adds, in getting Pemex to sell more of its products “which are obviously fossil fuels and oil-based, while at the same time addressing Mexico’s climate change responsibilities and dealing with urgent issues in our cities, like air pollution”. For a president championed as Mexico’s most environmentally conscious leader – before entering politics, Sheinbaum was an accomplished environmental engineer – that must rankle. Especially while also spending billions in public money to prop up a greenhouse gas-emitting behemoth. Back in the realm of Mexico’s complex relationship with its northern neighbour, President Sheinbaum faces two very different prospective partners in Washington - either the first female president of the US in Kamala Harris or a second Trump presidency. Whoever wins in November, there are some tricky cross-border issues to address, whether on trade or undocumented immigration, the illegal traffic of guns into Mexico, or fentanyl into the US. Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible. USMCA was introduced in 2020, when it replaced the previous North American Free Trade Agreement between the three countries. Sheinbaum also has to keep an eye on the peso. In the days after her election victory in June, the currency tumbled against the dollar. This was largely in response to a decision by the outgoing president to press ahead with a wholesale reform of the country’s judicial system under which all 7,000 judges and magistrates in Mexico will be chosen by popular vote. The plan is also supported by Sheinbaum. Washington’s disapproval of the measure, as publicly expressed by the US Ambassador to Mexico, Ken Salazar, suggested it could complicate, even jeopardise, parts of the USMCA renegotiation. Relations between Ambassador Salazar and the new administration are already notably frostier. Diplomatic spats aside, marrying the new constitutional rules with the legal requirements of the free trade agreement could prove far thornier than first anticipated. Still, these are the very first days of President Sheinbaum’s administration. As part of her predecessor’s legacy, she enjoys an almost unprecedented level of support with the ruling party in an unassailable position across the country. Her key election promise – to extend López Obrador’s social programmes in pensions, family stipends and student grants, and build what she calls the “second floor” of his political project – secured her the backing of millions of Mexicans. She can also count on a loyal congress and, following the reform, potentially the control of the judiciary, too. Taking office in such a powerful position is a luxury, one which supporters and critics alike expect her to use to properly address some of Mexico’s main economic obstacles.  ",BBC,28/10/2024,"['After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory.', 'López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé.', 'She inherits a nation, and an economy, that is performing well in some areas, and facing significant challenges in others.', 'The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner.', 'Mexico has benefitted from “nearshoring” – that is, the relocation of US and Asian firms from China to northern Mexico to bypass punitive US tariffs on Chinese exports. “', 'Mexico has always been attractive to capital flows because of our geographical position, our free trade agreements with North America, our work force,” former Mexican trade negotiator Juan Carlos Baker Pineda told me before the election. “', 'But over the past few years, it increasingly seems that if you [a foreign firm] want to do business with the US you need some kind of footing in Mexico.”', 'The outlook is optimistic, he believes, pointing to Amazon’s recent announcement that it will invest $5bn (£3.8bn) in Mexico over the next 15 years, and an additional $1bn investment by German carmaker Volkswagen.', 'Mr Baker Pineda also cites promising plans from South African, Japanese and Chinese firms.', 'Critics are less convinced that the relocation of manufacturing from Asia to northern Mexico benefits the Mexican economy rather than just bolstering the companies involved.', 'The key, Mr Baker Pineda believes, lies in creating the right “corporate and government decisions in this country to sustain this trend in the long-term”.', 'When it comes to the immediate economic problems President Sheinbaum faces, the most pressing is state-run energy firm Pemex.', 'It has debts of around $100bn, making it the world’s most indebted oil firm. “', 'The debt is a problem not just for Pemex but for Mexico,” says Fernanda Ballesteros, Mexico country manager for the Natural Resource Governance Institute.', 'In recent years, the López Obrador administration has reduced the amount of tax Pemex has had to pay the government.', 'This has been cut by 60% to 30%.', 'At the same time, the outgoing government gave Pemex a number of cash injections, which López Obrador says he would like to see continue.', 'However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “', 'President López Obrador’s policies and priorities were to double down on fossil fuels and give unconditional support to Pemex,” says Ms Ballesteros.', 'The company is now poorly positioned, she argues, for the necessary transition to cleaner and more efficient energies in the coming decades. “', 'Over the past six years, 90% of Pemex’s infrastructure investments have gone towards a new refinery in Dos Bocas in Tabasco state, and the acquisition of a refinery in Deer Park in Texas.”', 'The government says it is on course to achieve its goal of total self-sufficiency in fuels by the first quarter of 2025.', 'However, Pemex’s ongoing economic difficulties mean the Sheinbaum administration has its hands tied over servicing the colossal debt.', 'Environmental expert Eugenio Fernández Vázquez says that Pemex is a “big challenge” for Sheinbaum. “', 'Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains.', 'Sheinbaum must strike a difficult balance, he adds, in getting Pemex to sell more of its products “which are obviously fossil fuels and oil-based, while at the same time addressing Mexico’s climate change responsibilities and dealing with urgent issues in our cities, like air pollution”.', 'For a president championed as Mexico’s most environmentally conscious leader – before entering politics, Sheinbaum was an accomplished environmental engineer – that must rankle.', 'Especially while also spending billions in public money to prop up a greenhouse gas-emitting behemoth.', 'Back in the realm of Mexico’s complex relationship with its northern neighbour, President Sheinbaum faces two very different prospective partners in Washington - either the first female president of the US in Kamala Harris or a second Trump presidency.', 'Whoever wins in November, there are some tricky cross-border issues to address, whether on trade or undocumented immigration, the illegal traffic of guns into Mexico, or fentanyl into the US.', 'Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible.', 'USMCA was introduced in 2020, when it replaced the previous North American Free Trade Agreement between the three countries.', 'Sheinbaum also has to keep an eye on the peso.', 'In the days after her election victory in June, the currency tumbled against the dollar.', 'This was largely in response to a decision by the outgoing president to press ahead with a wholesale reform of the country’s judicial system under which all 7,000 judges and magistrates in Mexico will be chosen by popular vote.', 'The plan is also supported by Sheinbaum.', 'Washington’s disapproval of the measure, as publicly expressed by the US Ambassador to Mexico, Ken Salazar, suggested it could complicate, even jeopardise, parts of the USMCA renegotiation.', 'Relations between Ambassador Salazar and the new administration are already notably frostier.', 'Diplomatic spats aside, marrying the new constitutional rules with the legal requirements of the free trade agreement could prove far thornier than first anticipated.', 'Still, these are the very first days of President Sheinbaum’s administration.', 'As part of her predecessor’s legacy, she enjoys an almost unprecedented level of support with the ruling party in an unassailable position across the country.', 'Her key election promise – to extend López Obrador’s social programmes in pensions, family stipends and student grants, and build what she calls the “second floor” of his political project – secured her the backing of millions of Mexicans.', 'She can also count on a loyal congress and, following the reform, potentially the control of the judiciary, too.', 'Taking office in such a powerful position is a luxury, one which supporters and critics alike expect her to use to properly address some of Mexico’s main economic obstacles.']",0.2329981047354126,"Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible.","Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains.",0.1462681605702354,"The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner.","However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “",2024-10-29
How X users earn thousands from US election misinformation and AI images,https://www.bbc.co.uk/news/articles/cx2dpj485nno,2024-10-29T23:42:50.520Z,"Some users on X who spend their days sharing content that includes election misinformation, AI-generated images and unfounded conspiracy theories say they are being paid ""thousands of dollars"" by the social media site. The BBC identified networks of dozens of accounts that re-share each other's content multiple times a day - including a mix of true, unfounded, false and faked material - to boost their reach, and therefore, revenue on the site. Several say earnings from their own and other accounts range from a couple of hundred to thousands of dollars. They also say they coordinate sharing each other’s posts on forums and group chats. ""It's a way of trying to help each other out,"" one user said. Some of these networks support Donald Trump, others Kamala Harris, and some are independent. Several of these profiles - which say they are not connected to official campaigns - have been contacted by US politicians, including congressional candidates, looking for supportive posts. On 9 October, X changed its rules so the payments made to eligible accounts with a significant reach are calculated according to the amount of engagement from premium users - likes, shares and comments - rather than the number of ads under their posts. Many social media sites allow users to make money from their posts or to share sponsored content. But they often have rules which allow them to de-monetise or suspend profiles that post misinformation. X does not have guidelines on misinformation in the same way. While X has a smaller user base than some sites, it has a significant impact on political discourse. It raises questions about whether X is incentivising users to post provocative claims, whether they’re true or not, at a highly sensitive moment for US politics. The BBC compared the approximate earnings reported by some of these X users with the amount they would be expected to earn, based on their number of views, followers and interactions with other profiles, and found them to be credible. Among the misleading posts shared by some of these networks of profiles were claims about election fraud which had been rebutted by authorities, and extreme, unfounded allegations of paedophilia and sexual abuse against the presidential and vice-presidential candidates. Some misleading and false posts that originated on X have also spilled on to other social media sites with a bigger audience, such as Facebook and TikTok. In one example, an X user with a small following says he created a doctored image purporting to show Kamala Harris working at McDonald's as a young woman. Other users then pushed evidence-free claims that the Democratic Party was manipulating images of its candidate. Unfounded conspiracy theories from X about the July assassination attempt on Donald Trump were also picked up on other social media sites. X did not respond to questions about whether the site is incentivising users to post like this, nor to requests to interview owner Elon Musk. Freedom Uncut’s content creation lair - where he streams and makes videos - is decorated with fairy lights in the shape of an American flag. He says he is an independent, but would rather Donald Trump becomes president than Kamala Harris. Free - as his friends call him - says he can spend up to 16 hours a day in his lair posting on X, interacting with the network of dozens of content creators he’s a part of, and sharing AI-generated pictures. He does not share his full name or real identity because he says his family's personal information has been exposed online, leading to threats. He is by no means one of the most extreme posters, and has agreed to meet me and explain how these networks on X operate. He says he has had 11 million views over the past few months since he began posting regularly about the US election. He brings several up on the screen as we chat at his home in Tampa, Florida. Some are obviously satire - Donald Trump looking like a character in The Matrix as he brushes aside bullets, or President Joe Biden as a dictator. Other AI images are less fantastical - including an image of someone on the roof of their flooded home as fighter jets pass by, with the comment: ""Remember that politicians don't care about you on November 5th."" The image echoes Mr Trump's claim that there were ""no helicopters, no rescue"" for people in North Carolina following Hurricane Helene. The claim has been rebutted by the North Carolina National Guard, which says it rescued hundreds of people in 146 flight missions. Freedom Uncut says he sees his images as “art” that sparks a conversation. He says he is “not trying to fool anybody” but that he can “do so much more by using AI”. Since his profile was monetised, he says he can make in the ""low thousands"" monthly from X: “I think it's become a lot easier for people to make money.” He adds that some users he knows have been making more than five figures and claims he could corroborate this by seeing the reach of their posts: ""It's at that point it really does become a job."" He says it is the “controversial” stuff that tends to get the most views - and compares this to “sensationalist” traditional media. While he posts “provocative stuff”, he says it is “usually based in some version of reality”. But he suggests that other profiles he sees are happy to share posts they know not to be true. This, he says, is an easy “money-maker”. Freedom Uncut dismisses concerns about false claims influencing the election, claiming the government “spreads more misinformation than the rest of the internet combined”. He also says it is “very common” for local politicians to reach out to accounts like his on X for support. He says some of them have chatted to him about appearing on his live streams and spoken to him about creating and sharing memes, AI images and artwork for them. Could any of these posts - misleading or not - have a tangible impact this election? “I think that you're seeing that currently. I think that a lot of the Trump support comes from that,” he says. In Freedom Uncut’s view, there is “more trust in independent media” - including accounts sharing AI-generated images and misinformation - than in “some traditional media companies”. Going head-to-head with the pro-Trump accounts Freedom Uncut describes are profiles such as Brown Eyed Susan, who has more than 200,000 followers on X. She is part of a network of “die-hard” accounts posting content multiple times every hour in support of Democratic candidate Kamala Harris. While she uses her first name, she does not share her surname because of threats and abuse she has received online. Speaking to me from Los Angeles, Susan says she never intended to start making money from her posts - or for her account’s reach to “explode”. Sometimes she posts and re-shares more than 100 messages a day - and her individual posts sometimes reach more than two million users each. She says she only makes money from her posts because she was awarded a blue tick, which marks paid users on the site and some prominent accounts. “I didn't ask for it. I can't hide it, and I can't return it. So I clicked on monetise,” she tells me, estimating she can make a couple of hundred dollars a month. Aside from posting about policy, some of her most viral posts - racking up more than three million views - have promoted unfounded and false conspiracy theories suggesting the July assassination attempt was staged by Donald Trump. She acknowledges that a member of the crowd and the shooter were killed, but says she has genuine questions about Donald Trump’s injury, the security failings, and whether the incident has been properly investigated. “There's no way to get to the truth in this. And if they want to call it conspiratorial, they can,” she says.  Susan also shares memes, some of which use AI, taking aim at the Republican contender. Several more convincing examples make him look older or unwell. She says these “illustrate his current condition”. Others show him looking like a dictator. She maintains that all her images are ""obvious"" fakes. Like Freedom Uncut, she says politicians, including congressional candidates, have contacted her for support, and she says she tries to “spread as much awareness” as she can for them. Following a row over whether Kamala Harris once worked at McDonald's, a doctored image of her in the fast food chain's uniform was shared on Facebook by her supporters and went viral. When some pro-Trump accounts realised it was an edited photo of a different woman in the uniform, it triggered unfounded accusations that the image came from the Democratic Party itself. An account called “The Infinite Dude” on X appeared to be the first to share the image with the caption: “This is fake”. The person behind the image tells me his name is Blake and that he shared it as part of an experiment. His profile does not have nearly as many followers as the other accounts I have been talking to. When I ask for evidence that he doctored the image, he told me he has “the original files and creation timestamps”, but he did not share those with me as he says proof does not really matter. “People share content not because it's real, but because they want it to be real. Both sides do it equally - they just choose different stories to believe,” he says. His political allegiance remains unclear and he says this “isn’t about politics”. X says online that its priority is to protect and defend the user's voice. The site adds manipulated media labels to some AI-generated and doctored video, audio and images. It also has a feature called Community Notes, which crowdsources fact-checking from users. During the UK election, X did take action over a network of accounts sharing faked clips that I investigated. In the US election campaign, however, I have received no response to my questions or requests to interview Elon Musk. That matters - because social media companies like his could affect what unfolds as voters head to the polls. Marianna Spring investigated this story using her Undercover Voters - five fictional characters based on data from the Pew Research Centre - that allow her to interrogate what some different users are recommended on social media. Their social media accounts are private and do not message real people.  Find out more about them here - and on the BBC Americast podcast on BBC Sounds. ",BBC,29/10/2024,"['Some users on X who spend their days sharing content that includes election misinformation, AI-generated images and unfounded conspiracy theories say they are being paid ""thousands of dollars"" by the social media site.', ""The BBC identified networks of dozens of accounts that re-share each other's content multiple times a day - including a mix of true, unfounded, false and faked material - to boost their reach, and therefore, revenue on the site."", 'Several say earnings from their own and other accounts range from a couple of hundred to thousands of dollars.', 'They also say they coordinate sharing each other’s posts on forums and group chats. ""', 'It\'s a way of trying to help each other out,"" one user said.', 'Some of these networks support Donald Trump, others Kamala Harris, and some are independent.', 'Several of these profiles - which say they are not connected to official campaigns - have been contacted by US politicians, including congressional candidates, looking for supportive posts.', 'On 9 October, X changed its rules so the payments made to eligible accounts with a significant reach are calculated according to the amount of engagement from premium users - likes, shares and comments - rather than the number of ads under their posts.', 'Many social media sites allow users to make money from their posts or to share sponsored content.', 'But they often have rules which allow them to de-monetise or suspend profiles that post misinformation.', 'X does not have guidelines on misinformation in the same way.', 'While X has a smaller user base than some sites, it has a significant impact on political discourse.', 'It raises questions about whether X is incentivising users to post provocative claims, whether they’re true or not, at a highly sensitive moment for US politics.', 'The BBC compared the approximate earnings reported by some of these X users with the amount they would be expected to earn, based on their number of views, followers and interactions with other profiles, and found them to be credible.', 'Among the misleading posts shared by some of these networks of profiles were claims about election fraud which had been rebutted by authorities, and extreme, unfounded allegations of paedophilia and sexual abuse against the presidential and vice-presidential candidates.', 'Some misleading and false posts that originated on X have also spilled on to other social media sites with a bigger audience, such as Facebook and TikTok.', ""In one example, an X user with a small following says he created a doctored image purporting to show Kamala Harris working at McDonald's as a young woman."", 'Other users then pushed evidence-free claims that the Democratic Party was manipulating images of its candidate.', 'Unfounded conspiracy theories from X about the July assassination attempt on Donald Trump were also picked up on other social media sites.', 'X did not respond to questions about whether the site is incentivising users to post like this, nor to requests to interview owner Elon Musk.', 'Freedom Uncut’s content creation lair - where he streams and makes videos - is decorated with fairy lights in the shape of an American flag.', 'He says he is an independent, but would rather Donald Trump becomes president than Kamala Harris.', 'Free - as his friends call him - says he can spend up to 16 hours a day in his lair posting on X, interacting with the network of dozens of content creators he’s a part of, and sharing AI-generated pictures.', ""He does not share his full name or real identity because he says his family's personal information has been exposed online, leading to threats."", 'He is by no means one of the most extreme posters, and has agreed to meet me and explain how these networks on X operate.', 'He says he has had 11 million views over the past few months since he began posting regularly about the US election.', 'He brings several up on the screen as we chat at his home in Tampa, Florida.', 'Some are obviously satire - Donald Trump looking like a character in The Matrix as he brushes aside bullets, or President Joe Biden as a dictator.', 'Other AI images are less fantastical - including an image of someone on the roof of their flooded home as fighter jets pass by, with the comment: ""Remember that politicians don\'t care about you on November 5th.""', 'The image echoes Mr Trump\'s claim that there were ""no helicopters, no rescue"" for people in North Carolina following Hurricane Helene.', 'The claim has been rebutted by the North Carolina National Guard, which says it rescued hundreds of people in 146 flight missions.', 'Freedom Uncut says he sees his images as “art” that sparks a conversation.', 'He says he is “not trying to fool anybody” but that he can “do so much more by using AI”.', 'Since his profile was monetised, he says he can make in the ""low thousands"" monthly from X: “I think it\'s become a lot easier for people to make money.”', 'He adds that some users he knows have been making more than five figures and claims he could corroborate this by seeing the reach of their posts: ""It\'s at that point it really does become a job.""', 'He says it is the “controversial” stuff that tends to get the most views - and compares this to “sensationalist” traditional media.', 'While he posts “provocative stuff”, he says it is “usually based in some version of reality”.', 'But he suggests that other profiles he sees are happy to share posts they know not to be true.', 'This, he says, is an easy “money-maker”.', 'Freedom Uncut dismisses concerns about false claims influencing the election, claiming the government “spreads more misinformation than the rest of the internet combined”.', 'He also says it is “very common” for local politicians to reach out to accounts like his on X for support.', 'He says some of them have chatted to him about appearing on his live streams and spoken to him about creating and sharing memes, AI images and artwork for them.', 'Could any of these posts - misleading or not - have a tangible impact this election? “', ""I think that you're seeing that currently."", 'I think that a lot of the Trump support comes from that,” he says.', 'In Freedom Uncut’s view, there is “more trust in independent media” - including accounts sharing AI-generated images and misinformation - than in “some traditional media companies”.', 'Going head-to-head with the pro-Trump accounts Freedom Uncut describes are profiles such as Brown Eyed Susan, who has more than 200,000 followers on X. She is part of a network of “die-hard” accounts posting content multiple times every hour in support of Democratic candidate Kamala Harris.', 'While she uses her first name, she does not share her surname because of threats and abuse she has received online.', 'Speaking to me from Los Angeles, Susan says she never intended to start making money from her posts - or for her account’s reach to “explode”.', 'Sometimes she posts and re-shares more than 100 messages a day - and her individual posts sometimes reach more than two million users each.', 'She says she only makes money from her posts because she was awarded a blue tick, which marks paid users on the site and some prominent accounts. “', ""I didn't ask for it."", ""I can't hide it, and I can't return it."", 'So I clicked on monetise,” she tells me, estimating she can make a couple of hundred dollars a month.', 'Aside from posting about policy, some of her most viral posts - racking up more than three million views - have promoted unfounded and false conspiracy theories suggesting the July assassination attempt was staged by Donald Trump.', 'She acknowledges that a member of the crowd and the shooter were killed, but says she has genuine questions about Donald Trump’s injury, the security failings, and whether the incident has been properly investigated. “', ""There's no way to get to the truth in this."", 'And if they want to call it conspiratorial, they can,” she says.', 'Susan also shares memes, some of which use AI, taking aim at the Republican contender.', 'Several more convincing examples make him look older or unwell.', 'She says these “illustrate his current condition”.', 'Others show him looking like a dictator.', 'She maintains that all her images are ""obvious"" fakes.', 'Like Freedom Uncut, she says politicians, including congressional candidates, have contacted her for support, and she says she tries to “spread as much awareness” as she can for them.', ""Following a row over whether Kamala Harris once worked at McDonald's, a doctored image of her in the fast food chain's uniform was shared on Facebook by her supporters and went viral."", 'When some pro-Trump accounts realised it was an edited photo of a different woman in the uniform, it triggered unfounded accusations that the image came from the Democratic Party itself.', 'An account called “The Infinite Dude” on X appeared to be the first to share the image with the caption: “This is fake”.', 'The person behind the image tells me his name is Blake and that he shared it as part of an experiment.', 'His profile does not have nearly as many followers as the other accounts I have been talking to.', 'When I ask for evidence that he doctored the image, he told me he has “the original files and creation timestamps”, but he did not share those with me as he says proof does not really matter. “', ""People share content not because it's real, but because they want it to be real."", 'Both sides do it equally - they just choose different stories to believe,” he says.', 'His political allegiance remains unclear and he says this “isn’t about politics”.', ""X says online that its priority is to protect and defend the user's voice."", 'The site adds manipulated media labels to some AI-generated and doctored video, audio and images.', 'It also has a feature called Community Notes, which crowdsources fact-checking from users.', 'During the UK election, X did take action over a network of accounts sharing faked clips that I investigated.', 'In the US election campaign, however, I have received no response to my questions or requests to interview Elon Musk.', 'That matters - because social media companies like his could affect what unfolds as voters head to the polls.', 'Marianna Spring investigated this story using her Undercover Voters - five fictional characters based on data from the Pew Research Centre - that allow her to interrogate what some different users are recommended on social media.', 'Their social media accounts are private and do not message real people.', 'Find out more about them here - and on the BBC Americast podcast on BBC Sounds.']",0.137379273507772,"Like Freedom Uncut, she says politicians, including congressional candidates, have contacted her for support, and she says she tries to “spread as much awareness” as she can for them.","Among the misleading posts shared by some of these networks of profiles were claims about election fraud which had been rebutted by authorities, and extreme, unfounded allegations of paedophilia and sexual abuse against the presidential and vice-presidential candidates.",0.0242918034394582,"The BBC identified networks of dozens of accounts that re-share each other's content multiple times a day - including a mix of true, unfounded, false and faked material - to boost their reach, and therefore, revenue on the site.",Several more convincing examples make him look older or unwell.,2024-10-29
Apple Intelligence: AI features start to roll out to some iPhones,https://www.bbc.co.uk/news/articles/cwy9xj301wmo,2024-10-28T17:50:29.720Z,"After a long wait, Apple has finally released its artificial intelligence (AI) tools for iPhone - to a select few. Apple Intelligence, a suite of AI tools announced in June, became available to owners of some iPhones around the world on Monday. It was accessible for people with eligible devices by updating to the latest version of Apple's operating system for iPhones. Those hoping to get hold of Apple Intelligence have to request to join a waitlist to get it after updating  to iOS 18.1. According to Apple, users should be able to activate its suite of AI tools ""within a few hours"" of joining its waitlist, though it does say wait times may differ. The new features include notification summaries, tools to assist users in writing messages, and a glowing new interface for virtual assistant Siri. But they will only be available to people with the latest devices - including all iPhone 16 models, and the iPhone 15 Pro and Pro Max. Apple Intelligence is also available on Mac computers and iPad tablets that are powered by its latest chips. But some of the tools made available on Monday have arrived later than equivalent features on other popular devices. Apple chief executive Tim Cook said the public release of its AI tools introduced “a new era"" for its products. It comes after the company said on Friday it would reward ethical hackers who could demonstrate vulnerabilities in its AI software with a bounty of up to $1m (£770,000). The bundle of features released on Monday in its iOS 18.1 update are the first wave of AI tools previously shown off at Apple's summer developer conference. More features expected later this year include generating images and emoji from text prompts. Google and Samsung have already introduced AI features to their devices. These include allowing users to translate conversations in real-time, automatically organise notes, and search for something online by drawing a circle around it. While initially making its Galaxy AI features available on its latest handsets, Samsung widened it to include S22 devices released in 2022. The South Korean tech giant said in February it planned to introduce Galaxy AI for more than 100 million users within 2024. Apple's new Clean Up tool, allowing people to remove unwanted objects or people from an image, also follows Google's previous release of a similar tool called Magic Eraser. Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"". ",BBC,28/10/2024,"['After a long wait, Apple has finally released its artificial intelligence (AI) tools for iPhone - to a select few.', 'Apple Intelligence, a suite of AI tools announced in June, became available to owners of some iPhones around the world on Monday.', ""It was accessible for people with eligible devices by updating to the latest version of Apple's operating system for iPhones."", 'Those hoping to get hold of Apple Intelligence have to request to join a waitlist to get it after updating to iOS 18.1.', 'According to Apple, users should be able to activate its suite of AI tools ""within a few hours"" of joining its waitlist, though it does say wait times may differ.', 'The new features include notification summaries, tools to assist users in writing messages, and a glowing new interface for virtual assistant Siri.', 'But they will only be available to people with the latest devices - including all iPhone 16 models, and the iPhone 15 Pro and Pro Max.', 'Apple Intelligence is also available on Mac computers and iPad tablets that are powered by its latest chips.', 'But some of the tools made available on Monday have arrived later than equivalent features on other popular devices.', 'Apple chief executive Tim Cook said the public release of its AI tools introduced “a new era"" for its products.', 'It comes after the company said on Friday it would reward ethical hackers who could demonstrate vulnerabilities in its AI software with a bounty of up to $1m (£770,000).', ""The bundle of features released on Monday in its iOS 18.1 update are the first wave of AI tools previously shown off at Apple's summer developer conference."", 'More features expected later this year include generating images and emoji from text prompts.', 'Google and Samsung have already introduced AI features to their devices.', 'These include allowing users to translate conversations in real-time, automatically organise notes, and search for something online by drawing a circle around it.', 'While initially making its Galaxy AI features available on its latest handsets, Samsung widened it to include S22 devices released in 2022.', 'The South Korean tech giant said in February it planned to introduce Galaxy AI for more than 100 million users within 2024.', ""Apple's new Clean Up tool, allowing people to remove unwanted objects or people from an image, also follows Google's previous release of a similar tool called Magic Eraser."", 'Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".']",0.2440513068766842,"Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".",,0.9824722409248352,"Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".",,2024-10-29
Single bus fares to rise to £3 from £2 in England under new cap,https://www.bbc.co.uk/news/articles/cy0l99xz719o,2024-10-28T12:06:53.753Z,"The single bus fare cap in England will be raised to £3 in the upcoming Budget, Prime Minister Sir Keir Starmer has announced. It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living. The existing cap was due to expire at the end of December. Sir Keir said: ""I do know how much this matters, particularly in rural communities where there is heavy reliance on buses.""  The new £3 cap, covering most bus journeys in England, will run until the end of 2025. About 3.4 million people in England use buses. There had been speculation in recent days that the chancellor would announce in the Budget on Wednesday that the current cap would be scrapped. This would have meant that some passengers faced a steep hike in fares following two years of help. Single bus fares in London with Transport for London will, however, remain at £1.75 and those in Greater Manchester at £2.  They are excluded from the broader fare cap as their funding is structured differently. The Confederation of Passenger Transport said that raising the cap from £2 has avoided travellers facing a ""cliff edge"" at the end of this year.  But it said: ""An increase to £3 will still present challenges for many passengers, particularly those who rely on buses as their primary means of affordable travel."" Joshua Anderton is a second year student at Lancaster University who relies on buses to get to his lectures. “I find the bus fare cap increase an absolutely awful idea,” he said. “I spend a minimum of £4 a day on bus tickets, sometimes more when I have to commute multiple times in a day. He added that the prices are ""only made worse by the fact that return tickets have been removed"". Joshua says he’ll now have less money to spend on food and will avoid some social events. Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems.  Reverting to previous fares of £5 or £7 for example, would represent ""such a big jump that not only will it cause hardship for some people but of course it will result in some people saying I'm not going to take the bus anymore,"" he told the BBC's Today Programme. Meanwhile Greenpeace suggested lifting the cap was a ""'tough decision’ the government didn’t need to make"". ""It makes no political, economical or environmental sense whatsoever,"" said Paul Morozzo, Greenpeace's UK’s senior transport campaigner. He said buses are a ""critical lifeline to millions of people, particularly those on lower incomes"".  ""A government that was truly prioritising the needs of the poorest in society would rethink this decision at the first opportunity,"" he said. Additional reporting by Bernadette McCague ",BBC,28/10/2024,"['The single bus fare cap in England will be raised to £3 in the upcoming Budget, Prime Minister Sir Keir Starmer has announced.', 'It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.', 'The existing cap was due to expire at the end of December.', 'Sir Keir said: ""I do know how much this matters, particularly in rural communities where there is heavy reliance on buses.""', 'The new £3 cap, covering most bus journeys in England, will run until the end of 2025.', 'About 3.4 million people in England use buses.', 'There had been speculation in recent days that the chancellor would announce in the Budget on Wednesday that the current cap would be scrapped.', 'This would have meant that some passengers faced a steep hike in fares following two years of help.', 'Single bus fares in London with Transport for London will, however, remain at £1.75 and those in Greater Manchester at £2.', 'They are excluded from the broader fare cap as their funding is structured differently.', 'The Confederation of Passenger Transport said that raising the cap from £2 has avoided travellers facing a ""cliff edge"" at the end of this year.', 'But it said: ""An increase to £3 will still present challenges for many passengers, particularly those who rely on buses as their primary means of affordable travel.""', 'Joshua Anderton is a second year student at Lancaster University who relies on buses to get to his lectures. “', 'I find the bus fare cap increase an absolutely awful idea,” he said. “', 'I spend a minimum of £4 a day on bus tickets, sometimes more when I have to commute multiple times in a day.', 'He added that the prices are ""only made worse by the fact that return tickets have been removed"".', 'Joshua says he’ll now have less money to spend on food and will avoid some social events.', ""Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems."", 'Reverting to previous fares of £5 or £7 for example, would represent ""such a big jump that not only will it cause hardship for some people but of course it will result in some people saying I\'m not going to take the bus anymore,"" he told the BBC\'s Today Programme.', 'Meanwhile Greenpeace suggested lifting the cap was a ""\'tough decision’ the government didn’t need to make"". ""', 'It makes no political, economical or environmental sense whatsoever,"" said Paul Morozzo, Greenpeace\'s UK’s senior transport campaigner.', 'He said buses are a ""critical lifeline to millions of people, particularly those on lower incomes"". ""', 'A government that was truly prioritising the needs of the poorest in society would rethink this decision at the first opportunity,"" he said.', 'Additional reporting by Bernadette McCague']",-0.0513816960840243,It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.,"Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems.",-0.0314191222190856,It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.,This would have meant that some passengers faced a steep hike in fares following two years of help.,2024-10-29
Eli Lilly stock tumbles 10% after drug giant misses estimates and slashes profit guidance,https://www.cnbc.com/2024/10/30/eli-lilly-lly-earnings-q3-2024.html,2024-10-30T11:29:16+0000,"In this articleEli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.The company's stock tumbled as much as 10% in premarket trading before paring some losses. Shares of its main rival, Novo Nordisk, fell roughly 4% in premarket trading.Eli Lilly now expects full-year adjusted earnings of between $13.02 and $13.52 per share, down from previous guidance of $16.10 to $16.60 per share. The drugmaker cited a $2.8 billion charge recorded during the third quarter and related to its acquisition of bowel disease drugmaker Morphic Holding as denting its results.Eli Lilly also lowered the high-end of its revenue outlook for the year and now expects sales of between $45.4 billion and $46 billion. The company's previous guidance called for revenue of as much as $46.6 billion.Here's what Eli Lilly reported for the period ended September 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The September period was Zepbound's third full quarter on the U.S. market after winning approval from regulators nearly a year ago. The weekly injection raked in $1.26 billion in sales for the period, below the $1.76 billion that analysts expected, according to StreetAccount.Meanwhile, Mounjaro posted $3.11 billion in revenue for the third quarter. Analysts expected $3.77 billion in sales for the diabetes treatment, according to StreetAccount.Demand in the U.S. has far outpaced supply for Lilly's incretin drugs, such as Zepbound and Mounjaro, over the last year. Both treatments mimic certain gut hormones to tamp down a person's appetite and regulate their blood sugar.The popularity of those injectable drugs has forced both Eli Lilly and its main rival, Novo Nordisk, to invest billions to increase manufacturing capacity for the treatments.Eli Lilly's supply woes began to ease earlier this year. As of Wednesday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages. Still, the agency warns that patients may not always be able to immediately fill their prescription for those drugs at a particular pharmacy.For the third quarter Ely Lilly recorded net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $1.18 per share for the most recent quarter.Revenue was up 20% year over year to $11.44 billion.This story is developing. Please check back for updates.",CNBC,30/10/2024,"['In this articleEli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.', ""The company's stock tumbled as much as 10% in premarket trading before paring some losses."", 'Shares of its main rival, Novo Nordisk, fell roughly 4% in premarket trading.', 'Eli Lilly now expects full-year adjusted earnings of between $13.02 and $13.52 per share, down from previous guidance of $16.10 to $16.60 per share.', 'The drugmaker cited a $2.8 billion charge recorded during the third quarter and related to its acquisition of bowel disease drugmaker Morphic Holding as denting its results.', 'Eli Lilly also lowered the high-end of its revenue outlook for the year and now expects sales of between $45.4 billion and $46 billion.', ""The company's previous guidance called for revenue of as much as $46.6 billion."", ""Here's what Eli Lilly reported for the period ended September 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The September period was Zepbound's third full quarter on the U.S. market after winning approval from regulators nearly a year ago."", 'The weekly injection raked in $1.26 billion in sales for the period, below the $1.76 billion that analysts expected, according to StreetAccount.', 'Meanwhile, Mounjaro posted $3.11 billion in revenue for the third quarter.', 'Analysts expected $3.77 billion in sales for the diabetes treatment, according to StreetAccount.', ""Demand in the U.S. has far outpaced supply for Lilly's incretin drugs, such as Zepbound and Mounjaro, over the last year."", ""Both treatments mimic certain gut hormones to tamp down a person's appetite and regulate their blood sugar."", 'The popularity of those injectable drugs has forced both Eli Lilly and its main rival, Novo Nordisk, to invest billions to increase manufacturing capacity for the treatments.', ""Eli Lilly's supply woes began to ease earlier this year."", ""As of Wednesday, the Food and Drug Administration's drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages."", 'Still, the agency warns that patients may not always be able to immediately fill their prescription for those drugs at a particular pharmacy.', 'For the third quarter Ely Lilly recorded net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $1.18 per share for the most recent quarter.', 'Revenue was up 20% year over year to $11.44 billion.', 'This story is developing.', 'Please check back for updates.']",0.1312709929405136,"Here's what Eli Lilly reported for the period ended September 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The September period was Zepbound's third full quarter on the U.S. market after winning approval from regulators nearly a year ago.",The company's stock tumbled as much as 10% in premarket trading before paring some losses.,-0.1432799228600093,Revenue was up 20% year over year to $11.44 billion.,"In this articleEli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.",2024-10-29
JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch',https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html,2024-10-28T18:56:18+0000,"In this articleJPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.""On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $335,000,"" the bank said in the Texas filing. ""After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.""JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the ""infinite money glitch,"" though it hasn't disclosed the scope of associated losses. Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution. Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.Normally, banks only make available a fraction of the value of a check until it clears, which takes several days. JPMorgan says it closed the loophole a few days after it was discovered.The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situation who declined to be identified speaking about the internal investigation.In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank.JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints.The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar. JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said.The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.""Fraud is a crime that impacts everyone and undermines trust in the banking system,"" JPMorgan spokesman Drew Pusateri said in a statement to CNBC. ""We're pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they're held accountable.""",CNBC,28/10/2024,"['In this articleJPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.', 'The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.', 'A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.', '""On August 29, 2024, a masked man deposited a check in Defendant\'s Chase bank account in the amount of $335,000,"" the bank said in the Texas filing. ""', 'After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.', '""JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the ""infinite money glitch,"" though it hasn\'t disclosed the scope of associated losses.', ""Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report."", 'The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution.', 'Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.', 'Normally, banks only make available a fraction of the value of a check until it clears, which takes several days.', 'JPMorgan says it closed the loophole a few days after it was discovered.', 'The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situationwho declined to be identified speaking about the internal investigation.', ""In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank."", ""JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints."", ""The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar."", 'JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said.', 'The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.', '""Fraud is a crime that impacts everyone and undermines trust in the banking system,"" JPMorgan spokesman Drew Pusateri said in a statement to CNBC. ""', 'We\'re pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they\'re held accountable.""']",-0.2347626410039654,"Normally, banks only make available a fraction of the value of a check until it clears, which takes several days.","JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints.",-0.9642532914876938,,"Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.",2024-10-29
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.",2024-10-29
Wikipedia v ANI: Why the online encyclopaedia has landed in legal trouble in India,https://www.bbc.co.uk/news/articles/cdrdydkypv7o,2024-10-30T09:35:11.381Z,"Wikipedia is embroiled in a major legal battle in India that experts say could impact how the online encyclopaedia functions in the country. The battle stems from a 20m rupee ($237,874; £183,012) lawsuit filed by India’s largest newswire service against Wikimedia Foundation, which runs Wikipedia, for allegedly publishing defamatory content against it.  In the lawsuit in the Delhi high court, Asian News International (ANI) said a paragraph in its description on Wikipedia falsely accuses it of being ""a propaganda tool for the incumbent [federal] government” and of ""distributing material from fake news websites"" and demanded the page be taken down. Wikipedia says the content on the website is completely managed by volunteers and that the Foundation has no control over it. In August, the court ordered Wikipedia to disclose who made these allegedly defamatory edits to the ANI page - and threatened to shut down the website if it didn't comply with its orders. The hearing is still on, but Wikipedia has since agreed to share basic information about the users in a sealed cover to the court, though it's not clear what that would be.  Experts say the case is an important one as its outcome could impact people's access to neutral information on the platform. “It will tell us whether India lives in the era of the internet, where information is truthful and free for everybody to access,” says technology law expert Mishi Choudhary. The hearing began in July after ANI petitioned the court, saying it had tried to change the allegedly defamatory material on Wikipedia but its edits were not accepted.  The ANI page was put under “extended confirmed protection” - a Wikipedia feature used to stop vandalism or abuse - where only users who have already done a certain number of edits can make changes to a page. In its lawsuit, ANI demanded that the allegedly defamatory content be taken down. However, it has not sued the news reports that are cited in the Wikipedia page. Wikipedia, in turn, argued that despite being a community-driven platform, it had a robust fact-checking system. Wikipedia works on a self-regulation model, where anyone can make edits on a page as long as it is backed by a published authentic source and written from a neutral point of view - this means no-one can add new, unpublished information on Wikipedia. There are volunteers on the website who edit and verify information, while maintaining their anonymity.  Any debates among volunteers about the edits are visible for everyone to see on the page. In case of disagreements, there are guidelines on how to resolve disputes. The website also uses bots to keep track of the changes. In court, the Wikimedia Foundation said that it only provided technical infrastructure and had no relationship with the volunteers who manage content on the website. But this model came under scrutiny after a page on the ongoing court case appeared on Wikipedia.  Last week, the court ordered it to be taken down saying it interfered with court proceedings.  The Foundation has since suspended the page. Observers say this is probably the first time that a Wikipedia page in English language has been taken down after a court order. Transparency reports published by the Foundation since 2012 show that in about 5,500 content takedown and alteration requests globally, it had complied with less than 10, and none of them were for the English website. The move was criticised by some digital experts who said it was wrong to take down the page as it collated what the press had been reporting on the case.  Simply put, a lot.  Experts say that the outcome of the case is likely to have significant ramifications for the platform's operations in India. Tech journalist and digital rights expert Nikhil Pahwa fears that the case may encourage more people and brands to start controlling their Wikipedia pages. ""Many people do not like how they have been portrayed on Wikipedia. Now anyone can file a case, ask for identification of editors and the court might grant it without any preliminary determination of whether there was defamation,” he says. Ms Choudhary says the case could have a ""chilling effect"" on free speech as editors might hesitate to write truthful content. Any form of self-censorship could also seriously hamper access to neutral information about a subject on the platform, she adds. Of course, Wikipedia is no stranger to controversy. It has faced various forms of censorship in at least 13 countries. China banned it in 2019 and Myanmar in 2021. It has also had run-ins with the Russian government and courts. Moscow has blocked several pages critical of the government and courts have fined the Wikimedia Foundation for its refusal to remove these articles. In 2023, Pakistan blocked the website for three days after it did not remove allegedly ""blasphemous content"". Wikipedia was blocked in Turkey in April 2017 after it refused to delete articles critical of the country's government. Turkey's top court lifted the ban in 2020. In India, experts say the platform is one of the few organisations that has pushed back against the federal government's orders to take down content. But a ban could seriously derail its operations in the country.   If the verdict is not in Wikipedia's favour, “we as a society will suffer since we will not have access to impartial information”, Ms Choudhary says. Follow BBC News India on Instagram, YouTube, Twitter and Facebook.  ",BBC,30/10/2024,"['Wikipedia is embroiled in a major legal battle in India that experts say could impact how the online encyclopaedia functions in the country.', 'The battle stems from a 20m rupee ($237,874; £183,012) lawsuit filed by India’s largest newswire service against Wikimedia Foundation, which runs Wikipedia, for allegedly publishing defamatory content against it.', 'In the lawsuit in the Delhi high court, Asian News International (ANI) said a paragraph in its description on Wikipedia falsely accuses it of being ""a propaganda tool for the incumbent [federal] government” and of ""distributing material from fake news websites"" and demanded the page be taken down.', 'Wikipedia says the content on the website is completely managed by volunteers and that the Foundation has no control over it.', ""In August, the court ordered Wikipedia to disclose who made these allegedly defamatory edits to the ANI page - and threatened to shut down the website if it didn't comply with its orders."", ""The hearing is still on, but Wikipedia has since agreed to share basic information about the users in a sealed cover to the court, though it's not clear what that would be."", ""Experts say the case is an important one as its outcome could impact people's access to neutral information on the platform. “"", 'It will tell us whether India lives in the era of the internet, where information is truthful and free for everybody to access,” says technology law expert Mishi Choudhary.', 'The hearing began in July after ANI petitioned the court, saying it had tried to change the allegedly defamatory material on Wikipedia but its edits were not accepted.', 'The ANI page was put under “extended confirmed protection” - a Wikipedia feature used to stop vandalism or abuse - where only users who have already done a certain number of edits can make changes to a page.', 'In its lawsuit, ANI demanded that the allegedly defamatory content be taken down.', 'However, it has not sued the news reports that are cited in the Wikipedia page.', 'Wikipedia, in turn, argued that despite being a community-driven platform, it had a robust fact-checking system.', 'Wikipedia works on a self-regulation model, where anyone can make edits on a page as long as it is backed by a published authentic source and written from a neutral point of view - this means no-one can add new, unpublished information on Wikipedia.', 'There are volunteers on the website who edit and verify information, while maintaining their anonymity.', 'Any debates among volunteers about the edits are visible for everyone to see on the page.', 'In case of disagreements, there are guidelines on how to resolve disputes.', 'The website also uses bots to keep track of the changes.', 'In court, the Wikimedia Foundation said that it only provided technical infrastructure and had no relationship with the volunteers who manage content on the website.', 'But this model came under scrutiny after a page on the ongoing court case appeared on Wikipedia.', 'Last week, the court ordered it to be taken down saying it interfered with court proceedings.', 'The Foundation has since suspended the page.', 'Observers say this is probably the first time that a Wikipedia page in English language has been taken down after a court order.', 'Transparency reports published by the Foundation since 2012 show that in about 5,500 content takedown and alteration requests globally, it had complied with less than 10, and none of them were for the English website.', 'The move was criticised by some digital experts who said it was wrong to take down the page as it collated what the press had been reporting on the case.', 'Simply put, a lot.', ""Experts say that the outcome of the case is likely to have significant ramifications for the platform's operations in India."", 'Tech journalist and digital rights expert Nikhil Pahwa fears that the case may encourage more people and brands to start controlling their Wikipedia pages. ""', 'Many people do not like how they have been portrayed on Wikipedia.', 'Now anyone can file a case, ask for identification of editors and the court might grant it without any preliminary determination of whether there was defamation,” he says.', 'Ms Choudhary says the case could have a ""chilling effect"" on free speech as editors might hesitate to write truthful content.', 'Any form of self-censorship could also seriously hamper access to neutral information about a subject on the platform, she adds.', 'Of course, Wikipedia is no stranger to controversy.', 'It has faced various forms of censorship in at least 13 countries.', 'China banned it in 2019 and Myanmar in 2021.', 'It has also had run-ins with the Russian government and courts.', 'Moscow has blocked several pages critical of the government and courts have fined the Wikimedia Foundation for its refusal to remove these articles.', 'In 2023, Pakistan blocked the website for three days after it did not remove allegedly ""blasphemous content"".', ""Wikipedia was blocked in Turkey in April 2017 after it refused to delete articles critical of the country's government."", ""Turkey's top court lifted the ban in 2020."", ""In India, experts say the platform is one of the few organisations that has pushed back against the federal government's orders to take down content."", 'But a ban could seriously derail its operations in the country.', ""If the verdict is not in Wikipedia's favour, “we as a society will suffer since we will not have access to impartial information”, Ms Choudhary says."", 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",-0.1697926306346895,"It will tell us whether India lives in the era of the internet, where information is truthful and free for everybody to access,” says technology law expert Mishi Choudhary.",But a ban could seriously derail its operations in the country.,-0.5364988012747332,"Tech journalist and digital rights expert Nikhil Pahwa fears that the case may encourage more people and brands to start controlling their Wikipedia pages. ""","Ms Choudhary says the case could have a ""chilling effect"" on free speech as editors might hesitate to write truthful content.",2024-10-29
Australian PM Albanese accused of seeking upgrades from Qantas boss,https://www.bbc.co.uk/news/articles/c1mlr7m7k27o,2024-10-29T08:15:31.010Z,"Australian Prime Minister Anthony Albanese has been accused of asking for free personal flight upgrades directly from the former CEO of national carrier Qantas. A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019. In a press conference on Tuesday, Albanese did not say whether he had spoken to Joyce about personal upgrades, but said he followed the rules and had been ""completely transparent"" with his disclosures.  ""There is no accusations being made with any specifics at all about any of this, none,"" he added.  Albanese, who previously served as federal transport minister, also criticised  former opposition party staffer Aston of ""trying to sell a book"".  In his book - The Chairman's Lounge: The Inside Story of How Qantas Sold Us Out - Aston,  reportedly cites Qantas insiders as saying Albanese spoke to Joyce about his personal travel plans.  Albanese said he did recall having two conversations with Joyce about flights that did not involve personal travel.  ""Of the 22 flights, 10 of them were... [in 2013] over a one-month period where both Qantas and Virgin provided upgrades for flights that were paid for by the Australian Labor party to make sure there was not any cost to taxpayers for what was internal business. ""In my time in public life, I have acted with integrity, I have acted in a way that is entirely appropriate and I have declared in accordance with the rules,"" he said.  While it is not unheard of for Australian politicians to get free flight upgrades, they are required to declare such gifts.  Australia's shadow transport minister Senator Bridget McKenzie has called for an inquiry to investigate the allegations.  ""There are serious questions which only Mr Joyce and the Prime Minister can answer,"" she told reporters.  Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There's a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday. How about upgrading those economy tickets?"" Last year, the Albanese government faced questions for denying a request by Qatar Airways to increase flights to Australia - a move that aviation analysts said  favoured Qantas.  Criticism over that decision has now resurfaced as some opposition leaders questioned Albanese's personal relationship with Joyce. Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices. However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations. It also laid off 1,700 ground staff  during the pandemic - a move that an Australian high court later ruled illegal.  ",BBC,29/10/2024,"['Australian Prime Minister Anthony Albanese has been accused of asking for free personal flight upgrades directly from the former CEO of national carrier Qantas.', 'A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019.', 'In a press conference on Tuesday, Albanese did not say whether he had spoken to Joyce about personal upgrades, but said he followed the rules and had been ""completely transparent"" with his disclosures. ""', 'There is no accusations being made with any specifics at all about any of this, none,"" he added.', 'Albanese, who previously served as federal transport minister, also criticised former opposition party staffer Aston of ""trying to sell a book"".', ""In his book - The Chairman's Lounge: The Inside Story of How Qantas Sold Us Out - Aston, reportedly cites Qantas insiders as saying Albanese spoke to Joyce about his personal travel plans."", 'Albanese said he did recall having two conversations with Joyce about flights that did not involve personal travel. ""', 'Of the 22 flights, 10 of them were... [in 2013] over a one-month period where both Qantas and Virgin provided upgrades for flights that were paid for by the Australian Labor party to make sure there was not any cost to taxpayers for what was internal business. ""', 'In my time in public life, I have acted with integrity, I have acted in a way that is entirely appropriate and I have declared in accordance with the rules,"" he said.', 'While it is not unheard of for Australian politicians to get free flight upgrades, they are required to declare such gifts.', 'Australia\'s shadow transport minister Senator Bridget McKenzie has called for an inquiry to investigate the allegations. ""', 'There are serious questions which only Mr Joyce and the Prime Minister can answer,"" she told reporters.', 'Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There\'s a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday.', 'How about upgrading those economy tickets?""', 'Last year, the Albanese government faced questions for denying a request by Qatar Airways to increase flights to Australia - a move that aviation analysts said favoured Qantas.', ""Criticism over that decision has now resurfaced as some opposition leaders questioned Albanese's personal relationship with Joyce."", 'Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.', 'However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations.', 'It also laid off 1,700 ground staff during the pandemic - a move that an Australian high court later ruled illegal.']",0.0142175639240353,"Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There's a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday.","Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.",-0.562906014919281,"A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019.","However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations.",2024-10-29
Adidas ends 'fight' with Kanye West over antisemitic comments,https://www.bbc.co.uk/news/articles/cgej945wp9xo,2024-10-29T19:10:28.085Z,"Adidas has ended its ""fight"" with Kanye West over antisemitic comments he made in 2022, which scuppered the sports brand and US rapper's ""Yeezy"" collaboration. Adidas discontinued the collection at the time and started selling off Yeezy stock at wholesale prices. However, on Tuesday, the firm said it had reached a settlement with Mr West to end all legal proceedings between them. ""There [aren't] any more open issues and there is no... money going either way,"" Adidas chief executive Bjorn Gulden said on a conference call. ""There were tensions on many issues [but]... both parties said we don't need to fight any more,"" Gulden said on the call about the firm's latest financial results. The drama with West ""belongs to the past"", he added. ""When you have conflicts like this, you take provisions and you have legal opinions and there are negotiations and there are settlements being done, and this is the end to it. ""No-one owes anything to anybody anymore. Whatever was is history"", he said. Ending the partnership has left Adidas with Yeezy stock worth around €1.2bn (£840m), with the sports brand selling product in batches and donating the proceeds to NGOs, including its own recently launched anti-discrimination foundation. The final Yeezy stocks will be sold by the end of 2024, the company said. The decision to move on from the ""fight"" marks a stark contrast to 2022. At the time, Adidas said it does ""not tolerate antisemitism and any other sort of hate speech"". It added: ""Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness."" Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.  Demand for Yeezy products did not let up even after the furore, with many Yeezy trainers doing well in the resale market and selling for hundreds - and sometimes thousands - of pounds. West had his accounts suspended on Instagram and X (then known as Twitter) when he made a series of antisemitic comments in October 2022.  He repeated the claims in a number of interviews and podcasts, not all of which were aired, over the next two months. In December that year, Mr West appeared on conspiracy theorist Alex Jones' show InfoWars where he spoke of his admiration for Adolf Hitler. The rapper, now separated from celebrity Kim Kardashian, was diagnosed with bipolar disorder years ago and has publicly spoken about his challenges with his mental health. ",BBC,29/10/2024,"['Adidas has ended its ""fight"" with Kanye West over antisemitic comments he made in 2022, which scuppered the sports brand and US rapper\'s ""Yeezy"" collaboration.', 'Adidas discontinued the collection at the time and started selling off Yeezy stock at wholesale prices.', 'However, on Tuesday, the firm said it had reached a settlement with Mr West to end all legal proceedings between them. ""', 'There [aren\'t] any more open issues and there is no... money going either way,"" Adidas chief executive Bjorn Gulden said on a conference call. ""', 'There were tensions on many issues [but]... both parties said we don\'t need to fight any more,"" Gulden said on the call about the firm\'s latest financial results.', 'The drama with West ""belongs to the past"", he added. ""', 'When you have conflicts like this, you take provisions and you have legal opinions and there are negotiations and there are settlements being done, and this is the end to it. ""', 'No-one owes anything to anybody anymore.', 'Whatever was is history"", he said.', 'Ending the partnership has left Adidas with Yeezy stock worth around €1.2bn (£840m), with the sports brand selling product in batches and donating the proceeds to NGOs, including its own recently launched anti-discrimination foundation.', 'The final Yeezy stocks will be sold by the end of 2024, the company said.', 'The decision to move on from the ""fight"" marks a stark contrast to 2022.', 'At the time, Adidas said it does ""not tolerate antisemitism and any other sort of hate speech"".', 'It added: ""Ye\'s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company\'s values of diversity and inclusion, mutual respect and fairness.""', 'Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.', 'Demand for Yeezy products did not let up even after the furore, with many Yeezy trainers doing well in the resale market and selling for hundreds - and sometimes thousands - of pounds.', 'West had his accounts suspended on Instagram and X (then known as Twitter) when he made a series of antisemitic comments in October 2022.', 'He repeated the claims in a number of interviews and podcasts, not all of which were aired, over the next two months.', ""In December that year, Mr West appeared on conspiracy theorist Alex Jones' show InfoWars where he spoke of his admiration for Adolf Hitler."", 'The rapper, now separated from celebrity Kim Kardashian, was diagnosed with bipolar disorder years ago and has publicly spoken about his challenges with his mental health.']",-0.1229292469185571,"Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.","It added: ""Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness.""",-0.0751622234072004,"Adidas and Mr West began collaborating in 2014, which led to a hugely successful sportswear brand.","Adidas has ended its ""fight"" with Kanye West over antisemitic comments he made in 2022, which scuppered the sports brand and US rapper's ""Yeezy"" collaboration.",2024-10-29
Philadelphia prosecutor sues Elon Musk over $1m swing-states voter lottery,https://www.bbc.co.uk/news/articles/c1e7lnye61eo,2024-10-28T18:20:27.106Z,"Prosecutors in Philadelphia have sued to stop Elon Musk and his political group America PAC from awarding $1m (£770,092m) to voters in swing states, accusing the billionaire of  ""running an illegal lottery"". ""America PAC and Musk must be stopped, immediately, before the upcoming Presidential Election on November 5, "" Philadelphia District Attorney Lawrence  Krasner said in the lawsuit. The lawsuit comes days after the US justice department warned Musk’s PAC that its $1 million giveaway might violate federal election law. Musk, who has been aggressively campaigning for Donald Trump, has said voters who want to be eligible for the prizes do not need to register as Republicans or vote. As part of that effort, Musk announced in October that he would randomly award a $1m prize to people in battleground states - Pennsylvania, Georgia, Nevada, Arizona, Wisconsin, Michigan and North Carolina - every day until 5 November.  To be eligible to win, the giveaway requires registered voters to release personal identifying information, like addresses and phone numbers. They are also required to sign a pledge that says they support the US Constitution. So far, nine $1m-prize winners have been announced, the latest a man from Michigan. Vice President Kamala Harris and Trump, whom Musk supports, remain locked in tight races in the battleground states. Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny.  “America PAC and Musk are lulling Philadelphia citizens... to give up their personal identifying information and make a political pledge in exchange for the chance to win $1 million,” according to the district attorney's lawsuit filed on Monday. ""That is a lottery. And it is indisputably an unlawful lottery.""  The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion. District Attorney Krasner has asked  for an immediate injunction before the presidential election because, he says, the ""scheme"" was hatched to ""influence voters"".  A court hearing on Mr Krasner’s request for a preliminary injunction has been set for Friday morning in Philadelphia - three days before election day.  The lawsuit makes clear that it is not accusing Musk and America PAC of violating federal laws prohibiting vote buying. A representative for America PAC told ABC News after the lawsuit was filed that it was fair to ""infer"" the PAC plans to continue handing out the $1m cheques. The BBC has reached out to Musk's America PAC for comment. Legal experts told the BBC that whether the giveaway violates federal law is a bit of a grey area.  Last week, the Justice Department sent a letter to America PAC warning that his lottery-style giveaway may be illegal. 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.  ",BBC,28/10/2024,"['Prosecutors in Philadelphia have sued to stop Elon Musk and his political group America PAC from awarding $1m (£770,092m) to voters in swing states, accusing the billionaire of ""running an illegal lottery"". ""', 'America PAC and Musk must be stopped, immediately, before the upcoming Presidential Election on November 5, "" Philadelphia District Attorney Lawrence Krasner said in the lawsuit.', 'The lawsuit comes days after the US justice department warned Musk’s PAC that its $1 million giveaway might violate federal election law.', 'Musk, who has been aggressively campaigning for Donald Trump, has said voters who want to be eligible for the prizes do not need to register as Republicans or vote.', 'As part of that effort, Musk announced in October that he would randomly award a $1m prize to people in battleground states - Pennsylvania, Georgia, Nevada, Arizona, Wisconsin, Michigan and North Carolina - every day until 5 November.', 'To be eligible to win, the giveaway requires registered voters to release personal identifying information, like addresses and phone numbers.', 'They are also required to sign a pledge that says they support the US Constitution.', 'So far, nine $1m-prize winners have been announced, the latest a man from Michigan.', 'Vice President Kamala Harris and Trump, whom Musk supports, remain locked in tight races in the battleground states.', ""Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny. “"", 'America PAC and Musk are lulling Philadelphia citizens... to give up their personal identifying information and make a political pledge in exchange for the chance to win $1 million,” according to the district attorney\'s lawsuit filed on Monday. ""', 'That is a lottery.', 'And it is indisputably an unlawful lottery.""', 'The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion.', 'District Attorney Krasner has asked for an immediate injunction before the presidential election because, he says, the ""scheme"" was hatched to ""influence voters"".', 'A court hearing on Mr Krasner’s request for a preliminary injunction has been set for Friday morning in Philadelphia - three days before election day.', 'The lawsuit makes clear that it is not accusing Musk and America PAC of violating federal laws prohibiting vote buying.', 'A representative for America PAC told ABC News after the lawsuit was filed that it was fair to ""infer"" the PAC plans to continue handing out the $1m cheques.', ""The BBC has reached out to Musk's America PAC for comment."", 'Legal experts told the BBC that whether the giveaway violates federal law is a bit of a grey area.', 'Last week, the Justice Department sent a letter to America PAC warning that his lottery-style giveaway may be illegal.', ""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.']",-0.0344883221123377,"So far, nine $1m-prize winners have been announced, the latest a man from Michigan.","The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion.",-0.8848362565040588,,"Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny. “",2024-10-29
McDonald's boss apologises for E. coli outbreak as sales slide,https://www.bbc.co.uk/news/articles/cqlr5pz9d7lo,2024-10-29T14:29:33.265Z,"The boss of McDonald's has apologised to customers hit by an E. coli outbreak in the US linked to the chain's Quarter Pounders, a new setback for the chain which has been struggling with flagging sales.  ""We are sorry for what our customers experienced,"" its chief executive Chris Kempczinski said. ""We offer our sincere and deepest sympathies and we are committed to making this right."" Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales. But they acknowledged it had added to the pressure the company has been under, as budget-conscious customers eat out less. On Tuesday, two customers in the US filed a proposed class-action lawsuit against the firm over the incident. Other consumers have also taken legal action. ""While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of expectations,"" Mr Kempczinski said while discussing the firm's latest update for investors.  In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday. Its international markets were hit particularly hard, especially the UK, France, China and the Middle East. It marked the second consecutive quarter of falling sales and the biggest in four years, after a decline of 1% in the three months prior. Mr Kempczinski said the firm was focused on offering ""value and affordability"" as customers continue ""to be mindful about their spending"". He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich. In the quarter, that helped the firm eke out a 0.3% sales rise in the US in stores open at least a year. McDonald's is now hoping to replicate that success in other markets such as the UK, where the chain has introduced offerings such as a Three for £3 deal and a £2.75 breakfast bundle.  The debut of the popular ""Grimace"" shake in the UK has also driven excitement, executives said.  ""We are beginning to see progress,"" said chief financial officer Ian Borden, while adding that the firm expected that its business in the Middle East would continue to be affected by conflict in the region. Bosses told investors they did not expect to increase prices significantly until the business was doing better, noting that they are still facing ""a lot of resistance"" from customers.  The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.  Profits fell 3% to $2.25bn.  Mr Borden said the public health scare had reversed signs of improving sales and traffic in the US, but said the company believed it would be able to restore confidence among its customers. ""The most significant events are behind us,"" he said. ""Getting our business back to that really strong momentum - we're really confident in our ability to do that."" McDonald's said on Monday it was starting to resume sales of Quarter Pounders, which had been suspended last week in about a fifth of its US restaurants.  It has stopped working indefinitely with Taylor Farms, which had been its supplier of onions believed to be the source of contamination.  ",BBC,29/10/2024,"['The boss of McDonald\'s has apologised to customers hit by an E. coli outbreak in the US linked to the chain\'s Quarter Pounders, a new setback for the chain which has been struggling with flagging sales. ""', 'We are sorry for what our customers experienced,"" its chief executive Chris Kempczinski said. ""', 'We offer our sincere and deepest sympathies and we are committed to making this right.""', 'Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales.', 'But they acknowledged it had added to the pressure the company has been under, as budget-conscious customers eat out less.', 'On Tuesday, two customers in the US filed a proposed class-action lawsuit against the firm over the incident.', 'Other consumers have also taken legal action. ""', 'While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of expectations,"" Mr Kempczinski said while discussing the firm\'s latest update for investors.', ""In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday."", 'Its international markets were hit particularly hard, especially the UK, France, China and the Middle East.', 'It marked the second consecutive quarter of falling sales and the biggest in four years, after a decline of 1% in the three months prior.', 'Mr Kempczinski said the firm was focused on offering ""value and affordability"" as customers continue ""to be mindful about their spending"".', ""He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich."", 'In the quarter, that helped the firm eke out a 0.3% sales rise in the US in stores open at least a year.', ""McDonald's is now hoping to replicate that success in other markets such as the UK, where the chain has introduced offerings such as a Three for £3 deal and a £2.75 breakfast bundle."", 'The debut of the popular ""Grimace"" shake in the UK has also driven excitement, executives said. ""', 'We are beginning to see progress,"" said chief financial officer Ian Borden, while adding that the firm expected that its business in the Middle East would continue to be affected by conflict in the region.', 'Bosses told investors they did not expect to increase prices significantly until the business was doing better, noting that they are still facing ""a lot of resistance"" from customers.', 'The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.', 'Profits fell 3% to $2.25bn.', 'Mr Borden said the public health scare had reversed signs of improving sales and traffic in the US, but said the company believed it would be able to restore confidence among its customers. ""', 'The most significant events are behind us,"" he said. ""', 'Getting our business back to that really strong momentum - we\'re really confident in our ability to do that.""', ""McDonald's said on Monday it was starting to resume sales of Quarter Pounders, which had been suspended last week in about a fifth of its US restaurants."", 'It has stopped working indefinitely with Taylor Farms, which had been its supplier of onions believed to be the source of contamination.']",0.1290154960473369,"He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich.",Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales.,-0.1140515208244323,"The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.","In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday.",2024-10-29
Why female entrepreneurs are key to getting more women to work,https://www.bbc.co.uk/news/articles/c4g0g5005ggo,2024-10-29T00:07:10.657Z,"A new study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation. By creating more opportunities for other women, female-led businesses can drive significant economic growth, it says. Imagine a world where women, though half the population, own less than a fifth of businesses. This is the reality the World Bank uncovered in a survey spanning 138 countries from 2006 to 2018. Even more intriguing is how female-owned businesses empower other women.  In male-owned firms, only 23% of workers were women, but female-owned businesses employ far more women. And while just 6.5% of male-owned businesses have a woman as the top manager, over half of female-owned firms are led by women. In India, the situation is even more challenging. Female labour participation and entrepreneurship are low, with the total number of women in the workforce barely changing over the past 30 years. But the picture looks slightly better when it comes to entrepreneurship.  Women make up about 14% of entrepreneurs and own a significant share of micro, small, and medium enterprises (MSMEs). They contribute notably to industrial output and employ a substantial portion of the workforce, according to the 2023 State of India's Livelihoods Report. Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures, according to Niti Aayog, a government think-tank.  While some women-owned enterprises employ staff in big numbers, a large majority operate with very few workers.  So Indian women are not really under-represented in entrepreneurship, but they operate much smaller firms than men – especially in the informal sector. Not surprisingly, women's contribution to India’s GDP is just 17%, less than half the global average. And India ranks 57th out of 65 countries for women's entrepreneurship, according to the Global Entrepreneurship Monitor Report 2021. A new paper by Gaurav Chiplunkar (University of Virginia) and Pinelopi Goldberg (Yale University) argues that promoting female entrepreneurship could significantly boost women's workforce participation, as female-led businesses often create more opportunities for other women. The authors developed a framework to measure the barriers women in India face when entering the labour force and becoming entrepreneurs.  They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses by hiring workers. Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones. So, policies that support female entrepreneurship are crucial, the authors argue. Policies that boost entrepreneurship and increase labour demand  - allowing more women to become entrepreneurs - can be more effective - and quicker - than changing long-standing social norms, says Mr Chiplunkar. “History tells us that norms are sticky,” says Ashwini Deshpande of Ashoka University.  Women still shoulder most household chores - cooking, cleaning, laundry, childcare, and elder care. There are more barriers, including limited access to safe, efficient transportation and childcare, restricting their ability to work within commuting distance. Even women’s limited ability to travel independently is a key factor restricting their participation in the labour market, as shown in a recent study led by Rolly Kapoor of University of California. Despite a recent uptick in India’s women’s labour force participation, the picture is not as promising as it seems, as Ms Deshpande notes in a paper.   The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. ""There is an urgent need to increase women’s participation in regular salaried paid work with job contracts and social security benefits. This would be the most important step, albeit not the only one, towards women’s economic empowerment,” says Ms Deshpande.  It's not going to be easy. For one, many women face obstacles - from families and  communities -  to working at all, regardless of whether they want to be entrepreneurs. And if more women join the workforce but there aren’t enough jobs - because barriers to starting businesses remain - wages could actually drop. Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour. A recent Barclays Research report says India can reach 8% GDP growth by ensuring women make up over half of the new workforce by 2030. Boosting female entrepreneurship could be a way out.  ",BBC,29/10/2024,"[""A new study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation."", 'By creating more opportunities for other women, female-led businesses can drive significant economic growth, it says.', 'Imagine a world where women, though half the population, own less than a fifth of businesses.', 'This is the reality the World Bank uncovered in a survey spanning 138 countries from 2006 to 2018.', 'Even more intriguing is how female-owned businesses empower other women.', 'In male-owned firms, only 23% of workers were women, but female-owned businesses employ far more women.', 'And while just 6.5% of male-owned businesses have a woman as the top manager, over half of female-owned firms are led by women.', 'In India, the situation is even more challenging.', 'Female labour participation and entrepreneurship are low, with the total number of women in the workforce barely changing over the past 30 years.', 'But the picture looks slightly better when it comes to entrepreneurship.', 'Women make up about 14% of entrepreneurs and own a significant share of micro, small, and medium enterprises (MSMEs).', ""They contribute notably to industrial output and employ a substantial portion of the workforce, according to the 2023 State of India's Livelihoods Report."", 'Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures, according to Niti Aayog, a government think-tank.', 'While some women-owned enterprises employ staff in big numbers, a large majority operate with very few workers.', 'So Indian women are not really under-represented in entrepreneurship, but they operate much smaller firms than men – especially in the informal sector.', ""Not surprisingly, women's contribution to India’s GDP is just 17%, less than half the global average."", ""And India ranks 57th out of 65 countries for women's entrepreneurship, according to the Global Entrepreneurship Monitor Report 2021."", ""A new paper by Gaurav Chiplunkar (University of Virginia) and Pinelopi Goldberg (Yale University) argues that promoting female entrepreneurship could significantly boost women's workforce participation, as female-led businesses often create more opportunities for other women."", 'The authors developed a framework to measure the barriers women in India face when entering the labour force and becoming entrepreneurs.', ""They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses by hiring workers."", 'Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.', 'So, policies that support female entrepreneurship are crucial, the authors argue.', 'Policies that boost entrepreneurship and increase labour demand - allowing more women to become entrepreneurs - can be more effective - and quicker - than changing long-standing social norms, says Mr Chiplunkar. “', 'History tells us that norms are sticky,” says Ashwini Deshpande of Ashoka University.', 'Women still shoulder most household chores - cooking, cleaning, laundry, childcare, and elder care.', 'There are more barriers, including limited access to safe, efficient transportation and childcare, restricting their ability to work within commuting distance.', 'Even women’s limited ability to travel independently is a key factor restricting their participation in the labour market, as shown in a recent study led by Rolly Kapoor of University of California.', 'Despite a recent uptick in India’s women’s labour force participation, the picture is not as promising as it seems, as Ms Deshpande notes in a paper.', 'The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. ""', 'There is an urgent need to increase women’s participation in regular salaried paid work with job contracts and social security benefits.', 'This would be the most important step, albeit not the only one, towards women’s economic empowerment,” says Ms Deshpande.', ""It's not going to be easy."", 'For one, many women face obstacles - from families and communities - to working at all, regardless of whether they want to be entrepreneurs.', 'And if more women join the workforce but there aren’t enough jobs - because barriers to starting businesses remain - wages could actually drop.', ""Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour."", 'A recent Barclays Research report says India can reach 8% GDP growth by ensuring women make up over half of the new workforce by 2030.', 'Boosting female entrepreneurship could be a way out.']",0.1946842568910526,"Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.","The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. """,0.1974479734897613,"Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.","Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour.",2024-10-29
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.,2024-10-29
Tariffs hurt his business. He's voting for Trump anyway,https://www.bbc.co.uk/news/articles/c0r8edwj9wlo,2024-10-28T00:57:09.731Z,"For almost 35 years, Wyoming entrepreneur Alan Chadwick has run his business importing clothing from China and selling the Western-style gear to stores serving ""working cowboys"" in the US.  Now, as former President Donald Trump campaigns on a pledge to hit all goods coming into the country with a 10%-20% tariff, or border tax, which would rise to 60% for goods from China, Chadwick is having to drastically rethink his strategy.  The 66-year-old has been exploring moving manufacturing of his products, like wool shirts with snaps and canvas jackets, to India or Pakistan - or perhaps closing his Wyoming Traders business, which employs 16 people, and retiring altogether. Chadwick said tariffs were a ""tax on the American people"" and warned that the expense for a company like his of opening a factory in the US was unrealistic. But as he prepares to cast his ballot, he expects to swallow his qualms about tariffs in favour of other priorities, such as illegal immigration and opposition to abortion. ""I will vote for Trump even though he's going to hurt our company if he does what he says he's going to do,"" he said. Chadwick's readiness to look past Trump's views on tariffs is a sign of the contradictory impulses shaping American politics. The Republican's platform has shifted America - once a global champion of free trade - towards an embrace of policies that are designed to protect US companies and jobs from foreign competition, despite the potential economic drawbacks. During his first term, Trump hit thousands of items from China with tariffs - measures that President Joe Biden, despite criticising them before entering the White House, kept in place.  This year, the Republican has put plans for sweeping tariffs at the centre of his presidential campaign, calling such duties ""the most beautiful word in the dictionary"". He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries.  ""We’re going to be a tariff nation. It’s not going to be a cost to you, it’s going to be a cost to another country,"" he has said on the trail. His claims are rejected by most traditional economists, who say the policy would do little to expand employment in the US, while raising costs for everyday Americans and slowing growth around the world. In the US, the Tax Foundation predicts the tariffs would reduce overall employment by 684,000 and shrink GDP by 0.8% - and that's without taking into account the almost certain retaliation from other countries. For a typical US household, costs would rise by at least $1,700, according to the Peterson Institute for International Economics, one of the lower estimates out there. ""It's absurd,"" economist Wendy Edelberg, director of the Hamilton Project and senior fellow at the Brookings Institution, said of Trump's promises. ""This is not the panacea that people are hoping for."" Despite the warnings, some surveys indicate that Trump's ideas are resonating: a September poll by Reuters/Ipsos found that 56% of likely voters favoured the Republican's tariff plans. Kyle Plesa, a 39-year-old Trump voter in Miami, Florida, said he did not think tariffs would have precisely the impact the candidate has promised, but the Republican's focus on the pitfalls of globalisation had touched a nerve. ""People are upset about it and I think Trump is at least addressing it,"" he said. ""I would probably prefer protecting business and paying a little bit more due to tariffs than I would dealing with the current state of inflation and raising taxes from the left,"" he added. Democratic presidential nominee Kamala Harris has attacked Trump’s tariff expansion plans as a ""national sales tax"", pledging a more targeted approach. But Trump has said money brought in from tariffs could allow for big tax cuts - sometimes floating the idea of eliminating income tax altogether.  Meanwhile, President Joe Biden’s decision to maintain Trump's China tariffs – and expand them on items such as electric vehicles - has also allowed the Republican to claim a policy victory.  Biden has also signed off other protectionist policies, such as on historic government spending to boost manufacturing in sectors such as semiconductors and green energy. He and Harris, like Trump, have opposed the takeover of US Steel by a Japanese company on national security grounds, raising chills in the business world about foreign investment. Michael Froman, who served as the US trade representative under former President Barack Obama, said Washington's turn to tools like tariffs and restrictions on foreign investment was ""probably here to stay"". ""There certainly is less enthusiasm around pursuing what we might call an affirmative trade agenda in terms of liberalisation, openness, reduction of barriers,"" he said. ""We just have to recognise that none of these policies are actually free. They all impose some kind of trade-off."" Jason Trice, the co-chief executive of Jasco, an Oklahoma-based lighting and electronics company that sells to major retailers such as Walmart, said the experience of his firm shows the damage tariffs can do. Since 2019, it has paid hundreds of millions of dollars worth of tariffs while transforming its supply chain, moving the bulk of its manufacturing from China to places such as Vietnam, Malaysia and the Philippines.  He said the changes have made his firm less efficient and raised costs by about 10%-15%, which he has passed on to retailers, ultimately raising prices and contributing to inflation. It has all taken a toll on his business, which has seen revenue fall 25% since 2020 and its staff numbers drop, via attrition, from 500 to 350. “In 50 years in business, the Chinese government has… never done anything nearly as damaging to our business as what the Trump administration has done,""  Trice said. “Tariffs have not helped bring jobs back to America. Tariffs have hurt American businesses and reduced employment opportunities.""   Lucerne International, a car parts supplier based in Michigan that has manufactured in China for decades, has also spent the last few years adjusting to the new climate.  With help from government incentives, the company is now working to open its first factory in its home state in 2026, plans expected to create more than 300 jobs over four years. But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “I don’t think tariffs are a long-term solution,” she said.  “All we’re going to do is continue to make ourselves uncompetitive on a global scale.” Michelle Fleury contributed to this report 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,28/10/2024,"['For almost 35 years, Wyoming entrepreneur Alan Chadwick has run his business importing clothing from China and selling the Western-style gear to stores serving ""working cowboys"" in the US.', 'Now, as former President Donald Trump campaigns on a pledge to hit all goods coming into the country with a 10%-20% tariff, or border tax, which would rise to 60% for goods from China, Chadwick is having to drastically rethink his strategy.', 'The 66-year-old has been exploring moving manufacturing of his products, like wool shirts with snaps and canvas jackets, to India or Pakistan - or perhaps closing his Wyoming Traders business, which employs 16 people, and retiring altogether.', 'Chadwick said tariffs were a ""tax on the American people"" and warned that the expense for a company like his of opening a factory in the US was unrealistic.', 'But as he prepares to cast his ballot, he expects to swallow his qualms about tariffs in favour of other priorities, such as illegal immigration and opposition to abortion. ""', 'I will vote for Trump even though he\'s going to hurt our company if he does what he says he\'s going to do,"" he said.', ""Chadwick's readiness to look past Trump's views on tariffs is a sign of the contradictory impulses shaping American politics."", ""The Republican's platform has shifted America - once a global champion of free trade - towards an embrace of policies that are designed to protect US companies and jobs from foreign competition, despite the potential economic drawbacks."", 'During his first term, Trump hit thousands of items from China with tariffs - measures that President Joe Biden, despite criticising them before entering the White House, kept in place.', 'This year, the Republican has put plans for sweeping tariffs at the centre of his presidential campaign, calling such duties ""the most beautiful word in the dictionary"".', 'He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries. ""', 'We’re going to be a tariff nation.', 'It’s not going to be a cost to you, it’s going to be a cost to another country,"" he has said on the trail.', 'His claims are rejected by most traditional economists, who say the policy would do little to expand employment in the US, while raising costs for everyday Americans and slowing growth around the world.', ""In the US, the Tax Foundation predicts the tariffs would reduce overall employment by 684,000 and shrink GDP by 0.8% - and that's without taking into account the almost certain retaliation from other countries."", 'For a typical US household, costs would rise by at least $1,700, according to the Peterson Institute for International Economics, one of the lower estimates out there. ""', 'It\'s absurd,"" economist Wendy Edelberg, director of the Hamilton Project and senior fellow at the Brookings Institution, said of Trump\'s promises. ""', 'This is not the panacea that people are hoping for.""', ""Despite the warnings, some surveys indicate that Trump's ideas are resonating: a September poll by Reuters/Ipsos found that 56% of likely voters favoured the Republican's tariff plans."", 'Kyle Plesa, a 39-year-old Trump voter in Miami, Florida, said he did not think tariffs would have precisely the impact the candidate has promised, but the Republican\'s focus on the pitfalls of globalisation had touched a nerve. ""', 'People are upset about it and I think Trump is at least addressing it,"" he said. ""', 'I would probably prefer protecting business and paying a little bit more due to tariffs than I would dealing with the current state of inflation and raising taxes from the left,"" he added.', 'Democratic presidential nominee Kamala Harris has attacked Trump’s tariff expansion plans as a ""national sales tax"", pledging a more targeted approach.', 'But Trump has said money brought in from tariffs could allow for big tax cuts - sometimes floating the idea of eliminating income tax altogether.', ""Meanwhile, President Joe Biden’s decision to maintain Trump's China tariffs – and expand them on items such as electric vehicles - has also allowed the Republican to claim a policy victory."", 'Biden has also signed off other protectionist policies, such as on historic government spending to boost manufacturing in sectors such as semiconductors and green energy.', 'He and Harris, like Trump, have opposed the takeover of US Steel by a Japanese company on national security grounds, raising chills in the business world about foreign investment.', 'Michael Froman, who served as the US trade representative under former President Barack Obama, said Washington\'s turn to tools like tariffs and restrictions on foreign investment was ""probably here to stay"". ""', 'There certainly is less enthusiasm around pursuing what we might call an affirmative trade agenda in terms of liberalisation, openness, reduction of barriers,"" he said. ""', 'We just have to recognise that none of these policies are actually free.', 'They all impose some kind of trade-off.""', 'Jason Trice, the co-chief executive of Jasco, an Oklahoma-based lighting and electronics company that sells to major retailers such as Walmart, said the experience of his firm shows the damage tariffs can do.', 'Since 2019, it has paid hundreds of millions of dollars worth of tariffs while transforming its supply chain, moving the bulk of its manufacturing from China to places such as Vietnam, Malaysia and the Philippines.', 'He said the changes have made his firm less efficient and raised costs by about 10%-15%, which he has passed on to retailers, ultimately raising prices and contributing to inflation.', 'It has all taken a toll on his business, which has seen revenue fall 25% since 2020 and its staff numbers drop, via attrition, from 500 to 350. “', 'In 50 years in business, the Chinese government has… never done anything nearly as damaging to our business as what the Trump administration has done,"" Trice said. “', 'Tariffs have not helped bring jobs back to America.', 'Tariffs have hurt American businesses and reduced employment opportunities.""', 'Lucerne International, a car parts supplier based in Michigan that has manufactured in China for decades, has also spent the last few years adjusting to the new climate.', 'With help from government incentives, the company is now working to open its first factory in its home state in 2026, plans expected to create more than 300 jobs over four years.', 'But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “', 'I don’t think tariffs are a long-term solution,” she said. “', 'All we’re going to do is continue to make ourselves uncompetitive on a global scale.”', 'Michelle Fleury contributed to this report 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.']",0.1512814468331093,"But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “","I will vote for Trump even though he's going to hurt our company if he does what he says he's going to do,"" he said.",-0.1755381178855896,"He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries. ""","Tariffs have hurt American businesses and reduced employment opportunities.""",2024-10-29
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.,2024-10-29
Dementia: AI developed to help make life easier,https://www.bbc.co.uk/news/articles/cqxj700pxpdo,2024-10-29T00:08:16.821Z,"Pete Middleton, who lives in Northamptonshire, UK with his wife, has long been an early adopter of technology. He became interested in computing while in the Royal Air Force in the 1980s and went on to learn several programming languages. In recent years he’s been enthusiastic about the rise of AI, which he uses for editing photographs, for translating text messages, and for research. Overall, Mr Middleton is having a busy retirement. In addition to his hobbies and his dementia blog, he’s a lived-experience consultant, committee member and volunteer with Alzheimer’s Society. Since his diagnosis with dementia five years ago, at the age of 65, he’s noticed changes to his short-term memory. For example, “I can still write apps for mobile phones, but I can’t remember where I put my telephone.” Mr Middleton believes that AI could help to bridge this gap. ""If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer. And if it does that, it keeps them out of the NHS system and out of care homes.” A number of AI-based tools offer to help with the daily routines of people living with dementia. One is Simon, an app that uses geo-tracking and machine learning to determine the specific needs of a user and provide notifications that could help. “For example, this could include reminding individuals of a PIN when the app detects they are at the bank,” says Fiona Carragher, the director of research and influencing at Alzheimer’s Society. Simon is currently being beta tested. A long-running programme in this domain is the Florence Project. The Florence Project seeks to develop useful communication technologies for people living with dementia. “We’re looking at this issue of keeping communication strong – so, not replacing communication between family and carers and people living with dementia, but rather supporting it,” says Janet Wiles, a professor in human-centred computing at Australia’s University of Queensland. Prof Wiles, whose own mother lives with dementia, is part of a team working on the Florence Project. The team are keen to avoid their products ending up in a drawer of unused, overly complicated devices. So, it includes a Living Experience Expert Panel, made up of people living with dementia and those who help care for them. The project has developed three devices – a diary, a music player, and a digital photo screen. These are easy-to-use, single-function devices with physical elements like knobs or buttons, which also integrate the preferences of the living experience experts.  The content on the devices can be adjusted either locally or remotely. For instance, a relative in another part of the country can update the playlist on the music player, if the person living with dementia gives permission. AI helps with personalising these tools. A knowledge bank is built for each person, based on questions they answer or conversations they have. Audio is transcribed and in some cases translated, before feeding into the kinds of information that are made available on the devices. For example, the diary device might display the photo of a new part-time carer next to the time that they will arrive. Needs and preferences may change as their condition does. So, for example, the information in the diary can be simplified to match the needs of the user. The team were keen not to rush the development process - the project has been running for about a decade already, and is now at the stage of testing its prototypes. ""The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions. She emphasises that data privacy and security are especially important for people with dementia. AI-based chatbots are also being integrated into companion robots. Hiro-chan is a faceless, huggable, soft therapy robot; the researchers believe that interacting with Hiro-chan reduces stress in people with dementia. They’re now working on integrating ChatGPT into the robots, along with speakers and microphones. The total weight would remain less than 800 grams. In initial tests with people with dementia living in care homes, “we found that a simpler dialogue than we expected would be more engaging for more of them,” says Hidenobu Sumioka, a roboticist at Advanced Telecommunications Research Institute International in Kyoto. However, “it’s critical that AI doesn’t replace the human contact that is so important in dementia care,” Ms Carragher says. “Instead, it should be used to enhance care in a way that is beneficial to people living with dementia and their carers.” Dennis Frost, a retired programmer who has served on the Florence Project’s Living Experience Expert Panel, points out that social engagement is very important for people who are diagnosed with dementia. “I would suggest increasing human interaction should be a priority over increasing AI interaction. After all would an AI actually care if I lived or died?” Mr Middleton sees great promise in AI, but emphasises that any technologies intended for people with dementia must be customisable to a diverse set of people. “No two people with dementia are the same,” Mr Middleton says. “What works for me won't work perhaps for my next-door neighbour, who has dementia.” “So developers must be very careful when they’re developing products to not just target the dementia community in general, but look for the specific stages of dementia and try and make up match up what they do with the person’s ability.” ",BBC,29/10/2024,"['Pete Middleton, who lives in Northamptonshire, UK with his wife, has long been an early adopter of technology.', 'He became interested in computing while in the Royal Air Force in the 1980s and went on to learn several programming languages.', 'In recent years he’s been enthusiastic about the rise of AI, which he uses for editing photographs, for translating text messages, and for research.', 'Overall, Mr Middleton is having a busy retirement.', 'In addition to his hobbies and his dementia blog, he’s a lived-experience consultant, committee member and volunteer with Alzheimer’s Society.', 'Since his diagnosis with dementia five years ago, at the age of 65, he’s noticed changes to his short-term memory.', 'For example, “I can still write apps for mobile phones, but I can’t remember where I put my telephone.”', 'Mr Middleton believes that AI could help to bridge this gap. ""', 'If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.', 'And if it does that, it keeps them out of the NHS system and out of care homes.”', 'A number of AI-based tools offer to help with the daily routines of people living with dementia.', 'One is Simon, an app that uses geo-tracking and machine learning to determine the specific needs of a user and provide notifications that could help. “', 'For example, this could include reminding individuals of a PIN when the app detects they are at the bank,” says Fiona Carragher, the director of research and influencing at Alzheimer’s Society.', 'Simon is currently being beta tested.', 'A long-running programme in this domain is the Florence Project.', 'The Florence Project seeks to develop useful communication technologies for people living with dementia. “', 'We’re looking at this issue of keeping communication strong – so, not replacing communication between family and carers and people living with dementia, but rather supporting it,” says Janet Wiles, a professor in human-centred computing at Australia’s University of Queensland.', 'Prof Wiles, whose own mother lives with dementia, is part of a team working on the Florence Project.', 'The team are keen to avoid their products ending up in a drawer of unused, overly complicated devices.', 'So, it includes a Living Experience Expert Panel, made up of people living with dementia and those who help care for them.', 'The project has developed three devices – a diary, a music player, and a digital photo screen.', 'These are easy-to-use, single-function devices with physical elements like knobs or buttons, which also integrate the preferences of the living experience experts.', 'The content on the devices can be adjusted either locally or remotely.', 'For instance, a relative in another part of the country can update the playlist on the music player, if the person living with dementia gives permission.', 'AI helps with personalising these tools.', 'A knowledge bank is built for each person, based on questions they answer or conversations they have.', 'Audio is transcribed and in some cases translated, before feeding into the kinds of information that are made available on the devices.', 'For example, the diary device might display the photo of a new part-time carer next to the time that they will arrive.', 'Needs and preferences may change as their condition does.', 'So, for example, the information in the diary can be simplified to match the needs of the user.', 'The team were keen not to rush the development process - the project has been running for about a decade already, and is now at the stage of testing its prototypes. ""', 'The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.', 'She emphasises that data privacy and security are especially important for people with dementia.', 'AI-based chatbots are also being integrated into companion robots.', 'Hiro-chan is a faceless, huggable, soft therapy robot; the researchers believe that interacting with Hiro-chan reduces stress in people with dementia.', 'They’re now working on integrating ChatGPT into the robots, along with speakers and microphones.', 'The total weight would remain less than 800 grams.', 'In initial tests with people with dementia living in care homes, “we found that a simpler dialogue than we expected would be more engaging for more of them,” says Hidenobu Sumioka, a roboticist at Advanced Telecommunications Research Institute International in Kyoto.', 'However, “it’s critical that AI doesn’t replace the human contact that is so important in dementia care,” Ms Carragher says. “', 'Instead, it should be used to enhance care in a way that is beneficial to people living with dementia and their carers.”', 'Dennis Frost, a retired programmer who has served on the Florence Project’s Living Experience Expert Panel, points out that social engagement is very important for people who are diagnosed with dementia. “', 'I would suggest increasing human interaction should be a priority over increasing AI interaction.', 'After all would an AI actually care if I lived or died?”', 'Mr Middleton sees great promise in AI, but emphasises that any technologies intended for people with dementia must be customisable to a diverse set of people. “', 'No two people with dementia are the same,” Mr Middleton says. “', ""What works for me won't work perhaps for my next-door neighbour, who has dementia.” “"", 'So developers must be very careful when they’re developing products to not just target the dementia community in general, but look for the specific stages of dementia and try and make up match up what they do with the person’s ability.”']",0.2069143561449764,"If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.","The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.",0.7386404201388359,"If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.","The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.",2024-10-29
Jeff Bezos op-ed defends the Washington Post over endorsement change,https://www.bbc.co.uk/news/articles/c8dmq8p54zdo,2024-10-29T12:09:19.704Z,"Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility.  Mr Bezos, who is also the Amazon founder, argued in an article on the Post's website on Monday that presidential endorsements created the ""perception of bias"" and did not ""tip the scales"" of an election.  The comments follow public scrutiny, as well as the newspaper's reported loss of thousands of subscribers and the resignation of some editorial staff members.  The decision to stop endorsing a presidential candidate - which was announced just days before the election - broke with a custom the Post had generally followed for decades. ""No undecided voters in Pennsylvania are going to say, 'I’m going with Newspaper A’s endorsement'. None,"" Mr Bezos wrote in his defence of the move.  ""What presidential endorsements actually do is create a perception of bias. A perception of non-independence. Ending them is a principled decision, and it’s the right one."" The paper has endorsed a candidate in most presidential elections since the 1970s, though when it announced the move, CEO William Lewis described the decision as a return ""to our roots of not endorsing presidential candidates"". The Washington Post Guild's leadership - which represents workers at the paper - said it was ""deeply concerned"" by the decision. ""We are already seeing cancellations from once-loyal readers,"" the Guild said in its statement. ""This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it."" The paper has lost as many as 200,000 digital subscribers, and several editorial staff including board members have stepped down, according to a report by NPR. The Post itself declined to comment, and Mr Bezos has not addressed the report. In its own news article on the decision, The Washington Post reported - citing two sources briefed on the sequence of events who were not authorised to speak publicly - that editorial staffers had planned to endorse Vice-President Kamala Harris, but the article was never published.  Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"".  ""I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,"" Mr Bezos wrote. But he said the paper would need to ""exercise new muscles"" to stay competitive and current.   The Washington Post owner also denied the decision was a ""quid pro quo of any kind"" with Harris or her Republican rival for the presidency, Donald Trump. In addition to The Washington Post, the Los Angeles Times and USA Today have also announced they will not endorse a presidential candidate this time.  Meanwhile, the New York Times and New York Post have made endorsements for Harris and Trump respectively.  ",BBC,29/10/2024,"[""Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility."", 'Mr Bezos, who is also the Amazon founder, argued in an article on the Post\'s website on Monday that presidential endorsements created the ""perception of bias"" and did not ""tip the scales"" of an election.', ""The comments follow public scrutiny, as well as the newspaper's reported loss of thousands of subscribers and the resignation of some editorial staff members."", 'The decision to stop endorsing a presidential candidate - which was announced just days before the election - broke with a custom the Post had generally followed for decades. ""', ""No undecided voters in Pennsylvania are going to say, 'I’m going with Newspaper A’s endorsement'."", 'None,"" Mr Bezos wrote in his defence of the move. ""', 'What presidential endorsements actually do is create a perception of bias.', 'A perception of non-independence.', 'Ending them is a principled decision, and it’s the right one.""', 'The paper has endorsed a candidate in most presidential elections since the 1970s, though when it announced the move, CEO William Lewis described the decision as a return ""to our roots of not endorsing presidential candidates"".', 'The Washington Post Guild\'s leadership - which represents workers at the paper - said it was ""deeply concerned"" by the decision. ""', 'We are already seeing cancellations from once-loyal readers,"" the Guild said in its statement. ""', 'This decision undercuts the work of our of members at a time when we should be building our readers\' trust, not losing it.""', 'The paper has lost as many as 200,000 digital subscribers, and several editorial staff including board members have stepped down, according to a report by NPR.', 'The Post itself declined to comment, and Mr Bezos has not addressed the report.', 'In its own news article on the decision, The Washington Post reported - citing two sources briefed on the sequence of events who were not authorised to speak publicly - that editorial staffers had planned to endorse Vice-President Kamala Harris, but the article was never published.', 'Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"". ""', 'I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,"" Mr Bezos wrote.', 'But he said the paper would need to ""exercise new muscles"" to stay competitive and current.', 'The Washington Post owner also denied the decision was a ""quid pro quo of any kind"" with Harris or her Republican rival for the presidency, Donald Trump.', 'In addition to The Washington Post, the Los Angeles Times and USA Today have also announced they will not endorse a presidential candidate this time.', 'Meanwhile, the New York Times and New York Post have made endorsements for Harris and Trump respectively.']",0.0478902803261538,"This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it.""","Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"". """,-0.6610200007756551,"Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility.","This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it.""",2024-10-29
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.,2024-10-29
HSBC profits jump as banking giant set for major shakeup,https://www.bbc.co.uk/news/articles/cgj761wz3j6o,2024-10-29T04:29:58.273Z,"HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history. The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations. It comes just days after HSBC's new boss announced a major overhaul of the company. The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. HSBC's new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank's full-year results in February. “We delivered another good quarter, which shows that our strategy is working,"" Mr  Elhedery added. The bank also said it will buy back another $3bn of its own shares. HSBC’s London-traded shares rose by almost 4% after the announcement. “HSBC’s third-quarter results were solid, with no major surprises,"" said Michael Makdad is a senior equity analyst at financial services firm Morningstar. ""Rather than the generally good results, I think the focus... will be on the structural overhaul"". The bank also said it expects to complete the sale of its Argentinian business by the end of this year. The company makes most of its money in Asia and has been shifting its focus to the region in recent years.  HSBC has also recently announced a reshuffle of its leadership, with the appointment of Pam Kaur as its first ever female finance chief. 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. Mr Elhedery replaced Noel Quinn as HSBC's chief executive in early September. It came at a crucial moment for the bank, as it tries to maintain its position in Asian and Western markets amid growing geopolitical tensions. ",BBC,29/10/2024,"['HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history.', ""The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations."", ""It comes just days after HSBC's new boss announced a major overhaul of the company."", 'The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.', 'HSBC\'s new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank\'s full-year results in February. “', 'We delivered another good quarter, which shows that our strategy is working,"" Mr Elhedery added.', 'The bank also said it will buy back another $3bn of its own shares.', 'HSBC’s London-traded shares rose by almost 4% after the announcement. “', 'HSBC’s third-quarter results were solid, with no major surprises,"" said Michael Makdad is a senior equity analyst at financial services firm Morningstar. ""', 'Rather than the generally good results, I think the focus... will be on the structural overhaul"".', 'The bank also said it expects to complete the sale of its Argentinian business by the end of this year.', 'The company makes most of its money in Asia and has been shifting its focus to the region in recent years.', 'HSBC has also recently announced a reshuffle of its leadership, with the appointment of Pam Kaur as its first ever female finance chief.', '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."", ""Mr Elhedery replaced Noel Quinn as HSBC's chief executive in early September."", 'It came at a crucial moment for the bank, as it tries to maintain its position in Asian and Western markets amid growing geopolitical tensions.']",0.0984866878134054,"HSBC's new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank's full-year results in February. “",The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.,0.9894006550312042,"The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations.",,2024-10-29
"Neal's Yard's stolen cheese could be sold abroad, supplier says",https://www.bbc.co.uk/news/articles/c5ygw9ye90po,2024-10-28T10:21:32.130Z,"Cheddar stolen from London cheese specialist Neal’s Yard Dairy may have been shipped abroad to be sold on, a supplier has told the BBC. Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October. Mr Holden said he believed the con was ""sophisticated"" and the cheese could have been taken to Russia or the Middle East. The Met Police is investigating and Neal's Yard Dairy said it was working with ""international authorities"" to identify the scammers.  The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg. The fraudsters posed as an agent of a French supermarket in order to receive the 22 tonnes of clothbound cheeses from the Southwark-based company without paying for it, Mr Holden said. ""The robbers asked Neal's Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people and then it disappeared, so they cleverly covered their tracks."" ""They have already claimed £300,000, these criminals, and if they sell the cheese they’ll get more again"", Mr Holden said. Confirming that the cheese had already been removed from the warehouse, Mr Holden said: ""I think they're hoping to sell it in the Middle East or Russia, that's my guess. ""Because people won't ask questions there. I think if they tried to sell it closer to home they'd find it difficult because the international artisan community is very connected,"" Mr Holden said. ""If they tried to sell it in North America, where we sell a lot of Hafod, or even Australia believe it or not, the balloon would go up because people would ask questions.""  Mr Holden, who runs a dairy farm in western Wales, said he and Neal's Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said. Neal's Yard Dairy has honoured it payment to suppliers despite the theft. On Monday, the firm thanked those who had ""rallied"" to support the business since the news of the theft and said it had received ""an overwhelming number of calls, messages, and visits"". It said: ""We are truly touched that so many people in the artisan cheese community and beyond are standing with us. It's a reminder of why we love the work we do."" Posting on social media, celebrity chef Jamie Oliver called for people to keep an eye out for ""lorryloads of posh cheese"" being sold ""for cheap"". Oliver told his Instagram followers: ""There has been a great cheese robbery. Some of the best cheddar cheese in the world has been stolen."" He described it as a ""real shame"", adding: ""If anyone hears anything about posh cheese going for cheap, it's probably some wrong'uns.""  Mr Holden said though it was a ""sad story"", he did not think the cheese industry would change how it operates.  He added that he hoped it would serve as a ""wake-up call"" about food production. He said: ""Don’t we want more trusted and transparent ways to get out food from the people who produce it? ""I think that is what’s disappeared in our modern food systems, we need to know more about the story behind our food… that should be our right."" The Met Police has confirmed it is investigating ""the theft of a large quantity of cheese"". Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk ",BBC,28/10/2024,"['Cheddar stolen from London cheese specialist Neal’s Yard Dairy may have been shipped abroad to be sold on, a supplier has told the BBC.', ""Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October."", 'Mr Holden said he believed the con was ""sophisticated"" and the cheese could have been taken to Russia or the Middle East.', 'The Met Police is investigating and Neal\'s Yard Dairy said it was working with ""international authorities"" to identify the scammers.', 'The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg.', 'The fraudsters posed as an agent of a French supermarket in order to receive the 22 tonnes of clothbound cheeses from the Southwark-based company without paying for it, Mr Holden said. ""', 'The robbers asked Neal\'s Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people and then it disappeared, so they cleverly covered their tracks."" ""', 'They have already claimed £300,000, these criminals, and if they sell the cheese they’ll get more again"", Mr Holden said.', 'Confirming that the cheese had already been removed from the warehouse, Mr Holden said: ""I think they\'re hoping to sell it in the Middle East or Russia, that\'s my guess. ""', ""Because people won't ask questions there."", 'I think if they tried to sell it closer to home they\'d find it difficult because the international artisan community is very connected,"" Mr Holden said. ""', 'If they tried to sell it in North America, where we sell a lot of Hafod, or even Australia believe it or not, the balloon would go up because people would ask questions.""', 'Mr Holden, who runs a dairy farm in western Wales, said he and Neal\'s Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""', 'That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said.', ""Neal's Yard Dairy has honoured it payment to suppliers despite the theft."", 'On Monday, the firm thanked those who had ""rallied"" to support the business since the news of the theft and said it had received ""an overwhelming number of calls, messages, and visits"".', 'It said: ""We are truly touched that so many people in the artisan cheese community and beyond are standing with us.', 'It\'s a reminder of why we love the work we do.""', 'Posting on social media, celebrity chef Jamie Oliver called for people to keep an eye out for ""lorryloads of posh cheese"" being sold ""for cheap"".', 'Oliver told his Instagram followers: ""There has been a great cheese robbery.', 'Some of the best cheddar cheese in the world has been stolen.""', 'He described it as a ""real shame"", adding: ""If anyone hears anything about posh cheese going for cheap, it\'s probably some wrong\'uns.""', 'Mr Holden said though it was a ""sad story"", he did not think the cheese industry would change how it operates.', 'He added that he hoped it would serve as a ""wake-up call"" about food production.', 'He said: ""Don’t we want more trusted and transparent ways to get out food from the people who produce it? ""', 'I think that is what’s disappeared in our modern food systems, we need to know more about the story behind our food… that should be our right.""', 'The Met Police has confirmed it is investigating ""the theft of a large quantity of cheese"".', 'Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram.', 'Send your story ideas to hello.bbclondon@bbc.co.uk']",0.1145859968953068,"The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg.","Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October.",-0.0759579864415255,"Mr Holden, who runs a dairy farm in western Wales, said he and Neal's Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""","That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said.",2024-10-29
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.",2024-10-29
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.",2024-10-29
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.,,2024-10-29
"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.",2024-10-29
McDonald's Quarter Pounder burgers to return to restaurants affected by E. coli outbreak,https://www.cnbc.com/2024/10/27/mcdonalds-quarter-pounder-burgers-to-return-to-restaurants-affected-by-e-coli-outbreak.html,2024-10-29T16:53:39+0000,"In this articleMcDonald's Quarter Pounder burgers will return to roughly a fifth of U.S. restaurants this week — or roughly 3,000 locations — after the fast-food giant pulled the menu item linked to a deadly E. coli outbreak.About 900 of those locations will be serving the Quarter Pounder burgers without slivered onions for the foreseeable future as health authorities continue their investigation into the source of the outbreak. That change will affect restaurants in Colorado, Kansas and Wyoming and portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma and Utah.""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants,"" Cesar Pina, chief supply chain officer for McDonald's North American operations, said in a letter sent to the company's U.S. system.The Colorado Department of Agriculture's testing did not detect E. coli in samples of the beef patties taken from restaurants in the area, according to Pina. The agency isn't planning further tests of the company's beef.Instead, health authorities have honed in on slivered onions used in the Quarter Pounders as the likely suspect for the outbreak. The Food and Drug Administration is still investigating if onions produced by Taylor Farms are responsible. McDonald's has stopped using Taylor Farms as a supplier for the ingredient indefinitely.McDonald's is now asking its beef suppliers to produce a new supply of the fresh beef patties used in its Quarter Pounders, Pina wrote in a letter sent to the company's U.S. system. Customers can expect to see the menu item back in all restaurants in the coming week, although it will happen on a rolling basis, depending on delivery and resupply operations.The Centers for Disease Control and Prevention said Friday that the E. coli outbreak linked to McDonald's has led to 75 cases across 13 states. 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. The agency also said previously that an older adult in Colorado died.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 1 million Quarter Pounders in the affected region, according to company spokespeople.McDonald's USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company's website.""On behalf of the McDonald's system, I want you to hear from me: we are sorry,"" he said.McDonald's is expected to report its third-quarter earnings before the bell on Tuesday. Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.",CNBC,29/10/2024,"[""In this articleMcDonald's Quarter Pounder burgers will return to roughly a fifth of U.S. restaurants this week — or roughly 3,000 locations — after the fast-food giant pulled the menu item linked to a deadly E. coli outbreak."", 'About 900 of those locations will be serving the Quarter Pounder burgers without slivered onions for the foreseeable future as health authorities continue their investigation into the source of the outbreak.', 'That change will affect restaurants in Colorado, Kansas and Wyoming and portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma and Utah.', '""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald\'s restaurants,"" Cesar Pina, chief supply chain officer for McDonald\'s North American operations, said in a letter sent to the company\'s U.S. system.', ""The Colorado Department of Agriculture's testing did not detect E. coli in samples of the beef patties taken from restaurants in the area, according to Pina."", ""The agency isn't planning further tests of the company's beef."", 'Instead, health authorities have honed in on slivered onions used in the Quarter Pounders as the likely suspect for the outbreak.', 'The Food and Drug Administration is still investigating if onions produced by Taylor Farms are responsible.', ""McDonald's has stopped using Taylor Farms as a supplier for the ingredient indefinitely."", ""McDonald's is now asking its beef suppliers to produce a new supply of the fresh beef patties used in its Quarter Pounders, Pina wrote in a letter sent to the company's U.S. system."", 'Customers can expect to see the menu item back in all restaurants in the coming week, although it will happen on a rolling basis, depending on delivery and resupply operations.', ""The Centers for Disease Control and Prevention said Friday that the E. coli outbreak linked to McDonald's has led to 75 cases across 13 states."", '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.', 'The agency also said previously that an older adult in Colorado died.', '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 1 million Quarter Pounders in the affected region, according to company spokespeople."", 'McDonald\'s USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company\'s website.', '""On behalf of the McDonald\'s system, I want you to hear from me: we are sorry,"" he said.', ""McDonald's is expected to report its third-quarter earnings before the bell on Tuesday."", 'Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.', ""Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak."", 'About 900 restaurants will serve the burgers without slivered onions.']",-0.0597539443116469,"""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants,"" Cesar Pina, chief supply chain officer for McDonald's North American operations, said in a letter sent to the company's U.S. system.","McDonald's USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company's website.",-0.9215566714604696,,Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.,2024-10-29
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.,2024-10-29
Lucid has high expectations for new Gravity SUV as customer orders set to open,https://www.cnbc.com/2024/10/29/lucid-gravity-suv.html,2024-10-29T13:08:36+0000,"In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson.The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website. It's set to retail starting at $94,900. Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.""I'm very confident we'll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position.""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street's expectations and its own initial expectations.Lucid delivered 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles delivered in 2023.Rawlinson said the company, which is backed by Saudi Arabia's Public Investment Fund, expects customer demand to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona.Lucid expects to begin serial production of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.Rawlinson said the company is still finalizing federal crash testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Board.Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected. The stock closed Monday at $2.52 per share, up less than 1%.Lucid is set to report its third-quarter results on Nov. 7 — the day customer ordering opens for the Gravity SUV.The Gravity Grand Touring will offer more than 800 horsepower and a projected electric range of more than 440 miles, according to Lucid.",CNBC,29/10/2024,"['In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company\'s losses, according to CEO Peter Rawlinson.', ""The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website."", ""It's set to retail starting at $94,900."", 'Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.', '""I\'m very confident we\'ll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""', ""We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position."", '""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street\'s expectations and its own initial expectations.', ""Lucid delivered 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles delivered in 2023.Rawlinson said the company, which is backed by Saudi Arabia's Public Investment Fund, expects customer demand to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona."", 'Lucid expects to begin serial production of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.', 'Rawlinson said the company is still finalizing federal crash testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Board.', 'Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected.', 'The stock closed Monday at $2.52 per share, up less than 1%.Lucid is set to report its third-quarter results on Nov. 7 — the day customer ordering opens for the Gravity SUV.The Gravity Grand Touring will offer more than 800 horsepower and a projected electric range of more than 440 miles, according to Lucid.']",0.1573272525788848,"""I'm very confident we'll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""","""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street's expectations and its own initial expectations.",0.7136221102305821,"In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson.","Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected.",2024-10-29
Chipotle misses revenue estimates as same-store sales growth disappoints,https://www.cnbc.com/2024/10/29/chipotle-mexican-grill-cmg-q3-2024-earnings.html,2024-10-29T21:41:47+0000,"In this articleChipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants. Shares of the company fell 3% in extended trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Chipotle reported third-quarter net income of $378.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier. The company's food and beverage costs increased during the quarter, in part due to Chipotle's decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer.Excluding items, the company earned 27 cents per share.Net sales climbed 13% to $2.79 billion. Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain's streak of bucking an overall slump in foot traffic across the industry. While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls. ""We're seeing growth from all income cohorts at present,"" interim CEO Scott Boatwright said on CNBC's ""Closing Bell: Overtime"" on Tuesday.While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket. The limited-time menu item is currently the most expensive protein, topping even the chain's steak and beef barbacoa options.Boatwright, formerly Chipotle's chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks' turnaround. On the company's conference call on Tuesday, Boatwright reassured investors that the chain's strategy is not changing despite the leadership shake-up.""I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,"" he said.Digital sales accounted for 34% of the chain's quarterly food and beverage revenue.The company opened 86 new locations during the quarter, 73 of which included a ""Chipotlane"" dedicated to online order pickup.Chipotle is also investing in new equipment to improve its preparation and cooking. The company plans to roll out new produce slicers to all restaurants by next summer. Chipotle has also added dual-sided grills to 74 restaurants and will announce early next year its strategy to add the equipment to new and existing restaurants.For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage. The company also anticipates it will open between 285 and 315 new restaurants this year.Looking to 2025, Chipotle plans to open between 315 and 345 new locations. More than 80% of those restaurants will include a Chipotlane.",CNBC,29/10/2024,"['In this articleChipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants.', 'Shares of the company fell 3% in extended trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Chipotle reported third-quarter net income of $378.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier."", ""The company's food and beverage costs increased during the quarter, in part due to Chipotle's decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer."", 'Excluding items, the company earned 27 cents per share.', 'Net sales climbed 13% to $2.79 billion.', 'Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%.', ""Traffic to restaurants increased 3.3% in the quarter, continuing the chain's streak of bucking an overall slump in foot traffic across the industry."", 'While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls.', '""We\'re seeing growth from all income cohorts at present,"" interim CEO Scott Boatwright said on CNBC\'s ""Closing Bell: Overtime"" on Tuesday.', 'While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket.', ""The limited-time menu item is currently the most expensive protein, topping even the chain's steak and beef barbacoa options."", ""Boatwright, formerly Chipotle's chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks' turnaround."", ""On the company's conference call on Tuesday, Boatwright reassured investors that the chain's strategy is not changing despite the leadership shake-up."", '""I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,"" he said.', ""Digital sales accounted for 34% of the chain's quarterly food and beverage revenue."", 'The company opened 86 new locations during the quarter, 73 of which included a ""Chipotlane"" dedicated to online order pickup.', 'Chipotle is also investing in new equipment to improve its preparation and cooking.', 'The company plans to roll out new produce slicers to all restaurants by next summer.', 'Chipotle has also added dual-sided grills to 74 restaurants and will announce early next year its strategy to add the equipment to new and existing restaurants.', 'For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage.', 'The company also anticipates it will open between 285 and 315 new restaurants this year.', 'Looking to 2025, Chipotle plans to open between 315 and 345 new locations.', 'More than 80% of those restaurants will include a Chipotlane.']",0.1536795196077302,"""I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,"" he said.","While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket.",0.699683666229248,"For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage.",Shares of the company fell 3% in extended trading.,2024-10-29
"McDonald's reverses U.S. same-store sales declines in the third quarter, but E. coli fallout looms",https://www.cnbc.com/2024/10/29/mcdonalds-mcd-earnings-q3-2024.html,2024-10-29T13:59:04+0000,"In this articleMcDonald's on Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline.However, investors are worried about another dent to U.S. sales fueled by a recent E. coli outbreak across 13 states linked to McDonald's Quarter Pounder burgers. As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.Daily sales and traffic turned negative immediately after McDonald's was linked to the outbreak, CFO Ian Borden said Tuesday during the company's earnings call. Still, the company isn't expecting the situation to have a material impact on its business.Health authorities have honed in on the burger's slivered onions as the likely source, and McDonald's has suspended its relationship with the supplier. Quarter Pounder burgers will return to affected restaurants on a rolling basis this week, sans slivered onions.Executives tried to reassure investors, saying that the company had addressed the issue and was moving on to bring back diners.""While the situation appears to be contained, and though it didn't affect Q3 numbers, it's certainly an important development, which I know is on many of your minds,"" CEO Chris Kempczinski told investors on the company's earnings call, adding that McDonald's was sorry and is committed to ""making this right.""Shares of the company were flat in morning trading.Here's what the company reported for the period ended Sept. 30, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's posted third-quarter net income of $2.26 billion, or $3.13 per share, down from $2.32 billion, or $3.17 per share, a year earlier.Excluding certain items, the fast-food giant earned $3.23 per share.Net sales rose 3% to $6.87 billion.The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets. It's the second straight quarter that the company's same-store sales have fallen.""While we anticipated a challenging environment in 2024, our performance this year has fallen short of our expectations,"" Kempczinski said.U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates. Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.Diners have pulled back their restaurant spending, leading McDonald's and its rivals to lean into discounts and other marketing tricks to bring customers back to their restaurants. For example, in August, McDonald's launched limited-time ""Collector's Edition"" cups.The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter. The international operated markets segment, which includes France, Germany and Australia, saw same-store sales shrink 2.1%. The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.Looking ahead to the fourth quarter, it's unclear how the E. coli outbreak might affect U.S. sales, particularly as consumers have grown more picky about how to spend their money and where.McDonald's executives have taken steps to reassure customers that the company's menu items are safe to eat, including pulling Quarter Pounder burgers from menus in the affected areas until its beef patties were cleared as the culprit.",CNBC,29/10/2024,"[""In this articleMcDonald'son Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline."", ""However, investors are worried about another dent to U.S. sales fueled by a recent E. coli outbreak across 13 states linked to McDonald's Quarter Pounder burgers."", 'As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.', ""Daily sales and traffic turned negative immediately after McDonald's was linked to the outbreak, CFO Ian Borden said Tuesday during the company's earnings call."", ""Still, the company isn't expecting the situation to have a material impact on its business."", ""Health authorities have honed in on the burger's slivered onions as the likely source, and McDonald's has suspended its relationship with the supplier."", 'Quarter Pounder burgers will return to affected restaurants on a rolling basis this week, sans slivered onions.', 'Executives tried to reassure investors, saying that the company had addressed the issue and was moving on to bring back diners.', '""While the situation appears to be contained, and though it didn\'t affect Q3 numbers, it\'s certainly an important development, which I know is on many of your minds,"" CEO Chris Kempczinski told investors on the company\'s earnings call, adding that McDonald\'s was sorry and is committed to ""making this right.', '""Shares of the company were flat in morning trading.', ""Here's what the company reported for the period ended Sept. 30, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's posted third-quarter net income of $2.26 billion, or $3.13 per share, down from $2.32 billion, or $3.17 per share, a year earlier."", 'Excluding certain items, the fast-food giant earned $3.23 per share.', 'Net sales rose 3% to $6.87 billion.', ""The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets."", ""It's the second straight quarter that the company's same-store sales have fallen."", '""While we anticipated a challenging environment in 2024, our performance this year has fallen short of our expectations,"" Kempczinski said.', ""U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates."", 'Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.', ""Diners have pulled back their restaurant spending, leading McDonald's and its rivals to lean into discounts and other marketing tricks to bring customers back to their restaurants."", 'For example, in August, McDonald\'s launched limited-time ""Collector\'s Edition"" cups.', ""The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter."", 'The international operated markets segment, which includes France, Germany and Australia, saw same-store sales shrink 2.1%.', 'The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.', ""Looking ahead to the fourth quarter, it's unclear how the E. coli outbreak might affect U.S. sales, particularly as consumers have grown more picky about how to spend their money and where."", ""McDonald's executives have taken steps to reassure customers that the company's menu items are safe to eat, including pulling Quarter Pounder burgers from menus in the affected areas until its beef patties were cleared as the culprit.""]",0.0056882074488061,"Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.","As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.",-0.3064927897955242,Net sales rose 3% to $6.87 billion.,"The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets.",2024-10-29
"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.,2024-10-29
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.",2024-10-29
"Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales",https://www.cnbc.com/2024/10/29/pfizer-pfe-earnings-q3-2024.html,2024-10-29T17:37:24+0000,"In this articlePfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales.The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share. Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion and $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value. The firm has a roughly $1 billion stake in the pharmaceutical company. Still, shares of Pfizer fell more than 2% on Tuesday.Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The company booked third-quarter net income of $4.47 billion, or 78 cents per share. That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago. Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker's shares are trading at about half of their pandemic-era high, putting the company's market cap at roughly $163 billion. Starboard managing member Jeff Smith contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value. Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company. Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics. Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it ""constructive and cordial."" Pfizer agrees with some of the points Starboard raised, but has ""vastly different views on many others,"" Bourla said. For example, Starboard challenged Pfizer's capital deployment for business development. But Pfizer believes its deals will bring significant shareholder returns, Bourla said.Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.Still, he said, ""We will engage productively with our shareholders, including Starboard"" and consider ""all good ideas that are offered.""Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year. The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027. Pfizer's third-quarter beat was fueled in part by higher demand for its Covid products.Paxlovid, its antiviral pill, brought in $2.7 billion in sales for the quarter, up from the $202 million it posted in the year-earlier period. That growth is mainly due to strong demand, particularly in the U.S. during a recent wave of the virus. It was also helped by a one-time contractual delivery of 1 million treatment courses of Paxlovid to the federal government's national stockpile during the third quarter, which accounted for $442 million in revenue. Those results are higher than the $707.7 million in sales that analysts were expecting for Paxlovid, according to estimates compiled by StreetAccount.""The demand for Paxlovid seems to have stabilized at the current levels and appears to be closely correlated with each wave of Covid-19,"" Bourla said.The company's Covid shot booked $1.42 billion in revenue, up 9% from the same period a year ago.Pfizer said that growth was mainly driven by the timing of stocking for the vaccine, pointing to the earlier approval of the updated version of the shot this fall compared with last year. That growth was partially offset by lower contractual deliveries and demand in international markets.Analysts expected $1.04 billion in sales for the shot, according to StreetAccount.Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas. Pfizer completed its acquisition of Seagen in December.Revenue also got a boost from sales of Pfizer's Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.  Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period. The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period. That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount. Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. Those price negotiations are a key provision of President Joe Biden's Inflation Reduction Act that the pharmaceutical industry fiercely opposes.Meanwhile, Pfizer's vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter. The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.",CNBC,29/10/2024,"[""In this articlePfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales."", 'The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share.', 'Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between$59.5 billion and $62.5 billion.', 'That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.', 'The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value.', 'The firm has a roughly $1 billion stake in the pharmaceutical company.', 'Still, shares of Pfizer fell more than 2% on Tuesday.', ""Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company booked third-quarter net income of $4.47 billion, or 78 cents per share."", 'That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago.', 'Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.', 'Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.', 'It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years.', ""The drugmaker's shares are trading at about half of their pandemic-era high, putting the company's market cap at roughly $163 billion."", 'Starboard managing member Jeff Smith contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value.', ""Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company."", 'Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics.', 'Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.', 'Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it ""constructive and cordial.', '""Pfizer agrees with some of the points Starboard raised, but has ""vastly different views on many others,"" Bourla said.', ""For example, Starboard challenged Pfizer's capital deployment for business development."", 'But Pfizer believes its deals will bring significant shareholder returns, Bourla said.', 'Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.', 'Still, he said, ""We will engage productively with our shareholders, including Starboard"" and consider ""all good ideas that are offered.', '""Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year.', ""The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027.Pfizer's third-quarter beat was fueled in part by higher demand for its Covid products."", 'Paxlovid, its antiviral pill, brought in $2.7 billion in sales for the quarter, up from the $202 million it posted in the year-earlier period.', 'That growth is mainly due to strong demand, particularly in the U.S. during a recent wave of the virus.', ""It was also helped by a one-time contractual delivery of 1 million treatment courses of Paxlovid to the federal government's national stockpile during the third quarter, which accounted for $442 million in revenue."", 'Those results are higher than the $707.7 million in sales that analysts were expecting for Paxlovid, according to estimates compiled by StreetAccount.', '""The demand for Paxlovid seems to have stabilized at the current levels and appears to be closely correlated with each wave of Covid-19,"" Bourla said.', ""The company's Covid shot booked $1.42 billion in revenue, up 9% from the same period a year ago."", 'Pfizer said that growth was mainly driven by the timing of stocking for the vaccine, pointing to the earlier approval of the updated version of the shot this fall compared with last year.', 'That growth was partially offset by lower contractual deliveries and demand in international markets.', 'Analysts expected $1.04 billion in sales for the shot, according to StreetAccount.', 'Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.', 'Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas.', 'Pfizer completed its acquisition of Seagen in December.', ""Revenue also got a boost from sales of Pfizer's Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle."", 'Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.', 'Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period.', 'The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period.', 'That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount.', 'Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government.', ""Those price negotiations are a key provision of President Joe Biden's Inflation Reduction Act that the pharmaceutical industry fiercely opposes."", ""Meanwhile, Pfizer's vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter."", 'The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.', 'Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.', ""Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.""]",0.0970695741951692,"Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.",Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company.,0.5383083259358126,"Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.","Still, shares of Pfizer fell more than 2% on Tuesday.",2024-10-29
Ford guides to low end of 2024 earnings forecast as it slightly tops Wall Street's third-quarter expectations,https://www.cnbc.com/2024/10/28/ford-motor-f-earnings-q3-2024.html,2024-10-29T10:08:36+0000,"In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations.The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion. It had previously guided to between $10 billion and $12 billion. It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.Heading into Monday's results, several Wall Street analysts were concerned Ford would need to lower its forecast due to softening demand, rising vehicle inventory levels and worries about Ford's ability to achieve an announced $2 billion in cost cuts this year.""Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,"" Ford CFO and Vice Chair John Lawler said Monday during a media briefing.Lawler said Ford has achieved its $2 billion in material, freight and manufacturing costs, but higher inflationary and warranty costs have eaten into those improvements and have restricted the company ""from having a record year.""Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:Shares of the automaker were down by roughly 5% during after-hours trading after closing Monday at $11.37, up 2.7%.The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street's earnings expectations.Lawler said the company's warranty costs in the third quarter were slightly lower than they were a year earlier after increasing by $800 million year over year during the second quarter.""It's an improvement, but it's not as big as we would like to see,"" Lawler said, declining to disclose the overall costs during the period.Ford's third-quarter results were led by its ""Pro"" commercial and fleet business as well as its traditional operations, known as ""Ford Blue."" Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.Lawler said Ford Pro and Blue operations are being affected — and likely will continue to be affected — by some supplier problems, in part due to Hurricane Helene in late September.Ford's ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.Ford's net income for the third quarter was $896 million, or 22 cents per share. Adjusted EBIT increased roughly 16% year over year to $2.55 billion. Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.Ford's overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion. It marked the company's 10th consecutive quarter of year-over-year revenue growth.Farley noted that the company's operations in China, where legacy automakers have increasingly struggled, have contributed more than $600 million to the company's EBIT. That includes Ford's plans to increase vehicle exports from the country.Farley also addressed the company's rising new vehicle inventory levels. Ford has 91 days' supply of gross inventory, including vehicles in the company's possession, and 68 days' supply on dealer lots at the end of the third quarter, which has concerned investors.He said the mix and price of those vehicles is ""really good"" and the company is holding back some inventory to assist with vehicle changeovers in early 2025.",CNBC,29/10/2024,"[""In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations."", 'The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion.', 'It had previously guided to between $10 billion and $12 billion.', 'It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.', ""Heading into Monday's results, several Wall Street analysts were concerned Ford would need to lower its forecast due to softening demand, rising vehicle inventory levels and worries about Ford's ability to achieve an announced $2 billion in cost cuts this year."", '""Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,"" Ford CFO and Vice Chair John Lawler said Monday during a media briefing.', 'Lawler said Ford has achieved its $2 billion in material, freight and manufacturing costs, but higher inflationary and warranty costs have eaten into those improvements and have restricted the company ""from having a record year.', '""Here\'s how the company performed in the third quarter, compared with average estimates compiled by LSEG:Shares of the automaker were down by roughly 5% during after-hours trading after closing Monday at $11.37, up 2.7%.The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street\'s earnings expectations.', ""Lawler said the company's warranty costs in the third quarter were slightly lower thanthey werea year earlier after increasing by $800 million year over year during the second quarter."", '""It\'s an improvement, but it\'s not as big as we would like to see,"" Lawler said, declining to disclose the overall costs during the period.', 'Ford\'s third-quarter results were led by its ""Pro"" commercial and fleet business as well as its traditional operations, known as ""Ford Blue.""', 'Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.', 'Lawler said Ford Pro and Blue operations are being affected — and likely will continue to be affected — by some supplier problems, in part due to Hurricane Helene in late September.', 'Ford\'s ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.', 'Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.', ""Ford's net income for the third quarter was $896 million, or 22 cents per share."", 'Adjusted EBIT increased roughly 16% year over year to $2.55 billion.', ""Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share."", ""Ford's overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion."", ""It marked the company's 10th consecutive quarter of year-over-year revenue growth."", ""Farley noted that the company's operations in China, where legacy automakers have increasingly struggled, have contributed more than $600 million to the company's EBIT."", ""That includes Ford's plans to increase vehicle exports from the country."", ""Farley also addressed the company's rising new vehicle inventory levels."", ""Ford has 91 days' supply of gross inventory, including vehicles in the company's possession,and 68 days' supply on dealer lots at the end of the third quarter, which has concerned investors."", 'He said the mix and price of those vehicles is ""really good"" and the company is holding back some inventory to assist with vehicle changeovers in early 2025.']",0.0412858179760801,"Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.","Ford's ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.",0.4204728182624368,Adjusted EBIT increased roughly 16% year over year to $2.55 billion.,In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations.,2024-10-29
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.",,2024-10-29
"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.",,2024-10-29
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.,2024-10-29
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.",2024-10-29
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.",2024-10-29
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.",2024-10-29
McDonald's executives say E. coli outbreak is 'behind us',https://www.cnbc.com/2024/10/29/mcdonalds-e-coli-outbreak-ceo-comments.html,2024-10-29T18:29:54+0000,"In this articleA week after health authorities publicly linked a deadly E. coli outbreak to McDonald's Quarter Pounder burgers, the company's CEO, Chris Kempczinski, told investors that the situation is now behind them.""How we've handled the issue, now that we're moving ... we view it as being behind us,"" Kempczinski said on the company's call Tuesday.During his prepared remarks, he said that the ""situation appears to be contained.""On Sunday, McDonald's said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak. That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.Health authorities didn't detect any E. coli in the burger's fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source. McDonald's has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions.McDonald's saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said. He added that the company isn't anticipating a material impact to the business.Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.On Tuesday, McDonald's reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates.McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.Shares of McDonald's fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call. The stock was roughly flat when the markets opened.Earlier on the call, Kempczinski apologized to customers for the situation.""The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,"" Kempczinski said. ""On behalf of the entire system, we are sorry for what our customers have experienced. We offer our sincere and deepest sympathies, and we are committed to making this right.""As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.At least three lawsuits have already been filed against McDonald's by victims of the outbreak.Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.",CNBC,29/10/2024,"[""In this articleA week after health authorities publicly linked a deadly E. coli outbreak to McDonald's Quarter Pounder burgers, the company's CEO, Chris Kempczinski, told investors that the situation is now behind them."", '""How we\'ve handled the issue, now that we\'re moving ... we view it as being behind us,"" Kempczinski said on the company\'s call Tuesday.', 'During his prepared remarks, he said that the ""situation appears to be contained.', '""On Sunday, McDonald\'s said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak.', 'That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.', ""Health authorities didn't detect any E. coli in the burger's fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source."", ""McDonald's has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions."", ""McDonald's saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said."", ""He added that the company isn't anticipating a material impact to the business."", ""Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac."", '""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.', ""On Tuesday, McDonald's reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates."", ""McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets."", ""Shares of McDonald's fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call."", 'The stock was roughly flat when the markets opened.', 'Earlier on the call, Kempczinski apologized to customers for the situation.', '""The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,"" Kempczinski said. ""', 'On behalf of the entire system, we are sorry for what our customers have experienced.', 'We offer our sincere and deepest sympathies, and we are committed to making this right.', '""As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.', ""At least three lawsuits have already been filed against McDonald's by victims of the outbreak."", ""Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak."", 'About 900 restaurants will serve the burgers without slivered onions.']",0.0301672213047697,"""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.","McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.",-0.3777641832828521,"Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.","McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.",2024-10-29
"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.",2024-10-29
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.",,2024-10-29
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.",2024-10-29
Gatorade signs Duke basketball's Cooper Flagg to NIL deal,https://www.cnbc.com/2024/10/29/gatorade-signs-duke-basketballs-cooper-flagg-to-nil-deal.html,2024-10-29T16:43:51+0000,"In this articleGatorade is adding another big-name athlete to its already loaded portfolio.First-year Duke men's basketball player Cooper Flagg has agreed to a name, image and likeness deal with PepsiCo-owned Gatorade, according to a Tuesday announcement. Flagg is projected to be the first overall draft pick in the 2025 National Basketball Association Draft and already has NIL deals with brands including New Balance and New Era.""This has been a big year for me on and off the court, and Gatorade has been there the whole way,"" Flagg said in a news release. ""From being named the Gatorade Best Male Player of the Year to now officially joining the team, it's been surreal to have my name mentioned with some of the biggest names in basketball. The Gatorade roster is iconic, and I'm excited to work with them as I take this next step.""  As part of the deal, Gatorade will use Flagg in its marketing. Terms of the deal, like Flagg's others, are undisclosed.Flagg is the latest example of what is already a dramatically different college sports landscape than what existed prior to 2021. Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.Players like Flagg, a highly touted prospect and likely NBA star, have been able to net NIL deals, some of them reportedly worth millions of dollars.Flagg is Gatorade's first men's college basketball athlete, joining women's college basketball stars such as University of Connecticut's Paige Bueckers and University of Southern California's JuJu Watkins as well as collegiate football stars such as Colorado's Shedeur Sanders.""Cooper is an incredible talent who quickly emerged as one of the best young athletes in the nation, and we know he has a bright future ahead of him,"" said Jeff Kearney, global head of sports marketing at Gatorade, in a statement. ""At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins.""Flagg has inked his NIL deals all before playing in a college basketball game that counts toward a season record. Duke plays its first regular-season game Monday against Maine.",CNBC,29/10/2024,"['In this articleGatorade is adding another big-name athlete to its already loaded portfolio.', ""First-year Duke men's basketball player Cooper Flagg has agreed to a name, image and likeness deal with PepsiCo-owned Gatorade, according to a Tuesday announcement."", 'Flagg is projected to be the first overall draft pick in the 2025 National Basketball Association Draft and already has NIL deals with brands including New Balance and New Era.', '""This has been a big year for me on and off the court, and Gatorade has been there the whole way,"" Flagg said in a news release. ""', ""From being named the Gatorade Best Male Player of the Year to now officially joining the team, it's been surreal to have my name mentioned with some of the biggest names in basketball."", ""The Gatorade roster is iconic, and I'm excited to work with them as I take this next step."", '""As part of the deal, Gatorade will use Flagg in its marketing.', ""Terms of the deal, like Flagg's others, are undisclosed."", 'Flagg is the latest example of what is already a dramatically different college sports landscape than what existed prior to 2021.', 'Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.', 'Players like Flagg, a highly touted prospect and likely NBA star, have been able to net NIL deals, some of them reportedlyworth millions of dollars.', ""Flagg is Gatorade's first men's college basketball athlete, joining women's college basketball stars such as University of Connecticut's Paige Bueckers and University of Southern California's JuJu Watkins as well as collegiate football stars such as Colorado's Shedeur Sanders."", '""Cooper is an incredible talent who quickly emerged as one of the best young athletes in the nation, and we know he has a bright future ahead of him,"" said Jeff Kearney, global head of sports marketing at Gatorade, in a statement. ""', ""At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins."", '""Flagg has inked his NIL deals all before playing in a college basketball game that counts toward a season record.', 'Duke plays its first regular-season game Monday against Maine.']",0.3356200692136604,"At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins.",,0.9439092533929008,"Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.",,2024-10-29
Immersive entertainment company Cosm lands rights to broadcast NFL games,https://www.cnbc.com/2024/10/28/cosm-nfl-games-shared-reality.html,2024-10-28T12:56:11+0000,"Cosm, the immersive technology company that broadcasts live sports events using what it calls ""shared reality,"" is partnering with the National Football League, the company announced Monday.As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive ""shared reality"" experience that mirrors being at the game.The domes fit about 700 people with the average ticket price ranging between $22 and $127. Cosm uses a dynamic pricing model, similar to concerts or live sports.""What's so unique about a property like the NFL is that fandom is everywhere,"" said Jeb Terry, president and CEO at Cosm. ""We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they're at the stadium themselves.""The company did not disclose the financial details of its deal with the NFL.Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said. The second game sold out in one minute.""Inventory is flying off the shelf,"" Terry said.While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show. This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.In July, the company raised more than $250 million in funding to expand globally. Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,28/10/2024,"['Cosm, the immersive technology company that broadcasts live sports events using what it calls ""shared reality,"" is partnering with the National Football League, the company announced Monday.', 'As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.', 'The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.', 'The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive ""shared reality"" experience that mirrors being at the game.', 'The domes fit about 700 people with the average ticket price ranging between $22 and $127.', 'Cosm uses a dynamic pricing model, similar to concerts or live sports.', '""What\'s so unique about a property like the NFL is that fandom is everywhere,"" said Jeb Terry, president and CEO at Cosm. ""', ""We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they're at the stadium themselves."", '""The company did not disclose the financial details of its deal with the NFL.Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.', 'Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.', 'Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said.', 'The second game sold out in one minute.', '""Inventory is flying off the shelf,"" Terry said.', 'While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show.', 'This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.', ""As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model."", 'Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.', 'In July, the company raised more than $250 million in funding to expand globally.', 'Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.1602931040687043,"As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.","Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.",0.993797500928243,"As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.",,2024-10-29
"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.",2024-10-29
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.",2024-10-29
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.",2024-10-28
Why has Maghull been named the best railway station in the UK?,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.,,2024-10-28
TikTok founder Zhang Yiming becomes China's richest man,https://www.bbc.co.uk/news/articles/c8dmql101dno,2024-10-29T10:53:39.566Z,"The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person. According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023. The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm. TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state. While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it. Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,"" said head of Hurun Rupert Hoogewerf.  ""The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.  ""This gives an indication of some of the dynamism in the Chinese economy."" Mr Zhang is not the only representative of China's huge tech sector on the list. Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn. But their fortunes are not just explained by their companies successes - their rivals have made less in a year in which China's economy has sputtered. In fact, only approximately 30% of the people on the list had an increase in their net worth - the rest saw a decline. “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,"" said Mr Hoogewerf.  ""The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021."" He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled. “Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said.  ""Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively."" ",BBC,29/10/2024,"[""The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person."", 'According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023.', 'The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm.', 'TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state.', 'While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.', ""Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “"", 'Zhang Yiming is the 18th new Number One we have had in China in just 26 years,"" said head of Hurun Rupert Hoogewerf. ""', 'The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. ""', 'This gives an indication of some of the dynamism in the Chinese economy.""', ""Mr Zhang is not the only representative of China's huge tech sector on the list."", 'Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn.', ""But their fortunes are not just explained by their companies successes - their rivals have made less in a year in which China's economy has sputtered."", 'In fact, only approximately 30% of the people on the list had an increase in their net worth - the rest saw a decline. “', 'The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,"" said Mr Hoogewerf. ""', 'The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.""', 'He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled. “', 'Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said. ""', 'Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively.""']",0.293464252624078,"The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person.","Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,"" he said. """,-0.00037402510643,"Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune. “","The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.""",2024-10-28
Jeff Bezos op-ed defends the Washington Post over endorsement change,https://www.bbc.co.uk/news/articles/c8dmq8p54zdo,2024-10-29T12:09:19.704Z,"Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility.  Mr Bezos, who is also the Amazon founder, argued in an article on the Post's website on Monday that presidential endorsements created the ""perception of bias"" and did not ""tip the scales"" of an election.  The comments follow public scrutiny, as well as the newspaper's reported loss of thousands of subscribers and the resignation of some editorial staff members.  The decision to stop endorsing a presidential candidate - which was announced just days before the election - broke with a custom the Post had generally followed for decades. ""No undecided voters in Pennsylvania are going to say, 'I’m going with Newspaper A’s endorsement'. None,"" Mr Bezos wrote in his defence of the move.  ""What presidential endorsements actually do is create a perception of bias. A perception of non-independence. Ending them is a principled decision, and it’s the right one."" The paper has endorsed a candidate in most presidential elections since the 1970s, though when it announced the move, CEO William Lewis described the decision as a return ""to our roots of not endorsing presidential candidates"". The Washington Post Guild's leadership - which represents workers at the paper - said it was ""deeply concerned"" by the decision. ""We are already seeing cancellations from once-loyal readers,"" the Guild said in its statement. ""This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it."" The paper has lost as many as 200,000 digital subscribers, and several editorial staff including board members have stepped down, according to a report by NPR. The Post itself declined to comment, and Mr Bezos has not addressed the report. In its own news article on the decision, The Washington Post reported - citing two sources briefed on the sequence of events who were not authorised to speak publicly - that editorial staffers had planned to endorse Vice-President Kamala Harris, but the article was never published.  Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"".  ""I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,"" Mr Bezos wrote. But he said the paper would need to ""exercise new muscles"" to stay competitive and current.   The Washington Post owner also denied the decision was a ""quid pro quo of any kind"" with Harris or her Republican rival for the presidency, Donald Trump. In addition to The Washington Post, the Los Angeles Times and USA Today have also announced they will not endorse a presidential candidate this time.  Meanwhile, the New York Times and New York Post have made endorsements for Harris and Trump respectively.  ",BBC,29/10/2024,"[""Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility."", 'Mr Bezos, who is also the Amazon founder, argued in an article on the Post\'s website on Monday that presidential endorsements created the ""perception of bias"" and did not ""tip the scales"" of an election.', ""The comments follow public scrutiny, as well as the newspaper's reported loss of thousands of subscribers and the resignation of some editorial staff members."", 'The decision to stop endorsing a presidential candidate - which was announced just days before the election - broke with a custom the Post had generally followed for decades. ""', ""No undecided voters in Pennsylvania are going to say, 'I’m going with Newspaper A’s endorsement'."", 'None,"" Mr Bezos wrote in his defence of the move. ""', 'What presidential endorsements actually do is create a perception of bias.', 'A perception of non-independence.', 'Ending them is a principled decision, and it’s the right one.""', 'The paper has endorsed a candidate in most presidential elections since the 1970s, though when it announced the move, CEO William Lewis described the decision as a return ""to our roots of not endorsing presidential candidates"".', 'The Washington Post Guild\'s leadership - which represents workers at the paper - said it was ""deeply concerned"" by the decision. ""', 'We are already seeing cancellations from once-loyal readers,"" the Guild said in its statement. ""', 'This decision undercuts the work of our of members at a time when we should be building our readers\' trust, not losing it.""', 'The paper has lost as many as 200,000 digital subscribers, and several editorial staff including board members have stepped down, according to a report by NPR.', 'The Post itself declined to comment, and Mr Bezos has not addressed the report.', 'In its own news article on the decision, The Washington Post reported - citing two sources briefed on the sequence of events who were not authorised to speak publicly - that editorial staffers had planned to endorse Vice-President Kamala Harris, but the article was never published.', 'Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"". ""', 'I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,"" Mr Bezos wrote.', 'But he said the paper would need to ""exercise new muscles"" to stay competitive and current.', 'The Washington Post owner also denied the decision was a ""quid pro quo of any kind"" with Harris or her Republican rival for the presidency, Donald Trump.', 'In addition to The Washington Post, the Los Angeles Times and USA Today have also announced they will not endorse a presidential candidate this time.', 'Meanwhile, the New York Times and New York Post have made endorsements for Harris and Trump respectively.']",0.0478902803261538,"This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it.""","Mr Bezos denied the timing of the decision was a ""intentional strategy"" and chalked it up to ""inadequate planning"". """,-0.6610200007756551,"Washington Post owner Jeff Bezos has defended his newspaper's decision to stop making presidential endorsements, saying the move could help improve credibility.","This decision undercuts the work of our of members at a time when we should be building our readers' trust, not losing it.""",2024-10-28
"Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales",https://www.cnbc.com/2024/10/29/pfizer-pfe-earnings-q3-2024.html,2024-10-29T17:37:24+0000,"In this articlePfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales.The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share. Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion and $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value. The firm has a roughly $1 billion stake in the pharmaceutical company. Still, shares of Pfizer fell more than 2% on Tuesday.Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: The company booked third-quarter net income of $4.47 billion, or 78 cents per share. That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago. Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker's shares are trading at about half of their pandemic-era high, putting the company's market cap at roughly $163 billion. Starboard managing member Jeff Smith contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value. Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company. Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics. Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it ""constructive and cordial."" Pfizer agrees with some of the points Starboard raised, but has ""vastly different views on many others,"" Bourla said. For example, Starboard challenged Pfizer's capital deployment for business development. But Pfizer believes its deals will bring significant shareholder returns, Bourla said.Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.Still, he said, ""We will engage productively with our shareholders, including Starboard"" and consider ""all good ideas that are offered.""Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year. The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027. Pfizer's third-quarter beat was fueled in part by higher demand for its Covid products.Paxlovid, its antiviral pill, brought in $2.7 billion in sales for the quarter, up from the $202 million it posted in the year-earlier period. That growth is mainly due to strong demand, particularly in the U.S. during a recent wave of the virus. It was also helped by a one-time contractual delivery of 1 million treatment courses of Paxlovid to the federal government's national stockpile during the third quarter, which accounted for $442 million in revenue. Those results are higher than the $707.7 million in sales that analysts were expecting for Paxlovid, according to estimates compiled by StreetAccount.""The demand for Paxlovid seems to have stabilized at the current levels and appears to be closely correlated with each wave of Covid-19,"" Bourla said.The company's Covid shot booked $1.42 billion in revenue, up 9% from the same period a year ago.Pfizer said that growth was mainly driven by the timing of stocking for the vaccine, pointing to the earlier approval of the updated version of the shot this fall compared with last year. That growth was partially offset by lower contractual deliveries and demand in international markets.Analysts expected $1.04 billion in sales for the shot, according to StreetAccount.Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas. Pfizer completed its acquisition of Seagen in December.Revenue also got a boost from sales of Pfizer's Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.  Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period. The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period. That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount. Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. Those price negotiations are a key provision of President Joe Biden's Inflation Reduction Act that the pharmaceutical industry fiercely opposes.Meanwhile, Pfizer's vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter. The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.",CNBC,29/10/2024,"[""In this articlePfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales."", 'The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share.', 'Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between$59.5 billion and $62.5 billion.', 'That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.', 'The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value.', 'The firm has a roughly $1 billion stake in the pharmaceutical company.', 'Still, shares of Pfizer fell more than 2% on Tuesday.', ""Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company booked third-quarter net income of $4.47 billion, or 78 cents per share."", 'That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago.', 'Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.', 'Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.', 'It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years.', ""The drugmaker's shares are trading at about half of their pandemic-era high, putting the company's market cap at roughly $163 billion."", 'Starboard managing member Jeff Smith contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value.', ""Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company."", 'Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics.', 'Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.', 'Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it ""constructive and cordial.', '""Pfizer agrees with some of the points Starboard raised, but has ""vastly different views on many others,"" Bourla said.', ""For example, Starboard challenged Pfizer's capital deployment for business development."", 'But Pfizer believes its deals will bring significant shareholder returns, Bourla said.', 'Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.', 'Still, he said, ""We will engage productively with our shareholders, including Starboard"" and consider ""all good ideas that are offered.', '""Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year.', ""The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027.Pfizer's third-quarter beat was fueled in part by higher demand for its Covid products."", 'Paxlovid, its antiviral pill, brought in $2.7 billion in sales for the quarter, up from the $202 million it posted in the year-earlier period.', 'That growth is mainly due to strong demand, particularly in the U.S. during a recent wave of the virus.', ""It was also helped by a one-time contractual delivery of 1 million treatment courses of Paxlovid to the federal government's national stockpile during the third quarter, which accounted for $442 million in revenue."", 'Those results are higher than the $707.7 million in sales that analysts were expecting for Paxlovid, according to estimates compiled by StreetAccount.', '""The demand for Paxlovid seems to have stabilized at the current levels and appears to be closely correlated with each wave of Covid-19,"" Bourla said.', ""The company's Covid shot booked $1.42 billion in revenue, up 9% from the same period a year ago."", 'Pfizer said that growth was mainly driven by the timing of stocking for the vaccine, pointing to the earlier approval of the updated version of the shot this fall compared with last year.', 'That growth was partially offset by lower contractual deliveries and demand in international markets.', 'Analysts expected $1.04 billion in sales for the shot, according to StreetAccount.', 'Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.', 'Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas.', 'Pfizer completed its acquisition of Seagen in December.', ""Revenue also got a boost from sales of Pfizer's Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle."", 'Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.', 'Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period.', 'The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period.', 'That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount.', 'Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government.', ""Those price negotiations are a key provision of President Joe Biden's Inflation Reduction Act that the pharmaceutical industry fiercely opposes."", ""Meanwhile, Pfizer's vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter."", 'The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.', 'Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.', ""Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.""]",0.0970695741951692,"Last week, Pfizer's RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.",Smith points to what he believes are management's poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company.,0.5383083259358126,"Excluding Covid products, Pfizer said revenue for the third quarter rose 14% on an operational basis, fueled by approved cancer products from Seagen, which it acquired last year for a whopping $43 billion.","Still, shares of Pfizer fell more than 2% on Tuesday.",2024-10-28
Ford guides to low end of 2024 earnings forecast as it slightly tops Wall Street's third-quarter expectations,https://www.cnbc.com/2024/10/28/ford-motor-f-earnings-q3-2024.html,2024-10-29T10:08:36+0000,"In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations.The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion. It had previously guided to between $10 billion and $12 billion. It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.Heading into Monday's results, several Wall Street analysts were concerned Ford would need to lower its forecast due to softening demand, rising vehicle inventory levels and worries about Ford's ability to achieve an announced $2 billion in cost cuts this year.""Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,"" Ford CFO and Vice Chair John Lawler said Monday during a media briefing.Lawler said Ford has achieved its $2 billion in material, freight and manufacturing costs, but higher inflationary and warranty costs have eaten into those improvements and have restricted the company ""from having a record year.""Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:Shares of the automaker were down by roughly 5% during after-hours trading after closing Monday at $11.37, up 2.7%.The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street's earnings expectations.Lawler said the company's warranty costs in the third quarter were slightly lower than they were a year earlier after increasing by $800 million year over year during the second quarter.""It's an improvement, but it's not as big as we would like to see,"" Lawler said, declining to disclose the overall costs during the period.Ford's third-quarter results were led by its ""Pro"" commercial and fleet business as well as its traditional operations, known as ""Ford Blue."" Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.Lawler said Ford Pro and Blue operations are being affected — and likely will continue to be affected — by some supplier problems, in part due to Hurricane Helene in late September.Ford's ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.Ford's net income for the third quarter was $896 million, or 22 cents per share. Adjusted EBIT increased roughly 16% year over year to $2.55 billion. Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.Ford's overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion. It marked the company's 10th consecutive quarter of year-over-year revenue growth.Farley noted that the company's operations in China, where legacy automakers have increasingly struggled, have contributed more than $600 million to the company's EBIT. That includes Ford's plans to increase vehicle exports from the country.Farley also addressed the company's rising new vehicle inventory levels. Ford has 91 days' supply of gross inventory, including vehicles in the company's possession, and 68 days' supply on dealer lots at the end of the third quarter, which has concerned investors.He said the mix and price of those vehicles is ""really good"" and the company is holding back some inventory to assist with vehicle changeovers in early 2025.",CNBC,29/10/2024,"[""In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations."", 'The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion.', 'It had previously guided to between $10 billion and $12 billion.', 'It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.', ""Heading into Monday's results, several Wall Street analysts were concerned Ford would need to lower its forecast due to softening demand, rising vehicle inventory levels and worries about Ford's ability to achieve an announced $2 billion in cost cuts this year."", '""Our focus continues on cost and quality, which are holding back our progress and represent tremendous upside potential,"" Ford CFO and Vice Chair John Lawler said Monday during a media briefing.', 'Lawler said Ford has achieved its $2 billion in material, freight and manufacturing costs, but higher inflationary and warranty costs have eaten into those improvements and have restricted the company ""from having a record year.', '""Here\'s how the company performed in the third quarter, compared with average estimates compiled by LSEG:Shares of the automaker were down by roughly 5% during after-hours trading after closing Monday at $11.37, up 2.7%.The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street\'s earnings expectations.', ""Lawler said the company's warranty costs in the third quarter were slightly lower thanthey werea year earlier after increasing by $800 million year over year during the second quarter."", '""It\'s an improvement, but it\'s not as big as we would like to see,"" Lawler said, declining to disclose the overall costs during the period.', 'Ford\'s third-quarter results were led by its ""Pro"" commercial and fleet business as well as its traditional operations, known as ""Ford Blue.""', 'Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.', 'Lawler said Ford Pro and Blue operations are being affected — and likely will continue to be affected — by some supplier problems, in part due to Hurricane Helene in late September.', 'Ford\'s ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.', 'Ford CEO Jim Farley told investors Monday that the company continues to believe in its EV strategy; however, the automaker has pulled back on many investments in the vehicles to focus on hybrid models.', ""Ford's net income for the third quarter was $896 million, or 22 cents per share."", 'Adjusted EBIT increased roughly 16% year over year to $2.55 billion.', ""Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share."", ""Ford's overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion."", ""It marked the company's 10th consecutive quarter of year-over-year revenue growth."", ""Farley noted that the company's operations in China, where legacy automakers have increasingly struggled, have contributed more than $600 million to the company's EBIT."", ""That includes Ford's plans to increase vehicle exports from the country."", ""Farley also addressed the company's rising new vehicle inventory levels."", ""Ford has 91 days' supply of gross inventory, including vehicles in the company's possession,and 68 days' supply on dealer lots at the end of the third quarter, which has concerned investors."", 'He said the mix and price of those vehicles is ""really good"" and the company is holding back some inventory to assist with vehicle changeovers in early 2025.']",0.0412858179760801,"Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.","Ford's ""Model e"" electric vehicle unit recorded losses of $1.22 billion during the third quarter — less than it lost a year earlier, largely due to lower volumes and cost cuts.",0.4204728182624368,Adjusted EBIT increased roughly 16% year over year to $2.55 billion.,In this articleDETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations.,2024-10-28
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.",2024-10-28
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.,2024-10-28
HSBC profits jump as banking giant set for major shakeup,https://www.bbc.co.uk/news/articles/cgj761wz3j6o,2024-10-29T04:29:58.273Z,"HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history. The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations. It comes just days after HSBC's new boss announced a major overhaul of the company. The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. HSBC's new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank's full-year results in February. “We delivered another good quarter, which shows that our strategy is working,"" Mr  Elhedery added. The bank also said it will buy back another $3bn of its own shares. HSBC shares were more than 4% higher in London morning trade after the announcement. “HSBC’s third-quarter results were solid, with no major surprises,"" said Michael Makdad is a senior equity analyst at financial services firm Morningstar. ""Rather than the generally good results, I think the focus... will be on the structural overhaul"". The bank also said it expects to complete the sale of its Argentinian business by the end of this year. The company makes most of its money in Asia and has been shifting its focus to the region in recent years.  HSBC has also recently announced a reshuffle of its leadership, with the appointment of Pam Kaur as its first ever female finance chief. 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. Mr Elhedery replaced Noel Quinn as HSBC's chief executive in early September. It came at a crucial moment for the bank, as it tries to maintain its position in Asian and Western markets amid growing geopolitical tensions. ",BBC,29/10/2024,"['HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history.', ""The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations."", ""It comes just days after HSBC's new boss announced a major overhaul of the company."", 'The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.', 'HSBC\'s new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank\'s full-year results in February. “', 'We delivered another good quarter, which shows that our strategy is working,"" Mr Elhedery added.', 'The bank also said it will buy back another $3bn of its own shares.', 'HSBC shares were more than 4% higher in London morning trade after the announcement. “', 'HSBC’s third-quarter results were solid, with no major surprises,"" said Michael Makdad is a senior equity analyst at financial services firm Morningstar. ""', 'Rather than the generally good results, I think the focus... will be on the structural overhaul"".', 'The bank also said it expects to complete the sale of its Argentinian business by the end of this year.', 'The company makes most of its money in Asia and has been shifting its focus to the region in recent years.', 'HSBC has also recently announced a reshuffle of its leadership, with the appointment of Pam Kaur as its first ever female finance chief.', '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."", ""Mr Elhedery replaced Noel Quinn as HSBC's chief executive in early September."", 'It came at a crucial moment for the bank, as it tries to maintain its position in Asian and Western markets amid growing geopolitical tensions.']",0.0984866878134054,"HSBC's new chief executive, Georges Elhedery, said that implementation of the plans will ""begin immediately"" and promised to share more details alongside the bank's full-year results in February. “",The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.,0.9893715878327688,"The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations.",,2024-10-28
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.,2024-10-28
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. """,2024-10-28
McDonald's executives say E. coli outbreak is 'behind us',https://www.cnbc.com/2024/10/29/mcdonalds-e-coli-outbreak-ceo-comments.html,2024-10-29T18:29:54+0000,"In this articleA week after health authorities publicly linked a deadly E. coli outbreak to McDonald's Quarter Pounder burgers, the company's CEO, Chris Kempczinski, told investors that the situation is now behind them.""How we've handled the issue, now that we're moving ... we view it as being behind us,"" Kempczinski said on the company's call Tuesday.During his prepared remarks, he said that the ""situation appears to be contained.""On Sunday, McDonald's said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak. That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.Health authorities didn't detect any E. coli in the burger's fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source. McDonald's has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions.McDonald's saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said. He added that the company isn't anticipating a material impact to the business.Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.On Tuesday, McDonald's reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates.McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.Shares of McDonald's fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call. The stock was roughly flat when the markets opened.Earlier on the call, Kempczinski apologized to customers for the situation.""The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,"" Kempczinski said. ""On behalf of the entire system, we are sorry for what our customers have experienced. We offer our sincere and deepest sympathies, and we are committed to making this right.""As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.At least three lawsuits have already been filed against McDonald's by victims of the outbreak.Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.",CNBC,29/10/2024,"[""In this articleA week after health authorities publicly linked a deadly E. coli outbreak to McDonald's Quarter Pounder burgers, the company's CEO, Chris Kempczinski, told investors that the situation is now behind them."", '""How we\'ve handled the issue, now that we\'re moving ... we view it as being behind us,"" Kempczinski said on the company\'s call Tuesday.', 'During his prepared remarks, he said that the ""situation appears to be contained.', '""On Sunday, McDonald\'s said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak.', 'That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.', ""Health authorities didn't detect any E. coli in the burger's fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source."", ""McDonald's has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions."", ""McDonald's saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said."", ""He added that the company isn't anticipating a material impact to the business."", ""Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac."", '""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.', ""On Tuesday, McDonald's reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates."", ""McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets."", ""Shares of McDonald's fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call."", 'The stock was roughly flat when the markets opened.', 'Earlier on the call, Kempczinski apologized to customers for the situation.', '""The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,"" Kempczinski said. ""', 'On behalf of the entire system, we are sorry for what our customers have experienced.', 'We offer our sincere and deepest sympathies, and we are committed to making this right.', '""As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.', ""At least three lawsuits have already been filed against McDonald's by victims of the outbreak."", ""Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak."", 'About 900 restaurants will serve the burgers without slivered onions.']",0.0301672213047697,"""What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,"" Borden said.","McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.",-0.3777641832828521,"Now McDonald's is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.","McDonald's beat Wall Street's estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.",2024-10-28
Mexico economy,https://www.bbc.co.uk/news/articles/c2dpd8l4n69o,2024-10-28T00:35:53.878Z,"After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory. López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé. She inherits a nation, and an economy, that is performing well in some areas, and facing significant challenges in others. The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner. Mexico has benefitted from “nearshoring” – that is, the relocation of US and Asian firms from China to northern Mexico to bypass punitive US tariffs on Chinese exports. “Mexico has always been attractive to capital flows because of our geographical position, our free trade agreements with North America, our work force,” former Mexican trade negotiator Juan Carlos Baker Pineda told me before the election. “But over the past few years, it increasingly seems that if you [a foreign firm] want to do business with the US you need some kind of footing in Mexico.” The outlook is optimistic, he believes, pointing to Amazon’s recent announcement that it will invest $5bn (£3.8bn) in Mexico over the next 15 years, and an additional $1bn investment by German carmaker Volkswagen. Mr Baker Pineda also cites promising plans from South African, Japanese and Chinese firms. Critics are less convinced that the relocation of manufacturing from Asia to northern Mexico benefits the Mexican economy rather than just bolstering the companies involved. The key, Mr Baker Pineda believes, lies in creating the right “corporate and government decisions in this country to sustain this trend in the long-term”. When it comes to the immediate economic problems President Sheinbaum faces, the most pressing is state-run energy firm Pemex. It has debts of around $100bn, making it the world’s most indebted oil firm. “The debt is a problem not just for Pemex but for Mexico,” says Fernanda Ballesteros, Mexico country manager for the Natural Resource Governance Institute. In recent years, the López Obrador administration has reduced the amount of tax Pemex has had to pay the government. This has been cut by 60% to 30%.  At the same time, the outgoing government gave Pemex a number of cash injections, which López Obrador says he would like to see continue.  However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “President López Obrador’s policies and priorities were to double down on fossil fuels and give unconditional support to Pemex,” says Ms Ballesteros. The company is now poorly positioned, she argues, for the necessary transition to cleaner and more efficient energies in the coming decades. “Over the past six years, 90% of Pemex’s infrastructure investments have gone towards a new refinery in Dos Bocas in Tabasco state, and the acquisition of a refinery in Deer Park in Texas.” The government says it is on course to achieve its goal of total self-sufficiency in fuels by the first quarter of 2025. However, Pemex’s ongoing economic difficulties mean the Sheinbaum administration has its hands tied over servicing the colossal debt. Environmental expert Eugenio Fernández Vázquez says that Pemex is a “big challenge” for Sheinbaum. “Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains. Sheinbaum  must strike a difficult balance, he adds, in getting Pemex to sell more of its products “which are obviously fossil fuels and oil-based, while at the same time addressing Mexico’s climate change responsibilities and dealing with urgent issues in our cities, like air pollution”. For a president championed as Mexico’s most environmentally conscious leader – before entering politics, Sheinbaum was an accomplished environmental engineer – that must rankle. Especially while also spending billions in public money to prop up a greenhouse gas-emitting behemoth. Back in the realm of Mexico’s complex relationship with its northern neighbour, President Sheinbaum faces two very different prospective partners in Washington - either the first female president of the US in Kamala Harris or a second Trump presidency. Whoever wins in November, there are some tricky cross-border issues to address, whether on trade or undocumented immigration, the illegal traffic of guns into Mexico, or fentanyl into the US. Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible. USMCA was introduced in 2020, when it replaced the previous North American Free Trade Agreement between the three countries. Sheinbaum also has to keep an eye on the peso. In the days after her election victory in June, the currency tumbled against the dollar. This was largely in response to a decision by the outgoing president to press ahead with a wholesale reform of the country’s judicial system under which all 7,000 judges and magistrates in Mexico will be chosen by popular vote. The plan is also supported by Sheinbaum. Washington’s disapproval of the measure, as publicly expressed by the US Ambassador to Mexico, Ken Salazar, suggested it could complicate, even jeopardise, parts of the USMCA renegotiation. Relations between Ambassador Salazar and the new administration are already notably frostier. Diplomatic spats aside, marrying the new constitutional rules with the legal requirements of the free trade agreement could prove far thornier than first anticipated. Still, these are the very first days of President Sheinbaum’s administration. As part of her predecessor’s legacy, she enjoys an almost unprecedented level of support with the ruling party in an unassailable position across the country. Her key election promise – to extend López Obrador’s social programmes in pensions, family stipends and student grants, and build what she calls the “second floor” of his political project – secured her the backing of millions of Mexicans. She can also count on a loyal congress and, following the reform, potentially the control of the judiciary, too. Taking office in such a powerful position is a luxury, one which supporters and critics alike expect her to use to properly address some of Mexico’s main economic obstacles.  ",BBC,28/10/2024,"['After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory.', 'López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé.', 'She inherits a nation, and an economy, that is performing well in some areas, and facing significant challenges in others.', 'The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner.', 'Mexico has benefitted from “nearshoring” – that is, the relocation of US and Asian firms from China to northern Mexico to bypass punitive US tariffs on Chinese exports. “', 'Mexico has always been attractive to capital flows because of our geographical position, our free trade agreements with North America, our work force,” former Mexican trade negotiator Juan Carlos Baker Pineda told me before the election. “', 'But over the past few years, it increasingly seems that if you [a foreign firm] want to do business with the US you need some kind of footing in Mexico.”', 'The outlook is optimistic, he believes, pointing to Amazon’s recent announcement that it will invest $5bn (£3.8bn) in Mexico over the next 15 years, and an additional $1bn investment by German carmaker Volkswagen.', 'Mr Baker Pineda also cites promising plans from South African, Japanese and Chinese firms.', 'Critics are less convinced that the relocation of manufacturing from Asia to northern Mexico benefits the Mexican economy rather than just bolstering the companies involved.', 'The key, Mr Baker Pineda believes, lies in creating the right “corporate and government decisions in this country to sustain this trend in the long-term”.', 'When it comes to the immediate economic problems President Sheinbaum faces, the most pressing is state-run energy firm Pemex.', 'It has debts of around $100bn, making it the world’s most indebted oil firm. “', 'The debt is a problem not just for Pemex but for Mexico,” says Fernanda Ballesteros, Mexico country manager for the Natural Resource Governance Institute.', 'In recent years, the López Obrador administration has reduced the amount of tax Pemex has had to pay the government.', 'This has been cut by 60% to 30%.', 'At the same time, the outgoing government gave Pemex a number of cash injections, which López Obrador says he would like to see continue.', 'However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “', 'President López Obrador’s policies and priorities were to double down on fossil fuels and give unconditional support to Pemex,” says Ms Ballesteros.', 'The company is now poorly positioned, she argues, for the necessary transition to cleaner and more efficient energies in the coming decades. “', 'Over the past six years, 90% of Pemex’s infrastructure investments have gone towards a new refinery in Dos Bocas in Tabasco state, and the acquisition of a refinery in Deer Park in Texas.”', 'The government says it is on course to achieve its goal of total self-sufficiency in fuels by the first quarter of 2025.', 'However, Pemex’s ongoing economic difficulties mean the Sheinbaum administration has its hands tied over servicing the colossal debt.', 'Environmental expert Eugenio Fernández Vázquez says that Pemex is a “big challenge” for Sheinbaum. “', 'Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains.', 'Sheinbaum must strike a difficult balance, he adds, in getting Pemex to sell more of its products “which are obviously fossil fuels and oil-based, while at the same time addressing Mexico’s climate change responsibilities and dealing with urgent issues in our cities, like air pollution”.', 'For a president championed as Mexico’s most environmentally conscious leader – before entering politics, Sheinbaum was an accomplished environmental engineer – that must rankle.', 'Especially while also spending billions in public money to prop up a greenhouse gas-emitting behemoth.', 'Back in the realm of Mexico’s complex relationship with its northern neighbour, President Sheinbaum faces two very different prospective partners in Washington - either the first female president of the US in Kamala Harris or a second Trump presidency.', 'Whoever wins in November, there are some tricky cross-border issues to address, whether on trade or undocumented immigration, the illegal traffic of guns into Mexico, or fentanyl into the US.', 'Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible.', 'USMCA was introduced in 2020, when it replaced the previous North American Free Trade Agreement between the three countries.', 'Sheinbaum also has to keep an eye on the peso.', 'In the days after her election victory in June, the currency tumbled against the dollar.', 'This was largely in response to a decision by the outgoing president to press ahead with a wholesale reform of the country’s judicial system under which all 7,000 judges and magistrates in Mexico will be chosen by popular vote.', 'The plan is also supported by Sheinbaum.', 'Washington’s disapproval of the measure, as publicly expressed by the US Ambassador to Mexico, Ken Salazar, suggested it could complicate, even jeopardise, parts of the USMCA renegotiation.', 'Relations between Ambassador Salazar and the new administration are already notably frostier.', 'Diplomatic spats aside, marrying the new constitutional rules with the legal requirements of the free trade agreement could prove far thornier than first anticipated.', 'Still, these are the very first days of President Sheinbaum’s administration.', 'As part of her predecessor’s legacy, she enjoys an almost unprecedented level of support with the ruling party in an unassailable position across the country.', 'Her key election promise – to extend López Obrador’s social programmes in pensions, family stipends and student grants, and build what she calls the “second floor” of his political project – secured her the backing of millions of Mexicans.', 'She can also count on a loyal congress and, following the reform, potentially the control of the judiciary, too.', 'Taking office in such a powerful position is a luxury, one which supporters and critics alike expect her to use to properly address some of Mexico’s main economic obstacles.']",0.2329981047354126,"Furthermore, the United States-Mexico-Canada Agreement (USMCA) free trade deal is up for renegotiation in 2026, with everything from minor tweaks to major rewrites possible.","Not just in dealing with the oil industry, which is huge in terms of Mexico’s GDP, but also in taking Pemex’s massive debt burden off the public’s shoulders,” he explains.",0.1462681605702354,"The good news from her government’s perspective is that Mexico has strengthened its trade position with its neighbour to the north, displacing China as the US’s biggest trading partner.","However, a steady decline in productivity at Pemex in recent years has further complicated the financing of the state-owned energy giant, which employs around 1.3 million people according to the government’s own statistics. “",2024-10-28
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.,2024-10-28
Gatorade signs Duke basketball's Cooper Flagg to NIL deal,https://www.cnbc.com/2024/10/29/gatorade-signs-duke-basketballs-cooper-flagg-to-nil-deal.html,2024-10-29T16:43:51+0000,"In this articleGatorade is adding another big-name athlete to its already loaded portfolio.First-year Duke men's basketball player Cooper Flagg has agreed to a name, image and likeness deal with PepsiCo-owned Gatorade, according to a Tuesday announcement. Flagg is projected to be the first overall draft pick in the 2025 National Basketball Association Draft and already has NIL deals with brands including New Balance and New Era.""This has been a big year for me on and off the court, and Gatorade has been there the whole way,"" Flagg said in a news release. ""From being named the Gatorade Best Male Player of the Year to now officially joining the team, it's been surreal to have my name mentioned with some of the biggest names in basketball. The Gatorade roster is iconic, and I'm excited to work with them as I take this next step.""  As part of the deal, Gatorade will use Flagg in its marketing. Terms of the deal, like Flagg's others, are undisclosed.Flagg is the latest example of what is already a dramatically different college sports landscape than what existed prior to 2021. Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.Players like Flagg, a highly touted prospect and likely NBA star, have been able to net NIL deals, some of them reportedly worth millions of dollars.Flagg is Gatorade's first men's college basketball athlete, joining women's college basketball stars such as University of Connecticut's Paige Bueckers and University of Southern California's JuJu Watkins as well as collegiate football stars such as Colorado's Shedeur Sanders.""Cooper is an incredible talent who quickly emerged as one of the best young athletes in the nation, and we know he has a bright future ahead of him,"" said Jeff Kearney, global head of sports marketing at Gatorade, in a statement. ""At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins.""Flagg has inked his NIL deals all before playing in a college basketball game that counts toward a season record. Duke plays its first regular-season game Monday against Maine.",CNBC,29/10/2024,"['In this articleGatorade is adding another big-name athlete to its already loaded portfolio.', ""First-year Duke men's basketball player Cooper Flagg has agreed to a name, image and likeness deal with PepsiCo-owned Gatorade, according to a Tuesday announcement."", 'Flagg is projected to be the first overall draft pick in the 2025 National Basketball Association Draft and already has NIL deals with brands including New Balance and New Era.', '""This has been a big year for me on and off the court, and Gatorade has been there the whole way,"" Flagg said in a news release. ""', ""From being named the Gatorade Best Male Player of the Year to now officially joining the team, it's been surreal to have my name mentioned with some of the biggest names in basketball."", ""The Gatorade roster is iconic, and I'm excited to work with them as I take this next step."", '""As part of the deal, Gatorade will use Flagg in its marketing.', ""Terms of the deal, like Flagg's others, are undisclosed."", 'Flagg is the latest example of what is already a dramatically different college sports landscape than what existed prior to 2021.', 'Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.', 'Players like Flagg, a highly touted prospect and likely NBA star, have been able to net NIL deals, some of them reportedlyworth millions of dollars.', ""Flagg is Gatorade's first men's college basketball athlete, joining women's college basketball stars such as University of Connecticut's Paige Bueckers and University of Southern California's JuJu Watkins as well as collegiate football stars such as Colorado's Shedeur Sanders."", '""Cooper is an incredible talent who quickly emerged as one of the best young athletes in the nation, and we know he has a bright future ahead of him,"" said Jeff Kearney, global head of sports marketing at Gatorade, in a statement. ""', ""At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins."", '""Flagg has inked his NIL deals all before playing in a college basketball game that counts toward a season record.', 'Duke plays its first regular-season game Monday against Maine.']",0.3356200692136604,"At Gatorade, we work with the best of the best, so we're proud to welcome Cooper to the family and are excited to be fueling him as his collegiate career begins.",,0.9439092533929008,"Since the approval of NIL deals, college athletes have been able to capitalize on endorsement deals in ways they never could before.",,2024-10-28
"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.",2024-10-28
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.",2024-10-28
Apple Intelligence: AI features start to roll out to some iPhones,https://www.bbc.co.uk/news/articles/cwy9xj301wmo,2024-10-28T17:50:29.720Z,"After a long wait, Apple has finally released its artificial intelligence (AI) tools for iPhone - to a select few. Apple Intelligence, a suite of AI tools announced in June, became available to owners of some iPhones around the world on Monday. It was accessible for people with eligible devices by updating to the latest version of Apple's operating system for iPhones. Those hoping to get hold of Apple Intelligence have to request to join a waitlist to get it after updating  to iOS 18.1. According to Apple, users should be able to activate its suite of AI tools ""within a few hours"" of joining its waitlist, though it does say wait times may differ. The new features include notification summaries, tools to assist users in writing messages, and a glowing new interface for virtual assistant Siri. But they will only be available to people with the latest devices - including all iPhone 16 models, and the iPhone 15 Pro and Pro Max. Apple Intelligence is also available on Mac computers and iPad tablets that are powered by its latest chips. But some of the tools made available on Monday have arrived later than equivalent features on other popular devices. Apple chief executive Tim Cook said the public release of its AI tools introduced “a new era"" for its products. It comes after the company said on Friday it would reward ethical hackers who could demonstrate vulnerabilities in its AI software with a bounty of up to $1m (£770,000). The bundle of features released on Monday in its iOS 18.1 update are the first wave of AI tools previously shown off at Apple's summer developer conference. More features expected later this year include generating images and emoji from text prompts. Google and Samsung have already introduced AI features to their devices. These include allowing users to translate conversations in real-time, automatically organise notes, and search for something online by drawing a circle around it. While initially making its Galaxy AI features available on its latest handsets, Samsung widened it to include S22 devices released in 2022. The South Korean tech giant said in February it planned to introduce Galaxy AI for more than 100 million users within 2024. Apple's new Clean Up tool, allowing people to remove unwanted objects or people from an image, also follows Google's previous release of a similar tool called Magic Eraser. Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"". ",BBC,28/10/2024,"['After a long wait, Apple has finally released its artificial intelligence (AI) tools for iPhone - to a select few.', 'Apple Intelligence, a suite of AI tools announced in June, became available to owners of some iPhones around the world on Monday.', ""It was accessible for people with eligible devices by updating to the latest version of Apple's operating system for iPhones."", 'Those hoping to get hold of Apple Intelligence have to request to join a waitlist to get it after updating to iOS 18.1.', 'According to Apple, users should be able to activate its suite of AI tools ""within a few hours"" of joining its waitlist, though it does say wait times may differ.', 'The new features include notification summaries, tools to assist users in writing messages, and a glowing new interface for virtual assistant Siri.', 'But they will only be available to people with the latest devices - including all iPhone 16 models, and the iPhone 15 Pro and Pro Max.', 'Apple Intelligence is also available on Mac computers and iPad tablets that are powered by its latest chips.', 'But some of the tools made available on Monday have arrived later than equivalent features on other popular devices.', 'Apple chief executive Tim Cook said the public release of its AI tools introduced “a new era"" for its products.', 'It comes after the company said on Friday it would reward ethical hackers who could demonstrate vulnerabilities in its AI software with a bounty of up to $1m (£770,000).', ""The bundle of features released on Monday in its iOS 18.1 update are the first wave of AI tools previously shown off at Apple's summer developer conference."", 'More features expected later this year include generating images and emoji from text prompts.', 'Google and Samsung have already introduced AI features to their devices.', 'These include allowing users to translate conversations in real-time, automatically organise notes, and search for something online by drawing a circle around it.', 'While initially making its Galaxy AI features available on its latest handsets, Samsung widened it to include S22 devices released in 2022.', 'The South Korean tech giant said in February it planned to introduce Galaxy AI for more than 100 million users within 2024.', ""Apple's new Clean Up tool, allowing people to remove unwanted objects or people from an image, also follows Google's previous release of a similar tool called Magic Eraser."", 'Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".']",0.2440513068766842,"Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".",,0.9824722409248352,"Mr Cook told the Wall Street Journal in October that the company was ""perfectly fine with not being first”, adding it ""takes a while to get it really great"".",,2024-10-28
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.",2024-10-28
"McDonald's reverses U.S. same-store sales declines in the third quarter, but E. coli fallout looms",https://www.cnbc.com/2024/10/29/mcdonalds-mcd-earnings-q3-2024.html,2024-10-29T13:59:04+0000,"In this articleMcDonald's on Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline.However, investors are worried about another dent to U.S. sales fueled by a recent E. coli outbreak across 13 states linked to McDonald's Quarter Pounder burgers. As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.Daily sales and traffic turned negative immediately after McDonald's was linked to the outbreak, CFO Ian Borden said Tuesday during the company's earnings call. Still, the company isn't expecting the situation to have a material impact on its business.Health authorities have honed in on the burger's slivered onions as the likely source, and McDonald's has suspended its relationship with the supplier. Quarter Pounder burgers will return to affected restaurants on a rolling basis this week, sans slivered onions.Executives tried to reassure investors, saying that the company had addressed the issue and was moving on to bring back diners.""While the situation appears to be contained, and though it didn't affect Q3 numbers, it's certainly an important development, which I know is on many of your minds,"" CEO Chris Kempczinski told investors on the company's earnings call, adding that McDonald's was sorry and is committed to ""making this right.""Shares of the company were flat in morning trading.Here's what the company reported for the period ended Sept. 30, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's posted third-quarter net income of $2.26 billion, or $3.13 per share, down from $2.32 billion, or $3.17 per share, a year earlier.Excluding certain items, the fast-food giant earned $3.23 per share.Net sales rose 3% to $6.87 billion.The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets. It's the second straight quarter that the company's same-store sales have fallen.""While we anticipated a challenging environment in 2024, our performance this year has fallen short of our expectations,"" Kempczinski said.U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates. Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.Diners have pulled back their restaurant spending, leading McDonald's and its rivals to lean into discounts and other marketing tricks to bring customers back to their restaurants. For example, in August, McDonald's launched limited-time ""Collector's Edition"" cups.The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter. The international operated markets segment, which includes France, Germany and Australia, saw same-store sales shrink 2.1%. The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.Looking ahead to the fourth quarter, it's unclear how the E. coli outbreak might affect U.S. sales, particularly as consumers have grown more picky about how to spend their money and where.McDonald's executives have taken steps to reassure customers that the company's menu items are safe to eat, including pulling Quarter Pounder burgers from menus in the affected areas until its beef patties were cleared as the culprit.",CNBC,29/10/2024,"[""In this articleMcDonald'son Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline."", ""However, investors are worried about another dent to U.S. sales fueled by a recent E. coli outbreak across 13 states linked to McDonald's Quarter Pounder burgers."", 'As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.', ""Daily sales and traffic turned negative immediately after McDonald's was linked to the outbreak, CFO Ian Borden said Tuesday during the company's earnings call."", ""Still, the company isn't expecting the situation to have a material impact on its business."", ""Health authorities have honed in on the burger's slivered onions as the likely source, and McDonald's has suspended its relationship with the supplier."", 'Quarter Pounder burgers will return to affected restaurants on a rolling basis this week, sans slivered onions.', 'Executives tried to reassure investors, saying that the company had addressed the issue and was moving on to bring back diners.', '""While the situation appears to be contained, and though it didn\'t affect Q3 numbers, it\'s certainly an important development, which I know is on many of your minds,"" CEO Chris Kempczinski told investors on the company\'s earnings call, adding that McDonald\'s was sorry and is committed to ""making this right.', '""Shares of the company were flat in morning trading.', ""Here's what the company reported for the period ended Sept. 30, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:McDonald's posted third-quarter net income of $2.26 billion, or $3.13 per share, down from $2.32 billion, or $3.17 per share, a year earlier."", 'Excluding certain items, the fast-food giant earned $3.23 per share.', 'Net sales rose 3% to $6.87 billion.', ""The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets."", ""It's the second straight quarter that the company's same-store sales have fallen."", '""While we anticipated a challenging environment in 2024, our performance this year has fallen short of our expectations,"" Kempczinski said.', ""U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates."", 'Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.', ""Diners have pulled back their restaurant spending, leading McDonald's and its rivals to lean into discounts and other marketing tricks to bring customers back to their restaurants."", 'For example, in August, McDonald\'s launched limited-time ""Collector\'s Edition"" cups.', ""The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter."", 'The international operated markets segment, which includes France, Germany and Australia, saw same-store sales shrink 2.1%.', 'The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.', ""Looking ahead to the fourth quarter, it's unclear how the E. coli outbreak might affect U.S. sales, particularly as consumers have grown more picky about how to spend their money and where."", ""McDonald's executives have taken steps to reassure customers that the company's menu items are safe to eat, including pulling Quarter Pounder burgers from menus in the affected areas until its beef patties were cleared as the culprit.""]",0.0056882074488061,"Traffic to its U.S. restaurants was slightly negative, but the company credited its marketing and a $5 value meal launched in late June for the increase in sales.","As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.",-0.3064927897955242,Net sales rose 3% to $6.87 billion.,"The chain's global same-store sales fell 1.5%, a more drastic decline than the 0.6% that Wall Street was expecting, according to StreetAccount estimates, and was weighed down by the company's international markets.",2024-10-28
McDonald's boss apologises for E. coli outbreak as sales slide,https://www.bbc.co.uk/news/articles/cqlr5pz9d7lo,2024-10-29T14:29:33.265Z,"The boss of McDonald's has apologised to customers hit by an E. coli outbreak in the US linked to the chain's Quarter Pounders, a new setback for the chain which has been struggling with flagging sales.  ""We are sorry for what our customers experienced,"" its chief executive Chris Kempczinski said. ""We offer our sincere and deepest sympathies and we are committed to making this right."" Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales. But they acknowledged it had added to the pressure the company has been under, as budget-conscious customers eat out less. ""While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of expectations,"" Mr Kempczinski said while discussing the firm's latest update for investors.  In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday. Its international markets were hit particularly hard, especially the UK, France, China and the Middle East. It marked the second consecutive quarter of falling sales and the biggest in four years, after a decline of 1% in the three months prior. Mr Kempczinski said the firm was focused on offering ""value and affordability"" as customers continue ""to be mindful about their spending"". He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich. In the quarter, that helped the firm eke out a 0.3% sales rise in the US in stores open at least a year. McDonald's is now hoping to replicate that success in other markets such as the UK, where the chain has introduced offerings such as a Three for £3 deal and a £2.75 breakfast bundle.  The debut of the popular ""Grimace"" shake in the UK has also driven excitement, executives said.  ""We are beginning to see progress,"" said chief financial officer Ian Borden, while adding that the firm expected that its business in the Middle East would continue to be affected by conflict in the region. Bosses told investors they did not expect to increase prices significantly until the business was doing better, noting that they are still facing ""a lot of resistance"" from customers.  The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.  Profits fell 3% to $2.25bn.  Mr Borden said the public health scare had reversed signs of improving sales and traffic in the US, but said the company believed it would be able to restore confidence among its customers. ""The most significant events are behind us,"" he said. ""Getting our business back to that really strong momentum - we're really confident in our ability to do that."" McDonald's said on Monday it was starting to resume sales of Quarter Pounders, which had been suspended last week in about a fifth of its US restaurants.  It has stopped working indefinitely with Taylor Farms, which had been its supplier of onions believed to be the source of contamination.  ",BBC,29/10/2024,"['The boss of McDonald\'s has apologised to customers hit by an E. coli outbreak in the US linked to the chain\'s Quarter Pounders, a new setback for the chain which has been struggling with flagging sales. ""', 'We are sorry for what our customers experienced,"" its chief executive Chris Kempczinski said. ""', 'We offer our sincere and deepest sympathies and we are committed to making this right.""', 'Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales.', 'But they acknowledged it had added to the pressure the company has been under, as budget-conscious customers eat out less. ""', 'While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of expectations,"" Mr Kempczinski said while discussing the firm\'s latest update for investors.', ""In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday."", 'Its international markets were hit particularly hard, especially the UK, France, China and the Middle East.', 'It marked the second consecutive quarter of falling sales and the biggest in four years, after a decline of 1% in the three months prior.', 'Mr Kempczinski said the firm was focused on offering ""value and affordability"" as customers continue ""to be mindful about their spending"".', ""He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich."", 'In the quarter, that helped the firm eke out a 0.3% sales rise in the US in stores open at least a year.', ""McDonald's is now hoping to replicate that success in other markets such as the UK, where the chain has introduced offerings such as a Three for £3 deal and a £2.75 breakfast bundle."", 'The debut of the popular ""Grimace"" shake in the UK has also driven excitement, executives said. ""', 'We are beginning to see progress,"" said chief financial officer Ian Borden, while adding that the firm expected that its business in the Middle East would continue to be affected by conflict in the region.', 'Bosses told investors they did not expect to increase prices significantly until the business was doing better, noting that they are still facing ""a lot of resistance"" from customers.', 'The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.', 'Profits fell 3% to $2.25bn.', 'Mr Borden said the public health scare had reversed signs of improving sales and traffic in the US, but said the company believed it would be able to restore confidence among its customers. ""', 'The most significant events are behind us,"" he said. ""', 'Getting our business back to that really strong momentum - we\'re really confident in our ability to do that.""', ""McDonald's said on Monday it was starting to resume sales of Quarter Pounders, which had been suspended last week in about a fifth of its US restaurants."", 'It has stopped working indefinitely with Taylor Farms, which had been its supplier of onions believed to be the source of contamination.']",0.1445086293879593,"He said McDonald's had, however, been pleased by signs of improvement in the US, where the company launched a $5 (£3.85) happy meal promotion over the summer and has enticed customers with a new chicken sandwich.",Executives told investors they believed that the public health scare was contained and did not think it would have a material impact on sales.,-0.1143140071316769,"The impact of the E. coli outbreak in the US, in which authorities have recorded at least 75 patients, was not reflected in the results reported on Tuesday, which showed overall quarterly revenue at the company rising 3% to more than $6.8bn (£5.2bn), compared with a year ago.","In the three months to September, sales at stores open at least a year fell 1.5% compared with the same time last year, McDonald's said on Tuesday.",2024-10-28
McDonald's Quarter Pounder burgers to return to restaurants affected by E. coli outbreak,https://www.cnbc.com/2024/10/27/mcdonalds-quarter-pounder-burgers-to-return-to-restaurants-affected-by-e-coli-outbreak.html,2024-10-29T16:53:39+0000,"In this articleMcDonald's Quarter Pounder burgers will return to roughly a fifth of U.S. restaurants this week — or roughly 3,000 locations — after the fast-food giant pulled the menu item linked to a deadly E. coli outbreak.About 900 of those locations will be serving the Quarter Pounder burgers without slivered onions for the foreseeable future as health authorities continue their investigation into the source of the outbreak. That change will affect restaurants in Colorado, Kansas and Wyoming and portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma and Utah.""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants,"" Cesar Pina, chief supply chain officer for McDonald's North American operations, said in a letter sent to the company's U.S. system.The Colorado Department of Agriculture's testing did not detect E. coli in samples of the beef patties taken from restaurants in the area, according to Pina. The agency isn't planning further tests of the company's beef.Instead, health authorities have honed in on slivered onions used in the Quarter Pounders as the likely suspect for the outbreak. The Food and Drug Administration is still investigating if onions produced by Taylor Farms are responsible. McDonald's has stopped using Taylor Farms as a supplier for the ingredient indefinitely.McDonald's is now asking its beef suppliers to produce a new supply of the fresh beef patties used in its Quarter Pounders, Pina wrote in a letter sent to the company's U.S. system. Customers can expect to see the menu item back in all restaurants in the coming week, although it will happen on a rolling basis, depending on delivery and resupply operations.The Centers for Disease Control and Prevention said Friday that the E. coli outbreak linked to McDonald's has led to 75 cases across 13 states. 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. The agency also said previously that an older adult in Colorado died.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 1 million Quarter Pounders in the affected region, according to company spokespeople.McDonald's USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company's website.""On behalf of the McDonald's system, I want you to hear from me: we are sorry,"" he said.McDonald's is expected to report its third-quarter earnings before the bell on Tuesday. Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.",CNBC,29/10/2024,"[""In this articleMcDonald's Quarter Pounder burgers will return to roughly a fifth of U.S. restaurants this week — or roughly 3,000 locations — after the fast-food giant pulled the menu item linked to a deadly E. coli outbreak."", 'About 900 of those locations will be serving the Quarter Pounder burgers without slivered onions for the foreseeable future as health authorities continue their investigation into the source of the outbreak.', 'That change will affect restaurants in Colorado, Kansas and Wyoming and portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma and Utah.', '""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald\'s restaurants,"" Cesar Pina, chief supply chain officer for McDonald\'s North American operations, said in a letter sent to the company\'s U.S. system.', ""The Colorado Department of Agriculture's testing did not detect E. coli in samples of the beef patties taken from restaurants in the area, according to Pina."", ""The agency isn't planning further tests of the company's beef."", 'Instead, health authorities have honed in on slivered onions used in the Quarter Pounders as the likely suspect for the outbreak.', 'The Food and Drug Administration is still investigating if onions produced by Taylor Farms are responsible.', ""McDonald's has stopped using Taylor Farms as a supplier for the ingredient indefinitely."", ""McDonald's is now asking its beef suppliers to produce a new supply of the fresh beef patties used in its Quarter Pounders, Pina wrote in a letter sent to the company's U.S. system."", 'Customers can expect to see the menu item back in all restaurants in the coming week, although it will happen on a rolling basis, depending on delivery and resupply operations.', ""The Centers for Disease Control and Prevention said Friday that the E. coli outbreak linked to McDonald's has led to 75 cases across 13 states."", '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.', 'The agency also said previously that an older adult in Colorado died.', '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 1 million Quarter Pounders in the affected region, according to company spokespeople."", 'McDonald\'s USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company\'s website.', '""On behalf of the McDonald\'s system, I want you to hear from me: we are sorry,"" he said.', ""McDonald's is expected to report its third-quarter earnings before the bell on Tuesday."", 'Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.', ""Clarification: This story has been updated to clarify that McDonald's is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak."", 'About 900 restaurants will serve the burgers without slivered onions.']",-0.0597539443116469,"""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain and is out of all McDonald's restaurants,"" Cesar Pina, chief supply chain officer for McDonald's North American operations, said in a letter sent to the company's U.S. system.","McDonald's USA President Joe Erlinger apologized to customers who are feeling ""ill, scared or uncertain"" in a video posted on the company's website.",-0.9215566714604696,,Shares of the company have fallen 7% since the CDC linked the E. coli outbreak to its restaurants.,2024-10-28
McDonald's Quarter Pounder back after E. coli outbreak,https://www.bbc.co.uk/news/articles/cgejj4l09djo,2024-10-28T02:00:15.862Z,"McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill. The fast food giant said samples of its beef patties that were taken by the Colorado Department of Agriculture (CDA) had tested negative for the bacteria. The company added that the CDA had no plans for further testing. McDonald's suspended sales of Quarter Pounder last week in around a fifth of its US restaurants in response to the outbreak. ""The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain,"" Cesar Piña, McDonald's North America Chief Supply Chain Officer said in a statement. Earlier, the US Food and Drug administration singled out the slivered onions in Quarter Pounders as another potential source of the outbreak. McDonald's said it had stopped working with the supplier of the onions and had removed them from its supply chain. ""The 900 restaurants that historically received slivered onions from Taylor Farms’ Colorado Springs facility will resume sales of Quarter Pounders without slivered onions,"" McDonald's said. McDonald's is facing lawsuits from several people who fell ill. The US Centers for Disease Control and Prevention (CDC) advised people who had eaten a Quarter Pounder and showed symptoms such as diarrhoea, fever and vomiting, to see a doctor. Symptoms can develop up to four days after contaminated food is consumed. Most people will recover on their own within five to seven days but, some cases may require hospital care. McDonald's shares have lost more than 7.5% of their value since the CDC reported the outbreak last week. In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years. Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years. ",BBC,28/10/2024,"[""McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill."", 'The fast food giant said samples of its beef patties that were taken by the Colorado Department of Agriculture (CDA) had tested negative for the bacteria.', 'The company added that the CDA had no plans for further testing.', 'McDonald\'s suspended sales of Quarter Pounder last week in around a fifth of its US restaurants in response to the outbreak. ""', 'The issue appears to be contained to a particular ingredient and geography, and we remain very confident that any contaminated product related to this outbreak has been removed from our supply chain,"" Cesar Piña, McDonald\'s North America Chief Supply Chain Officer said in a statement.', 'Earlier, the US Food and Drug administration singled out the slivered onions in Quarter Pounders as another potential source of the outbreak.', 'McDonald\'s said it had stopped working with the supplier of the onions and had removed them from its supply chain. ""', 'The 900 restaurants that historically received slivered onions from Taylor Farms’ Colorado Springs facility will resume sales of Quarter Pounders without slivered onions,"" McDonald\'s said.', ""McDonald's is facing lawsuits from several people who fell ill."", 'The US Centers for Disease Control and Prevention (CDC) advised people who had eaten a Quarter Pounder and showed symptoms such as diarrhoea, fever and vomiting, to see a doctor.', 'Symptoms can develop up to four days after contaminated food is consumed.', 'Most people will recover on their own within five to seven days but, some cases may require hospital care.', ""McDonald's shares have lost more than 7.5% of their value since the CDC reported the outbreak last week."", ""In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years."", ""Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.""]",-0.0435419417665564,"Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.",McDonald's is resuming sales of its Quarter Pounder burgers in all of its US restaurants after ruling out its beef patties as the source of an E. coli outbreak that left at least one person dead and dozens of others ill.,-0.5309337139129638,"Fast food chains like McDonald's and Burger King have had to focus on offering more attractive value meals, as lower income customers feel the pinch from surging prices in recent years.","In July, McDonald's posted a surprise drop in global sales, its first quarterly sales decline in more than three years.",2024-10-28
Philadelphia prosecutor sues Elon Musk over $1m swing-states voter lottery,https://www.bbc.co.uk/news/articles/c1e7lnye61eo,2024-10-28T18:20:27.106Z,"Prosecutors in Philadelphia have sued to stop Elon Musk and his political group America PAC from awarding $1m (£770,092m) to voters in swing states, accusing the billionaire of  ""running an illegal lottery"". ""America PAC and Musk must be stopped, immediately, before the upcoming Presidential Election on November 5, "" Philadelphia District Attorney Lawrence  Krasner said in the lawsuit. The lawsuit comes days after the US justice department warned Musk’s PAC that its $1 million giveaway might violate federal election law. Musk, who has been aggressively campaigning for Donald Trump, has said voters who want to be eligible for the prizes do not need to register as Republicans or vote. As part of that effort, Musk announced in October that he would randomly award a $1m prize to people in battleground states - Pennsylvania, Georgia, Nevada, Arizona, Wisconsin, Michigan and North Carolina - every day until 5 November.  To be eligible to win, the giveaway requires registered voters to release personal identifying information, like addresses and phone numbers. They are also required to sign a pledge that says they support the US Constitution. So far, nine $1m-prize winners have been announced, the latest a man from Michigan. Vice President Kamala Harris and Trump, whom Musk supports, remain locked in tight races in the battleground states. Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny.  “America PAC and Musk are lulling Philadelphia citizens... to give up their personal identifying information and make a political pledge in exchange for the chance to win $1 million,” according to the district attorney's lawsuit filed on Monday. ""That is a lottery. And it is indisputably an unlawful lottery.""  The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion. District Attorney Krasner has asked  for an immediate injunction before the presidential election because, he says, the ""scheme"" was hatched to ""influence voters"".  A court hearing on Mr Krasner’s request for a preliminary injunction has been set for Friday morning in Philadelphia - three days before election day.  The lawsuit makes clear that it is not accusing Musk and America PAC of violating federal laws prohibiting vote buying. A representative for America PAC told ABC News after the lawsuit was filed that it was fair to ""infer"" the PAC plans to continue handing out the $1m cheques. The BBC has reached out to Musk's America PAC for comment. Legal experts told the BBC that whether the giveaway violates federal law is a bit of a grey area.  Last week, the Justice Department sent a letter to America PAC warning that his lottery-style giveaway may be illegal. 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.  ",BBC,28/10/2024,"['Prosecutors in Philadelphia have sued to stop Elon Musk and his political group America PAC from awarding $1m (£770,092m) to voters in swing states, accusing the billionaire of ""running an illegal lottery"". ""', 'America PAC and Musk must be stopped, immediately, before the upcoming Presidential Election on November 5, "" Philadelphia District Attorney Lawrence Krasner said in the lawsuit.', 'The lawsuit comes days after the US justice department warned Musk’s PAC that its $1 million giveaway might violate federal election law.', 'Musk, who has been aggressively campaigning for Donald Trump, has said voters who want to be eligible for the prizes do not need to register as Republicans or vote.', 'As part of that effort, Musk announced in October that he would randomly award a $1m prize to people in battleground states - Pennsylvania, Georgia, Nevada, Arizona, Wisconsin, Michigan and North Carolina - every day until 5 November.', 'To be eligible to win, the giveaway requires registered voters to release personal identifying information, like addresses and phone numbers.', 'They are also required to sign a pledge that says they support the US Constitution.', 'So far, nine $1m-prize winners have been announced, the latest a man from Michigan.', 'Vice President Kamala Harris and Trump, whom Musk supports, remain locked in tight races in the battleground states.', ""Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny. “"", 'America PAC and Musk are lulling Philadelphia citizens... to give up their personal identifying information and make a political pledge in exchange for the chance to win $1 million,” according to the district attorney\'s lawsuit filed on Monday. ""', 'That is a lottery.', 'And it is indisputably an unlawful lottery.""', 'The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion.', 'District Attorney Krasner has asked for an immediate injunction before the presidential election because, he says, the ""scheme"" was hatched to ""influence voters"".', 'A court hearing on Mr Krasner’s request for a preliminary injunction has been set for Friday morning in Philadelphia - three days before election day.', 'The lawsuit makes clear that it is not accusing Musk and America PAC of violating federal laws prohibiting vote buying.', 'A representative for America PAC told ABC News after the lawsuit was filed that it was fair to ""infer"" the PAC plans to continue handing out the $1m cheques.', ""The BBC has reached out to Musk's America PAC for comment."", 'Legal experts told the BBC that whether the giveaway violates federal law is a bit of a grey area.', 'Last week, the Justice Department sent a letter to America PAC warning that his lottery-style giveaway may be illegal.', ""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.']",-0.0344883221123377,"So far, nine $1m-prize winners have been announced, the latest a man from Michigan.","The lawsuit also accuses Musk of violating consumer protection laws by deploying ""deceptive, vague or misleading statements"" that could create confusion.",-0.8848362565040588,,"Musk's move has been met with swift backlash from Democrats who are accusing him of attempting to buy votes, and has also drawn legal scrutiny. “",2024-10-28
Tariffs hurt his business. He's voting for Trump anyway,https://www.bbc.co.uk/news/articles/c0r8edwj9wlo,2024-10-28T00:57:09.731Z,"For almost 35 years, Wyoming entrepreneur Alan Chadwick has run his business importing clothing from China and selling the Western-style gear to stores serving ""working cowboys"" in the US.  Now, as former President Donald Trump campaigns on a pledge to hit all goods coming into the country with a 10%-20% tariff, or border tax, which would rise to 60% for goods from China, Chadwick is having to drastically rethink his strategy.  The 66-year-old has been exploring moving manufacturing of his products, like wool shirts with snaps and canvas jackets, to India or Pakistan - or perhaps closing his Wyoming Traders business, which employs 16 people, and retiring altogether. Chadwick said tariffs were a ""tax on the American people"" and warned that the expense for a company like his of opening a factory in the US was unrealistic. But as he prepares to cast his ballot, he expects to swallow his qualms about tariffs in favour of other priorities, such as illegal immigration and opposition to abortion. ""I will vote for Trump even though he's going to hurt our company if he does what he says he's going to do,"" he said. Chadwick's readiness to look past Trump's views on tariffs is a sign of the contradictory impulses shaping American politics. The Republican's platform has shifted America - once a global champion of free trade - towards an embrace of policies that are designed to protect US companies and jobs from foreign competition, despite the potential economic drawbacks. During his first term, Trump hit thousands of items from China with tariffs - measures that President Joe Biden, despite criticising them before entering the White House, kept in place.  This year, the Republican has put plans for sweeping tariffs at the centre of his presidential campaign, calling such duties ""the most beautiful word in the dictionary"". He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries.  ""We’re going to be a tariff nation. It’s not going to be a cost to you, it’s going to be a cost to another country,"" he has said on the trail. His claims are rejected by most traditional economists, who say the policy would do little to expand employment in the US, while raising costs for everyday Americans and slowing growth around the world. In the US, the Tax Foundation predicts the tariffs would reduce overall employment by 684,000 and shrink GDP by 0.8% - and that's without taking into account the almost certain retaliation from other countries. For a typical US household, costs would rise by at least $1,700, according to the Peterson Institute for International Economics, one of the lower estimates out there. ""It's absurd,"" economist Wendy Edelberg, director of the Hamilton Project and senior fellow at the Brookings Institution, said of Trump's promises. ""This is not the panacea that people are hoping for."" Despite the warnings, some surveys indicate that Trump's ideas are resonating: a September poll by Reuters/Ipsos found that 56% of likely voters favoured the Republican's tariff plans. Kyle Plesa, a 39-year-old Trump voter in Miami, Florida, said he did not think tariffs would have precisely the impact the candidate has promised, but the Republican's focus on the pitfalls of globalisation had touched a nerve. ""People are upset about it and I think Trump is at least addressing it,"" he said. ""I would probably prefer protecting business and paying a little bit more due to tariffs than I would dealing with the current state of inflation and raising taxes from the left,"" he added. Democratic presidential nominee Kamala Harris has attacked Trump’s tariff expansion plans as a ""national sales tax"", pledging a more targeted approach. But Trump has said money brought in from tariffs could allow for big tax cuts - sometimes floating the idea of eliminating income tax altogether.  Meanwhile, President Joe Biden’s decision to maintain Trump's China tariffs – and expand them on items such as electric vehicles - has also allowed the Republican to claim a policy victory.  Biden has also signed off other protectionist policies, such as on historic government spending to boost manufacturing in sectors such as semiconductors and green energy. He and Harris, like Trump, have opposed the takeover of US Steel by a Japanese company on national security grounds, raising chills in the business world about foreign investment. Michael Froman, who served as the US trade representative under former President Barack Obama, said Washington's turn to tools like tariffs and restrictions on foreign investment was ""probably here to stay"". ""There certainly is less enthusiasm around pursuing what we might call an affirmative trade agenda in terms of liberalisation, openness, reduction of barriers,"" he said. ""We just have to recognise that none of these policies are actually free. They all impose some kind of trade-off."" Jason Trice, the co-chief executive of Jasco, an Oklahoma-based lighting and electronics company that sells to major retailers such as Walmart, said the experience of his firm shows the damage tariffs can do. Since 2019, it has paid hundreds of millions of dollars worth of tariffs while transforming its supply chain, moving the bulk of its manufacturing from China to places such as Vietnam, Malaysia and the Philippines.  He said the changes have made his firm less efficient and raised costs by about 10%-15%, which he has passed on to retailers, ultimately raising prices and contributing to inflation. It has all taken a toll on his business, which has seen revenue fall 25% since 2020 and its staff numbers drop, via attrition, from 500 to 350. “In 50 years in business, the Chinese government has… never done anything nearly as damaging to our business as what the Trump administration has done,""  Trice said. “Tariffs have not helped bring jobs back to America. Tariffs have hurt American businesses and reduced employment opportunities.""   Lucerne International, a car parts supplier based in Michigan that has manufactured in China for decades, has also spent the last few years adjusting to the new climate.  With help from government incentives, the company is now working to open its first factory in its home state in 2026, plans expected to create more than 300 jobs over four years. But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “I don’t think tariffs are a long-term solution,” she said.  “All we’re going to do is continue to make ourselves uncompetitive on a global scale.” Michelle Fleury contributed to this report 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,28/10/2024,"['For almost 35 years, Wyoming entrepreneur Alan Chadwick has run his business importing clothing from China and selling the Western-style gear to stores serving ""working cowboys"" in the US.', 'Now, as former President Donald Trump campaigns on a pledge to hit all goods coming into the country with a 10%-20% tariff, or border tax, which would rise to 60% for goods from China, Chadwick is having to drastically rethink his strategy.', 'The 66-year-old has been exploring moving manufacturing of his products, like wool shirts with snaps and canvas jackets, to India or Pakistan - or perhaps closing his Wyoming Traders business, which employs 16 people, and retiring altogether.', 'Chadwick said tariffs were a ""tax on the American people"" and warned that the expense for a company like his of opening a factory in the US was unrealistic.', 'But as he prepares to cast his ballot, he expects to swallow his qualms about tariffs in favour of other priorities, such as illegal immigration and opposition to abortion. ""', 'I will vote for Trump even though he\'s going to hurt our company if he does what he says he\'s going to do,"" he said.', ""Chadwick's readiness to look past Trump's views on tariffs is a sign of the contradictory impulses shaping American politics."", ""The Republican's platform has shifted America - once a global champion of free trade - towards an embrace of policies that are designed to protect US companies and jobs from foreign competition, despite the potential economic drawbacks."", 'During his first term, Trump hit thousands of items from China with tariffs - measures that President Joe Biden, despite criticising them before entering the White House, kept in place.', 'This year, the Republican has put plans for sweeping tariffs at the centre of his presidential campaign, calling such duties ""the most beautiful word in the dictionary"".', 'He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries. ""', 'We’re going to be a tariff nation.', 'It’s not going to be a cost to you, it’s going to be a cost to another country,"" he has said on the trail.', 'His claims are rejected by most traditional economists, who say the policy would do little to expand employment in the US, while raising costs for everyday Americans and slowing growth around the world.', ""In the US, the Tax Foundation predicts the tariffs would reduce overall employment by 684,000 and shrink GDP by 0.8% - and that's without taking into account the almost certain retaliation from other countries."", 'For a typical US household, costs would rise by at least $1,700, according to the Peterson Institute for International Economics, one of the lower estimates out there. ""', 'It\'s absurd,"" economist Wendy Edelberg, director of the Hamilton Project and senior fellow at the Brookings Institution, said of Trump\'s promises. ""', 'This is not the panacea that people are hoping for.""', ""Despite the warnings, some surveys indicate that Trump's ideas are resonating: a September poll by Reuters/Ipsos found that 56% of likely voters favoured the Republican's tariff plans."", 'Kyle Plesa, a 39-year-old Trump voter in Miami, Florida, said he did not think tariffs would have precisely the impact the candidate has promised, but the Republican\'s focus on the pitfalls of globalisation had touched a nerve. ""', 'People are upset about it and I think Trump is at least addressing it,"" he said. ""', 'I would probably prefer protecting business and paying a little bit more due to tariffs than I would dealing with the current state of inflation and raising taxes from the left,"" he added.', 'Democratic presidential nominee Kamala Harris has attacked Trump’s tariff expansion plans as a ""national sales tax"", pledging a more targeted approach.', 'But Trump has said money brought in from tariffs could allow for big tax cuts - sometimes floating the idea of eliminating income tax altogether.', ""Meanwhile, President Joe Biden’s decision to maintain Trump's China tariffs – and expand them on items such as electric vehicles - has also allowed the Republican to claim a policy victory."", 'Biden has also signed off other protectionist policies, such as on historic government spending to boost manufacturing in sectors such as semiconductors and green energy.', 'He and Harris, like Trump, have opposed the takeover of US Steel by a Japanese company on national security grounds, raising chills in the business world about foreign investment.', 'Michael Froman, who served as the US trade representative under former President Barack Obama, said Washington\'s turn to tools like tariffs and restrictions on foreign investment was ""probably here to stay"". ""', 'There certainly is less enthusiasm around pursuing what we might call an affirmative trade agenda in terms of liberalisation, openness, reduction of barriers,"" he said. ""', 'We just have to recognise that none of these policies are actually free.', 'They all impose some kind of trade-off.""', 'Jason Trice, the co-chief executive of Jasco, an Oklahoma-based lighting and electronics company that sells to major retailers such as Walmart, said the experience of his firm shows the damage tariffs can do.', 'Since 2019, it has paid hundreds of millions of dollars worth of tariffs while transforming its supply chain, moving the bulk of its manufacturing from China to places such as Vietnam, Malaysia and the Philippines.', 'He said the changes have made his firm less efficient and raised costs by about 10%-15%, which he has passed on to retailers, ultimately raising prices and contributing to inflation.', 'It has all taken a toll on his business, which has seen revenue fall 25% since 2020 and its staff numbers drop, via attrition, from 500 to 350. “', 'In 50 years in business, the Chinese government has… never done anything nearly as damaging to our business as what the Trump administration has done,"" Trice said. “', 'Tariffs have not helped bring jobs back to America.', 'Tariffs have hurt American businesses and reduced employment opportunities.""', 'Lucerne International, a car parts supplier based in Michigan that has manufactured in China for decades, has also spent the last few years adjusting to the new climate.', 'With help from government incentives, the company is now working to open its first factory in its home state in 2026, plans expected to create more than 300 jobs over four years.', 'But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “', 'I don’t think tariffs are a long-term solution,” she said. “', 'All we’re going to do is continue to make ourselves uncompetitive on a global scale.”', 'Michelle Fleury contributed to this report 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.']",0.1512814468331093,"But though the project might sound like the kind of successful “reshoring” politicians in both parties want to see, chief executive Mary Buchzeiger, a long-time Republican, said it was a mistake for the US to try to ""build walls"" against its rivals. “","I will vote for Trump even though he's going to hurt our company if he does what he says he's going to do,"" he said.",-0.1755381178855896,"He argues his plans - which analysts say could return the average charge on imports to the highest level in at least 50 years - will spur job creation, reinvigorate US manufacturing, drive up wages and raise billions of dollars from other countries. ""","Tariffs have hurt American businesses and reduced employment opportunities.""",2024-10-28
"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.,2024-10-28
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.,2024-10-28
"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.",2024-10-28
JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch',https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html,2024-10-28T18:56:18+0000,"In this articleJPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.""On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $335,000,"" the bank said in the Texas filing. ""After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.""JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the ""infinite money glitch,"" though it hasn't disclosed the scope of associated losses. Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution. Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.Normally, banks only make available a fraction of the value of a check until it clears, which takes several days. JPMorgan says it closed the loophole a few days after it was discovered.The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situation who declined to be identified speaking about the internal investigation.In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank.JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints.The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar. JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said.The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.""Fraud is a crime that impacts everyone and undermines trust in the banking system,"" JPMorgan spokesman Drew Pusateri said in a statement to CNBC. ""We're pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they're held accountable.""",CNBC,28/10/2024,"['In this articleJPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.', 'The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.', 'A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.', '""On August 29, 2024, a masked man deposited a check in Defendant\'s Chase bank account in the amount of $335,000,"" the bank said in the Texas filing. ""', 'After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.', '""JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the ""infinite money glitch,"" though it hasn\'t disclosed the scope of associated losses.', ""Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report."", 'The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution.', 'Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.', 'Normally, banks only make available a fraction of the value of a check until it clears, which takes several days.', 'JPMorgan says it closed the loophole a few days after it was discovered.', 'The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situationwho declined to be identified speaking about the internal investigation.', ""In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn't been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank."", ""JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints."", ""The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar."", 'JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said.', 'The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.', '""Fraud is a crime that impacts everyone and undermines trust in the banking system,"" JPMorgan spokesman Drew Pusateri said in a statement to CNBC. ""', 'We\'re pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they\'re held accountable.""']",-0.2347626410039654,"Normally, banks only make available a fraction of the value of a check until it clears, which takes several days.","JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers' fees and, in some cases, punitive damages, according to the complaints.",-0.9642532914876938,,"Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.",2024-10-28
"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.",2024-10-28
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.",2024-10-28
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.",2024-10-28
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.",2024-10-28
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.",,2024-10-28
Dementia: AI developed to help make life easier,https://www.bbc.co.uk/news/articles/cqxj700pxpdo,2024-10-29T00:08:16.821Z,"Pete Middleton, who lives in Northamptonshire, UK with his wife, has long been an early adopter of technology. He became interested in computing while in the Royal Air Force in the 1980s and went on to learn several programming languages. In recent years he’s been enthusiastic about the rise of AI, which he uses for editing photographs, for translating text messages, and for research. Overall, Mr Middleton is having a busy retirement. In addition to his hobbies and his dementia blog, he’s a lived-experience consultant, committee member and volunteer with Alzheimer’s Society. Since his diagnosis with dementia five years ago, at the age of 65, he’s noticed changes to his short-term memory. For example, “I can still write apps for mobile phones, but I can’t remember where I put my telephone.” Mr Middleton believes that AI could help to bridge this gap. ""If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer. And if it does that, it keeps them out of the NHS system and out of care homes.” A number of AI-based tools offer to help with the daily routines of people living with dementia. One is Simon, an app that uses geo-tracking and machine learning to determine the specific needs of a user and provide notifications that could help. “For example, this could include reminding individuals of a PIN when the app detects they are at the bank,” says Fiona Carragher, the director of research and influencing at Alzheimer’s Society. Simon is currently being beta tested. A long-running programme in this domain is the Florence Project. The Florence Project seeks to develop useful communication technologies for people living with dementia. “We’re looking at this issue of keeping communication strong – so, not replacing communication between family and carers and people living with dementia, but rather supporting it,” says Janet Wiles, a professor in human-centred computing at Australia’s University of Queensland. Prof Wiles, whose own mother lives with dementia, is part of a team working on the Florence Project. The team are keen to avoid their products ending up in a drawer of unused, overly complicated devices. So, it includes a Living Experience Expert Panel, made up of people living with dementia and those who help care for them. The project has developed three devices – a diary, a music player, and a digital photo screen. These are easy-to-use, single-function devices with physical elements like knobs or buttons, which also integrate the preferences of the living experience experts.  The content on the devices can be adjusted either locally or remotely. For instance, a relative in another part of the country can update the playlist on the music player, if the person living with dementia gives permission. AI helps with personalising these tools. A knowledge bank is built for each person, based on questions they answer or conversations they have. Audio is transcribed and in some cases translated, before feeding into the kinds of information that are made available on the devices. For example, the diary device might display the photo of a new part-time carer next to the time that they will arrive. Needs and preferences may change as their condition does. So, for example, the information in the diary can be simplified to match the needs of the user. The team were keen not to rush the development process - the project has been running for about a decade already, and is now at the stage of testing its prototypes. ""The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions. She emphasises that data privacy and security are especially important for people with dementia. AI-based chatbots are also being integrated into companion robots. Hiro-chan is a faceless, huggable, soft therapy robot; the researchers believe that interacting with Hiro-chan reduces stress in people with dementia. They’re now working on integrating ChatGPT into the robots, along with speakers and microphones. The total weight would remain less than 800 grams. In initial tests with people with dementia living in care homes, “we found that a simpler dialogue than we expected would be more engaging for more of them,” says Hidenobu Sumioka, a roboticist at Advanced Telecommunications Research Institute International in Kyoto. However, “it’s critical that AI doesn’t replace the human contact that is so important in dementia care,” Ms Carragher says. “Instead, it should be used to enhance care in a way that is beneficial to people living with dementia and their carers.” Dennis Frost, a retired programmer who has served on the Florence Project’s Living Experience Expert Panel, points out that social engagement is very important for people who are diagnosed with dementia. “I would suggest increasing human interaction should be a priority over increasing AI interaction. After all would an AI actually care if I lived or died?” Mr Middleton sees great promise in AI, but emphasises that any technologies intended for people with dementia must be customisable to a diverse set of people. “No two people with dementia are the same,” Mr Middleton says. “What works for me won't work perhaps for my next-door neighbour, who has dementia.” “So developers must be very careful when they’re developing products to not just target the dementia community in general, but look for the specific stages of dementia and try and make up match up what they do with the person’s ability.” ",BBC,29/10/2024,"['Pete Middleton, who lives in Northamptonshire, UK with his wife, has long been an early adopter of technology.', 'He became interested in computing while in the Royal Air Force in the 1980s and went on to learn several programming languages.', 'In recent years he’s been enthusiastic about the rise of AI, which he uses for editing photographs, for translating text messages, and for research.', 'Overall, Mr Middleton is having a busy retirement.', 'In addition to his hobbies and his dementia blog, he’s a lived-experience consultant, committee member and volunteer with Alzheimer’s Society.', 'Since his diagnosis with dementia five years ago, at the age of 65, he’s noticed changes to his short-term memory.', 'For example, “I can still write apps for mobile phones, but I can’t remember where I put my telephone.”', 'Mr Middleton believes that AI could help to bridge this gap. ""', 'If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.', 'And if it does that, it keeps them out of the NHS system and out of care homes.”', 'A number of AI-based tools offer to help with the daily routines of people living with dementia.', 'One is Simon, an app that uses geo-tracking and machine learning to determine the specific needs of a user and provide notifications that could help. “', 'For example, this could include reminding individuals of a PIN when the app detects they are at the bank,” says Fiona Carragher, the director of research and influencing at Alzheimer’s Society.', 'Simon is currently being beta tested.', 'A long-running programme in this domain is the Florence Project.', 'The Florence Project seeks to develop useful communication technologies for people living with dementia. “', 'We’re looking at this issue of keeping communication strong – so, not replacing communication between family and carers and people living with dementia, but rather supporting it,” says Janet Wiles, a professor in human-centred computing at Australia’s University of Queensland.', 'Prof Wiles, whose own mother lives with dementia, is part of a team working on the Florence Project.', 'The team are keen to avoid their products ending up in a drawer of unused, overly complicated devices.', 'So, it includes a Living Experience Expert Panel, made up of people living with dementia and those who help care for them.', 'The project has developed three devices – a diary, a music player, and a digital photo screen.', 'These are easy-to-use, single-function devices with physical elements like knobs or buttons, which also integrate the preferences of the living experience experts.', 'The content on the devices can be adjusted either locally or remotely.', 'For instance, a relative in another part of the country can update the playlist on the music player, if the person living with dementia gives permission.', 'AI helps with personalising these tools.', 'A knowledge bank is built for each person, based on questions they answer or conversations they have.', 'Audio is transcribed and in some cases translated, before feeding into the kinds of information that are made available on the devices.', 'For example, the diary device might display the photo of a new part-time carer next to the time that they will arrive.', 'Needs and preferences may change as their condition does.', 'So, for example, the information in the diary can be simplified to match the needs of the user.', 'The team were keen not to rush the development process - the project has been running for about a decade already, and is now at the stage of testing its prototypes. ""', 'The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.', 'She emphasises that data privacy and security are especially important for people with dementia.', 'AI-based chatbots are also being integrated into companion robots.', 'Hiro-chan is a faceless, huggable, soft therapy robot; the researchers believe that interacting with Hiro-chan reduces stress in people with dementia.', 'They’re now working on integrating ChatGPT into the robots, along with speakers and microphones.', 'The total weight would remain less than 800 grams.', 'In initial tests with people with dementia living in care homes, “we found that a simpler dialogue than we expected would be more engaging for more of them,” says Hidenobu Sumioka, a roboticist at Advanced Telecommunications Research Institute International in Kyoto.', 'However, “it’s critical that AI doesn’t replace the human contact that is so important in dementia care,” Ms Carragher says. “', 'Instead, it should be used to enhance care in a way that is beneficial to people living with dementia and their carers.”', 'Dennis Frost, a retired programmer who has served on the Florence Project’s Living Experience Expert Panel, points out that social engagement is very important for people who are diagnosed with dementia. “', 'I would suggest increasing human interaction should be a priority over increasing AI interaction.', 'After all would an AI actually care if I lived or died?”', 'Mr Middleton sees great promise in AI, but emphasises that any technologies intended for people with dementia must be customisable to a diverse set of people. “', 'No two people with dementia are the same,” Mr Middleton says. “', ""What works for me won't work perhaps for my next-door neighbour, who has dementia.” “"", 'So developers must be very careful when they’re developing products to not just target the dementia community in general, but look for the specific stages of dementia and try and make up match up what they do with the person’s ability.”']",0.2069143561449764,"If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.","The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.",0.7386404201388359,"If people incorporate the benefits of using AI into their lives, it will be good for their self-respect and self-esteem, and it will keep them independent for longer.","The downside for tech that goes wrong for people with dementia is often way worse than it would be for other people,” Prof Wiles cautions.",2024-10-28
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. “",2024-10-28
"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.",,2024-10-28
"Neal's Yard's stolen cheese could be sold abroad, supplier says",https://www.bbc.co.uk/news/articles/c5ygw9ye90po,2024-10-28T10:21:32.130Z,"Cheddar stolen from London cheese specialist Neal’s Yard Dairy may have been shipped abroad to be sold on, a supplier has told the BBC. Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October. Mr Holden said he believed the con was ""sophisticated"" and the cheese could have been taken to Russia or the Middle East. The Met Police is investigating and Neal's Yard Dairy said it was working with ""international authorities"" to identify the scammers.  The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg. The fraudsters posed as an agent of a French supermarket in order to receive the 22 tonnes of clothbound cheeses from the Southwark-based company without paying for it, Mr Holden said. ""The robbers asked Neal's Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people and then it disappeared, so they cleverly covered their tracks."" ""They have already claimed £300,000, these criminals, and if they sell the cheese they’ll get more again"", Mr Holden said. Confirming that the cheese had already been removed from the warehouse, Mr Holden said: ""I think they're hoping to sell it in the Middle East or Russia, that's my guess. ""Because people won't ask questions there. I think if they tried to sell it closer to home they'd find it difficult because the international artisan community is very connected,"" Mr Holden said. ""If they tried to sell it in North America, where we sell a lot of Hafod, or even Australia believe it or not, the balloon would go up because people would ask questions.""  Mr Holden, who runs a dairy farm in western Wales, said he and Neal's Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said. Neal's Yard Dairy has honoured it payment to suppliers despite the theft. On Monday, the firm thanked those who had ""rallied"" to support the business since the news of the theft and said it had received ""an overwhelming number of calls, messages, and visits"". It said: ""We are truly touched that so many people in the artisan cheese community and beyond are standing with us. It's a reminder of why we love the work we do."" Posting on social media, celebrity chef Jamie Oliver called for people to keep an eye out for ""lorryloads of posh cheese"" being sold ""for cheap"". Oliver told his Instagram followers: ""There has been a great cheese robbery. Some of the best cheddar cheese in the world has been stolen."" He described it as a ""real shame"", adding: ""If anyone hears anything about posh cheese going for cheap, it's probably some wrong'uns.""  Mr Holden said though it was a ""sad story"", he did not think the cheese industry would change how it operates.  He added that he hoped it would serve as a ""wake-up call"" about food production. He said: ""Don’t we want more trusted and transparent ways to get out food from the people who produce it? ""I think that is what’s disappeared in our modern food systems, we need to know more about the story behind our food… that should be our right."" The Met Police has confirmed it is investigating ""the theft of a large quantity of cheese"". Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk ",BBC,28/10/2024,"['Cheddar stolen from London cheese specialist Neal’s Yard Dairy may have been shipped abroad to be sold on, a supplier has told the BBC.', ""Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October."", 'Mr Holden said he believed the con was ""sophisticated"" and the cheese could have been taken to Russia or the Middle East.', 'The Met Police is investigating and Neal\'s Yard Dairy said it was working with ""international authorities"" to identify the scammers.', 'The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg.', 'The fraudsters posed as an agent of a French supermarket in order to receive the 22 tonnes of clothbound cheeses from the Southwark-based company without paying for it, Mr Holden said. ""', 'The robbers asked Neal\'s Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people and then it disappeared, so they cleverly covered their tracks."" ""', 'They have already claimed £300,000, these criminals, and if they sell the cheese they’ll get more again"", Mr Holden said.', 'Confirming that the cheese had already been removed from the warehouse, Mr Holden said: ""I think they\'re hoping to sell it in the Middle East or Russia, that\'s my guess. ""', ""Because people won't ask questions there."", 'I think if they tried to sell it closer to home they\'d find it difficult because the international artisan community is very connected,"" Mr Holden said. ""', 'If they tried to sell it in North America, where we sell a lot of Hafod, or even Australia believe it or not, the balloon would go up because people would ask questions.""', 'Mr Holden, who runs a dairy farm in western Wales, said he and Neal\'s Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""', 'That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said.', ""Neal's Yard Dairy has honoured it payment to suppliers despite the theft."", 'On Monday, the firm thanked those who had ""rallied"" to support the business since the news of the theft and said it had received ""an overwhelming number of calls, messages, and visits"".', 'It said: ""We are truly touched that so many people in the artisan cheese community and beyond are standing with us.', 'It\'s a reminder of why we love the work we do.""', 'Posting on social media, celebrity chef Jamie Oliver called for people to keep an eye out for ""lorryloads of posh cheese"" being sold ""for cheap"".', 'Oliver told his Instagram followers: ""There has been a great cheese robbery.', 'Some of the best cheddar cheese in the world has been stolen.""', 'He described it as a ""real shame"", adding: ""If anyone hears anything about posh cheese going for cheap, it\'s probably some wrong\'uns.""', 'Mr Holden said though it was a ""sad story"", he did not think the cheese industry would change how it operates.', 'He added that he hoped it would serve as a ""wake-up call"" about food production.', 'He said: ""Don’t we want more trusted and transparent ways to get out food from the people who produce it? ""', 'I think that is what’s disappeared in our modern food systems, we need to know more about the story behind our food… that should be our right.""', 'The Met Police has confirmed it is investigating ""the theft of a large quantity of cheese"".', 'Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram.', 'Send your story ideas to hello.bbclondon@bbc.co.uk']",0.1145859968953068,"The high-value, award-winning cheeses, which also include Westcombe and Pitchfork, are sold for as much as £45 per kg.","Truckles of Patrick Holden's Hafod Welsh Cheddar were among the £300,000 worth of produce stolen in a scam on 21 October.",-0.0759579864415255,"Mr Holden, who runs a dairy farm in western Wales, said he and Neal's Yard had been ""excited"" to receive such a large order and the theft had been a ""violation"". ""","That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust and transparency all the way down from the producer to the final customer,"" he said.",2024-10-28
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 (the WordPress Foundation), and its profit-making arm (called Automattic).  WordPress 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' boss, Matt Mullenweg, expects those who use it to contribute to its maintenance - for example by fixing bugs and testing new features. Mr Mullenweg 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,"" Automattic 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 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 (the WordPress Foundation), and its profit-making arm (called Automattic).', 'WordPress 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' boss, Matt Mullenweg, expects those who use it to contribute to its maintenance - for example by fixing bugs and testing new features."", 'Mr Mullenweg 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,"" Automattic 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 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.",-0.4416694690783818,"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.,2024-10-28
Single bus fares to rise to £3 from £2 in England under new cap,https://www.bbc.co.uk/news/articles/cy0l99xz719o,2024-10-28T12:06:53.753Z,"The single bus fare cap in England will be raised to £3 in the upcoming Budget, Prime Minister Sir Keir Starmer has announced. It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living. The existing cap was due to expire at the end of December. Sir Keir said: ""I do know how much this matters, particularly in rural communities where there is heavy reliance on buses.""  The new £3 cap, covering most bus journeys in England, will run until the end of 2025. About 3.4 million people in England use buses. There had been speculation in recent days that the chancellor would announce in the Budget on Wednesday that the current cap would be scrapped. This would have meant that some passengers faced a steep hike in fares following two years of help. Single bus fares in London with Transport for London will, however, remain at £1.75 and those in Greater Manchester at £2.  They are excluded from the broader fare cap as their funding is structured differently. The Confederation of Passenger Transport said that raising the cap from £2 has avoided travellers facing a ""cliff edge"" at the end of this year.  But it said: ""An increase to £3 will still present challenges for many passengers, particularly those who rely on buses as their primary means of affordable travel."" Joshua Anderton is a second year student at Lancaster University who relies on buses to get to his lectures. “I find the bus fare cap increase an absolutely awful idea,” he said. “I spend a minimum of £4 a day on bus tickets, sometimes more when I have to commute multiple times in a day. He added that the prices are ""only made worse by the fact that return tickets have been removed"". Joshua says he’ll now have less money to spend on food and will avoid some social events. Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems.  Reverting to previous fares of £5 or £7 for example, would represent ""such a big jump that not only will it cause hardship for some people but of course it will result in some people saying I'm not going to take the bus anymore,"" he told the BBC's Today Programme. Meanwhile Greenpeace suggested lifting the cap was a ""'tough decision’ the government didn’t need to make"". ""It makes no political, economical or environmental sense whatsoever,"" said Paul Morozzo, Greenpeace's UK’s senior transport campaigner. He said buses are a ""critical lifeline to millions of people, particularly those on lower incomes"".  ""A government that was truly prioritising the needs of the poorest in society would rethink this decision at the first opportunity,"" he said. Additional reporting by Bernadette McCague ",BBC,28/10/2024,"['The single bus fare cap in England will be raised to £3 in the upcoming Budget, Prime Minister Sir Keir Starmer has announced.', 'It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.', 'The existing cap was due to expire at the end of December.', 'Sir Keir said: ""I do know how much this matters, particularly in rural communities where there is heavy reliance on buses.""', 'The new £3 cap, covering most bus journeys in England, will run until the end of 2025.', 'About 3.4 million people in England use buses.', 'There had been speculation in recent days that the chancellor would announce in the Budget on Wednesday that the current cap would be scrapped.', 'This would have meant that some passengers faced a steep hike in fares following two years of help.', 'Single bus fares in London with Transport for London will, however, remain at £1.75 and those in Greater Manchester at £2.', 'They are excluded from the broader fare cap as their funding is structured differently.', 'The Confederation of Passenger Transport said that raising the cap from £2 has avoided travellers facing a ""cliff edge"" at the end of this year.', 'But it said: ""An increase to £3 will still present challenges for many passengers, particularly those who rely on buses as their primary means of affordable travel.""', 'Joshua Anderton is a second year student at Lancaster University who relies on buses to get to his lectures. “', 'I find the bus fare cap increase an absolutely awful idea,” he said. “', 'I spend a minimum of £4 a day on bus tickets, sometimes more when I have to commute multiple times in a day.', 'He added that the prices are ""only made worse by the fact that return tickets have been removed"".', 'Joshua says he’ll now have less money to spend on food and will avoid some social events.', ""Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems."", 'Reverting to previous fares of £5 or £7 for example, would represent ""such a big jump that not only will it cause hardship for some people but of course it will result in some people saying I\'m not going to take the bus anymore,"" he told the BBC\'s Today Programme.', 'Meanwhile Greenpeace suggested lifting the cap was a ""\'tough decision’ the government didn’t need to make"". ""', 'It makes no political, economical or environmental sense whatsoever,"" said Paul Morozzo, Greenpeace\'s UK’s senior transport campaigner.', 'He said buses are a ""critical lifeline to millions of people, particularly those on lower incomes"". ""', 'A government that was truly prioritising the needs of the poorest in society would rethink this decision at the first opportunity,"" he said.', 'Additional reporting by Bernadette McCague']",-0.0513816960840243,It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.,"Prior to Monday's announcement Bill Hiron, chair of Eastern Transport Holdings, which runs bus services in Essex, had warned that suddenly ending the £2 cap could cause problems.",-0.0314191222190856,It is an increase on the current limit of £2 which was introduced under the previous Conservative government to help with the cost of living.,This would have meant that some passengers faced a steep hike in fares following two years of help.,2024-10-28
JP Morgan sues customers over viral cheque fraud,https://www.bbc.co.uk/news/articles/c4gzp7y8e7vo,2024-10-29T03:40:39.851Z,"US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs. The “infinite money glitch”, as it became known on TikTok, allowed the bank's customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced. Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles. They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank. ""Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers. Simply put, engaging in bank fraud is a crime."" In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant’s Chase bank account for $335,000 (£258,300). The court papers said the defendant then started to withdraw the money. The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added. The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase's lawyers.  Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared. Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media. The report said the bank was investigating thousands of possible cheque fraud incidents. ",BBC,29/10/2024,"['US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.', ""The “infinite money glitch”, as it became known on TikTok, allowed the bank's customers to write a large cheque to themselves, deposit it and then withdraw the funds before the cheque bounced."", 'Two individuals and two businesses are facing lawsuits in courts in Houston, Miami and Los Angeles.', 'They are being asked to return the money with interest, pay related overdraft fees and cover legal expenses as well as other costs suffered by the bank. ""', 'Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""', 'Part of that responsibility is to hold people accountable when they commit fraud against Chase and its customers.', 'Simply put, engaging in bank fraud is a crime.""', 'In one of the cases, a court filing described how on 29 August, a masked man deposited a cheque in the defendant’s Chase bank account for $335,000 (£258,300).', 'The court papers said the defendant then started to withdraw the money.', 'The cheque was eventually returned as counterfeit but the defendant still owed the bank more than $290,000, the filing added.', ""The amount of money kept by the defendants in the four lawsuits totalled more than $660,000, according to JP Morgan Chase's lawyers."", 'Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.', 'Last month, the Wall Street Journal reported that JP Morgan Chase closed the loophole a few days after several videos telling people about the glitch went viral on social media.', 'The report said the bank was investigating thousands of possible cheque fraud incidents.']",-0.0488655598010159,Banks in the US usually allow customers to withdraw only a small fraction of the value of a cheque before it is cleared.,"Simply put, engaging in bank fraud is a crime.""",0.0352715253829956,"Chase takes its responsibility to combat fraud seriously and prioritises protecting the firm and its customers to make the banking system safer,"" the bank said in the court filings. ""","US banking giant JP Morgan Chase, is suing customers who allegedly took advantage of a glitch by illegally withdrawing thousands of dollars from its ATMs.",2024-10-28
Australian PM Albanese accused of seeking upgrades from Qantas boss,https://www.bbc.co.uk/news/articles/c1mlr7m7k27o,2024-10-29T08:15:31.010Z,"Australian Prime Minister Anthony Albanese has been accused of asking for free personal flight upgrades directly from the former CEO of national carrier Qantas. A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019. In a press conference on Tuesday, Albanese did not say whether he had spoken to Joyce about personal upgrades, but said he followed the rules and had been ""completely transparent"" with his disclosures.  ""There is no accusations being made with any specifics at all about any of this, none,"" he added.  Albanese, who previously served as federal transport minister, also criticised  former opposition party staffer Aston of ""trying to sell a book"".  In his book - The Chairman's Lounge: The Inside Story of How Qantas Sold Us Out - Aston,  reportedly cites Qantas insiders as saying Albanese spoke to Joyce about his personal travel plans.  Albanese said he did recall having two conversations with Joyce about flights that did not involve personal travel.  ""Of the 22 flights, 10 of them were... [in 2013] over a one-month period where both Qantas and Virgin provided upgrades for flights that were paid for by the Australian Labor party to make sure there was not any cost to taxpayers for what was internal business. ""In my time in public life, I have acted with integrity, I have acted in a way that is entirely appropriate and I have declared in accordance with the rules,"" he said.  While it is not unheard of for Australian politicians to get free flight upgrades, they are required to declare such gifts.  Australia's shadow transport minister Senator Bridget McKenzie has called for an inquiry to investigate the allegations.  ""There are serious questions which only Mr Joyce and the Prime Minister can answer,"" she told reporters.  Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There's a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday. How about upgrading those economy tickets?"" Last year, the Albanese government faced questions for denying a request by Qatar Airways to increase flights to Australia - a move that aviation analysts said  favoured Qantas.  Criticism over that decision has now resurfaced as some opposition leaders questioned Albanese's personal relationship with Joyce. Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices. However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations. It also laid off 1,700 ground staff  during the pandemic - a move that an Australian high court later ruled illegal.  ",BBC,29/10/2024,"['Australian Prime Minister Anthony Albanese has been accused of asking for free personal flight upgrades directly from the former CEO of national carrier Qantas.', 'A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019.', 'In a press conference on Tuesday, Albanese did not say whether he had spoken to Joyce about personal upgrades, but said he followed the rules and had been ""completely transparent"" with his disclosures. ""', 'There is no accusations being made with any specifics at all about any of this, none,"" he added.', 'Albanese, who previously served as federal transport minister, also criticised former opposition party staffer Aston of ""trying to sell a book"".', ""In his book - The Chairman's Lounge: The Inside Story of How Qantas Sold Us Out - Aston, reportedly cites Qantas insiders as saying Albanese spoke to Joyce about his personal travel plans."", 'Albanese said he did recall having two conversations with Joyce about flights that did not involve personal travel. ""', 'Of the 22 flights, 10 of them were... [in 2013] over a one-month period where both Qantas and Virgin provided upgrades for flights that were paid for by the Australian Labor party to make sure there was not any cost to taxpayers for what was internal business. ""', 'In my time in public life, I have acted with integrity, I have acted in a way that is entirely appropriate and I have declared in accordance with the rules,"" he said.', 'While it is not unheard of for Australian politicians to get free flight upgrades, they are required to declare such gifts.', 'Australia\'s shadow transport minister Senator Bridget McKenzie has called for an inquiry to investigate the allegations. ""', 'There are serious questions which only Mr Joyce and the Prime Minister can answer,"" she told reporters.', 'Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There\'s a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday.', 'How about upgrading those economy tickets?""', 'Last year, the Albanese government faced questions for denying a request by Qatar Airways to increase flights to Australia - a move that aviation analysts said favoured Qantas.', ""Criticism over that decision has now resurfaced as some opposition leaders questioned Albanese's personal relationship with Joyce."", 'Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.', 'However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations.', 'It also laid off 1,700 ground staff during the pandemic - a move that an Australian high court later ruled illegal.']",0.0142175639240353,"Speaking on Today, a popular breakfast news show, she said she too had received a free flight updgrade in the past but added: ""There's a difference to receive a gift and declare it on your register to actually getting on the blower and saying, listen, mate, the missus and I are going overseas on a holiday.","Joyce was chief executive of Qantas for 15 years and led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.",-0.562906014919281,"A new book by Australian journalist Joe Aston claims Albanese made several calls to ex-CEO Alan Joyce, and received upgrades on 22 flights taken between 2009 and 2019.","However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, andured mass delays and cancellations.",2024-10-28
"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.",2024-10-28
Lucid has high expectations for new Gravity SUV as customer orders set to open,https://www.cnbc.com/2024/10/29/lucid-gravity-suv.html,2024-10-29T13:08:36+0000,"In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson.The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website. It's set to retail starting at $94,900. Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.""I'm very confident we'll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position.""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street's expectations and its own initial expectations.Lucid delivered 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles delivered in 2023.Rawlinson said the company, which is backed by Saudi Arabia's Public Investment Fund, expects customer demand to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona.Lucid expects to begin serial production of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.Rawlinson said the company is still finalizing federal crash testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Board.Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected. The stock closed Monday at $2.52 per share, up less than 1%.Lucid is set to report its third-quarter results on Nov. 7 — the day customer ordering opens for the Gravity SUV.The Gravity Grand Touring will offer more than 800 horsepower and a projected electric range of more than 440 miles, according to Lucid.",CNBC,29/10/2024,"['In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company\'s losses, according to CEO Peter Rawlinson.', ""The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website."", ""It's set to retail starting at $94,900."", 'Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.', '""I\'m very confident we\'ll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""', ""We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position."", '""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street\'s expectations and its own initial expectations.', ""Lucid delivered 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles delivered in 2023.Rawlinson said the company, which is backed by Saudi Arabia's Public Investment Fund, expects customer demand to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona."", 'Lucid expects to begin serial production of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.', 'Rawlinson said the company is still finalizing federal crash testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Board.', 'Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected.', 'The stock closed Monday at $2.52 per share, up less than 1%.Lucid is set to report its third-quarter results on Nov. 7 — the day customer ordering opens for the Gravity SUV.The Gravity Grand Touring will offer more than 800 horsepower and a projected electric range of more than 440 miles, according to Lucid.']",0.1573272525788848,"""I'm very confident we'll enjoy significant step change in demand for our products, our complete product portfolio,"" Rawlinson told CNBC. ""","""A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has struggled with market awareness and customer demand compared with Wall Street's expectations and its own initial expectations.",0.7136221102305821,"In this articleElectric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a ""significant increase"" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson.","Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been slower than expected.",2024-10-28
"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.",2024-10-28
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.",2024-10-28
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.",2024-10-28
Why female entrepreneurs are key to getting more women to work,https://www.bbc.co.uk/news/articles/c4g0g5005ggo,2024-10-29T00:07:10.657Z,"A new study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation. By creating more opportunities for other women, female-led businesses can drive significant economic growth, it says. Imagine a world where women, though half the population, own less than a fifth of businesses. This is the reality the World Bank uncovered in a survey spanning 138 countries from 2006 to 2018. Even more intriguing is how female-owned businesses empower other women.  In male-owned firms, only 23% of workers were women, but female-owned businesses employ far more women. And while just 6.5% of male-owned businesses have a woman as the top manager, over half of female-owned firms are led by women. In India, the situation is even more challenging. Female labour participation and entrepreneurship are low, with the total number of women in the workforce barely changing over the past 30 years. But the picture looks slightly better when it comes to entrepreneurship.  Women make up about 14% of entrepreneurs and own a significant share of micro, small, and medium enterprises (MSMEs). They contribute notably to industrial output and employ a substantial portion of the workforce, according to the 2023 State of India's Livelihoods Report. Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures, according to Niti Aayog, a government think-tank.  While some women-owned enterprises employ staff in big numbers, a large majority operate with very few workers.  So Indian women are not really under-represented in entrepreneurship, but they operate much smaller firms than men – especially in the informal sector. Not surprisingly, women's contribution to India’s GDP is just 17%, less than half the global average. And India ranks 57th out of 65 countries for women's entrepreneurship, according to the Global Entrepreneurship Monitor Report 2021. A new paper by Gaurav Chiplunkar (University of Virginia) and Pinelopi Goldberg (Yale University) argues that promoting female entrepreneurship could significantly boost women's workforce participation, as female-led businesses often create more opportunities for other women. The authors developed a framework to measure the barriers women in India face when entering the labour force and becoming entrepreneurs.  They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses by hiring workers. Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones. So, policies that support female entrepreneurship are crucial, the authors argue. Policies that boost entrepreneurship and increase labour demand  - allowing more women to become entrepreneurs - can be more effective - and quicker - than changing long-standing social norms, says Mr Chiplunkar. “History tells us that norms are sticky,” says Ashwini Deshpande of Ashoka University.  Women still shoulder most household chores - cooking, cleaning, laundry, childcare, and elder care. There are more barriers, including limited access to safe, efficient transportation and childcare, restricting their ability to work within commuting distance. Even women’s limited ability to travel independently is a key factor restricting their participation in the labour market, as shown in a recent study led by Rolly Kapoor of University of California. Despite a recent uptick in India’s women’s labour force participation, the picture is not as promising as it seems, as Ms Deshpande notes in a paper.   The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. ""There is an urgent need to increase women’s participation in regular salaried paid work with job contracts and social security benefits. This would be the most important step, albeit not the only one, towards women’s economic empowerment,” says Ms Deshpande.  It's not going to be easy. For one, many women face obstacles - from families and  communities -  to working at all, regardless of whether they want to be entrepreneurs. And if more women join the workforce but there aren’t enough jobs - because barriers to starting businesses remain - wages could actually drop. Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour. A recent Barclays Research report says India can reach 8% GDP growth by ensuring women make up over half of the new workforce by 2030. Boosting female entrepreneurship could be a way out.  ",BBC,29/10/2024,"[""A new study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation."", 'By creating more opportunities for other women, female-led businesses can drive significant economic growth, it says.', 'Imagine a world where women, though half the population, own less than a fifth of businesses.', 'This is the reality the World Bank uncovered in a survey spanning 138 countries from 2006 to 2018.', 'Even more intriguing is how female-owned businesses empower other women.', 'In male-owned firms, only 23% of workers were women, but female-owned businesses employ far more women.', 'And while just 6.5% of male-owned businesses have a woman as the top manager, over half of female-owned firms are led by women.', 'In India, the situation is even more challenging.', 'Female labour participation and entrepreneurship are low, with the total number of women in the workforce barely changing over the past 30 years.', 'But the picture looks slightly better when it comes to entrepreneurship.', 'Women make up about 14% of entrepreneurs and own a significant share of micro, small, and medium enterprises (MSMEs).', ""They contribute notably to industrial output and employ a substantial portion of the workforce, according to the 2023 State of India's Livelihoods Report."", 'Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures, according to Niti Aayog, a government think-tank.', 'While some women-owned enterprises employ staff in big numbers, a large majority operate with very few workers.', 'So Indian women are not really under-represented in entrepreneurship, but they operate much smaller firms than men – especially in the informal sector.', ""Not surprisingly, women's contribution to India’s GDP is just 17%, less than half the global average."", ""And India ranks 57th out of 65 countries for women's entrepreneurship, according to the Global Entrepreneurship Monitor Report 2021."", ""A new paper by Gaurav Chiplunkar (University of Virginia) and Pinelopi Goldberg (Yale University) argues that promoting female entrepreneurship could significantly boost women's workforce participation, as female-led businesses often create more opportunities for other women."", 'The authors developed a framework to measure the barriers women in India face when entering the labour force and becoming entrepreneurs.', ""They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses by hiring workers."", 'Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.', 'So, policies that support female entrepreneurship are crucial, the authors argue.', 'Policies that boost entrepreneurship and increase labour demand - allowing more women to become entrepreneurs - can be more effective - and quicker - than changing long-standing social norms, says Mr Chiplunkar. “', 'History tells us that norms are sticky,” says Ashwini Deshpande of Ashoka University.', 'Women still shoulder most household chores - cooking, cleaning, laundry, childcare, and elder care.', 'There are more barriers, including limited access to safe, efficient transportation and childcare, restricting their ability to work within commuting distance.', 'Even women’s limited ability to travel independently is a key factor restricting their participation in the labour market, as shown in a recent study led by Rolly Kapoor of University of California.', 'Despite a recent uptick in India’s women’s labour force participation, the picture is not as promising as it seems, as Ms Deshpande notes in a paper.', 'The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. ""', 'There is an urgent need to increase women’s participation in regular salaried paid work with job contracts and social security benefits.', 'This would be the most important step, albeit not the only one, towards women’s economic empowerment,” says Ms Deshpande.', ""It's not going to be easy."", 'For one, many women face obstacles - from families and communities - to working at all, regardless of whether they want to be entrepreneurs.', 'And if more women join the workforce but there aren’t enough jobs - because barriers to starting businesses remain - wages could actually drop.', ""Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour."", 'A recent Barclays Research report says India can reach 8% GDP growth by ensuring women make up over half of the new workforce by 2030.', 'Boosting female entrepreneurship could be a way out.']",0.1946842568910526,"Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.","The increase, she found, reflected an increase in self-employed women, a combination of paid work and disguised unemployment, a situation where more people are employed than actually needed for a task, resulting in low productivity. """,0.1974479734897613,"Their simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages, profits, and more efficient female-owned firms replacing less productive male-owned ones.","Research shows that women in India work when opportunities arise, indicating that the declining labour force participation rate is a result of insufficient jobs and reduced demand for women's labour.",2024-10-28
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.",2024-10-28
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.",,2024-10-28
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.,,2024-10-28
"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.,2024-10-28
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.",2024-10-28
Immersive entertainment company Cosm lands rights to broadcast NFL games,https://www.cnbc.com/2024/10/28/cosm-nfl-games-shared-reality.html,2024-10-28T12:56:11+0000,"Cosm, the immersive technology company that broadcasts live sports events using what it calls ""shared reality,"" is partnering with the National Football League, the company announced Monday.As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive ""shared reality"" experience that mirrors being at the game.The domes fit about 700 people with the average ticket price ranging between $22 and $127. Cosm uses a dynamic pricing model, similar to concerts or live sports.""What's so unique about a property like the NFL is that fandom is everywhere,"" said Jeb Terry, president and CEO at Cosm. ""We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they're at the stadium themselves.""The company did not disclose the financial details of its deal with the NFL.Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said. The second game sold out in one minute.""Inventory is flying off the shelf,"" Terry said.While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show. This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.In July, the company raised more than $250 million in funding to expand globally. Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,28/10/2024,"['Cosm, the immersive technology company that broadcasts live sports events using what it calls ""shared reality,"" is partnering with the National Football League, the company announced Monday.', 'As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.', 'The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.', 'The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive ""shared reality"" experience that mirrors being at the game.', 'The domes fit about 700 people with the average ticket price ranging between $22 and $127.', 'Cosm uses a dynamic pricing model, similar to concerts or live sports.', '""What\'s so unique about a property like the NFL is that fandom is everywhere,"" said Jeb Terry, president and CEO at Cosm. ""', ""We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they're at the stadium themselves."", '""The company did not disclose the financial details of its deal with the NFL.Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.', 'Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.', 'Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said.', 'The second game sold out in one minute.', '""Inventory is flying off the shelf,"" Terry said.', 'While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show.', 'This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.', ""As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model."", 'Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.', 'In July, the company raised more than $250 million in funding to expand globally.', 'Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.1602931040687043,"As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.","Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.",0.993797500928243,"As fans' viewing habits are changing, Cosm is finding rapid success in its tech-forward model.",,2024-10-28
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.,2024-10-28
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.",2024-10-28