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'Record-breaking backlog' leads to $1.1 billion in improper Social Security payments, report finds 2024-08-12 21:32:00+00:00 - zimmytws | iStock | Getty Images The Social Security Administration faces a "record-breaking backlog" of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. The SSA OIG, which provides independent oversight of the agency's programs and operations, found the agency's backlog of so-called pending actions climbed to an all-time high of 5.2 million as of February. Of those that were improper payment cases, the average processing time was 698 days, according to a sample evaluated by SSA OIG. Improper payment includes overpayments, where beneficiaries are paid more than they should be, as well as underpayments, where payments to beneficiaries may be erroneously reduced. watch now If the pending cases had been resolved immediately, about 528,000 beneficiaries would have been improperly paid about $534 million, the report estimated. After 12 months, that improper payment amount for those beneficiaries rose to about $756 million. At the time of the SSA OIG's review, many of the cases had been outstanding for more than 12 months, bringing the improper payment amount to the reported $1.1 billion figure. Some overpayments may be preventable Earlier this year, the Social Security Administration put in place new policies to make it easier for beneficiaries to resolve overpayment issues with the agency, loosening previous rules that called for clawing back 100% of the money beneficiaries received. However, the agency's workflow still makes it vulnerable to inaccurate payments, which is worsened by processing delays. The SSA OIG report's findings are based on pending actions at the SSA's processing centers, which handle appeal decisions, collect debt, correct records and process benefit decisions. "The longer it takes SSA to process [processing center] pending actions, the longer beneficiaries wait for underpayments due or they receive larger overpayments to pay back," the SSA OIG report said. Some incidents of overpayments may be preventable in cases where beneficiaries do not provide necessary information to the Social Security Administration in a timely fashion, said Paul Van de Water, senior fellow at the Center on Budget and Policy Priorities. However, other cases are just due to slow processing times by the agency, he said. "Whatever the source of the problem, getting the claims and adjustments processed more quickly would be advantageous," Van de Water said. Improvements depend on 'sustained adequate funding'
Kit Harington On 'Game of Thrones' Ending Drama: 'We Couldn't Have Gone On Longer' - Warner Bros. Discovery (NASDAQ:WBD) 2024-08-12 21:30:00+00:00 - Kit Harington, best known for his portrayal of Jon Snow in the globally acclaimed Warner Bros. Discovery Inc‘s WBD HBO series “Game of Thrones,” recently opened up about the contentious ending that left fans divided. Speaking with GQ, Harington acknowledged that the show’s conclusion was not without its flaws but also emphasized the overwhelming exhaustion that plagued the cast and crew after nearly a decade of relentless filming. See Also: ‘Game Of Thrones’ Creators Spill Secrets On Axed ‘Star Wars’ Project: ‘We Weren’t The Droids They Were Looking For’ The English actor reflected on the challenges the team faced as they approached the series’ end. “I think if there was any fault with the end of Thrones, it’s that we were all so f***ing tired, we couldn’t have gone on longer,” he said. Exhaustion’s Role In The Controversial Ending Game of Thrones, which aired from 2011 to 2019, demanded intense physical and emotional commitment from its actors, a reality that Harington did not shy away from. “I look at pictures of me in that final season and I look exhausted. I look spent, I didn’t have another season in me.” The finale, which aired in May 2019, sparked widespread criticism for its pacing and certain character arcs that many viewers felt were rushed. “I understand some people thought it was rushed, and I might agree with them. But I'm not sure there was any alternative,” he said. Despite the mixed reactions to the finale, Harington was willing to revisit the Game of Thrones universe. He had signed on for a spin-off centered on Jon Snow, a project that ultimately did not come to fruition. “There were mistakes made, story-wise, towards the end, maybe. I think there were some interesting choices that didn't quite work,” Harington said. The proposed spin-off was scrapped after the team could not find a story “worth doing,” he added. Read Next: Image credits: Shutterstock.
Google's lawsuit history: The biggest legal cases against the search giant, including antitrust and class-action suits 2024-08-12 21:26:05+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Google is one of the world's largest and most influential companies, and the most popular search engine by far. So it's no surprise that the search giant's rapidly evolving and boundary-pushing technology would attract litigation over the course of its 25-year history. Google has been sued in dozens, if not hundreds of high-profile controversies over privacy, intellectual property, discrimination, advertising, and even defamation, and has racked up both wins and losses over the years. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Some of Google's most consequential legal cases have occurred in 2023 and 2024, including two major antitrust cases and several class-action lawsuits. Here's what you need to know about the biggest recent cases to land on Google's docket. Why did the US government sue Google over antitrust violations? The US government's battle against Google has resulted in two major antitrust cases. One case is still ongoing, while Google lost one antitrust case in August 2024, when a federal judge ruled that Google's search business violated antitrust laws. Advertisement "Google is a monopolist, and it has acted as one to maintain its monopoly," US District Judge Amit Mehta said in his ruling. The Mehta's ruling came nearly one year after a landmark monopoly trial in the fall of 2023. The dispute centered on whether Google has illegally abused its monopoly over the search engine industry, spending billions of dollars each year to suppress competition. The US government argued that Google's business dealings have blocked innovation in the search business to the detriment of internet users. Related stories Google CEO Sundar Pichai testified in the antitrust trial in October 2023, and defended instances in which Google pushed companies like Apple and other smartphone makers into revenue-sharing agreements that would make Google the default search engine on phones and computers. CEO Sundar Pichai was Google's star witness who testified on the company's deals with smartphone makers to make Google the default search engine. Drew Angerer/Getty Images The Google CEO even acknowledged on the stand that company executives knew that becoming the default search engine on smartphones "would lead to increased usage of our products and services." Advertisement The second major antitrust case against Google concerns its online advertising strategies, and is set to go to trial in September 2024. The US government has alleged that Google illegally abused its monopoly over the digital advertising market by acquiring its competitors and forcing website publishers to adopt Google's tools, such as Google Ads, thereby suppressing the rise of rival technologies. Google denied wrongdoing in both cases. The search giant argued during its 2023 trial that Google dominates the search business because it's superior to its rivals, not because of its business dealings. Google has similarly denied the claims in the advertising-related monopoly case, saying its acquisitions were legal and actually enable innovative new advertising technologies, and that the federal government's lawsuit could undo years of industry progress. What happens if Google loses its antitrust cases? Now that Google has lost one antitrust lawsuit, Mehta is expected to take some sort of action that would boost competition in the search-engine business. Google could face consequences like orders to adjust its business practices, or even a total ban on its contracts to make Google the default search engine. Both antitrust cases carry potentially massive implications for internet users — Google could face sanctions that alter its operations so dramatically that it loses its ubiquity in the search and advertising industries, paving the way for new companies and technologies to flourish. Advertisement Google's antitrust cases will also likely influence the outcomes of other antitrust lawsuits the US government has filed against major tech companies. Currently, Amazon, Apple, and Meta all face similar antitrust lawsuits against their business practices that could threaten their market dominance. What to know about Google's class-action settlements and who can claim money Google has been the subject of two major class-action lawsuits that were resolved or nearing resolution in late 2023 and 2024. One of the most hotly anticipated resolutions was that of a class-action case involving personal data collected from 136 million Google Chrome users. The lawsuit accused Google of tracking the internet activity of users who had switched to Google's "incognito" setting. As part of a settlement agreement, Google said it would delete the search data collected from those 136 million users, which Google said was merely "old personal technical data that was never associated with an individual and was never used for any form of personalization." Advertisement Lawyers initially sought a $5 billion payout for consumers, but anyone expecting to receive a chunk of that money will need to sue Google individually to receive any damages. The settlement agreement for the class-action case did not include any monetary damages to be paid out by Google. Google settled a class-action antitrust case involving the Google Play Store for $700 million. SOPA Images/Getty Images Google does, however, have to pay out roughly $700 million as part of a separate class-action case involving the Google Play Store. Attorneys general from five states accused Google of using monopoly tactics to box out competitors to the Google Play Store and limited users' ability to download Android apps from other app stores. An estimated 102 million consumers were affected between August 16, 2016, and September 30, 2023, and are entitled to compensation of at least $2, the settlement agreement stipulated. Consumers who are eligible for the Google settlement don't need to submit any sort of claim to get that money, however. Consumers will receive automatic payments through PayPal or Venmo. Google's battle over Europe's "right to be forgotten" laws Google lost a landmark "right to be forgotten" case in 2014, but won a victory in 2019 when an EU court said the ruling was limited only to the European Union. picture alliance/Getty Images One of Google's biggest legal battles in the 2010s concerned the European Court of Justice's "right to be forgotten" ruling and whether Google was responsible for personal data that appears in its search results. Google lost its case in 2014, and the EU court ruled that individuals have the right to remove information about themselves from search engine results. Advertisement Under the ruling, Google must respond to legitimate requests from individuals to delist webpages from its search results. Larry Page, one of Google's founders and a former CEO, spoke out vehemently against the EU court's "right to be forgotten" ruling at the time, warning that repressive foreign governments could abuse the ruling. However, in 2019, Google won a "right to be forgotten" victory in a subsequent EU court ruling, which stipulated that Google only has to delist content from search results in Europe, and the "right to be forgotten" does not apply globally. Recent research has suggested that Google and Microsoft together have received some 150,000 "right to be forgotten" requests to delist search results each year since the EU court's ruling in 2014. The vast majority of the links targeted for delisting were from Facebook, X, and YouTube.
Federal prosecutors charge ex-Los Angeles County deputies in sham raid and $37M extortion 2024-08-12 21:12:16+00:00 - LOS ANGELES (AP) — Two former Los Angeles County sheriff’s deputies and two former foreign military officials have been charged with threatening a Chinese national and his family with violence and deportation during a sham raid at his Orange County home five years ago, federal prosecutors said Monday. The four men also demanded $37 million and the rights to the man’s business, according to the U.S. attorney’s office in Los Angeles. Authorities have not released the businessman’s name. The men were arraigned Monday on charges of conspiracy to commit extortion, attempted extortion, conspiracy against rights, and deprivation of rights under color of law. All pleaded not guilty. Prosecutors said the group drove to the victim’s house in Irvine on June 17, 2019, and forced him, his wife and their two children into a room for hours, took their phones, and threatened to deport him unless he complied with their demands. Authorities said the man is a legal permanent resident. The men slammed the businessman against a wall and choked him, prosecutors said. Fearing for his and his family’s safety, he signed documents relinquishing his multimillion-dollar interest in Jiangsu Sinorgchem Technology Co. Ltd., a China-based company that makes rubber chemicals. Federal prosecutors said the man’s business partner, a Chinese woman who was not indicted, financed the bogus raid. The two had been embroiled in legal disputes over the company in the United States and China for more than a decade, prosecutors said. Prosecutors said one of the men charged, Steven Arthur Lankford — who retired from the Los Angeles County Sheriff’s Department in 2020 — searched for information on the victim in a national database using a terminal at the sheriff’s department. They said Lankford, 68, drove the other three men to the victim’s house in an unmarked sheriff’s department vehicle, flashed his badge and identified himself as a police officer. It was not immediately clear if Lankford has an attorney who can speak on his behalf. The Associated Press left a message Monday at a telephone number listed for Lankford, but he did not respond. Federal prosecutors also charged Glen Louis Cozart, 63, of Upland, who also used to be a sheriff’s deputy. The AP left a phone message for Cozart, but he didn’t immediately respond. Lankford was hired by Cozart, who in turn was hired by Max Samuel Bennett Turbett, a 39-year-old U.K. citizen and former member of the British military who also faces charges. Prosecutors said Turbett was hired by the Chinese businesswoman who financed the bogus raid. Matthew Phillip Hart, 41, an Australian citizen and former member of the Australian military, is also charged in the case. “It is critical that we hold public officials, including law enforcement officers, to the same standards as the rest of us,” said United States Attorney Martin Estrada. “It is unacceptable and a serious civil rights violation for a sworn police officer to take the law into his own hands and abuse the authority of the Los Angeles County Sheriff’s Department.” If convicted, the four men could each face up to 20 years in federal prison.
What's in Store for Cardinal Health in Q4 Earnings? - Owens & Minor (NYSE:OMI), Cardinal Health (NYSE:CAH) 2024-08-12 21:08:00+00:00 - Cardinal Health, Inc. CAH is scheduled to report fourth-quarter fiscal 2024 results on Aug 14, before the opening bell. In the last reported quarter, the company delivered an earnings surprise of 6.67%. CAH's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 12.91%. Q4 Estimates For the fiscal fourth quarter, the consensus mark for earnings is pegged at $1.72 per share, indicating an improvement of 10.9% from the prior-year quarter's reported figure. The same for revenues is pinned at $58.72 billion, implying growth of 9.9% year over year. Factors to Note From the fiscal third quarter of 2024, Cardinal Health started reporting its results under new operating segments — Pharmaceutical and Specialty solutions, Global Medical Products and Distribution (GMPD) segment, nuclear at-Home and OptiFreight. The third quarter of fiscal 2024 witnessed an uptick in revenues in the Pharmaceutical segment, which amounted to approximately $50.7 billion, up 9% on a year-over-year basis. The Pharmaceutical Distribution and Specialty Solutions segment's performance highlighted branded pharmaceutical sales growth from existing customers. The segment's profit increased 4% during the fiscal third quarter. This momentum is likely to have continued in the fiscal fourth quarter as well. Moreover, the rising demand for GLP-1 medications is likely to have acted as a tailwind. Higher contributions from brand and specialty products, as well as the effectiveness of the generics program, drove the positive outcome of the pharmaceutical segment in the last reported quarter. This trend is likely to have continued in the to-be-reported quarter as well. Medical segment's revenues grew 4% year over year in the last reported quarter, driven by growth in at-Home Solutions and GMPD. The segment's profit was $20 million in the fiscal third quarter. This upside was driven by an improvement in net inflationary impacts, including mitigation initiatives, which are likely to have boosted the medical segment's results in the fiscal fourth quarter as well. In March 2024, Cardinal Health completed the acquisition of Specialty Networks, which is likely to expand the company's offerings with physicians in the areas of urology, GI, and rheumatology. Specialty Networks is providing a proven platform in PPS analytics that the company is likely to further invest in fiscal 2025 and look to extend to other therapeutic areas such as oncology. Per the third-quarter earnings call, CAH's integration of Specialty Networks is underway, and the reaction from the providers the company serves has been extremely encouraging. The platform's insight generation capabilities for clinicians are robust, which is likely to accelerate CAH's upstream data and research opportunities with biopharma manufacturers. The company is expected to provide further updates in this regard in the to-be-reported quarter. The company announced its new distribution center being built in South Carolina, which, per management, features the fastest order fulfillment system per square foot in the market. The center is scheduled to open by early next fiscal year. New distribution centers are likely to aid the company's supply chain, thus improving revenues. Cardinal Health is likely to provide further updates in this regard in the to-be-reported quarter. What the Zacks Model Unveils Our proven model does not conclusively predict an earnings beat for Cardinal Health this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here, as you will see below. Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is -0.17%. Zacks Rank: Cardinal Health currently carries a Zacks Rank #3. Cardinal Health, Inc. Price and EPS Surprise Cardinal Health, Inc. price-eps-surprise | Cardinal Health, Inc. Quote Stocks to Consider Here are a few other medical stocks worth considering, as these also have the right combination of elements to beat on earnings this reporting cycle. Phibro Animal Health PAHC has an Earnings ESP of +0.99% and a Zacks Rank of 2 at present. The stock has risen 59.5% year to date. PAHC's earnings beat estimates in the last reported quarter. It has a trailing four-quarter average negative earnings surprise of 2.30%. Owens & Minor OMI has an Earnings ESP of +1.54% and a Zacks Rank of 2 at present. The stock has lost 14.6% year to date. OMI's earnings beat estimates in the last reported quarter. It has a trailing four-quarter average earnings surprise of 11.99%. ResMed RMD has an Earnings ESP of +2.85% and a Zacks Rank of 3 at present. The stock has risen 16% year to date. RMD's earnings beat estimates in the last reported quarter. It has a trailing four-quarter average earnings surprise of 2.81%. To read this article on Zacks.com click here.
Bio-Rad Faces Low BioPharma Demand, Competitive Pressure - ABM Indus (NYSE:ABM), Bio-Rad Laboratories (NYSE:BIO) 2024-08-12 21:06:00+00:00 - Bio-Rad's BIO business performance has been affected by Biopharma's softness, macroeconomic conditions in China and competitive pressure. The stock carries a Zacks Rank #4 (Sell). Since the beginning of 2023, Bio-Rad has been witnessing softness in smaller BioPharma companies, where historically, demand for life science products has been strong. This directly correlates with the funding constraints the broader pharmaceutical industry has been experiencing. Management puts forth that BioPharma's softness has resulted in the Life Science Segment's growth at a slower pace. In the second quarter of 2024, negative BioPharma macro trends persisted. Bio-Rad experienced reduced demand from biopharma customers for its process chromatography resins and from both biopharma and smaller biotech customers for Life Science research products, reflecting the ongoing destocking trend across the industry. Bio-Rad experienced weaker second-quarter sales in Asia as China is currently entangled in a challenging research funding environment and Japan too is facing constrained funding issues. Additionally, the Korean government's spending on life science research remained soft throughout the second quarter as part of the deficit reduction. In recent times, Bio-Rad's margin performance has been affected by elevated raw material costs, increased logistics costs and higher employee-related expenses. In the second quarter, the company's gross margin was additionally impacted by an unfavorable product mix, with a higher-than-anticipated percentage of instrument sales versus reagents, as well as lower-than-projected revenues in the Life Science Group. Bio-Rad Laboratories, Inc. Price Bio-Rad Laboratories, Inc. price | Bio-Rad Laboratories, Inc. Quote These macroeconomic factors, particularly the ongoing labor unrest, rising wages and raw material costs, along with ongoing geopolitical unrest, are resulting in a significant escalation in the company's operating expenses. Bio-Rad posted a 27.8% year-over-year decline in operating profit in the second quarter. Based on all these factors, Bio-Rad lowered its adjusted operating margin projection for 2024 to 12-13% (down from the earlier guidance of 13.5-14%). For 2024, our model projects a 10.6% decline in the company's GAAP operating profit on a 3.7% rise in expenses. Meanwhile, Bio-Rad operates in a highly competitive environment dominated by firms varying from large multinational corporations with significant resources to start-ups. Also, the competitive and regulatory conditions in the markets where the company operates limit Bio-Rad's ability to switch to strategies like price increases and other drivers of cost increases. Further, the extension of the public tender commitments to multiple years by the government, resulting in a reduced number of annual tenders, has led to aggressive tender pricing by Bio-Rad's competitors. Thus, Bio-Rad faces pricing pressure resulting from increased competition, which makes it difficult for the company to manage its operational, financial and business conditions efficiently. On a positive note, Bio-Rad is consistently developing its foothold in the rapidly growing digital PCR space to address additional opportunities in the PCR market. The pipeline of Bio-Rad's QX600 Droplet Digital PCR (ddPCR) platform is currently robust and growing. Backed by the tremendous customer response, the company continues to ramp up production capacity to accommodate the ongoing demand. In the second quarter, despite the Droplet Digital PCR franchise being soft, ddPCR reagents and consumables grew low in single digits. The newly launched ddPCR assay is successfully gaining share in the oncology and cell and gene therapy markets. Considering all these factors, the company is optimistic about ddPCR's growth in the coming quarters. Sales of the clinical diagnostics group in the second quarter increased 2.1% on a reported basis and 3.2% on a currency-neutral basis. Growth of the clinical diagnostics group was primarily backed by increased demand for quality controls and blood typing products on a geographic basis. Currency-neutral year-over-year revenues in the diagnostics group posted balanced growth across all regions of the company. The company continues to invest in supporting the growth of this segment while building a position in new molecular diagnostics segments. Key Picks Some better-ranked stocks in the broader medical space are Universal Health Service UNH, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy) each. Universal Health Service has an estimated long-term growth rate of 19%. UHS' earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%. Universal Health Service has gained 41.1% compared with the industry's 34.8% rise so far this year. Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%. Quest Diagnostics shares have gained 3.7% so far this year compared with the industry's 10.2% rise. ABM Industries' earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%. ABM's shares have risen 24.1% so far this year compared with the industry's 11.9% growth. To read this article on Zacks.com click here.
Trump spent the weekend flying around America on a plane previously owned by Jeffrey Epstein 2024-08-12 21:04:09+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Thanks for signing up! Go to newsletter preferences Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Donald Trump took several trips over the weekend on a private jet once owned by Jeffrey Epstein. His campaign took several flights in a Gulfstream G550 plane, emblazoned with the code N550GP on its tail. Local news outlets reported on throngs of Trump supporters — and protesters — watching the plane land in Aspen and Jackson Hole to watch the Republican presidential nominee disembark. Some of Trump's fans expressed disappointment that the plane wasn't as big as the Trump Force One. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. That Gulfstream jet also once carried Jeffrey Epstein, who used the tail number N212JE while he owned it, up until his death in 2019. Advertisement Epstein used the plane for the last flight of his life, from Paris to New Jersey's Teterboro airport, where the FBI arrested him on sex-trafficking charges. Federal Aviation Administration records show the plane carries the serial number 5173, corresponding to the same plane when used under a different registration by Epstein, according to data from JetSpy, an aviation data company. It's common for new owners to change a plane's "N-number" when registering a newly leased or purchased aircraft. JetBlue, for example, frequently ends its tail numbers with the letters JB, while many Southwest registrations end in WN in a nod to the airline's code assigned by the International Air Transport Agency. Epstein used his initials, JE, for the N-numbers of his planes. Advertisement Together, a plane's FAA-assigned N-number and required air-traffic control transponder data allow armchair enthusiasts to track specific flights — and lead many high-profile owners to attempt to cloak their travels. Trump hasn't made his private jet ownership a secret. During his campaign, he normally flies on a Boeing 757, nicknamed "Trump Force One," which he's owned since 2011. The flying billboard has become a mainstay at his rallies, which he sometimes holds in airports. Related stories The Boeing 757 is too big for the runways at some airports (it can have up to 178 seats; the Gulfstream G550 carries up to 20). So, according to Jetspy spokesperson Mitch Williamson, the Trump campaign sometimes charters private aircrafts. Trump's Boeing 757 also had mechanical issues that forced it to make an unscheduled stop on Friday, according to the US Secret Service. The plane landed in Billings, Montana — a two-hour drive from Bozeman, where Trump held a rally. Advertisement According to public flight records, the Gulfstream jet flew on Friday afternoon from Ontario International Airport in Canada to an airport in Bozeman. It then traveled to Jackson Hole in Wyoming and made a couple of stops in Colorado before returning to Ontario on Saturday night. Trump held private fundraisers in both Aspen and Jackson Hole on Saturday. It's unclear whether Trump or anyone on his campaign knew the plane was once owned by Epstein. A campaign spokesperson didn't respond to Business Insider's request for comment. Epstein owned several planes before his death Epstein killed himself in his Manhattan jail cell in 2019 while awaiting trial. Years before his death, he was friends with Trump in the Manhattan and Palm Beach social circuits before the two had an apparent falling out. The Gulfstream G550 — also known as a Gulfstream GV-SP — is operated by James L. Previti, according to Williamson. Advertisement Previti, the CEO of Frontier Enterprises, a California-based real estate company, is a frequent donor to Republican politicians. He donated $2,000 to Trump's campaign in 2020 and gave tens of thousands of dollars to Republican-affiliated groups over the past year, Federal Elections Commission records show. Donald Trump often uses his Boeing 757, nicknamed Trump Force One, as a backdrop for his rallies. Anna Moneymaker/Getty Images According to the Miami Herald, Epstein's estate executors sold the Gulfstream jet to a company called N550GP LLC for $10.6 million — below the $17 million asking price. The corporate documents for N550GP LLC were signed by an employee of Frontier Communities, according to the Miami Herald. The plane is part of a small fleet managed by the California-based Threshold Aviation Group, which makes it available for chartering. According to the company's website, the plane has WiFi available on board. Neither Previti nor Threshold Aviation Group responded to requests for comment. Advertisement "These services are typically managed by charter operators who are responsible for the flight crew, maintenance/storage of the aircraft, and more while being chartered by third parties," Williamson told BI in an email. Epstein owned at least five different private planes before his death. According to court testimony from one of his pilots, his first plane was the Hawker Siddeley HS.125, later known as the British Aerospace 125. Epstein also owned a Gulfstream II, which he sold in November 2013; a Gulfstream IV, which he sold shortly before his death; and a Boeing 727, which was nicknamed "Lolita Express" in the tabloids. The Daily Mail reported that a businessman who purchased the Boeing in 2020 plans to tear it apart and turn it into scrap. Advertisement The Trump Organization also owns a Boeing 727. Epstein sometimes ferried along his famous and wealthy friends on his flights. Flight manifest records made public in litigation involving Epstein show Prince Andrew, Bill Clinton, Kevin Spacey, and Naomi Campbell sometimes took trips on his planes. Records show Trump flew at least seven times on Epstein's planes in the 1990s between airports near their homes in Palm Beach and New York City. On occasion, Trump also traveled on Epstein's planes with his then-wife Marla Maples and children Eric and Tiffany Trump.
Meta, Universal Music Group Extend Licensing Deal To Include WhatsApp, Covering Artists Like Taylor Swift, Coldplay - Meta Platforms (NASDAQ:META), Sony Gr (NYSE:SONY) 2024-08-12 21:00:00+00:00 - A new agreement between Meta Platforms Inc META and Universal Music Group is reconfirming the substantial role of social media in increasing the revenue stream of major artists like Taylor Swift, Coldplay and Bob Dylan. The two companies announced the multiyear agreement on Monday, which extends Meta's rights to use UMG artists across its platform range, including user-generated content in Facebook and Instagram, as well as software on its virtual reality platform Meta Quest. The agreement for the first time includes Whatsapp as a platform, where Meta is now allowed to license UMG content. Along with Swift, Coldplay and Bob Dylan, UMG represents artists such as Drake, Billie Eilish, Elton John, Adele, U2, Harry Styles and Sting. In 2017, UMG became the first major music company to license its content to Meta, then called Facebook. The deal opened the floodgates to a cascade of user-generated content that was now allowed to use artist tracks as background music. In 2018, Warner Music Group Corp WMG and Sony Music Group, a subsidiary of Sony Group Corp SONY signed similar deals that generated new income for artists and ended years of legal battles between record labels and social media companies over copyright infringement. A decision by Meta last year to shut down its Premium Music Videos platform has had a strong impact on the balance sheets of major record labels. The decision will cost Warner Music Group at least $10 million per quarter, according to its CFO, Music Business reports. Read also: Google, Meta Accused Of Secretly Targeting Instagram Ads To Teens On YouTube, Violating Google’s Own Rules: Report AI, A Growing Concern For Record Labels: The deal between Meta and UMG comes on the heels of a dispute between the record label and TikTok, which is a direct competitor for Meta in many of its products. In their press release, the two companies emphasized that they'll continue working together to address "unauthorized AI-generated content that could affect artists and songwriters." Back in March, UMG pulled its 4 million-song catalog from TikTok, citing concerns over the latter's handling of music copyrights in the training of artificial intelligence models. The label claimed that TikTok had not given any assurances that it wouldn't use UMG songs to train its AI. The dispute got resolved in May, when the two companies reached a new agreement which clarified that "TikTok and UMG will work together to ensure AI development across the music industry will protect human artistry and the economics that flow to those artists and songwriters," as a press release stated. TikTok also committed to working with UMG to remove unauthorized AI-generated music from the platform, as well as tools to improve artist and songwriter attribution. Earlier this year, a group of musical artists including Billie Eilish, Stevie Wonder, Nicki Minaj, Elvis Costello, Norah Jones and Kathy Perry signed an open letter demanding AI developers stop the use of "predatory" AI technology liable to "undermine or replace the human artistry of songwriters and artists." The artists stated that the unrestricted use of their music to train AI systems has the potential to “violate creators’ rights, and destroy the music ecosystem.” In June, TikTok announced the creation of a new internal team dedicated to acquiring music rights. Such a move could free the company to train AI models on its own music, potentially offering users AI-generated music based on their own preferences, eliminating record labels from the equation. Now Read: Photo: Shutterstock
Old School: Gaughan’s throwback approach keeps South Point flourishing 2024-08-12 20:59:04+00:00 - Michael Gaughan wields as much influence in the Las Vegas gaming community as the chief executives who oversee some of the Strip’s largest publicly traded resorts. And the 81-year-old Gaughan carries that respect with just a single 2,100-room hotel-casino that sits on 56 acres along Las Vegas Boulevard, 6 miles south of what is considered the Strip’s southern border. It only took about two years for Gaughan to realize that he would not be comfortable in the corporate gaming world after he sold his four-property Coast Casinos to Boyd Gaming for $1.3 billion in 2004. He took a seat on Boyd’s board and agreed to oversee the final construction phases of the then-South Coast resort, which was nearly 70 percent complete. Gaughan immediately had seller’s remorse. Ten months after the property opened in December 2005, Gaughan traded his stock in Boyd Gaming — valued at $512 million — back to the company in exchange for ownership of the resort, which was renamed South Point Hotel and Casino. The transaction returned Gaughan to his roots as a solo casino operator — an increasingly rare breed in a casino market now dominated by multibillion dollar corporations. And in a gaming market where the only consistency is change, Gaughan — who shuns the spotlight and had to be convinced to have his photo taken for this story — has been a constant for almost the last two decades, expanding the South Point into one of Las Vegas’s most successful gaming operations. “South Point sits on an island. It has its customer bases and just goes about its business without any worry from anyone else,” said Brendan Bussmann, managing partner of Las Vegas-based B Global. “It’s been a successful endeavor that doesn’t have the pressures that others may have being in the heart of the Strip or publicly traded.” Financial results from the South Point are private. But Ryan Growney, the property’s general manager since 2010, said the resort has zero debt and has used cash to fund millions of dollars of renovations and expansion projects for nearly two decades. He said his contemporaries on the Strip and elsewhere are always discussing “debt service per day.” Growney, whose father was general manager when Gaughan owned the Gold Coast Casino and Hotel in the 1990s, said Gaughan’s operating methods haven’t changed in decades, even through the recession and pandemic-era operating restrictions. “We‘re a different business model than the corporate guys. Doing everything out of cash flow makes things easier to operate,” Growney said, explaining how the management team pitches Gaughan on any project. “We needed to spend $2 million on the parking garage. We could have come in with charts and graphs and figures, but Michael doesn’t want that,” Growney said. “He says if you have an idea, you can sell it on one piece of paper.” Like the way he operates the resort, Gaughan’s management team meetings are old school — often taking place over lunch at a large round table in the Coronado Café, South Point’s 24-hour restaurant. “He gives us the freedom to operate,” Growney said. A small team Gaughan said he isn’t looking to expand his gaming footprint beyond South Point. As with Coast Casinos, his management team remains small and loyal. Growney and Steve Stallworth, who oversees South Point’s Equestrian Arena and complex, stayed with Boyd Gaming after the merger but returned when an opportunity presented itself. Gaughan began his career in 1965 as the casino manager working with his father, Jackie Gaughan, at the El Cortez downtown. He left in 1972 to open the Royal Inn Casino just off the Strip on Convention Center Drive. He later sold that property to build and operate the Barbary Coast in 1979 at the corner of the Strip and Flamingo Road, now The Cromwell Las Vegas. During an interview with The Nevada Independent in June, Gaughan suggested he would “take back one of either the Suncoast or Gold Coast.” The comments were made with a slight smile — Boyd has never expressed an interest in selling any of the properties. Former gaming executive Bill McBeath found the humor in Gaughan’s comment. McBeath, who began his gaming career working for Gaughan through a casino management training program at the Barbary Coast and the off-Strip Gold Coast, agreed that Gaughan wasn’t suited for the corporate lifestyle and is happy owning just the South Point. “Michael had partners but was the controlling owner (of Coast Casinos). He built this incredible company and the only way to create liquidity was to go through a sales process or go public,” said McBeath, who served as president of several MGM Resorts International Strip resorts and The Cosmopolitan of Las Vegas and remains a close friend with his mentor. “After about eight months of sitting in corporate meetings, Michael waived a white flag,” he said. Following the merger with Boyd, Growney, a graduate of Gaughan’s casino management program, was sent to Florida after Boyd acquired a jai alai facility near Fort Lauderdale. He came back to Las Vegas to work in management at Sam’s Town when Gaughan offered him the South Point general manager job. “I started out pitching cards and learning how the casino works,” Growney said. “That’s how Michael started and that’s how we learned — through experience.” Stallworth was the assistant general manager at Thomas & Mack Center when Gaughan tabbed him to help build and operate an arena at the Orleans. He continued to manage the location for Boyd but rejoined Gaughan when the manager of South Point’s equestrian center departed. “Michael said ‘Get your cowboy hat and cowboy boots, you’re running the arena,’” said Stallworth, who has worked for Gaughan for 24 years but knew little of the equestrian market at the time. “The equestrian center is something Michael and his wife, Paula, always wanted to do. They saw a need for this type of facility in Las Vegas and it’s been a success,” Stallworth said. The facility has grown beyond its original 4,600-seat arena, adding two smaller event spaces, a practice facility and 1,200 climate-controlled horse stalls. The venue is booked annually for 46 weeks of equestrian events. As he provided a tour of the venue in early July, Stallworth said the American Quarter Horse Association had just finished its event and the venue was preparing an event for mustang horse enthusiasts. “I learned quickly it’s not just rodeo,” Stallworth said. McBeath said Gaughan’s connections with the equestrian community helped 10 years ago in keeping the National Finals Rodeo (NFR) in Las Vegas. Operators of the 10-day NFR were ready to move the rodeo to Orlando, Florida, taking away an event that fills hotel rooms and casino floors in early December — an otherwise slow time for the casino industry. Gaughan, McBeath — chairman of the Las Vegas Events board — and former Las Vegas Convention and Visitors Authority President Rossi Ralenkotter renegotiated a new contract in the 11th hour. McBeath said Gaughan was by his side when an extension was reached in June that will keep the NFR in Las Vegas through 2035. “Michael has such incredible insight into the Western people and how they think,” McBeath said. “I have my ranch and I’m a cowboy, but Michael is a cowboy all the way.” ‘A hybrid property’ Gaughan has invested millions of dollars into South Point, including adding hotel capacity that grew the resort to 2,163 rooms and suites. A boost in business came when the Silverado Ranch Boulevard overpass was completed, giving the South Point direct access from Interstate 15. “Michael offered to pay up to $4 million to help build the overpass,” Growney said. “He knew what it would mean to South Point’s business. It was then moved up on the list when they heard him say that.” Even with the traffic influx, Gaughan refuses to charge for parking at any of the property’s 5,000 spaces, which are commonly filled, especially on weekends and holidays. Growney estimated South Point’s business is about 50 percent locals and 50 percent tourists, and often draws higher from the tourist side during busy holiday weekends. The equestrian center can skew visitation numbers given the events bring in competitors and horse enthusiasts from across the nation. The tournament bowling plaza that South Point built in 2013 in conjunction with the United States Bowling Congress (USBC) is another customer magnet. The organization has brought multiple events to the facility in the last 10 years, including a recently concluded five-month tournament that drew 55,000 bowlers from across the county. The USBC booked 500 rooms each week throughout the event. “The original agreement was nine events over 12 years. Now, we have events through 2039,” Growney said. South Point, he said, is a “hybrid property” because its hotel towers are adjacent to the 2,000-unit Grandview at Las Vegas timeshare development. “There’s a two-lane road between us, so we look at ourselves as having 4,000 hotel rooms,” Growney said. “We have the amenities a hotel needs and the locals like, such as the buffet. They cost a fortune and they lose a lot of money. So I understand (other resorts) taking them out.” Gaughan did provide a few pieces of financial information about the property. He said the resort loses upward of $1.5 million a month from its 11 restaurants and the Garden Buffet. Gaughan and Growney said South Point serves between 10,000 and 11,000 meals a day but any losses from food are easily recovered through the casino and other non-gaming attractions. “I don’t have a food and beverage manager. I have a restaurant manager and a bar manager,” Gaughan said. “They’re both good and have been with me for a long time.” There are success stories in the South Point restaurants. Gaughan opened the first franchise in Nevada for the popular Midwest hamburger and milkshake restaurant Steak ’n Shake in 2010. He said the location is the No. 1 for sales for the restaurant chain. South Point’s Starbucks also boasts the most transactions of any franchise in the state. “It’s not by revenue because other locations charge more,” Gaughan said. Gaughan expanded the casino shortly after reacquiring the resort. The extra floor gaming space allowed him to add a multiscreen movie theater above the casino floor. In addition to the tournament bowling facility, South Point has a 64-lane bowling center for the public. The casino has 2,400 slot machines, 60 gaming tables, a 600-seat bingo hall and a 300-seat race and sportsbook. Separately from South Point, Gaughan has managed the slot machine concession at Harry Reid International Airport for almost 38 years. It passed the $1 billion mark in gaming revenue for the facility in 2022, according to a news release from Gaughan’s company. According to a Reid Airport spokeswoman, Gaughan’s company operates more than 1,000 slot machines in the airport’s terminals. In 2023, the airport’s share of the gaming revenue was $58.5 million. As a private operator, the investment community doesn’t follow South Point. However, analysts take an interest when executives from Red Rock Resorts and Boyd Gaming — the primary competition for Las Vegas-area customers — mention South Point had boosted marketing and promotional efforts. “You can’t compare Michael to other operators,” said Kenny Epstein, chairman of the El Cortez in downtown Las Vegas and Gaughan’s former partner at the Coast Casinos. Epstein acquired the El Cortez from Jackie Gaughan, who continued to live in a suite atop the hotel until he died in 2014. “Michael is old school, but he’s up to speed on what everyone else is doing,” Epstein said. “Michael is a special guy that helped all of us learn the business.” ___ This story was originally published by The Nevada Independent and distributed through a partnership with The Associated Press.
Dan Stevens on His Best Movie, TV Roles: 'Downton Abbey,' 'Legion' 2024-08-12 20:51:02+00:00 - Dan Stevens is having a banner year. It's only August, and audiences have already seen him as King Kong's dentist, a corrupt former police officer turned vampire-child kidnapper from Queens, and most recently, a flute-playing German resort owner with a sinister agenda. That range of roles (in "Godzilla x Kong: The New Empire," "Abigail," and "Cuckoo," respectively) is nothing out of the ordinary for Stevens. He delights in doing a little bit of everything, from playing Charles Dickens to a mentally ill mutant to a literal Disney prince. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Advertisement "I think career is defined as much by what you say no to as what you say yes to," Stevens tells Business Insider. Stevens knows how to say "no," even when it hurts. He famously devastated "Downton Abbey" fans by requesting to leave the beloved period drama, which necessitated killing off his fan-favorite character Matthew Crawley. But he was eager to try something new after mostly appearing in costume dramas; he credits moving to the US from his native UK with cracking his career wide open. "There was a real openness to see actors try things that they've not necessarily been seen in before over here, and that was very, very appealing to me," Stevens says. Ultimately, he realized the US could provide "a more interesting path for me." Advertisement That path most recently led Stevens to "Cuckoo," a trippy horror film in which he plays the villainous Herr König, the aforementioned weirdo flutist who terrorizes '"Euphoria" actor Hunter Schafer. Stevens gives a delightfully unhinged performance, where you can tell he's having loads of fun — and that he's come a long way from his Cousin Matthew days. Stevens goes full psycho in "Cuckoo." Felix Dickinson, Courtesy of NEON Show less Beware his evil flute-playing. NEON Show less Over the last decade, Stevens has been leaning into discomfort when it comes to choosing roles, preferring to stretch himself than to play it safe. "Taking those kinds of risks does involve an element of terror and discomfort, and part of the journey is sort of finding out what that's going to mean and how that's going to progress," Stevens says of how he felt leaving "Downton Abbey." "I didn't know the answer to any of those questions when I left, and it's been fun answering them bit by bit over the years." For the latest interview in Business Insider's "Role Play" series , Stevens looks back on his "Downton" departure, wearing stilts to play the Beast in "Beauty and the Beast," and fulfilling a lifelong ambition by working with Al Pacino. Advertisement On the excitement and terror of leaving 'Downton Abbey' Dan Stevens was one-half of the most popular couple on "Downton Abbey." ITV It's been more than a decade since you departed "Downton Abbey." With all that time, is there anything you look back on and view differently about the show or your experience on it? Not especially. I think what's lovely is how the fan love for that show has endured and people are still discovering it. I still get messages every other week where somebody hits the end of season three and can't believe what's just happened, but there's just such an enduring love for that show and I have very, very fond memories of it. Related stories Do you still keep in contact with anyone from the cast? I know several of them have reunited for the third "Downton" movie coming soon. Yeah, yeah. I keep in touch with a few of them and every so often, one or two of them will pop over to LA and I'll see them as they come through town. Advertisement Was taking that leap of faith to leave "Downton" at the peak of the show scary for you? It's absolutely terrifying, but that's kind of what's exciting about it as well. In terms of career regrets, is there anything you regret turning down in retrospect? I think I can stand by all the choices I've made. I try not to regret too many things in my career. I think whether something is ultimately successful or not, if you've got a good reason why you sort of jumped onboard in the first place — it could be you just wanted to try something or there's a particular person you want to work with, or there's a filmmaker or an actor — there should be a reason that you can say that you are there. Advertisement And what happens to that project ultimately is so out of your hands very often. When things succeed or don't succeed, you sort of roll with those punches, really. And as I say, I try and find a good reason for doing most everything, and enjoying what I do along the way. On the commotion over his MoCap suit for 'Beauty and the Beast' Clips of you wearing that motion capture suit on the set of "Beauty and the Beast" went viral when that movie came out in 2017. How did you feel about seeing those photos out there and the reaction? I think what surprised me was that all the headlines were like, "How did Emma Watson keep a straight face opposite this?" rather than, "How the hell did Dan Stevens walk on those stilts?" I guess it's a less attractive headline, but for me, that was the story from those images, not the other way around. Advertisement You vs. the guy Emma Watson told you not to worry about pic.twitter.com/eMvRy7NMf2 — Jarett Wieselman (@JarettSays) May 24, 2017 I mean, in retrospect, Emma had also just come off of "Harry Potter" and had been around much weirder things on set, I would imagine. Yeah, definitely. No, she was quite unfazed by all of the technical wizardry, which a lot of people might not have been. Was wearing that MoCap suit as awkward as it looked? I love that kind of thing. I love technical innovation combined with a creative storytelling, I think it's tremendously exciting and something that I'd be up for doing again. Advertisement I think it's a really, really fun way to create a character and to kind feed off the energy of that whole team behind doing it the way that they did it. Every day felt like we were sort of pioneering something. It was cool. On bringing Legion back to the Marvel universe Dan Stevens plays the titular character in "Legion." FX There's a pretty big overhaul of the MCU happening right now, with movies like "Deadpool and Wolverine," where it seems like the door could be open for your Marvel character Legion to appear in films in the future. At this point, would you ever consider stepping back into that role? I think "Deadpool, Wolverine, and Legion" would be a great next step. We'll see if we can make that happen. The people love a good cameo. Advertisement Exactly. On working with Al Pacino, watching his own movies, and the role that has a special place in his heart Dan Stevens in "High Maintenance." HBO You've filmed yet another horror movie, "The Ritual" with Al Pacino, that'll be coming out. What was something you learned from working with him on set? It was incredible to get to work with him. I mean, that's a real lifelong ambition fulfilled, and he was such an incredibly sweet man and still such a lively actor. And his attitude and the energy and the sort of subtle nuances he brings, it is incredible to watch at work, and I will treasure that for a very, very long time. You've worked with so many incredible directors already on both film and TV. Is there anyone that you haven't worked with yet that you're hoping to? Advertisement I'm a big fan of Robert Eggers. I think he's terrific. "The Witch" is one of my favorite films of recent years. And I really enjoyed "Lisa Frankenstein." I think Zelda Williams is a very exciting new voice and has a great sort of stylistic sensibility. We've talked about a few of your most memorable roles, but you've also been a Russian pop star, Charles Dickens, and King Kong's dentist, among other things. Is there a particular role of yours that you feel is underrated or that you wish had gotten more love from fans? The thing I sort of enjoy about the way that modern media is being consumed is that people discover things at the oddest times and the unlikely ones can really kind of endure and pop up. And so it's always interesting what people choose to kind of come up and say, "Hey, I loved you in X, Y, and Z," and it's always a treat when they say something that's perhaps not one of the usual two or three. Advertisement And one that I particularly enjoy is when people say how much they enjoyed "High Maintenance," which was a show that I really really loved being a part of. I thought it was such an incredible family of creatives on that job and such a lovely character to get to play and just had such a lovely time making it. And that particular role has really meant something to a lot of people. It spoke to people in a particular way. So when people say that they've enjoyed that, that means a lot. This interview has been edited and condensed for clarity.
How to buy Taylor Swift tickets: Eras Tour dates and prices compared 2024-08-12 20:50:06+00:00 - When you buy through our links, Business Insider may earn an affiliate commission. Learn more Taylor Swift's reign continues with the latest leg of The Eras Tour. The singer-songwriter kicked off the European portion of her world tour in Paris in May, which will continue throughout the summer. From there, she'll return to North America to tour Canada and a few remaining US cities in the fall. If you're hoping to attend, we've compiled all of the details of The Eras Tour, including how to get Taylor Swift tour tickets. Swift's Eras Tour has taken the world by storm since March 2023. The three-plus-hour tour features hits from each of Swift's album eras, from "Lover" to her Grammy Award-winning "Midnights." Each show also features surprise songs and occasional guests, so fans never quite know what they're in for. Swift released her latest album, "The Tortured Poets Department," in April, and the Swiftie hype has continued throughout the summer. Getting tickets has become its own battle and many fans have waited hours in the Ticketmaster queue to hopefully snag some seats, if they could get a presale ticket code in the first place. While Swift continues to extend the tour, including new US dates, tickets remain hard to come by. Below, we've put together a guide on everything to know about The Eras Tour, including the tour schedule, ticket purchasing details, resale ticket prices, and the concert film streaming options. You can also peruse resale vendors like StubHub and Vivid Seats at your leisure. The Eras Tour international dates resumed on May 9 in Paris. The European tour will run until August 20 in London. UK prices are listed in pounds, and start times vary from city to city. Multiple shows have age restrictions for younger kids and specifics on seating and adult accompaniment. A few venues require that a ticketholder's ID matches the name on the tickets, and others have varying policies on resale. US dates start in October and can be found under the following table. Date City Prices from August 15 London, United Kingdom £524 August 16 London, United Kingdom £560 August 17 London, United Kingdom £616 August 19 London, United Kingdom £602 August 20 London, United Kingdom £600 The Eras tour will return to the US on October 18 in Miami. In addition to the Miami shows Swift will perform multiple dates in New Orleans and Indianapolis. On November 14, Swift will head to Canada for several shows in Toronto and Vancouver. All North American shows start at 7 p.m. local time. Date City Prices from October 18 Miami, FL $1,956 October 19 Miami, FL $2,310 October 20 Miami, FL $1,998 October 25 New Orleans, LA $1,748 October 26 New Orleans, LA $1,732 October 27 New Orleans, LA $1,663 November 1 Indianapolis, IN $2,164 November 2 Indianapolis, IN $2,691 November 3 Indianapolis, IN $2,206 November 14 Toronto, Canada $1,758 November 15 Toronto, Canada $1,816 November 16 Toronto, Canada $1,770 November 21 Toronto, Canada $1,787 November 22 Toronto, Canada $1,819 November 23 Toronto, Canada $1,637 December 6 Vancouver, Canada $1,734 December 7 Vancouver, Canada $1,697 December 8 Vancouver, Canada $2,025 How to buy tickets for Taylor Swift's 2024 tour Original standard tickets for Taylor Swift's 2024 sold out long ago for both international and domestic dates. All US tickets and many international tickets were sold through Ticketmaster, although select international locations used different services. Tickets for most dates are available on resale websites like StubHub and Vivid Seats. These are generally higher-priced than the originals, which are no longer available. Keep in mind that some countries have rules regarding reselling tickets. On StubHub, UK tour dates come with a note that ticket terms don't permit resale through unauthorized channels and might not be valid for entry. If this ends up being the case, StubHub notes that its FanProtect Guarantee will cover purchasers. How much are Taylor Swift tickets? Ticket prices vary by date and location. International resale tickets tend to be a bit cheaper than US resale tickets. Some of the cheapest tickets have restricted views. StubHub's cheapest remaining European listings range from £524 (London, England on August 15) to £616 (London, England on August 17). In USD, this equates to about $669 and $786. On Vivid Seats, the cheapest listings for these dates go for $508 and $569, respectively. Prices on both platforms have dropped significantly for the final UK dates. When it comes to North American shows, the cheapest StubHub tickets range from $1,637 (Toronto, Canada, on November 23) to $2,691 (Indianapolis, Indiana, on November 2). Most of the cheapest tickets are priced between $1,600 and $2,300. On Vivid Seats, the cheapest Taylor Swift tickets on these dates start at $1,787 and $2,451, respectively. The two resale vendors generally have similarly priced offerings, but this varies from show to show. Need travel arrangements? Who is opening for Taylor Swift's tour? Taylor Swift has a variety of opening acts, from up-and-coming singers to established groups. Opening acts vary by date. For the European leg of the tour, Paramore is opening for Swift. In the US and Canada, Gracie Abrams will be the opening act. Earlier in the tour, Swift had Sabrina Carpenter, Phoebe Bridgers, MUNA, HAIM, and more open for her. Taylor Swift has already added additional stops to her tour due to popular demand, including her US tour dates this fall. She also added additional dates to some of her European city stops, including bonus performances in France and the United Kingdom, among other locations. During her 100th show, a mid-June performance in Liverpool, Swift acknowledged that the tour would conclude in December. "The celebration of the 100th show for me means this is the very first time I've ever acknowledged to myself and admitted that this tour is going to end in December," Swift told the crowd in a moment that was widely captured and posted across social media. This statement means that the Eras Tour is unlikely to extend past 2024, but we'll keep this guide updated if Swift announces any changes (or additions) to her tour lineup. Taylor Swift was originally scheduled to play three Eras Tour shows from August 9 to 11, 2024, in Vienna, Austria. However, the shows were canceled after Austrian officials confirmed that multiple individuals were arrested on suspicion of planning an attack at one of the shows. As of August 12, no other Eras Tours performances have been canceled. Is The Tortured Poets Department a part of the Eras Tour? It's good news for fans of "The Tortured Poets Department," Swift's new album that dropped on April 19, 2024. Swift is incorporating several of the new tracks into the Eras Tour, as evidenced by the first shows of her European leg. "The Tortured Poets Department" songs currently featured on tour include "But Daddy I Love Him," "So High School," "Down Bad," "Fortnight," "Who's Afraid of Little Old Me?," "The Smallest Man Who Ever Lived," and "I Can Do It With a Broken Heart." Since the Eras Tour is already pretty long, this means that Swift is also cutting down a few songs from past Eras that previously made the tour setlist. The songs that were removed from the setlist include "The Archer," "Long Live," "The 1," "The Last Great American Dynasty," "'Tis the Damn Season," and "Tolerate It." Where can I stream The Eras Tour concert film? If you'd rather watch The Eras Tour from home, you could always stream it on Disney+. Check out everything you need to know about streaming The Eras Tour concert film in our guide. Note: Certain services and regions prohibit the resale of tickets. Business Insider does not endorse or condone the illegal reselling of tickets, and entry into an event is at the venue's discretion.
JD Vance wants a $5,000 Child Tax Credit, or 150% more than the current CTC. Here's what to know. 2024-08-12 20:50:00+00:00 - Sen. JD Vance, the Republican vice-presidential nominee, says he wants to boost the Child Tax Credit to $5,000 per child from its current $2,000 — an effort that could add trillions in federal spending, according to policy experts. "I'd love to see a child tax credit that's $5,000 per child," Vance said on "Face the Nation with Margaret Brennan" on Sunday. "President Trump has been on the record for a long time supporting a bigger child tax credit, and I think you want it to apply to all American families." Vance's idea for boosting the Child Tax Credit by 150% comes less than two weeks after a bill that would have provided a modest expansion in the tax benefit failed in the Senate due to Republican opposition. Supporters of an expanded CTC argue that it would help low- and middle-income families navigate the costs of raising a child, but it's also likely to come with a big price tag for the federal government, according to the Committee for a Responsible Federal Budget, a nonpartisan think tank focused on fiscal policy issues. "We could easily be talking about $2-$3 trillion in additional borrowing over the next decade," Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, told CBS MoneyWatch. "That's a tremendous amount of money." But Vance didn't provide many details about how he would expand the CTC, which makes it difficult to pinpoint the exact cost, Goldwein added. For instance, Vance didn't disclose if he envisions a fully refundable $5,000 CTC, meaning that people who claim it could receive the entire amount as a tax refund. That would make it more expensive than if it were partially refundable, as the CTC currently is. Vance hinted that he would like to see an expanded CTC without income thresholds, as the current tax credit phases out for single filers earning over $200,000 and married couples with more than $400,000 in income. "You don't want a different policy for higher income families," he noted. "You just want to have a pro-family Child Tax Credit." No-vote on bill to expand the CTC Vance, though, didn't vote on the failed Senate bill that would have expanded the CTC to provide more benefits to low-income families. Asked on "Face the Nation" about this, Vance called it a "show vote," and added that it would have failed even if he had been there. Sen. Ron Wyden, a Democrat from Oregon who co-sponsored the failed bill, pointed to Vance's no-vote as undermining his statements in support of an expanded CTC. "If JD Vance sincerely gave a whit about working families in America, he would have shown up in the Senate a week and a half ago and voted for my proposal to expand the child tax credit and help 16 million low income kids get ahead," Wyden said in a Sunday statement. "He didn't even care enough to use his platform to call on his Senate Republican colleagues to support it." How much is the CTC? The CTC currently stands at $2,000, but during the pandemic it had a temporary expansion that boosted the benefit to as much as $3,600 per child. That helped lift more than 2 million children out of poverty, according to U.S. Census data. But the CTC is facing another major change: In 2026, the tax credit will revert back to $1,000 per child. That's because the benefit was doubled to $2,000 per child by former President Donald Trump's Tax Cuts & Jobs Act, which went into effect in 2018. But many of the TCJA's provisions, including the more generous CTC, expire at the end of 2025. Vance, meanwhile, has advocated for policies that would encourage Americans to have more children, but even boosting the CTC by 150% isn't likely to move the needle much, Goldwein noted. The cost of raising a child from birth to age 18 is about $240,000, according to a 2023 study. Some countries that sought to boost their birth rates by providing payments have had mixed results, such as Australia, which started a "baby bonus" about two decades ago. Its birth rate bumped up in the following few years, but has since sunk to a lower rate than when the benefit was first introduced, according to the Sydney Morning Herald. "$5,000 a year, it's going to lighten the load, but won't cover all those costs," Goldwein noted. "Financial benefits don't move the needle much in fertility."
Budget airlines like Spirit and Southwest are getting more desperate. You're going to hate it. 2024-08-12 20:39:48+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Thanks for signing up! Go to newsletter preferences Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview All of America's major low-cost airlines have reported their second-quarter 2024 earnings, and the numbers don't look good. The budget carriers, like Spirit and Southwest Airlines, have struggled to generate profits despite strong demand for summer air travel. "Summer demand remains robust and load factors have been strong; however, significant industry capacity increases together with ancillary pricing changes in the competitive environment have made it difficult to increase yields, resulting in disappointing revenue results for the second quarter of 2024," Spirit's CEO, Ted Christie, said in the company's earnings release. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. From April through June, Spirit Airlines lost $193 million. Advertisement Frontier made $31 million, and JetBlue made $25 million during the same quarter. However, the two airlines saw their profits crater by 55% and 82%, respectively, versus the same period last year. Southwest had the best second quarter of the group, reporting a profit of $367 million, but even that is a 46% decline compared to Q2 2023. These airlines are doing everything they can to right the ship, including ticketing changes, capacity and route cuts, new premium options, and more. They could lead to higher ticket prices and new fees for things passengers previously expected for free. JetBlue will defer upcoming deliveries of Airbus A321neos like the one pictured until beyond 2030. Nicolas Economou/NurPhoto via Getty Images Spirit is completely revamping how it sells tickets The Florida-based carrier recently announced plans to bundle together previously à-la-carte items like free snacks and checked bags into categories that would make the budget airline look more like its competitors. Advertisement Among the new premium perks announced are priority check-in and boarding for premium passengers, Spirit credit card holders, and Gold-level frequent fliers. Spirit's new ticket bundles go on sale August 16 for flights starting August 27. Related stories Spirit Airlines is adding new premium perks for customers. Mario Tama via Getty Images Southwest is scrapping its famous seating policy In July, Southwest announced plans to ditch its open cabin seating policy and sell premium seating assignments. The lack of preassigned seats is a hallmark of the Southwest Airlines experience, angering many loyalists online. (The airline says its research shows flyers prefer assigned seats.) Advertisement Unlike other carriers, Southwest has not assigned seats for the entirety of its 53-year history. Instead, each passenger is provided a boarding group number. Once on board the aircraft, they are allowed to sit in any open seat. Southwest's new seating policy, which is expected to go into effect in early 2025, will help generate additional revenue. Raymond James airline analysts estimate that assigned seating could generate up to $2 billion in near-term revenue for Southwest. Frontier is focusing its flying on specific days. Frontier Airlines plans to cut the number of flights it operates on Tuesdays and Wednesdays, citing a lack of demand. Instead, the airline will focus on high-demand travel days like Mondays and Fridays. Advertisement "While consumer travel demand has remained resilient on peak days of the week, post-pandemic travel patterns have compelled us to concentrate our flying on peak days," Frontier Airlines CEO Barry Biffle said in a press release. Frontier is cutting flights on Tuesdays and Wednesdays. Elizabeth Page Brumley/Las Vegas Review-Journal/Tribune News Service via Getty Images Jetblue is saving cash by delaying delivery of new planes Jetblue announced in July that it would delay the delivery of more than 40 Airbus A321neo jets that were expected to join the airline's fleet over the next few years. "We are setting ourselves on a path to restore our balance sheet health, and in support of securing our financial future, we are announcing an incremental aircraft deferral of approximately $3 billion of planned capital expenditures," CFO Ursula Hurley said in a press release. Instead, delivery of the aircraft has been pushed into the next decade, with no planes expected to arrive until 2030 or later. Advertisement Low-cost carriers flooded the market with too many cheap tickets Airlines across the industry have had to deal with escalating costs and thinning margins over the past year. However, unlike mainline carriers, low-cost airlines do not have the benefit of high-margin business and first-class cabins to lean on for extra cash. As a result, they've resorted to flooding the market with cheap seats to generate revenue and fill planes. It's a strategy that rival airlines, like United and Delta, have called unsustainable.
HUYA to Post Q2 Earnings: Expanding User Base to Aid Growth - HUYA (NYSE:HUYA), ESS Tech (NYSE:GWH) 2024-08-12 20:35:00+00:00 - Huya Inc. HUYA is scheduled to report its second-quarter 2024 results on Aug 13. The Zacks Consensus Estimate for second-quarter revenues is pegged at $218.6 million, suggesting a decline of 12.96% year over year. The consensus mark for second-quarter earnings has remained unchanged at 7 cents over the past 30 days, suggesting year-over-year growth of 16.67%. HUYA's earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the earnings surprise being a whopping 113.2%, on average. HUYA Inc. Sponsored ADR Price and EPS Surprise HUYA Inc. Sponsored ADR price-eps-surprise | HUYA Inc. Sponsored ADR Quote Let's see how things have shaped up for the upcoming announcement. Factors to Note Huya's second-quarter 2024 performance is expected to have been driven by an increase in its user base. Robust usage of in-game-related services on its digital platform has been one of the major top-line growth drivers. In the first quarter of 2024, game-related services, advertising, and other revenues surged 137.6% year over year and 30.7% sequentially to RMB 244 million and accounted for 16% of total revenues. HUYA benefits from a growing number of higher-value gaming users, particularly in the MIMO and SLG categories. Its strategy of offering a diverse range of popular game props for an increasing number of games is expected to have driven in-game spending. Huya has been expanding its offering of broadcaster-customized in-game virtual items that strengthen the connection between broadcasters and viewers. In the first quarter of 2024, Huya broadcasted more than 65 licensed professional esports tournaments. HUYA's growing efforts to enhance its platform with ecology updates, focus toward commercialization, technology and product evolution are expected to have been tailwinds in the to-be-reported quarter. HUYA benefits from the growing demand for AI-related services and real-time game data on the back of its enhanced collaboration with Tencent. What Our Model Indicates Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that's not the case here. Huya has an Earnings ESP of 0.00% and a Zacks Rank #3. Stocks to Consider Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases: The Madison Square Garden MSGS has an Earnings ESP of +203.00% and a Zacks Rank #3. The Madison Square Garden's shares have increased 7.9% year to date. MSGS is scheduled to release fourth-quarter 2024 results on Aug 13. Ess Tech GWH has an Earnings ESP of +11.54% and a Zacks Rank #3. Ess Tech's shares have declined 43% year to date. GWH is set to report its second-quarter 2024 results on Aug 14. Snowflake SNOW has an Earnings ESP of +9.68% and a Zacks Rank #3 at present. Snowflake shares have plunged 37.5% year to date. SNOW is set to release second-quarter fiscal 2025 results on Aug 21. To read this article on Zacks.com click here.
Vance wants to raise the child tax credit to $5,000. Here's why that could be difficult 2024-08-12 20:32:00+00:00 - The Republican vice presidential candidate, Sen. JD Vance, speaks at a campaign rally at NMC-Wollard Inc. / Wollard International in Eau Claire, Wisconsin, Aug. 7, 2024. Sen. JD Vance of Ohio, former President Donald Trump's GOP running mate, wants to more than double the child tax credit. But the increase could be difficult to enact, policy experts say. "I'd love to see a child tax credit that's $5,000 per child. But you, of course, have to work with Congress to see how possible and viable that is," he said Sunday on CBS' "Face the Nation." Vance's idea would be a "relatively large expansion" compared with the current benefit, worth up to a maximum of $2,000 per child for 2024, according to Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation. More from Personal Finance: Tim Walz vs. JD Vance: Here's what the candidates could mean for your wallet Here's how Kamala Harris' running mate Tim Walz could help shape the child tax credit The expanded child tax credit failed in the Senate. Here's what it means for families Without action from Congress, the maximum child tax credit will drop from $2,000 to $1,000 once Trump's 2017 tax cuts expire after 2025. During the pandemic, lawmakers temporarily increased the maximum child tax credit from $2,000 to either $3,000 or $3,600, depending on the child's age. Families received up to half via monthly payments for 2021. The child poverty rate fell to a historic low of 5.2% in 2021, largely due to the credit's expansion, according to a Columbia University analysis.
Disney Characters Join Fortnite In Latest Collaboration With Epic Games - Walt Disney (NYSE:DIS) 2024-08-12 20:22:00+00:00 - Epic Games is expanding its popular battle royale game Fortnite through a new collaboration with The Walt Disney Company DIS, which will introduce a variety of characters from Star Wars, Marvel, and Pixar. The collaboration was announced at the Disney Experiences Showcase during D23 2024. Starting on August 12, Fortnite players will see the arrival of characters from The Mandalorian, including Grogu. See Also: Disney’s ‘Deadpool & Wolverine’ Hits $1B, D23 Unveils New Sequels, Theme Park Expansions: Can Disney Stock Rebound In 2024? The collaboration will continue with the launch of Chapter 5 Season 4: “Absolute Doom” on August 16, featuring Marvel's Doctor Doom and other characters such as Cable, Cyclops, Rogue, Jubilee, and Colossus from the X-Men, as well as Mysterio from Spider-Man. The season will also include new cosmetics and weapons inspired by characters like Captain America, Iron Man, Black Panther and Sabretooth. Disney’s involvement in Fortnite extends beyond Marvel. Later this fall, the game will feature several well-known Disney villains, including Maleficent, Cruella de Vil, and Captain Hook. Additionally, Pixar’s superhero family, the Incredibles, will be introduced, with players gaining access to content focused on Mr. and Mrs. Incredible and Frozone. This update follows Disney’s acquisition of a $1.5 billion stake in Epic Games in March. The introduction of Disney characters to Fortnite is one of the first major outcomes of this collaboration, and more content is expected to follow. It's time for the heroes' journey. And the enemies' Absolute Doom. Save the day starting August 16th! @FortniteGame pic.twitter.com/xvlPwjN2hi — Marvel Games (@MarvelGames) August 11, 2024 Read Next:
Trump, Vance double down on call for presidential influence on Fed policy 2024-08-12 20:17:00+00:00 - Republican presidential candidate former President Donald Trump speaks during a press conference at his Mar-a-Lago estate in Palm Beach, Florida, Aug. 8, 2024. Joe Raedle | Getty Images The president has no direct control over interest rates As it stands, the president exerts no direct control over interest rates. The Federal Reserve sets interest rates, and it operates independently of the White House. "While the Fed's day-to-day operations are intentionally removed from partisan political input to protect the central bank's integrity, the Fed and its conduct of monetary policy remain democratically accountable," said Brett House, economics professor at Columbia Business School. Through the Federal Reserve Act, the legislative and executive branches of the government set the mandate of the Fed to promote maximum employment, keep prices stable and ensure moderate long-term interest rates, House explained. "If a president wants to change this mandate, they always have the option to marshal support in Congress for an amendment of the act or new legislation," he added. However, this is not the first time Trump has contended that the relationship between the executive branch and the Fed shouldn't necessarily work that way. Last month, Trump said that if elected he would "bring interest rates way down." Inflation and high interest rates are "destroying our country," the Republican presidential nominee said at the National Association of Black Journalists' annual convention in Chicago. "I bring inflation way down, so people can buy bacon again, so people can buy a ham sandwich again, so that people can go to a restaurant and afford it," he said. A rate cut is coming Inflation has been a persistent problem since the Covid-19 pandemic, when price increases soared to their highest levels in more than 40 years. The Fed responded with a series of rate hikes to effectively pump the brakes on the economy in an effort to get inflation under control. The federal funds rate, which sets overnight borrowing costs for banks but also influences consumer borrowing costs, is currently targeted in a range of 5.25% to 5.50%, the result of 11 rate increases between March 2022 and July 2023. Now, recent economic data indicates that inflation is falling back toward the Fed's 2% target, paving the way for the central bank to lower its benchmark rate for the first time in years. The personal consumption expenditures price index — the Fed's preferred inflation gauge — showed a rise of 2.5% year over year in June. Markets have fully priced in the likelihood of at least a quarter percentage point rate cut in September and a strong likelihood that the Fed will lower by a full percentage point by the end of the year. Once the fed funds rate comes down, consumers may see their borrowing costs start to fall as well. Trump has a contentious history with the Fed Trump, who nominated Jerome Powell to head the nation's central bank in 2018, has been advocating for lower rates for years. The former president was a fierce critic of the Fed chief and his colleagues while he was in the Oval Office, skirting historical precedent by repeatedly and publicly berating the Fed's decision-making. During that time, Trump complained that the central bank maintained a fed funds rate that was too high, making it harder for businesses and consumers to borrow and putting the U.S. at an economic disadvantage to countries with lower rates. Ultimately, though, Trump's comments had no impact on the Fed's benchmark. "Any chairman is going to remain loyal to the Fed's mandate over any browbeating from the White House," House said. Now, however, Trump has cautioned against the Fed lowering rates shortly before the presidential election in November. Trump told Bloomberg Businessweek in an interview in July that cutting rates in September, just weeks ahead of the election, is "something that [central bank officials] know they shouldn't be doing." Earlier this year, the former president also told Fox Business that he would not reappoint Powell to lead the Fed. "I think he's political," Trump said. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates." watch now When asked about these comments during a press conference after the FOMC meeting last month, Powell underscored the Fed's singular focus on the economy. "We don't change anything in our approach to address other factors like the political calendar," Powell said. "We never use our tools to support or oppose a political party, a politician or any political outcome." According to Greg McBride, chief financial analyst at Bankrate.com, "the Fed's independence will remain paramount — regardless of who is president." A 'consequential year' for monetary policy The central bank is an independent agency that governs decisions about monetary policy without interference from the president or any branch of government. Therefore, it is theoretically free from political pressure. Still, the stakes are high in 2024. In January, Powell said at a press conference that this was going to be "a highly consequential year for, for the Fed and for monetary policy." In the months that followed, signs of economic growth and cooling inflation laid the groundwork for a widely anticipated rate cut, which is welcome news for Americans struggling to keep up with sky-high interest charges. After July's Federal Open Market Committee meeting, Powell said that central bankers would cut rates as soon as September, if the economic data supports it. How the Fed adjusts policy during election years In previous presidential election years, the Fed has maintained its charted course through the election, whether that was tightening as in 2004, cutting in 2008 or remaining on hold as in 1996, 2012 and 2020, according to a research report by Wells Fargo released in February. Further, since 1994, the Fed adjusted its policy rate roughly the same number of times in presidential election years as in non-election years, the report said. A separate research note by Barclays also found "no compelling statistical evidence that Federal Reserve policy is conducted differently during presidential elections." watch now
Bill Ackman's Third-Largest Holding Faces Bearish Headwinds Despite Tim Hortons Boost - Restaurant Brands Intl (NYSE:QSR) 2024-08-12 20:08:00+00:00 - Restaurant Brands International Inc. QSR, a key holding in Bill Ackman's Pershing Square Capital portfolio, reported a mixed bag of results for its second quarter. Ackman's Pershing Square Capital, which owns 8.5% of Restaurant Brands, has the stock as its third-largest holding. The stock alone makes up 16.49% of the hedge fund’s portfolio. Restaurant Brands recently reported its second-quarter earnings on Aug. 8. While the company’s revenue surpassed analysts’ estimates, largely driven by Canadian coffee giant Tim Hortons, the stock is struggling to gain traction. Read Also: Burger King Parent Restaurant Brands Gains After Q2 Results – Revenue Shines Amid Bold Future Plans Coffee's Hot, But This Stock's Not Despite Tim Hortons’ strong performance and the company's international growth, the stock has not reflected the optimism. Restaurant Brands stock is down 2.54% over the past year and 6.92% year-to-date. CEO Josh Kobza highlighted on the earnings call that while the company's top-line results could have been better, Restaurant Brands International has continued to outperform key competitors in some of its largest markets. However, this positive spin hasn’t been enough to lift investor sentiment or the stock price. Technicals Say ‘Hold The Fries' On This One Technically, the stock's outlook is clouded by bearish indicators. Chart created using Benzinga Pro Restaurant Brand's current share price of $70 is below its five-, 20- and 50-day exponential moving averages, signaling a strongly bearish trend with slight selling pressure. The eight-day simple moving average at $70.52, the 20-day SMA at $70.89 and the 50-day SMA at $70.17, all suggest bearish signals. So, the overall trend remains weak, especially with the 200-day SMA at $73.32, marking another bearish signal. Ackman's Investment Recipe – Needs A Little More Spice Ackman might need more than just Tim Hortons' success to turn things around for his third-largest holding. With the stock trending lower and technical indicators flashing caution, investors may need to brace for a bumpy ride ahead. Read Next: Courtesy: Restaurant Brands International
Graduating debt-free with a job, this 23-year-old social worker still sees buying a house as out of reach 2024-08-12 20:05:00+00:00 - This is part of NBC News’ Checkbook Chronicles, a series of profiles looking at the financial realities of everyday Americans and the challenges they face. Austin Urlaub, 23, Michigan Finishing his master's in social work amid booming demand from people seeking addiction treatment. Lives at home and earned a free ride to college, so his financial situation is stable. Hoping to purchase a home but sees interest rates as too high to begin his search in earnest. Austin Urlaub says he comes from a long line of “helpers," including special education teachers, counselors and psychologists. But the Michigan native is still the first in his family to go directly into social work. He says it’s a calling, that he has “a knack for helping people.” He has served in student government but said many in his social circle questioned his decision to enter the field at first, at least from a financial perspective. But Urlaub has found that, for tragic reasons, compensation in his field is soaring. “Everyone was saying, ‘Oh great, you’re not doing it for the money,’” he said. “But now, social workers are becoming in demand; every workplace now pretty much requires one. It’s become very incentivized, so I’m not too worried about job security.” Primary source of income: Urlaub declined to state exactly how much he earns from the part-time, contracting job he holds while he completes his master's in social work, but says it is $23 to $27 an hour. “I make a healthy starting wage as a part-time employee with no experience for someone living in” the north-central Michigan area, he said. Urlaub estimates that although social workers were once lucky to earn $50,000 per year, many entry-level positions now easily clear that, especially with the $10,000 sign-on bonus that’s becoming more standard in the industry amid booming demand. Living situation: Urlaub is living at home with his parents while he completes his master's. He has a girlfriend outside of Detroit. He’s now hoping to save to buy a house with his girlfriend, though does not plan on buying one soon because prices and interest rates are still too high. He's looking to buy a home for less than $200,000 — currently about the average in his area — and with a rate closer to 5%. “I want to be able to have an asset and not just rent,” he said, adding that he’d contemplate getting a fixer-upper that he could sell in a short-time span. But he says it would still be a stretch even if he lands a solid salary, and would likely require his girlfriend, a cook, to also contribute. “I don’t know if I’ll have enough money saved,” he said. He anticipates the earliest he’d be start looking in earnest would be next spring, when he's scheduled to graduate. Economic outlook: Urlaub graduated from college debt free thanks to scholarships. While he did take out a loan to help pay for his apartment, he intends to receive additional scholarship money. Urlaub’s personal financial situation is stable, and he is optimistic that he will be able to stay on with his current employer full-time once he graduates. Yet despite the demand for his work, he believes social workers are still underpaid relative to the value they provide to society. “It’s not perfect by any means,” he said. “It’s great that social workers are in demand, and they’re beginning to be paid more, but it’s still not what I believe we deserve, and because of this demand and shortage, social workers across the board are being overworked and underpaid, so there’s been a heavy increase in burnout and turnover.” Politically, Urlaub says he was disappointed that both President Joe Biden, who is no longer seeking re-election, and GOP presidential nominee Donald Trump failed to directly answer a question during their June CNN debate about how they would tackle soaring substance abuse rates. “They both gave an answer about drug control and what they would do at the border,” Urlaub said, noting Robert F. Kennedy Jr., who is running as an independent and has described himself as a recovering addict, has given a more direct answer. “It doesn’t matter if you’re stopping drugs at the border for the ones already addicted,” Urlaub said. “Millions who are suffering from substance use can’t get or aren’t seeking treatment. We need to help Americans who are addicted — and if we don’t help them, it’ll just continue for generations. We need to attack the issue head on as well as the preventative stuff. We’ve got the ‘war on drugs’ at the border, but we need to fund treatment so people can get better and learn how to live without substances.”
Harris backs ending taxes on tips, echoing Trump proposal 2024-08-12 20:00:00+00:00 - Vice President Kamala Harris is rolling out a new policy position, saying she'll fight to end taxes on tips for service and hospitality workers. It's a proposal her opponent, former President Donald Trump, has touted all summer in an effort to win over tipped workers. Campaigning in Las Vegas on Saturday with running mate Gov. Tim Walz, Harris pledged to work to eliminate federal taxes on tips earned by restaurant employees and other service industry workers. "We will continue our fight for working families of America, including to raise the minimum wage and eliminate taxes on tips for service and hospitality workers," Harris said in Nevada. It may be one of the few policies on which Harris and Trump agree, as they spend the next three months persuading voters to support their vision for America's future. The president doesn't have the authority to unilaterally exempt tips from federal taxes — that's something Congress would need to pass in order for the president to sign. On Monday, White House press secretary Karine Jean-Pierre said President Biden supports Harris' proposal to eliminate federal taxes on tips. The Culinary Union, which represents 60,0000 hospitality workers in Nevada, praised Harris for the policy announcement. "Vice-President Kamala Harris acknowledged the hard working men and women of the hospitality industry and committed tonight in Las Vegas to raise the minimum wage across the country and fight to end taxes on tips once elected as the next President of the United States of America," the union said in a statement. Trump first announced his support of eliminating taxes on tips in June, and has reiterated the stance frequently at rallies. The former president, in response to Harris' platform announcement over the weekend, called her a "COPYCAT." But Trump isn't the first politician to propose eliminating federal taxes on tips. As early as 2007, former Rep. Ron Paul introduced legislation in the House to exempt tips from both federal income and payroll taxes, to no avail. And former Republican Rep. Phil Crane of Illinois also called to eliminate federal taxes on tips in the 1980s, according to contemporary news reports kept by the Government Publishing Office and highlighted by the Huffington Post. The Center for a Responsible Federal Budget estimates that Harris' proposal to exempt tip income from federal income taxes and raise the minimum wage would increase deficits by $100 billion to $200 billion over the next decade. The Trump proposal to nix federal taxes on tips could cost up to $250 billion, the CRFB said previously. Three weeks after Mr. Biden dropped out of the race for president, Harris has offered little in the way of new policy proposals or platforms to distinguish her campaign from Mr. Biden's. But with the Democratic National Convention slated to begin in one week, more proposals could be forthcoming.