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Donald Trump For Third Term? Ex-President Floats Controversial Idea At NRA Convention 2024-05-19 18:09:00+00:00 - Loading... Loading... Former President Donald Trump sparked speculation about a potential third term in office during his address at the National Rifle Association's (NRA) annual meeting on Saturday. What Happened: Trump alluded to a possible third-term presidency, drawing parallels to Franklin D. Roosevelt's four-term stint. The audience approved of Trump's suggestion. Trump previously flirted with prolonging his tenure in the White House during his 2020 campaign. Nonetheless, he opposed contesting the 22nd Amendment, which forbids a third-term presidency. Trump's discourse at the NRA gathering encompassed a variety of subjects, including gun rights, immigration, foreign policy, the economy, and abortion. He also targeted Robert F. Kennedy Jr. and maintained his attacks on President Joe Biden. Also Read: Ivanka Trump Could Back In The Political Limelight As Donald Trump's Influence Grows: Report Trump's address coincides with his ongoing criminal trial in New York, with closing statements anticipated next week. Trump used the platform to express his dissatisfaction with the indictments and Justice Juan Merchan's gag order. Despite the legal hurdles confronting both Trump and the NRA, the organization has endorsed Trump for the 2024 presidential race. Trump implored gun owners to vote in November to secure his victory. Trump also denounced Biden's limitations on gun ownership and pledged to overturn the gun safety measures implemented by his administration. As Trump took center stage at the event, the NRA's endorsement and its significance in this political cycle are increasingly unclear. The organization has been plagued with scandals, internal power struggles, and lawsuits that have depleted its funds, raising doubts about its ability to support Trump, especially as his campaign funds trail Biden's. Loading... Loading... Why It Matters: Trump's campaign has been grappling with financial challenges, as it struggles to match Biden's robust financial standing. Despite raising considerable funds, Trump's campaign has been spending almost as fast, leaving him at a significant cash disadvantage against Biden. Furthermore, Trump and House Speaker Mike Johnson have been pushing for a bill to prevent non-citizens from voting, a move that seems more aimed at election security posturing and critiquing the Biden administration's border policies than addressing any genuine electoral integrity concern. Read Next: Donald Trump's Campaign Is Spending Just As Quickly As It's Raising Money, Raising Serious Concerns In Lead-Up To Election Photo: Shutterstock
If you want to fight depression, head to a sauna 2024-05-19 17:50:33+00:00 - Regular sauna sessions may help alleviate depression, a new study shows. The study followed 12 adults over eight weeks. 11 out of 12 no longer met depression criteria after the study. 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 The next time you need to boost your mood: Head to the sauna . According to a new study conducted by Ashley Mason, a clinical psychologist at the UC San Francisco Osher Center for Integrative Health, regular sauna sessions might benefit individuals with depression. Mason and her team conducted a clinical trial on 12 adults with major depressive disorder over eight weeks. They treated them with a combination of cognitive behavioral therapy and sessions in a sauna heated to about 101.3 degrees Fahrenheit for up to 140 minutes. By the end of the trial, 11 out of the 12 participants no longer met the criteria for major depressive disorder. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Trump sought $1 billion from oil execs for his 2024 campaign in a deal worth $110 billion to energy giants, reports say 2024-05-19 17:38:07+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 Donald Trump is alleged to have made a $1 billion fundraising pitch to oil executives in a closed meeting, The Washington Post reported earlier this month, in exchange for $110 billion in savings, according to The Guardian Trump's forward approach came as reports suggested the size of his reelection campaign war chest lags behind his Democratic opponent. Meanwhile, the former president, who is facing 88 criminal counts , indicted in four separate prosecutions, has been spending millions on legal fees and drawing on campaign funds to pay his lawyers. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. A billion dollars would dramatically exceed Biden's fundraising. In March, the president's campaign said it had $192 million in the bank . The Guardian reports that Trump assured these executives that in return for the campaign cash he would eliminate barriers to drilling, lift the moratorium on gas exports, and overturn regulations designed to reduce automotive pollution in exchange for substantial campaign donations. Advertisement The alleged offer could save the oil industry $110 billion, The Guardian said. The exclusive dinner, held at the Mar-a-Lago last month, hosted more than 20 executives from leading oil companies, including Chevron, Exxon, and Occidental Petroleum was the scene of the transactional deal, Per The Washington Post.. Related stories The primary incentive for the oil and gas companies to back Trump lies in preserving about $110 billion in tax breaks, which would be at risk if President Joe Biden is re-elected, reported The Guardian. Trump was on a quest to woo oil and gas tycoons A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline in Gascoyne, North Dakota Terray Sylvester/Reuters Since taking office, Biden has placed a high priority on climate issues as he's touted tax credits for Americans to purchase electric vehicles and promoted rebates to make homes more energy efficient. On his first day in White House, Biden rejoined the Paris climate accord , bringing the United States back into fold among nearly 200 countries that have pledged to cut greenhouse gas emissions. Advertisement Biden, in also canceling the Keystone XL oil pipeline and also canceling oil and gas leases in the Arctic National Wildlife Refuge (ANWR) in northeastern Alaska, that Trump says have weakened the United States on energy policy. Lukas Ross, a campaigner at Friends of the Earth Action, who conducted the analysis shared with The Guardian, emphasized the stakes: "Big oil executives are anxious about losing $110 billion in tax benefits under Biden's policies in 2025. Trump's promise to safeguard these subsidies during tax negotiations could make his $1 billion fundraising effort seem like a minimal investment for the industry." Trump's 2017 tax cuts significantly benefited the oil and gas sector. With some of these cuts set to expire next year, intense lobbying efforts are underway. Records show that major oil companies and the American Petroleum Institute (API) have actively engaged lawmakers to oppose Biden's tax proposals. The high-stakes Mar-a-Lago event featured executives from smaller firms specializing in areas like fracking and gas exporting, which are particularly vulnerable to regulatory changes. Advertisement Trump is continuing to court oil industry donors, holding high-cost fundraisers with figures like John Catsimatidis, whose refinery has a poor safety record, said The Guardian. In November, BI's John L. Dorman reported that Trump was on a quest to woo oil and gas tycoons into backing his presidential campaign. "Trump 2024 is actively courting the right people and trying to get them on board, but specifically the oil industry," Canary LLC chief executive Dan Eberhart told the Washington Post last year.
Man City wins Premier League title for fourth consecutive year as Arsenal finishes second: Highlights 2024-05-19 17:37:00+00:00 - Manchester City has put its stamp on history. With a 3-1 win at home against West Ham on Sunday, the club has earned an unprecedented fourth consecutive English Premier League title. It was its sixth championship in the past seven seasons, a feat never accomplished before. Arsenal, despite its best season since “The Invincibles” went undefeated in 2003–04, fell just two points short in the table. The Gunners (28-5-5) won 2-1 at home against Everton on Sunday. Phil Foden, voted EPL Player of the Season earlier this week, notched the first two goals for Manchester City (28-7-3), at the 2nd and 18th minute, respectively. “I believe in scoring a bit too early,” said Foden of his early strike. He later added, “The second settled us a little bit.” West Ham’s Mohammed Kudus’ incredible bicycle kick off a corner in the 42nd minute gave hope for Arsenal fans, but it wasn’t enough. Manchester City put the game — and the season — away on Rodri’s goal in the 59th minute. The result gives Manchester City eight EPL titles, the second most in history behind Manchester United’s 13. It was also Pep Guardiola’s 12th league championship in 15 seasons as manager. His six English top-flight titles rank second all time behind only Sir Alex Ferguson (13).
In response to a string of deaths, Airbnb CEO says it's 'really hard' to make hosts install carbon monoxide detectors 2024-05-19 17:25:36+00:00 - Airbnb CEO Brian Chesky spoke to NBC News in an interview set to air on Sunday. Chesky said it is "hard" to enforce a carbon monoxide mandate across 220 countries and regions. NBC News reported that at least 19 deaths at Airbnbs involved carbon monoxide poisoning. 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 Airbnb CEO Brian Chesky said enforcing certain safety measures, like carbon monoxide detectors, across all listings worldwide is "very hard." Chesky's comments came during an interview on NBC Nightly News, which is scheduled to air on Sunday. NBC said Chesky will discuss a range of challenges facing his multibillion-dollar company. NBC reported in November 2023 that there had been 19 deaths on Airbnb properties related to carbon monoxide poisoning. Airbnb responded to the initial deaths in 2014 by asserting it would mandate carbon monoxide detectors in all its listings but that's yet to happen, the outlet said. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Sean 'Diddy' Combs responds to footage of him physically assaulting Cassie Ventura: 'I'm disgusted' 2024-05-19 17:16:50+00:00 - Sean "Diddy" Combs apologized in an Instagram video on Sunday. Video footage showed Combs physically assaulting his ex-girlfriend, Cassie Ventura, in 2016. Combs called his behavior "inexcusable." 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 Sean "Diddy" Combs broke his silence after video footage showed him physically assaulting his former girlfriend, Cassie Ventura, at a California hotel in 2016. Combs posted an Instagram video on Sunday, writing in the caption, "I'm truly sorry." "It's so difficult to reflect on the darkest times in your life, but sometimes you got to do that," Combs said. "I was fucked up. I mean, I hit rock bottom, but I make no excuses." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Israel Intensifies Gaza Strikes, Killing At Least 28 Palestinians, As US Envoy Meets With Netanyahu To Prevent Full-Scale Assault 2024-05-19 17:08:00+00:00 - Loading... Loading... The Israeli military has intensified its strikes across the Gaza Strip, coinciding with a visit from White House National Security Adviser Jake Sullivan to Israeli Prime Minister Benjamin Netanyahu on Sunday. What Happened: Israeli planes and tanks have been targeting various locations in Gaza. This escalation comes as Sullivan is anticipated to persuade Israel to concentrate its military efforts on Hamas militants rather than initiating a full-scale attack on the southern Gaza city of Rafah, reported Reuters. Israel has been pushing into Rafah, seen as the last bastion of Hamas forces. This has led to hundreds of thousands of Palestinians fleeing the area. Israeli forces have also ventured deeper into the narrow lanes of Jabalia in northern Gaza, an area they claim to have cleared earlier in the conflict. Before Sunday's discussions, an Israeli official revealed that Netanyahu and his senior aides would discuss with Sullivan the necessity to continue the Rafah push, citing concerns about dozens of tunnels under Rafah allegedly used by Hamas for weapons and ammunition supply. Also Read: Netanyahu Tells US Republicans Gaza War Will Continue, Days After Schumer's Speech Amid the escalating conflict, at least 28 Palestinians were killed on Sunday, according to Gaza health officials and Hamas. The Gaza Civil Emergency Service reported that rescue teams have so far recovered the bodies of 150 Palestinians killed by the army in recent days. Why It Matters: This escalation follows the U.S. decision to pause a weapons shipment to Israel earlier this month, in an attempt to prevent a full-scale Israeli assault on Rafah. This move was seen as a response to growing concerns over potential Israeli military action in Rafah. However, the GOP-led House recently passed a bill to expedite weapons shipment to Israel, countering President Joe Biden's delay. Despite its passage, the act is not expected to become law. Now Read: How The Israel-Hamas Conflict Could Impact Oil Markets This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo: Shutterstock
Sir Tony O’Reilly obituary 2024-05-19 16:49:00+00:00 - As Ireland’s best known and most flamboyant businessman, Sir Tony O’Reilly, who has died aged 88, was instrumental in changing the image of his country from that of a commercial backwater into one of a booming “Celtic Tiger” economy. Never notably self-effacing, he once said: “The Irish in many countries concealed their identities. I got the Irish to be rather proud of the Irish.” But the career of the titan who had once been Ireland’s richest man and a sporting hero ended in failure when, in a demonstration of hubristic over-reach, he was pursued through the courts for debts which, in spite of the sale of his houses and art collection, he was unable to pay, and he was declared bankrupt in 2015. His achievements, in business, as first non-family chairman of Heinz, and in promoting Irish culture and working for peace in Ireland, were undeniable. His business contemporaries acknowledged him as one of the creators of modern Ireland. His ventures included a media empire that dominated the Irish press and for some years controlled the Independent newspaper in the UK, and oil and gas interests, as well as the Waterford Wedgwood china and glass company into which he and his brother-in-law were estimated to have sunk £400m before it went into receivership in 2009. Their losses sucked him dry and his fortune unravelled as the banks demanded repayment of his borrowings. His earlier career as a rugby player encompassed 29 caps for Ireland; a record, still-standing, for the most tries (37) by a British Lion; and a final summons to play for Ireland at the age of 33, delivered at 2am in Annabel’s nightclub in central London. It was the stuff of a Boy’s Own story. O’Reilly was born in Dublin, the son of a civil servant, Jack O’Reilly, who became inspector general of customs. The fact that Jack was not married to Tony’s mother, Aileen O’Connor (he had left his wife, Judith, and four children, but was not divorced), was only revealed to Tony by a schoolteacher, and he kept the knowledge secret for years afterwards. His parents married after the death of Jack’s first wife. Educated at Belvedere college, a private Catholic school in Dublin, O’Reilly studied law at University College Dublin, qualifying first and third in Ireland in the two parts of his final professional exams. View image in fullscreen Tony O’Reilly playing for Ireland against England in the Five Nations Championships in 1970. Photograph: PA Images/Alamy But it was sport that marked him out; he was the redheaded pin-up boy of Irish rugby. A powerful three-quarter, first capped at 18, he was immediately picked for the British Lions (now the British & Irish Lions) in 1955 and played in all four tests against South Africa. The following year he scored four tries for Ireland against both France and Scotland. In 1958 he went to work in England as a management consultant before moving back to Cork to an agricultural products business. In 1962, as general manager of the Irish Dairy Board, the charismatic O’Reilly demonstrated his marketing skills with the launch of Kerrygold butter; a huge success, particularly, as he himself conceded, since precious little butter was made in County Kerry. His brand focus remained constant, although his detractors claimed his most successful brand was himself. His next move to the Irish Sugar Board brought him to the notice of the American Heinz company. They made him their UK managing director and in 1971 moved him to the US headquarters in Pittsburgh, where he became the company’s president in 1973, chief executive in 1979 and the first non-Heinz family chairman in 1987. It was a rare success for a non-American, and drew both on his business achievement and charm. His leadership of Heinz lasted for 20 years, during which time its value multiplied 12 times. But sales fell in the early 1990s. In 1994 he took a cut to what was one of the most generous salaries in the US, amid accusations that his multifarious interests were taking his eye off the ball and doubts about his corporate governance. Although the company was then restructured and stabilised, O’Reilly regularly featured among BusinessWeek’s top five chief executives giving shareholders worst value for their salaries. Commentators pointed to the deal that allowed him to pursue his personal business interests in Ireland while employed by Heinz. View image in fullscreen Tony O’Reilly handing the deeds of Cape Cornwall, bought by Heinz for the UK, to Margaret Thatcher with Dame Jennifer Jenkins, of the National Trust, right, in 1987. Photograph: PA Images/Alamy Starting with Irish politicians such as Jack Lynch, and moving on from the Heinz family, he revelled in a huge circle of powerful friends in business, politics and show business, although some detected beneath his ebullient drive a desire to be liked that reflected an underlying insecurity. Many of his famous friends would join his boards and charities, and this sometimes drew accusations of cronyism. His directorships included Mobil, Bankers Trust and the Washington Post. He was heavily involved in the Republican party and was even considered as a possible secretary of commerce under George Bush Sr. But O’Reilly judged he would never leave a great mark on American life and refocused his interests in Ireland, where he had bought into a series of enterprises before leaving for Pittsburgh. In 1973, he had put more than £1m into the Irish Independent newspaper company, becoming executive chairman of Independent News and Media (INM) in 2000 with a controlling stake. He built up a dominant position in the Irish press, with stakes in nine of the 12 leading titles, before his investments in the rival Irish Press Group were labelled “abuse of a dominant position” by the Irish Competition Authority in 1995. He enjoyed the influence. Venturing into oil exploration, he told Forbes magazine: “I have close contact with the politicians. I got the [exploration] blocks I wanted”. O’Reilly internationalised his ambitions, buying into newspapers and broadcasting in South Africa (where he courted Nelson Mandela), Australasia and the UK. In Britain he bought shares in the loss-making Independent in 1994, describing it as his “calling card”. INM built up more than 200 newspaper and magazine titles and 130 broadcasting outlets. An international advisory board that included the actor Sean Connery, former rugby stars and North American and UK politicians gathered at top locations twice a year. View image in fullscreen Tony O’Reilly at the Independent News and Media printing plant in Newry, Northern Ireland, in 2007. Photograph: PA Images/Alamy But when the share price collapsed to a few cents in 2009, O’Reilly found himself under bitter attack from a rival Irish billionaire, Denis O’Brien, who, after objecting to the group’s coverage of his business, had built up a stake in INM almost equivalent to O’Reilly’s. He demanded sales of assets, including the Independent newspaper. In 2009 O’Reilly stepped down in favour of Gavin, the international advisory board disappeared, and O’Brien nominees were included on a smaller main board, replacing some O’Reilly family members. Assets were sold and in 2010 the Independent was purchased by the Russian businessman Alexander Lebedev. O’Reilly was also hurt by the failure of Waterford Wedgwood in 2009, which cost him his billionaire status. He saw his purchase of the old-established company, Ireland’s biggest private employer, in 1993, as the start of a conglomerate of famous brands. He was widely praised for supporting Irish traditional industry, and poured in huge sums of money before its ultimate failure. Other ventures had mixed success. His industrial holding company Fitzwilton, established with friends in 1970, started as a stockmarket favourite, and was intended to emulate Hanson. But it was only saved by a fire-sale of its investments in the mid-70s, just as O’Reilly was taking up the reins at Heinz. It was later taken private. In 2005 he made millions from the consortium that bought and re-sold Eircom, the former state telecommunications company, but his Irish oil exploration was a failure, in which shareholders lost millions and O’Reilly most of all. He was stung by criticism that he had abandoned Ireland for the US. “Cut him and he bleeds green,” said one business associate. He himself said: “Every time I achieve something or fail to achieve something, I feel the weight of being a representative of the hopes and aspirations and dreams of Irish round the world.” In the US in the 70s, he established and energetically promoted the Ireland Funds, specifically to foster “peaceful and fruitful coexistence in which both nationalist and unionist identities are mutually respected”. Conceived as a counterbalance to Noraid, which raised money for the IRA, it brought together leading Catholic and Protestant Irish-Americans and has raised more than $500m for community projects. In the 2001 New Year’s Honours list, O’Reilly received a British knighthood for his work for peace in Ireland. Famously described by Henry Kissinger as “a modern renaissance man”, O’Reilly contributed generously to the arts and academia from his own pocket, as well as through the O’Reilly Foundation, with major donations to Irish universities, including the O’Reilly Hall at University College Dublin; the O’Reilly Institute at Trinity College Dublin; and a new library for Queen’s University Belfast. Other sponsorships included the O’Reilly theatre in Pittsburgh. His social life was energetic, and he had homes in the Bahamas, France, the US, Dublin and various parts of Ireland, including a classical mansion, Castlemartin in County Kildare, where he entertained guests including Kissinger and the Hollywood actor Paul Newman. But in later years the fortune of an increasingly reclusive O’Reilly drained away. Although he had once been worth nearly £1bn, the collapse of the Irish banks revealed just how overstretched he had become. As they pressed for repayments, he had to use the proceeds of his holding in the smart meter company Landis and Gyr to halve his €70m debt to the Irish Bank Resolution Corporation (the IBRC, which in 2011 took over the bankrupt Anglo-Irish Bank). Then in 2014, AIB (the Allied Irish Banks) successfully sued him for €22m. He sold his Irish estates, including his beloved Castlemartin, “with 750 acres of the finest stud land in Ireland”, and made other disposals. A year later, the bank was still pursuing him for €14.3m and the court was told that O’Reilly was bedridden in New York after a back operation. His bankruptcy was declared in the Bahamas, where he had residence, in 2015 and he was finally released from it in January this year on the basis that the whole of his property had been released for the benefit of his creditors. Insult had been added to injury when Sabina Vidunas, whom he had employed as his personal assistant and nurse for 15 years, sued him for refusing to honour promises to provide her with shares supposedly put into trust for her. It was a sad postscript to a remarkable life during which O’Reilly made a major contribution to a modern Ireland whose emergence he seemed to symbolise. In 1962 he married Susan Cameron, an Australian pianist he had met on a Lions tour, and they had three sons and three daughters, including triplets. After their divorce, in 1991 he married Chryss Goulandris, of the Greek shipping family, with a fortune that exceeded his own, and a shared interest in the turf which included her own horse-breeding stables. She died last year. O’Reilly is survived by his children.
Ships in some UK port cities create more air pollution than cars 2024-05-19 16:34:00+00:00 - Ships calling at the UK’s most-polluted ports produce more nitrogen oxides than all the cars registered in the same cities or regions, analysis has shown. A report from Transport & Environment (T&E) said that ships were continuing to discharge huge quantities of air pollutants at ports, with Milford Haven, Southampton and Immingham topping the list for emissions of harmful sulphur oxides and fine particulate matter (PM2.5) as well as nitrogen oxides (NOx). The NGO said the data underlined the urgent need for government action to ensure ships used cleaner fuels and that ports enforce more zero-emission technology such as shore-side electricity. Shipping and ports representatives said the report used “flawed methodology” and disputed the comparisons, but said they supported moves to reduce pollution. The report found that in the top 10 NOx-polluted ports, about 4,000 ships produced an estimated 1.75 times as much NOx as almost one million cars registered to the same areas. Ships calling at Southampton, a major cruise ship port, produced four times more NOx than cars in the city, T&E said. Southampton was also the worst for PM2.5, with cruise ships responsible for more than half the particulate pollution. Jonathan Hood, the UK sustainable shipping manager at T&E, said: “The awful levels of pollution revealed in this analysis demonstrate how the UK’s port cities are being choked by the harmful fumes caused by a shipping industry that, thanks to years of government inaction, has no impetus to change. “The government has its last chance to chart a better course for the industry with the updated clean maritime plan and it must not waste this opportunity. We need to see a rapid switch away from filthy fossil fuels, and ports must set binding targets to implement zero-emission technologies. These must include shore side electricity, which would ensure ships can plug in at port and switch off their polluting engines.” A UK Chamber of Shipping spokesperson said the report did not take account of shore-side power now being used in Southampton by cruise ships, improving the air quality, but admitted that the UK was “behind the curve” and that more facilities should be installed. The spokesperson added: “The industry supports the ambition to reduce emissions and is investing billions worldwide to do so. A long-term plan, codesigned by industry and government, is the way to set out the clear roadmap for emissions reduction [and] unlock future investment.” 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 Mark Simmonds, director of policy at the British Ports Association, said the industry’s net zero targets would also improve air quality. But he said the report was “irresponsible” and “discredited” by not examining how emissions dispersed before affecting population centres. “Air pollutant emissions have a very localised impact and comparing emissions from ships, which deliver 450m tonnes of goods a year including half our of food and energy, to local car journeys is absurd. Emissions from ships are limited while at-berth when the main engines are turned off,” Simmonds said. Lord Deben, the former chairman of the government’s Climate Change Committee, said it was “disheartening to see the staggering levels of emissions from ships around UK ports” and said the government should prioritise stricter emissions control measures. He said: “Without decisive action, the health impacts for residents and workers in port towns, not to mention economic costs, will continue to soar.” A Department for Transport spokesperson said the UK would be publishing an updated clean maritime plan for shipping as part of its 2050 net zero targets. The spokesperson said: “We’ve already invested over £200m to develop innovative technology that will decarbonise the industry [and] are currently looking at extending emission restrictions across our waters after their success in the North Sea.”
Hundreds of Virgin Atlantic cabin crew sue for unfair dismissal 2024-05-19 16:26:00+00:00 - Hundreds of long-serving Virgin Atlantic cabin crew are suing the airline for unfair dismissal, claiming that the airline used Covid redundancies to target older staff. An employment tribunal in London will start examining more than 200 cases next month, at which former crew will argue that Sir Richard Branson’s airline unfairly made them redundant while retaining cheaper new hires. Virgin grounded most of its fleet, alongside most other airlines, from March 2020, when the Covid pandemic led to lockdowns and global travel restrictions. The airline quickly cut 3,000 jobs, eventually losing more than 40% of its 10,000-strong workforce, and established a “holding pool” for staff who were made redundant to be potentially hired again when flights resumed. However, according to one claim, disclosure documents show that Virgin retained 350 new cabin crew via the pool, some with as little as one week’s training, while onboard managers, who were 45 on average with 20 years’ experience, were made redundant. One of the onboard managers who lost her job was Susan Mcentegart, now 53, who had worked for Virgin for 23 years. She is part of a group of 51 claimants being represented by a Luton-based law firm. She said: “It seemed the world was closing down and losing jobs was inevitable. But the way they went about it seemed unfair. But I was flabbergasted that I wasn’t in the holding pool. “There were people who hadn’t even got their wings – after six weeks of training – in the pool, and there seemed to be too many of us of an age that were left out.” Mcentegart added: “It was a devastating loss … It felt like my identity was gone, and I was in a dark place with how they went about it. I’d felt it was an honour to work for Virgin, and I couldn’t believe they’d done what they’d done.” Another 150 former staff are pursuing claims via the Cabin Crew Union, and 11 are represented elsewhere. A spokesperson for the airline said: “Following the severe impact of the Covid-19 pandemic on the aviation industry, Virgin Atlantic had to make very difficult decisions. Sadly, this included reducing the number of people employed across the business by 45%. “Our people are incredibly important to us, from those who have been with us since 1984, to our newest recruits. Throughout the redundancy process, we were committed to ensuring all our people were treated fairly and compassionately. 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 “To allow as many of our people to return as soon as demand allowed, we introduced a holding pool, which meant that more than 1,000 of our cabin crew returned at their previous level of seniority. “Where people had to unfortunately leave us, it was for unbiased, objective and lawful reasons, after full consultation with our recognised unions, elected colleague representatives and clear and open continued communication.” The airline had warned that it was on the brink of collapse before Branson and other shareholders secured a £1.2bn rescue plan in late 2020 to keep it going until international travel resumed. In an interview with the Guardian in 2022, the airline’s chief executive, Shai Weiss, said the company had needed to make cuts before the pandemic, after years of borderline profit and loss. Virgin had needed to use “a crisis as an opportunity”, asking itself, he said: “Can we be more brutally focused, can we go even further?”
Ivanka Trump Could Back In The Political Limelight As Donald Trump's Influence Grows: Report 2024-05-19 15:37:00+00:00 - Loading... Loading... Former President Donald Trump's daughter Ivanka Trump, who had previously stepped away from the political limelight, is reportedly contemplating a return to politics, coinciding with her father's growing political influence. What Happened: According to a report, Ivanka Trump may be considering a political comeback. This speculation has been fueled by Donald Trump's resurgence in political power and the approaching election. R. Couri Hay, a society publicist and longtime acquaintance of the Trump family, observed that Melania Trump, who had also distanced herself from politics, is now frequently seen at events with the former president. "She is gracious, mingling. My understanding is that privately she's saying she's ready to be first lady again if called," Hay told Business Insider. "But now, from a distance, the tide is potentially turning, according to polls," Hay added. "The idea of assuming some sort of role is something I can imagine Ivanka might be thinking about." Also Read: Judge Calls Out Ivanka Trump In New York Civil Fraud Case, Says Her Memory Recall Was 'Suspect' A source familiar with Ivanka Trump's thinking told the outlet Puck that she is "warming to the idea of trying to be helpful" to another Trump administration and is "privately not ruling out having some sort of role" in the White House if her father is re-elected. While a representative for Ivanka Trump declined to comment on the speculation, an anonymous friend suggested that although a total return to politics may be unlikely, she has softened her stance on avoiding politics in the future. Why It Matters: Ivanka Trump's potential return to politics comes amidst a backdrop of internal power struggles within the Trump family. Ivanka and Melania Trump had a tense rivalry during their time in the White House. This, coupled with Ivanka Trump's court testimony against her father in his fraud trial, paints a complex picture of her political journey. However, Ivanka Trump's potential return and Melania Trump's support could be strategic moves to influence public perception. Loading... Loading... Their presence could cast Donald Trump in a more favorable light, aligning with his defense strategy of portraying him as a supported and wholesome family man. Now Read: Trump Slams Judge's Decision On Daughter Ivanka's Court Appearance: 'I Truly Believe He Is CRAZY' This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo: Shutterstock
Sean Combs says behavior is 'inexcusable' in released 2016 hotel security video 2024-05-19 15:22:00+00:00 - Sean "Diddy" Combs issued an apology Sunday after video was released that showed him beating his ex-girlfriend Cassie in 2016, matching the description of an incident she detailed in a now-settled lawsuit. Combs, who is the subject of a federal investigation and numerous civil lawsuits, said in a video statement on his Instagram page that his "behavior on that video is inexcusable." "It’s so difficult to reflect on the darkest times in your life, but sometimes you got to do that. I was f---ed up — I mean, I hit rock bottom — but I make no excuses," Combs said. "My behavior on that video is inexcusable. I take full responsibility for my actions in that video. I'm disgusted. I was disgusted then when I did it. I’m disgusted now." He said that after that incident, he "got into going to therapy and rehab." "I’m so sorry," Combs said. "But I’m committed to be a better man each and every day. I’m not asking for forgiveness. I’m truly sorry.” Cassie, 37, whose name is Casandra Ventura, alleged in a federal lawsuit in November that Combs raped and physically abused her, including punching, beating, kicking and stomping her, over the course of their relationship. Her suit included details of being assaulted by Combs in a hotel, which appeared to be supported by the video CNN released Friday. Combs had denied the allegations by his former partner, calling them sickening. He also said the settlement, which was announced one day after the suit was filed, was in "no way" an admission of wrongdoing. Meredith Firetog, an attorney for Cassie, said in a statement Sunday that Combs' apology video was "more about himself than the many people he has hurt." "When Cassie and multiple other women came forward, he denied everything and suggested that his victims were looking for a payday," Firetog said. "That he was only compelled to ‘apologize’ once his repeated denials were proven false shows his pathetic desperation, and no one will be swayed by his disingenuous words." According to CNN, the video was captured in a hotel hallway in March 2016 and offers multiple angles of the incident, which begins when a woman in a hooded sweatshirt walks to the elevator with a bag in her hands. It then shows a man, whom CNN identified as Combs, running down the hall in a towel with no shirt on. He walks up behind a woman near an elevator, grabs her and throws her to the ground. The man appears to kick her twice. He then begins dragging her by her sweatshirt while she is on the ground. Moments later, he sits in a chair before he appears to pick up an object and throw it. The video does not have audio. Douglas Wigdor, an attorney for Cassie, said Friday that the video “has only further confirmed the disturbing and predatory behavior of Mr. Combs. Words cannot express the courage and fortitude that Ms. Ventura has shown in coming forward to bring this to light.” The Los Angeles County District Attorney's Office said in a statement Saturday that it was aware of the “disturbing and difficult to watch” video. Because the incident is outside the statute of limitations for assault, the prosecutor said it "would be unable to charge" anyone in connection with it. "As of today, law enforcement has not presented a case related to the attack depicted in the video against Mr. Combs," the statement said. Combs is the subject of a federal inquiry, and by agents with Homeland Security Investigations raided his properties in California and Florida in March. The agents executed search warrants from U.S. District Court for the Southern District of New York and seized his phones in Miami before he was scheduled to depart for a trip to the Bahamas. Since Cassie came forward with her claims last year, five lawsuits have accused Combs of sexual assault, sexual trafficking and engaging in other criminal activity. Combs has denied all of the allegations and has filed paperwork in court seeking to dismiss a Jane Doe lawsuit and partly dismiss another woman's suit. One of his attorneys, Aaron Dyer, also said in a statement after the federal raid in March that Combs was innocent. He described the raid as an ambush, saying there has been a rush to judgment based on “meritless accusations made in civil lawsuits.” “There has been no finding of criminal or civil liability with any of these allegations,” Dyer said.
Russian court freezes assets of two German banks in gas project dispute 2024-05-19 15:05:14+00:00 - VIENNA (AP) — A court in the Russian city of St. Petersburg has ordered the seizing of assets of Germany’s Deutsche Bank and Commerzbank in the country, the Russia state news agency Tass says. The order is in response to a lawsuit over the planned construction of a liquefied natural gas terminal in the Baltic Sea. The banks were among the guarantors in the contract for building a gas processing plant by a multinational construction firm, Renaissance Heavy Industries, and German company Linde. But the project was cancelled after Western sanctions, with the banks withdrawing their guarantees. The cancellation came at the request of RusChemAlliance, a subsidiary of Russian gas giant Gazprom and the operator of the project, German news agency dpa reported. RusChemAlliance paid advances to Linde for the building of the plant. The company is claiming about 238.61 million euros ($260 million) against Deutsche Bank and 94.92 million euros ($103 million) against Commerzbank, according to dpa. In a statement Deutsche Bank said that it has made a provision for approximately 260 million euros ($283 million) under an indemnification agreement. It also said that it would need to assess the immediate operational impact in Russia and see how the claim will be viewed by the the Russian courts. Western nations have imposed a wide range of sanctions against Russia over Moscow’s invasion of Ukraine two years ago. ——————- Elsie Morton reported for The Associated Press from London.
How to own Big Tech and stay diversified, plus learning more about stock buybacks 2024-05-19 14:56:00+00:00 - Here's our Club Mailbag email investingclubmailbag@cnbc.com — so you send your questions directly to Jim Cramer and his team of analysts. We can't offer personal investing advice. We will only consider more general questions about the investment process or stocks in the portfolio or related industries. This week's question No. 1: I was just wondering why three of your top five holdings are tech related. You have preached diversification over the years and I have made it a priority to keep my portfolio that way. — Robert from New York Thanks, Robert. You're right diversification is an important part of portfolio management, but we take a more holistic approach to defining what that looks like these days given the seemingly all-consuming nature of technology. In December, we explored the topic at length, making the case that long-term investors should focus more on factors such as a company's end market exposure rather than its sector classification. In this piece , we explain our thinking in detail. We also touched on this concept in a more recent story about building a portfolio from scratch. In it, we pointed out that three of the biggest cloud computing firms in the world — Amazon , Microsoft and Google parent Alphabet — are all in different sectors. That goes to the heart of our thinking on diversification in the age of tech. Question 2: Jim has reminded us many times about the value to shareholders for a company to have a strong stock buyback program other than in a news announcement, how can I tell if a company has had a share repurchase program? Thanks and again, I appreciate all the Investing Club does. — Vick from Louisville, Kentucky Great question. Buybacks and share count information can be gleaned from a review of the company's financial statements. For a refresher, we discussed in detail how to analyze financial statements in this series . The current share count is listed near the bottom of the balance sheet in the "Shareholder equity" section. This will show the outstanding shares at the end of the reported period. If the information is not reported on the earnings release version of the balance sheet, which is often consolidated, check the more thorough 10-Q or 10-K filing. To see how long the company has been buying back shares, start by pulling the previous three 10-Ks and comparing. If the share count has been reduced, the shareholders' ownership percentage of net income increased (high earnings per share on an equal net income). If the share count went up, existing shareholders' positions were diluted. The dollar amount of shares purchased in a given period — quarter or year — is found in the cash flow statement. Share sales and repurchases are considered a "financing activity" and live in that section. A negative number, indicated by the presence of parentheses around the number, shows cash flowed out to repurchase shares. We can see that on Alphabet's cash flow statement below. One important thing to understand: Share repurchases can be offset by stock-based compensation, which is categorized under the operating activities section of the cash flow statement. Because stock-based compensation is considered a non-cash expense, it is added back to net income to determine the company's operating cash flow. This means that a company's buyback program will only reduce the share count if it exceeds the stock-based compensation it is paying out. In the case of Alphabet, we can see that the company paid out $5.264 billion in share-based compensation, but repurchased $15.696 billion worth of stock for the quarter ended March 31, 2024. That means the company reduced its total shares outstanding by about $10 billion worth of stock — giving investors a greater stake and share of the profits. (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. Traders work on the floor of the New York Stock Exchange (NYSE) on May 16, 2024 in New York City. Spencer Platt | Getty Images News | Getty Images
Amazon CEO: An 'embarrassing' amount of your success depends on this one skill 2024-05-19 14:56:00+00:00 - The trick to getting ahead at work isn't being the fastest learner or the smartest in the room — it's having a positive attitude, says Amazon CEO Andy Jassy. Jassy, who took the top job at Amazon after Jeff Bezos stepped down in 2021, shared his "best career advice" in a new interview with LinkedIn CEO Ryan Roslansky. "I think an embarrassing amount of how well you do, particularly in your 20s, has to do with attitude," Jassy, 56, said. It's not just about being cheerful, he explained. Having a positive attitude means you work well on a team and honor deadlines, among other strengths. If you have the right mindset, Jassy said you should be able to confidently answer "yes" to the following questions: Do you work hard? Are you more can-do than naysaying? Do you do what you said you were going to do? Can you work in a team? These strategies are "so simple" and yet often overlooked, he said. "People would be surprised [at] how infrequently people have great attitudes," he added. "I think it makes a big difference." Enthusiasm can enable you to take advantage of opportunities like stretch assignments and training programs because you'll feel more confident stepping out of your comfort zone and trust that you can tackle any challenges that arise. Jassy was just 29 when he joined Amazon as a marketing manager in 1997. Five years into his career there, he was invited to be Bezos's first "shadow" advisor, a quasi-chief of staff who joins all of the CEO's meetings. Several of his colleagues at Amazon told him not to accept the offer, but Jassy said he chose to focus on the positive aspects of the job — and by taking it, he was able to strengthen his leadership skills. "I just figured if it wasn't something that worked out either for Jeff or for me if I tried it a few months, I could always try something else, but if it did work out, I hadn't ever heard of another job like this," he said. "And it was just an incredible experience." It's important to note that Amazon's leadership has come under fire for its treatment of warehouse employees during the Covid-19 pandemic and for allegedly fostering a harsh workplace culture. Jassy has previously acknowledged that the company could improve its treatment of employees. "I think if you have a large group of people like we do … it's almost like a small country," he said during the GeekWire Summit in 2021. "There are lots of things you could do better." Regardless of where you're at in your career, having a positive attitude can help you build stronger relationships in the workplace. "You pick up advocates and mentors much more quickly," Jassy said. "People want those people to succeed." Research has affirmed the benefits of a positive attitude in the workplace — that it can make you more productive, boost creativity and prevent burnout, among other advantages. "There's so many things that you can't control in your work life," Jassy said. "But you can control your attitude." Want to land your dream job in 2024? Take CNBC's new online course How to Ace Your Job Interview to learn what hiring managers are really looking for, body language techniques, what to say and not to say, and the best way to talk about pay. Use discount code NEWGRAD to get 50% off from 5/1/24 to 6/30/24. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
From $35,000 to $446,000: What it cost to renovate a $1 home in Italy 2024-05-19 14:06:00+00:00 - Buying a home in the Italian countryside for cheap comes with a catch — in one case, to the tune of nearly half a million dollars. But that wasn't on the radars of Meredith Tabbone or Rubia Daniels, who in 2019 both learned about homes being sold for 1 euro (roughly $1.05) in Sicily. Since then, the two Americans have paid for extra real estate fees and major renovations to secure their new homes abroad. Here's how much each person really spent on their Italian dream homes. The half-million-dollar vacation home Tabbone, 44, from Chicago, decided to buy a home in Sambuca di Sicilia, which was auctioning off abandoned homes starting at 1 euro. When she found out about the auction in 2019, Tabbone had just learned her great-grandfather was from the town and took it as a sign to go for it. "A lot of people warned me that it could be a scam [and that] I could end up losing a lot of money," she recalls. She placed a winning bid for 5,555 euros, and with taxes and fees, spent 5,900 euros (roughly $6,200) to secure the property. Tabbone flew to see her new home for the first time in June 2019. She then bought the building next door through a private sale with the owner for 22,000 euros (just over $23,000). The additional purchase meant more space to build her dream vacation home. It also meant much higher renovation costs: She initially budgeted 40,000 euros to renovate 620 square feet, but that grew to 140,000 euros to cover 2,700 square feet. Meredith Tabbone says she's never done a renovation project like this before, but she was inspired by the work of her father, who was an architect. Mickey Todiwala | CNBC Make It Over the next four years, Tabbone visited Sambuca for weeks at a time and oversaw a local crew for the overhaul: They knocked down walls to join the properties; leveled the flooring across 18 small rooms; reinforced the structure against earthquakes; added two large terraces; and opened up the kitchen, dining and living rooms. All in, she spent about 425,000 euros ($446,000) on renovations. That brings the total cost of her Sambuca home to roughly $475,000. Meredith Tabbone finished renovations in late 2023 and plans to spend four months out of the year in Sambuca. Mickey Todiwala | CNBC Make It Meredith Tabbone knocked down several walls to open up her kitchen, dining and living areas. She plans to use her vacation home to entertain local friends and fellow travelers. Mickey Todiwala | CNBC Make It Despite "4 million moments of frustration" over the years, Tabbone says the expense has been well worth it. She's learned more about her family history and established dual citizenship in Italy. Tabbone says the slower pace of living in Sicily has transformed her view of work-life balance. She now prioritizes personal enrichment like traveling and connecting with new friends. Her one regret? "If I could do anything over again in the buying or renovation process, I would have learned to have more patience" and enjoy the experience from the beginning, she says. An artist's retreat for under $40,000 In Berkeley, California, Daniels' curiosity took her to Mussomeli, one of the most prominent Sicilian towns with a 1-euro scheme. There, Daniels, 50, bought three 1-euro properties with intentions to turn them into a vacation home, a restaurant and a wellness center. Rubia Daniels is from Berkeley, Calif., and bought several 1-euro houses in Mussomeli, Sicily. Mickey Todiwala | CNBC Make It The houses were sold for 1 euro each but also incurred a 500-euro realtors fee and 2,800-euro deed. That added up to a total of 3,301 euros (roughly $3,500) for each building. So far, she's focused her renovation efforts on her vacation home, which will include an art gallery and space for artists to convene. Daniels set an initial renovation budget of $20,000 and has so far spent $35,000. Those expenses include a new kitchen, marble finishes, restored stone walls and a fireplace in the bathroom. It's not bad for a total cost of under $40,000 to date. Meanwhile, back in Daniels' home of Berkeley, the median home listing price was $1.1 million in April 2024. It's been an exciting project for Daniels, who comes from a construction background and sees Mussomeli's 1-euro program as a sustainable revitalization project. Rubia Daniels has three dream projects: a vacation home, a restaurant and a wellness center. Courtesy of Rubia Daniels Rubia Daniels is in the process of renovating her vacation home and hopes to stay under a budget of $40,000. Mickey Todiwala | CNBC Make It
The lunch rush is dead as Americans live for the weekend 2024-05-19 14:00:00+00:00 - More consumers are saving their workday lunch money to burn when they’re off the clock. The rise of hybrid work has kept many bars’ and restaurants’ lunchtime business from recovering to pre-pandemic levels, according to data the digital payments platform Square released Tuesday. But while weekday transaction volumes from 11 a.m. to 2 p.m. were down 3.3% last year compared with 2019, card taps jumped 4.2% on weekends and 0.3% during weekday happy hours from 4 p.m. to 6 p.m. The Square data comes as foot traffic rebounds in major U.S. cities’ downtowns far faster on evenings and weekends than during workdays, University of Toronto researchers have found. These signs point to a new normal for Americans’ post-pandemic leisure spending, which has stayed resilient despite the higher costs of going out. Fast food chains are launching promotions to lure back diners turned off by price hikes, and alcohol brands are pushing canned cocktails as bar and restaurant menu tabs rise faster than grocery bills. That’s been the largest transformation in the last four or five years — the consumer habits of office workers. Ara Kharazian, research lead at Square Nevertheless, many consumers remain determined to splurge after unplugging from work. “That’s been the largest transformation in the last four or five years — the consumer habits of office workers,” said Ara Kharazian, research lead at Square, which provides electronic payment systems used by many bars, restaurants and stores. “But that money has gone somewhere else: We’re seeing consumers instead spend money on the weekends.” Brunch has driven a chunk of the weekend increase, Kharazian said. In 2023, 1.88% of the food and drink transactions Square processed took place between 11 a.m. and noon on Saturdays, up from 1.60% in 2019. Because the company analyzed transaction volumes rather than dollar amounts, its data reflects foot traffic rather than inflation-sensitive spending. Still, some of the change may have to do with consumers going where the deals are, said Sara Senatore, a senior restaurant analyst at Bank of America. “Brunch is a much more accessible price point than dinner, because people still want to go out to eat,” she said. “They still want the experience, they still want to congregate with their friends and family.” AJ Kurban, CEO of Aceituna Grill. Courtesy CJPR Nowhere was the shift toward evening and weekend spending starker than in Boston, one of 23 major cities Square analyzed. There, a 10.1% decline in weekday lunch transactions was more than offset by 10.3% and 1.6% increases in weekend and happy hour transactions, respectively. Aceituna Grill, a fast-casual Mediterranean restaurant in Boston, has seen lunch crowds shrink at the three locations it has operated since before the pandemic, especially those near offices for Bank of America and PwC, according to CEO AJ Kurban. “We used to have a line out the door every single day. Now we’re lucky to get a line out the door two to three days a week,” said Kurban. Sales at the three restaurants last year were down by at least 20% from 2019. Aceituna, which accepts digital payments on Toast but not Square, has been trying to chase weekend crowds to offset the decline. It opened a fourth restaurant in the tourist-heavy Back Bay shopping district about a year ago and began keeping its Seaport location open on Sundays as of this month. The latter move was partly to comply with updated lease terms, and while Kurban said it’s too early to tell how it’ll pay off, he’s “expecting a positive impact.” At the Back Bay outpost, he added, “definitely weekends and nights are a lot busier there than any of our other locations.” With more consumers opting for homemade lunches over $16 takeout salads, “restaurants are constantly trying to come up with things to entice more people on the weekend,” said Soojin Lee, a professor at Cornell University’s Nolan School of Hotel Administration who focuses on restaurant and kitchen management. Young consumers eager to socialize are a prime target for bars and restaurants as they look to draw evening and weekend crowds, she said. Some establishments are doing better than others as consumer habits evolve. Fast-casual brands like Sweetgreen and Chipotle have seen stronger business this year than much of the restaurant industry. While diners on tight budgets have shied away from higher prices at fast-food chains, those with more to spend on eating out aren’t holding back. Definitely weekends and nights are a lot busier. AJ Kurban, CEO of Aceituna Grill “Their spend seems to be positive based on what the restaurants are saying. They’re actually seeing traffic growth in those cohorts,” Senatore said of more affluent customers, “whereas the lower-income consumers, you’re starting to see traffic decline.” Only one major market bucked the trend Square identified: In heavily residential Brooklyn — less known for its lunch rush than office-packed Manhattan — midday spending was down by a modest 0.3%, but weekend transactions were still 0.5% shy of the borough’s pre-pandemic level, too. And unlike in most other cities, happy hours were down slightly in both Brooklyn and Manhattan. Kharazian noted the changes were small, though, and attributed the New York anomalies partly to the rhythms of the city that never sleeps, “where people go out at all hours in a way that happy hour doesn’t necessarily have that importance.” Not everyone is splashing out on nights and weekends, though. “I’m definitely spending money on work lunches a lot more,” said Nicholas Louie, 25, an advertising associate for a marketing agency who lives and works in Manhattan, where Square found lunch transactions were down 3.3% since before Covid. He estimates spending $15-$20 a day on lunch — a bit more than in years past, though his costs vary depending on whether he’s home or in the office, which he works from twice a week. “I don’t really prioritize drinking during the weekdays,” Louie said, and his weekend leisure spending “is quite inconsistent.” But his employer’s amenities also help keep his bar tab low. “I have free alc in the office,” he added.
Social Security's 'biggest myth' leads people to claim early, expert says. Even a slight delay can boost retirement income 2024-05-19 13:56:00+00:00 - Aj_watt | E+ | Getty Images A recent Social Security report showed a strong economy has helped the program. Still, Social Security's trust funds may be depleted in the next decade, if no changes happen sooner. Many Americans have a misplaced worry that benefits will disappear. "The biggest myth about Social Security is that when the trust fund runs out, the program is just going away," said Emerson Sprick, associate director of the economic policy program at the Bipartisan Policy Center. watch now Even if Social Security's trust funds are depleted, the program will still have revenue from payroll taxes. Benefits will still go out, though they may be reduced. Nevertheless, 75% of adults ages 50 and up believe Social Security will run out in their lifetime, a 2023 Nationwide Retirement Institute survey found. When people claim Social Security Moreover, data shows retirees often don't wait until they are able to receive 100% of the benefits they've earned. The most popular age at which to claim is 62, with 29% of beneficiaries claiming at that earliest possible age in 2022, according to a Bipartisan Policy Center report based on Social Security Administration data. But those beneficiaries take about a 30% benefit cut for not waiting until their full retirement age — the point when they stand to receive 100% of the benefits they've earned. The full retirement age is generally between 66 and 67, depending on an individual's birth date. Most beneficiaries — 62% — claimed before their full retirement age in 2022. 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 Just 16% of retirees claimed at their full retirement age. For every year beneficiaries wait past their full retirement age up to age 70, they stand to get an 8% benefit increase. But just 10% of claimants waited until age 70, according to the data. Why people claim early The top reason people claimed early was their worry that Social Security may run out of money and stop making payments, a 2023 Schroders survey found. The second most common reason was that they needed the money, according to the survey. Psychological factors may also prompt early claiming, according to recent research from professors Suzanne Shu at the Cornell University SC Johnson College of Business and John Payne at Duke University Fuqua School of Business. Workers may feel a sense of ownership over the benefits they've earned, and consequently want to claim them as soon as possible, the research found. Or they may be prompted by an aversion to losing money. Every month increases your benefits Nevertheless, experts say it's still generally best to delay claiming retirement benefits. "Everyone should know that you have a penalty if you collect before 70," Teresa Ghilarducci, a professor at The New School for Social Research and author of the book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy," previously told CNBC. Someone who is eligible for a $2,000 per month full retirement age benefit at 67 may instead get $1,400 per month if they claim at age 62, according to a Bipartisan Policy Center analysis. Waiting until age 70 would instead provide $2,480 per month. While delays tend to be positioned in years, waiting even just months can help. Delays of six months, 12 months or 18 months are "very helpful retirement security moves that you can make," Sprick, of the Bipartisan Policy Center, said. And that still means retiring at age 62, 63 or 64. "Viewing it that way, in months, can help some folks who really couldn't make it years," Sprick said.
How to buy a great bottle of wine—and which ones to 'stay completely away from,' according to a sommelier 2024-05-19 13:56:00+00:00 - If you had $150 to spend at any store in your neighborhood, where would you spend it? A couple of months ago, my boyfriend and I won a sweepstakes which granted us a $150 credit to the local business of our choosing. We picked the wine store. We typically spend $25 to $40 a bottle, so we thought we could get ourselves one or two nice wines to have on a special occasion. But when you're buying something you expect to be one of the best wines you've ever drank, the pressure is on. For someone like me, when hitting that $100 threshold, "there should be a pretty significant step up in terms of the quality of the wine," says Thatcher Baker-Briggs, a certified court sommelier and founder of Thatcher's Wine. "And I think when you walk into this warehouse of wine, it's not approachable, it's not easy to understand." Whether you're looking to buy a special bottle or just want to get the best value before your next dinner party, here are Baker-Briggs' three best tips for cutting through the noise and buying a great wine. 1. Enlist help Your best bet for getting a great bottle, Baker-Briggs says, is to have someone like him walking you through the aisles. He likens buying a special bottle to buying the first watch or piece of art in your collection: "The key to being successful in your first purchase is finding someone who understands what you're trying to do." That likely means finding the nearest store that specializes in wine, rather than stopping by the liquor section of the supermarket. An online store might be a good option too — as long as there's someone to whom you can explain what you're looking for. If you're not the type to ask for help, don't be afraid to crowdsource, Baker-Briggs adds. Online sources, such as CellarTracker, act as community hubs of tasting notes. Even Instagram can be a valuable place to pick up intel on bottles you're considering. "A lot of people are putting a lot of time and effort into their accounts, either writing reviews or thoughtful stories about producers," Baker-Briggs says. 2. Pay attention to the label Let's be honest — many of us buy choose wine based on the label. And that's not a bad thing, provided you're looking at the right stuff. Some labels bear red flags that should turn you off the bottle immediately, Baker-Briggs says. "If you see 'sustainably grown' or 'vegan' or whatever, stay completely away from it," he says. "No one making quality wine is putting those things on their label." Certifications, such as organic and biodynamic, listed on the back label are often signs of quality, he says. However, that may mean the wine is mass produced and not the special bottle you're looking for. An organic certification "is a very expensive thing to get in France and Italy, and in the E.U. in general," Baker-Briggs says. "A lot of people chase this, but if it says 'organic certified,' they're probably a larger winery. A lot of smaller producers can't afford this or don't see the value. It could be totally organic. It just doesn't say that on the back label." Conversely, while no guarantee of a great wine, the name of the vineyard on the back of a bottle is a very good sign, he says. "That's basically saying, we care about where these grapes come from," Baker-Briggs says. "It's a great way to understand that there's probably some quality, and there's an interesting story behind this." 3. Shop value regions
Red Lobster shuttering 100 restaurants is a loss for Black communities 2024-05-19 13:24:43+00:00 - A recent announcement that nearly 100 Red Lobster locations are scheduled to close as part of bankruptcy proceedings is likely to hit Black communities differently — and not just because we consume more fish than any other group in the U.S. Bill Darden opened the first Red Lobster restaurant south of Orlando, Florida, in 1968 just a few weeks before Martin Luther King Jr. was assassinated. As he’d done with the first restaurant he’d opened during the height of Jim Crow racial segregation in Georgia, Darden insisted that Red Lobster be fully integrated. Customers would enter and exit the same doors; sit wherever they chose to sit and receive the same food and the same service. This should not have been a radical proposition but it was, and it mattered greatly to Black people eating out. As he’d done with the first restaurant he’d opened during the height of Jim Crow racial segregation in Georgia, Darden insisted that Red Lobster be fully integrated. Clarence Otis Jr., who in 2004 became the CEO of the restaurant’s parent company Darden Corp. and thus one of a small group of Black Fortune 500 leaders, was later interviewed by NPR’s Ed Gordon, who said, “Two of your restaurants, one that’s been around for a mighty long time, Red Lobster and Olive Garden, are favorites of the minority community.” Otis replied, “We look at the demographics of our consumer base all the time, and we know that in the African-American community, in the Latino community, both Olive Garden and Red Lobster are very strong.” He thought both Red Lobster and Olive Garden were favorites in Black communities not just because of the food, but because of “our entire history; going back to our founder [who] believed in hiring people of all genders, all ethnicities, back at a time when that was not popular.” That’s the sort of history that becomes a sort of collective memory that manifests as a habit over time, considering that, according to some surveys, Black consumers are among the most loyal. Sure, we like fish and a good deal — Red Lobster represented something like the strip mall version of the beloved fish fry — but we like being treated equally even more. Darden’s approach to an inclusive casual dining became the model nationwide. Black Americans’ taste for Red Lobster followed economic trends, as working- and middle-class diners opted for the pricier $25-$30-per-person casual dining experience over fast-food seafood options like Captain D’s and Long John Silver’s. The restaurant became strongly associated with Black people celebrating special occasions, but even when it was the place for a more regular night out, the chain became one of those Black culture things that people could relate to as it expanded to eventually include over 700 locations in the U.S. and Canada. CNBC reported in April that Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing. Thai Union, the restaurant’s largest investor, is cutting its ties. Many are left wondering how the national seafood chain has come on such hard times. The answer has to do with ongoing executive turnover, mismanagement, bad real estate leasing agreements, and ill-advised promotions like “endless shrimp.” Other factors like Covid’s blow to the restaurant industry and the changing tastes of younger generations have worsened the chain’s financial outlook. The rise and slide of Red Lobster, and all the stumbles along the way, parallels a rise and backslide of Black working- and middle-class gains The rise and slide of Red Lobster, and all the stumbles along the way, parallels a rise and backslide of Black working- and middle-class gains. The sort of economic mobility we associate with the 1970s and 1980s, when Red Lobsters were being built, has slowed for many Americans and even reversed for many Black Americans. Black children raised in middle-class households are less likely than ever, and significantly less likely than white children, to remain in the middle class (or ascend) as adults. This is a more acute aspect of the wider “hollowing out” of the middle class: The cost of living outpaces wages, all while bad debt like credit cards, medical bills and student loans grows. A Red Lobster restaurant in Torrance, Calif., on May 14. Patrick T. Fallon / AFP - Getty Images It is in this shaky post-pandemic consumer climate that Red Lobster has stumbled the most. It has sought to diversify its offerings with menu items including mozzarella sticks and linguini alfredo. It has tried slashing prices and offering more specials alongside its long-standing “signature feasts.” A partnership with investor Thai Union yielded a plan to increase traffic into restaurants and offload surplus shrimp for its fishers in Thailand. It made what had been a limited-time all-you-can-eat shrimp special into a daily menu item and charged only $20. Red Lobster eventually raised the price to $25 before ending the promotion, but it reported a $25 million loss because of that menu item. Perhaps the big lesson there is that there’s such a thing as too much of a good thing. Or at least giving away too much of a good thing. But the message that Darden sent while opening the first Red Lobster in the South — that it wouldn’t operate as so many Southern institutions had — is a good thing that has kept Black Americans coming back, even if they don’t fully know why.