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Ford’s 1Q net income falls 24% as combustion engine unit sees sales and revenue decline 2024-04-24 20:49:38+00:00 - DETROIT (AP) — Ford Motor Co.'s first-quarter net income fell 24% from a year ago as the company’s combustion engine vehicle unit saw revenue and sales decline. The Dearborn, Michigan, automaker said Wednesday it made $1.33 billion from January through March, compared with $1.76 billion a year earlier. Excluding one-time items, Ford made 49 cents per share, enough to beat analyst estimates of 43 cents, according to FactSet. Revenue for the quarter was up 3.2% to $42.78 billion, but that fell short of Wall Street estimates of $42.93 billion. Ford Blue, the combustion engine unit, made $905 million before taxes, down $1.7 billion from a year ago. Revenue was down 13%. The company blamed the declines on lower inventories and selection of F-150 pickups due to updating factories for a new model. Chief Financial Officer John Lawler told reporters Wednesday that Ford will recover sales volume and selection later in the year, positioning the company for strong earnings. But Ford Pro, the commercial vehicle unit, offset some of the decline, posting pretax earnings of just over $3 billion, with revenue up 36%. But Model e, the electric vehicle business, lost $1.3 billion, almost $600 million more than the first quarter of last year. The company said it’s cutting costs, but those have been offset by electric vehicle price declines. The company says its next generation of electric vehicles coming out in the next two to three years will be profitable. A small team at the company is working on underpinnings for smaller more affordable EVs, the company said. “We’ll do whatever it takes to be profitable in the first 12 months of our vehicles,” CEO Jim Farley told analysts. The company held its full-year pretax earnings forecast at $10 billion to $12 billion, but Lawler predicted it would be toward the high end of the range. It lowered an estimate of full-year capital spending to $8 billion to $9 billion, down from earlier guidance of $8 billion to $9.5 billion. The company said the reduced spending shows its commitment to using capital efficiently. Lawler said Ford expects U.S. auto prices to fall 2% to 3% this year, but said that drop didn’t materialize in the first quarter. Prices, he said, held up across the industry. Still, Ford expects the price drop to happen later in the year. “So far, the consumer stayed relative strong, industry has remained strong,” he said. Shares of Ford rose 3.2% in trading after Wednesday’s closing bell.

Here’s a rapid-fire update on all 33 portfolio stocks including our tech giants reporting this week 2024-04-24 20:49:00+00:00 - Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Jim ran through the portfolio during our April Monthly Meeting on Wednesday. Apple : Jim reiterated his "own it, don't trade it" stance on Apple despite its lackluster 2024 performance. Slowing iPhone sales in China remains an overhang, but Jim emphasized that expected artificial intelligence-related device will serve as a tailwind for shares. Integrating the buzzy tech into the iPhone will lead to the next upgrade cycle, not only boosting hardware sales, but also Apple's services revenue stream. Jim said once these AI features are rolled out, it's unlikely that the stock will get back down to its current levels – around $168 apiece on Wednesday. That's why we're waiting out the downtrend. Abbott Laboratories : Abbott's legal overhang is different than the one that weighed on former Club holding Johnson & Johnson , and that's why we have used the stock's recent weakness to add to our position. Jim said Wednesday he still believes shares of Abbott are worth buying here. The business fundamentals, as its first-quarter results a week ago showed , is doing well. Amazon : When the e-commerce and cloud behemoth reports next week, we expect CEO Andy Jassy to tell a strong story about Amazon Web Services, its fast-growing ad business and the value of its Prime membership. Additional color on its AI strategy will be welcome, too. Jim said Amazon's business model is perfectly suited for the current economic moment, in which customers look for bargains on everything except travel. Broadcom : Broadcom's AI business, which includes co-designing custom chips for tech giants such as Club holding Alphabet, is booming. However, the company continues to suffer from weakness in legacy areas such as cellphones. We also want to start seeing the benefits of Broadcom's blockbuster VMWare acquisition, which closed late last year. Best Buy : We've added to the electronics retailer three times since our initial purchase on March 27, the day of the March Monthly Meeting. The stock has drifted lower, alongside the broader market, which we greeted with open arms to build up our stake. Jim said the current market perception of Best Buy reminds him of when GE Healthcare was so unloved last year. Eventually, GE Healthcare's fortunes turned around and the stock moved higher. We expect that will happen with Best Buy once investors realize the benefits an AI-driven upgrade cycle will have for the company. Bausch Health : The troubled Canadian pharmaceutical company won a key patent protection lawsuit for its Xifaxan drug, yet the stock went down after the decision. It appears that other investors, like us, were looking to dump shares into the ruling. Bausch must be sold, Jim said, but he expects there will be a better time to do so. Costco Wholesale : Costco is one of our most-expensive stocks based on its price-to-earnings multiple, and that could explain why shares peaked March 7 and have drifted lower since then. That is right around the time bond yields began marching higher, which, as Jim explained in his Sunday column , has proven to be a turning point for the market and high-multiple stocks, in particular. There's nothing wrong with Costco's fundamental business. Salesforce : The enterprise software maker has become a complicated position in light of recent reports in The Wall Street Journal. The newspaper reported April 12 that Salesforce was in talks to buy Informatica, which sent the Club holding's shares plunging. About a week later, The Journal said the conversations had fizzled . While we're glad Salesforce didn't go forward on the Informatica deal, the fact the discussions were had at all raised our eyebrows. Jim said he does not want to sell Salesforce, but the stock is in the penalty box for now. Coterra Energy : We added to our position in the oil-and-gas producer earlier this month as a geopolitical hedge, given the tensions in the Middle East have put a risk premium on crude that will likely remain. CEO Tom Jorden has wisely pivoted Coterra's production toward oil, de-emphasizing natural gas due to depressed prices. That shift should help the company deliver excellent first-quarter results when it reports May 2. DuPont De Nemours : Jim said he won't consider adding to this materials position until shares slide below $70 apiece, a roughly 5% decline from Tuesday's close. We've been battling this stock for some time. The Club made a sale of the DuPont on April 10, exercising discipline after the stock's roughly 14% advance since our last Feb. 14 purchase . We trimmed because it's hard to imagine DuPont's business has gotten so good so fast, especially given how lackluster the company's first-quarter earnings report was earlier this year. Danaher : It's not too late to own Danaher, Jim said, even though the life sciences company on Tuesday delivered the long-awaited bounceback quarter that sent its stock up 7% in the session. The biotech recovery has finally turned the corner, and more orders for Danaher's equipment, which is used in the drug discovery process, should be on the horizon. That's particularly true as more biotech initial public offerings arrive, giving key Danaher customers a cash injection. Walt Disney : Shares of Disney have pulled back since the start of its annual meeting April 3, during which it was announced that Nelson Peltz's fight for board seats came up short. We sold some right before the annual meeting and then again after it once our restrictions lifted . We're glad we did. Jim said he likes many stocks better than Disney right now, but is holding out hope that in 2025 the fruits of CEO Bob Iger's turnaround efforts will be more apparent and a successor to the two-time CEO will be named. Estee Lauder : The cosmetics firm has been a major disappointment, but we've come around to the idea that its inventory debacle in China is nearing its end. If that's the case, there should be plenty of upside ahead for the stock. We made a small buy earlier this month and upgraded our rating to a 1. We acknowledge there's still risks to the recovery, given how mighty Estee Lauder's challenges proved to be. Eaton : Don't sell this high-quality stock just because of its early 2024 gains, fueled by AI investments boosting its data center business, Jim said. While shares have pulled back from record highs earlier in April, they remain up 31% year to date. However, Eaton could have limited upside in the near term because of its high multiple. Plus, Jim said as more people recognize the industrial company as an AI winner, the stock could become more levered to interest rate dynamics rather than its fundamentals. Ford Motor : If General Motors' earnings Tuesday morning were any indication, Ford's results after the bell Wednesday should be good. However, the reason that GM shares have separated from Ford over the past few months is that GM has a monster stock buyback program and Ford does not. Jim reiterated his belief that Ford needs to take a page out of GM's page in order to close the gap. Foot Locker : The turnaround story is taking much, much longer than expected. We're hardly in a hurry to add to our position in the sneaker retailer, unlike our recent decision to make a small buy in another beleaguered company in Estee Lauder. Jim acknowledged he's considered whether we should just dump Foot Locker on its next move higher to clear space for a new stock. Foot Locker is our smallest position. GE Healthcare : The medical equipment maker has been smart in its embrace of AI to improve its machines. While the strong U.S. dollar is a bigger headwind for GE Healthcare than European rivals Philips and Siemens, Jim said he believes there's enough demand for their products to go around. We may look to buy more stock on future weakness because its future is still bright. Alphabet : The once-hated Google parent has returned to Wall Street's good graces. Its slate of product announcements at Google Cloud Next earlier this month offered reasons to believe its closing the gap in the AI race . At the same time, Jim said he'd like to see Google Cloud reach $10 billion in quarterly revenue, more granularity from management on what's driving YouTube's success and, notably, a dividend. The tech giant reports Thursday evening. Honeywell International : We're facing a quandary with this stock, which has underperformed its industrial peers. Jim argued that many other blue-chip industrial companies have found their niche, but Honeywell has yet to find its focus due to its wide-ranging businesses. We hope the conglomerate's management will restructure its sprawling portfolio and focus on higher-growth areas. Jim said CEO Vimal Kapur needs to deliver when the company reports quarterly results on Thursday. Linde : This Club holding continues to deliver for investors regardless of economic conditions. Linde has immense pricing power because of its dominance in the industrial gas market. Plus, we don't expect demand to let up anytime soon for its offerings, which includes exposure to carbon capture projects. Eli Lilly : It's hard to find a reason for Eli Lilly shares drifting lower since early March other than its high price-to-earnings multiple — a victim of the bond market, similar to Costco. Some of Wall Street's excitement around the GLP-1 craze seems to have faded, but the patient demand for Eli Lilly's obesity and weight-loss drugs seemingly has not. From an investment standpoint, any situation where a company has more demand than supply is fine with us. Meta Platforms : A TikTok ban in the U.S. would be the ultimate tailwind for the Facebook and Instagram owner. While its short-form video feature Reels has gained traction on its own and become a positive contributor to revenue, additional ad dollars would flow its way if TikTok is forced to cease operations in the U.S. due to a law signed Wednesday by President Joe Biden. Even without it, though, there's a lot to like with Meta. However, with earnings after the bell, there's no reason to buy it now, especially after its 40% year-to-date gains. Morgan Stanley : The portfolio name is among the cheapest stocks in the S & P 500 , with a price-to-earnings ratio of roughly 14. The stock has found some momentum lately, which some are attributing to the higher-for-longer interest rate environment. But Jim said he sees company-specific reasons why the stock should work, particularly Morgan Stanley's push into fee-based businesses. Jim said CEO Ted Pick has brought good tidings to the Wall Street giant after its recent quarterly print, which was highlighted by a big rebound in crucial segments like wealth management and investment banking. Microsoft : There's near-universal love for Microsoft, which could make it vulnerable to profit-taking after Thursday's earnings report absent reassuring AI commentary and AI-fueled growth for cloud unit Azure. Nevertheless, we see no reasons why Microsoft cannot keep hitting it out of the park. Nvidia : Investors are trying to gauge the threat poised by rival AI chips from other semiconductor firms, such as AMD, and the in-house silicon from tech titans such as Amazon, Microsoft and Alphabet. What the market is missing, according to Jim: Those chips simply do not measure up to what Nvidia has. CEO Jensen Huang recently gave a talk at his alma mater, Oregon State University, that highlighted his grand vision. It's worth a watch here . Palo Alto Networks : Jim had been concerned about the cybersecurity stock in the wake of its February earnings disaster, but he said the worry has subsided at current prices. Jim welcomed news that Palo Alto's offerings were tapped following the February hack on one of the country's largest health-care companies, UnitedHealth Group . To be sure, competition in the cybersecurity landscape is stiffening with peers like cloud-native CrowdStrike grabbing share. We have faith Palo Alto CEO Nikesh Arora will help keep the firm on track, though. Procter & Gamble : The consumer products maker reported a terrific quarter Friday, which the market initially misjudged before coming to its senses later in the session. It's followed that up with three more positive days, bringing its win streak to eight. We like that its business in China is starting to turn and gross margins topped expectations in the quarter, as well. The Dividend Aristocrat remains a rock-solid stock to keep in the portfolio. Starbucks : The coffee chain's earnings report next week may be one of the most expected downside "surprises" in recent history. We haven't bought any stock down here, in large part, because we need to see estimates come down to a level where Starbucks can beat them. The reason we hold onto the stock at all is because it's hard to believe CEO Laxman Narasimhan, who took over the top job 13 months ago, is as bad of a manager as the stock performance suggests. Its challenges can be overcome. Constellation Brands : Shares of Constellation have given back all of their post-earnings gains April 11 and then some, despite the strong results . One explanation for the weakness: The founding Sands family could be selling some of its large stake, putting pressure on the stock including in Wednesday's session. In any case, its beer business, anchored by Modelo and Corona, is on fire. We eventually expect the company to sell at least part of its wine-and-spirits business, which is facing more headwinds. Jim said Constellation is a buy at current levels. Stanley Black & Decker : The stock has struggled this year, but its bountiful dividend yield around 3.6% offers some protection. Management is wading through murky waters as its professional tool business has been stronger than the do-it-yourself customers. High mortgage rates is evidently not sparking the average consumer to take up more repair and remodeling projects. Still, Jim urged members not to sell at these levels. TJX Companies : High-quality merchandise from other retailers should continue to make its way to the parent company of TJ Maxx, Marshalls and Home Goods. That makes its underperformance versus the S & P 500 in recent weeks all the more confounding. If anything, its forward earnings multiple of roughly 22 seems to be keeping a lid on the stock. Still, Jim said he believes TJX is about as good a bargain that investors will find in the discount retail space. Wells Fargo : Another trim is due for our Wells Fargo position after a great run for the bank stock, Jim argued. The financial name has swelled to our largest position following a solid quarterly earnings release on April 12, which contained a sequential increase in stock buybacks and a pledge from management to repurchase more this year than in 2023. Jim also touted Wells Fargo for growth of its fee-based income streams, similar to Morgan Stanley. These durable revenues make the Wall Street firm less reliant on interest rate dynamics, which management has no control over. Wynn Resorts : The casino operator is mispriced, even after a nearly 8% gain this year. Jim emphasized his belief that its business in the Chinese gaming hub of Macao still has more upside considering the world's second-largest economy has yet to truly find its post-Covid stride. He said he'd like a bigger position in the stock and would look to buy more around $95 a share. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. Angela Weiss | Afp | Getty Images

Employee stock purchase plans offer 'free money' — but also carry complexity and risk, experts say 2024-04-24 20:46:00+00:00 - If you work for a publicly traded company, you may have access to discounted company shares via an employee stock purchase plan, or ESPP. While the benefit can be valuable, you need to know the rules and risks before opting into your company's plan, financial experts say. In 2020, roughly half of public companies offered an ESPP, according to a 2021 survey from the National Association of Stock Plan Professionals and Deloitte Tax. If you have access to one, it's worth considering because "there's free money to be had," said certified financial planner Matthew Garasic, founder of Unrivaled Wealth Management in Pittsburgh. More from Personal Finance: Here are key things to know before tapping inherited IRAs $8.8 billion in Inflation Reduction Act home energy rebates may be coming soon Biden administration believes new student loan forgiveness plan will survive But whether and to what extent you decide to participate depends on other short-term priorities and "how comfortable you are sacrificing cash flow" during the offering period, Garasic said. With limited income, yearly goals like investing up to your employer's 401(k) match should come before your ESPP, said CFP Kristin McKenna, president of Darrow Wealth Management in Boston. "People get really excited about them," she said. "And it doesn't always make sense."

Missouri House backs legal shield for weedkiller maker facing thousands of cancer-related lawsuits 2024-04-24 20:41:21+00:00 - JEFFERSON CITY, Mo. (AP) — The manufacturer of a popular weedkiller won support Wednesday from the Missouri House for a proposal that could shield it from costly lawsuits alleging it failed to warn customers its product could cause cancer. The House vote marked an important but incremental victory for chemical giant Bayer, which acquired an avalanche of legal claims involving the weedkiller Roundup when it bought the product’s original St. Louis-area-based producer, Monsanto. The legislation now heads to the Missouri Senate with several weeks remaining in the annual legislative session. Bayer pursued similar legislation this year in Idaho and Iowa, where it has mining and manufacturing facilities, but it fell short in both states. Bayer disputes claims that Roundup’s key ingredient, glyphosate, causes a cancer called non-Hodgkin’s lymphoma. But it has set aside $16 billion and already paid about $10 billion of that amount to resolve some of the tens of thousands of legal claims against it. Though some studies associate glyphosate with cancer, the U.S. Environmental Protection Agency has said it is not likely to be carcinogenic to humans when used as directed. The Missouri legislation says that federally approved pesticide labeling “shall be sufficient to satisfy any requirement for a warning label regarding cancer” — effectively thwarting failure-to-warn allegations in future lawsuits. “We are grateful that members of the Missouri House have supported farmers and science over the litigation industry,” Bayer said in a statement Wednesday. A coalition that includes Bayer has run ads on radio stations, newspapers and billboards supporting the legislation. Farmers overwhelmingly rely on Roundup, which was introduced 50 years ago as a more efficient way to control weeds and reduce tilling and soil erosion. For crops including corn, soybeans and cotton, it’s designed to work with genetically modified seeds that resist Roundup’s deadly effect. More than a dozen majority party Republicans joined Democrats in voting against the legislation as it passed the House on a 91-57 vote. Some Democrats made personal pleas to vote no. “If you vote for this bill, you are voting for cancer — and it will hurt my feelings, and I will not smile at you on the elevator,” said state Rep. LaDonna Appelbaum, who is undergoing treatment for cancer. Supporters said it was important to protect Bayer, whose North American crop science division is based in the St. Louis area, from lawsuits that could jeopardized the availability of Roundup. They cited concerns that Bayer eventually could pull Roundup from the U.S. market, leaving farmers dependent on alternative chemicals from China. “This bill isn’t about cancer, it’s really about the process of what’s taken place within the courts,” said Republican state Rep. Mike Haffner, chair of the House Agriculture Policy Committee.

Southwest Airlines flight attendants ratify a contract that will raise pay about 33% over 4 years 2024-04-24 20:32:42+00:00 - DALLAS (AP) — Flight attendants at Southwest Airlines have ratified a contract that includes pay raises totaling more than 33% over four years, as airline workers continue to benefit from the industry’s recovery since the pandemic. The Transport Workers Union said Wednesday that members of Local 556 approved the contract by a margin of 81% to 19%. The union’s board rejected a lower offer last summer, and flight attendants voted against a second proposal in December. Southwest has about 20,000 flight attendants. They will get raises of more than 22% on May 1 and annual increases of 3% in each of the following three years. The union said the contract provides record gains for flight attendants and sets a standard for other flight attendants. Cabin crews at United Airlines and American Airlines, which are represented by other unions, are still negotiating contracts. The union said the deal gives Southwest crews the shortest on-duty day and highest pay in the industry, compensation during disruptions like the Southwest meltdown in December 2022, and industry-first paid maternity and parental leave. Workers will also split $364 million in ratification bonuses, according to the union. Dallas-based Southwest, the nation’s fourth-biggest airline, said the contract includes changes in scheduling and will help the airline’s operation. Pilot unions at Delta, United, American and Southwest approved contracts last year that raised pay by more than one-third over several years. This week, Delta said its flight attendants and other nonunion workers will get 5% raises.

TikTok's CEO is feeling the pressure and users are freaking out 2024-04-24 20:32:04+00:00 - TikTok's CEO is calling its users to action to support the app against US lawmakers seeking a ban. President Biden signed a bill that forces TikTok to be sold to an American company or face a ban. Users are freaking out over potentially losing access to their favorite app. 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 TikTok CEO Shou Chew has issued a rallying cry to users that the company plans to fight a possible US ban. A foreign-aid bill passed Tuesday by the US Senate and signed by President Joe Biden Wednesday has millions of Americans who use TikTok freaking out over a potential ban. Related stories Chew responded to the latest moves in a video posted by the official TikTok account. "Make no mistake, this is a ban," Chew said in the video. "A ban on TikTok and a ban on you and your voice." The clip has over four million views as of Wednesday afternoon, and the comments show that users aren't ready to say goodbye to TikTok anytime soon. Advertisement Many expressed support for Chew, whose call to action hints at the pressure building against TikTok and its Chinese owners, Bytedance. "I trust you with my life," one comment read. Others credited the platform for helping users find "their voice and livelihood" and providing "a sense of community here that we don't have anywhere else." Meanwhile, some reminisced about what they learned on the app, from restaurant recommendations to beauty product reviews. Advertisement "bro i learned how to change my air filters for my car and how to do an oil change," a commenter said. Despite Chew's defiant video and the growing outrage from the app's users, a TikTok ban won't happen in the immediate future. Bytedance has nine months to a year to find a buyer for TikTok — and that's only if the bill holds up in court.

Kansas’ governor vetoed tax cuts again over their costs. Some fellow Democrats backed it 2024-04-24 20:31:06+00:00 - TOPEKA, Kan. (AP) — Kansas’ Democratic governor on Wednesday vetoed a broad package of tax cuts for the second time in three months, describing it as “too expensive” despite the bipartisan support it enjoyed in the Republican-controlled Legislature. Gov. Laura Kelly and her staff had signalled that she had misgivings about a package of income, sales and property tax cuts worth $1.5 billion over the next three years. Her chief of staff said before it cleared the Legislature this month that it was larger than Kelly thought the state could afford in the long term. The governor also told fellow Democrats that she believes Kansas’ current three personal income tax rates ensure that the wealthy pay their fair share. The plan would have moved to two rates. The governor immediately proposed new tax cuts worth roughly $1.3 billion over the next three years, but the Kansas House’s top Republican immediately said the governor “isn’t serious” about tax relief. The Legislature was set to reconvene Thursday following a spring break and wrap up its work for the year in just six days. “While I appreciate the bipartisan effort that went into this tax cut package and support many of the provisions included, I cannot sign into law a bill that jeopardizes our state’s future fiscal stability,” Kelly wrote in her veto message. “This bill is too expensive.” Top Republican legislators have wanted to move Kansas to a single personal income tax rate, which at least five other GOP-led states have done since July 2021, according to the conservative Tax Foundation. But their dispute with Kelly over that idea has meant that Kansas hasn’t enacted big tax cuts, even as surplus funds have filled its coffers. In January, Kelly vetoed a plan to cut taxes by $1.6 billion over three years that Democrats largely opposed. It would have moved Kansas to a single-rate personal income tax, and Kelly argued it would have benefited the “super wealthy,” which Republicans disputed. “Kansans need and deserve tax relief, and Governor Kelly isn’t serious when she says she wants to provide it,” House Speaker Dan Hawkins, a Wichita Republican, said in a statement. Democrats were split over the bill Kelly vetoed. In the Senate, they largely opposed it for the same reasons Kelly did, while in the House, no members voted against it. Overriding a veto requires two-thirds majorities in both chambers. The House’s top Democrat, state Rep. Vic Miller, of Topeka, said he likes Kelly’s new plan but doubts Republicans will embrace it, making the bill Kelly vetoed possibly the best that Democrats can expect. “I’m not sure I want to risk what she’s willing to risk,” he said of the governor. Kelly isn’t the only governor at odds with lawmakers over taxes. In neighboring Nebraska, Republican Gov. Jim Pillen said he’ll call a special legislative session over rising property taxes. The conservative Legislature there adjourned last week without passing Pillen’s plan to fund property tax relief by raising the state’s sales tax and applying it to more goods and services, including candy, soda and digital advertising. The bill Kelly vetoed also would eliminate income taxes on Social Security benefits, which kick in when a retiree earns $75,000 a year. It would reduce the state’s property taxes for public schools and eliminate an already-set-to-expire 2% sales tax on groceries six months early, on July 1. In moving Kansas from three personal income tax rates to two, it would drop the highest top rate from 5.7% to 5.55%. Kelly’s new plan includes the same sales tax and Social Security provisions, as well as a version of the property tax cut. Her plan would keep all three personal income tax rates and lower them. Her highest rate would be 5.65%. Last week, a new fiscal forecast provided a stable picture for state government through the end of June 2025. A separate projection from legislative researchers said that even with extra spending approved by lawmakers this year and the tax cuts Kelly vetoed, the state would end June 2025 with more than $3.7 billion in surplus. Kelly argues that problems would arrive in future years, though Republicans strongly disagree. Kelly won the first of her two terms in 2018 by running against the fiscal policies of a Republican predecessor, Gov. Sam Brownback. Big budget shortfalls followed large income tax cuts in 2012 and 2013 and continued until most of the cuts were repealed in 2017 over Brownback’s veto. But Republicans argue that warnings from Kelly hearkening back to Brownback’s policies have lost credibility as surplus revenues have piled up. “It’s far past time for the governor to put her worn-out Brownback rhetoric on the back burner and finally make our Kansas families the top priority,” House Taxation Committee Chair Adam Smith, a western Kansas Republican, wrote in a column Tuesday in the Kansas City Star. ___ Associated Press writer Margery Beck in Omaha, Nebraska, also contributed to this story.

Meta more than doubles Q1 profit but revenue guidance pulls shares down after-hours 2024-04-24 20:30:47+00:00 - Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. But its shares dropped sharply in after-hours trading following lukewarm revenue guidance. Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That’s up from $5.71 billion, or $2.20 per share, in the same period a year earlier. Revenue rose 27% to $36.46 billion from $28.65 billion. Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet. For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion for the second quarter, which is higher than the midpoint of Meta’s guidance range. Meta also said it expects its 2024 capital expenses to be higher than anticipated due to its investments in artificial intelligence. It is forecasting expenses in the range of $35 billion to $40 billion, up from its earlier guidance of $30 billion to $37 billion. “Meta’s earnings should serve as a stark warning for companies reporting this earnings season,” said Thomas Monteiro, senior analyst at Investing.com “Even though the company did beat estimates in all top- and bottom-line metrics, it didn’t matter as much as the reported lowering revenue expectations for Q2. This is the exact opposite of what Tesla did yesterday and goes to show that investors are currently looking at the near future with heavy mistrust.” The number of people using Meta’s apps continued to increase, with 3.24 billion users on average for March in its “family of apps” that includes Facebook, Instagram, WhatsApp and Messenger. That’s up 7% year-over-year. Meta’s shares fell almost 16% in after-hours trading.

F.D.A. Approves Antibiotic for Increasingly Hard-to-Treat Urinary Tract Infections 2024-04-24 20:27:42+00:00 - The Food and Drug Administration on Wednesday approved the sale of an antibiotic for the treatment of urinary tract infections in women, giving U.S. health providers a powerful new tool to combat a common infection that is increasingly unresponsive to the existing suite of antimicrobial drugs. The drug, pivmecillinam, has been used in Europe for more than 40 years, where it is often a first-line therapy for women with uncomplicated U.T.I.’s, meaning the infection is confined to the bladder and has not reached the kidneys. The drug will be marketed in the U.S. as Pivya and will be made available by prescription to women 18 and older. It is the first time in two decades that the F.D.A. has approved a new antibiotic for U.T.I.s, which annually affect 30 million Americans. U.T.I.s are responsible for the single-greatest use of antibiotics outside a hospital setting. “Uncomplicated U.T.I.s are a very common condition impacting women and one of the most frequent reasons for antibiotic use,” Dr. Peter Kim, director of the Division of Anti-Infectives at the F.D.A.’s Center for Drug Evaluation and Research, said in a statement. “The F.D.A. is committed to fostering new antibiotic availability when they prove to be safe and effective.”

Meta’s Profits More Than Double, While Spending on A.I. Rises 2024-04-24 20:24:28+00:00 - Meta on Wednesday reported a 27 percent increase in revenue and profit that more than doubled in the first quarter, as the company said it planned to spend billions of dollars more than expected on infrastructure to support its artificial intelligence efforts. Revenue for the company, which owns Facebook, Instagram, WhatsApp and Messenger, was $36.5 billion in the first quarter, up from $28.6 billion a year ago and slightly above Wall Street estimates of $36.1 billion, according to data compiled by FactSet. Profit was $12.4 billion, up from $5.7 billion a year earlier. “It’s been a good start to the year,” said Mark Zuckerberg, Meta’s chief executive, referring to the company’s A.I. efforts and “healthy growth across our apps.” But Meta’s efforts on A.I., which require substantial computing power, come with a lofty price tag. The Silicon Valley company said it planned to raise its spending forecast for the year to $35 billion to $40 billion, up from a previous estimate of $30 billion to $37 billion. The move was driven by heavy investments in A.I. infrastructure, including data centers, chip designs and research and development costs.

Selena Gomez's makeup brand is worth $2 billion — but she has no plans to sell 2024-04-24 20:19:31+00:00 - Selena Gomez has shut down rumors that she's looking to sell her makeup brand, Rare Beauty. The line has been valued at $2 billion and has earned more than $70 million from blush sales alone. During the Time100 Summit, Gomez said she's "enjoying this a little too much." 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 rumors aren't true, according to Selena Gomez. She's not eager to sell her makeup brand. In March, Bloomberg reported that Gomez's company, Rare Beauty, had hired financial advisors to join meetings with potential investors and buyers. The report came after The Business of Fashion named Rare Beauty one of the top merger and acquisition targets in January and valued the brand at $2 billion, citing $300 million in sales last year.

College Protesters Make Divestment From Israel a Rallying Cry 2024-04-24 20:17:19+00:00 - As they gathered near the guarded gates of Columbia University in Upper Manhattan on Tuesday, a hundred or so protesters began to chant: “Disclose, divest, we will not stop, we will not rest.” “Divest” is a demand that has been repeated, on banners, in editorials in student newspapers and during rallies that are sweeping across campuses now gripped by a wave of pro-Palestinian activism. What it actually means has varied in scope, and level of detail. At Yale and Cornell, students have called on the universities to stop investing in weapons manufacturers. Columbia students are demanding the sale of holdings in funds and businesses that activists say are profiting from Israel’s invasion of Gaza, and the longer-term occupation of Palestinian lands — including Google, which has a large contract with the Israeli government, and Airbnb, which allows listings in Israeli settlements on the occupied West Bank. Researchers say the impact of any divestment would ultimately be negligible on the businesses and on Israel. They add that if universities give up votes as shareholders at the companies, divestment could even be counterproductive in pressuring companies to change their practices.

On third attempt, Arizona House finally passes bill to repeal 1864 abortion ban 2024-04-24 20:13:07+00:00 - The third time's the charm: After two previous failed attempts, the Arizona House finally passed a bill Wednesday to repeal a near-total abortion ban from 1864 that the state Supreme Court revived this month. The bill narrowly passed the House on its third try, with three Republicans joining their Democratic colleagues to vote for repeal. Arizona Democrats have been pushing for legislation to repeal the Civil War-era ban since the state Supreme Court ruled April 9 that it was enforceable. The ruling has been deeply unpopular nationally — even prominent Republicans like Donald Trump have criticized it as too extreme — and it has highlighted the deep divergence in views over abortion between conservative lawmakers and voters, especially in battleground states like Arizona. Still, Republicans in the state House refused to allow the bill to pass on the first two votes — until Wednesday. During debate, some Republicans said they would not be swayed from their opposition to the repeal, despite voter backlash. “We’re willing to kill infants in order to win an election,” GOP state Rep. Alexander Kolodin said, mischaracterizing fetuses as infants. Arizona's previous 15-week ban would go back into effect if the 1864 ban is repealed. The repeal bill now heads to the state Senate, where Republicans also hold a slim majority. Democrats need at least two GOP senators to vote with them to pass it. The Washington Post, citing unnamed legislative staffers, reports that the earliest the Senate could vote on the House's measure is May 1, although it has been advancing a repeal of its own. The near-total ban is not set to go into effect until June 8 at the earliest. Gov. Katie Hobbs, a Democrat, has said she would sign the repeal bill if it lands on her desk. In a statement, she praised House Democrats and encouraged the Senate to pass it. She added, "I encourage every Arizonan to make their voice heard at the ballot box this November as Arizonans decide on enshrining reproductive freedoms in our state’s constitution.” Abortion-rights advocates are also expected to put a proposal for a constitutional amendment to secure abortion rights on the November ballot.

Tesla driver in Seattle-area crash that killed motorcyclist told police he was using Autopilot 2024-04-24 20:11:58+00:00 - SEATTLE (AP) — A Tesla that may have been operating on the company’s Autopilot driving system hit and killed a motorcyclist near Seattle, raising questions about whether a recent recall went far enough to ensure Tesla drivers using Autopilot pay attention to the road. After the crash Friday in a suburban area about 15 miles (24 kilometers) northeast of the city, the driver of a 2022 Tesla Model S told a Washington State Patrol trooper that he was using Autopilot and looked at his cellphone while the Tesla was moving. “The next thing he knew there was a bang and the vehicle lurched forward as it accelerated and collided with the motorcycle in front of him,” the trooper wrote in a probable-cause document. The 56-year-old driver was arrested for investigation of vehicular homicide “based on the admitted inattention to driving, while on Autopilot mode, and the distraction of the cell phone while moving forward, putting trust in the machine to drive for him,” the affidavit said. The Tesla driver told the trooper that he was driving home from having lunch when the crash occurred at about 3:45 p.m. The motorcyclist, Jeffrey Nissen, 28, of Stanwood, Washington, was under the car and pronounced dead at the scene, authorities reported. Authorities said they have not yet independently verified whether Autopilot was in use at the time of the crash. “We have not gotten that far yet. It’s very early stages of the investigation,” Washington State Patrol Capt. Deion Glover said Wednesday. The death comes about four months after U.S. auto safety regulators pressured Tesla into recalling more than 2 million vehicles to fix a defective system that’s supposed to make sure drivers pay attention when using Autopilot. A message was left Wednesday seeking comment from Tesla, which collects online data from its vehicles. Under the December recall, part of a two-year investigation into Teslas on Autopilot hitting emergency vehicles parked on roadways, Tesla reluctantly agreed to update Autopilot software to increase warnings and alerts to drivers. Autopilot can keep a car centered in its lane and a distance from vehicles in front of it, but Tesla says on its website that the cars can’t drive themselves, despite the name. The company’s monitoring system sends alerts to drivers if it fails to detect torque from hands on the steering wheel, a system that experts have described as inadequate. They say the systems should have infrared cameras that make sure drivers have their eyes on the road. It’s not known whether the Tesla involved in the Washington motorcyclist’s death got the software update specified in the recall, but documents filed by Tesla with the National Highway Traffic Safety Administration say most newer Teslas have software that would automatically include the update. Kelly Funkhouser, associate director of vehicle technology for Consumer Reports, said it’s her understanding that the software update automatically went to most Teslas. Many Teslas have cameras in the cabin that can watch drivers using Autopilot, but Funkhouser said Consumer Reports found in testing that the cameras can be covered up by drivers without consequences. The government should be investigating the crash to see if the recall fixes are doing what they were intended to do, said Philip Koopman, a professor at Carnegie Mellon University who studies vehicle-automation safety. If Autopilot was in use, “NHTSA should be looking at this as a data point as to whether Tesla has effectively removed unreasonable risk from the use of Autopilot,” Koopman said. “The problem is this affects other road users, which is why regulatory intervention is appropriate.” A message was left seeking comment from NHTSA. Since 2016, the agency has sent investigators to at least 35 crashes in which Teslas suspected of operating on a partially automated driving system hit parked emergency vehicles, motorcyclists or tractor trailers that crossed in the vehicles’ paths, causing a total of 17 deaths. The agency also is investigating crashes involving automated driving systems from other automakers. Most recently it sent teams to two fatal crashes involving Ford Mustang Mach-E electric vehicles. ____ Krisher reported from Detroit.

Rep. Donald Payne Jr., a New Jersey Democrat, dies at 65 2024-04-24 20:05:55+00:00 - Rep. Donald Payne Jr., a New Jersey Democrat who served in Congress for nearly 12 years, has died. He was 65. In a statement, New Jersey Gov. Phil Murphy said that Payne was “a steadfast champion for the people of New Jersey.” “As a former union worker and toll collector, he deeply understood the struggles our working families face, and he fought valiantly to serve their needs, every single day,” wrote Murphy, a Democrat. Last week, Payne’s office said that he had been hospitalized since a “cardiac episode” earlier this month that was related to complications from diabetes. On April 9, the office had said that Payne was expected to make a full recovery. News of his death has led to an outpouring of condolences from politicians, including Sen. Cory Booker, D-N.J., and Rep. Hakeem Jeffries, D-N.Y. Payne was first elected in 2012 to represent New Jersey’s 10th Congressional District, which encompasses Newark, to fill the seat held by his father, Rep. Donald M. Payne, who died in office and was the first Black member of Congress from New Jersey. Like his father, the younger Payne was a member of the Congressional Black Caucus. He also served on the House Homeland Security Committee and the House Transportation and Infrastructure Committee. Murphy is expected to call for a special election to fill Payne’s seat.

Billionaire Texas oilman inks deal with Venezuela’s state-run oil giant as U.S. sanctions loom 2024-04-24 19:59:25+00:00 - MIAMI (AP) — A company started by a Texas billionaire oilman announced a deal Wednesday with Venezuela’s state-owned oil company to rehabilitate five aging oil fields, days after the Biden administration put a brake on sanctions relief over concerns about the fairness of the country’s upcoming presidential election. LNG Energy Group is a publicly traded company listed in Canada that produces natural gas in Colombia. It was created last year as a result of a merger with a company owned by Rod Lewis, a legendary Texas wildcatter who Forbes Magazine once called the “only gringo allowed to drill in Mexico.” As part of the deal announced Wednesday, LNG was awarded contracts by state-run PDVSA to take over production and develop two oil fields in eastern Venezuela that currently produce about 3,000 barrels of crude per day. LNG said the deal was executed within the framework of sanctions relief announced by the U.S. government last year in support of an agreement between President Nicolas Maduro and his opponents to hold a competitive presidential election this year. Last week, the Biden administration reimposed sanctions as hopes for a democratic opening in Venezuela fade. However, the White House left open the possibility for companies to apply for licenses exempting them from the restrictions, something that could attract investment to a country sitting atop the world’s largest petroleum reserves at a time of growing concerns about energy supplies in the wake of Russia’s invasion of Ukraine. Other than Chevron, which has operated in Venezuela for a century and was awarded its own license in 2022, few American companies have been looking to make major capital investments in the high risk South American country in recent years because of concerns about government seizure, U.S. sanctions and corruption. “This will be a test of U.S. sanctions whether they get a license or not,” said Francisco Monaldi, an expert on Latin American energy policy at Rice University’s Baker Institute. LNG said in a statement that it “intends to operate in full compliance with the applicable sanctions” but declined further comment Lewis, who Forbes estimates has a net worth of $1.1 billion, struck it rich in the 1980s as a wildcatter drilling for natural gas near his home in Laredo, Texas. His company, Lewis Energy Group, was the state’s fourth biggest natural gas producer last year. In 2004, Lewis was awarded a contract by Mexico’s tightly controlled energy industry covering almost 100,000 acres (400 square kilometers) just across the border from his south Texas facility. He started investing in Colombia in 2003. In October, the U.S. granted Maduro’s government relief from sanctions on its state-run oil, gas and mining sectors after it agreed to work with members of the opposition to hold a free and competitive presidential election this year. While Maduro went on to schedule an election for July and invite international observers to monitor voting, his inner circle has used the ruling party’s total control over Venezuela’s institutions to undermine the agreement. Actions include blocking his main rival, ex lawmaker Maria Corina Machado, from registering her candidacy or that of a designated alternative. Numerous government critics have also been jailed over the past six months, including several of Machado’s aides.

Idaho's abortion argument to Supreme Court is offensive to E.R. docs like me 2024-04-24 19:56:00+00:00 - In oral arguments on Wednesday, the state of Idaho told the Supreme Court that the federal Emergency Medical Treatment and Labor Act (EMTALA) doesn’t protect the actions of emergency care practitioners from the state’s abortion ban — even when abortion is the medically indicated treatment. In making its argument, Idaho made multiple statements that I found troubling, especially as an emergency medicine physician practicing in a neighboring state. Idaho made multiple statements that I found troubling, especially as an emergency medicine physician practicing in a neighboring state. EMTALA is a federal law that requires emergency departments to provide treatment for any emergency condition until it is resolved or stabilized. Among other things, Idaho argued that EMTALA’s requirements of stability can be determined by individual states; that because abortion isn’t specifically mentioned in the federal law, this treatment isn’t protected by it; and because the law requires an emergency department to provide treatments that are “available” at that hospital, abortion can simply be considered unavailable because it’s been made illegal. All those arguments are flawed. But I’ll focus here on what may be the most awful argument Idaho made: that its abortion ban doesn’t conflict with EMTALA, because it allows a narrow exemption if abortion is necessary to prevent death. There are some beliefs embedded in this argument that gravely misunderstand what we do in the emergency room and the ethics that guide our work. This defense of Idaho’s law presumes that preventing death is the only outcome that matters to us and to our patients. Such a defense presumes that we physicians can predict with accuracy the single moment when a risk to a patient’s health becomes a risk to that patient’s life. And this argument imagines a world where physicians would, or should, purposefully allow people to be patently at risk of death before intervening. Solicitor General Elizabeth Prelogar, arguing for the U.S. government, told the justices Wednesday, “In Idaho, physicians have to shut their eyes to everything but death.” Neither emergency medicine practice, nor EMTALA in particular, is just about preventing death. The law requires us “to provide such medical treatment of the condition as may be necessary to assure, within reasonable medical probability, that no material deterioration of the condition” is likely to occur. In medicine, the standard that we are held to by our profession, our ethics and public expectation is to prevent harm and to treat illness as early as possible. Idaho wants to redefine what it means to acceptably skirt death, but emergency medicine is not a “let’s see what happens” practice. We are a “let’s take care of this before it gets out of hand” practice. Imagine someone is having a stroke, a heart attack or internal bleeding from a traumatic organ injury and a doctor knows the clear treatment but waits to see if the condition becomes “deadly” before acting. Acting immediately not only produces the best chance of survival, but it’s also our best chance of preventing suffering, organ damage, disability and a prolonged recovery. In medicine, we use maxims like “Time is Brain” (for rapid treatment of stroke) and “Time is Myocardium” (for rapid treatment of heart attacks) for a reason. Rapid treatment to optimize patient care is the emergency standard of care, no matter which state you’re in; delays in diagnosis or treatment are not only anathema to our practice, but they’re among the most common reasons doctors are sued. Idaho wants to redefine what it means to acceptably skirt death, but emergency medicine is not a “let’s see what happens” practice. We are a “let’s take care of this before it gets out of hand” practice. Emergency practice is anchored around a universal notion of clinical stability. It’s a common reference point that applies to every patient and should not vary by hospital or state. In the chart of every patient I see in my capacity as an emergency physician, I make a note about their stability. Our emergency licensing board exams don’t test us on “Massachusetts emergency medicine” or “Texas emergency medicine.” We have a national standard of practice. Emergency physicians in all states need access to the full range of stabilizing treatments for the full range of conditions we see. For many emergency situations, achieving stability entails using a narrow range of treatment options, sometimes even a single treatment, and the medical decision to use such treatment does not vary by state. This is not just true for conditions that require abortion — such as an ectopic pregnancy — but for a wide range of other emergency care situations. Should Idaho, or any state for that matter, get to handpick which treatments we can use, and when, as we care for patients who are at risk for serious illness or death? There is a disturbing precedent proposed here. “If epinephrine were banned for the treatment of anaphylaxis, we’d be here as well,” Prelogar said. If epinephrine were banned for the treatment of anaphylaxis, we’d be here as well. U.S. Solicitor General Elizabeth Prelogar Uterine infections, ectopic pregnancy, pre-eclampsia or eclampsia, preterm premature rupture of membranes, major hemorrhage, severe exacerbations of underlying chronic medical conditions are among the numerous situations in which abortion is an appropriate and necessary stabilizing treatment, and having it as an option simply means we are prepared to provide emergency care. Not only are delays abhorrent to anyone receiving care for themselves or their loved ones, but they compromise the chances of success of the life-saving treatments themselves — some of which take time to work — and can make those treatments more risky to the patient. Certain procedures, certain anesthesia and a wide variety of medications are more dangerous when delivered to an unstable patient compared to one who’s stable. A law that demands that we hold back before acting functions as a self-fulfilling prophecy. Such a law, by itself, makes the worst outcome more likely.

Why I believe in the 'TikTok ban' bill that Biden signed into law 2024-04-24 19:45:01+00:00 - This week, Congress and President Joe Biden took the next step to prevent the Chinese Communist Party from using Americans’ data against us. You may have heard of this legislation referred to as the “TikTok ban.” But rest assured, we’re not out to stop the sharing of short-form videos. My colleagues and I enjoy TikTok’s kaleidoscope of creativity as much as the next person. Many members of Congress use the platform, as does President Biden’s campaign. The problem is that TikTok, one of the country’s major media platforms, is owned by a company that is deeply connected to and ultimately responsible to the CCP. This legislation gives that company up to a year to sell the platform before it risks facing restrictions on access to app stores and web hosting services. We are drawing a hard line against foreign adversaries using social media platforms to control our data and then, through the power of opaque and proprietary algorithms, turning that data against us and shaping what reaches millions of Americans. ByteDance has already proven its willingness to monitor and manipulate American users’ data to the advantage of the CCP. While other social media platforms have a similar reach, TikTok has a unique vulnerability: its parent company, ByteDance. TikTok executives insist that, in the words of CEO Shou Zi Chew, ByteDance “is not owned or controlled by the Chinese government.” But Beijing has a history of punishing or even disappearing executives who don’t comply with the party line — something undoubtedly on the mind of ByteDance’s China-based leadership. In a legal filing last year, for example, ByteDance’s former head of engineering in the U.S. said that some members of the ruling Communist Party used data held by ByteDance to locate protesters in Hong Kong. No wonder, then, that, according to Politico, the Chinese embassy has lobbied congressional staff against this legislation. In just the past four years, the share of U.S. adults who get their news regularly from TikTok has quadrupled to 14%, including roughly one-third of Americans under 30. Once we recognize that TikTok’s algorithm is also determining the news we see, then the parallels to other points in American history and technological advancement become more clear. As the Chair of the Federal Communications Commission Jessica Rosenwercel stated, “For decades we’ve had policies in the Communications Act that would prevent, for instance, a Chinese national or a Chinese company from owning our nation’s broadcast television stations. We would say that’s unacceptable, right? I’d be kicked out of my job if I decided otherwise. And yet here we have something that’s arguably one the newer forms of media and there is zero oversight.” ByteDance has already proven its willingness to monitor and manipulate American users’ data to the advantage of the CCP. When journalists reported on ByteDance's use of consumer data, the company responded by using TikTok to track American journalists’ IP addresses, movements and discussions with sources. Leaked audio from internal meetings showed that user data supposedly quarantined in the U.S. was proven to be accessed repeatedly in China. TikTok has suggested a “Project Texas” proposal of internal content moderation to mitigate these threats, but corporate self-control has yet to be the answer for any social challenges. When the House was debating legislation to make sure that TikTok, like traditional broadcast media, be subject to U.S. jurisdiction, the company decided to activate its users by sending deceptive push alerts to lobby members of Congress, proving that when the Chinese Communist Party’s assets are threatened, it will not hesitate to weaponize Americans’ data. We live in an era in which internet users’ data is for sale in a variety of shady schemes, but at least those companies are ultimately subject to the purview of the U.S. government and Congress. We know Congress must act in implementing comprehensive data privacy laws, which is why this bill was passed alongside laws to prohibit data brokers from selling data to our foreign adversaries. But as long as TikTok is controlled by ByteDance, they are ultimately not responsible to U.S. laws but to the Chinese Communist Party’s interest in conducting espionage. Congress and the president are presenting TikTok and ByteDance with a choice: Preserve access to 170 million consumers in the U.S. by selling to a company that is not beholden to the CCP. Buyers are already lining up. This elegant solution addresses pressing national security concerns, yet ensures that TikTok, content creators and users, all can not only survive, but thrive.

UAW's Tennessee win fuels backers' hopes in the South, but some skeptics are unmoved 2024-04-24 19:43:00+00:00 - The United Auto Workers just notched a historic victory in Tennessee, the union’s first major win since signing new contracts in Detroit as it shifts focus to the South. Some industry workers there feel more optimistic than ever, but others still aren’t ready to join up. Friday’s landslide outcome at the Chattanooga Volkswagen plant, where 73% of workers who cast votes opted to unionize, followed two failed attempts and is the UAW’s first win at a foreign automaker in the South. The breakthrough came months after strikes at the Big Three Detroit automakers — Ford, General Motors and Jeep maker Stellantis, all of which have long been unionized. Those walkouts led to contracts, ratified by 64% of voting union members, featuring pay hikes and better job security in an increasingly electrified auto industry. The UAW is now targeting 13 nonunion automakers, with the next battle set for a Mercedes-Benz plant in Vance, Alabama, that will vote on unionizing in mid-May. “We’ve got the lead,” said Jeremy Kimbrell, a measurement machine operator at the plant who isn’t daunted by a climate some expect to be tougher for labor organizers than Tennessee’s. All Southern states have “right to work” laws allowing workers to opt out of union participation, contributing to membership rates that lag behind the national 10% average. While Volkswagen remained neutral in the Chattanooga campaign, six Southern GOP governors, including Alabama’s, slammed it, warning of potential layoffs to offset higher labor costs. Kimbrell said he and some of his colleagues have been required to watch videos outlining the potential downsides to union membership, adding that management has sought to limit group discussion of the issues. A Mercedes-Benz factory in Vance, Ala., in June 2017. The plant is facing a union vote in May. Andrew Caballero-Reynolds / AFP via Getty Images file Employees at the Vance plant filed federal charges against Mercedes, alleging it retaliated against pro-union workers by denying some paid family leave and taking disciplinary action for minor infractions. In February, the Department of Labor recovered nearly $440,000 in back wages and unpaid bonuses for two plant workers who were terminated after taking federally covered leave. A Mercedes spokesperson said the company “holds meetings where multiple business topics are covered” and would “continue to share facts and opinions through open and direct communication” so staffers could make an informed choice. The company has said it cooperated with regulators but denied violating federal rules or wrongfully terminating workers. We’re going to see a huge change in the balance of power in the South. Kate Bronfenbrenner, Cornell University School of Industrial and Labor Relations Kimbrell, who has worked at the Alabama facility for over 20 years and volunteers on the organizing committee, said he’d long doubted that unionizing was “ever gonna happen.” Now he’d be surprised if it didn’t: “There’s no doubt that people on the floor think we’re going to win.” Some labor experts also foresee the momentum continuing. “We’re going to see a huge change in the balance of power in the South once you have powerful unions who can leverage change in public policy in those states,” said Kate Bronfenbrenner, director of labor education research at the Cornell University School of Industrial and Labor Relations. “The gains that happened in 2023 moved people into middle class jobs,” she said, and workers everywhere see it. But not all of them have been won over. Omari Roundtree, who works as a trim specialist at a Honda plant in Maryville, Ohio — and has a brother who works at the Chattanooga VW plant — said his skepticism since speaking to NBC News in October hasn’t shifted much. He still hasn’t seen enough of the benefits of unionizing to overcome his mistrust of the UAW, stemming from his father’s experience working for a GM supplier in the 1990s. “Maybe if there was an offshoot or another [union] that was created,” said Roundtree, 33, “but I don’t necessarily trust the characters and actors from that organization.” The UAW’s president, Shawn Fain, has sought to refresh its image after sweeping into power on an anti-establishment platform following a high-level corruption scandal. Some supporters said they see the UAW’s push beyond Detroit as Fain making good on his campaign promises. United Auto Workers President Shawn Fain is pushing to expand the union in states with tougher terrain for labor groups. John J. Kim / Chicago Tribune via Getty Images file In a news conference Tuesday, Fain appealed to members who question the UAW’s Southern strategy and the use of their dues to support it, saying, “This ain’t charity, this is power.” Fain also touted the “UAW bump” — pay raises at nonunion firms after the Big Three strikes — and described nationwide membership growth as an important tool to maximize the union’s clout. “In 2028, we’re going back to the table with Ford, GM and Stellantis,” he said. “If we want the leverage to win back our pensions and retirement health care, we need to organize the unorganized.” James Bryant, a 52-year-old vehicle inspector at a Nissan plant in Canton, Mississippi, said the automaker rolled out “the biggest raise that they’ve ever given us” after the UAW finalized its Big Three contracts last fall, boosting his hourly pay to $34.62 from $31.47. Bryant said he was heartened by the Volkswagen vote and believes it will help energize skittish co-workers at the Canton plant, which voted down a 2017 union bid after a heated campaign that drew national attention. If Mercedes passes their union vote, Nissan might as well not even put up a fight. James Bryant, Nissan plant worker, Canton, Miss. “We are still going to be so far behind everybody else” due to the annual wage progression the UAW negotiated with the Big Three, he said. “If Mercedes passes their union vote, Nissan might as well not even put up a fight.” A Nissan spokesperson said the company respects workers’ right to organize but said, “For more than forty years, when Nissan employees have exercised their voices, they have chosen overwhelmingly to continue representing themselves.” Some Southern autoworkers said they’re already seeing stronger union interest this year. In February, the UAW said more than 30% of workers at Hyundai’s auto plant in Montgomery signed union cards. Conbralius Thomas, 37, who works on a multifunctional team there, said he and other volunteers are working with the union to reach 50%. Once 70% of eligible site workers sign cards, the UAW will ask the company to recognize the union or call for a federally overseen vote if it doesn’t. Hyundai said “the decision to be represented by a union is up to our team members” and pointed to a new pay structure it said would boost hourly wages by 25% by 2028. For now, Thomas is pleased with the UAW’s efforts. “They’re sticking their necks out and it’s showing,” he said.

French strike forces Ryanair to cancel more than 300 flights across Europe 2024-04-24 19:27:00+00:00 - Ryanair has demanded that the EU reform its skies after the airline was forced to cancel more than 300 flights across Europe scheduled for Thursday because of a strike by French air traffic controllers. The cancellations come in spite of the withdrawal of strike action by one of the biggest unions, the SNCTA, which came too late to avoid disruption after France’s civil aviation authority asked airlines to cut flights. Ryanair said 50,000 of its passengers would be affected because of France’s failure to protect overflights – where planes fly over the country without landing there – during industrial action. It said most of the disrupted passengers would be simply flying over French airspace en route to the likes of Greece or Spain. The airline called on the European Commission president, Ursula von der Leyen, to take action to protect overflights by law during air traffic control strikes, to allow Europe’s other controllers to manage flights over France during the strikes, and limit the power of unions to call strikes immediately. Ryanair chief executive Michael O’Leary said: “French air traffic controllers are free to go on strike, that’s their right, but we should be cancelling French flights, not flights leaving Ireland, going to Italy, or flights from Germany to Spain or Scandinavia to Portugal. “The European Commission under Ursula von der Leyen has failed for five years to take any action to protect overflights and the single market for air travel. We’re again calling on her to take action to protect overflights which will eliminate over 90% of these flight cancellations.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Despite the French strike this week, O’Leary said he believed air travellers would see significantly less disruption over summer 2024 than during the past two years, when labour shortages and strikes limited capacity.