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The 4 Most Expensive Cannabis Strains On The Market - And 4 Cheaper Ones That Are Just As Good 2024-06-30 17:49:00+00:00 - Loading... Loading... This article was originally published on Cannabis.net and appears here with permission. Different cannabis strains have different qualities. Patients and consumers frequently compile a list of their favorite strains that best suit their health requirements because the psychotropic and physical effects of various strains can be strikingly diverse. Some strains are the result of casual growers experimenting with genetics in their spare time. While this citizen science approach can sometimes yield groundbreaking results, it can also lead to disappointing outcomes. In contrast, other strains come from extensive breeding programs that involve expensive equipment, experienced breeders, and top-tier genetic material. These strains often command higher prices on the market. But are these premium seeds worth the investment? It depends. Some offer genuinely unique and beneficial qualities, while others may be over-hyped and not live up to the marketing claims. Some expensive marijuana joints have had a list price of over $24,000! Here are some of the most expensive stains with their cheaper alternatives; 1. ORACLE In 2009, a mysterious strain named Oracle captivated the cannabis community, sparking rumors of a breakthrough in cannabis potency. Oracle's name buzzed through online forums and real-world events, generating significant excitement. What fueled this hype? Oracle was rumored to possess two extraordinary traits. First, it was said to produce resinous flowers with a staggering THC content of 45%. Second, Oracle supposedly bloomed in record time, reducing the wait for harvest. These claims drove up the price of Oracle's genetics, with seeds selling for $200 each and clones fetching $1,000. Sounds revolutionary, right? Unfortunately, the hype was unfounded, likely a combination of false marketing and overenthusiastic cannabis fans. In 2013, The Werc Shop, a cannabis testing facility, analyzed Oracle samples. They found that not only did Oracle lack 45% THC, but it contained almost no THC at all. Instead, Oracle flowers were rich in CBD, the non-psychoactive cannabinoid, producing no high and far from the intense effects it was famed for. Affordable Alternative: CBD Fix Automatic Paying a premium for a high-CBD cultivar like Oracle doesn't make sense, especially with other high-quality strains available. Consider CBD Fix Automatic, for example. This excellent strain offers CBD levels up to 15% with a THC level of just 0.8%. Descending from Northern Light Auto and a CBD-rich clone, it remains small and easily manageable. Its dense flowers provide a light, subtle effect that keeps you productive and focused all day long. 2. ISLA OG Isla OG catapulted to fame after a legendary internet appearance. In a web series, rapper 2 Chainz smoked this strain using a 24-karat gold rolling paper. Whether a savvy marketing stunt or a display of his lavish lifestyle, this moment instantly associated Isla OG with extravagance and premium status. Despite the exposure, Isla OG remains somewhat mysterious. Cannabis experts speculate that it has sativa genetics, possibly a cross between OG Kush and Hawaiian. Affordable Alternative: OG KUSH As one of Isla OG's potential parents, OG Kush shares many of its desirable traits. This legendary strain offers a similar flavor profile to Isla OG, with high THC levels and a mix of sweet and sour tastes. Enjoy part of Isla OG's legacy at a much lower cost. 3. XJ-13 With 50% Indica and 50% Sativa in equal proportion, XJ-13 is a hybrid strain that is well-known for its intensity and abundant secondary cannabinoid and terpene profile. Due to its distinct makeup, this strain—which retails for about $350 per ounce and has a total THC level of about 30%—has earned a place on the luxury strain list. Strain Profile -THC: 28% -THCA: 16% -CBGa: 14.13 mg/g -CBCa: 4.16 mg/g -CBG: 0.57% -CBD: 0.05% -Dominant Terpenes: B-Pinene, Humulene, A-Pinene, 3-Carene, Terpinolene, Linalool, Y-Terpinene, P-Cymene XJ-13 may provide relief from headaches, weariness, muscular spasms, anxiety, and problems with focus and sleep. Given that XJ-13 contains terpenes, which are known to elevate mood, this strain may be helpful to those who are depressed. Less Expensive Alternatives - Jack Herer - G-13 Flavor Profile When smoked, XJ-13 has a flavor profile that combines citrus, earthy, sweet, and nasty skunk undertones. It's not hard to get in the US, but the average price per ounce is about $350. 4. White Fire OG White Fire OG, also known as WiFi OG or WiFi Kush, is a hybrid strain with a 60% Indica and 40% Sativa composition. Bred from Fire OG and The White, this strain has become highly popular. Strain Profile - THC: 22% to 30% - CBD: 1% - Dominant Terpenes: Myrcene, Caryophyllene, Pinene, Limonene Patients using White Fire OG report feeling emotionally uplifted, focused, energetic, and relaxed, making it ideal for daytime use. Less Expensive Alternatives - Jesus OG - Tangerine Dream - Jacky White - The White - White Wedding Flavor Profile White Fire OG offers a unique flavor profile, featuring sour citrus, spicy earth, and mellow herb notes. Some users note a peppery taste that can induce coughing. This strain can sometimes be found for less than $200 per ounce, though it typically sells for $400 to $600 per ounce. Do Pricey Weed Strains Make Sense? Finding therapeutic cannabis strains might seem endless for people with physically or mentally crippling diseases. Given their high price tags, it's reasonable to question whether the most costly strains in the world may provide greater benefits. However, you don't need to use a high-THC strain to achieve good results. Affordable alternatives are often available at your local dispensary. By doing some research and creating a list of high-quality, budget-friendly strains, you can find effective options. Additionally, consult with your local dispensary for recommendations tailored to your symptoms and wellness goals. Bottom Line Although some of the priciest cannabis strains command premium pricing due to their distinctive features, they aren't necessarily the greatest or the only method to get the desired benefits. Numerous reasonably priced substitutes can provide comparable advantages without the high cost. Through research and discussions with trained personnel at the dispensary, customers may choose affordable, premium strains that fulfill their demands for wellness and health. Regardless of price, the optimal strain is the one that successfully treats a patient's unique symptoms and preferences. This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
The Rise And Fall Of Pioneering Weed Markets: RIP California And Colorado Cannabis Industries 2024-06-30 17:47:00+00:00 - Loading... Loading... This article was originally published on Cannabis.net and appears here with permission. When Colorado and Washington made history in 2012 as the first U.S. states to legalize recreational marijuana, they kicked off a green rush that rapidly transformed the cannabis industry. Colorado in particular saw a meteoric rise, with sales soaring to $2.2 billion in 2020 and the state raking in hundreds of millions in cannabis tax revenue. Some local entrepreneurs rode this wave to stunning success, building national brands from humble beginnings. Fast forward to 2024 and the Rocky Mountain high has worn off. Colorado dispensaries that once couldn't keep up with demand now sit shuttered. Statewide sales have plummeted over 30% from their peak. While still a sizable market, the trailblazing industry that put Colorado on the cannabis map is now a cautionary tale. 1,200 miles to the west, California - the country's largest legal weed market - is facing its own reckoning. Despite the Golden State's legendary cannabis culture and ideal growing climate, many legitimate operators are struggling to stay afloat. But while Colorado's crash stems from market saturation and competition from newly legal neighbors, California's decline has more to do with over-taxation enabling the tenacious black market to undercut legal businesses. As more and more states jump on the legalization bandwagon, policymakers are looking to these early adopters to understand how to establish a stable and sustainable cannabis sector. In this article, we'll unpack the factors behind the slumping sales in Colorado and California, and explore what lessons emerging marijuana markets can take away to avoid the same pitfalls. The great American pot experiment is far from over. The Colorado Conundrum Colorado's cannabis industry, once a roaring success story, has fallen on hard times. According to a recent Politico article, statewide marijuana sales have plunged from a high of $2.2 billion in 2020 to just $1.5 billion in 2023 - a jaw-dropping decline of over 30% in just three years. This has led to widespread layoffs, business closures, and a lot of nervous industry stakeholders. So what's behind this Rocky Mountain revenue recession? Industry insiders point to a perfect storm of factors. "It's like the wind in our cannabis sails in Colorado has just been sucked all the way out," laments Wanda James, founder of Denver dispensary Simply Pure. A key culprit is the very success that Colorado pioneered - the spread of legalization to neighboring states like New Mexico and Arizona, which has siphoned off customers. "We're a victim of our own success," explains Jordan Wellington, a partner at Denver-based cannabis policy firm Strategies 64. "New markets drawing investment away, new markets drawing purchasing away — all of these different things combined into the soup of the challenges [facing] Colorado." Businesses have had to adapt to this new reality in different ways. Some, like Dank Dispensary in Denver, have had to cut back on employee perks and parties. Others, like Southern Colorado retailer Maggie's Farm, have shuttered multiple locations. Cannabis jobs in the state have plummeted 16% in the past year alone, according to a report from Vangst. But while painful, this market contraction is a natural evolution for maturing cannabis markets, explains Beau Whitney of Whitney Economics. "Initially, supply is low and profits are high, which draws in new businesses. As supply and consumer access catch up, prices drop." As more states legalize, Whitney predicts this boom-and-bust pattern will ease and interstate prices will normalize. In the meantime, Colorado businesses are adjusting to compete in a crowded and dynamic market. Denver dispensary Simply Pure saw sales spike 60% during the COVID-19 lockdowns, only to come crashing down when cultivators ramped up production.[1] "The only problem … for a long time was that there was never enough weed," recalls Jon Spadafora, CEO of wholesale cultivator Veritas Fine Cannabis. "We all overestimated the market. We all believed a little bit too much of our own PR." Veritas has since downsized from 144 employees to just 21. This thinning of the herd is inevitable as the industry matures and stabilizes. But those businesses that are able to adapt and ride out the turbulence could be well-positioned for the next chapter of Colorado's cannabis story. As more states enter the legal fray, Colorado's hard-won experience and expertise could prove invaluable. The green rush may be over, but the Centennial State's influence is sure to endure. The California Cannabis Conundrum While Colorado's cannabis market struggles are largely due to increased competition and market saturation, California's industry woes stem from a different root cause: overtaxation. Despite high hopes that legalization would cripple the illicit market, California's hefty tax rates have instead enabled illegal operators to continue undercutting legal businesses. California imposes some of the steepest cannabis taxes in the country, with rates up to 40% in some jurisdictions when state and local levies are combined.[1] This has kept prices for legal products artificially inflated compared to the illicit market. "The tax rate is way too high," argues Javier Montes, owner of Wilmington dispensary Delta-9 THC. "People got used to the black market, and then they were supposed to transition to the legal market, but there's no incentive to."[2] This over-taxation has effectively acted as "prohibition 2.0", allowing illegal grow operations and unlicensed dispensaries to thrive. Ironically, this has attracted an unexpected player: Chinese organized crime. While Mexican cartels have largely pivoted to more profitable hard drugs like fentanyl, Chinese drug trafficking organizations have moved in to exploit the lucrative California cannabis black market.[3] Authorities have busted numerous large-scale Chinese grow operations hidden in suburban homes in recent years.[4] But taxation is far from the only issue plaguing California's legal cannabis industry. The state's onerous and costly regulations have created immense barriers to entry for legal businesses. Lengthy licensing processes, restrictive zoning laws, and expensive compliance requirements have kept many legacy operators from transitioning to the legal market.[5] This has perpetuated the illicit industry, as many longtime growers and sellers see little benefit in going legit. Furthermore, California's patchwork of local cannabis laws has created a confusing and inconsistent market landscape. While the state legalized recreational use in 2016, municipalities can still ban cannabis businesses outright. As of 2022, fewer than 40% of California cities and counties allowed any type of legal cannabis operation.[6] This has left large swaths of the state underserved by legal operators and ripe for illicit activity. These factors have led to a California cannabis market that is far underperforming its potential. Despite having nearly twice the population of Colorado, California's legal sales in 2022 were only moderately higher at around $5.3 billion.[7] For the state to fully realize the promise of cannabis legalization, policymakers will need to overhaul the current tax and regulatory scheme to support licensed businesses and motivate illicit operators to transition to the legal market. Until then, California's cautionary tale will continue. SOURCES: [1] https://taxfoundation.org/state-cannabis-taxes-2022/ [2] https://www.latimes.com/california/story/2022-12-20/california-cannabis-industry-layoffs [3] https://www.latimes.com/california/story/2022-07-19/california-marijuana-china-cartels [4] https://www.justice.gov/usao-edca/pr/federal-and-local-law-enforcement-shut-down-over-50-illegal-marijuana-grows-and-seize [5] https://mjbizdaily.com/obstacles-to-enter-california-legal-cannabis-market-remain-daunting-for-legacy-operators/ [6] https://www.northbaybusinessjournal.com/article/industry-news/majority-of-california-municipalities-ban-commercial-cannabis-how-that-aff/ [7] https://www.politico.com/news/2021/10/23/california-legal-illicit-weed-market-516868 Lessons Learned: Building A Sustainable Cannabis Market As more states consider cannabis legalization, policymakers would be wise to study the cautionary tales of Colorado and California. These pioneering markets offer valuable lessons on what works – and what doesn't – when it comes to crafting a successful and sustainable cannabis industry. First and foremost, states must resist the temptation to overtax the newly legal market. While cannabis may seem like a cash cow for revenue-hungry governments, excessive taxation can backfire by perpetuating the illicit market. California's punitive tax rates, reaching up to 40% in some areas[1], have kept illegal operators in business and undercut the very legal industry the state is trying to foster. Policymakers should instead aim for a tax sweet spot – high enough to generate meaningful revenue, but low enough to motivate illicit operators to transition to the legal market. Secondly, regulations must be designed with an eye toward fairness and equity. Overly burdensome licensing requirements, zoning restrictions, and compliance costs can shut out smaller operators and communities disproportionately impacted by the War on Drugs. Equity must be baked into the framework of the legal market from day one, with measures like expedited licensing for legacy operators, fee waivers for social equity applicants, and reinvestment of cannabis tax revenue into hardest-hit neighborhoods. By lowering barriers to entry and providing support, states can create an inclusive industry that benefits a broad range of stakeholders. Finally, policymakers should embrace the free market's ability to self-correct. As Colorado's story illustrates, the invisible hand is already at work balancing supply and demand in maturing cannabis markets. While the industry's growing pains have been undeniably painful, with layoffs and closures roiling the once-booming market, this contraction is a natural stage in the evolution of a new sector. As Beau Whitney of Whitney Economics notes, "As more states legalize, Whitney predicts this boom-and-bust pattern will ease and interstate prices will normalize."[2] By allowing market forces to weed out inefficiencies and reward innovation, states can cultivate a leaner, more resilient cannabis industry. Of course, the cannabis industry is still in its infancy, and there will undoubtedly be more lessons to learn as legalization spreads. But by heeding the hard-won wisdom of trailblazers like Colorado and California – keeping taxes reasonable, prioritizing equity, and letting the market work – states can lay the foundation for a cannabis industry that is built to last. The road may be rocky, but with smart, forward-thinking policy, the future of legal cannabis is bright. SOURCES: [1] https://taxfoundation.org/state-cannabis-taxes-2022/ [2] https://www.politico.com/news/2023/06/09/colorado-cannabis-market-crash-cautionary-tale-00101170 This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
John Fetterman's fitness for office was questioned after his 2022 Senate debate. He wants Democrats to 'chill' after Biden's poor performance. 2024-06-30 17:39:23+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 Pennsylvania Sen. John Fetterman has a message for Democrats who want President Joe Biden to step aside following his poor debate performance on Thursday: "Chill." For Fetterman, the second-guessing and outright panic from some Democratic quarters toward Biden is reminiscent of the criticism he faced following a rocky 2022 Senate debate against his then-opponent, GOP nominee and celebrity surgeon Dr. Mehmet Oz. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. In a series of remarks following Biden's debate with former President Donald Trump, Fetterman made it known that he disagreed with members of his party who were seeking alternatives to the president. Related stories "I refuse to join the Democratic vultures on Biden's shoulder after the debate," the senator wrote on X. "No one knows more than me that a rough debate is not the sum total of the person and their record." Advertisement Biden now faces one of the most daunting challenges of his political career as he continues to campaign while reassuring supporters of his fitness for office and resisting pressure from some Democrats who want him to make way for a new, younger nominee. Fetterman said that after his 2022 debate, some pundits predicted that he would lose to Oz. The senator was more than happy to point out that not only did he win, but his Senate race was the only one in the country that year where the seat changed parties. "What happened?" Fetterman wrote. "The only seat to flip and won by a historic margin (+5). Chill the fuck out." During an appearance on "Fox News Sunday," the senator once again compared his situation with Biden's. Advertisement "We had a difficult debate, and yet we still managed to go on to win," he told host Shannon Bream. "One debate is not a career." Fetterman's debate took place in October 2022, following a stroke that he suffered in May of that year. The then-candidate's speech patterns were affected by the stroke, and Republicans leaped at the chance to make his health an issue ahead of the general election, questioning whether he had the acuity to serve in the Senate. Some Democrats at the time also wondered why Fetterman agreed to debate Oz at all, concerned that his performance had boosted GOP fortunes. After Fetterman began his term in the Senate last year, he took time off to enter the Walter Reed National Military Medical Center, where he was treated for depression. He has spoken openly about the experience and the "downward spiral" that he endured after winning the Senate contest.
As employee confidence in AI's potential grows, so does their anxiety 2024-06-30 16:57:24+00:00 - Workers are more confident — and anxious — about AI than they were a year ago, a BCG survey found. Leaders are also more confident and trained in AI than their workers. Companies are trying to address the AI knowledge gap with upskilling programs for their employees. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up 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. Advertisement Generative AI seems to be a double-edged sword. According to a new report from Boston Consulting Group, workers' confidence in generative AI has grown over the past year — but so has their anxiety. BCG surveyed over 13,100 respondents, evenly divided between frontline, managerial, and leadership roles. It found that confidence in generative AI surged 16% between 2023 to 2024, but that anxiety did too: about 5%. The percentage of workers who worry that AI will eliminate their jobs in the next decade has jumped significantly in the past year. Frontline workers — those without managerial responsibilities — are most anxious about the technology, with 22% saying they were worried about it compared to 18% of managers and 15% of leaders.
In the final days before the UK election, Rishi Sunak insists that he can stay in power 2024-06-30 16:55:02+00:00 - LONDON (AP) — U.K. Prime Minister Rishi Sunak on Sunday dismissed suggestions that his party was headed to defeat in the July 4 general election, using one of his final televised appearances to defend the Conservatives’ record on the economy. Sunak told the BBC that he believed he’d still be in power by the end of the week, despite opinion polls that have found the Conservatives trailing far behind the opposition Labour Party of Keir Starmer. “I’m fighting very hard,” Sunak said. “And I think people are waking up to the real danger of what a Labour government means.” While he acknowledged that the last few years “had been difficult for everyone,’’ Sunak declared it was “completely and utterly wrong” to suggest that Britain’s place in the world has diminished since Brexit. “It’s entirely wrong, this kind of declinist narrative that people have of the U.K. I wholeheartedly reject,” he said. “It (the U.K.) is a better place to live than it was in 2010.’’ After 14 years of Conservative-led governments, many voters blame the party for Britain’s cost-of-living crisis, long waiting lists for health care, high levels of immigration and the dislocations caused by Britain’s departure from the European Union. Sunak, who became prime minister in October 2022, has tried to silence his critics by arguing that his policies have begun to solve those problems and warning that Starmer, the Labour leader, would raise taxes if his party wins the election.
Dutch Prime Minister Mark Rutte urged support for Ukraine, EU and NATO in his farewell speech 2024-06-30 15:54:07+00:00 - THE HAGUE, Netherlands (AP) — Long-serving Dutch Prime Minister Mark Rutte urged his country to support Ukraine and international cooperation in his final address to his compatriots Sunday, as an inward-looking new government is set to take over the Netherlands in two days. “It is crucial that our country is embedded in the European Union and NATO. Together we are stronger than alone. Especially now,” the 57-year-old Rutte said from his office in The Hague. After leading the country for 14 years, he will take his experience with consensus-building to Brussels, where he will take over as NATO’s new secretary-general later this year. He stressed the need to continue support for Ukraine, “for peace there and security here.” The new government, expected to take office on Tuesday, has pledged to maintain assistance. But far-right populist Geert Wilders, whose party won the largest block of seats in last year’s election, has expressed pro-Russia views and Kremlin backers cheered his victory at the polls. Rutte described the MH17 tragedy in 2014 as “perhaps the most drastic and emotional event” during his tenure. The passenger jet was shot down over eastern Ukraine as it traveled from Amsterdam to Kuala Lumpur, Malaysia, killing all 298 passengers and crew, including 196 Dutch citizens. A Dutch court convicted two Russians and a pro-Moscow Ukrainian in 2022 of involvement in the downing of the Boeing 777. Known for cycling to meetings and his dedication to politics, Rutte highlighted his country’s positive attributes. “There is no war here, you can be who you are, we are prosperous,” he said in the 12-minute speech. He acknowledged that there had been low points during his tenure, including a child benefits scandal that wrongly labeled thousands of parents as fraudsters. Wearing a white shirt with several of the top buttons undone, Rutte said that his time in office had added some “gray hairs and wrinkles” to his appearance.
UK haulage industry calls for investment in electric truck infrastructure 2024-06-30 13:42:00+00:00 - The road haulage industry is calling on the new government to urgently tackle investment in infrastructure for electric trucks, after pointing out there is just one public charging point for HGVs in the whole of the UK. Takeup of electric cars is soaring, with about 1.1m fully battery-powered cars on British roads and about 63,000 charging units in 33,000 locations, according to Zapmap data. But the haulage industry is miles behind, with just 300 electric HGVs registered out of the country’s 500,000-strong lorry fleet, says the Road Haulage Association (RHA). After surveying the country, the RHA found only one public charging point at which lorries can power up. It is located at a service station at Rivington, on the M61 southbound about halfway between Manchester and Preston. Chris Ashley, policy lead on environment and vehicles at the RHA, said action was needed. He said: “All the anxieties people have with cars, whether it’s raining, whether the windscreen wipers or air conditioning are running, applies to trucks. It depends on the weather and the load. “On average, a good range for a diesel truck would be 600 miles, with caveats of course. That is why a public charging network is necessary, in our view,” he said. Research shows 70% of British electric trucks return to depots for recharging overnight, according to the RHA. Longer-haul journeys are impossible on batteries, which means most electric trucks are used for local deliveries within a 50- to 80-mile radius. The size and weight of trucks means the distance they can achieve on a battery is a fraction of a car, just 200 miles. The RHA is planning to submit 12 demands to the new government, with polls predicting a Labour win in this week’s election. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion It wants the incoming government to build a trial network of HGV charging points, speed up planning applications “gummed up in the wider planning process” for HGV electricy substations at truck depots, and offer financial incentives for small and medium-sized businesses to make the switch to electric. Trucks cannot be charged outside truckers’ homes and companies with large fleets may need substations installed to cope with the energy consumption, as trucks need at least 150KW of power, compared with a 22KW minimum for cars. Chris Pritchett, partner and energy and mobility lawyer at the law firm Shoosmiths, said it was “crucially important” the government developed the right strategy to install the charging units at the right places. Energy and haulage companies may even have to work together to schedule times at the units at motorway stations. “It will require a sort of utopian level of collaboration,” said Pritchett. “The way forward is more nuanced and complex than for passenger vehicles.” Work is already under way to tackle the shortage. Energy company Gridserve is leading a government-backed trial to roll out 200 chargers capable of delivering 350kW. “What we need is momentum and [we’ll] see decarbonisation start to snowball,” said Ashley. The current government plan is to phase out the sale of diesel and petrol HGVs of 26 tonnes or below by 2035 and the sale of all new HGVs heavier than that by 2040. The Department for Transport had no comment ahead of the election.
Elon Musk's Take On Biden Vs. Trump Debate, Bernie Sanders Criticizes Ozempic Pricing And More: Top Political Updates This Week 2024-06-30 12:41:00+00:00 - Loading... Loading... As the week wraps up, we look back at a week filled with political debates, social media commentary, and some serious allegations. From Elon Musk‘s witty take on the presidential debate to Bernie Sanders‘ concerns about drug pricing, and Mark Cuban‘s accusations against Donald Trump, the week was nothing short of eventful. Here’s a quick roundup of the top stories. Musk’s Take on the Presidential Debate CEO of Tesla Inc., Elon Musk, shared his unique perspective on the recent presidential debate via X, formerly Twitter. In a world where memes rule, Musk declared the debate a “clear victory…for memes,” amidst a social media frenzy of memes and video clips featuring presidential candidates Joe Biden and Donald Trump. Read the full article here. Trump Triumphs in Flash Poll Following the first presidential debate, a flash poll revealed that Donald Trump, the presumptive Republican candidate, was the clear winner. The poll, conducted by SSRS on behalf of CNN, showed that 67% of debate watchers believed Trump outperformed Biden, who only received a better performance rating from 33% of respondents. Read the full article here. Sanders Criticizes Ozempic Pricing Bernie Sanders (I-Vt.) expressed his concerns about the pricing of popular diabetes drug, Ozempic, and its manufacturer, Novo Nordisk. In a tweet, Sanders pointed out that the drug’s manufacturer is charging U.S. consumers 10-15 times more than consumers in other countries, predicting that Ozempic will likely become one of the best-selling pharmaceutical products in history. Read the full article here. Cuban Slams Trump Billionaire entrepreneur Mark Cuban took to X, formerly Twitter, to criticize former President Donald Trump's actions. Cuban highlighted various controversial actions by Trump, including Trump University, the 2020 election, and immigration policies. He accused Trump of ripping off thousands of hard-working Americans and not paying his bills. Read the full article here. Trump Jr. Bets on Father’s Golf Skills Following the first presidential debate, Donald Trump Jr. expressed his confidence in his father’s golfing skills. He offered to bet “everything” on his father if a golf match were to take place between former President Donald Trump and incumbent President Joe Biden. Read the full article here. Read Next: John Bolton Says It Would Be A Mistake If This Issue Weren’t Discussed At Trump-Biden Debate Tonight Image Via Shutterstock
Summer hours are a perk small businesses can offer to workers to boost morale 2024-06-30 12:08:53+00:00 - NEW YORK (AP) — With summer having gotten off to a scorching start, workers across the country may be dreaming of a seaside escape or cutting out early to watch a movie in an air-conditioned theater. For some, that can be a reality. Business owners have found that offering summer hours – a reduced schedule on Fridays, usually between Memorial Day and Labor Day — can be a way to boost employee morale. Workers are able to deal with summer childcare gaps, return to the office refreshed and feel like their job values them, owners say. Reduced hours in the summer months can also enable smaller businesses to stand out to prospective employees in a competitive talent marketplace. “When smaller employers have less resources and they want to be more competitive with attracting and retaining quality talent, they want to be creative with the benefits that they offer. And one of the benefits they can offer would be flexible time in the summer,” said Rue Dooley, a knowledge advisor at the Society for Human Resources Management. Special summer schedules don’t work for all types of industries, however. And it takes some trial-and-error to figure out the best option for each company. Michael Wieder, co-founder of Lalo, which makes baby and toddler products, thought summer hours were a good fit for his 32 employees because so many of them – about 75% -- are parents. His staffers work remotely and are spread across the U.S. and several other countries. Since founding the company in 2019, he tried various summer hour schemes, such as offering every other Friday off, but the current system works the best, he said. On Fridays, the business closes at 1 p.m. local time. Staffers also get four-day weekends for Memorial Day, Labor Day and July 4th. “We know that childcare is harder during the summer,” he said. “Summer is a time where people do like to take time with their family or take trips, and we want to be able to reward our employees with some additional time with their families.” Greg Hakim, owner of Corporate Ink in Boston, which offers PR services to emerging tech companies, said he uses summer hours as both a recruitment and retention tool. He plays up summer hours in job descriptions and said the perk has helped him retain staff – particularly during the pandemic when others found it hard to keep workers. “It’s just helped us retain our team during the ‘Great Resignation,’ people are just like losing people left and right,” he said. ”And I think we went 23 months without having someone resign. And that’s just such an important benefit and competitive advantage.” Jim Christy co-owns Midwest Cards, a trading card retailer based in Columbus, Ohio, with about 30 employees. He started offering summer hours – Fridays off after 2 p.m. -- in 2021, a year after founding the company, as the pandemic upended normal ways of working. The hardest part was figuring out what to offer people who worked in his brick-and-mortar shop, who also fill online orders, since they had to work normal hours to keep the store running. He decided to give logistics-side workers Friday afternoons off while the six staff who work on the brick-and-mortar side and do customer service for online orders get off on Mondays, when the store was closed. Some workers can sign on remotely to answer customer queries if they want to, but it is not required. “We couldn’t just apply one situation to everybody. So that that was a little challenging,” he said. For some companies, summer hours work so well they’ve gone even further. Chris Langer, co-founder of digital marketing agency CMYK, has 14 staffers who all usually work in the company’s studio. In 2014, rather than offer Friday afternoons off, he started offering entire Fridays off during the summer –- every other week. Then, last year, Langer started hearing chatter about the four-day work week, so he decided to try that out during the summer. Communicating with the company’s tight knit staff, who have all worked together for years, makes the four-day week doable, Langer said. “We’re small, so, it’s easy to have a discussion with everybody on like what’s real and how everyone’s feeling, if they’re feeling stressed out, can they get their work done,” he said. If a big project is due, he might call people in on a Friday, but so far, that has only happened twice since CMYK instituted the four-day week. “It is more stressful in terms of getting the work done throughout the week, but the day (off) was much more of a payoff,” he said. Of course, summer hours don’t work for every company. Retail stores risk losing customers to big box stores or others that are open for more hours. And employees that are paid by the hour rather than set salaries can balk at getting paid for fewer hours. Jennifer Johnson, owner of True Fashionistas, a consignment shop in Naples, Florida, thought she would try summer hours in 2022 because Naples is seasonal, with the busiest part of the year wrapping up around Easter. Beginning May 1, she changed her open hours from 10 a.m. to 6 p.m. to 11 a.m. to 5 p.m. But the change didn’t work. “We have a staff of 45 to 50 employees, and it cut their hours and that upset them, and rightfully so,” she said. “It also upset our customers who were used to our hours and wanted to shop.” She abandoned the effort after two months and hasn’t tried again. “I really believe that with anything consistency is the key,” she said. “The customers need to know they can rely on you to be open, you cannot always be changing your hours because that is a quick way to lose customers.”
What can lipstick and underwear sales tell us about the economy? 2024-06-30 12:01:00+00:00 - Is the country heading towards a recession? Ask 10 economists and you’ll likely get 10 different answers. Which is why some people have given up on the traditional data – GDP, jobs, etc – and have instead recently been tinkering with more unusual economic indicators to help them guide their companies. Here are a few that I’ve seen. Uniform patches One known economic indicator is jobs and for that we tend to rely on unemployment numbers from the Bureau of Labor Statistics. But maybe there’s something better. Like the number of uniform patches sold each year. Uniform patches? Yes, those are the emblems that go on the uniforms worn by millions of workers, from fast food cashiers to drywall contractors. The financial data of one of the world’s largest makers of emblems and patches – privately held World Emblem – can’t be easily obtained. But the company’s owner recently told USA Today that sales are up 19% from the same period last year. A recession? “We’re not seeing it,” says Randy Carr, CEO of the Fort Lauderdale, Florida-based company. “It’s hard to believe there would be.” Men’s underwear Ask any guy about underwear, and they’ll usually admit the same thing. When times are good, we’re buying the good material. When money’s tight, we’re wearing those things until they literally fall off. So do men’s underwear sales mirror the economy overall? Some – including former Federal Reserve chief Alan Greenspan – think so. If you want to check out how the men’s underwear business is doing you can look at Hanesbrands or PVH Corp (which owns several leading brands, including Calvin Klein and Tommy Hilfiger) or Ralph Lauren Corporation. “Bottom” line: men’s underwear sales have been mostly flat over the past 12 months. Lipstick For the most part, lipstick is a relatively inexpensive accessory, with a typical tube costing anywhere from $5 to $20. History has shown that women will cut back on more expensive beauty goods like makeup and perfume when times are tight. But lipstick? Don’t even go there. When lipstick sales increase as luxury beauty item accessories decrease, that’s another potential sign of economic headwinds. Where to research lipstick sales? Try the big cosmetics companies like L’Oreal, Estee Lauder and Ulta Beauty. All three companies have shown strong revenue gains over the past year. Overseas freight World shipping has a significant impact on our economy and instead of tracking units and cargo activity, some economists instead track the price of freight. Why? Because in a supply and demand world, the greater the demand for shipping, the more freight should cost. To track this phenomena, look no further than the Baltic Dry Index. This is a well-watched measure of freight costs for shipping items across the Baltic Sea, one of the world’s busiest shipping lanes. So how are freight costs doing? They’re up more than 55% over the past year and even slightly higher than pre-Covid times. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Recreational vehicles If you’ve never taken a trip in a recreational vehicle (RV), you’re missing out. It’s fun and a great way to explore our national parks. Some economists think that RV sales are an economic indicator because RVs – a luxury item - are not only expensive to buy, but they come with high maintenance costs and tend to calculate gas usage by gallons per mile. So how’s the RV industry doing? Judging by one of America’s largest makers of these vehicles – Winnebago – not so great. Sales have been declining for the past few years and the company’s stock price has fallen 35% in the past year. I’m only scratching the surface on unusual economic indicators. Besides RVs you can follow the sales of champagne. Instead of men’s underwear you can also track women’s hemlines (which are believed to rise and fall along with the stock market). You can dig into the buttered popcorn index (which some say increases during times of recession as a small bit of a luxury in an otherwise cruel world). You can even keep track of hairstyles in Japan, where some say that women wear their hair longer when times are good and shorter when times are tough. Good luck finding this data, let alone making any sense of it. Goofy economic metrics like these are fun to talk about with your friends and colleagues. But they shouldn’t be taken seriously. I run a business, and my go-to economic indicator is my clients. I’ve learned that the best way to insulate my business from the economy is to diversify: have as many clients in as many industries and geographic locations as possible. The US is a big country, and even when one client is cutting back on his underwear purchases in Illinois, I’ll likely have another buying uniform emblems in Texas. Focus on this instead of lipstick.
Better economic news will not stop Tories from suffering their biggest ever defeat | Larry Elliott 2024-06-30 11:15:00+00:00 - Down the years the Conservative party has taken some heavy election beatings but the one in prospect this week could be of a different order of magnitude. Assuming the polls are right – and they have been consistent since the start of the campaign – the Tories will do worse even than in 1906, their previous nadir. Back then, the Conservatives and their Liberal Unionist allies won just 156 seats, a repeat of which on Thursday would now be considered a good result. But in 1906, Arthur Balfour’s outgoing government secured more than 43% of the vote, while Rishi Sunak is polling at about half that level. And Balfour’s defeat could at least be attributed to a policy issue – free trade versus protectionism. Today, voters just seem sick of the Tories. News on the economy since the election was called has had little or no impact on the polls. In part, that’s because the signals have been mixed: inflation fell back to its 2% target and growth in the first quarter of 2024 has been revised up, but the economy stagnated in April and unemployment has increased. Living standards are certainly improving. The Resolution Foundation thinktank calculates that real per capita household disposable income – a guide to whether people are getting better off after inflation is taken into account – rose by 2.4% over the past year. That’s the good news. The bad news is that over the 2019-24 parliament as a whole, living standards fell by 0.6% and one of the unwritten rules of political economy is that governments don’t remain popular when voters are getting poorer. Only twice in the past century have living standards been lower at the end of a parliament than when it commenced: in 1918-22, when the UK suffered from a post-first world war boom-bust, and in the short parliament of 1950-51, when inflation rose sharply as a result of the rearmament programme for the Korean war. In the inevitable postmortem examination that will follow the election, attention will focus on whether the Tories might have done better had Sunak delayed the election so that in time more voters would have come to think an economic corner genuinely had been turned. Another quarter or two of rising living standards would not have saved the Conservatives from defeat but it would probably have limited the scale of it. As it is, Rachel Reeves will be the beneficiary. Analysts have been revising up their growth estimates for 2024 and 2025 on the basis that consumers will start to run down the precautionary savings they accumulated during the cost of living crisis. Other recent developments – especially those overseas – are not so welcome. Joe Biden’s poor performance in his head to head debate with Donald Trump has made it more likely that the latter will win the US presidential election. Tariffs will be raised and taxes will be cut if that happens, threatening higher inflation and rising debt. Meanwhile, the first round of voting in France’s parliamentary election looks set to show sizeable gains for Marine Le Pen’s rightwing National Rally party and a defeat for Emmanuel Macron’s centrist government. Events in both the US and France highlight how things have changed in the near decade and a half since Labour was last in power. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Most obviously, the world has become a less safe place. The war between Ukraine and Russia is now well into its third year and has shattered the notion that permanent peace can be guaranteed for western developed nations. There are always demands for Labour governments to spend more on the NHS and on the welfare state. This time there will also be pressure to raise defence spending. Globalisation has gone into retreat. Weak growth since the financial crisis of 2008-09 has seen a marked increase in protectionist measures – not just on goods but on people too. In Europe, North America and Australasia alike there have been demands for governments to restrict the number of foreign nationals entering the country. What’s more, multilateral bodies are for the most part weaker than they were in 2010. The increasingly fractious relationship between the US and China means the G20 group of leading developed and developing nations cannot agree on much. The World Trade Organization is a much-diminished institution, unable to fulfil either of its core functions: to negotiate multilateral trade deals and be the final arbiter in trade disputes. The EU is having to contend with rising nationalist sentiment, a function of feeble economic performance and a reaction against rule by unelected technocrats. The developing world has been even harder hit by Covid and the cost of living crisis than the rich west, increasing the incentive for migrants to look for a better life elsewhere. Yet aid budgets have been cut and promises to help poor countries cope with the impact of climate change have not been fulfilled. The world is getting hotter and the International Monetary Fund and the World Bank urgently need more money to meet demands for their assistance. So those are the sort of challenges that Labour will face when it takes office later this week. Not the world of 1997, when Russia was seen as an ally rather than a strategic threat. Not the middle of the Great Moderation – the period between the fall of communism and the global financial crisis – when the west enjoyed year after year of growth and low inflation, but rather a world still trying to claw its way out of the Great Stagnation of the past 15 years. And an angrier world where voters can quickly turn on their governments. Labour should enjoy its honeymoon period. It might not last long.
Upwork Stock’s Outlook: Numbers Solid Despite Gen-AI Challenges 2024-06-30 11:00:00+00:00 - Upwork NASDAQ: UPWK is a technology firm that operates as an online marketplace, connecting freelance workers and independent contractors with employers. In 2024, the stock price is down 29% due to fears that AI will eliminate many freelance jobs. Now, most analysts covering the stock have a buy rating on it. Let's look at Upwork's business lines and recent financial results. We'll also explore fears about AI hurting the freelance work model and give an outlook on the firm. Get Fiverr International alerts: Sign Up Detailing Upwork's Business Model and Revenue Generation Upwork Today UPWK Upwork $10.75 +0.16 (+1.51%) 52-Week Range $8.49 ▼ $16.36 P/E Ratio 30.72 Price Target $17.80 Add to Watchlist On its annual filing, Upwork calls itself “the world's largest work marketplace.” It measures this using gross services volume (GSV). GSV represents the total amount those looking to hire (clients) spend on the firm’s offerings, plus fees charged to those looking for work (talent). The firm enabled $4.1 billion of GSV in 2023, 94% of which came from the United States. The primary form of revenue generation is by deducting a percentage of the talent's pay. The company usually deducts 10% from the contractor's payment. The company has two offerings directed at clients: Marketplace and Enterprise. Marketplace gives clients access to the site's basic hiring features. Enterprise provides larger clients with more resources to help scale their business using growth and cost-efficiency strategies. They assign dedicated billing, account management, and business analytics teams to clients to drive these strategies. Two other important points of note: In May 2023, Upwork fired 15% of its employees, mostly in its sales department, and its main competitor is Fiverr NYSE: FVRR. Upwork Q1 2024 Earnings: EPS and Revenue Beat, Shares Volatile Despite Strong Metrics Upwork released its Q1 2024 earnings on May 1, 2024. It beat on both earnings per share (EPS) and revenue. EPS came in at $0.13, two cents above estimates. Revenue came in at $191 million, $5 million above estimates. The share price surged, climbing by almost 9% in a single day. Yet, optimism quickly faded. By the next week, the gain disappeared, and since that release, shares have dropped by 11%. GSV grew 1%, and revenue grew 19% from the last year. However, the firm’s “take rate” is the most encouraging metric. The firm provides this custom metric, which is defined as the total revenue divided by the total GSV, with minor adjustments. The take rate shows the margin the firm brings in on the value that its clients generate. The take rate for Q1 was 18.9%, which increased 2.9% from the previous year. This is a large expansion in the company’s margins, which is very encouraging. The company also increased the number of active clients on the platform from the previous year by 5%. Upwork Should Overcome Gen-AI Headwinds Seeing Upwork’s dramatic price drop over the last year is somewhat puzzling. The share price is up only 6% from Aug. 2, 2023. The S&P 500 is up 22% over the same period. This is despite the firm actually becoming profitable since then, reporting positive earnings over the last three quarters. The stock traded at much higher levels in 2022 when its earnings were negative. Shares are down 52% since July 4, 2023. This is due to concerns about generative AI’s effect on the company, which has driven its shares down while driving the market up. Upwork MarketRank™ Stock Analysis Overall MarketRank™ 3.45 out of 5 Analyst Rating Moderate Buy Upside/Downside 65.6% Upside Short Interest Bearish Dividend Strength N/A Sustainability N/A News Sentiment 0.50 Insider Trading Selling Shares Projected Earnings Growth 34.62% See Full Details Opinions about how AI will affect the freelance work model vary. AI will cut many jobs that require low-skill and repetitive work. A recent study showed that since the introduction of Open AI's ChatGPT, job postings for "automation-prone" freelance work dropped 21%. This was particularly pronounced in writing, coding, and image creation. However, the remaining jobs required higher skill levels and paid freelancers more. Although many jobs will be lost, other jobs with different skill sets should replace them. While concerns about Gen-AI are understandable, Upwork's recent results don’t lie. It doesn’t make sense for the firm to be trading at over 50% less than when it was severely unprofitable. The firm showing its ability to increase its take rate substantially and increase active clients in the face of Gen-AI headwinds makes this even more head-scratching. Analysts agree. The average price target of analysts covering the firm that updated their ratings since Q1 earnings comes in at $17.50, implying a 66% upside. Before you consider Fiverr International, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fiverr International wasn't on the list. While Fiverr International currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Hurricane Beryl strengthens into a Category 4 storm as it nears the southeast Caribbean 2024-06-30 10:50:29+00:00 - SAN JUAN, Puerto Rico (AP) — Hurricane Beryl strengthened into what experts called an “extremely dangerous” Category 4 storm as it approached the southeast Caribbean, which began shutting down Sunday amid urgent pleas from government officials for people to take shelter. The storm was expected to make landfall in the Windward Islands on Monday morning. Hurricane warnings were in effect for Barbados, St. Lucia, Grenada, Tobago and St. Vincent and the Grenadines. “This is a very dangerous situation,” warned the National Hurricane Center in Miami, which said that Beryl was “forecast to bring life-threatening winds and storm surge.” Beryl was located about 250 miles (400 kilometers) southeast of Barbados. It had maximum sustained winds of 130 mph (215 kph) and was moving west-northwest at 18 mph (30 kph). It is a compact storm, with hurricane-force winds extending 35 miles (340 kilometers) from its center. A tropical storm warning was in effect for Martinique. A tropical storm watch was issued for Dominica, Trinidad, Haiti’s entire southern coast, and from Punta Palenque in the Dominican Republic west to the border with Haiti. Beryl is expected to pass just south of Barbados early Monday and then head into the Caribbean Sea as a major hurricane on a path toward Jamaica. It is expected to weaken by midweek, but still remain a hurricane as it heads toward Mexico. Historic hurricane Beryl had strengthened into a Category 3 hurricane on Sunday morning, becoming the first major hurricane east of the Lesser Antilles on record for June, according to Philip Klotzbach, Colorado State University hurricane researcher. It took Beryl only 42 hours to strengthen from a tropical depression to a major hurricane — a feat accomplished only six other times in Atlantic hurricane history, and with Sept. 1 as the earliest date, according to hurricane expert Sam Lillo. Beryl is now the earliest Category 4 Atlantic hurricane on record, besting Hurricane Dennis, which became a Category 4 storm on July 8, 2005, hurricane specialist and storm surge expert Michael Lowry said. “Beryl is an extremely dangerous and rare hurricane for this time of year in this area,” he said in a phone interview. “Unusual is an understatement. Beryl is already a historic hurricane and it hasn’t struck yet.” Hurricane Ivan in 2004 was the last strongest hurricane to hit the southeast Caribbean, causing catastrophic damage in Grenada as a Category 3 storm. “So this is a serious threat, a very serious threat,” Lowry said of Beryl. Reecia Marshall, who lives in Grenada, was working a Sunday shift at a local hotel, preparing guests and urging them to stay away from windows as she stored enough food and water for everyone. She said she was a child when Hurricane Ivan struck, and that she doesn’t fear Beryl. “I know it’s part of nature. I’m OK with it,” she said. “We just have to live with it.” Forecasters warned of a life-threatening storm surge of up to 9 feet (3 meters) in areas where Beryl will make landfall, with up to 6 inches (15 centimeters) of rain for Barbados and nearby islands. Warm waters were fueling Beryl, with ocean heat content in the deep Atlantic the highest on record for this time of year, according to Brian McNoldy, University of Miami tropical meteorology researcher. Lowry said the waters are now warmer than they would be at the peak of the hurricane season in September. Beryl marks the farthest east that a hurricane has formed in the tropical Atlantic in June, breaking a record set in 1933, according to Klotzbach. “Please take this very seriously and prepare yourselves,” said Ralph Gonsalves, the prime minister of St. Vincent and the Grenadines. “This is a terrible hurricane.” Bracing for the storm Long lines formed at gas stations and grocery stores in Barbados and other islands as people rushed to prepare for a storm that rapidly intensified. Thousands of people were in Barbados for Saturday’s Twenty20 World Cup final, cricket’s biggest event, with Prime Minister Mia Mottley noting that not all fans were able to leave Sunday despite many rushing to change their flights. “Some of them have never gone through a storm before,” she said. “We have plans to take care of them.” Mottley said that all businesses should close by Sunday evening and warned the airport would close by nighttime. Across Barbados, people prepared for the storm, including Peter Corbin, 71, who helped his son put up plywood to protect his home’s glass doors. He said by phone that he worried about Beryl’s impact on islands just east of Barbados. “That’s like a butcher cutting up a pig,” he said. “They’ve got to make a bunker somewhere. It’s going to be tough.” In St. Lucia, Prime Minister Philip J. Pierre announced a national shutdown for Sunday evening and said that schools and businesses would remain closed on Monday. “Preservation and protection of life is a priority,” he said. Looking ahead Caribbean leaders were preparing not only for Beryl, but for a cluster of thunderstorms trailing the hurricane that have a 70% chance of becoming a tropical depression. “Do not let your guard down,” Mottley said. Beryl is the second named storm in what is forecast to be an above-average hurricane season, which runs from June 1 to Nov. 30 in the Atlantic. Earlier this month, Tropical Storm Alberto came ashore in northeastern Mexico with heavy rains that resulted in four deaths. On Sunday evening, a tropical depression formed near the eastern coastal city of Veracruz, with the National Hurricane Center warning of flooding and mudslides. The National Oceanic and Atmospheric Administration predicts the 2024 hurricane season is likely to be well above average, with between 17 and 25 named storms. The forecast calls for as many as 13 hurricanes and four major hurricanes. An average Atlantic hurricane season produces 14 named storms, seven of them hurricanes and three major hurricanes.
Costner’s Costly ‘Horizon’ Bites Box Office Dust 2024-06-30 09:01:58+00:00 - “Inside Out 2,” starring a personified Anxiety, continued to resonate with moviegoers as the No. 1 film in North America for a third weekend. The dread-infused prequel “A Quiet Place: Day One” also struck a cultural nerve, arriving to stronger-than-expected ticket sales. But ticket buyers largely rebuffed Kevin Costner’s three-hour vanity project, “Horizon: An American Saga — Chapter 1,” the supposed start of an Old West movie series that was once headed straight to a streaming service before managing to get bumped up to the big screen. “Inside Out 2” from Pixar was on pace to collect $57.4 million, for a three-week total of roughly $470 million in the United States and Canada, according to estimates by box office analysts on Sunday. The well-reviewed sequel has reached $1 billion in worldwide ticket sales. No movie has reached that sales threshold since “Barbie,” which was released in July 2023.
Labour needs billions to fund its plans – and I know where it can be found | Will Hutton 2024-06-30 09:01:00+00:00 - Since its foundation in 1900, the Labour party has had a Janus-headed attitude to capitalism. It needs capitalism to be successful, dynamic and job creating, even while it instinctively distrusts capitalism, with its capacity to generate extreme inequality, invest too little, cut corners and treat workers exploitatively. But its past efforts at improving things – nationalisation, top-down planning, championing strong trade unions or simply (as New Labour did) largely giving capitalism its head – have not been notably successful. It has been a standoff that the Conservative party has ruthlessly exploited. The seismic importance of 4 July is that Conservatism’s approach to wealth generation – trying to shrink the state whose size and excess taxes supposedly “crowds out” suppressed investment and enterprise – is exposed as a dead end of stagnant living standards and eviscerated public services. Keir Starmer, boxed in by this dreadful legacy, has declared that Labour will become the party of growth and wealth generation. Only thus can sustained tax revenues be generated to repair the ravages of the past 14 years. My bet is that he has a better than even chance of pulling it off – and transforming Labour into Britain’s natural party of government. His first advantage is that the economic evidence is unambiguous: the state does not “crowd out” investment, and low taxes do little to stimulate enterprise. What capitalism needs from the state is well-designed and stable policy that proactively manages the business cycle while “crowding in” innovation, infrastructure and abundant fit-for-purpose training, and shapes the savings system to deliver buoyant company share prices – the necessary if insufficient precondition for raising capital to enable higher investment and a startup and scale-up boom. This is becoming the new common sense in business, finance and the financial markets. It is why investors are buying shares anticipating a Labour government, and why Dame Amanda Blanc, CEO of Aviva, suggested last week that there could be as much as £100bn from UK insurers ready to flow into business investment if chancellor Rachel Reeves can deliver her promises on stability. That alone would go some way to lift British public and private investment by £100bn every year – the scale of the gap between us and our major competitors – while not risking another Liz Truss-style fiasco. One important avenue to growth, cited in the Labour manifesto, is the prospect of unleashing some of the £1.4tn funds fossilised in Britain’s 5,100 defined benefit pension fund schemes. Linked to a generous fraction of workers’ final year’s pay, they have become a financial burden. To wind them up, companies have closed them to new members, creating a £1.4tn universe of wholly risk-averse zombie funds. They need to be consolidated into bigger funds that can take risks – and the money made to work to accelerate Britain’s investment recovery. There is the tool to hand. One of the most startling policy successes of the past 20 years has been New Labour’s Pension Protection Fund (PPF), established in 2005, which takes over the management of distressed defined benefit pension funds, guaranteeing the future pensions. Managed with great professionalism, the PPF has already consolidated more than 1,100 pension funds and is currently worth £33bn with a £12bn investment surplus – one of the most successful funds of its type globally in securing high investment performance. Industry insiders believe that there is another £600bn locked up in small, high-cost zombie funds that could be liberated for productive investment. The first staging post would be to scale up the current PPF to at least £100bn. Conservative objections that this would leave the pension funds with no fiscal backstop can be easily overcome; backed by the state, the PPF will become the new backstop via a guarantee that does not score as public borrowing. Nor, because the PPF is so rich, would the state ever be at risk. Reeves will be on her way. skip past newsletter promotion Sign up to Observed Free weekly newsletter Analysis and opinion on the week's news and culture brought to you by the best Observer writers Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Britain would have an investment trio of financial institutions dedicated to multibillion-pound economic development After all, such a guarantee is already delegated to the UK Infrastructure Bank (UKIB) to underwrite £10bn of commercial bank lending on infrastructure projects. Reeves should lift the facility to £50bn. A similar guarantee would enable the British Business Bank (BBB) to offer venture debt to startups and scale-ups, and seek out promising companies to back: there is an estimated annual shortage of up to £10bn of venture lending that needs to be closed. My understanding is that a scaled-up PPF would support both the UKIB and BBB; at a stroke, Britain would have equipped itself with an investment trio of financial institutions dedicated to serious multibillion-pound economic development and resultant growth – without additional direct government borrowing. It’s a fiscal get-out-of-jail-free card. Against this background, Reeves can use her proposed rewriting of the fiscal rules to supplement public investment directly. The Financial Times recently reported that asset managers would buy an extra £20bn-£30bn of government debt if it were earmarked for investment projects and R&D. Altogether, the UK’s growth rate could accelerate to above 2.5% by the end of the parliament, with even the dropped £28bn target for green spending met. Growth would be higher again the more Britain regained access to lost EU markets. In the near future, before growth kicks in, Starmer and Reeves may have to increase the current yields from capital gains, inheritance and council tax by up to another 1% of GDP. But overall there will be the funds to resuscitate education, the NHS, local government, defence, the criminal justice system, the arts and welfare. Do I dream? Some commitments are in the manifesto, others set out in Reeves’ Mais lecture in March, others have not been excluded during the election campaign, and the ambitious teams in the investment trio are all standing by for the call. Some in the Treasury will oppose. And never underestimate the conservatism and parochialism of the pension fund world. Geopolitics may kill all hopes. But Britain under Labour could at last fulfil its economic promise and build a high-investment, inclusive, high-wage capitalism that treats its workers fairly. This time, no mistakes.
Jailhouse Correspondence Gives Bernie Madoff the ‘Final Word’ 2024-06-30 09:00:29+00:00 - MADOFF: The Final Word, by Richard Behar We don’t yet have “Madoff: The Musical,” but years after his 2021 death from kidney disease in a federal prison hospital, Bernie the Ponzi-scheming potentate keeps yielding cultural dividends. An experimental film shown at Lincoln Center. A Netflix documentary series, “The Monster of Wall Street.” And now, adding to a fat stack that includes a coloring book and an exposé by a New York Times reporter that generated its own Robert De Niro movie, a new prose probe entitled “Madoff: The Final Word.” Final? As its own author, Richard Behar, admits: doubtful. A longtime investigative journalist who has taken on, among other formidable institutions, the litigious Church of Scientology, Behar spent 15 years seemingly half-shackled to and half-tickled by this, his first book. Along with many, many secondary interviews, he visited Madoff in prison thrice; talked to him on the phone about 50 times; and received from him dozens of handwritten letters and hundreds of emails.(He’s far from the first or only reporter to have visited the man in the clink, but the passage of time has loosened some auxiliary tongues — though death has stilled others.) For every dollar he stole, Madoff seems to have generated at least one piece of regular paper. The hoard of 30 million documents he didn’t manage to destroy, Behar writes, “is nearly half the size of the printed material collection of the U.S. Library of Congress.” The shredding operation Madoff ran starting in the mid-90s, in a Brooklyn facility now called Tuck-It-Away, was like an A.S.M.R. orgy: burlap bags of the scraps taken to a nearby recycling plant, his secrets “dissolving to mulch.”
Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report 2024-06-29 20:43:00+00:00 - Loading... Loading... If re-elected in November, Donald Trump would reportedly withdraw the United States from the Paris climate accord for the second time. Politico reported, citing a campaign spokesperson, that conservatives have spent years preparing for Trump’s withdrawal from the global agreement aimed at reducing greenhouse gas emissions. After years of groundwork by conservatives, including drafting executive orders, Trump is poised to withdraw from the global climate agreement if re-elected, a lawyer familiar with the process told Politico. One of these measures is a draft order that could potentially withdraw the United States from the entire United Nations framework supporting global climate negotiations, a move with significant implications for efforts to mitigate global warming. On Friday, Trump campaign national press secretary Karoline Leavitt confirmed that if asked, Trump would repeat his decision to withdraw the United States from the landmark climate agreement, stating, “Yes, he has said that,” the report noted. Trump’s intention to withdraw from the Paris accord isn’t unexpected, following his previous withdrawal and lobbying efforts by conservatives. During a recent debate with President Joe Biden in Atlanta, Trump criticized the agreement as “a rip-off of the United States” and “a disaster.” Industry lawyers have reportedly been drafting various executive orders on energy policies for Trump to potentially sign, the report added, citing sources familiar with the effort. The Paris Agreement is “a bad deal for the United States,” said Mandy Gunasekara, the EPA head of staff during the Trump administration and writer of Project 2025’s energy and environmental provisions. “It does little to meaningfully reduce emissions. It’s been used to justify onerous regulations that make energy more expensive,” Politico added. Given its significant funding role, the U.S.’ departure would hinder the UNFCCC’s (United Nations Framework Convention on Climate Change) operations. It could also pose considerable challenges for a future president seeking to rejoin the Paris Agreement. Read Next: Is Kamala Harris The Answer To Joe Biden’s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
New York Times Calls For Joe Biden To Withdraw From Presidential Race 2024-06-29 20:17:00+00:00 - Loading... Loading... During the recent presidential debate between Donald Trump and Joe Biden, the president sought to showcase his preparedness for another term in office, addressing the high expectations of the American public. However, a recent op-ed by The New York Times’ editorial board points out how Biden has noticeably changed since the start of his first term. The president faced challenges articulating his second-term agenda, countering Trump’s provocations, and holding him accountable for falsehoods and concerning proposals. Multiple times, he struggled to complete sentences, the board wrote. Following the debate, Poland’s top diplomat, Radoslaw Sikorski, compared Biden and the last of the “five good emperors” of ancient Rome, who made a detrimental decision in his final years, leading to civil war. “It’s important to manage one’s ride into the sunset,” Sikorski said in a post on X on Friday. Calls For A Fresh Face Polls and interviews indicate voters are eager for new voices to challenge Trump. Biden’s supporters are finding solace in the possibility of rallying behind an alternative candidate. The editorial board added that, unlike in many democracies, where campaigns last a few months, U.S. presidential elections are multiyear endeavors, so there is still time for a fresh face. The most straightforward strategy for Democrats to defeat Trump is to recognize that Biden may not be able to continue his campaign and establish a process to nominate a more capable candidate to challenge Trump in November. It represents the optimal opportunity to safeguard the nation’s spirit — the driving force that prompted Biden to pursue the presidency in 2019. Moreover, it constitutes the highest form of service Biden can render to a country he has steadfastly served over many years, The New York Times added. Read Next: Investors Predict Impact Of Potential Trump Presidency On Markets: ‘The Market Is Already Priced For That To Happen’ Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
Ann Lurie, Nurse Who Became a Prominent Philanthropist, Is Dead at 79 2024-06-29 17:25:33+00:00 - Ann Lurie, a self-described hippie who went on to become one of Chicago’s most celebrated philanthropists, in one instance giving more than $100 million to a hospital where she had once worked as a pediatric nurse, died on Monday. She was 79. Her death was announced in a statement by Northwestern University, to which Ms. Lurie, a trustee, had donated more than $60 million. The statement did not say where she died or specify a cause. An only child raised in Miami by a single mother, Ms. Lurie protested the Vietnam War while in college and planned to join the Peace Corps after she graduated. In interviews, she said she chafed at the trappings of wealth even after marrying Robert H. Lurie. Mr. Lurie had built a real estate and investment empire as a partner in Equity Group Investments, teaming up with a former fraternity brother from the University of Michigan, Sam Zell, whose portfolio came to include The Chicago Tribune, The Los Angeles Times and the Chicago Cubs. Mr. Lurie held stakes in the Chicago Bulls and the Chicago White Sox.
Your Hologram Doctor Will See You Now 2024-06-29 13:50:44+00:00 - A patient walks into a hospital room, sits down and starts talking to a doctor. Only in this case, the doctor is a hologram. It might sound like science fiction, but it is the reality for some patients at Crescent Regional Hospital in Lancaster, Texas. In May, the hospital group began offering patients the ability to see their doctor remotely as a hologram through a partnership with Holoconnects, a digital technology firm based in the Netherlands. Each Holobox — the company’s name for its 440-pound, 7-foot-tall device that displays on a screen a highly realistic, 3-D live video of a person — costs $42,000, with an additional annual service fee of $1,900.