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Sony and Apollo reportedly make $26bn offer for Paramount 2024-05-02 21:55:00+00:00 - Paramount Global’s share price soared on Thursday following a report that Sony Pictures and Apollo Global Management had made a $26bn offer for the troubled media giant. According to the Wall Street Journal, the offer was made on Wednesday by Sony chief executive Tony Vinciquerra and Aaron Sobel, a partner at Apollo. Paramount’s shares spiked 12% on the news. Paramount is home to some of the world’s biggest media assets including Paramount Pictures, CBS, MTV and Channel 5. The movie studio’s blockbuster hits include the Mission: Impossible franchise and The Godfather. But Paramount has struggled with the transition to streaming media and has been riven by internal power struggles. This week Bob Bakish, Paramount’s chief executive and one of the longest-serving media bosses in the US, was ousted amid reports that he had clashed with Shari Redstone, Paramount’s current controlling shareholder, over her plans to sell the company. Paramount has been considering a merger with Skydance Media, a production company led by David Ellison, the producer and son of Larry Ellison, the billionaire tech tycoon. Skydance has backed Paramount movies such as Top Gun: Maverick, but the deal has reportedly infuriated some shareholders who have argued it short-changes shareholders and is too generous to Redstone. Skydance has now increased the amount of money that could go toward Paramount’s balance sheet to $3bn, from $1.5bn. A combination of two of the most famous studios in Hollywood would attract the attention of the Biden administration which has recently displayed a more aggressive stance to big corporate mergers. Federal Trade Commission chair Lina Khan has sued to block several high-profile mergers, including Kroger’s $24.6bn takeover of rival grocer Albertsons, and Nvidia’s $40bn takeover of the chip designer Arm Holdings, a bid that was later abandoned.
Turkey stops all trade with Israel over ‘humanitarian tragedy’ in Gaza 2024-05-02 21:53:00+00:00 - Turkey has halted all trade with Israel, citing the “worsening humanitarian tragedy” in the Palestinian territories, which prompted strong criticism from the Israeli foreign minister. “Export and import transactions related to Israel have been stopped, covering all products,” Turkey’s trade ministry said late on Thursday. “Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.” Israel’s foreign minister, Israel Katz, accused Turkey’s president, Recep Tayyip Erdoğan, of acting like a “dictator” after the restrictions were first reported. The row will probably deepen tensions between the two formerly close allies, which have deteriorated since the start of the crisis in Gaza. Hamas militants killed an estimated 1,136 Israeli citizens on 7 October and took about 250 people hostage, and since then Israel has sent soldiers into Gaza and bombarded the territory, killing more than 34,000 people, according to the Hamas-run health ministry. Turkey’s trade ministry first announced restrictions on exports to Israel in early April, stopping the export of iron and steel products and construction equipment. The two countries had a trade volume of $6.8bn in 2023. Katz said Erdoğan was “breaking agreements by blocking ports for Israeli imports and exports”. He said: “This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements.” Katz added that Israel would try to replace any lost products via local production and imports from other countries. Last month, Katz criticised Erdoğan for his decision to publicise his latest meeting in Istanbul with the head of Hamas’s politburo, Ismail Haniyeh.
Harvey Weinstein's retrial might happen sooner than you think 2024-05-02 21:40:16+00:00 - In Harvey Weinstein's first court hearing since his conviction for felony sex crimes was overturned, New York prosecutors told a judge Wednesday that they want to retry him as early as September. “We think early fall date, possibly as early as September, for a trial,” Assistant District Attorney Nicole Blumberg told a Manhattan criminal court judge. “It was a strong case, and he was convicted and sentenced to 23 years," Blumberg said. "It remains a strong case.” Weinstein's 2020 conviction in New York was hailed as a pivotal moment for the MeToo reckoning, which exploded into the public consciousness in 2017 when multiple women came forward with allegations of sexual abuse against Weinstein. Last week, the New York state Court of Appeals overturned that conviction, ruling that the disgraced movie producer had not received a fair trial because the judge allowed prosecutors to present testimony from accusers whose allegations were not part of the criminal indictment. Weinstein is still on the hook for a 16-year sentence in California, where he was convicted of sex crimes in 2022. Shortly after the New York court ruling, Manhattan District Attorney Alvin Bragg's office said it intended to retry Weinstein. The hearing on Wednesday was the first time a possible timeline was floated. Joining prosecutors at the hearing was actress Jessica Mann, one of the key witnesses against Weinstein. Blumberg said Mann was there "to show she is not backing down." Mann, who told a jury in 2020 about how Weinstein had raped her in wrenching detail, has said she is "ready" to go through another trial, even though her initial testimony put her in "a lot of pain." Judge Curtis Farber remanded Weinstein to Bellevue Hospital, where he has been receiving treatment since the day after his conviction was overturned. Weinstein spokesperson Juda Engelmayer said last week that the 72-year-old had heart and auditory issues. His next court hearing is scheduled for May 29.
Trump says RFK Jr. is 'not a serious candidate,' refuses to debate him because his numbers are 'too low' 2024-05-02 21:40:11+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Donald Trump on Thursday scoffed at the notion that he would debate long shot presidential hopeful Robert F. Kennedy Jr. even as the former president's allies show more concern about Kennedy's campaign. "I don't know anything about him," Trump told reporters as he left his criminal trial in Manhattan. "Look, RFK is falling very low." Trump repeatedly attacked Kennedy over social media this past weekend, despite the former president's claim that he knows little about Kennedy. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "He's, uh, not a serious candidate," Trump said on Thursday. "They say he hurts Biden. I don't know who he hurts, he might hurt me. I don't know. He has very low numbers, certainly not numbers that he can debate with. He's got to get his numbers a lot higher before he's credible." Advertisement Early polling has also shown that Kennedy's inclusion hurts Trump. An NBC News national poll found that Trump led Biden by two points, but when Kennedy and other third-party hopefuls were added, Biden ended up with a two-point lead. It should be noted both outcomes are within the margin of error and illustrate the extremely close margin of the race entering the summer. According to FiveThirtyEight's weighted national polling average, Kennedy is polling at 10% while Trump and Biden are at 41.4% and 40.8% respectively. Related stories The former president's barrage of criticism comes after Kennedy showed genuine efforts to appeal to Trump voters. The noted vaccine skeptic has refused to rule out recalling the Moderna COVID-19 shot, a position held by his running mate, Nicole Shanahan. Kennedy has also expressed sympathy for some Americans convicted of charges related to the January 6, 2021, Capitol riot. Advertisement As Politico reported, Kennedy has repeatedly appeared on more MAGA-aligned podcasts and shows. Kennedy rose to initial fame as an environmentalist in line with his family's well-known liberal views, but in recent years, he has found much more in common with the right-wing. He abandoned his primary challenge to President Joe Biden in favor of an independent run. Trump's refusal to debate Kennedy may not be entirely in his hands. The nonprofit Commission on Presidential Debates, created by both major US parties, has hosted every presidential debate since 1988. The commission has faced intense criticism over its treatment of third-party candidates. It allowed Texas businessman Ross Perot to participate in all three debates in 1992 but blocked him four years later. No third-party candidate has come close to surpassing Perot's mark of nearly 19% of the popular vote he received in 1992. Since 2000, the commission has imposed a 15% threshold in major national polls, which no third-party challenger has met. But Trump and his allies have been harshly critical of the debate commission. The Republican National Committee voted in 2022 to leave the commission. On Wednesday, Trump's campaign managers threatened to hold a debate without the commission if they refused the former president's request to move up the first debate, which is set for September 16 at Texas State University in San Marcos, Texas. Advertisement Biden recently told radio host Howard Stern that he would like to debate Trump, but there is rampant speculation such a debate will never occur. The pair's first debate in 2020 was an objective disaster. The second debate was canceled after Trump refused to accept a virtual format after the then-president tested positive for COVID-19. While millions of Americans vote before Election Day, the debates hold a powerful place in the political calendar. In an era where Americans watch little live TV besides sports and the Oscars, the debates are frequently one of the highest-rated telecasts of an election year.
Apple can't tell you iPhone sales are booming, so it's talking about 'services.' That's a problem. 2024-05-02 21:36:32+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Apple had a great second quarter, Apple says: The company hit an "all-time revenue record in Services," the company reports. But … what about the thing that actually drives Apple — the iPhone? There's no mention of that in Apple's press release. And if you head over to the company's financials, you can see why: iPhone sales dropped by 10% in the last three months. Related stories That drop isn't a surprise to Wall Street, though the cause of the decline is up for debate. Prior to Thursday's earnings, analysts had fretted that Chinese iPhone sales were soft, but on Thursday afternoon, Cook told CNBC that iPhone sales in China were up. "That may come as a surprise to some people," he deadpanned. Advertisement Step back, though, and Apple's earnings confirm a story we've been telling you about for some time: Sales of the iPhone, which have been powering the company for a decade-plus, just aren't going to grow like they used to. If you want an iPhone, you have an iPhone. And iPhones are now so good that there's less reason to replace them every couple years, despite Apple's efforts to convince you that new features like a better camera or talking poop emoji are worth the upgrade. I've got an iPhone 13 Max, and it's great. So I've got no interest in moving up to the iPhone 16 Apple will show off this fall. Why Apple is so focused on "services" All of which is why Apple has increasingly been stressing its "services" business, which many people think is about sexy stuff like Apple Music and Apple TV+. But the main driver for services is really two things: the money Google pays Apple to be the default search engine on iPhones, and the money that Apple makes from in-app purchases in its App Store. But both of those revenue streams are facing some degree of risk. The US Department of Justice's antitrust suit against Google focuses on moves the company makes to maintain its monopoly on search — like paying Apple $20 billion for its search deal in 2022. Advertisement And, as we've been pointing out repeatedly, Apple's App Store rules are under increasing pressure from regulators around the world — and in the EU in particular. You can debate whether those rules are built to protect customers, as Apple argues, or whether they are anti-competitive strictures meant to protect Apple, as the company's critics allege. Regardless, the App Store revenues are a major contributor to "services." And Apple has made it clear that it's only going to change the way it runs its App Store when it's compelled to by regulators. And that even when that happens, it's only going to do so kicking and screaming. Thursday's earnings report helps underline why.
Block shares jump on better-than-expected first-quarter results 2024-05-02 21:13:00+00:00 - Block reported first-quarter earnings after the bell Thursday that exceeded analysts' estimates. The stock rose about 10% in extended trading. Here's how the company did, compared with analysts' consensus estimates from LSEG. Earnings per share: 85 cents adjusted vs. 72 cents expected 85 cents adjusted vs. 72 cents expected Revenue: $5.96 billion vs. $5.82 billion expected Block, formerly known as Square, posted $2.09 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company's core transactional businesses. The company reported net income of $472 million, or 74 cents per share, more than quadruple the net income of $98.3 million, or 16 cents per share, a year earlier. The company raised its adjusted EBITDA forecast for the second quarter to $690 million from $670 million. The Cash App business, which is the company's popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased to 24 million in March. Block ended the year with 57 million monthly transacting actives for Cash App in March, up 6% year over year. Inflows per transacting active were $1,255, up 11% year over year. Block is also more focused on integrating Afterpay, the buy now, pay later company it bought for $29 billion in 2021. Afterpay struggled following the deal, posting big losses. Block has slimmed down operations in recent months. In January, Dorsey reportedly said in a note to staffers that the company had laid off a "large number" of workers. This followed a round of layoffs in December. Chief Financial Officer Amrita Ahuja said in a call with CNBC that the company is raising its outlook for the year to reflect its strong performance in the first quarter. Dorsey's note to shareholders began by directly addressing a question that he said he often fields: "Why the hell are you all spending so much time on bitcoin?" "Less than 3% of company resources are dedicated to bitcoin-related projects," Dorsey wrote. "But why spend time on bitcoin at all? We believe the world needs an open protocol for money, one that's not owned or controlled by any single entity." He said bitcoin will ultimately help Block "serve more people around the world faster." He said Block will be investing 10% of its gross profit from bitcoin products into purchases of bitcoin for investment. "We were one of the first public companies to put bitcoin on our balance sheet," he wrote. The $220 million the company invested in bitcoin has grown 160% to $573 million as of the end of the first quarter, according to Dorsey.
Progress Software Corp. No Intention to Make an Offer for MariaDB plc - Progress Software (NASDAQ:PRGS) 2024-05-02 21:11:00+00:00 - Loading... Loading... STATEMENT OF NO INTENTION TO MAKE AN OFFER (RULE 2.8 ANNOUNCEMENT) NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS IS AN ANNOUNCEMENT UNDER RULE 2.8 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE "TAKEOVER RULES"). BURLINGTON, Mass., May 02, 2024 (GLOBE NEWSWIRE) -- Progress Software Corp. ("Progress") PRGS confirms today that it does not intend to make an offer for MariaDB plc. Accordingly, Progress will be bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. Progress reserves the right within the next 6 months to set aside this statement where so permitted under Rule 2.8 (including Rule 2.8(c)(ii)). This announcement is intended to be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. Enquiries Progress Investors: Michael Micciche +1 781-850-8450 Investor-Relations@progress.com Media: Erica McShane +1 781-280-4000 PR@progress.com Europa Partners (Financial Advisor to Progress) Jan Skarbek +44 20 7451 4542 Dominic King About Progress Progress PRGS provides software that enables organizations to develop and deploy their mission-critical applications and experiences, as well as effectively manage their data platforms, cloud and IT infrastructure. As an experienced, trusted provider, we make the lives of technology professionals easier. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com . Responsibility statement Loading... Loading... The Progress board of directors accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Progress board of directors (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Important notice relating to financial advisor Europa Partners Limited ("Europa"), which is authorised by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA in the United Kingdom, is acting exclusively for Progress and for no one else in connection with the Possible Offer and will not be responsible to anyone other than Progress for providing the protections afforded to its clients or for providing advice in connection with the Possible Offer. Neither Europa, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Europa in connection with the Possible Offer, this announcement, any statement contained herein or otherwise. Publication on Website In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this announcement will be available on Progress' website: www.progress.com promptly and in any event by no later than 12:00 p.m. (New York time) on the business day following this announcement. The content of this website is not incorporated into and does not form part of this announcement.
Sony Pictures and private equity firm Apollo express interest in buying Paramount for $26 billion 2024-05-02 21:06:42+00:00 - Sony Pictures and the private equity firm Apollo Global Management have expressed interest in buying Paramount Global for $26 billion, according to a person familiar with the details. Sony would be the majority shareholder and Apollo would have a minority stake, according to the person, who requested anonymity because details of the offer have not been made public. The Sony-Apollo offer was first reported by The Wall Street Journal. The Journal reported previously that Apollo had made an offer to buy Paramount on its own but Paramount’s board had concerns about the bid, including whether it could arrange financing for a deal. The Journal and others have reported that Paramount is considering a possible merger with Skydance, David Ellison’s media company that has helped produce such Paramount releases as “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning.” Earlier this week, New York-based Paramount said that Bob Bakish would step down as CEO of the film, television and multimedia company, to be replaced by a troika of executives who will form a new “Office of the CEO.”
Here's what to expect from the April jobs report on Friday 2024-05-02 21:04:00+00:00 - A jobseeker takes a flyer at a job fair at Brunswick Community College in Bolivia, North Carolina, on April 11, 2024. Allison Joyce | Bloomberg | Getty Images Hiring likely continued at a brisk pace in April as investors look for any cracks in the labor market that could sway the Federal Reserve. Nonfarm payrolls are expected to show a gain of 240,000 for the month, according to the Dow Jones consensus that also sees the unemployment rate holding steady at 3.8%. If that top-line number is accurate, it actually would reflect a small step back from the average 276,000 jobs a month created so far in 2024. In addition, such growth could add to the Fed's reluctance to lower interest rates, with the labor market humming along and inflation still above the central bank's 2% target. "There are definitely still tailwinds left," said Amy Glaser, senior vice president of business operations at job staffing site Adecco. "For April, the name of the game is steady-Eddie as resiliency continues, and then we're looking forward to some of the seasonal trends we would expect going into the summer." April's jobs market featured more strength in health care and leisure and hospitality, Glaser added. Those have been two of the major sectors for employment growth this year, with health care adding about 240,000 jobs so far and leisure and hospitality contributing 89,000 jobs. However, growth in the coming months could spread to areas such as education, manufacturing and warehousing, part of the usual seasonal trends as educators look for alternative employment in the summer and students head out seeking jobs, she said. "I don't expect to see major surprises this month based on what I'm seeing on the ground," Glaser said. "But we've been surprised before." Beating expectations Indeed, the labor market has been full of surprises this year, topping Wall Street estimates at a time when many economists expected hiring to have slowed down. The 303,000 gain in March shattered forecasts and were part of a glut of data showing that the labor economy remains strong, wages continue to rise and inflation has not moved much after receding sharply in 2023. That has pushed the Fed into a box as officials are reluctant to start cutting interest rates until they get more convincing evidence that inflation is under control. Policymakers will be watching several pieces in tomorrow's report for evidence that job growth is not helping fuel price pressures. watch now If the payrolls growth misses expectations by a little and wage pressures diminish while more people enter the labor force, that would be an ideal scenario for the Fed, said Drew Matus, chief market strategist at MetLife Investment Management. "The Goldilocks scenario is an unemployment rate rise with a participation rate rise," Matus said. "What that's suggesting is there's a little bit of weakness that should translate into less wage pressure and take some of the concerns about sustained sticky high levels of inflation off the table." Investors on the lookout Markets also will be watching the wage numbers closely. Consensus estimates put average hourly earnings growth at 0.3% on the month, near the March move, and the yearly increase at 4%, or just below the 4.1% the month before. However, Matus said the wage numbers could be distorted by immigration patterns as well as California's minimum wage increase this year to $16 an hour. Fed Chair Jerome Powell said Wednesday that wage pressures have eased over the past year as the labor market has moved into better balance between supply and demand. "Inflation has eased substantially over the past year, while the labor market has remained strong, and that's very good news," he said at his news conference after the central bank's latest meeting. "But inflation is still too high." Markets have been in a state of flux as uncertainty over the Fed's rate path has grown, though Wall Street was in rally mode Thursday, the day before the Bureau of Labor Statistics report drops at 8:30 a.m. ET. "What you're seeing in markets reflects the uncertainty around the path forward. What's going to be more important to the Fed, unemployment or inflation?" Matus said. "If unemployment starts moving higher, is the Fed going to care as much about inflation as they do today? Or vice versa? And I don't think even with all the information the Fed's given us, that we know. I don't think anyone knows and I think that's why you're seeing the market behave the way it is."
Coinbase reports first-quarter revenue beat after bitcoin rally leads surge in profit 2024-05-02 21:03:00+00:00 - A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Coinbase reported better-than-expected revenue in its first-quarter earnings report on Thursday. The stock was trading about 4% lower in extended trading. Here's how the company did, compared to analysts' consensus from LSEG. Earnings: $4.40 per share. That may not be comparable to the $1.09 average analyst estimate. $4.40 per share. That may not be comparable to the $1.09 average analyst estimate. Revenue: $1.64 billion vs. $1.34 billion expected Coinbase, the primary marketplace in the U.S. for buying and selling digital tokens, reported net income of $1.18 billion, or $4.40 per share, compared to a year-ago loss of $78.9 million, or 34 cents a share. In February, the company reported its first profit in two years. Profit in the quarter includes a $650 million mark-to-market gain on crypto assets held for investment in connection with the company's adoption of updated accounting standards. Consumer transaction revenue was $935 million for the quarter, up well over 100% from the year-earlier period. Total transaction revenue almost tripled in the quarter to $1.08 billion. Transaction revenue has historically been a primary driver of revenue, with subscription and services revenue bringing in $511 million for the quarter. Coinbase shares climbed almost 9% on Thursday ahead of the report and have jumped roughly 32% year to date after soaring almost fivefold in 2023. The stock tends to benefit from big gains in bitcoin as large rallies in the cryptocurrency lead to increased trading volumes and demand for other services. During the first quarter, bitcoin hit a new all-time high above $73,000 in March, and ethereum, the second-biggest digital asset, underwent its first major upgrade in over a year. The industry has also seen an influx of institutional investors since the Securities and Exchange Commission approved a raft of new U.S. spot bitcoin exchange-traded funds. Many of the exchange-traded funds have partnered with Coinbase as their custody partner. By the end of the first quarter, the funds had collectively brought in more than $50 billion. Cumulative net inflows peaked on April 8, according to Raymond James analysts, and have fallen since then, alongside a slippage in bitcoin. "The price of Bitcoin peaked as the pace of inflows moderated, and has been drifting modestly lower since mid-March," Raymond James analysts wrote in a note this week. "Indeed, trading volumes on Coinbase's platform have come well down from early-March levels." Coinbase also remains mired in a legal fight with the SEC. In March, a judge ruled that the regulator's claim that the crypto exchange engaged in unregistered sales of securities could be heard by a jury at trial. Another potential headwind is new competition from Crypto.com, which has regained market share in recent months.
Making the power grid 'smart' could save us all money and prevent blackouts. Chattanooga made the $280 million investment. 2024-05-02 21:00:31+00:00 - The power grid is too old and simple for the growth of extreme weather, EVs, and renewable energy. Chattanooga's utility built a $280 million smart grid, creating $2.7 billion in economic value. This article is part of "Transforming Business: Infrastructure," a series exploring the advancements reshaping US infrastructure. NEW LOOK 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. It pays to be smart and Chattanooga, Tennessee, has put a whole new meaning to the phrase. The city is home to one of the nation's most advanced power grids. The local utility, called EPB of Chattanooga, spent $280 million to refurbish its power system with smart technologies to make a "smart grid." In its first 10 years, the project generated $2.7 billion worth of economic value, according to an EPB-funded study. That's not a bad return on investment. The US grid needs its own internet EPB workers deploy fiber optic cables across the Tennessee River. EPB of Chattanooga Smart grids like this offer a cleaner, safer, and more efficient future with lower electric bills and fewer blackouts — which is great because the way our energy system has operated for the past century isn't going to cut it for the next one. In most places, energy starts with a giant coal-fired power plant. From there, transmission lines zip the electricity to a substation, which lowers the voltage and pumps it into distribution lines to homes and businesses. The traditional power grid carries electricity from a power plant to homes and commercial buildings. Illustrations: Tiago Majuelos for BI Electricity flows one way, from the power plant to your home, and it doesn't do much else. It's simple — and that was fine for a long time. But it's becoming a problem as the climate crisis complicates our energy supply. Increasingly extreme weather events are battering our electrical infrastructure and causing outages that cost American businesses an estimated $150 billion a year, according to the US Department of Energy. Meanwhile, climate solutions put their own pressure on the grid. Wind farms and solar panels feed energy into the system inconsistently, making it harder to pace supply with the day-to-day fluxes of electricity use. Renewables also complicate things by sheer numbers — rather than from 12,000 power plants, in just a few decades, the US could be drawing its power from 1 million dispersed sources, from hydropower dams to rooftop solar panels. At the same time, electrification, including the rise of electric vehicles, is increasing demand. A reporter with The Wall Street Journal went to over 100 electric vehicle charging stalls in California, and ran into issues at dozens of them. Monika Skolimowska/picture alliance via Getty Images To cope, experts say, the grid needs its own internet, stat. They're calling for a digitized "smart grid." "It's imperative," Kevin Schneider, the chief engineer studying power systems at the Pacific Northwest National Laboratory, told Business Insider. Without smart technologies, the grid will be inefficient, leading to economic losses and slowing the transition to clean energy. An outdated grid could also fall victim to more and more blackouts. "If people are really asleep at the wheel, and we keep pushing further, eventually you can get to the hyperbole of a third-world power system," Schneider said. The American Society of Civil Engineers gave US energy infrastructure a C-minus grade in 2021, citing poor reliability and increasing threats from severe weather. But a Chattanooga-like transformation nationwide could save us all money, reduce carbon emissions, and prevent blackouts. What is a smart grid? A key job of any power grid is to balance electricity supply and demand. Too much power could damage the system. Not enough could leave some people in the dark. A smart grid automates this balancing act using a system of meters, sensors, controllers, and computers. A smart grid uses sensors, controllers, and increased computing to collect data, send information and commands to all parts of the grid, and integrate renewables and EVs. Illustrations: Tiago Majuelos for BI Smart grids can also help businesses, factory operators, or homeowners make better-informed decisions about when and how to use energy, whether they want to save money, reduce emissions, or both. "It can send information along with electricity," Joshua Rhodes, a research scientist studying smart grids at the University of Texas at Austin, told BI. For example, "it can control a fleet of air conditioners and maybe can turn them off for 15 minutes at a time" to optimize energy costs, he said. How Chattanooga made its grid smart EPB spent four years installing initial smart-grid technology, including a fiber optic network. EPB of Chattanooga EPB of Chattanooga first needed a system to communicate with all the smart devices it would install. It couldn't make significant upgrades to its system without it. "Everything that you looked to do, the limitation was communications," David Wade, the CEO of EPB of Chattanooga, told BI. Fiber optics would do the trick — and allow EPB to start offering TV, internet, and phone services. With the prospect of revenue and a mission as a public utility to improve quality of life, the EPB board of directors approved a plan in 2008. With $169 million from a municipal bond issue for the project, workers started digging trenches and climbing poles to lay new fiber optic cables across Hamilton County. EPB installed fiber optic cables across its power system. EPB of Chattanooga The project was supposed to take 10 years, but a $111.5 million grant from the Department of Energy accelerated the process, basically cutting time to completion in half. The utility finished building its smart grid in 2012. In just four years, EPB had laid its fiber-optic network and linked it to more than 180,000 smart meters in customers' homes and businesses. It also installed about 1,200 automated smart switches, which open or close the flow of power in response to automated software or remote commands from human operators. The smart switches can rapidly reroute energy around fallen power lines that would otherwise cause a blackout. That means the system self-heals, restoring power in seconds. EPB installed smart devices from S&C Electric Company to make its self-healing system for restoring power during blackouts. EPB of Chattanooga As a result, EPB has reported a 55% annual decrease in outage minutes, or about 19 million outage minutes a year. Previously, dispatchers had to drive to each switch to manually open or close it. "It's making the same decisions that we were making as dispatchers and humans, only probably making them a multitude of times faster," Wade said. In the following decade, EPB spent another $115.5 million expanding its smart grid to new housing and commercial developments. Smart grids are more efficient Smart grid infrastructure, like the substations that convert energy to a usable voltage, can be more efficient. Tiago Majuelos for BI Because the smart grid automates the balance of supply and demand — helping ensure there's no more energy in the system than people are using at different times of the day — it's more efficient. That reduces energy waste and emissions. In the EPB-funded study period, 2014 to 2020, the EPB grid emitted 8,300 fewer tons of CO2 than it would have if it weren't smart. That's almost as much as Taylor Swift's private jet emitted in the first half of 2022. Those carbon savings came partly from reduced energy use and partly because of reduced truck miles since dispatchers no longer had to drive to every switch for every outage. It's not just blackouts. On a larger scale, a smarter grid could adapt better to the surge of renewables. Wind turbines in Palm Springs, California. David Swanson/Reuters For example, take the Pacific Intertie — a highway of transmission lines that carry hydropower from the Columbia River all the way down to Southern California. The system may need to send power in the other direction more often as solar energy proliferates in the state's south. "We had a cold snap up north. It was relatively sunny down south, and suddenly power was flowing the other direction," Schneider said. Having software and automated equipment to handle that process could make it much more efficient and help the system quickly adapt to unforeseen changes. In other words, a smart grid is designed to do more than one thing. "We're going to start to see more things like that, where the system was designed to do X, and we're seeing ABCDEFG," Schneider said. Smart grids can bring huge economic benefits Smart meters on homes can help efficiently manage electricity use, and the smart grid can help integrate renewables and EVs. Tiago Majuelos for BI Even Congress knows the nation needs a smart grid. In 2007, it directed the Department of Energy to start doling out grants to make it happen. That's the program that gave EPB a boost, and it has spent billions on smart-grid infrastructure nationwide. It seems like the kick start worked. In 2020, the department estimated that smart-grid investments would rise to $16.4 billion annually by 2026 — compared with about $6.4 billion in 2018. Though a smart grid requires a big up-front investment, it can save a lot of money down the line. The expenses of installing smart grid technology paid off for Chattanooga. EPB of Chattanooga The study of EPB's smart grid, for instance, valued the benefits to each Hamilton County resident at about $646 a year in the project's first 10 years. That's because the project created more than 9,500 jobs, helped attract new businesses with cost-efficient energy and high-speed internet, and kept customers' electric bills lower than they would have been without the smart grid, the study found. Each household saved about $93 a year on electricity bills. Add it all up, and the smart grid with its fiber-optic internet provided $2.7 billion worth of economic value in its first 10 years, the study found. The future of our power system In an ideal future, each new wave of grid technology could integrate seamlessly into the smart system. Large-scale energy storage could provide backup to power communities when the sun isn't shining or the wind isn't blowing enough. Someday, smart appliances in your home could weigh your personal schedule against peak electricity demand and pricing, as well as timing for minimal carbon emissions, to calculate the perfect time to wash your dishes or heat your house. That could translate into major savings on your electricity bill and your carbon footprint. "I think tomorrow's grid really becomes: How do you take that massive proliferation of devices and optimize those for the good of the whole?" Wade said. We're still far from that world, but some utilities are rising to the occasion. Nationwide, there are hundreds of microgrids — small, local areas that can operate independently of the larger grid if needed. In the case of a major blackout, they can lock themselves out of the larger grid and rely on their own solar panels or backup batteries. Microgrids are key to a larger smart grid and unprecedented energy resilience. Chattanooga is testing a microgrid around its police- and fire-department headquarters. "Today, we are much better positioned than any utility I know of in adding distributed assets to the grid and creating microgrids," Wade said. He added: "It'll get smarter."
Top Gear gets early look at Cybertruck update that'll help prevent fingers from being crushed in the 'frunk' 2024-05-02 21:00:07+00:00 - Top Gear recently tested the Tesla Cybertruck's camping accessories. There's a software update for sensors that will hopefully prevent smashed fingers, as well as a sleek new cooler. The "Cybertent," which is integrated into the truck bed, sells for about $3,000. NEW LOOK 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 Top Gear crew took the Cybertruck camping and got an early look at some upcoming features, as well as a glimpse at a new, stainless steel place for owners of the electric pickup to store their ice-cold drinks. The video shows Top Gear editor in chief Jack Rix testing out the "frunk," the front storage space under the Cybertruck's hood. The frunk's sharp edges have been cause for concern, especially with some viral videos showing that the closing hood was capable of slicing through carrots — and possibly, misplaced fingers. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Apple’s quarterly iPhone sales plunge 10%, but stock price surges on dividend, stock buyback news 2024-05-02 20:51:57+00:00 - Apple on Thursday disclosed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence. The 10% drop in year-over-year iPhone sales for the January-March period is latest sign of weakness in a product that generates most of Apple’s revenue. It marked the biggest drop in iPhone sales since July-September period in 2020, when production bottlenecks caused by factory closures during the pandemic resulted in a delayed release of that year’s model. The current iPhone downturn was the main reason Apple’s revenue for the latest quarter decreased 4% from last year to $90.8 billion. It marked the fifth consecutive quarter that Apple’s revenue dipped from the previous year. Apple’s profit in the past quarter totaled $23.64 billion, or $1.53 per share, a 2% dip from last year. But both Apple’s revenue and earnings per share came in slightly above analysts projections, according to FactSet Research. Apple also predicted its revenue for the April-June quarter will rise modestly from a year ago, which would end the recent streak of erosion. Part of the iPhone deterioration during the first three months of the year stemmed from a big boost in sales during the same period last year when Apple said it was filling pent-up demand caused by pandemic-driven shipment delays. Even as it stumbles slightly, Apple remains one of the world’s most prosperous companies. The Cupertino, California, company hammered home that point by announcing a 4% increase in its quarterly dividend to 25 cents per share. The company also committed to spending $110 billion buying back its own stock, a move that investors cheered but may fuel criticism that Apple is spending more money catering to Wall Street than creating more innovative products. Bolstered by the increased dividend and stock repurchase commitment, Apple’s shares rose nearly 7% in extended trading after the news came out. The stock price has fallen 10% so far this year, erasing about $300 billion in stockholder wealth. Although investors have been dismayed by the weakening iPhone sales, they are also concerned Apple may be losing its edge as other tech giants such as Microsoft and Google sprint out to the early lead in artificial intelligence technology that is expected to reshape the industry and technology. The latest quarterly report “leaves no margin for doubt about Apple’s current state of affairs,” said Investing.com analyst Thomas Monteiro. “More than ever in the past decade, the company needs new products and solutions.” Apple is widely expected to unveil more AI services in June during an annual conference showcasing the next version of its software for the iPhone and Mac computers. “We believe in the transformative power and promise of AI and we believe we have advantages that will differentiate us in this new era,” Apple CEO Tim Cook assured analysts during a Thursday conference while promising more details will be announced soon. Weak sales in China were again a factor in the latest quarter, with revenue in that region falling 8% from last year to $16.37 billion as rival smartphone makers gained ground in one of the company’s largest markets. Even so, analysts had been anticipating an even bigger sales decline in the results, providing investors with a measure of relief. Apple had a few bright spots in the past quarter too, most notably in its service division, which saw its revenue rise 14% from the year before to $23.87 billion. The division reaps a significant portion of its revenue from a lucrative deal that locks in Google as the search engine that automatically answers queries on the iPhone — an arrangement that is a focal point of an antitrust trial currently wrapping up with closing arguments in Washington this week. Commissions collected on digital transactions within iPhone apps are also a major revenue source within Apple’s services division, an area being targeted in a U.S. Justice Department lawsuit alleging the company is running an illegal monopoly that locks out competition to the detriment of consumers. That case is expected to take several years to resolve, but European regulators already are forcing Apple to allow more alternatives to its proprietary iPhone app store as part of the Digital Markets Act.
Boxer Ryan Garcia tests positive for PEDs, suggests Trump support made him a target 2024-05-02 20:45:33+00:00 - It was all good just a week ago. I recently wrote about boxer Ryan Garcia, a right-wing conspiracy theorist who recently endorsed Donald Trump in a video promoted by the Trump campaign. The endorsement highlighted how Trump is turning to endorsements from influencers and celebrities to buoy his 2024 candidacy, after scaring away experts with governing experience. Garcia had just notched an unlikely, albeit controversial, victory over boxer Devin Haney, and Trump was drafting off the fighter’s moment in the spotlight. But the story has taken a turn. Garcia had already been penalized for failing to make weight for the fight. And on Wednesday, ESPN reported on a letter sent to Garcia from the Voluntary Anti-Doping Association indicating that he tested positive twice for performance-enhancing drugs. Garcia has denied that he used steroids in a number of forums; in a video posted to X, he said, "Never taken a steroid ... I don’t even know where to get steroids," the AP reports. In the video he also mentions the supplement ashwagandha as a possible reason for the positive test. The tone of his denials, however, are dripping with Trumpian deflection and evasions. In one social media post on X (formerly Twitter), Garcia suggested the positive test was an "attack" because of his Trump support. “Fake news like I’m Trump,” Garcia said in an Instagram caption alongside a video of him ranting about the report. In a separate conversation on X spaces, Garcia made expletive-laden comments that echoed rhetoric he’s pushed in the past, claiming the report was probably released by “pedophile” elites he says he's been “trying to take down.” In that same tirade, Garcia offered a defense (of sorts) of his recent win that really didn’t help his cause. “Even if a motherf---er was on steroids, right? You still got your a-- handed to you. Left hook. Ayy — you still got hit,” he said. One of his supporters immediately jumped in to save Garcia from himself: “Yeah, but Ryan you don’t even have to say that because there was no steroids whatsoever.” Garcia and Trump are clearly a fitting match: Both know how it feels when their declared victories are called into question, and both are clearly unashamed to spread salacious conspiracy theories to push back against stories that could damage their already-shaky reputations as winners.
A $5,000 check won by Billie Jean King 50 years ago helped create Women’s Sports Foundation 2024-05-02 20:44:40+00:00 - NEW YORK (AP) — Billie Jean King’s $5,000 check sure went a long way for women’s sports. King used the money from a sportswoman of the year award to launch the Women’s Sports Foundation in 1974. Since then, the foundation has invested more than $100 million to help girls and women gain opportunities and equity in sports. At the Empire State Building on Thursday, King attended a celebration with WSF president Scout Bassett and WSF CEO Danette Leighton ahead of the iconic landmark being lit in the foundation colors of blue, red, pink and yellow. King said the foundation’s “bold action has contributed to many transformative moments … to help girls and women achieve their athletic dreams, while eliminating barriers that stand in the way. And our work is not done yet.” Through research, advocacy and community programming, the WSF aims to ensure equity in sports opportunities, equipment, facilities and pay. It provides Sports 4 Life programs for underserved girls, travel and training grants, mentorship and support for Title IX compliance. King started the foundation a year after the passage of Title IX, the federal law that prohibits sex discrimination in any school or education program that receives federal funds. Vice President Kamala Harris recently hosted an event to honor women in sports in celebration of Women’s History Month. “Leaders throughout the country are recognizing what the Women’s Sports Foundation has known since 1974: when girls and women play, they lead, and we all win,” Leighton said. The organization also works to grow the coaching pipeline through the Tara VanDerveer Fund for the Advancement of Women in Coaching. The Stanford basketball coach recently retired as the winningest coach in NCAA history. The WSF will hold its annual awards dinner Oct. 16 in New York and celebrate “50 Years of Changing the Game.” It will host nearly 100 athletes and honor a sportswoman of the year in the individual and team categories. ___ AP tennis: https://apnews.com/hub/tennis
The best cheap cell phone plans in 2024 2024-05-02 20:44:18+00:00 - When you buy through our links, Business Insider may earn an affiliate commission. Learn more The best cheap cell phone plans offer all of the following criteria without compromise — dependable coverage, fast service speeds, and as much data as you need at affordable prices. Usually, affordable plans come from mobile virtual network operators (or MVNOs) and standalone budget-friendly carriers, and choosing the plan for you will come down to your budget and priorities. Among the best cheap cell phone plans, it's hard to beat our top pick, US Mobile's Unlimited Starter plan with 35GB of data on either Verizon's or T-Mobile's networks starting at $29/month for a single line, or $23/month with an annual payment. If you want to extend your savings further, we recommend Tello Mobile's Build Your Own plan, which can cost as low as $5/month. Advertisement Our top picks for the best cheap phone plans Best overall: US Mobile (Unlimited Starter plan) - See at US Mobile Best true budget plan: Tello Mobile (Build Your Own plan) - See at Tello Best unlimited plan: Visible Wireless (Visible+ plan) - See at Visible Best international plan: US Mobile (Unlimited Premium plan) - See at US Mobile Advertisement Best overall US Mobile (Unlimited Starter plan) US Mobile's Unlimited Starter plan includes 35GB of high-speed data, which should be plenty for almost anyone. Unique to US Mobile is the option to run on Verizon's (Warp) or T-Mobile's (GSM) networks. Speeds are reduced to 1Mbps after 35GB, which is actually decent compared to other budget-friendly carriers that reduce speeds to frankly unusable speeds. Shop at US Mobile What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Choice between Verizon or T-Mobile's full networks, including high-band 5G Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multi-line discounts rare for budget-friendly carrier Check mark icon A check mark. It indicates a confirmation of your intended interaction. Speeds reduced to usable 1Mbps after all your data is used Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good app and responsive customer service Check mark icon A check mark. It indicates a confirmation of your intended interaction. Annual payment option offers unrivaled value What we don’t like con icon Two crossed lines that form an 'X'. No options for data-connected smartwatches US Mobile's Unlimited Starter plan for $29/month is the gold standard in MVNO and budget-friendly plans. It easily meets and exceeds expectations as a value-forward plan with superior and unique features that directly benefit you, the customer. Like many budget-friendly carriers, US Mobile operates on a major carrier's network. In this regard, US Mobile is unique. Where you typically only have access to one major carrier's network, US Mobile offers the choice between Verizon's or T-Mobile's full network, including their fast high-band 5G networks. You can even switch networks as often as twice a month, so you can try which works best for you for everyday use, whether for coverage or data speeds or for a particular scenario, like traveling. US Mobile's Unlimited Starter plan stands alone in offering 35GB of prioritized monthly data. Antonio Villas-Boas/Business Insider Worthy of note, US Mobile's names for Verizon's and T-Mobile's networks are "Warp" and "GSM," respectively. Only the Warp network comes with premium prioritized data, whereas the GSM network includes deprioritized data. However, we can't say we've felt much of an impact from deprioritization in our testing of the GSM or T-Mobile's network, nor can we really tell, as there's no indication or notification specifying as much. Whichever network you pick, US Mobile's Unlimited Starter plan price stays the same even if you switch. The Unlimited Starter plan's 35GB of high-speed data should be more than enough for the vast majority of users. If you do end up using more than 35GB, US Mobile reduces your data speeds to 1Mbps until the end of the billing cycle, which is significantly faster and more usable than the reduced speeds on other carriers that vary between dubiously slow 40 and 256Kbps speeds. To be sure, some carriers like Visible don't reduce speeds at all, no matter how much data you use. Instead, they offer deprioritized data that can potentially slow down without warning when the host network is experiencing congestion. That's a great proposition, but we feel the option to pick which host network works for you, as well as other benefits listed here, are more valuable. US Mobile offers multi-line discounts, which is also unique among budget-friendly carriers and ideal for families or groups. You get even more value with the annual payment option, which reduces US Mobile's Unlimited Starter monthly price to $23/month ($276 for the year). And to top it all off, taxes and fees are included, so the price you see advertised is the price you pay. Read our full US Mobile review. Advertisement Best true budget plan Tello Mobile (Build Your Own Plan) Tello's unique Build Your Own plan allows you to customize your data and minutes to your specific needs and offers a low base price of $5/month. Shop at Tello What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Data and minutes customization per line Check mark icon A check mark. It indicates a confirmation of your intended interaction. Exceptional budget value Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free hotspot tethering What we don’t like con icon Two crossed lines that form an 'X'. No discounts for multiple lines con icon Two crossed lines that form an 'X'. No international roaming options con icon Two crossed lines that form an 'X'. Not ideal for high-data users The varied plans from Tello Mobile are the cheapest options we can recommend, and they offer the most customization. With Tello's Build Your Own plan, in particular, you can adjust the minutes and data allotment for each line on your account, making it a great choice to cover the basics for kids, grandparents, students, or anyone who uses a minimum amount of data or is simply on a budget. Tello's Build Your Own plan could be your most affordable option, depending on how you structure it. Eve Montie/Business Insider As you build your plan, you choose your monthly data amount (from no data to 1GB, 2GB, 5GB, 10GB, 15GB, or unlimited) and your monthly minutes (none, 100, 300, 500, or unlimited), the combination of which adds up to $5/month at the cheapest and $25/month at the most expensive. The Build Your Own plan is particularly enticing if you want to specify a data allotment on a per-line basis — for example, setting data limits for a kid who just got their first phone while allowing them unlimited minutes. Read our full Tello Mobile review. Advertisement Best unlimited plan Visible Wireless (Visible+ Plan) If you're looking for a large amount of monthly data at a reasonable price, the Visible+ plan from Visible Wireless stands alone among budget carriers in offering up to 50GB of guaranteed high-speed data for $45/month. Shop at Visible Wireless What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Dependable coverage on Verizon's network Check mark icon A check mark. It indicates a confirmation of your intended interaction. 50GB of guaranteed high-speed monthly data Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited hotspot data What we don’t like con icon Two crossed lines that form an 'X'. No discounts for multiple lines For truly unlimited data and extensive coverage, Verizon's budget-friendly carrier, Visible Wireless, has an excellent option with its Visible+ plan at $45/month. While the Visible+ plan has the highest price point of all the MVNOs we've included in this list, it provides by far the most high-speed monthly data and the closest approximation to "unlimited" data, as it guarantees 50GB of premium prioritized data while your phone is connected to Verizon's basic 5G and LTE networks before you experience any form of data speed deprioritization. The Visible+ plan also offers unlimited premium prioritized data while your phone is connected to Verizon's fast high-band 5G "Ultra Wideband" network. The Visible+ plan on Visible Wireless is your best bet for an affordable "unlimited" experience. Eve Montie/Business Insider By offering deprioritized data after using up to 50GB of data, you shouldn't notice a difference in data speeds or usability unless you're in an area experiencing heavy network traffic at the specific time you're using your phone. Even if your data is actively being deprioritized, you may not even notice. For those who use a lot of data and call for a truly unlimited plan, that's an enticing proposition, as some MVNOs and budget-friendly carriers dramatically reduce speeds to frankly unusable speeds until the next billing cycle if you exceed your plan's allotted data. The Visible+ plan also provides extended coverage with 5G "Ultra Wideband" areas, though Verizon's standard coverage (and the Visible base plan's coverage) is already very good. Before signing up, check Visible's coverage map to ensure you're covered. Visible recently updated its plans with an annual payment option (versus the standard monthly payment option) that reduces the Visible+ plan's price from $45/month to $33/month (totaling $395/year), which is incredible value and should be considered if making an annual payment is an option. Read our full Visible Wireless review. Advertisement Best international plan US Mobile (Unlimited Premium plan) US Mobile's Unlimited Premium plan includes 100GB of data and 50GB of mobile hotspot, which should be more than enough for anyone. While you can switch between Verizon's (Warp) and T-Mobile's (GSM) networks, the GSM network offers US Mobile's enticing international options, and frequent travelers will get the best value with the Unlimited Premium plan. Shop at US Mobile What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Choice between Verizon or T-Mobile's full networks, including high-band 5G Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multi-line discounts rare for budget-friendly carrier Check mark icon A check mark. It indicates a confirmation of your intended interaction. Speeds reduced to usable 1Mbps after all your data is used Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good app and responsive customer service Check mark icon A check mark. It indicates a confirmation of your intended interaction. Annual payment option offers unrivaled value Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to 10GB of data and 1,000 minutes/texts in 180 countries What we don’t like con icon Two crossed lines that form an 'X'. International options only available on deprioritized GSM network con icon Two crossed lines that form an 'X'. No options for data-connected smartwatches It's surprising that so many budget-oriented carriers and plans have any international features at all, and some have pretty decent ones, too. However, none have anything quite as comprehensive as US Mobile's Unlimited Premium plan. Just make sure to pick or switch to US Mobile's "GSM" network before you set off, as the "Warp" network doesn't include nearly as many international features. With US Mobile's Unlimited Premium plan, you get unlimited calling and texting from the US to over 200 countries. If you're traveling abroad to one of the 180 supported countries, you get 5GB or 10GB of data and 500 or 1,000 minutes and texts, depending on the country. (Unfortunately, US Mobile doesn't make it abundantly clear which countries support how much data or how many minutes and texts.) International features abound with the Unlimited Premium plan on US Mobile's T-Mobile-backed network, GSM. Antonio Villas-Boas/Business Insider If the premium price tag is out of reach, US Mobile's Unlimited Starter plan has similar international features with reduced minutes, texts, and data that might still be enough for your needs — 1GB of data and 150 minutes/texts. No doubt, at $50/month, US Mobile's Unlimited Premium plan is on the pricier side when thinking about "cheap" cell phone plans, but keep in mind that US Mobile offers an annual payment option that reduces the price to $37.50/month (totaling $450/year). Alternatively, if you don't need as much domestic data as the Unlimited Premium plan offers in a typical month, you can sign up for US Mobile's Unlimited Starter plan on a monthly basis, so you pay less when you're at home and only upgrade to the Unlimited Premium plan for the month(s) you're traveling. Read our full US Mobile review. Advertisement How we test cell phone plans We thoroughly review each plan we include in our guides. Eve Montie/Business Insider In our testing, we spend at least a week with a specific plan from a phone carrier, often longer, and primarily assess the quality of the plan and carrier by the following criteria: Plan offerings and flexibility: We consider the pricing and features included in a carrier's range of plans and assess its flexibility in allowing you to switch out of or between plans. We consider the pricing and features included in a carrier's range of plans and assess its flexibility in allowing you to switch out of or between plans. Coverage area: For MVNOs, we note the approximate coverage area provided by the network or networks backing a budget carrier and evaluate whether particular locations consistently match their purported coverage type (e.g., 5G or 4G/LTE). For MVNOs, we note the approximate coverage area provided by the network or networks backing a budget carrier and evaluate whether particular locations consistently match their purported coverage type (e.g., 5G or 4G/LTE). Service reliability and speeds: In consistent testing locations, we assess the reliability of phone and video calls, note how fast videos and apps load over cellular data, and, with MVNOs, mark any apparent effects of deprioritization on service speeds. In consistent testing locations, we assess the reliability of phone and video calls, note how fast videos and apps load over cellular data, and, with MVNOs, mark any apparent effects of deprioritization on service speeds. Customer support: We make a holistic assessment of a carrier's customer support system and online (or in-person) user experience for setup, use, and troubleshooting. We also take into account secondary considerations such as ongoing discounts and any other notable perks or outstanding features. Advertisement What to look for in a cheap cell phone plan A cheap cell phone plan should suit your budget without compromising on coverage. Eve Montie/Business Insider If you aren't in the market for the best cell phone plans from major carriers, you have no shortage of options for spending less on a phone plan, as affordable carriers have proliferated in recent years. The best cheap cell phone plan for you will primarily reflect your needs for monthly data and minutes, the constraints of your budget, and the coverage of your local area by the network or networks backing a particular plan. We set a few baseline criteria in choosing plans for this guide, in that all the plans listed above cost no more than $50/month and, as with most MVNO plans, do not require a contract. Before signing up for a service, take a granular look at the coverage map that an MVNO should make readily accessible on their website — marking the US network range of its backing carrier — and appraise the coverage of your location to ensure dependable service.
Boeing whistleblower dies following a brief illness, weeks after the suicide of another 2024-05-02 20:44:00+00:00 - An aviation worker — who went public with safety concerns and alleged retaliation by his employer — has died following a brief illness, weeks after another Boeing whistleblower’s death, attorneys who represented both men said Thursday. Joshua Dean, 45, of Wichita, Kansas, died Tuesday after he received multiple diagnoses that included the flu, pneumonia and MRSA, prompting his family to seek an autopsy, attorney Robert Turkewitz said. "He was a healthy individual who ate well and exercised," Turkewitz told NBC News. "So it just seems odd that he went so fast." Dean had been sick for two weeks and had been struggling to breathe, forcing him to be put on a ventilator. “Our thoughts and prayers are with Josh and his family," said a statement from Brian Knowles. another attorney representing Dean. "Josh’s passing is a loss to the aviation community and the flying public. He possessed tremendous courage to stand up for what he felt was true and right and raised quality and safety issues." Turkewitz and Knowles had also represented John Barnett, a 62-year-old Louisiana man, who died March 9 from a self-inflicted gunshot wound in Charleston, South Carolina, officials said. Barnett was in town for a deposition in his federal legal action against Boeing, with his case set to go before an administrative law judge later this year, his attorneys said. Barnett, who spent more than three decades at Boeing, told aviation authorities in 2017 about what he said were potentially “catastrophic” safety failings with the 787 Dreamliner. Dean was a former quality auditor at Boeing supplier Spirit AeroSystems and he alleged that managers failed to act on manufacturing defects on the 737 MAX planes. Though he was not a plaintiff, he is mentioned in a 2023 shareholder lawsuit against Spirit. The "mis-drilled holes" in the rear bulkhead of the MAX planes were reported by Dean, who submitted "formal written findings to his manager" but Spirit "concealed the defect," according to the lawsuit. Those holes could create cracks and threaten an aircraft's structural integrity. "Now, I’m not saying they don’t want you to go out there and inspect a job. You know, they do," he told NPR this year. "But if you make too much trouble, you will get the Josh treatment. You will get what happened to me." Dean was let go from the company April 26, 2023, in what he called an act of retaliation. "I think they were sending out a message to anybody else," Dean said. "If you are too loud, we will silence you." Spirit said in a statement that it is mourning Dean’s passing, but declined to comment on his accusations. The supplier previously told NPR that it strongly disagrees with the allegations in the suit and is fighting the case in court. "Our thoughts are with Josh Dean’s family," Spirit spokesperson Joe Buccino said in the statement. "This sudden loss is stunning news here at Spirit and for his loved ones." The stress of the past few years could have taken a toll on Dean, Turkewitz said. "We were told that stress can cause the immune system to weaken and makes you more susceptible to pneumonia, the flu and MRSA," he said. "He'd been under a lot of stress for blowing the whistle and being terminated, he believed, as a result of blowing the whistle. He'd been trying to get the word out and no one would listen."
Stanley Black & Decker's earnings beat fails to satisfy Wall Street. Here's why we bought the dip 2024-05-02 20:40:00+00:00 - Stanley Black & Decker overcame a soft demand environment to deliver a top and bottom line beat Thursday, but the stock is falling because the toolmaker simply reiterated its guidance. That's a fate shared by home-improvement peers and many other companies this earnings season. We added to our position on the pullback. Revenue fell 2% year over year in the January-to-March period to $3.87 billion, edging out the $3.82 billion expected by analysts, according to estimates compiled by LSEG. Adjusted earnings per share came in at 56 cents, topping the 54-cent estimate, LSEG data showed. Stanley Black & Decker Why we own it: Stanley Black & Decker is in the later innings of a multi-year restructuring plan. The company launched a series of initiatives designed to generate cost savings, optimize inventory, streamline and simplify the organization, and transform its supply chain. Although repair and remodeling demand environment is soft due to higher interest rates, management's cost-cutting plan will create a stronger company for the next cycle. As we wait for the turnaround to play out, we're getting paid a hefty dividend. Competitors: Bosch, Techtronic Industries and Illinois Tool Works Most recent buy: May 2, 2024 Initiation: June 14, 2023 Bottom Line Stanley Black & Decker turned in another solid quarter of execution on matters within management's control. It's making good on its plan of optimizing expensive inventory, reducing complexities and improving its supply chain to reach $2 billion in annual cost savings by the end of 2025. The progress is evident in the results, with adjusted gross margins continuing to improve. The one problem is the broader demand environment is still mostly soft, preventing management from raising the midpoint of its outlook. Given the stock's lackluster year-to-date performance, we would have thought investor expectations had come down enough to be satisfied with a beat and backing of guidance. However, there's always someone with their expectations too high. That's pushing the stock down more than 7%. Stanley Black & Decker's professional customers remain resilient, but demand from do-it-yourself customers has not returned to growth. This should be largely understood, and we expect to hear similar rhetoric when Home Depot and Lowe's report their earnings later this month. We probably won't see DIY activity meaningfully rebound until mortgage rates come down and reinvigorate the existing home sales market. We focus on existing home sales because the first thing people typically do after buying an older home is spend money on repair and remodeling projects. This dynamic makes Stanley Black & Decker one of the more interest-rate-sensitive stocks we have in the portfolio. We don't want to have too many of them in this "higher for longer" environment, but at least with Stanley Black & Decker our patience is being rewarded with hefty dividend yield of about 3.80%. The thesis may be taking longer to play out, but what management is doing to take out costs in the soft environment will make its earnings power look more impressive once the cycle turns. We are lowering our price target to $105 from $110 because rate cut expectations keep getting pushed out, extending the timing of the DIY market recovery. But we are reiterating our 1 rating and bought this pullback earlier Thursday. Quarterly commentary Stanley Black & Decker's largest segment by far — known as Tools & Outdoor — generated sales of $3.29 billion in the quarter, topping the $3.27 billion expected by analysts, according to FactSet. However, operating income of $279 million slightly missed analyst projections of $286 million, per FactSet. Volume growth of 1% in the company's flagship DeWalt power tools could not overcome a muted consumer and a soft do-it-yourself environment, which pressured sales for hand tools. Outdoor organic revenue was up 2% in the quarter, mostly driven by demand for handheld cordless outdoor power equipment. Pricing was flat, which we think is a positive because it shows the company isn't cutting prices to spur demand. Once you give up price in this business, it's very hard to get it back. Sales in Stanley Black & Decker's smaller Industrial segment— largely made up of fasteners in end markets such as automotive and aerospace — totaled $585 million in the period, missing the $596 million estimate, according to FactSet. Quarterly operating income in the segment of $71 million topped estimates at $63 million, according to FactSet. Organic sales fell 4%, partially offset by a 1% price increase across the segment. Within the segment, its so-called Engineered Fastening business saw organic revenues grow 5% thanks to a 30% increase in aerospace and a 4% increase in automotive. As a reminder, Stanley completed the divestiture of its Infrastructure business on April 1 for $760 million in cash. Net proceeds from the sale were used to reduce short-term debt in the second quarter. The company's adjusted gross margin performance of 29.0% was a solid mark, improving 590 basis points compared with last year and exceeding expectations of 28.7%. The result keeps the business on track to achieve its goal of about 30% over the full year. The gross margin improvements were driven by lower inventory destocking costs, supply chain transformation benefits and reduced shipping costs. Free cash flow was negative, which is typical with first-quarter seasonality. However, the result was a little better than expected due to inventory control. The company's capital deployment priorities this year are to invest in organic growth, fund the dividend, and strengthen the balance sheet. Stanley Black & Decker has been paying a dividend for 147 consecutive years, with increases in each of the past 56. Guidance Management made no real changes to its 2024 guidance. It still expects total company organic sales to be relatively unchanged, plus or minus low single digits. At the segment level, organic sales in Tools & Outdoor are projected to be relatively flat at the midpoint, while Industrial is expected to be relatively flat to slightly positive. Margins at Tools & Outdoors are expected to improve year over year, while Industrial is expected to remain flat. Management continues to expect adjusted EPS to be between $3.50 to $4.50. Considering the stock sell-off, Wall Street must have been looking for some signaling that earnings were trending toward the higher end of the range based on the consensus forecast of $4.14. This was way too optimistic. This modeling came well before the market erased its expectations for multiple interest rate cuts this year. While Stanley's wide earnings range leaves us ambiguity into the rest of the year, CFO Patrick Hallinan said he believes the midpoint of the range can be achieved due to costs controls. Meanwhile, management reiterated its full-year adjusted free cash flow of $600 million and $800 million. In addition, the company expects gross margins to increase sequentially in both halves of 2024 and total 30% for the full year. Gross margins are expected to be in the low 30s exiting the year, setting up 2025 for another year of strong year-over-year earnings expansion even if the demand environment stays tepid. The company's long-term adjusted gross margin target of 35% is supported by the $2 billion in annual cost savings it expects by the end of next year. "We remain confident that our transformation can support the sustainable cost structure and efficiency needed to return our adjusted gross margin to 35% or greater while enabling targeted growth investments," Hallinan said. (Jim Cramer's Charitable Trust is long SWK. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Stanley Black & Decker power drills are displayed for sale at a Home Depot store in Colma, California. David Paul Morris | Bloomberg | Getty Images
Campus protests have become the perfect photo-op for Republicans 2024-05-02 20:37:10+00:00 - Republicans have been going back to college lately, but not to learn anything. If anything, their visits are leaving us all a little dumber. In recent days, GOP lawmakers have used campus protests over Israel as a backdrop for their latest publicity stunts. House Speaker Mike Johnson’s appearance at Columbia last month made that abundantly clear. Conservative activists have been encouraging one another to inflame campus protests in liberal-learning cities with hopes of heightening tension that could undermine President Joe Biden’s re-election chances. Republicans in Congress seem to be operating with a similar M.O., and Wednesday offered fresh evidence that GOPers are eager to be seen scolding college students to their faces. A group of Republicans decided to take a waltz through George Washington University’s campus for a gander at the demonstrations underway (and perhaps antagonize liberal activists along the way). And it didn’t take long for these right-wingers to start issuing threats and trying to stir up conflict. According to Mediaite: Rep. Lauren Boebert (R-CO), never one to shy away from a camera, ventured on Wednesday to the pro-Palestinian encampment on George Washington University’s campus, where she was quickly filmed trying to tear down a Palestinian flag. Boebert was joined by some of her GOP colleagues including Reps. Byron Donalds (R-FL), Anna Paulina Luna (R-FL), and Oversight Committee Chairman James Comer (R-KY). Boebert walked through the encampment and when she came across a statue of George Washington covered in pro-Palestinian flags and other symbols, she attempted to take down the largest flag. A protester tried to stop Boebert and told her this was “private property.” “This is America, and that shit needs to come down,” Boebert said. Freelance reporter Andrew Leyden caught the incident on camera. The whole fiasco had big wrestling heel vibes, with GOP lawmakers shouting attacks at demonstrators, who’d then shower them in boos. Boebert used a megaphone to bark the bigoted claim that demonstrators at the school are pro-terrorist. “Almost every single person in this so-called liberated zone would be eviscerated by the very terrorists you are standing here supporting,” she claimed in a video captured by The Hill. Predictably, this evoked a reaction from activists in earshot. Boebert and Donalds also threatened to use Congress’ power over Washington, D.C., due to its lack of statehood, to withhold funding from the city if its mayor and police don’t crack down on campus protesters to Republicans’ liking. Last year, conservatives similarly meddled in D.C.’s affairs when they overruled criminal justice reforms instituted following civil rights protests in 2020. And their threats this time came on the same day Rep. James Comer announced a hearing on the George Washington University protests, scheduled for next Wednesday. Republicans think they’ve found a sore spot in domestic politics they can use to their advantage. And they’re going to keep picking at it.
Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid 2024-05-02 20:36:00+00:00 - Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. The expression of formal interest comes as David Ellison’s Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount’s special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone. Skydance Media hasn’t heard anything from the special committee yet, though it expects to find out the special committee’s recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount’s panel could recommend approving Skydance’s offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes. Spokespeople for Paramount, Redstone’s National Amusements, the special committee and Skydance declined to comment. Sony and Apollo did not immediately respond to requests for comment. Paramount's options If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison’s company, the sides could extend an exclusivity window that ends Friday. It’s also possible Skydance could walk away from the deal, which it has been negotiating on for months. If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal. Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone still prefers a deal that would keep Paramount together, as Skydance’s offer would, a person familiar with the matter said. A private equity firm would likely tear the company apart through a series of divestitures to extract value. The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter. That could also assuage Redstone’s fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures. A $26 billion offer for Paramount Global values the company higher than the company’s current $22 billion enterprise value. Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity. To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter. That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and Aspen Sky Trust, who have all publicly expressed dismay about the Skydance transaction. Skydance’s “best and final” offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake. Redstone could also argue she’s more comfortable with pushing forward at Paramount Global without a sale. Earlier this week, the board removed Bob Bakish as the company’s CEO. Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.