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U.S. citizen accused of conspiring with North Korean IT workers to infiltrate 300 U.S. companies and get remote tech jobs, feds say 2024-05-16 19:53:00+00:00 - Washington — An Arizona woman has been accused of conspiring with people tied to the North Korean government to illegally procure remote telework posts with U.S. companies, federal prosecutors said Thursday. Christina Chapman allegedly worked with North Korean IT workers Jiho Han, Chunji Jin, Haoran Xu and others as part of a scheme to steal the identities of U.S. citizens and gain remote employment at American corporations using those false identities, charging documents said. In all, Chapman and her co-conspirators allegedly used the identities of more than 60 individuals who lived in the U.S. to generate nearly $7 million for the North Korean government from more than 300 U.S. companies. Prosecutors said some of the affected companies were Fortune 500 corporations, including a major TV network, a defense company and a car maker. Investigators alleged Chapman even used laptop computers that were issued to her co-conspirators under false pretenses to make it appear as though they were actually located within the U.S. and later facilitated the laundering of their salaries. The government accused her of operating a "laptop farm" in an ultimately unsuccessful effort to get some of the workers hired by U.S. government agencies, including the Government Services Administration. She is also accused of helping the overseas workers remotely connect to their U.S.-based jobs through the laptops and receiving paychecks for the workers at her home. Han, Jin and Xu are tied to North Koreans Munitions Industry Department, according to a State Department memo offering $5 million for information leading to the disruption of the scheme. The department deals with ballistic missile and weapons production. They are accused of working with Chapman in an effort to launder the illicit money back into North Korea. Chapman was arrested in Phoenix on Thursday. "The charges in this case should be a wakeup call for American companies and government agencies that employ remote IT workers. These crimes benefitted the North Korean government, giving it a revenue stream and, in some instances, proprietary information stolen by the co-conspirators," Nicole M. Argentieri, head of the Justice Department's Criminal Division, said in a statement. Federal investigators said that since at least 2020, the IT group has been working to devise a remote-work scheme in U.S. companies that resulted in false identifying information being passed along to government agencies. Prosecutors say that in March 2020, an unknown individual contacted Chaman on LinkedIn and asked her to "be the U.S. face" of their company. From August 2022 through November of last year, workers inside North Korea allegedly started storing relevant resumes. And they used an online background check system to target specific American citizens in an effort to steal their identities, the indictment said. According to the indictment, the complex scheme required the foreign workers to develop "fictitious personas and online profiles to match the job requirements" and submit fake documents to the Homeland Security Department as part of "an employment eligibility check." Messages show Chapman allegedly talking with her co-conspirators about transferring the money earned from these jobs. The charges on Thursday were announced alongside a criminal complaint filed against a Ukrainian who is accused of a similar scheme in which he helped individuals in North Korea "market" themselves as remote IT workers.

Here are some options to reduce taxes on your savings interest this year 2024-05-16 19:50:00+00:00 - Many Americans are earning more on cash after interest rate hikes from the Federal Reserve — and that income can trigger a surprise at tax time. "So many people were shocked by their cash interest earned" and taxes owed, said Boston-based certified financial planner Catherine Valega, founder of Green Bee Advisory. She is also an IRS enrolled agent. Interest from savings accounts or certificates of deposits incurs regular or "ordinary income" taxes, depending on your federal income tax bracket. Some investors also owe state taxes on interest. More from Personal Finance: Biden, Trump face 'massive tax cliff' amid budget deficit, experts say Average credit card balances jump 8.5% year over year — delinquencies rise 529 college savings plans have even more benefits in 2024 Savers are still earning higher yields on cash despite uncertainty from the Federal Reserve on future interest rate cuts this year. The top 1% average rate for savings accounts was hovering around 5% and top-earning 1-year certificates of deposit were paying about 5.5% as of May 16, according to DepositAccounts. Meanwhile, some of the biggest money market funds were paying north of 5% as of that date, according to Crane Data.

McDonald’s plans $5 US meal deal next month to counter customer frustration over high prices 2024-05-16 19:46:20+00:00 - McDonald’s plans to introduce a $5 meal deal in the U.S. next month to counter slowing sales and customers’ frustration with high prices. The deal would let customers get a four-piece McNugget, small fries, a small drink and either a McDouble burger or a McChicken sandwich for $5 in most areas, according to a person familiar with the deal who wasn’t authorized to discuss its details. The month-long deal is scheduled to begin June 25 and will be advertised nationally. Some stores with higher costs, like those in California or Hawaii, may charge more, the person said. McDonald’s didn’t confirm the upcoming deal when asked about it Thursday by The Associated Press. But the Chicago-based burger giant said last month that it was planning to step up deals to combat slowing customer traffic in some markets. “We know how much it means to our customers when McDonald’s offers meaningful value and communicates it through national advertising,” McDonald’s said in a statement Wednesday. The meal deal would be a substantial discount from the list prices for the items that will be included in the limited-time deal. One McDonald’s location in Michigan charged $9.66 for the four items sold individually on Thursday. Fast food prices have risen dramatically in the last few years due to a variety of factors, including elevated costs for labor, food and paper products. Between the first quarter of 2022 and the first quarter of 2024, the amount spent per person per visit at a U.S. fast food restaurant rose 25%, from $12 to $15, according to Technomic, a restaurant data firm. McDonald’s said earlier this year that it was seeing fewer U.S. visits and lower spending from customers earning less than $45,000 per year. As grocery inflation has slowed, more people are choosing to eat at home, McDonald’s President and CEO Chris Kempczinski said. In the first quarter, the company said fast food traffic was flat or down in many key markets, including the U.S., Canada and the United Kingdom. “The consumer is certainly being very discriminating in how they spend their dollar,” Kempczinski said during a conference call with investors. “It may be more pronounced with lower-income consumers, but its important to recognize that all income cohorts are seeking value.” During the same call, Kempczinski said McDonald’s needed a nationwide deal emphasizing its value if it wanted to keep up with rivals. Other chains have also reported slowing sales. Starbucks said last month that it was seeing a sharper and faster decline in U.S. consumer confidence than it had anticipated in the January-March period. Starbucks said it plans to open up its Rewards app to non-members in July so they can take advantage of the deals it offers.

Some older Frigidaire and Kenmore ranges pose risk of fires and burn injuries, Electrolux warns 2024-05-16 19:21:00+00:00 - Electrolux Group is urging consumers to stop using older model Frigidaire and Kenmore electric ranges following recent reports that the appliances can cause fires and burn injuries. A notice posted Thursday by the Consumer Product Safety Commission (CPSC) warns that heating elements on the recalled ranges, which date from 2009, can spontaneously turn on by themselves; fail to turn off when switched off by the consumer; and heat to different temperatures than selected, posing fire risks and burn hazards. About 203,000 ranges are affected by the recall, which includes Frigidaire, Frigidaire Gallery, Frigidaire Professional, and Kenmore Elite smooth-top electric ranges sold in various colors, including white, bisque, black and stainless steel. Features include rear panel rotary knobs and digital displays. The affected ranges, which were sold nationwide from June 2001 through August 2009 at Sears and independent appliance stores, were originally recalled in 2009. Since then, there have been at least 212 complaints, including 14 reports of fires and eight reports of burn injuries on the hands or arms, as well as smoke inhalation. As a remedy, a free inspection and repair will be scheduled for affected ranges that are repairable, according to the recall notice. Consumers with recalled ranges that are not repairable will be given a $50 electronic gift card, along with reimbursement of up to $60 for haul-away fees paid, with proof of purchase of a new range and haul-away services. The CPSC advised consumers with impacted ranges not to leave any objects on them even when the appliances aren't in use. For more information, consumers can contact Electrolux toll-free at (888) 845-8226 from 8:30 a.m. to 8 p.m. Eastern Time, Monday through Friday. They can also reach the company via email at potentiometerrecall@electrolux.com or online at https://www.ema-recall.com/ The brand name, model and serial number for each unit are located on the frame of a drawer at the bottom of the unit when the drawer is opened. Recalled models and serial numbers include the following: Frigidaire Serial Numbers: Serial Number Range VF122xxxxx - VF936xxxxx Frigidaire model numbers FEFBZ90GC*. FEFLMC55GC* FEFLZ87GC* GLEF396AB* GLEF396AQ* GLEF396AS* GLEF396CQ* GLEF396CS* GLEFM397DB* GLEFM397DQ* GLEFM397DS* GLEFM97FPB* GLEFM97FPW* GLEFM97GPB* GLEFM97GPW* LEEFM389FE* PLEF398AC* PLEF398CC* PLEF398DC* PLEFM399DC* PLEFMZ99EC* PLEFMZ99GC* PLEFZ398EC* PLEFZ398GC* Kenmore Elite Serial Numbers: Serial Number Range VF122xxxxx - VF334xxxxx Kenmore Elite model numbers 790.990121* 790.990131* 790.990141* 790.990191*

New Jersey overall gambling revenue up 10.4% in April, but in-person casino winnings were down 2024-05-16 19:17:38+00:00 - ATLANTIC CITY, N.J. (AP) — New Jersey’s casinos, horse tracks that accept sports bets and their online partners won more than half a billion dollars from gamblers in April, an increase of 10.4% from a year earlier, state gambling regulators said Thursday. But that was due in large part to the state’s second-best month ever for internet gambling. The industry’s key business — money won from in-person gamblers — continued to sag, down 6.3% from a year ago. Figures released by the New Jersey Division of Gaming Enforcement show the casinos, tracks and their partners won nearly $511 million in April from in-person gambling, internet betting and sports bets. But money from internet and sports bets must be shared with casino partners such as sports books and tech platforms and is not solely for the casinos to keep. For that reason, casinos consider in-person winnings to be their core business. And it’s one that continues to struggle. Six of the nine casinos won less from in-person gamblers in April than they did a year earlier. And six of nine casinos also won less in-person money this April than they did in April 2019, before the COVID-19 pandemic hit. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, said that while in-person casino winnings are likely to improve in the coming summer months as visitation spikes, Atlantic City may see more of its revenue growth come from non-gambling areas such as food and beverage sales. “It will be many months before a clear picture of this trend is available, but operators’ recent investments in improving resort offerings suggest that a significant shift in the market’s overall revenue mix could be coming,” she said. “A focus beyond gaming, to the elements that make Atlantic City unique and a stronger competitor against the threat of New York City casinos, is simply good business.” In terms of in-person revenue, the Borgata won $58.3 million, up half a percent from a year earlier; Hard Rock won $41.1 million, up 6%; Ocean won $28.8 million, down 15.6% in a month during which part or all of its casino floor was shut down for four days while switching from one computer system to another; Tropicana won $17.7 million, down 9.2%; Harrah’s won $16.4 million, down nearly 25%; Caesars won $16 million, down 18.4%; Bally’s won $13.1 million, down 4.9%; Golden Nugget won $12.7 million, down 3.1% and Resorts won $12.4 million, virtually flat from a year ago. Including internet and sports betting revenue, Borgata won $107.7 million, down 0.2%; Golden Nugget won nearly $66 million, up 20.4%; Hard Rock won $55.2 million, up 18.6%; Ocean won $35.7 million, down 8.6%; Tropicana won $34.8 million, up nearly 28%; Bally’s won $21.5 million, up 5%; Harrah’s won $18.3 million, down 16%; Caesars won $16.1 million, down 19.3%; and Resorts won $12.1 million, down nearly 2%. Among internet-only entities, Resorts Digital won $66.4 million, up 7.2%, and Caesars Interactive NJ won $612,910 in a month in which three internet gambling sites switched from the interactive company to Tropicana. Internet gambling had its second-best month in April with nearly $188 million won online, an increase of 18.2% from a year ago. Sports betting brought in over $1 billion in April, with $106 million of that total kept as revenue after paying off winning bets and other expenses. The Meadowlands Racetrack in East Rutherford, near New York City, won the lion’s share of that at $73.1 million. Resorts Digital won nearly $19 million; Freehold Raceway won $2.2 million, and Monmouth Park Racetrack in Oceanport won $953,798. ___ Follow Wayne Parry on X at www.twitter.com/WayneParryAC 3%;

Teen Who Died After Spicy ‘One Chip Challenge’ Had Enlarged Heart 2024-05-16 19:15:25+00:00 - A 14-year-old whose family said he had eaten a chip made with two of the hottest peppers in the world died of cardiopulmonary arrest, according to a medical examiner’s report released on Thursday, which noted that he had eaten a spicy substance and had an enlarged heart. The report found that the teenager, Harris Wolobah of Worcester, Mass., died on Sept. 1 of “cardiopulmonary arrest in the setting of recent ingestion of food substance with high capsaicin concentration in a person with cardiomegaly and myocardial bridging of the left anterior descending coronary artery.” Capsaicin is the chemical compound found in chili peppers that causes a burning sensation. Cardiomegaly is commonly known as an enlarged heart. And myocardial bridging refers to a coronary artery that passes through a band of heart muscle instead of lying on top of it. The Massachusetts Office of the Chief Medical Examiner said the manner of death “could not be determined.” Examples of the manner of death in other cases include “natural,” “accident” and “homicide.”

Former Post Office executive tells Horizon inquiry she blocked Paula Vennells’ number 2024-05-16 18:44:00+00:00 - A former Post Office executive has told the inquiry into the Horizon scandal that she blocked Paula Vennells’s phone number after the company’s ex-CEO contacted her asking for help to “plug memory gaps” and to “avoid an independent inquiry”. Lesley Sewell, who was chief information officer at the Post Office until she left in 2015, said that she had subsequently been contacted by her former boss four times in 2020 and 2021. She was giving evidence on Thursday before the inquiry into the wrongful prosecution of hundreds of Post Office operators who were hounded by the state-owned company because of financial shortfalls in their branch accounts. It has since emerged that these discrepancies were due to IT bugs in the Post Office’s Horizon computer system. Sewell said in her witness statement that in March 2020, Vennells, who had resigned as chief executive the year before, emailed her to ask for a call after being asked to appear before a select committee of MPs. She said Vennells told her she had “been asked at short notice to appear before a … select committee on all things Horizon … and need to plug some memory gaps! My hope is this might help avoid an independent inquiry but to do so, I need to be well prepared.” View image in fullscreen Paula Vennells stepped down as the Post Office’s chief executive in 2019. Photograph: Jeremy Durkin/PA Sewell said she had not spoken to Vennells since 2015 but had agreed to talk to her briefly in March 2020 and again in June and December the same year. Vennells also texted her asking for a call in April 2021. Sewell told the inquiry she had taken notes of their subsequent conversation, which she had provided to the hearing, and which show the two women talked about an internal report on Horizon conducted by Deloitte. “I can see from my notes that there is reference to the Project Zebra Deloitte report and a reference to a call to Gareth James of Deloitte who I recall was the lead on this project,” Sewell said in her witness statement. “I cannot recall why he was mentioned. I do not know what is meant by ‘lawyers say we didn’t do anything about it’. Paula must have said this to me and I do not know to which lawyers she referred.” Sewell added in her witness statement: “Paula contacted me on four occasions in total. I recall blocking her number after the last call as I did not feel comfortable with her contacting me. I had no access to POL [Post Office Ltd] papers and was relying on my memory only.” 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 She became emotional in her evidence to the inquiry and wept at times. “I do feel so deeply about all this and for all the subpostmasters,” she said at one point. Sewell said she had resigned from the Post Office in June 2015 without another job to go to as by the end of 2014 she had become “very unhappy” with internal changes at work. She added that “towards the end of my tenure, the culture was not supportive and did not fit with my personal values. All of this made me so unhappy that it was affecting my physical and mental health.” The inquiry continues, with Vennells due to testify for three days next week.

Three UK banks announce cuts to cost of fixed-rate mortgages 2024-05-16 18:39:00+00:00 - Three UK banks have announced cuts to the cost of fixed-rate mortgages, reversing some of the price rises seen in recent weeks. Barclays Bank has announced it will reduce the price of five-year fixed-rate deals for new borrowers and remortgagers by up to 0.45 percentage points from Friday. Its five-year fixed-rate for borrowers with a 40% deposit is decreasing from 4.47% to 4.34%. At HSBC there will be cuts to two-, three- and five-year home loans, and the bank has withdrawn the 10-year fixed-rate mortgages it offers to remortgage customers. TSB will also make changes on Friday, and cut two- and five-year deals for house purchases by up to 0.10%. In recent weeks lenders had been increasing the price of mortgages as the prospect of a spring interest rate cut from the Bank of England receded. However, money market “swap rates” on which most fixed-rate deals are based have started to fall this week. Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “This latest round of mortgage rate reductions from some big lenders is great news for borrowers. “They come on the back of a decline in swap rates, which underpin the pricing of fixed-rate mortgages, over the past week. “These cuts should give other lenders confidence to make similar reductions, which will stimulate activity and provide a welcome boost for the market.” Figures from the financial data firm Moneyfacts have shown little movement in mortgage rates in recent days. The latest put the average two-year fixed residential mortgage rate at 5.92%, unchanged from the day before, while the average five-year rate remained at 5.49%. 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 Despite the rate cuts, anyone remortgaging from a two-year fixed rate mortgage still faces a big increase in repayments: in May 2022 the average cost of one of those deals was 3.03%. A Reuters poll published on Thursday found just over half of economists questioned expected the Bank to reduce rates to 5% in August, while just over 43% thought a cut could come in June.

More trouble in Belgium for Miami-based 777 Partners after court authorizes seizure of assets 2024-05-16 18:37:32+00:00 - BRUSSELS (AP) — A Belgian court ruled Thursday that all assets in the country belonging to American investment group 777 Partners can be seized, in the latest legal setback for the embattled company that owns Standard Liège and several other soccer clubs. The decision by a court in Liege came after Standard’s former owner Bruno Venanzi and shareholders of the company holding the club’s stadium requested the move, saying 777 had defaulted on a payment. It comes after a period of legal and financial turmoil for the Miami-based investment company, which has also seen its airline in Australia grounded in recent weeks and faces a massive fraud lawsuit in New York. Belgian media reported that the court authorized the seizure of all 777 Partners’s assets in the country, including Standard’s accounts and shares, as well as shares in Immobilière Standard de Liège, which owns the Maurice Dufrasne stadium. The court declined to comment when contacted by The Associated Press. “Following the seizure of 777’s assets, including shares and accounts in Belgium of Immobilière and the club, we hope that this move will prompt 777 and/or its crisis manager to respond to our questions and requests, which have so far been ignored,” Immobilière said in a statement relayed by Belgian media. “If there is no response from them, we will take further action to protect our interests and those of Standard Liège,” it added. “Our priority is to ensure the continuity and stability of the club in the short, medium and long term. We are at the disposal of the club’s management to help them find a lasting solution for Standard Liège.” Fans of Standard, a 10-time Belgian champion, have stepped up protests this season against 777, whose financial problems led to the club currently being under another temporary transfer embargo. Last week, Standard was unable to play a league game when protesting fans blocked the team bus from reaching the stadium. 777’s other clubs include Genoa in Italy’s top tier, Hertha Berlin in Germany’s second division and Vasco da Gama in Brazil. The company’s most ambitious move in soccer, attempting to buy storied English Premier League club Everton, has stalled for months as doubts have grown about closing the deal. ___ AP soccer: https://apnews.com/hub/soccer

Love Island and Towie stars charged with promoting trading scheme on Instagram 2024-05-16 18:30:00+00:00 - The UK’s financial watchdog has charged seven reality TV stars, including former Love Island contestants and cast members from The Only Way is Essex (Towie), with promoting an unauthorised foreign exchange trading scheme on Instagram. The Financial Conduct Authority (FCA) has brought charges against nine people in a crackdown on “finfluencers” who have a total of 4.5m followers on the social media platform. The former Love island contestants Biggs Chris, 32, Jamie Clayton, 32, Rebecca Gormley, 26, and Eva Zapico, 25, face one count of issuing unauthorised communications of financial promotions, an offence under the Financial Services and Markets Act 2000 that is punishable by a fine and up to two years in jail. The Towie stars Lauren Goodger, 37, and Yazmin Oukhellou, 30, face the same charge, along with Scott Timlin, 36, a former winner of Celebrity Big Brother. View image in fullscreen Yazmin Oukhellou, who starred in The Only Way Is Essex. Photograph: Dave J Hogan/Getty Images View image in fullscreen Scott Timlin, a former winner of Celebrity Big Brother. Photograph: Karwai Tang/WireImage The FCA alleges that Emmanuel Nwanze, 30, and Holly Thompson, 33, offered advice on buying and selling high-risk investment products called contracts for difference (CFDs) over Instagram between May 2018 and April 2021, despite not being authorised to do so. It alleges that Nwanze paid the group of seven reality stars to promote the @holly_fxtrends Instagram account to their followers. Thompson and Nwanze have been charged with issuing unauthorised communications of financial promotions, and the latter has also been charged with running an unauthorised investment scheme. All nine will appear before Westminster magistrates court on 13 June. The FCA asked anyone who believed they had sustained a loss due to the scheme to contact its consumer contact centre.

Walmart says more diners are buying its groceries as fast food gets pricey 2024-05-16 18:18:00+00:00 - Forget the drive-thru. Walmart wants diners to find a value meal in its grocery aisles. As fast food gets pricier, the nation’s largest grocer sees a sales opportunity. On a call with CNBC on Thursday, Walmart Chief Financial Officer John David Rainey said some of the discounter’s sales growth in the recent quarter came from customers who turned to its grocery aisles for cheaper meals than they can get at quick-service restaurants. “It’s roughly 4.3 times more expensive to eat out than it is to eat at home,” he said. “And that’s benefiting our business.” As customers see some grocery items stay the same price or even become cheaper, the gap between buying menu items and cooking food at home has grown even wider, he said. Walmart’s stock soared to an all-time high on Thursday, after it beat Wall Street’s quarterly sales and revenue expectations and said it expected its full-year results to be on the high end of, or better than, its previous forecast. Transactions in the U.S. rose 3.8%, as more customers visited its stores and website. Walmart’s strong store traffic and quarterly results are at odds with those of restaurant companies, including McDonald’s, Starbucks and Yum Brands. Foot traffic to limited-service chains, which includes fast-food and fast-casual restaurants, fell 3.5% in the first quarter, according to Revenue Management Solutions. Restaurant executives blamed bad weather in January and February — and a consumer slowdown, particularly among lower-income diners. Like many restaurants, McDonald’s has faced backlash to its prices. An $18 Big Mac combo sold at one of its franchised restaurants in Connecticut went viral on social media, prompting executives to defend the chain’s pricing on its conference call. The burger giant reported disappointing U.S. same-store sales growth of 2.5%, suggesting that its foot traffic fell during the quarter. Still, McDonald’s CEO Chris Kempczinski said consumers, particularly those earning lower incomes, are hunting for deals. The chain will offer a $5 value meal starting June 25 for roughly a month. Not all restaurants have had trouble getting diners to pay higher prices: fast-casual chains like Chipotle, Wingstop and Sweetgreen all reported strong sales in their most recent quarters. Inflation data from the U.S. Labor Department reflects the difference between the price that customers pay for food they cook at home or pack for lunch, compared with what they pay at a coffee shop or restaurant. As of April, the price of food at home, a category that measures the total cost of food purchased at grocers or other food stores, was up 1.1% year over year. The price of food away from home rose significantly more: 4.1% year over year. On the company’s earnings call on Thursday, Walmart U.S. CEO John Furner pointed to newer tool in Walmart’s arsenal that it can use to compete more aggressively with restaurants: its new grocery brand, Bettergoods. The premium line includes unique flavors and merchandise tailored for more health-conscious customers or ones with a special diet, such as gluten-free or plant-based items. For example, it includes strawberries and cream-flavored Greek yogurt, curry chicken empanadas, restaurant-style chicken wings and salted caramel oat milk ice cream. Seventy percent of the brand’s items are under $5, Furner said — a price point that may catch the eye of shoppers “trying to feed a family of four, five, [or] six.” — CNBC’s Amelia Lucas contributed to this report.

As conservatives put religion in schools, Satanists want in, too 2024-05-16 18:08:00+00:00 - The Temple believes in reason, empathy and the pursuit of knowledge, its website FAQ helpfully explains. And it doesn’t worship Satan. “Satan is a symbol of the Eternal Rebel in opposition to arbitrary authority,” it states. But it’s not just a joke, supporters say. And opponents seem to agree. One man was charged in January with a hate crime for vandalizing the temple’s altar at the Iowa State Capitol. Another was arrested and accused of throwing a pipe bomb at the group’s headquarters in Salem, Massachusetts, leaving a note that urged the group to “REPENT” and “TURN FROM SIN.” And a third was arrested this month and accused of plotting to blow up the headquarters. “It definitely started with a kind of humorous or satirical element to it, but this is a movement with hundreds of people that’s been going for 10 years now — they’re quite serious about it,” said Joseph Laycock, a religious studies professor at Texas State University who wrote a book-length study about the group. “They’re willing to put up with death threats. They’re willing to wear bulletproof vests because Neo-Nazis have threatened to kill them if they give a public speech. People don’t normally take those kinds of risks for a joke.” Interest in joining the Satanic Temple shot up in recent years, Greaves said, and the number of congregations more than doubled since 2021. That coincides with a decrease in the number of self-identified Christians in the U.S. and a growing movement among right-wing activists to insert conservative Christian doctrines into public policy and schools. “The real fear of Christian nationalism is driving people into the arms of groups like the Satanic Temple,” Laycock said. “And then the fact that there are now Satanists taking to the streets of America is causing the Christian nationalists to double down, too, and making them even more determined to cling to power for as long as they can.” The laws in Florida and Texas require school boards to vote on whether to appoint chaplains in their districts. Similar bills have been proposed in 13 other states this year. The proposals, which vary slightly, would have chaplains of various denominations serve in similar capacities as school counselors, in some cases with on-campus offices or salaries paid for by the districts. “They are able to help the child work through their issues, work through their feelings, and also encourage them to work with their parents, in accordance with their family’s underlying religious foundations,” said Brad Dacus, president of Pacific Justice Institute, a conservative advocacy group that testified in favor of the Texas bill. Proponents of chaplains in schools have gone on the offensive, vowing that the Satanic Temple won’t infiltrate their schools. “There will be no Satanists in Oklahoma Schools. Period,” Ryan Walters, the state’s right-wing superintendent of public instruction, recently tweeted. Florida Gov. Ron DeSantis declared at a bill signing for the new law last month that the Temple wouldn’t qualify to provide chaplains. “That is not a religion,” he said. But legal experts warn that conservatives disregard the Satanic Temple at their own peril, because the group’s strategy of stepping into spaces intended for other religions is often effective. In 2016, the Temple began running After School Satan Clubs, seeking to start them in schools that already had Christian-based groups on campus. A federal court sided with the Temple in a legal challenge last year, and there are currently seven clubs nationwide, where children make arts and crafts, learn about animals and do science experiments. “The Constitution is unambiguous about this,” Greaves said. “You just cannot take a religious identity and cut it out from a public accommodation. It’s against the law, the school districts will lose, they’ll have to pay the attorneys fees, and frankly, they shouldn’t be pulling their budget into this culture war grandstanding B.S.”

Union warns of threat to Harland & Wolff jobs if Treasury vetoes £200m support 2024-05-16 18:02:00+00:00 - A union representing workers at the historic Harland & Wolff shipyard in Belfast has written to the chancellor, Jeremy Hunt, warning that doubts over financial support for the company are putting jobs in jeopardy. The GMB said workers were concerned by claims that a £200m export guarantee could be blocked by the Treasury, despite having the backing of the ministries for defence, business and trade, and Northern Ireland. The news follows reports that the chancellor is considering blocking the controversial £200m financial support package for the company, which also owns facilities in Devon and Scotland as well as the Belfast shipyard, which is famous for being the place where the doomed liner Titanic was built. The row has cast doubts over the government’s commitment to spreading contracts for navy ships across the UK under its national shipbuilding strategy, and the suggestion by the defence secretary, Grant Shapps, in a speech on Tuesday that the UK had entered a “golden age of shipbuilding”. Harland & Wolff is part of a consortium with Spain’s state-owned Navantia that was awarded a £1.6bn contract to build “fleet solid support ships” – auxiliary vessels designed to transport ammunition and other provisions to Royal Navy warships. In the letter to Hunt, the GMB’s general secretary, Gary Smith, wrote: “The workforce at Harland & Wolff are maximising UK manufactured content that supports growth and security of UK capabilities, in areas that need these jobs and apprenticeships – Northern Ireland, Devon, the Outer Hebrides and Fife. “All of this is being placed in jeopardy by the time it is taking to get a [UK Export Finance] guarantee to allow the business to refinance.” Harland & Wolff has applied for a £200m guarantee from UK Export Finance, a government body. The guarantee would allow it to borrow to pay off expensive debts owed to Riverstone Credit Partners, a US investor. However, the Treasury is reportedly considering vetoing the support, which would underwrite £200m in loans to a company whose stock market value this week slumped to £17m. View image in fullscreen Rishi Sunak on a visit to the shipyard in 2022. Photograph: Charles McQuillan/Getty Images The Harland & Wolff yard is well known in Belfast because of its two yellow cranes – Samson and Goliath – that dominate the city’s skyline. However, the London-headquartered company bearing its name only bought the famous shipyard out of administration in 2019, before adopting the historic brand in 2021. The company has not made a profit since shifting focus from developing a gas storage project to taking over the shipyard. It lost nearly £100m in 2021 and 2022. The award of the £1.6bn contract to Harland & Wolff and Navantia has proved controversial, given the UK company’s relatively small size and limited experience. Kevan Jones, Labour MP for North Durham, said he was concerned that the Royal Navy’s fleet solid support ships would have to be built entirely at Navantia’s Cádiz yard if Harland & Wolff were to fail. That would undermine the British government’s hopes to keep jobs and expertise in the UK. 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 “Awarding this contract in the first place went against the interest of the national shipbuilding strategy,” Jones said. “Questions need to be asked why – knowing what we know now about Harland & Wolff – they were given the multibillion-pound contract in the first place.” Gavin Robinson, the interim leader of the Democratic Unionist party and the MP for the Belfast East constituency, which contains the shipyard, said on Wednesday that reports that the company could collapse were “wide of the mark” and that there was “strong support for the yard in London”. Ben Wallace, who was defence secretary until last summer, told the Times, which first reported the suggestion the £200m support package could be withheld, that the Treasury had been “hostile” to the national shipbuilding strategy and that it had “continued to hamper efforts to put the UK shipbuilding back on track”. Harland & Wolff said on Wednesday it was “comfortable with progress on what is a complex and large transaction for all parties involved”, in a statement to the stock market. A government spokesperson said: “We continue to engage with Harland & Wolff on the export development guarantee. Due to commercial sensitivities, it would not be appropriate to comment further until the outcome of the process is confirmed. No final decisions on the provision of support have been made.” Harland & Wolff did not respond to requests for comment. Navantia declined to comment.

Investing in 5G Stocks: Still an Opportunity 2024-05-16 17:54:00+00:00 - 5G technology is one of those innovations that are so transformative that they create entirely new sectors for investors. Investing in 5G is not merely about buying tech stocks or even specific niches like entertainment or streaming. Instead, investing in 5G encompasses all these areas and then some. This wireless technology promises more than just faster speeds and improved latency; it represents a foundational shift in how we connect and interact with technology. Get stock market alerts: Sign Up By now, you've likely heard the term "5G wireless" numerous times, most likely by companies claiming the superiority of their 5G networks. If you own a 5G smartphone and don't notice a significant difference in speed, it's likely because your geographical area might not fully support 5G yet. However, by 2025, 5G is projected to cover two-thirds of the world. The 5G revolution is still in the rollout phase, and with tech stocks experiencing a market plunge, there are significant opportunities for those interested in investing in 5G stocks. Keep reading to learn more about the 5G industry, key 5G stocks to invest in, and the various ways to gain exposure to 5G technology. Why Invest in 5G? The primary reason to invest in any technology is to profit from its potential upside. By the end of 2023, 5G technology reached about 40% of the global population. But the coverage is uneven, with high-income countries having significantly more access than low-income regions. For example, 5G covers 89% of the population in high-income countries, but this figure drops below 10% in some lower-income regions like Africa and the Commonwealth of Independent States (CIS), which comprises former Soviet Republics. 5G technology offers a platform for innovation and efficiency, enhancing existing applications and opening the door to numerous new technologies and applications. QUALCOMM (NASDAQ: QCOM) estimates that 5G will enable up to $13.1 trillion in global sales activity by 2035. While the initial hype around 5G has peaked and somewhat subsided, the pandemic accelerated e-commerce and wireless broadband usage, hastening the move toward widespread 5G adoption. We are now in the phase where consumers and businesses are beginning to access and utilize 5G. Despite current economic uncertainties, there is a resurgence in 5G interest and investment, indicating significant potential for growth. Ways to Invest in 5G When investing in 5G, you should consider three key areas: infrastructure, hardware, and service providers. Improved applications are indirect beneficiaries of 5G. For example, Apple's iPhone 14 has 5G capabilities, but investing in Apple Inc. (NASDAQ: AAPL) is not a direct investment in 5G. Infrastructure Infrastructure companies build, upgrade, and service the networks operating 5G. Service providers can temporarily increase capacity by upgrading existing 4G networks while constructing the radio access network (RAN) towers and small-cell base stations needed for standalone 5G. Infrastructure investment also includes bidding for higher spectrum bands in auctions. Hardware Hardware companies supply key components for the equipment enabling, operating, and utilizing 5G. This includes mobile semiconductors, wireless chipsets, routers, optical fibers, and various semiconductor companies supplying processors for 5G usage. Service Providers Service providers include telecommunications and broadband wireless providers that operate the networks. They may own or lease network towers and provide access to 5G services, enabling consumers and businesses to use 5G-enabled devices. Why Does 5G Create a Different Opportunity for Investors? The first two generations of wireless technology (1G and 2G) allowed for wireless communication through voice, text (SMS), and multimedia messaging services (MMS). The introduction of 3G around 2000 enabled the smartphone revolution, increasing network bandwidth and allowing internet applications, audio, and video files. When 4G arrived about a decade later, it improved latency, allowing for faster uploads and enabling streaming music and video. Unlike the transition from 1G to 4G, which did not require significant infrastructure changes, 5G demands substantial infrastructure investment, creating broader opportunities for investors. How to Invest in 5G Technology The deployment of 5G technology is transforming various sectors and industries, including semiconductors, equipment and infrastructure, real estate investment trusts (REITs), media companies and streaming services, video gaming, cloud computing, and healthcare. By investing in these companies and sectors, investors can capitalize on the potential of 5G technology, which is revolutionizing how we connect and interact with the digital world. Semiconductors: Like most things tech, the building blocks of 5G are found in the tiny computer chips that allow processors to calculate data and execute commands. Companies that produce semiconductors include Qualcomm (NASDAQ: QCOM), NVIDIA (NASDAQ: NVDA), and Skyworks Solutions (NASDAQ: SWKS). Equipment and Infrastructure: Before wireless signals reach connected devices, they must pass through a network of basic hardware, including fiber optic wires. Although this network is invisible to consumers, it's vital to enabling 5G. Equipment and infrastructure companies include Corning Inc. (NYSE: GLW) and Ciena Co. (NYSE: CIEN). Real Estate Investment Trusts: 5G requires a new network of mini towers and other fixed-in-place assets, creating opportunities for REITs that own and operate the core real estate holdings needed to expand the 5G network. REITs include American Tower (NYSE: AMT) and Crown Castle (NYSE: CCI). Media Companies and Streaming Services: Companies like Netflix (NASDAQ: NFLX), Disney (NYSE: DIS), Comcast Corporation (NASDAQ: CMCSA), and Warner Bros. Discovery, Inc. (NASDAQ: WBD) create and stream films, music, and other programming. 5G technology will also benefit social media companies. Video Games: 5G technology will enable faster download speeds, lower latency, and enhanced cloud gaming experiences, making high-quality gaming more accessible and seamless on mobile devices. Video game companies include Activision Blizzard (NASDAQ: ATVI) and Electronic Arts (NASDAQ: EA). Cloud Computing: 5G will enable faster and easier communication with cloud platforms and cloud-based applications. Companies in this space include Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT). Healthcare: Telehealth and advancements in virtual reality will expand with 5G, improving remote patient care and diagnostics. Teladoc Health Inc. (NYSE: TDOC) and Medtronic (NYSE: MDT) are two healthcare companies using 5G to enhance their abilities to care for patients. In addition, Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) and Nokia Oyj (NYSE: NOK) are two service prodivders that also provide infrastructure and produce semiconductors. Another way to invest in 5G stocks is through an exchange-traded fund (ETF) that tracks an index of 5G-related stocks. While there aren't ETFs specifically labeled "5G ETF," several ETFs provide good exposure to areas likely to benefit from 5G like the Global X Internet of Things ETF (NASDAQ: SNSR) and the Defiance Next Gen Connectivity ETF (NYSEARCA: FIVG). For even less risk, you can consider ETFs focused on the infrastructure behind 5G, such as semiconductor-focused ETFs. Pros and Cons of Investing in 5G Like any stock, investing in 5G has benefits and drawbacks that you should consider. Pros Diversification : 5G gives investors exposure to a wide range of sectors, many of which are among the hottest in the stock market. : 5G gives investors exposure to a wide range of sectors, many of which are among the hottest in the stock market. AI Applications : AI applications will become more efficient as 5G enables robust real-time data collection for device-to-device (D2D) and machine-to-machine (M2M) communications. : AI applications will become more efficient as 5G enables robust real-time data collection for device-to-device (D2D) and machine-to-machine (M2M) communications. Efficiency: 5G will make data-heavy and mission-critical applications more efficient and mainstream, from precision farming (agriculture technology) to smart cities and autonomous vehicles. Cons Weak Economy Tailwinds : Investing in 5G can be risky during recessions and weak economic climates, as companies may cut capital expenditures, and consumers may reduce expenses, including upgrades to 5G-enabled devices or plans. : Investing in 5G can be risky during recessions and weak economic climates, as companies may cut capital expenditures, and consumers may reduce expenses, including upgrades to 5G-enabled devices or plans. High Buildout Costs : Financing 5G infrastructure buildout is expensive, especially with rising interest rates. : Financing 5G infrastructure buildout is expensive, especially with rising interest rates. Export Challenges: A strong U.S. dollar can negatively impact 5G companies exporting products overseas. The 5G Revolution Is a Unique Opportunity Investing in 5G technology allows you to be part of a transformative wave that promises to revolutionize various industries. Unlike previous generations of wireless technology, 5G is set to drive advancements far beyond faster internet speeds, impacting fields such as artificial intelligence, autonomous vehicles, and the IoT. As the technology continues to roll out and expand its reach globally, the potential for growth in 5G-related stocks remains significant. Understanding the diverse landscape of 5G investments — from infrastructure and hardware to service providers and application beneficiaries — is crucial. By focusing on key players in the market and staying informed about industry trends and regulatory developments, you can strategically position yourself to capitalize on the growth of 5G. The current economic environment and the ongoing expansion of 5G coverage present a compelling case for both short-term gains and long-term growth potential. With careful analysis and a diversified approach, investing in 5G stocks can be a profitable addition to any investment portfolio.

How Media Outlets Are Covering Michael Cohen’s Testimony 2024-05-16 17:23:12+00:00 - The country’s liberal and conservative media outlets seemed to agree on one thing this week: Michael D. Cohen, the government’s star witness in its case against former President Donald J. Trump, was worth belittling. But they made that argument in far different ways. Conservative outlets painted Mr. Cohen, a former lawyer for Mr. Trump, as a traitor to the conservative cause. Liberal outlets focused on Mr. Cohen’s testimony about how he would do anything to impress Mr. Trump. But there was also one bigger difference about their coverage of Mr. Cohen’s testimony. Most of the liberal news outlets gave prominent coverage to what he said at the trial, the first criminal trial against a former president. Numerous conservative outlets downplayed much of what he said in court.

The chancellor should ditch the NatWest retail share offer. It’s not needed 2024-05-16 17:07:00+00:00 - The government’s plan to sell shares in NatWest to the general public is so advanced that the odds on the chancellor pulling the plug on a pet project are slim. Investment bankers from Barclays and Goldman Sachs are doing their well-remunerated stuff, and M&C Saatchi is knocking up some adverts. The go-ahead for a rah-rah pre-election retail share offer is expected any week now. In a rational world, though, Jeremy Hunt would call the whole thing off. He already has a tried-and-tested method for disposing of the state’s NatWest shares and – this is the point – it is working splendidly. Look at the pace at which the Treasury in recent months has been able to shift shares in the former Royal Bank of Scotland, 84% nationalised in 2008, by simply selling them on the stock market. At the end of the last year, the government’s stake was 38%. It dipped below 30% in March, allowing the Treasury to crow about no longer being considered a “controlling shareholder”. This week the holding, worth £7.66bn, went just under 27%. An 11% stake has been sold in just five months. It has happened quietly because that’s how the NatWest “trading plan”, adopted in 2021, is meant to operate. Shares are dribbled into the market with the aim of not disturbing the underlying price and thereby getting full value for the public purse on the day. Amid the general stock market rally this year, conditions have been near perfect. The Treasury has been selling at ever-higher prices and NatWest’s shares have improved from 218p at new year to 326p. Why mess with this winning formula? In a retail offer, brokers suggest a 10% discount would be needed to entice punters, probably in the form of loyalty bonus for those who keep their shares a year. So, if the offer were as large as £3bn, which seems to be the ambition, the Treasury could be giving away £300m of value versus the market price at the time. That is not small change. Here’s the Treasury’s rationale from March: “A retail sale could not only help achieve the goal of exiting the NatWest shareholding, but also help support wider government priorities on our ambitious financial services agenda, including promoting retail investing and the UK’s capital markets.” 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 On the first goal – getting the state rid of NatWest altogether – it is obviously true that flogging a big slug of shares in one go would speed things up. But the government’s deadline for a full exit is spring 2026 and the trading plan, involving no discounts, looks capable of delivering ahead of time. That’s even before one counts “directed buy-backs” in which the government sells shares to NatWest itself. The bank, flush with capital these days, said last month it has capacity to buy a 5% stake this year. So we’re down to the “wider government priorities”, meaning the idea that a sale to the public would do wonders for share ownership in the UK. Would it, though? Unlike the privatisations of the 1980s and 1990s, anyone can buy shares in NatWest today. The main reason to participate in a retail offer would be because the government is selling below market price to people able to write a cheque for a couple of grand at short notice. That is not a pure message about the virtues of long-term investing. Hunt would do better to shout about his new British Isa, the success of auto-enrolment and so on. Or tell the City to give retail investors access to stock market flotations. Or, to make a proper splash, cut stamp duty on share purchases. At the time of the 2023 autumn statement, when Hunt first mentioned a retail offer, there was a stronger case for it. NatWest’s shares were becalmed and outside investors were fretting about the bank’s relations with government after the Coutts/Nigel Farage fiasco. The Treasury’s 39% stake at the time was acting as a drag. A retail offer had some merit as a way to reset the mood. But today’s picture is different. NatWest has a new chairman and chief executive and the shares stand at their highest level since 2015. The surest sign the market is regarding NatWest as a “normal” bank is that its valuation is well above reported net asset value. Now that the state’s stake is falling fast in orderly fashion, the dynamic has changed. NatWest/RBS was nationalised on behalf of all of us. We reconciled ourselves long ago to the fact that the 502p “in” price from 2008 was over the horizon. But the duty to maximise value at disposal, which Hunt sometimes remembers to mention, should mean something. There is no need for a flashy retail offer in which public money slips between the cracks. Stick to the trading plan.

Walmart chia seeds sold nationwide recalled due to salmonella 2024-05-16 15:56:00+00:00 - Experts share advice on avoiding foodborne illness Experts share advice on avoiding foodborne illness 02:43 Chia seeds sold at Walmart stores nationwide are being recalled because the product may be contaminated with salmonella, according to a notice posted by the Food and Drug Administration. The recall involves 32-ounce pouches of Great Value Organic Black Chai Seeds with an expiration date of Oct. 30, 2026, according to Natural Sourcing International, or NSI, a Los Angeles supplier of private-label food. Walmart introduced its Great Value brand in 1993 to offer lower-cost versions of nationally branded products. The possibly tainted products were sent to Walmart for distribution at its retail stores nationwide, NSI stated. Salmonella can cause serious and sometimes fatal infections in the young, frail or elderly, and those with weakened immune systems. Healthy people infected with the bacteria often have symptoms including fever, diarrhea, nausea, vomiting and abdominal pain. Chia seeds sold at Walmart stores nationwide are being recalled because the product may be contaminated with salmonella, according to a notice posted by the FDA U.S. Food and Drug Administration The products being recalled have the lot number 24095 C018 and the UPC code 078742300665 printed on the bottom of the back panel of the packaging. The recall involves 32-ounce pouches of Great Value Organic Black Chai Seeds with an expiration date of Oct. 30, 2026, according to private-label food supplier NSI. U.S. Food and Drug Administration People who purchased the recalled products should throw them away and contact NSI for a replacement upon proof of purchase. The company can be reached at 818-405-9705 Monday through Friday from 9 a.m. to 4 p.m. ET or by email at customerservice@organically-simple.com. Salmonella bacteria cause about 1.35 million infections, 26,500 hospitalizations and 420 deaths in the U.S. every year, the Centers for Disease Control and Prevention estimates. Food is the source for most of the illnesses, the agency noted.

The Dow just hit 40,000. Here's a look at how it got here. 2024-05-16 15:30:00+00:00 - The Dow first closed above 20,000 in early 2017, as investors began pricing in lower corporate taxes in the U.S. under former President Donald Trump. Those expectations were met toward the end of that year and also drove the Dow above 25,000 by January 2018. However, the Dow struggled in 2018 after the excitement around lower taxes faded, with trade tensions between China and the U.S. rising and the Federal Reserve raising interest rates. The Dow finished the year down more than 5%. In 2019, the stock market recovered as the Fed pivoted away from raising rates. By early 2020, the Dow was nearing 30,000 — reaching a high of 29,551.42 on Feb. 12, 2020. Then came the Covid-19 pandemic. The Dow tumbled 38% from its February 2020 intraday peak to a low of 18,213.65 in March 2020. Over the following months, the benchmark would recover as progress on Covid vaccine development ramped up, the Fed and lawmakers took unprecedented measures to support the economy. By November 2020, the Dow had closed above 30,000 for the first time. The momentum from the Covid lows carried through to 2021, with the Dow breaking above 35,000. However, the good times wouldn’t last for much longer, as a bear market knocked the Dow all the way down to 28,660.51 before recovering. Since reaching that low, the Dow has surged 40%.

United Utilities raises investor payouts a day after Windermere sewage discharge revealed 2024-05-16 15:24:00+00:00 - One of Britain’s most polluting water companies has increased its payouts to shareholders by nearly 10% in the same week that it emerged it had pumped raw sewage into Windermere in the Lake District for 10 hours. United Utilities will pay its investors – which include some of the world’s biggest asset managers – £339m in dividends for this year, up from £310m for 2023, after it reported higher operating profits thanks to a rise in customer bills. The water company, which serves 7 million customers across north-west England, said its annual revenues had risen by about 8% to almost £2bn last year, mainly driven by a higher revenue cap, which was reset by the regulator to take account of inflation. United Utilities’ dividend windfall will flow to funds managed by major institutional investors, which include US finance giants Lazard Asset Management, Vanguard Group and BlackRock, as well as Legal & General Investment Management. The water company reported the shareholder windfall after it was revealed on Wednesday that millions of litres of raw sewage had been illegally pumped into England’s biggest lake earlier this year. United Utilities reportedly failed to stop illegal pollution of Windermere, in the Lake District, for 10 hours in February. The company did not report the incident to the Environment Agency until 13 hours after it started, according to a BBC investigation. The BBC cited United Utilities documents it had obtained that revealed that a telecoms fault on the night of 28 February had caused the main pumps at United’s Bowness-on-Windermere facility to stop. A set of emergency pumps then discharged untreated sewage into Windermere, which is part of a Unesco world heritage site. The company said the incident had been reported “within an hour of the pollution being confirmed” and as soon as the fault had been discovered its engineers “took urgent steps to resolve the situation”. In March, official figures indicated that last year nearly a third of United Utilities’ storm overflows had discharged raw sewage 60 times or more – the threshold for an Environment Agency investigation. Louise Beardmore, the company’s chief executive, said United Utilities had been ranked as the No 1 water and sewerage company for customer service in the independent UK Customer Service Index. “We take our role in protecting the environment very seriously; our ambitious business plan would see us investing more than ever before to improve services across the five counties of the north-west,” she said. “This would deliver a genuine step-change in infrastructure for the benefit of customers and the environment, and support 30,000 jobs.”

Cisco Systems Rebound is On: Double-Digit Upside to Come 2024-05-16 15:20:00+00:00 - Key Points Cisco Systems struggled in Q3, but signs of normalization and a return to growth are present. Analysts like what they see and are helping to support the market. Capital returns are safe, reliable, and expected to grow. 5 stocks we like better than Cisco Systems Cisco Systems' NASDAQ: CSCO headwinds are diminishing, opening the door to a rebound and sustainable rally that could lift the share price by double-digits. While end-market inventory normalization is still underway in the networking segment, other segments are growing, and the integration of Splunk is progressing well. The takeaway is that an inflection point is at hand that will lead the company back to growth, and that should lead to increased share prices. The only question is if the market can rally over the summer or if it will wait until later in the year. Get Cisco Systems alerts: Sign Up Cisco Systems Q3 is Better Than Feared: Guidance Favorable Cisco Systems Today CSCO Cisco Systems $48.34 -1.33 (-2.68%) 52-Week Range $45.70 ▼ $58.19 Dividend Yield 3.31% P/E Ratio 14.69 Price Target $55.81 Add to Watchlist Cisco Systems Q3 revenue contracted 12.8% to $12.7 billion but came in better than expected. The take is $0.07 billion ahead of the consensus reported by Marketbeat.com due to the successful transition to subscription-based services. Subscriptions are up to 54% of the net, with total annual recurring revenue up 22% and product ARR up 44%. Total product sales are down due to weakness in the networking segment, but other segments, including Security and Observability, are up by double-digits. High-end-market inventory levels impact the networking segment, but analysts expect normalization to be completed by July. Profitability was another area of strength. The company’s GAAP and adjusted gross margin came in strong at 65.1% and 68.3% despite the decline in revenue. The net result is $0.88 in adjusted earnings, down only 12% compared to the 12.8% top-line decline and $0.06 ahead of the analysts' consensus. The guidance is favorable and supported by a 21% increase in RPO. Guidance expects the Q4 revenue to be up sequentially and as expected relative to analysts' estimates, with strength on the bottom line. The takeaway is that, including the Q3 strengths, the full-year guidance is above consensus at the top and bottom lines, leading the analysts to raise their estimates and price targets. The post-release action is mixed; not all analysts are raising their targets, but the net result is an increase in the consensus estimate of 12.5% above the current action. Cisco Systems Capital Returns are Safe and Reliable Cisco Systems' cash flow and balance sheet reflect the YOY contraction and recent acquisitions but remain strong, healthy, and positioned to continue with capital returns. Highlights from the report include $4 billion in cash flow, down compared to last year, and a reduction in cash and inventory compounded by increased debt, but total assets and equity are up. Long-term debt is less than 0.5X equity, so no red flags are present. With these metrics, Cisco’s dividends and share repurchases should continue at their current pace and may increase over time. Share repurchases reduced the count by an average of 1.2% in Q1, so they are accretive to investors. The dividend has a high yield of 3.25% and is cheap for a blue-chip tech stock, valued at only 13X earnings. The company has a track record of distribution increases, so investors may expect another low-single-digit increase this year. Insiders Sell Cisco: Institutions Buy It Insiders have been selling shares of CSCO, but there is nothing to worry about. The insiders own a slim 0.2% of the stock, and their activity aligns with share-based compensation and related sales. More importantly, the institutions own more than 70% of the stock and have been buying on balance in 2024. Their activity aligns with the market bottom, which formed over the past six months and provides a tailwind for the market. The technical action following the report is mixed. The market surged by 1% at the open and was on track to continue higher, but profit-taking and a sell-the-news mentality capped gains. The market quickly reversed to fall more than 1.5%, creating a solid red candle that may cap gains over the summer. In this scenario, the market could move sideways in consolidation until later in the year when more evidence of the turnaround and return to growth is available. Before you consider Cisco Systems, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cisco Systems wasn't on the list. While Cisco Systems currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here