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Sweetgreen Is Introducing Steak. What About Its Climate Goals? 2024-05-07 12:30:06.522000+00:00 - Nearly two decades after the fast-casual salad chain Sweetgreen was founded, the company announced on Tuesday that it would introduce beef to its menu. According to Nicolas Jammet, a founder of Sweetgreen, the addition of a caramelized garlic steak option comes at a time when many Americans are trying to increase their protein intake and also as Sweetgreen is looking to attract more customers for dinner. The decision, however, leaves many questions about how the company, which has more than 225 locations, may accomplish its goal of carbon neutrality by 2027 when beef production is a significant factor in climate change. As the company’s website states, “Not only do we have a duty on a human level to do our part, but the business case for a great product that also protects the planet is clear.” Mr. Jammet said the company waited to introduce steak in part because it was challenging to prepare among other items in the restaurants, but also because Sweetgreen wanted to be intentional about how it sourced the beef.
The Big Questions Hanging Over a Blackstone Fund 2024-05-07 11:09:04+00:00 - The numbers behind a big fund On Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone’s flagship real estate fund? The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust — more commonly known as BREIT — has managed to keep an “appraised” value of its assets that far exceeds virtually every other real estate fund. Many rivals have fallen in value, some quite dramatically, in the face of high interest rates and a flagging property market. BREIT’s performance has floated above its competition, and it has boasted a 10.5 percent annual return since its 2017 debut. The debate over the fund’s impressive performance has taken on greater significance, and the criticism has grown louder, because of how Blackstone determines the appraised value of its assets, DealBook’s Andrew Ross Sorkin and Michael de la Merced report. Many major firms rely on a third-party appraiser to determine the worth of a fund’s assets, in part so investors can trust that the appraised value is accurate and not unduly influenced by the firms. (Those appraisals help to determine a firm’s management fees: The higher the appraisal value, the higher the fees.)
Disney Reports Strong Earnings but Warns of Bumps Ahead 2024-05-07 10:31:07+00:00 - Disney reported strong earnings on Tuesday, driven in part by a surprise profit at its flagship streaming service — a first. But investors responded nervously to a coming slowdown at Disney theme parks, which have recently been the company’s primary growth engine. Disney shares fell more than 9 percent, to about $105, by the close of trading. Revenue at Disney Experiences, a division that includes theme parks and cruise ships, totaled $8.4 billion, a 10 percent year-on-year increase. Operating income totaled $2.3 billion, up 12 percent. Wall Street, however, had hoped for stronger profit margins. In addition, Disney said higher wages, expenses tied to the arrival of two new cruise liners and — crucially — a general slowdown in travel would negatively affect the coming quarter. “We are seeing some evidence of a global moderation from peak post-Covid travel,” Hugh Johnston, the chief financial officer of Disney, said on a conference call with analysts. Disney+ had been expected to lose more than $100 million in the most recent quarter, widening losses since its 2019 arrival to roughly $12 billion. Instead, it swung to a $47 million profit, in part by adding 6.3 million subscriptions worldwide (excluding India), to bring its total to 117.6 million. Average revenue per paid subscriber climbed 6 percent, to $7.28.
OpenAI Releases ‘Deepfake’ Detector to Disinformation Researchers 2024-05-07 10:00:10+00:00 - As experts warn that images, audio and video generated by artificial intelligence could influence the fall elections, OpenAI is releasing a tool designed to detect content created by its own popular image generator, DALL-E. But the prominent A.I. start-up acknowledges that this tool is only a small part of what will be needed to fight so-called deepfakes in the months and years to come. On Tuesday, OpenAI said it would share its new deepfake detector with a small group of disinformation researchers so they could test the tool in real-world situations and help pinpoint ways it could be improved. “This is to kick-start new research,” said Sandhini Agarwal, an OpenAI researcher who focuses on safety and policy. “That is really needed.”
UPDATE 1-Palantir raises 2024 forecast on robust AI demand 2024-05-07 05:19:00+00:00 - (Adds shares in paragraph 7) By Arsheeya Bajwa May 6 (Reuters) - Data analytics firm Palantir Technologies raised its annual revenue and profit forecast and beat first-quarter sales estimates on Monday, riding on strong demand for its services that help businesses deploy artificial intelligence applications. The company has emerged as a winner of the generative AI boom thanks to its artificial intelligence platform, which is used to test and debug code and help evaluate AI-related scenarios, among other uses. "AIP is driving a huge part of both our new customers and growth within existing customers and its having a huge impact on our business," chief revenue officer Ryan Taylor told Reuters. Taylor said businesses were signing "seven-figure deals shortly" after completing its AI bootcamps, which give potential clients access to its platform for up to five days and have been credited with driving rapid customer additions. Palantir said it conducted 660 boot camps in the first quarter and closed 87 deals worth $1 million or more across the business, with its customer count increasing by 42%. It did not specify how many customers were converted through the boot camp. The company, co-founded by billionaire Peter Thiel, raised the mid-point of its 2024 revenue forecast to $2.68 billion from its earlier mid-point of about $2.66 billion. Shares of the company were down 6% in volatile extended trading after closing up 8% on Monday. Its stock has risen about 36% so far this year. Palantir works closely with governments, providing software for visualizing army positions, among other things. However, the company has been trying to diversify its revenue to reduce its reliance on government spending. Its government revenue rose 16% in the quarter ended March 31, while commercial revenue jumped 27% as U.S. commercial customer count in the segment increased 69%. The company also raised its 2024 U.S. commercial revenue forecast to above $661 million from its earlier expectations of about $640 million. Palantir reported first-quarter revenue of $634.3 million and its largest quarterly profit according to a CEO letter. Four analysts polled by LSEG had expected revenue of $625.4 million. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Tasim Zahid)
Palantir Slides After Annual Sales Forecast Fails to Impress 2024-05-07 04:56:00+00:00 - (Bloomberg) -- Palantir Technologies Inc. shares slid in extended trading on Monday as the market was unimpressed by the company’s outlook for annual sales after the stock has already tripled in the past year. Most Read from Bloomberg The company nudged its annual revenue forecast slightly higher to a range of $2.68 billion to $2.69 billion. Analysts expected $2.68 billion, on average, according to data compiled by Bloomberg. The company raised its outlook for adjusted operating income to a range of $868 million to $880 million. Analysts had expected $846.6 million. The stock tumbled 10% in extended trading in New York. Palantir is one of the marquee stocks of the tech world’s current AI frenzy, with new products helping to catapult it more than 200% over the last 12 months. Co-founded by Peter Thiel, Palantir develops software and analysis tools for companies and government agencies allied with American interests. Palantir’s roots are in government sales — the venture arm of the US Central Intelligence Agency was among its initial backers — but “unbridled and growing demand” from US businesses for its artificial intelligence software now drives the business, Chief Executive Alex Karp told shareholders in a letter. Palantir sells its AI software through boot camps, an engineer-led strategy to get customers up and running in just a few days instead of months and what the company credits for increasing US commercial customers by 69% to 262 during the first quarter. Revenue growth from government contracts is now growing at a slower pace than commercial revenue and analysts expect commercial sales to eclipse those from governments next year. Palantir reported $335 million in government revenue in the first quarter, up 16%, and $299 million in commercial revenue, a 27% increase from a year earlier. “Palantir’s commercial segment saw another strong quarter with 40% growth in the US, but gains are likely to taper” in the second half at this business and the government unit,” Bloomberg Intelligence analyst Mandeep Singh wrote in a research note. Billings growth of 2% in the first quarter “suggests a lack of pipeline visibility, even with commercial’s solid customer additions.” The company posted sales of $634.3 million for the three months ended March 31, up 21% from a year earlier. Analysts had estimated $615.8 million in sales, according to data compiled by Bloomberg. Net income was $106 million, its largest quarterly profit ever, far surpassing the average estimate for $83 million. Palantir reported its first profitable year in 2023. Story continues In the current quarter, Palantir said it expects revenue of $649 million to $653 million and adjusted income from operations of $209 million to $213 million. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
'Millions Of Households Will Have Their Retirement & Savings Destroyed' — Grant Cardone Foresees Devastating Stock Market Plunge Of 50% 2024-05-07 04:09:00+00:00 - Real estate investor, Grant Cardone, issued a warning on May 5th regarding the stock market, posting on X: "WARNING: Stock Market is due for 50% correction taking S&P below 2674. Tens of millions of households will have their retirement & savings destroyed by being invested in stock market at these levels?" Cardone points to the history of the yield curve, which has been inverted for over 500 days. This scenario has occurred only three times since 1920—in 1929, 1974, and 2009. Following each of these periods, the market experienced declines of more than 50%. He emphasizes the compounded financial threat by suggesting that a 50% loss in retirement accounts, compounded by inflation, could equate to a total loss in purchasing power of 75%. To mitigate such risks, Cardone recommends transitioning retirement investments from the stock market to real assets that generate monthly cash flow. He mentions that he has assisted thousands in transferring their retirement accounts without penalties to investments backed by tangible assets. By doing so, individuals can depend on regular income from these assets during retirement rather than depleting the principal. Don't Miss: Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100. Want To Grow Your Wealth Passively? Unlock Real Wealth with Cityfunds’ Exclusive 8% Yield Fund. Cardone’s concerns are indeed supported by historical data and economic theory. Over the last five decades, there have been seven instances where the yield curve inverted. Historically, these inversions have been followed by a recession within 6 to 24 months, demonstrating the predictive accuracy of this economic indicator. Since 1955, there has been only one occurrence where an inverted yield curve did not lead to a recession, highlighting its reliability as a forecasting tool. Every U.S. recession during this period was preceded by an inversion of the yield curve between the 10-year Treasury bond yield and the 3-month Treasury bill rate. This relationship suggests that yield curve inversions can indeed signal economic downturns, as higher short-term interest rates relative to long-term rates often reflect investor pessimism about future economic growth. However, the direct relationship between an inverted yield curve and recessions involves complex factors, including Federal Reserve monetary policy actions and market expectations. When the Fed raises short-term rates, it can lead to an inverted curve if long-term rates do not increase at the same pace, influenced by investors’ expectations for slower economic growth and lower future interest rates. Story continues Trending: Want to Create a Passive Income Stream? These High-Yield Real Estate Notes Might Be Your Holy Grail Although the predictive power of the yield curve is strong, it’s not infallible. Economic conditions, monetary policies, and market dynamics have evolved, and there are instances where inversions did not lead to recessions or were followed by economic slowdowns without a full recession. This suggests that while an inversion is a significant indicator, it should be one of several factors considered in economic forecasting and investment decision-making. Investing in real assets like real estate provides several benefits, particularly as a stabilizing force during economic fluctuations. These assets often exhibit low correlation with stock market movements, offering a form of diversification that can shield investors from market volatility. Cardone's emphasis on real assets reflects a valid strategy for those seeking to reduce their exposure to stock market risks. His approach underlines the importance of aligning investment choices with personal financial goals and circumstances, suggesting a tailored financial plan that includes tangible assets to secure steady, long-term returns and enhanced financial stability. Read Next: Dara Khosrowshahi-Backed Startup Lets You Become a Landlord with $100. Miami Is Expected To Take New York's Place As The US Financial Capital. Invest In It With $500 Before That Happens. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article 'Millions Of Households Will Have Their Retirement & Savings Destroyed' — Grant Cardone Foresees Devastating Stock Market Plunge Of 50% originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Palantir raises 2024 forecast on robust AI demand 2024-05-07 04:01:00+00:00 - By Arsheeya Bajwa May 6 (Reuters) - Data analytics firm Palantir Technologies raised its annual revenue and profit forecast and beat first-quarter sales estimates on Monday, riding on strong demand for its services that help businesses deploy artificial intelligence applications. The company has emerged as a winner of the generative AI boom thanks to its artificial intelligence platform, which is used to test and debug code and help evaluate AI-related scenarios, among other uses. "AIP is driving a huge part of both our new customers and growth within existing customers and its having a huge impact on our business," chief revenue officer Ryan Taylor told Reuters. Taylor said businesses were signing "seven-figure deals shortly" after completing its AI bootcamps, which give potential clients access to its platform for up to five days and have been credited with driving rapid customer additions. Palantir said it conducted 660 boot camps in the first quarter and closed 87 deals worth $1 million or more across the business, with its customer count increasing by 42%. It did not specify how many customers were converted through the boot camp. The company, co-founded by billionaire Peter Thiel, raised the mid-point of its 2024 revenue forecast to $2.68 billion from its earlier mid-point of about $2.66 billion. Palantir works closely with governments, providing software for visualizing army positions, among other things. However, the company has been trying to diversify its revenue to reduce its reliance on government spending. Its government revenue rose 16% in the quarter ended March 31, while commercial revenue jumped 27% as U.S. commercial customer count in the segment increased 69%. The company also raised its 2024 U.S. commercial revenue forecast to above $661 million from its earlier expectations of about $640 million. Palantir reported first-quarter revenue of $634.3 million and its largest quarterly profit according to a CEO letter. Four analysts polled by LSEG had expected revenue of $625.4 million. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Tasim Zahid)
Steward Health Care files for Chapter 11 bankruptcy 2024-05-06 22:40:00+00:00 - Steward Health Care employees have "full faith" that hospitals and patients will get through bankrup Steward Health Care employees have "full faith" that hospitals and patients will get through bankrup 02:44 BOSTON – Steward Health Care, the struggling health care provider that relied on backing from private equity investors to quickly acquire dozens of community hospitals, including facilities in Massachusetts, Texas and Florida, announced Monday that it is filing for bankruptcy. Steward, which is millions of dollars in debt, said it has "commenced an in-court restructuring process through the filing of voluntary petitions for relief" under Chapter 11 of the U.S. Bankruptcy Code. It submitted the filing in the Southern District of Texas. The Dallas-based company currently owns 30 hospitals across eight states, including nine in Massachusetts, where its smoldering financial crisis has raised concerns about patient safety. Steward has been one focus of a year-and-a-half-long CBS News investigation revealing how private equity investors have siphoned hundreds of millions of dollars from community hospitals with devastating public health consequences. Records reviewed by CBS News showed Steward hospitals around the country with a trail of unpaid bills, at times risking a shortage of potentially lifesaving supplies. Last year, CBS News found Steward redirected money away from hospital operations by selling off the real estate of San Antonio's Texas Vista Medical Center before closing the facility altogether. The company's bankruptcy filing lists 30 creditors who are owed a total of more than $500 million, including the U.S. government, which is owed more than $32 million to the federal government in reimbursements for insurance overpayments. Experts tell CBS News that Steward's debts are likely much higher, and when the dust settles, it could be one of the largest hospital bankruptcies in U.S. history. In a statement, the company said it is relying on its landlord, Medical Properties Trust, to provide sufficient funding to allow its hospitals to continue to operate through bankruptcy. "The Company is finalizing the terms of debtor-in-possession financing from Medical Properties Trust for initial funding of $75 million and up to an additional $225 million upon the satisfaction of certain conditions acceptable to Medical Properties Trust," Steward said in a statement. No day-to-day impacts expected, Steward Health Care says The company said declaring bankruptcy allows it to "continue to provide necessary care to its patients in their communities without disruption." Both Steward and Massachusetts officials said they expected no interruptions in day-to-day operations. "Steward hospitals remain open, and patients should not hesitate to seek care," said Massachusetts Health and Human Services Secretary Kate Walsh in a statement, adding that the state "is working with Steward and any potential partners to support an orderly transfer of ownership that protects access to care, preserves jobs and stabilizes our health care system." "It is safe to get care in Steward facilities. The facilities are open. You should not drive past it if you are having chest pains, if you're a pregnant person about to deliver, please go to the hospital closest to you," Massachusetts Public Health Commissioner Dr. Robert Goldstein said. Despite those assurances, anxiety over the future viability of the company's hospitals runs deep, particularly in Massachusetts. For months, health care workers have voiced concern over the impact of any potential closure. "The potential loss of any of these facilities will have devastating consequences for hundreds of thousands of residents from the South Shore to southern New Hampshire," the Massachusetts Nurses Association said in a statement. "However, Steward going through the process of reorganization provides an opportunity for other stakeholders to take long-awaited action and center the voices of caregivers and patients," the statement said in part. And patients are concerned about the hospitals in their neighborhoods. "We need this hospital. This is a nice hospital," said Riaz Udein, who's been going to the same doctor at St. Elizabeth's Medical Center in Boston for 22 years. "The neighborhood and everybody need it." "It's needed," said Zadani Mehdi, walking into an appointment at St. Elizabeth's on Monday. "I hope they do keep this hospital open, honestly. There are a lot of patients that come here. I've been coming here since a little kid." Massachusetts Governor Maura Healey promised that the state would help Steward patients and that they would ensure that a situation like this does not happen again. "I do not want to lose sight of the fact that the situation stems from and is rooted in greed, mismanagement, and lack of transparency on the part of Steward leadership in Dallas, Texas. I have been clear about that, and I will continue to be clear about that. It is a situation that should never have happened, and we will be working together to ensure that there are steps taken to make sure that this does not happen again," Governor Healey said. The Healey administration has launched a hotline (617-468-2189) and website for patients who have questions. Private equity's impact on health care A spokesperson for Steward previously told CBS News company executives always put patients first and said they "deny that any other considerations were placed ahead of that guiding principle." The spokesperson said Steward "has actively and meaningfully invested" in its hospital system since its formation, including in Massachusetts, where it took over hospitals that were "failing" and "about to close." "Steward's investment has taken the form of facility upgrades, equipment, technology, and other meaningful improvements," the spokesperson wrote. Yet Steward has become synonymous with the perils of private equity investment in health care. The company started buying up Massachusetts hospitals in 2010, with hundreds of millions of dollars in backing from private equity giant Cerberus, Cerberus shed its stake in Steward by January 2021, after making an $800 million profit in a decade, according to a report from Bloomberg. Financial records show Steward has also sold off more than $1 billion of its hospitals' land and buildings since 2016 to Medical Properties Trust, which has made a business of buying up hospital real estate from private equity investors. A filing with the Securities and Exchange Commission from 2021 shows Steward's owners also paid themselves millions in dividends. Around the same time, Steward CEO Ralph de la Torre acquired a 190-foot yacht estimated to be worth $40 million. In an email to CBS News, Steward confirmed de la Torre owned the yacht. "Steward Health Care has done everything in its power to operate successfully in a highly challenging health care environment," de la Torre said in the company's statement, released at 3:30 a.m. Monday morning. "Filing for Chapter 11 restructuring is in the best interests of our patients, physicians, employees, and communities at this time." Massachusetts Sen. Ed Markey tweeted, "De la Torre and his morally bankrupt business model have failed our hospitals, our providers, and our patients. He and his private equity allies must be held accountable. I'll keep fighting to keep hospitals open and protect patients and providers."
Aqua Nautilus Reveals Millions of Potential Kinsing Attacks Daily 2024-05-06 22:26:00+00:00 - Loading... Loading... SAN FRANCISCO, May 06, 2024 (GLOBE NEWSWIRE) -- Aqua Security , the pioneer in cloud native security, today published a new report, " Kinsing Exposed: From Myth to Architecture - A Complete Cybersecurity Chronicle ." Aqua Security's research team, Aqua Nautilus, invested years of research and analysis into understanding Kinsing, identifying more than 75 applications actively exploited by Kinsing. The comprehensive report highlights the infrastructure, tactics, techniques and modus operandi of Kinsing and highlights the threat posed by Kinsing to enterprises worldwide. First emerging as a cybersecurity threat in 2019, Kinsing targeted cloud native infrastructure, such as misconfigured APIs, but the threat actor quickly spread attacks across popular cloud native applications globally. The Nautilus team has been at the forefront of monitoring Kinsing's activities and named the malware in 2020 . Nautilus' work shown in this report provides invaluable intelligence to the cybersecurity community, offering strategies for security teams to better mitigate associated risks. Despite efforts to disrupt its activities, Kinsing continues to evolve and adapt, posing a persistent challenge to organizations worldwide. Nautilus found that on average, honeypots were targeted by Kinsing eight times per day, with figures ranging from three to fifty attacks in a 24-hour period. Other key findings include: Rapid Botnet Vulnerability Integration : Kinsing has shown repeatedly the ability to swiftly integrate to its botnet exploits of newly discovered vulnerabilities in popular cloud native applications. : Kinsing has shown repeatedly the ability to swiftly integrate to its botnet exploits of newly discovered vulnerabilities in popular cloud native applications. Global Impact: The Kinsing malware's reach extends globally, with Shodan scans revealing potentially millions of daily attacks, emphasizing the scale of the threat and the need for international collaboration in defense efforts. The Kinsing malware's reach extends globally, with Shodan scans revealing potentially millions of daily attacks, emphasizing the scale of the threat and the need for international collaboration in defense efforts. Diverse Tactics: The report highlights how Kinsing tailored its campaigns to maximize the impact of each attack. For instance, by tailoring the main payload based on the command interpreter. Kinsing is using dedicated scripts that run on `sh` (Shell) command interpreter with basic features on Unix systems, while on systems with `bash` (Bourne Again Shell), which is an enhanced version of `sh` that includes additional features (such as command line editing, job control, and improved scripting capabilities), Kinsing is running more features. "Kinsing's ongoing campaigns represent its dedication to evolving its operation to add new vulnerabilities and misconfigurations in cloud native environments. This adversary often acts faster than the defenders and demonstrates the clear and present danger to organizations of all sizes," emphasized Assaf Morag, director of threat intelligence for Aqua Nautilus. "Our report serves as a stark reminder of the pervasive risk posed by Kinsing, and implores the cybersecurity community and leaders, such as Aqua, to remain vigilant and united in the face of this threat." Armed with anonymity, Kinsing exploits vulnerabilities or misconfigurations in applications, executes infection scripts, deploys cryptominers often concealed by rootkits, and maintains control over servers using the Kinsing malware. This multi-layered approach further proves the need for robust cybersecurity measures to detect, mitigate, and prevent insidious attacks from the malware. "The depth of detail presented in our report is a testament to our team's longstanding commitment to understanding and combating the threat of Kinsing," said Morag. "Through years of continuous tracking and analysis, we are able to present a more holistic and robust report that provides a comprehensive understanding of Kinsing's modus operandi and better tools to defend against it." To equip your security team with this new research and recommendations for protection, download the new report first discussed at RSA Conference 2024. About Aqua Nautilus Aqua Nautilus is a security research team whose mission is to analyze the evolving cloud native threat landscape, uncovering new threats targeting containers, Kubernetes, serverless, applications' software supply chains and cloud infrastructure. The team aims to help Aqua customers and the community at large protect against the unknown, zero-day and emerging threats, turning insights from real-world attacks into powerful, intelligence-driven protection within the Aqua Platform. About Aqua Security Aqua Security sees and stops attacks across the entire cloud native application lifecycle in a single, integrated Cloud Native Application Protection Platform (CNAPP). From software supply chain security for developers to cloud security and runtime protection for security teams, Aqua helps customers reduce risk while building the future of their businesses. Founded in 2015, Aqua is headquartered in Boston, MA and Ramat Gan, IL protecting over 500 of the world's largest enterprises. For more information, visit https://www.aquasec.com . Loading... Loading... Contact: media@aquasec.com
Equinox's new fitness program aims to help you live longer — for $40,000 2024-05-06 22:07:00+00:00 - Exercise could help reduce aging by lowering fat buildup, study says Exercise could help reduce aging by lowering fat buildup, study says 00:51 Luxury fitness chain Equinox is putting a price on the ultimate luxury: longer life. The company on Monday introduced a membership that, for a hefty $36,000 a year, includes more than 100 tests aimed at enhancing health and extending people's longevity. In all, the "Optimize by Equinox" membership costs $42,000 a year. The ultra-premium offering includes personal training, nutrition coaching, biomarker tracking and more — all in service of improving daily physical performance and slowing down the aging process. Oh, and a regular gym membership? That costs an extra $500 a month or so. Equinox developed the new membership with Function Health, a health platform that conducts lab tests to help members measure, analyze and track everything from their heart health, immune response and hormone levels to their glucose, insulin and other metabolic levels. "This is a longevity program, but also a health and quality of life plan," Julia Klim, vice president of strategic partnerships and business development at Equinox, told CBS MoneyWatch. "It requires everyday daily habits, because we don't believe you can just hack yourself out of bad habits like poor sleep or lack of quality exercise. So you commit to a program to achieve your personal goal, which could be to get leaner or stronger, have more energy, or lower your rate of aging." Whatever a person's specific goals, the program will include a "robust" panel of tests to measure physical and mental performance, according to Klim. It also includes regular nutrition counseling, sleep coaching, personal training, and massages, all amounting to about 16 hours per month of individualized attention from an array of health, fitness and other professionals. "We're up-leveling it with more tests and moving closer to health care," Klim said. "And we're partnering with Function Health to bring together experts in their respective fields." Despite the high price, there's already a waitlist to join the program, which will launch at the end of May. The membership initially will only be available in New York, but will eventually be expanded to other cities. It will only be available to members of Equinox's highest membership tier, E by Equinox, which starts at around $500 a month. Klim compared the membership, which costs $3,000 a month and comes with a six-month minimum commitment, to the suite of services that are typically only made available to professional athletes. "Historically speaking, this type of program, with a team-based approach working to help you as an individual, has only been available to the top athlete out there," Klim said. "We want to bring that notion to the everyday human and high-performing human, which is the Equinox member."
FAA investigating whether Boeing completed required inspections on 787 Dreamliner jets 2024-05-06 21:36:00+00:00 - The Federal Aviation Administration has opened an investigation into Boeing after it learned the company may not have completed required inspections on 787 Dreamliner jets. Boeing voluntarily told the FAA in April about the potential incomplete inspections meant to “confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes,” an FAA statement said. “The FAA is investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records. At the same time, Boeing is reinspecting all 787 airplanes still within the production system and must also create a plan to address the in-service fleet.” The agency added that it will take any necessary action to ensure the public's safety. No one with Boeing could be immediately reached Monday afternoon for comment. Scott Stocker, who leads the Boeing 787 program, told South Carolina Boeing employees on April 29 in a statement, the matter is not an immediate safety concern for its in-service fleet. Stocker said a “teammate” in a factory saw something he believed was not done right and spoke up about it. “The teammate saw what appeared to be an irregularity in a required conformance test in wing body join. He raised it with his manager, who brought it to the attention of executive leadership,” Stocker said. "I wanted to personally thank and commend that teammate for doing the right thing. It’s critical that every one of us speak up when we see something that may not look right, or that needs attention.” Boeing learned that several people have been violating company policy by not performing a required test, “but recording the work as having been completed," Stocker said. He added, “We promptly informed our regulator about what we learned and are taking swift and serious corrective action with multiple teammates. Fortunately, our engineering team has assessed that this misconduct did not create an immediate safety of flight issue. But it will impact our customers and factory teammates because the tests now need to be conducted out of sequence on airplanes in the build process.” Last month, it was reported a whistleblower claimed Boeing's 787 Dreamliner planes have structural failings that could eventually cause them to break apart. The FAA is investigating claims made by Boeing engineer Sam Salehpour, The New York Times reported. In a long response, Boeing strongly disputed the claims and said it was “fully confident” in the 787. The Virginia-based company has been engulfed in a slew of negative stories since a door panel blew out on a Boeing 737 Max 9 plane flown by Alaska Airlines in January. The FBI informed passengers in March that they may have been the victims of a crime that the bureau was investigating. That same month, the company announced three senior Boeing executives, including its CEO, are stepping down.
Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says 2024-05-06 21:20:00+00:00 - Dozens of former employees who say they were fired from Bowlero based on their age or out of retaliation plan to sue the bowling chain after the U.S. Equal Employment Opportunity Commission closed its case against the company, the attorney representing the claimants said Monday. Bowlero, the world's largest owner and operator of bowling centers, had been embroiled in an EEOC investigation since 2016 involving more than 70 former employees who claim they were unlawfully fired, the company previously disclosed in securities filings. They alleged in complaints to the EEOC that Bowlero fired them for being too old as it worked to transform its hundreds of locations from what the company has referred to as "dingy" bowling alleys to upmarket experiences with elevated food and drink offerings, CNBC previously reported. Bowlero denies the claims. The company, which went public in late 2021 through a special purpose acquisition company, was among the select successful stocks to emerge from the SPAC boom. It owns two of the biggest brands in bowling — AMF and Lucky Strike — and operated more than 300 bowling centers across North America as of July, which is the most recent data available. Between 2021 and 2023, Bowlero nearly tripled its annual revenue, from $395 million to $1.06 billion, according to company filings. Bowlero's stock is down about 21% year to date, as of Monday's close. On Monday, Bowlero disclosed in its fiscal third-quarter earnings release and quarterly securities filing that the EEOC has closed its case and will not move forward with a lawsuit. "The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC … the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC," Bowlero said in its press release. "The notices provide the claimants, as a matter of course, with an individual right to sue." Bowlero noted it received letters from the EEOC stating the agency has decided not to bring litigation against the company. In one of the letters, the agency said the closure of the cases doesn't clear the company of wrongdoing. "By terminating the handling of this case, the Commission does not certify that [Bowlero] is in compliance. Also, our termination of the investigation does not affect the rights of any aggrieved persons to file a private lawsuit or the Commission's right to sue later or intervene later in a private civil action," said the EEOC's letter, sent Friday. During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. "Over eight-and-a-half years, the company has vigorously denied and contested the false allegations made against it," CEO Thomas Shannon said in his opening remarks. "We are pleased to report these very positive developments on behalf of our shareholders." Later, when asked about the financial impact the EEOC investigation has had, finance chief Robert Lavan said "there's been a few million dollars" that have flowed through the income statement, but "more importantly, it's been a distraction." "So we're happy to focus 100% now on our business and get this behind us," said Lavan. However, Daniel Dowe, a lawyer representing dozens of claimants, said the case hasn't gone away — it will now just take another form. The EEOC's decision allows the former employees to move forward with their own lawsuits, and Dowe expects to file a single lawsuit on behalf of more than 70 former employees, he told CNBC. Dowe plans to seek monetary damages in connection with the case. The EEOC had previously found reasonable cause in 58 of the complaints brought against Bowlero, and the rest were still under investigation when the agency closed its case, according to Bowlero's securities filings and Dowe. The employees who still had cases pending with the EEOC also have the right to sue and are among the potential plaintiffs that Dowe is representing, he said. The company disclosed in the filings that the EEOC's investigation also resulted in a determination of reasonable cause that Bowlero had been engaging in a "pattern or practice" — a term that indicates systemic issues — of age discrimination since at least 2013, which Bowlero also denies. The EEOC's pattern or practice investigation was also closed, Bowlero said. When the EEOC finds reasonable cause in a complaint, it means it believes discrimination occurred. The agency typically makes that determination in only a small fraction of cases each year, EEOC data shows. Under EEOC procedure, when the agency finds that discrimination has occurred, it works to resolve the situation between the employer and the victim, it explains on its website. If the parties are unable to come to a solution, the EEOC must decide whether to sue the employer — a matter the EEOC's commissioners need to vote on. "Because of limited resources, we cannot file a lawsuit in every case where we find discrimination," the EEOC explains on its website. The EEOC tried to settle the complaints with Bowlero for $60 million in January 2023, but those efforts failed last April, CNBC previously reported. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. The EEOC declined to comment because most of its processes are confidential under federal law. Dowe said that he requested the agency close its case last month so his clients could move forward with their own lawsuit. He added that he's "delighted" the matter is now ready for private action. "The investigations were thorough and deep and they resulted in 58 to zero decisions in our favor, so our clients felt we should let the EEOC do its work," Dowe said. He added that age discrimination is "one of the worst forms of discrimination. Most of what you hear about in discrimination cases is about race and gender, but age is awful because people are at the end of their careers, they can't go back to college and retool. It's humiliating, it kind of ends their life in a disaster." He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. As of March 31, Bowlero had approximately $212.4 million in available cash and cash equivalents, according to its quarterly securities filing. Dowe said he has until mid-July to file the lawsuit. Some of the complaints against Bowlero are years old and could be challenged under the statute of limitations, the company has said previously. Dowe said he is confident that his clients will prevail in federal court and there is "strong" case precedent in their favor. In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they "are pleased with the outcome of the EEOC investigation." The attorneys said the company will fight any claims filed by its past employees. "Bowlero will defeat those claims," the attorneys said. In previous statements, they denied the claims against Bowlero. In a separate but related matter, a request from former Bowlero executive Thomas Tanase to countersue the bowling chain for claims of extortion and retaliation was denied in Virginia federal court last week. Tanase's attorneys previously said if the request is denied, the suit can and "likely will" be filed as a new action. Bowlero also denies Tanase's claims. Tanase's attorneys didn't immediately respond to a request for comment.
Palantir shares fall 3% on lower-than-expected guidance 2024-05-06 21:04:00+00:00 - Alex Karp, CEO of Palantir, arrives for the “AI Insight Forum” at the Russell Senate Office Building on Capitol Hill on September 13, 2023 in Washington, DC. Palantir shares fell as much as 7% in Monday extended trading, before paring back earlier losses, after the defense tech firm reported weaker-than-expected guidance. Here's how the company did compared to LSEG estimates: Earnings per share: 8 cents adjusted vs. 8 cents expected 8 cents adjusted vs. 8 cents expected Revenues: $634 million vs. $625 million expected The firm, which builds big-data and artificial intelligence software for governments and corporations worldwide, also issued guidance for the upcoming second quarter and full year. Palantir expects second-quarter revenue to fall between $649 million to $653 million, versus the $653 million expected by LSEG. The company guided to full-year revenue between $2.68 billion and $2.69 billion, weaker than an LSEG consensus estimate of $2.71 billion. "We anticipate that our U.S. commercial business, which accounted for 24% of our revenue last quarter, will remain one of the most significant drivers of our growth in the near term," CEO Alex Karp said in a letter to shareholders. "Warfare in this century will continue to be transformed by software," Karp said. "The platforms in use by our defense and intelligence partners present a very real threat to the survival of our enemies," he added. Palantir reported $105.5 million in net income for the quarter, or 4 cents per share, compared with $16.8 million, or 1 cent per share, in the year-ago quarter. It marked the company's sixth straight quarter of profitability on a GAAP basis. Karp said that was a record profit. "For comparison, we now earn more profit in a single quarter than the amount of revenue we generated in an entire year a little more than a decade ago," he said. Revenue of $634 million was up 21% year-over-year from $525 million. The weaker-than-expected full-year guidance comes despite a solid revenue beat for the first quarter and after remarkable success marketing its artificial intelligence products to the government and the private sector. Earlier this year, Palantir signed a $178 million contract with the U.S. Army to help develop a next-generation, field-deployable sensor station. Palantir conducts "bootcamps" with prospective customers, allowing them to get hands-on time with Palantir's technology. Karp said Palantir conducted more than 660 bootcamps during the first quarter. "They need results now," Karp said of Palantir's customers. "And we believe that we have the only platform that works."
Emotion could be a better way to measure brand value 2024-05-06 21:01:23+00:00 - Marketing has long struggled to establish a standard measurement for brand value. Quantifying emotional impact in consumers, using AI, could be the next major marketing trend. Companies like Equinox have started leveraging emotion in their campaigns. 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 number one thing on the minds of CMOs in 2024 is proving measurable brand value. There have been many ways of assessing brand value in the past including revenue, the value of future net earnings, and net promoter scores. But nothing has ever been precise enough to become a singular industry standard. Net promoter score has come close, but having been invented over two decades ago, new times warrant additional methods of determining brand valuation. Gartner validated this shift in 2021 by predicting that NPS will be obsolete within 75% of organizations by 2025. Recommending a brand is not a complex enough metric on its own to determine a brand's overall worth. Quantifiable brand trust and loyalty have been kicked around as more modernized ways to assess a brand's valuation, particularly as loyalty in particular dissipated during the COVID-19 pandemic, usurped by convenience. Meanwhile as the cost of acquisition continues to rise, retention is a new mandate. Advertisement Developing the means to quantify a brand's true value is the most important part of a marketing organization that needs to evolve. Some new disruptive thinking on brand value deserves consideration — the power of emotion. While we all know a lot about how customers behave or act, we know little about how they feel. The power of emotion — the Equinox example Emotion is the new currency driving quantifiable brand growth. So, what is emotion exactly? It's often defined as instinctive or intuitive feeling as distinguished from reasoning or knowledge. Conventional wisdom holds that thought precedes emotion but in fact, science has consistently proven that emotion precedes thought. Related stories Imagine if you could take this thinking even further to precisely score how trusting of and loyal your customers are to your brand to get to a precise total valuation, that is inarguable, no different than the accuracy of a stock's price. One can debate if a stock should trade higher or lower, but what it trades at on a given day based on how the markets are performing is an uncontested benchmark. Advertisement A great example of a company that reinvented largely around having a deeper emotional understanding of customer needs and loyalty is Equinox. Equinox is built upon getting a consumer to subscribe to them holistically — to derive joy from the brand in some way every day versus just purchasing a membership. The brand has used a mix of innovation and unparalleled customer understanding to do so. As a result, it has become not just a stand-out in the luxury space, but among the most highly regarded brands related to emotional understanding, trust, and loyalty in the world. "Equinox pioneered a membership model that is set up to drive loyalty and engagement," Julia Klim, Equinox's VP of strategic partnerships told me."This is done in two ways. A top-down approach enticing emotion via wholly aspirational campaigns." Equinox's "Want It All" campaign exemplifies its emotional approach. "It sold the theme of desire as the engine that drives us all," Klim said. Advertisement "There was also a complementary bottom-down approach, via sophisticated customer segmentation, that allowed us to create a personalized and entirely intuitive customer experience once you join," Klim said. "Another great example of how this played out was using deeper emotional intelligence of customers to help reimagine our personal training offer earlier this year." AI enables new tools, new ways to measure AI-enabled tools can deliver actual quantifiable scores around brand trust and loyalty, if they are used in combination with data science and direct human input. This can be done by enriching datasets or creating emotional lookalikes that highlight the "why" that is missing from existing segmentation and most first-party data. At Brandthro, we have created a Net Emotion Score tool using a proprietary AI and data science model to gauge how much brand love customers are feeling at any moment. This calculation is based off of emotional scores that tabulate brand trust and loyalty. Look for emotion to emerge as one of the most vital currencies that can solve the most common CMO pain points: de-risking investment, doing more with less, elevating loyalty, lowering the cost of customer acquisition and generating quantifiable brand value. Advertisement Billee Howard is CEO of Brandthro.
F.A.A. Is Investigating Boeing Over 787 Dreamliner Inspections 2024-05-06 20:57:29+00:00 - The Federal Aviation Administration has opened a new investigation into Boeing after the plane maker told the regulator that it might have skipped required inspections involving the wings of some 787 Dreamliners. In a statement on Monday, the F.A.A. said that it learned about the issue from Boeing last month. As part of its inquiry, the agency said it was looking into whether employees at the company may have falsified aircraft records. The F.A.A. said that Boeing was reinspecting all Dreamliners still in production and that the company needed to create a plan to address aircraft already in service. “As the investigation continues, the F.A.A. will take any necessary action — as always — to ensure the safety of the flying public,” the statement said.
Taser and police body cam maker Axon is acquiring air defense startup Dedrone 2024-05-06 20:57:00+00:00 - Drones in possession of the Armed Forces of Ukraine on May 2, 2024 in Lviv, Ukraine. "Just open any newspaper, and switch on any TV channel. Look at what's happening in Ukraine. Look at what's happening in the Middle East. Drones have changed modern warfare, public safety, and homeland security forever," Dedrone CEO Aaditya Devarakonda told CNBC on May 6, 2024, the day his startup was acquired by public safety company Axon. Public safety technology company Axon announced Monday that it is acquiring drone defense startup Dedrone. Dedrone, which serves the military, government, and commercial customers, from airports to stadiums and high-profile events, has become a major player in what's known as smart air security. Its technology already covers half of the U.S. population in 40 cities, 30 airports, 50 stadiums and 50 correctional facilities. Its work extends to 36 countries, nine U.S. federal agencies and more than 35 law enforcement agencies. Founded in 2014, Dedrone has been venture funded with $127 million in total from existing investors, including Axon, which co-led a round of financing with VC firms in July 2022, and has had a seat on the Dedrone board. The company ranked No. 23 on last year's CNBC Disruptor 50 list. Terms of the deal, expected to close in the second half of 2024, were not disclosed. Axon, which is most famous for the Taser, also offers body cameras, in-car cameras, and a cloud-based digital evidence management platform — for assets including video from Axon body cameras. Its customers include first responders at the international, federal, state and local law enforcement level, fire departments, correctional facilities and the justice sector, in addition to a commercial business. Axon CEO Rick Smith, who founded the public safety company three decades ago, told CNBC's Morgan Brennan in an exclusive interview that what Dedrone has done in protection of public airspace matches his company's mission. "And you can see what's happening around the world. Drones carry great promise, but also great peril. And so by combining forces, we're able to bring our scale together with Dedrone's ingenuity and innovation so that we can protect more lives in more places," Smith said. Axon, which has a market valuation over $24 billion, has seen its shares rise from as low as $50 in 2019 to over $300 today. Axon increased its full-year revenue guidance in its latest earnings, released concurrently with the acquisition announcement on Monday afternoon, to nearly $2 billion, after a first quarter that posted 34% sales growth.
Social Security now expected to run short on funds in 2035, one year later than previously projected, Treasury says 2024-05-06 20:56:00+00:00 - People leave a Social Security Administration building in Burbank, California. Valerie Macon | Afp | Getty Images The trust funds the Social Security Administration relies on to pay benefits are now projected to run out in 2035, one year later than previously projected, according to the annual trustees' report released Monday. On the projected depletion date, 83% of benefits will be payable if Congress does not act sooner to prevent that shortfall. The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth. Last year, the trustees projected the program's funds would last through 2034, when 80% of benefits would be payable. "This year's report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50% of seniors for whom Social Security is the difference between poverty and living in dignity — any potential benefit reduction event has been pushed off from 2034 to 2035," Social Security Commissioner Martin O'Malley said in a statement. watch now O'Malley, who was sworn in to lead the agency in December, also urged Congress to extend the trust fund's solvency "as it did in the past on a bipartisan basis." "Eliminating the shortfall will bring peace of mind to Social Security's 70 million-plus beneficiaries, the 180 million workers and their families who contribute to Social Security, and the entire nation," O'Malley said. What reports reveal about Social Security, Medicare Social Security's new 2035 depletion date applies to its combined trust funds. The trust funds help pay for benefits when more money is needed beyond what is coming in through payroll taxes. Currently, 6.2% of workers' pay is taxed for Social Security, while an additional 1.45% is taxed for Medicare. The total 7.65% is typically matched by employers. High earners may have an additional 0.9% withheld for Medicare. While the combined depletion date for Social Security's trust funds is typically used to gauge the program's solvency, the funds cannot actually be combined based on current law. Social Security's two trust funds have distinct projected depletion dates. The fund used to pay retired workers, their spouses and children, and survivors — formally known as the Old-Age and Survivors Insurance Trust Fund — is projected to last until 2033, which is unchanged from last year. At that time, 79% of those scheduled benefits may be payable. The fund used to pay disability benefits — known as the Disability Insurance Trust Fund — will be able to pay full benefits until at least 2098, the last year of the projection period. Also on Monday, the government updated its projections for Medicare. For most older Americans, the program is their primary or only source of health care, according to the AARP. Medicare solvency is typically measured by the ability of the trust fund to make up for a shortfall in payroll taxes used to fund Part A hospital insurance. The Medicare Hospital Insurance trust fund — used to fund Part A benefits — saw the biggest improvement in this year's trustees report. Its depletion date is now pushed to 2036 — five years later than was projected last year — due in part to higher payroll tax income and lower-than-projected 2023 expenditures. At that time, 89% of scheduled benefits may be payable. Medicare's Supplemental Medical Insurance Trust Fund — which covers voluntary Part B coverage for physician services and medical supplies and Part D prescription drug coverage — is financed for the indefinite future, since it relies on beneficiary premiums and Treasury Department contributions that are automatically adjusted each year. Why experts say now is the time to act While the new projected depletion dates show lawmakers have slightly more wiggle room, experts say the solvency of both Social Security and Medicare should be addressed sooner rather than later. The issue is a top concern for AARP members ages 50 and up, said Bill Sweeney, the organization's senior vice president of government affairs. About 40% of families who are 65 and older rely on Social Security for at least half of their income, and about 20% of families rely on it for all of their income, he said. For any reductions to be on the horizon for Social Security benefits, or for that to even be talked about, is "really scary for people," Sweeney said. "Congress has a responsibility to sit down and work this out in a bipartisan way," Sweeney said. "And the sooner they do it, the better." The new projected depletion dates put Social Security and Medicare on a more similar timeline than previous estimates. That may offer the opportunity for a unified one-step reform for the programs, he suggested. watch now
Tiffany Haddish has started calling her trolls. Let's unpack that. 2024-05-06 20:33:05+00:00 - Being trolled online is an unfortunate part of life for celebrities in the age of social media. But actor Tiffany Haddish has taken a more direct approach toward handling this epitome of 21st century problems, according to a recent Los Angeles Times profile. In response to increasingly negative comments she’s gotten online, she’s “created a fake Instagram account where an alter ego named Sarah will go in and ‘destroy’ anyone hating on her by deploying details from their personal lives”: “I’ve learned how to find people’s information — like I pull up the credit report, police records. You can do that for $1.99,” Haddish says. “Sometimes, I get so mad that I’ll get they phone number and I’ll just call them.” She registers the disbelief on my face. “Oh, I have called people, honey,” she says. “They be shocked that I called. They’ll be like, ‘I can’t believe you even saw that.’ You did a whole video, b—! You made a full, five-minute video! On the internet, people think they can just say whatever and you not gonna say anything. I try my best not to, but I’m a human being.” On the one hand, I can’t necessarily say I blame Haddish for wanting to fight back against the nastiness people can send her way — but I also can’t say that her methods sit well with me. Her digital vigilantism is an extremely unsettling reminder of how much personal information we all have floating out there on the internet. Moreover, it highlights what a determined person with cash to spare can dig up, especially if their motives are more nefarious than Haddish’s. The internet is filled with what are called “data brokers” — companies that purchase the breadcrumbs of personal information that we leave strewn across websites and willingly upload onto apps daily. They can then sell off that data to whomever wants to put up the money, including advertisers, marketers, health insurers, employers running background checks, and, worryingly, just about anyone who will pay. Haddish most likely used what’s known as “people search data brokers” — or “white pages” websites — which as she noted can compile things like police records and credit reports for individuals. It’s a system that’s ripe for abuse, as researcher Justin Sherman wrote for Lawfare last year. Stalking — and potentially doxing — is made simple with information that once required having to travel to a physical location but now is being digitized and made available for sale. Most semi-legitimate and/or reputable sites have an option for requesting your information be removed, but it can be deeply tedious to go through the hundreds upon hundreds of brokers to hit them all. As then-staff writer Kaveh Waddell wrote in The Atlantic in 2017: “Trying to scrub your identity from the internet is like trying to drain a bucket of water with an eyedropper, while a dripping faucet slowly fills it back up again.” Stalking — and potentially doxing — is made simple with information that once required having to travel to a physical location but now is being digitized and made available for sale. There are some services that offer to undertake a mass purge for subscribers, seeking out clients’ information and requesting its removal. But that’s not a perfect solution: Some brokers won’t allow third parties to request information be removed; any data that’s removed can be put right back into place later; and these removal services can’t monitor all of the data brokers out there effectively. Gennie Gebhart, the Electronic Frontier Foundation’s activism director, compared the process to a “high-stakes Whack-A-Mole” when talking with CNET last year, adding “there’s always going to be something they miss.” Some states have passed laws that require users to provide their knowledge and consent before companies are allowed to sell their data to third parties. California, where Haddish lives, has the most comprehensive of these laws: The Delete Act, which goes into effect fully in 2026. The law will allow residents “to either ask data brokers to delete their personal data or forbid them to sell or share it, with a single request,” according to The Verge. Like most states, though, California has public record carve-outs in its privacy laws that would allow data brokers to keep listing anything that someone could reasonably gather from “publicly available information.” It’s a superficially sensible metric, one that allows for journalists for example to continue using digitized records for reporting. But, as Lawfare’s Sherman points out, “even though a court record may be ‘public’ already, the personal information from it was not previously available online, linked to a person (and a profile of them), and for sale by a private company with its own autonomy over whether or not to vet buyers.” The complexities of the matter, and how clearly the issue can transcend state lines, means that the matter should be taken up federally sooner rather than later. The good news is that the Consumer Financial Protection Bureau is in the process of drafting new rules to potentially rein in some of the industry’s worst abuses. The House also recently passed a bill focused specifically on data brokers selling sensitive information to foreign adversaries. But for now, that means that there’s still little oversight preventing someone with a bone to pick with you from shelling out a little bit of money to learn reams of information about your past — and potentially find yourself in a very testy phone call with Haddish on the other end.
Federal appeals court upholds ruling that Zion Williamson’s 2019 contract with an agent was void 2024-05-06 20:32:24+00:00 - RICHMOND, Va. (AP) — A federal appeals court has upheld a 2021 ruling that NBA star Zion Williamson’s contract with a marketing agent was void because the agent was not licensed in North Carolina when the two entered an agreement in 2019. Florida-based agent Gina Ford had sought $100 million from Williamson, claiming the former Duke All-American improperly broke an agreement she had to represent him in endorsement deals. A federal judge in North Carolina found that Ford was not a licensed agent in that state at the time she entered an agreement with Williamson and that their contract did not comply with key requirements outlined by the state’s sports agent law. The fact she wasn’t licensed shielded Williamson from any penalties associated with breaking the contract. The 4th U.S. Circuit Court of Appeals agreed with that ruling in an opinion written by Judge Albert Diaz and released Monday. Williamson played his freshman season at Duke, and the New Orleans Pelicans made him the No. 1 pick in the 2019 NBA draft. Williamson filed a federal lawsuit in North Carolina the month of the draft to terminate a five-year contract with Ford’s agency after moving to Creative Artists Agency LLC. ___ AP NBA: https://apnews.com/hub/nba