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McDonald's franchisee group says $5 value meal can't last without company investment 2024-05-21 21:33:00+00:00 - An employee hands an order to a customer through a drive-thru window at a McDonald's restaurant in Oakland, California, on April 9, 2020. An independent advocacy group of McDonald's franchisees is weighing in on the company's upcoming value meal promotion, cheering affordability for the consumer, but pushing for future contributions from the company to make the discounted offering sustainable for operators in the long run. "The fact remains that in order to provide the consumer with more affordable options, they must be affordable for the owner/operators. McDonald's vast resources and financial investment are essential to any sustainable affordable strategy," the board of the National Owners Association wrote in a letter to membership. The letter calls the McDonald's business model a "penny profit business, with 10-15% margins," and says "There simply is not enough profit to discount 30% for this model to be sustainable. It necessitates a financial contribution by McDonald's." CNBC reported last week that the $5 value meal would be hitting menu boards beginning June 25 and lasting roughly a month. It will include a McChicken or McDouble, four piece chicken nuggets, fries and a drink. The combo would be substantially less than purchasing those items individually. The offering comes as lower-income consumers pull back from certain restaurants in the face of stubborn inflation, and brands look to offer greater value to customers. CNBC reported Coca-Cola had added marketing funds to make the deal more appealing for McDonald's and its franchisees after an initial proposal did not pass internal hurdles. In a statement last week, Coca-Cola said, "We routinely partner with our customers on marketing programs to meet consumer needs. This helps us grow our businesses together." McDonald's declined to comment on the NOA letter to its membership. In a statement to CNBC last week on the value meal, the company said, "We know how much it means to our customers when McDonald's offers meaningful value and communicates it through national advertising. That's been true since our very beginning and never more important than it is today." The company has previously noted cash flows for U.S. franchisees are up nearly 50% on average since 2018. Even when accounting for inflation, 2023 was one of the best years for franchisee cash flow in the company's history, McDonald's has previously said. Beyond the $5 promotion, the NOA letter goes on to suggest the company should continue to innovate on the menu, bringing back items such as snack wraps that use existing chicken breasts, creating affordable options with lower food costs so they are more affordable for owners to sell. The group also suggested taking the top two beverages from McDonald's spinoff chain, CosMc's, and bringing them to flagship locations as a way to excite both customers and employees. These ideas were initially floated by the advocacy group earlier in the year, as it pushed to add affordable options to the menu without discounting "core and iconic" items. "Recently [McDonald's CEO Chris Kempczinski] has made public comments about the US consumers' growing need for affordability. This is not a new or unique message; value has always been at our Brands's core," NOA said in a letter to membership viewed by CNBC in February.
Domino's bets big on "checkout charity," with a $174 million pledge to St. Jude 2024-05-21 21:29:00+00:00 - Do you give to charity at the checkout? Do you give to charity at the checkout? 03:26 The world's top-selling pizza chain finds raising big money for charity as easy as pie. Domino's recently pledged $174 million over the next 10 years to benefit St. Jude Children's Research Hospital, expecting the funds to come from its longstanding roundup campaign that invites customers to donate the difference between their purchase total and the next-highest dollar amount. The pizza chain has already raised more than $126 million this way across the past two decades for ALSAC, the fundraising organization for the Tennessee-based hospital. Domino's is the latest and largest example of "checkout charity" success. The fundraising tool raked in 24% more money in 2022 than 2020 among the highest making programs, for a total of $749 million, according to the professional association Engage for Good. That staying power has franchises hopeful that consumers will continue giving their spare change despite shifts toward online shopping, negative economic headwinds and fears that more frequent solicitations will cause fatigue. Meanwhile, some retailers are fleshing out partnerships first formed after the 2020 racial reckoning pushed corporate citizenship toward the forefront of business practices. Studies suggest that asking customers to round up is generally more effective than requesting a fixed amount — even when the totals are the same. That's because the framing lessens the sting of parting with one's money, according to a paper published in the Journal of Consumer Psychology. "It feels less painful," said Katie Kelting, a Saint Louis University marketing professor who led the research team. The timing of the appeal introduces several other psychologically potent factors, according to Ike Silver, a marketing professor at Northwestern University. Buyers tend to perceive their purchases in whole numbers anyway: A $24.75 bill registers as $25, for example. Plus, Silver said, it makes the act of giving "a bit more mindless." Shoppers rushing to get through the checkout line don't have much time to consider reasons against the donation. No time to think "They capitalize on a purchase inertia where you're just spending your money and you're not really thinking too much about it," Silver said. Champions of the strategy credit the asks for engaging everyday, would-be donors in an approachable form of giving with low barriers to entry. The practice is so commonplace that shoppers' cumulative gifts have even become a key funding stream for some issue areas. PetSmart Charities, which reports that over 80% of its cash donations come through the PIN pad at checkout, is considered the largest grantmaker for animal welfare causes. The pet superstore, which has been running its continual PIN pad donation program for 20 years, asks customers to give a fixed dollar amount starting at $2. The money supports causes directly related to pets, such as increased access to veterinary care and animal evacuation services during natural disasters. That authentic connection is one reason that PetSmart Charities President Aimee Gilbreath believes their average donation is just under $3 — which is projected to add up to $40 million by the end of this year. Without the closely aligned missions, Gilbreath expects they'd have a slightly harder time getting customers to donate. "It's just much easier for people to say yes when they get, 'I'm here shopping at PetSmart. I love pets. If I donate to PetSmart Charities, I'm going to support pets who need a family, I'm going to support pets in other ways'," she said. Indeed, Kelting said the fit between the charity and the seller is "huge." Customers can perceive point-of-sale solicitations as a violation of their social contract with a company, according to researchers, but partnerships among likeminded organizations are viewed in a more positive light. REI Co-op, a specialty outdoor clothing and equipment seller, launched its member-supported public charity in 2021 to help make outdoor spaces more inclusive. The goal was to put more resources into the surrounding communities coming out of COVID-19 shutdowns. At its 185 U.S. locations, sales associates often strike up personal conversations about buyers' upcoming excursions. Those unique connections with its clientele of nature enthusiasts open the door for donation requests at checkout, according to Squire Simpson, a board member at the REI Cooperative Action Fund. REI cashiers are supposed to leave the conversation with an open-ended ask that lets customers decide whether to round up or donate an amount of their choosing. About $2.2 million from 1.3 million individual donations were raised in stores last year, according to Simpson, a 2.5% increase over 2022. Grantees include a Pennsylvania group that promotes biking among Black women and an Alaska nonprofit that provides therapeutic recreation for people with disabilities. "It's not some broad, corporate recipient," Simpson said. Still, some observers are worried that even the best of intentions won't keep the spigot from stopping as likeminded programs pop up in checkout lines around the country. Silver, the Northwestern University professor, questions whether the effectiveness of "checkout charity" will wane with its popularity. "If it's really something that's coming up every time you swipe your card, one risk is people start to notice that and feel a bit more manipulated," he said. Misinformation does not help either. Contrary to popular internet memes, tax policy experts say that stores can't write off customers' point-of-sale donations because they don't count as company income. Domino's leaders remain confident in their fine-tuned strategy. With the iconic St. Jude child printed on Domino's pizza boxes, the established partners are already among the most recognizable when it comes to point-of-sale donations. Above the checkout widget is a roundup request with that image of the child. During its 11-week, end-of-the-year campaign, customers are greeted by a "click and go" pop-up soliciting $2, $5, $10 or $20. The request details St. Jude's work and features an overall donation tracker. Domino's raised $8.9 million last year through roundup. Its leadership believes that number will increase under a new five-year strategy to grow its customer base. Described by CEO Russell Weiner as "an audacious goal" that isn't necessarily a "slam dunk," the high-dollar charitable commitment adds another motivator to meet its latest nonprofit benchmarks. ALSAC CEO Rick Shadyac said the extra Domino's funding will help St. Jude's efforts in 80 countries to help triple the survival rate for children with the six most common forms of childhood cancer. That includes this summer's rollout of a program that will eventually provide free cancer medications to 30% of the 400,000 children around the world with the disease. "If we drive more sales and more stores, what does that mean? That means we have more customers," Weiner told The Associated Press. "The better we do there, the more people we've got that we can raise money for St. Jude." ___ Associated Press coverage of philanthropy and nonprofits receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP's philanthropy coverage, visit https://apnews.com/hub/philanthropy.
EU Approves $3.5B In Frozen Russian Assets For Ukraine: Janet Yellen Has A Plan To Increase Amount By Over 10X 2024-05-21 21:25:00+00:00 - Loading... Loading... Frozen Russian assets are beginning to flow into Ukraine this year, with two parallel initiatives that are gaining widespread support in Europe and the U.S. amid the ongoing war in Eastern Europe. Since the start of the Russian invasion, approximately $300 billion in Russian assets were frozen by G7 countries, two thirds of which are held in countries of the European Union. On Tuesday, EU member states approved a plan to divert earnings from those assets, which have amassed about €3.9 billion ($4.23 billion) in the past year, to Ukraine‘s war effort against Moscow's invasion. The funds are being managed by a Belgium-based financial service and clearing company, Euroclear, Bloomberg reports. Under the EU plan, $3.3 billion would reach Ukraine this year. Yellen’s $50 Billion Plan: A separate plan is being pushed by the U.S. to use future proceeds from frozen Russian assets to finance a $50 billion loan to Ukraine between countries of the G7 group. The U.S. initiative will be discussed in an upcoming G7 meeting that will be held in Italy in June. If approved, it would replace the EU's plan. G7 nations include the United States, Japan, Germany, France, the U.K., Italy and Canada. Read also: War And Drugs: Ukraine And Russian Soldiers Use MDMA, Amphetamines, Alcohol And Cannabis As Healing And Combat Tools During a Tuesday visit to Frankfurt, Germany, U.S. Treasury Secretary Janet Yellen stated that the plan should be ready for approval by the G7 meeting. Finance ministers from the G7 group are gathering in Italy this week to discuss this plan, Reuters reports. Both the approved EU plan as well as Yellen's plan aim to draw on funds generated from the frozen assets without diving into the assets themselves. Yet the U.S.-led plan would unlock $50 billion for Ukraine, instead of the $3.5 billion a year that would come from interest earnings. In Yellen's plan, a bond or a loan to Ukraine would be backed by the seized assets. European countries have been hesitant to approve such a proposal because it would require them to commit to holding on to the assets for at least 20 years. EU members are walking the thin line between providing much needed support for Ukraine, and exposing themselves to retaliation by Russia if their actions are considered too overreaching. France and Germany have voiced concerns over the legality of the plan. Loading... Loading... The U.S. is hoping that G7 countries would be able to pay for the $50 billion upfront, and U.S. officials have said that the country could handle the entire loan on its own if needed, though that would entail a confirmation by European countries that the funds would remain frozen until the debt has been repaid. In late April, Biden signed the REPO (Rebuilding Economic Prosperity and Opportunity for Ukrainians) Act, which gives the administration permission to seize Russian assets held in the U.S. in favor of Ukraine. About $5 billion of the total frozen assets are held in the U.S., according to AP News. China will also be on the table in upcoming G7 talks, as the group fears the consequences of possible market floodings of cheaper Chinese products in specific industries like EVs and renewable energy. Now read: Treasury Secretary Yellen Rejects Global Billionaire Tax: Big Relief For Elon Musk, Jeff Bezos, Bill Gates And Mark Zuckerberg Photo: Shutterstock
An Egyptian spy single-handedly ruined the Israel-Hamas cease-fire: CNN 2024-05-21 21:22:12+00:00 - An Egyptian spy ruined a potential cease-fire deal between Israel and Hamas. The intelligence official added more of Hamas' demands after Israel had already agreed to the deal, CNN reports. Israel, the US, and Qatar were reportedly blindsided by the secret changes. 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. Advertisement An Egyptian spy torpedoed a potential cease-fire deal between Israel and Hamas earlier this month by secretly changing its terms before handing it between the warring sides, CNN reports. The intelligence official, Ahmed Abdel Khalek, changed the deal after Israel had already agreed to it by adding in more of Hamas' demands to the framework to clinch their approval, according to the report. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Climate change and turbulence: Experts weigh in after death on Singapore Airlines flight 2024-05-21 21:12:00+00:00 - The cause of the turbulence is under investigation. Singapore Airlines said the Singapore-bound flight from London encountered severe turbulence about 10 hours after departure. Death by turbulence rarely occurs, but severe encounters are not uncommon, according to Larry Cornman, a physicist and project scientist with the U.S. National Science Foundation National Center for Atmospheric Research. “Often, for something like this, it’s just wrong place, wrong time,” said Cornman, who studies small-scale motions of the atmosphere that could endanger aircraft. Out of millions upon millions of flights, turbulence has caused 185 serious injuries from 2009 to 2023, the latest year with publicly available data, according to the National Transportation Safety Board. The agency, which requires airlines to report injuries and deaths, categorizes a serious injury as any that requires more than two days of hospitalization; involves any internal organ; or results in bone fractures, second- or third-degree burns, severe hemorrhages, or nerve, muscle or tendon damage. Of the reported incidents from 2009 to 2022, at least 129 crew members and 34 passengers were injured. Turbulence-related deaths can be caused by heart attacks or head injuries if a passenger’s head strikes the ceiling or gets hit by falling luggage, Cornman said. “Anything that could cause a death on the ground can certainly cause it inside an aluminum tube at 35,000 feet,” he said, adding that seat-belted passengers should still feel safe in the skies. “These large transport aircraft are built quite strongly. They will not fall apart or come out of the sky due to turbulence,” Cornman said. Sara Nelson, president of the Association of Flight Attendants-CWA, said initial reports appear to indicate that the Singapore flight encountered clear-air turbulence — the most dangerous type because it cannot be seen and is virtually undetectable with current technology. “One second, you’re cruising smoothly,” Nelson said. “The next, passengers, crew and unsecured carts or other items are being thrown around the cabin.” Nelson and a group of researchers say such incidents of clear-air turbulence — which is difficult to forecast and avoid because it is not associated with storms — are on the rise due to climate change. A 2023 study published in the journal Geophysical Research Letters found that severe clear-air turbulence increased by more than 50% over the North Atlantic Ocean from 1979 to 2020. The uptick in turbulence likely owes to the effect of climate change on wind speeds in the upper levels of the atmosphere, the researchers found. Some of the most pronounced increases in clear-air turbulence in recent decades were over mid-latitude regions, including over the North Atlantic and flight routes over the United States, according to the study. The results suggest that global warming may be driving instability in the jet stream, a conveyor belt of fast-moving air that encircles the globe over the Northern Hemisphere, said Mark Prosser, co-author of the study and a doctoral researcher at the University of Reading in the United Kingdom. The jet stream, which flows like a river of air from west to east, is fueled by temperature differences between cooler regions to the north and warmer air masses to the south. Climate change may be throwing the jet stream off-kilter, which could have enormous implications for future air travel, Prosser said. “Planes like to fly with the jet stream,” he said, “but where planes like to fly is also ironically where all the turbulence is.” That instability is expected to increase as the world warms. Prosser’s colleagues at the University of Reading separately used climate models to project how clear-air turbulence in the latter half of this century may shift if global warming continues. The researchers found that increasing greenhouse gas emissions also increased turbulence and instability. “If you compare the climate of 2050 to 2080 with the climate before we started emitting greenhouse gases — so, preindustrial times — there was a doubling, or tripling sometimes, of the amount of clear-air turbulence in the atmosphere,” Prosser said. A total of 211 passengers and 18 crew members were on the Singapore Airlines flight when it was jolted midair, the airline said in a statement. The plane suddenly fell from 37,000 feet to 31,000 feet within five minutes, according to flight-tracking site FlightAware. The pilot declared a medical emergency and diverted the plane to Thailand’s capital, Bangkok, where it landed at 3:45 p.m. local time (4:45 a.m. ET), the airline said. Officials did not release the identity of the deceased passenger Tuesday. The people on the flight hailed mostly from Australia, the United Kingdom, Singapore and New Zealand, the airline said. Four passengers were from the United States. “Singapore Airlines offers its deepest condolences to the family of the deceased,” the statement said. “We deeply apologise for the traumatic experience that our passengers and crew members suffered on this flight.”
What is in-flight turbulence, and when does it become dangerous for passengers and crews? 2024-05-21 21:06:28+00:00 - NEW YORK (AP) — The death of a British man and injuries impacting dozens of other people aboard a Singapore Airlines flight that hit severe turbulence Tuesday highlighted the potential dangers of flying through unstable air. The exact cause of the 73-year-old man’s death is under investigation. Authorities said he may have suffered a heart attack, though that hasn’t been confirmed. Based on witness accounts, the number of injuries and the airliner’s sharp descent, experts point to the significant safety hazards that in-flight turbulence poses to airline passengers and crews. While turbulence-related fatalities are quite rare, injuries have piled up over the years. Some meteorologists and aviation analysts note that reports of turbulence encounters also have been increasing and point to the potential impacts that climate change may have on flying conditions. Most incidents of planes hitting bumpy air are minor, however, and airlines have made steady improvements to reduce accident rates from turbulence over time. Experts advise air travelers to stay vigilant, stressing the importance of wearing a seat belt whenever possible as a first line of protection. WHAT IS TURBULENCE? Turbulence is essentially unstable air that moves in a non-predictable fashion. Most people associate it with heavy storms. But the most dangerous type is clear-air turbulence, which often occurs with no visible warning in the sky ahead. Clear-air turbulence happens most often in or near the high-altitude rivers of air called jet streams. The culprit is wind shear, which is when two huge air masses close to each other move at different speeds. If the difference in speed is big enough, the atmosphere can’t handle the strain, and it breaks into turbulent patterns like eddies in water. “When you get strong wind shear near the jet stream, it can cause the air to overflow. And that creates these chaotic motions in the air,” Thomas Guinn, chair of applied aviation sciences department at Embry-Riddle Aeronautical University in Daytona Beach, Florida, explained. HOW COMMON ARE TURBULENCE-RELATED INJURIES? Tracking the total number of turbulence-related injuries around the world is difficult. But some individual countries publish national data. More than one-third of all airline incidents in the United States from 2009 through 2018 were related to turbulence, and most of them resulted in one or more serious injuries but no damage to the plane, the National Transportation Safety Board reported. Between 2009 and 2022, 163 people were injured seriously enough during turbulence events to require hospital treatment for at least two days, according to NTSB figures. Most of them were flight attendants, who are particularly at risk since they are more likely to be out of their seats during a flight. Investigations are underway into what happened during Tuesday’s Singapore Airlines flight. The carrier said the Boeing 777-300ER descended 6,000 feet (around 1,800 meters) in about three minutes after hitting severe turbulence over the Indian Ocean. Preliminary casualty figures from the airport and a hospital in Bangkok, where the plane headed from London to Singapore landed in stormy weather, indicated that in addition to the one death, six or seven passengers were severely injured. Dozens of other travelers and crew members were reported to have suffered moderate or less serious injuries. “It’s not uncommon to have turbulence encounters that cause minor injuries up to, say, a broken bone,” said Larry Cornman, a project scientist at the National Science Foundation’s National Center for Atmospheric Research who has long studied turbulence. “But fatalities are very, very rare — especially for large transport aircraft.” According to Stuart Fox, director of flight and technical operations at the International Air Transport Association, the last clear air turbulence-related death reported from a major carrier took place in 1997. A few fatalities on smaller planes have been reported since, including a death on a private jet last year, Fox said. Now-standardized safety procedures have significantly helped prevent more cases of serious injuries over the years. Fox noted. They include reviewing weather forecasts, having pilots report when they encounter turbulence and suspending cabin service when planes hit rough air. CAN PILOTS AVOID TURBULENCE? Pilots use a variety of methods to avoid turbulence, including using a weather radar display. Sometimes they can simply see and fly around thunderstorms. But clear-air turbulence “is altogether another animal,” according to Doug Moss, a former airline pilot and safety consultant. It can be devastating, he said, “because the time before the incident can be very calm, and people are caught off-guard.” Air traffic controllers will warn pilots after another plane runs into clear-air turbulence, Moss said. Many pilots also look at the upper-level jet streams along their route for signs of wind shear, then plan to fly above, below or around those areas, he said. Modern planes are strong enough to handle just about any turbulence. Cabin areas such as overhead bins may receive cosmetic damage, “but these don’t impact the structural integrity of the planes,” Moss said. IS CLIMATE CHANGE CAUSING TURBULENCE TO INCREASE? Some scientists note that reports of turbulence encounters are on the rise. There are a number of possible explanations for that, but several researchers have pointed to potential climate impacts. Guinn, of Embry-Riddle Aeronautical University, explains that some predict climate change could alter the jet stream and up the wind shear, which would consequently drive up turbulence in the air. In a statement Tuesday, Paul Williams, a professor of atmospheric science at the University of Reading in England, said there was “strong evidence that turbulence is increasing because of climate change.” Williams said his research team recently discovered that severe clear-air turbulence in the North Atlantic has increased by 55% since 1979, for example. The team’s latest projections signal that severe turbulence in the jet streams could double or triple in the coming decades if global conditions continue as expected, he said. Still, others say other factors could also be at play. Cornman notes that there could be a rise in overall air traffic — which may increase turbulence encounters as the number of flight tracks, including those in areas of more turbulence, goes up. HOW CAN TRAVELERS STAY SAFE? In short, buckle up. Turbulence can be tricky to predict, but experts stress that the first line of defense in the air is keeping the seat belt fastened, whenever possible. “Planes are generally built to withstand turbulence,” Guinn said, noting that passengers not wearing their seat belts is a large source of injuries from in-flight turbulence. While no precaution is foolproof, wearing a seat belt greatly increases an individual’s chances of avoiding serious injuries, he said. “Wear your seat belt,” Guinn said. he stressed. “That’s just a really quick fix to prevent injury.” ___ Chalida Ekvitthayavechnukul in Bangkok and David Koenig in Dallas contributed reporting.
How Trump's presidency became a roller-coaster ride for many of America's top CEOs 2024-05-21 20:58:14+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. 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 When Donald Trump first ran for the presidency, he pledged to run the United States like a business. "If we could run our country the way I've run my company, we would have a country that you would be so proud of," he said during an October 2016 debate with his then-opponent, former Secretary of State Hillary Clinton. After Trump was elected to the White House, he brought along key figures like financier and film producer Steve Mnuchin, who became his Treasury secretary; onetime Goldman Sachs president Gary Cohn, who became the director of the National Economic Council; and businessman Wilbur Ross, who served as Commerce secretary. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Leaning in to his pro-business ideology, Trump worked to cut regulations across the federal government and signed into law his signature $1.5 trillion tax plan that Republicans were able to muscle through Congress as the majority party. The plan, which was opposed by congressional Democrats, was the broadest overhaul of the tax code in decades. Advertisement For much of the business community, the law, which slashed the corporate tax rate from 35% to 21%, was a long-awaited achievement. But Trump's presidency also featured some high-profile clashes that, over time, caused him to become a polarizing figure among leaders who often agreed with him on many policy issues. As Trump touts his past stewardship of the economy ahead of November, here's a look at his relationship with the business community during his first term: One of their own Decades before Trump went into national politics, he rose to national prominence as a wealthy real estate developer and businessman. As a presidential candidate, Trump's background was unique in that he had neither served as a governor or as a member of Congress, nor did he have a military background. But in a presidential year when many GOP voters were looking for a change agent, his business background gave him a major boost as a political outsider. Advertisement For many in the business world, Trump was essentially one of their own. His relationship with top corporate leaders started off on a high note, especially after he hosted a dozen chief executives (which included Tesla founder Elon Musk) at the White House during his first week in office, where he emphasized his desire to enact tax cuts. However, Trump's relationships with many of these leaders disintegrated in the aftermath of the August 2017 Unite the Right rally in Charlottesville, Va., where white nationalist groups unleashed a wave of violence. Heather Heyer, a 32-year-old woman who was assembled with a crowd of counter-protesters in downtown Charlottesville, was killed after a white supremacist drove into the group. Trump, days after the incident, sought to highlight that some attendees were protesting the removal of a Confederate statue and weren't in Charlottesville to cause trouble, but the remarks backfired spectacularly. Trump's plans for a broad infrastructure bill never came together, even when the GOP had full control of Congress during his first two years in office. AP Photo/Andrew Harnik "You had some very bad people in that group, but you also had people that were very fine people, on both sides," he said. "I've condemned neo-Nazis. I've condemned many different groups. But not all of those people were neo-Nazis, believe me. Not all of those people were white supremacists by any stretch." Advertisement After the comments, Kenneth Frazier, then the chief executive of Merck, stepped down from Trump's manufacturing council. "America's leaders must honor our fundamental values by clearly rejecting expressions of hatred, bigotry, and group supremacy, which run counter to the American ideal that all people are created equal," he said at the time. Under Armour's Kevin Plank, 3M's Inge Thulin, and Intel's Brian Krzanich, among others, resigned as well. Related stories Trump then abruptly disbanded the American Manufacturing Council and the Strategic and Policy Forum. Advertisement The infrastructure plot Trump in July 2017 signed an executive order for the creation of an infrastructure advisory council, similar to his other councils, but he eventually nixed it. The inaction regarding the infrastructure council mirrored Trump's eventual inaction in advancing a comprehensive infrastructure plan, despite his contention that he would rebuild America's roads and bridges, especially in the hard-hit Rust Belt communities that were struggling to recover from factory closures and declining tax bases. Even the promise of an "Infrastructure Week" became a long-running punchline. Trump put forward plans to spend between $1 trillion and $1.5 trillion on infrastructure in both 2017 and 2018. But he became sidetracked whenever he sought to lay out a plan. Advertisement During a Rose Garden event in June 2017, Trump accused the former FBI director Jim Comey of lying under oath before Congress — taking him away from his intended focus on infrastructure. In August 2017, a Trump Tower event meant to provide updates about Trump's infrastructure plan became dominated by his response to the violence in Charlottesville. And in February 2018, Trump's infrastructure proposal took a back seat amid accusations of misconduct by two close aides. Trump's plans to repair the nation's bridges, ports, and railways didn't move forward in 2018 — even though the GOP had full control of Congress until January 2019. "We have a very important election coming up, and they don't like the wins we've been getting," Trump said in 2018, seeking to shift blame on the infrastructure inaction to Democrats. Even after the 2018 midterms — when Democrats retook the House but Republicans retained control of the Senate — Trump never got a major infrastructure plan through Congress. Advertisement That task became a rallying call for his successor, President Joe Biden, who in November 2021 signed into law a landmark $1 trillion infrastructure bill, which funded everything from port upgrades and Amtrak grants to critical bridge repairs and high-speed broadband. Turning to tech During the 2016 presidential race, many top tech executives threw their support behind Clinton's campaign. But after the election, Trump invited a broad array of tech leaders to Trump Tower and expressed a desire to work with them on innovation. During the December 2016 meeting, the group spoke about job creation, trade, and infrastructure, according to Trump's then-transition team. Trump and Apple chief executive Tim Cook at the White House on March 6, 2019. AP Photo/Manuel Balce Ceneta One of those leaders in attendance was Musk, years before he'd go on to acquire Twitter and rebrand it as X. Advertisement In June 2016, Trump met with top tech executives including Apple's Tim Cook and Amazon's Jeff Bezos to devise a solution for overhauling the federal government's information technology systems. But the meeting came as many leaders remained staunchly opposed to Trump withdrawing the US from the Paris climate accord earlier that month. (Biden rejoined the agreement in January 2021.) Cook at the time told Apple employees that he tried to convince Trump to remain in the accord, but said his appeal "wasn't enough." In 2020, several tech leaders — including Cook — were critical of Trump's visa restrictions that would impact highly-skilled foreign workers in the industry. The Trump administration at the time said the move was made to afford positions to American workers during the pandemic. Cook at the time said he was "deeply disappointed" by the move. Advertisement "Like Apple, this nation of immigrants has always found strength in our diversity, and hope in the enduring promise of the American Dream," the executive added. Ahead of the November election, Trump is looking to Silicon Valley — where Biden has considerable support — as he looks to erase a sizable financial gap with his Democratic rival.
Biden taps Northeast gas reserve in move to curb prices at the pump 2024-05-21 20:53:00+00:00 - Traveling for Memorial Day weekend? Traveling for Memorial Day weekend? 02:32 The Biden administration said Tuesday it will release 1 million barrels of gasoline from a Northeast reserve in a move to ease prices at the pump for motorists. The Energy Department said the sale was timed to provide relief as the summer driving season begins. "The Biden-Harris Administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season," U.S. Secretary of Energy Jennifer M. Granholm said in a statement. "By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most." A gallon of regular gas averages roughly $3.60 nationwide, down from $3.67 in April but up 6 cents from a year ago, according to AAA. Some states face markedly higher prices, with California drivers paying $5.19 a gallon, compared with $3.06 in Mississippi, while fuel costs remain volatile in other parts of the U.S. Inflation remains a major issue for Americans, and on the campaign trail as the November presidential election nears. According to a recent Gallup Poll, 41% of Americans cited inflation or the high cost of living their most pressing financial problem. The Consumer Price Index rose at an annual rate of 3.4% in April, still considerably hotter than the Federal Reserve's 2% target. Housing and gas prices accounted for more than 70% of the monthly increase last month. Domestic gas prices are largely determined by the cost of oil. Other factors include the annual shift from winter to summer fuel blends, which typically drives up prices, and other seasonal changes such as routine maintenance at oil refineries. That means presidents have little influence on the cost of gas, other than to occasionally tap the nation's reserves. In 2022, the Biden administration moved to release 180 million barrels of oil from the country's Strategic Petroleum Reserve over six months after global crude prices surged following Russia's attack on Ukraine. President Barack Obama created the Northeast Gasoline Supply Reserve in the aftermath of Superstorm Sandy in 2012, which damaged two refineries in the region and led to severe gas shortages in some states. But the Biden administration will close the reserve as it liquidates the stockpile, the Energy Department said. —The Associated Press contributed to this report.
Israel’s block of AP transmission shows how ambiguity in law could restrict war coverage 2024-05-21 20:48:28+00:00 - NEW YORK (AP) — Israel’s shutdown and seizure of an Associated Press video camera that provided a live glimpse into Gaza alarmed many journalists, who worried Tuesday about wider implications for coverage of a war largely fought out of the world’s sight to begin with. The AP’s live video of Gaza was back up early Wednesday in Israel. After widespread condemnation, including a call by the Biden administration on Israel to back off, authorities returned AP’s equipment late Tuesday. Israel had justified its move by saying the agency violated a new media law that bans Al Jazeera, since the Qatari satellite channel is one of thousands of customers that receive live AP video. Yet the camera, located in the southern Israeli town of Sderot, was not the only one AP operated in Israel or Gaza — the company would not say how many it uses regularly — nor is AP the only news organization to do so. Agence France-Presse confirmed it has frequently used such cameras in Israel and also sells its images to Al Jazeera. “Israel’s move to restrict AP’s work today is extremely concerning and a clear attack on press freedom,” said Phil Chetwynd, AFP’s global news director. News organizations expressed worry about the potential ambiguity in how Israel’s law could be enforced. What, they asked, prevents Israel from shutting down the news cooperative’s operations in the country altogether? “It also could allow Israel to block media coverage of virtually any news event on vague security grounds,” Israel’s Foreign Press Association said in a statement. OTHERS ARE LIKELY WATCHING ISRAEL’S ACTIONS Israel also denies foreign journalists entry into Gaza to cover a war that began following Hamas’ Oct. 7 attacks inside the Jewish state, and has been criticized for not doing enough to protect Palestinian journalists and civilians. The country “seems to be grasping at anything that hurts Al Jazeera,” said Thomas Kent, former president and CEO of Radio Free Europe/Radio Liberty and an international consultant on media ethics. Its latest step damages a reputable news organization at a time the country would seem to want independent news coverage, Kent said. A democracy acting in this way also sends a disturbing signal to authoritarian countries, he said. “You have to look at the larger picture,” said Kent, also a former standards editor and international correspondent at AP. “They’re giving fuel to other countries that would love to seize equipment and shut down transmissions.” The move against AP set off a debate within Israel. Yair Lapid, opposition leader to the Netanyahu government, called it an “act of madness.” Communications Minister Shlomo Karhi, who accused the AP of violating the country’s law, said it clearly states that any device used to deliver content to Al Jazeera could be seized. “We will continue to act decisively against anyone who tries to harm our soldiers and the security of the state, even if you don’t like it,” Karhi responded to Lapid on X. AP’s camera is in Sderot, which provides a view into Gaza. It was operated 24 hours a day and was also attended by staff members. A staffer can be used to move or focus the camera to cover news that may be happening, and also to avoid capturing military moves. The AP says it complies with military censorship rules that prohibits the broadcast of troop movements that could endanger soldiers. STATIONARY CAMERAS ARE COMMON News organizations frequently place cameras that can operate remotely at various places around the globe, either in an area where news is happening or simply to provide a view of a city skyline. These shots have many uses — providing a backdrop for a television station reporting on developments, or as a livestream feature on a website. They can capture live news, as an AP camera stationed outside of the courtroom where former President Donald Trump stands trial did when a man set himself on fire last month. Earlier in the Gaza war, footage from such cameras helped news organizations conduct forensic investigations into who was responsible for a military strike on a Palestinian hospital. AP is the biggest supplier of live video news coverage to newsrooms across the world, said AP Vice President Paul Haven, the agency’s head of news gathering. “Our live video provides a window of what’s happening around the world on any given day, allowing audiences to see events for themselves as they unfold,” Haven said. The Committee to Protect Journalists said it was “deeply disturbed” by Israel’s actions on Tuesday. Carlos Martinez de la Serna, CPJ program director, said the country should allow all international media outlets, including Al Jazeera, to operate freely in the country. While Israel’s return of the equipment is a positive development, the underlying issue has not disappeared. “We remain concerned about the Israeli government’s use of the foreign broadcaster law and the ability of independent journalists to operate freely in Israel,” said AP spokeswoman Lauren Easton. ___ David Bauder writes about media for The Associated Press. Follow him at http://twitter.com/dbauder.
Supreme Court Justice Alito has a toxic response to flag scandal 2024-05-21 20:47:10+00:00 - On Thursday, The New York Times reported that 11 days after the Jan. 6 insurrection and three days before Joe Biden’s inauguration, an upside-down flag was seen flying outside Supreme Court Justice Samuel Alito’s home. This act is usually a symbol of distress, but after the 2020 election it became a form of political protest for many Trump supporters to signal their belief that the vote had been stolen from the soon-to-be former president. Alito’s explanation for the upside-down flag on his property has been, how shall we say, creative. But it’s also befitting for a public servant who clearly believes he has no responsibility to the public. Surely, Alito understands that some Americans could reasonably draw the impression that he and his wife acted in an overtly political manner. First, the justice blamed his wife. “I had no involvement whatsoever in the flying of the flag,” Alito said in a statement to the Times that was the marital equivalent of throwing his better half under fellow Justice Clarence Thomas’ luxury RV. “It was briefly placed by Mrs. Alito in response to a neighbor’s use of objectionable and personally insulting language on yard signs.” Then, in a longer explanation to Fox News’ Shannon Bream, Alito put some more flesh on the bone. He claimed that an angry spat with anti-Trump neighbors left his wife “so distraught” that she “hung the flag upside down for a very ‘short period of time.’” For the sake of argument, let’s give Alito the benefit of the doubt. Let’s assume that while the justice claims some of his neighbors are “very political,” he and his wife are politically agnostic. Let’s also assume that three days before Biden’s inauguration — and in light of Trump’s claims of election theft — the Alitos, by chance, seized upon the upside-down flag as a symbolic response to their neighbors’ unneighborly-like behavior and were unaware of its use by Trump supporters to signal their anger over the 2020 election. Even if we accept this admittedly unlikely series of events, Alito surely knows now the significance of the upside-down flag and its symbolic importance to Trump and his supporters. And it wasn’t as if the flag hung upside briefly, as he says. That claim is directly contradicted by his neighbors, who say it was fluttering on his front lawn for several days. Surely, Alito understands that some Americans could reasonably draw the impression that he and his wife acted in an overtly political manner, casting doubt on his impartiality as a Supreme Court justice. Even Sen. Lindsay Graham, R-S.C., called it “not good judgment.” Moreover, the Supreme Court has very clear and stringent rules for its staff on even the appearance of impartiality or political partisanship. Supreme Court employees are forbidden from any political activity, including attaching bumper stickers to their cars or displaying signs that suggest a political view. So here’s the question for Alito: why not apologize? Even if Alito believes he did nothing wrong, why not simply say he’s sorry if people drew the wrong impression from the upside-down flag? The answer is not difficult to discern: He does not care. Even a minimum concession to his critics is too much for Alito. We saw similarly petulant behavior from Alito last year ahead of a ProPublica story about his acceptance of an all-expenses-paid fishing trip with a conservative donor who had significant business before the Supreme Court. Alito pre-empted the piece by publishing an op-ed in The Wall Street Journal that haughtily denied any wrongdoing and, as was the case in the current imbroglio, refused to acknowledge any wrongdoing on his part. Alito could have said, then and now, that he was sorry if anyone was offended — a tried-and-true non-apology apology. But even a minimum concession to his critics is too much for Alito. His sense of entitlement and victimization is so extreme that he believes he doesn’t owe anyone any explanation for behavior that suggests he is not an neutral arbiter of justice. If Alito were concerned about the legitimacy of the Court and its perception among the American people, he would recuse himself from current cases that deal directly with the Jan. 6 insurrection. These include the prosecution of those arrested for their actions that day and former President Trump’s claims of immunity for his role in supporting an attempted electoral coup. But there is little indication that Alito has any intention of doing so. It never seems to occur to Alito that as a public servant blessed with a lifetime appointment to the highest court in the land, he has any responsibility to the public he allegedly serves. If Americans raise questions about Alito’s potential biases because of the upside-down flag incident or, even worse, question the legitimacy of a Supreme Court that seems to operate in a partisan manner and whose members flagrantly violate basic ethics rules or prohibitions on political speech, that’s their problem, not his. He has no obligation to reassure them. He owes them nothing. Alito’s child-like petulance would almost be amusing if it wasn’t so horribly toxic. He and his fellow justices write decisions that have life-changing consequences for the American people — like the Dobbs ruling he wrote two years ago stripping away reproductive health rights from millions of American women. With that kind of awesome power comes enormous responsibility — and a basic obligation to assure Americans that justice is being meted out fairly, based not on partisan whim but on a dispassionate reading of the law. Alito has clearly failed the test, and he could not care less.
Red Lobster superfans desperately want a piece of the bankrupt chain 2024-05-21 20:44:49+00:00 - Red Lobster fans clamored for sentimental items from the iconic chain, but they were out of luck. The contents of each shuttered location were only auctioned off en masse, winner takes all. The stockpile of equipment from 52 locations sold for between $10,000 and $35,000. 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. Advertisement Red Lobster superfans were desperate to get their hands on sentimental items from the iconic restaurant chain before dozens of locations were laid to rest. Some love the restaurant so much that they wanted to buy their favorite tables before they were gone, according to a liquidator who auctioned off everything inside the stores. Red Lobster, the largest seafood restaurant chain in the world, began abruptly closing stores across the country last week. As of May 15, at least 99 locations had closed in at least 27 states, ABC News reported. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Abortion politics have changed so drastically that a GOP Senate candidate is airing an ad saying he would vote to codify Roe into law 2024-05-21 20:31:43+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. 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 Former Maryland Gov. Larry Hogan is betting big that he can mollify the tidal wave Republicans have faced in the wake of Roe v. Wade's reversal in his bid to help the GOP retake the Senate. In his first general election ad published on Tuesday, Hogan publicized his previous promise to codify Roe v. Wade into law if he's elected this November. President Joe Biden and Democrats have tried unsuccessfully to restore nationwide abortion rights since the Supreme Court issued its landmark reversal of Roe in 2022. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Hogan is taking on Prince George's County executive Angela Alsbrooks. Alsobrooks prevailed last week over Rep. David Trone after a bruising Democratic primary. Trone, who amassed a fortune thanks to co-founding Total Wine, spent over $60 million trying to defeat her. Maryland's election will be one of most closely watched Senate races this November. Advertisement Hogan's position makes him one of the few prominent Republicans to support abortion rights. Both parties have seen the number of dissenters on abortion rights dwindle as views on the issue have hardened in recent years. In the Senate, Sens. Susan Collins of Maine and Lisa Murkowski of Alaska are the only Republicans who support codifying Roe into law. Anti-abortion advocates, who strongly support many other Republicans, spent decades laying the groundwork to overturn Roe. Republicans have struggled nationally to figure out how to talk about abortion. Former President Donald Trump angered some of his allies by announcing that he would largely leave the issue up to the states. Related stories Hogan is far from a vocal abortion rights supporter. As The Associated Press pointed out, he vetoed a 2022 bill that proposed to expand abortion access in Maryland. When the legislature overrode his veto, Hogan used his power to block funding that would have supported training non-physicians on how to perform abortions. When he first announced his Senate run, Hogan initially said he needed to think more about his position on abortion rights. He then quickly came out in favor of codifying Roe. Advertisement A former two-term governor, Hogan has to navigate running for the Senate in a state that hasn't elected a GOP senator since 1980. Still, Senate Majority Leader Mitch McConnell views Hogan as a prized recruit due to the former governor's proven ability to win. Republicans are in a tough spot on abortion. The Supreme Court's Dodds ruling triggered a backlash that hit Republicans particularly hard in the 2022 midterms. Some GOP officials have tried to support antiabortion rights groups when the issue has come on the ballot. That hasn't worked either. Abortion rights advocates are undefeated on ballot-related issues since Roe. Democrats have already placed abortion rights on the Florida ballot this November. A similar effort is pending in Arizona, a key swing state. Recent history shows that ballot measures likely won't be a big boost for Biden. But the president's reelection needs all the help it can get when faced with his horrendous approval rating. Hogan would also be outnumbered if he wins. His upset would almost certainly hand the GOP control of the Senate. No Republican Senate is going to make a serious effort to codify Roe, given the party's near-universal support to restrict abortion rights. Even if Hogan found a way to force a vote, the filibuster would kill it rather quickly. The reality is that if Republicans hold the House and retake the Senate and presidency in November, it's far more likely the GOP will face pressure to impose some sort of national abortion ban. Advertisement Trump has said he wouldn't sign such a ban into law, but a GOP-controlled House, along with anti-abortion activists, may find ways to test him. Some of Trump's allies have also theorized ways to use the White House's power to restrict access to abortion without needing to pass a law.
The 10 states where your pet is more likely to get sick from tick-borne diseases, viruses, parasites, and more 2024-05-21 20:13:28+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. 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 Spring has sprung, and with warmer weather comes the start of a far less pleasant time of year: tick season. As ticks become more active this spring, both humans and their pets will be at greater risk of diseases like Lyme disease, anaplasmosis, and ehrlichiosis. But a new science report from Forbes Advisor, the analysis arm of Forbes, could help you protect your pets from tick-borne diseases and other harmful infections. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The report analyzed 19 dog and cat diseases across the US from six pet health and infectious disease organizations, including the Center for Disease Control and the American Veterinary Medical Association. It uncovered the riskiest states for pets, and the data might just save your pet's life. "As a pet owner, you want to do the very best job taking care of your pet," and this report will hopefully better equip pet owners to do exactly that by spreading awareness, Alexandria Cremer, a Forbes senior PR strategist involved with the report, told Business Insider. Advertisement Here are the 10 riskiest states for your pet, the most common diseases to watch out for, and some basic tips for keeping your pet happy and healthy. Top 10 riskiest states for your pet Forbes Advisor created its own ranking scale based on data from all 19 diseases. The scale ranges from zero to 100, and states with higher scores have a greater risk of these diseases. These were the 10 riskiest states, according to the data: West Virginia Score: 100 Rhode Island Score: 80.71 New Jersey Score: 74.1 Kentucky Score: 73.91 Maine Score: 71.3 Oklahoma Score: 70.15 New York Score: 66.23 Mississippi Score: 65.88 Indiana Score: 65.69 Pennsylvania Score: 64.75 Advertisement Some key takeaways: Five of the top 10 riskiest states for your pet are on the East Coast (Rhode Island, New Jersey, Maine, New York, and Pennsylvania). Two of these 10 states, West Virginia and Maine, were also among the top three riskiest states for tick-borne diseases. And Pennsylvania recorded the most cases of rabies (237) in cats between 2017 to 2021. The most common diseases to watch out for Ticks Tick-borne diseases like Lyme Disease, anaplasmosis, and ehrlichiosis are especially common in the spring and summer months. Related stories Arkansas, Maine, and West Virginia ranked highest in tick-borne diseases out of all 50 states. But regionally, the East Coast — and especially the Northeast — showed the highest risk of tick-borne disease. Advertisement These bacterial infections can turn deadly if not treated quickly, so it's important to watch your pet for symptoms. Fever, lethargy, loss of appetite, and joint stiffness or pain are all common symptoms of these three tick-borne diseases. Parasites Ticks aren't the only tiny critters that can get your pet sick. Parasites like worms can wriggle their way into your pets' bodies when they ingest contaminated substances like dirt or feces, or when an infected insect — like fleas and mosquitos — bite your pet. Roundworms are the most common intestinal parasites in cats and dogs. The top three states with the highest risk of roundworm were South Dakota, Wisconsin, and West Virginia. This parasite poses the biggest risk to puppies and kittens, so it's important to deworm them every two weeks until they're three months old, according to Companion Veterinary Clinic. Watch for symptoms like a distended belly, weight loss, diarrhea, vomiting, and loss of appetite. Advertisement Viruses Feline immunodeficiency virus is common in cats. Peter M. Fisher/Getty Images Cats and dogs can catch viruses too. The risk of dog flu, a highly contagious respiratory virus, was highest in New Mexico, Mississippi, and Oklahoma. Most dogs recover from the flu in two to three weeks, but it's still important to look for the symptoms so that you can keep them properly hydrated, rested, and fed while they recover. Symptoms include a runny nose, fever, lethargy, runny eyes, and loss of appetite, according to the FA report. Feline immunodeficiency virus is one of the most common diseases that infect cats. Kentucky and Mississippi showed the highest risk of this disease. It's dangerous because infected cats may not display any symptoms for years, but all the while, this virus is causing lasting damage to their immune systems. Though the early signs are hard to see, you can catch them one to three months following infection if you know what to look for including swollen lymph nodes, fever, depression, and lack of appetite, according to Cornell's College of Veterinary Medicine. Advertisement How to keep your pet safe No matter where you live, there are some preventative measures that every pet owner can take to protect their pet's health. Scheduling annual vet check-ups to make sure your pet is up to date on their vaccines is a great place to start, according to the animal rescue Brandywine Valley SPCA. It's also important to keep up with preventative medication. Experts recommend giving your pet heartworm, flea, and tick medication once a month, all year round, and routinely checking your pet's fur and skin for ticks, according to the American Society for the Prevention of Cruelty to Animals and the FDA. Trips to the vet can get expensive, especially if your pet needs emergency care or surgery. Emergency vet bills range from $150 to $5,000 on average in the US, MetLife reports. Consider purchasing pet insurance to help cover unexpected costs. Depending on your pet's breed, age, and other factors, pet insurance can range from $48 to $68 per month per dog and $28 to $40 monthly per cat, according to a separate report from Forbes Advisor. Advertisement And last, but certainly not least, making sure your pet gets proper nutrition, hydration, exercise, and mental stimulation is key to keeping them happy and healthy, according to the Animal Foundation.
Sam Altman's self-own with ScarJo reveals a troubling question about OpenAI: What's with these clowns? 2024-05-21 20:12:01+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. 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 OpenAI's fight with Scarlett Johansson isn't just a PR disaster (and a big one at that). It also reveals a troubling attitude about people's intellectual property — and even their voice. Most of all, it shows there's just really, really bad judgment going on at the highest levels of Sam Altman's company. Let's say ScarJo had actually agreed to do the voice of "Sky" for ChatGPT instead of Altman's company hiring someone else to play the breathy, flirty female part. In this scenario, the voice would be not just vaguely reminiscent of the movie "Her" — a winky reference for those in the know — but literally an exact imitation of the movie, with Johansson playing the starring role. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But … stop for a second and imagine how truly stupid that idea would be from the start. Advertisement First of all, getting one of the highest-paid Hollywood actors to endorse your product is expensive. And getting her to reprise a role from 2013 is for what, exactly? Just a nerdy joke? Not even that many people saw "Her" (and I do worry our tech overlords forgot the ending). Also, consider that maybe a voice assistant shouldn't necessarily be a sexy-breathy-flirty American female voice (yes, there are other voice options, but OpenAI chose "Sky" for the demo). It's giving "let that sink in." It would be funny for a Super Bowl ad — not to develop into the flagship product that you're also claiming will change the world. Related stories What actually happened, of course, was way worse. Scarlett Johansson declined when Sam Altman asked her to lend her voice to ChatGPT back in September when the SAG strike was going on, CNN reported. Advertisement Meanwhile, OpenAI hired a voice actress who the company said wasn't intended to be a voice mimic. But everyone immediately noticed that the "Sky" voice that ended up on ChatGPT reminded them of ScarJo. And then Sam Altman, in one of the greatest self-own moves of the generative AI era, tweeted out "her" during the product demo last week. Doesn't that make it seem like OpenAI did want to evoke Johansson's character from the movie? The company said in a statement that the voice wasn't intended to mimic Johansson's. Altman said in a statement to Reuters that the actor used for "Sky" was cast before he contacted Johansson to ask to use her voice. "Out of respect for Ms. Johansson, we have paused using Sky's voice in our products," Altman said. "We are sorry to Ms. Johansson that we didn't communicate better." Now, Altman and OpenAI are tangling with an immensely popular celebrity, adored by a nerd army for her superhero role in the wildly popular Marvel franchise, with a husband whose job is to make fun of things in the news on TV each week, and a history of litigation against a big company. Advertisement Of course, it's also hitting a nerve because now there's a beautiful and popular face attached to something that the general public has been slightly nervous about: "Is AI going to steal our content and replace us?" Altman tweeted himself into tech's biggest PR disaster since Facebook Beacon — completely avoidable. The OpenAI team used a Scarlett Johansson sound-alike voice — also completely avoidable. It almost makes you wonder: Are these really the people we should believe are such geniuses and have such great judgment that they should be in charge of this potentially life-changing technology? Just last week, several high-level OpenAI employees, including Ilya Sutskever, also a board member, left the company. This comes six months after what OpenAI and Microsoft employees internally referred to as the "Turkey-Shoot Clusterfuck" — the Thanksgiving week firing of Altman and his eventual return the next week. The details of what went down first were eventually revealed not to be a valiant fight of good and evil over controlling an all-powerful AGI, but apparent run-of-the-mill workplace gossip and alleged bullying. Advertisement This is all enough to make even the most optimistic ethical accelerationist pause and wonder, uh, what the hell is going on at this clown show? If AI is as powerful and world-altering as OpenAI is telling us it will be, are we not supposed to be mildly concerned that the people in charge keep stepping on rakes?
Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help 2024-05-21 19:59:00+00:00 - An unequal distribution of wealth in the U.S. can make it so some children are behind from birth. Now lawmakers are considering whether federal children's savings accounts can help. One proposal — the 401Kids Savings Act — would create savings accounts for all newborns. Low- and moderate- income families would receive federal contributions if their modified adjusted gross incomes falls under certain thresholds. Children in households that qualify for the earned income tax credit would receive additional aid. All families would be eligible to contribute up to $2,500 per year. By the time some children turn 18 — particularly a qualifying low-income newborn born to a single parent — up to $53,000 may be accumulated for their benefit, according to the proposal. Children's savings accounts are currently available statewide in seven states — California, Illinois, Maine, Nebraska, Nevada, Pennsylvania and Rhode Island. At the end of last year, there were 121 children's savings account programs in 39 states serving 5.8 million children. More from Personal Finance: As Social Security's funds face insolvency, here's what to watch Why most of Warren Buffett's wealth came after age 65 Advice about 401(k) rollovers is poised for a big change. Here's why The programs are aimed at helping to reduce unequal wealth distribution among American child households, which research shows is prevalent among Black and Hispanic households as compared to white households. "All the evidence from existing programs shows that money not only unlocks opportunities for kids, it's a smart investment that goes right back into the economy down the road," Sen. Ron Wyden, D-Oregon, and chairman of the Senate Finance Committee, said at a Tuesday hearing. However, implementing a federal program may come with significant costs to taxpayers, said Sen. Mike Crapo, R-Idaho, who is the ranking member on the committee. "Expanding options to save is a worthy goal, but we must do so in a way that does not exacerbate already out-of-control government spending, or create another unsustainable government program," Crapo said.
Report says home affordability in Hawaii is ‘as bad as it’s ever been’ 2024-05-21 19:49:14+00:00 - HONOLULU (AP) — Only 1 in 5 households in Hawaii can afford to buy a single-family home — a dramatic drop from just three years ago, according to a grim housing report released by the University of Hawaii on Monday. In 2021, 44% of Hawaii households could afford the mortgage on a median-priced single-family home. That figure is now 20%. As a result, home sales plummeted last year, hitting a 25-year low. But the slump had little impact on prices. “We haven’t really seen any drop in prices, but there’s this huge increase in what it costs to buy a house because of interest rates,” said Justin Tyndall, an assistant professor of economics with the University of Hawaii Economic Research Organization and the lead author of the report. “Affordability is as bad as it’s ever been.” High interest rates have had a crippling effect on would-be homeowners in the state by not only making mortgages significantly more unaffordable, but also reducing the number of houses on the market. A majority of mortgage-holders in the state are paying an interest rate of less than 4%, according to the report, making many homeowners wary of putting their home on the market and trying to purchase something else at a much higher interest rate. The state’s housing market has also worsened for renters in the last year. Hawaii has the highest median rents in the nation and a majority of renters — 56% — are considered “rent-burdened,” meaning they spend more than 30% of their income on rent. The Maui fires worsened the state’s housing crisis, causing prices to rise while “the availability of rentals have plummeted,” according to the report. Short-term vacation rentals make up about 6% of the state’s housing stock, a figure that has grown in recent years but also varies dramatically by island. The number of active short-term rental listings grew 9% statewide between 2022 and 2023. Kauai saw the biggest spike, with a 22% jump in listings. The number of short-term vacation rentals on Maui has actually increased slightly since the fires, despite the loss of 380 vacation rentals in West Maui and tax incentives for unit owners across the island to convert their units into long-term housing. “The policy was supposed to incentivize a bigger shift away from vacation rentals and toward housing locals, but we haven’t really seen that in the aggregate,” Tyndall said. While short-term vacation listings on Maui plummeted after the fire, they are now 2% higher than they were a year ago. The report also found that “a significant portion of Hawaii’s property owners” are not residents of the state. People from out of state made up 13% of property owners on Oahu and 32% on Maui. More than half of property owners in Lahaina had an out-of-state mailing address. On Maui, about 85% of vacation rentals are owned by people from out of state, Tyndall said. Another big takeaway from the overall data, Tyndall said, is that the state isn’t building enough housing to have any real impact on affordability. The state has significant issues with permitting delays, although some progress has been made in the last year in multiple counties, according to the report. However, strict limits on where multi-family homes can be constructed, along with steep developer fees and permitting delays contribute to the high costs of condos and “reduce the amount of new housing the state.” “While many households have a preference for single-family homes, building high-rise condominiums can provide many more units, allowing vacancies to propagate across the market, and pushing down housing prices everywhere, including for single-family homes,” the report says. Converting thousands of vacation rentals into long-term rentals — which Maui’s mayor is proposing to do — could have a really significant impact on affordability, Tyndall said. ___ This story was originally published by Honolulu Civil Beat and distributed through a partnership with The Associated Press.
Wendy's offers $3 breakfast combo as budget-conscious consumers recoil from high prices 2024-05-21 19:48:00+00:00 - Some retailers are announcing big savings amid stubborn inflation Some retailers are announcing big savings amid stubborn inflation 01:46 Wendy's is the latest chain to offer customers a discounted deal as even fast food — once a reliably cheap way to eat — has become too pricey for many Americans. On Monday, Wendy's announced a new breakfast combo of potatoes plus an egg sandwich for $3, as other burger chains and other large retailers try to appeal to Americans' desire to save money by purchasing value goods. The deal comes on the heels of McDonald's announcing a temporary $5 promo to try to win back customers turned off by the chain's previous menu price hikes. Industrywide price increases have diminished low-income Americans' appetites for fast food, surveys show. A January poll by consulting firm Revenue Management Solutions found that about 25% of people who make under $50,000 were cutting back on fast food, citing its rising cost. Businesses have taken note, too. "Consumers continue to be even more discriminating with every dollar that they spend as they face elevated prices in their day-to-day spending, which is putting pressure on the industry," McDonald's CEO Chris Kempczinski said on the company's first-quarter earnings call. "[I]t's imperative that we continue to keep affordability at the forefront for our customers." Here is a list of restaurant chains and food retailers that have cut prices recently in response to waning consumer demand amid rising food prices. Wendy's The fast-food chain announced on Monday a new promo geared toward cash-strapped consumers seeking a better bang for their buck. Starting May 21, Wendy's customers can get a $3 breakfast combo deal that includes an egg and cheese English muffin sandwich with bacon or sausage, and small side of seasoned potatoes. Breakfast hours begin between 6:30 a.m. and 8 a.m. local time, depending on the restaurant, according to the Wendy's website. Breakfast ends at 10:30 a.m. at the latest. McDonald's McDonald's last week said it's launching a temporary $5 value meal promotion. The limited-time offer begins June 25 and will last about a month, according to the fast-food chain. The deal will include a choice of McChicken sandwich, McDouble hamburger or four-piece chicken nuggets, plus small fries and a small drink. Target Retailer Target this week said it's slashing prices on 5,000 different items, as consumers feel pressure to maximize their budgets. Discounted goods include fruit, milk, meat, peanut butter, pet food, paper towels and more. Giant Food The supermarket chain is also responding to consumers' price sensitivity. In April, the grocer said it was lowering prices on its private label food staples, including bread, milk, bottled water, bacon, frozen vegetables and more. Aldi In May, grocer Aldi announced price cuts on more than 250 items, in a move it said would pass along $100 million in savings to customers. The chain announced lower prices on goods including frozen fruit, granola bars and meats. Michaels In April, arts-and-crafts retailer Michaels announced broad price cuts of up to 40% on more than 5,000 items, from paints and markers to T-shirts.
We're encouraged by an activist's willingness to buy an Abbott rival, look past baby formula suits 2024-05-21 19:45:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.) No big swings : The market continues to stay in a tight range Tuesday, following three straight sessions of muted action as investors and traders digest a four-week rally that pushed the major stock benchmarks to new record highs. Another reason for the recent uneventful trading could be that everyone is waiting for Nvidia to report its earnings after Wednesday's closing bell. Nvidia is one of our two "own it, don't trade it" stocks. ( Apple is the other.) With analysts expecting bigger and bigger things from Nvidia, the stakes are high for the artificial intelligence chip powerhouse to continue to beat quarterly estimates and raise forward guidance. Updates on Nvidia's next-generation Blackwell chip platform, set for launch later this year, and its software business will be key watch items. Baby formula suits : Activist investor group Eminence Capital has built a stake of at least 0.5% in Reckitt Benckiser, according to the Financial Times. Eminence's reported position follows Reckitt's selloff to an all-time low in March on concerns about baby formula litigation. Sources told the FT that other activist investors are interested in Reckitt because they also believe the stock has been hit too hard by an Illinois jury verdict, which the company has said it will appeal. The interest in Reckitt is noteworthy because Club name Abbott Labs has also been weighed down by the Illinois ruling. Abbott makes a competing baby formula and faces similar lawsuits, alleging the companies failed to warn about the risks of their products. While we were in Abbott shortly before the selloff, like Eminence in Reckitt, we've slowly built up our position into this weakness. In the two days after the verdict against Reckitt, Abbott lost more than $10 billion in market cap despite the assumptions of many analysts that Abbott's liability in any settlement of its baby formula suits would only be in the hundreds of millions of dollars. The stock has continued to drift lower in the months since even as the company reported a better-than-expected quarter last month. It also raised its full-year outlook — something it hasn't done after Q1 in years. ABT YTD mountain Abbott YTD Abbott's next baby formula event is a state trial in St. Louis that begins in July. We understand St. Louis to be very plaintiff-friendly — so, unfortunately, we're not expecting this litigation overhang to go away anytime soon. However, we're willing to be patient and continue to use weakness in shares as buying opportunities because Abbott has the medical community on its side, and the $10 billion-plus loss in market cap greatly exceeds what a potential settlement could look like. Once the market realizes that Abbott's exposure is much less than what its stock has been penalized for, investors will finally focus on how the business is actually doing. And, we know the fundamentals are strong. Up next : After the closing bell, the homebuilder Toll Brothers will report earnings. Wednesday morning, we'll hear from Club name TJX Companies , which owns T.J. Maxx, Marshalls, and HomeGoods. We're focused on the off-price retailing group's comparable sales growth, margins, and what management has to say about the availability of quality branded merchandise in the marketplace. Target , Analog Devices , and Williams-Sonoma also report on Wednesday. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.)
C. Gordon Bell, Creator of a Personal Computer Prototype, Dies at 89 2024-05-21 19:37:29.392000+00:00 - C. Gordon Bell, a technology visionary whose computer designs for Digital Equipment Corporation fueled the emergence of the minicomputer industry in the 1960s, died on Friday in Coronado, Calif. He was 89. The cause was pneumonia, his family said in a statement. Called the “Frank Lloyd Wright of computers” by Datamation magazine, Mr. Bell was the master architect in the effort to create smaller, affordable, interactive computers that could be clustered into a network. A virtuoso at computer architecture, he built the first time-sharing computer and championed efforts to build the Ethernet. He was among a handful of influential engineers whose designs formed the vital bridge between the room-size models of the mainframe era and the advent of the personal computer. After stints at several other startup ventures, he became the head of the National Science Foundation’s computers and information science and engineering group, where he directed the effort to link the world’s supercomputers into a high-speed network that led directly to the development of the modern internet. He later joined Microsoft’s nascent research lab, where he remained for about 20 years before being named researcher emeritus. In 1991, he was awarded the National Medal of Technology and Innovation. “His main contribution was his vision of the future,” said David Cutler, a senior technical fellow at the Microsoft Research Lab and a leading software engineer, who worked with Mr. Bell at both Digital and Microsoft. “He always had a vision of where computing was going to go. He helped make computing much more widespread and more personal.”
Rudy Giuliani pleads not guilty in Arizona ‘fake electors’ scheme 2024-05-21 19:37:13+00:00 - Rudy Giuliani and several other defendants in the Arizona “fake electors” case have been arraigned on charges of conspiracy, fraud and forgery over an alleged scheme to overturn the results of the 2020 presidential election in Donald Trump’s favor. The defendants appeared in court, in person and virtually, on Tuesday in Phoenix. Giuliani, who appeared without a lawyer, called in, telling the judge that he didn’t have a copy of the indictment but has a “general familiarity with the charges from reading it in the newspapers.” He pleaded not guilty. Others arraigned Tuesday include former Arizona Republican Party chair Kelli Ward and Christina Bobb, who served as a 2020 Trump campaign adviser and is now an “election integrity” lawyer for the Republican National Committee. They all pleaded not guilty. Giuliani, who appeared without a lawyer, called in, telling the judge that he didn’t have a copy of the indictment but has a “general familiarity with the charges from reading it in the newspapers.” Giuliani’s arraignment caps an unnecessarily drawn-out ordeal to begin the proceedings against him. He and 17 others were indicted in the case in April, but Arizona authorities had been unable to locate him to serve him notice. They finally caught up with him Friday night in Palm Beach, Florida, as he was leaving a celebration for his upcoming 80th birthday. Just hours before, Giuliani had taunted Arizona authorities and even livestreamed an episode of his YouTube show from his party. Arizona Attorney General Kris Mayes told CNN on Monday night that Giuliani had led authorities to him. “We found him essentially through his livestreams; he’s not that hard to find,” Mayes said. “And so we did that and our agents professionally served him after his birthday party, as the party was winding down and as he himself was leaving the house that he was in.” Giuliani wrote in a post on X that he had learned that Arizona authorities were trying to find him only 24 hours before he was served and that he had “told them where I would be.” At the arraignment, prosecutors rebutted Giuliani’s claims about the indictment and told the judge how difficult it was to serve him notice. The judge set a $10,000 secured appearance bond for Giuliani and ordered him to appear at the Maricopa County Sheriff’s Office for booking within 30 days.