Latest News
See the latest news and get GPT analysis of articles
Oil prices are set to rise as market braces for Israel response to Iran's missile and drone barrage 2024-04-14 21:59:00+00:00 - An anti-missile system operates after Iran launched drones and missiles towards Israel, as seen from Ashkelon, Israel April 14, 2024. (View a special livestream of CNBC's coverage of the conflict and market impact at 6 p.m. ET Sunday here.) Crude oil futures were set to open higher Sunday after Iran launched an air assault against Israel with a barrage of missiles and drones, raising fears that the Middle East is spiraling toward a regional war that could disrupt oil supplies. The West Texas Intermediate contract for May delivery hit a session high of $87.67 on Friday, while June Brent futures rallied to $92.18. U.S. crude closed at $85.66 a barrel Friday, while the global benchmark settled at $90.45. WTI futures began the year around $71 a barrel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday in an attack that President Joe Biden described as "unprecedented." The U.S. intervened to directly help Israel shoot down nearly all of the incoming munitions, Biden said in a statement Saturday. The crude oil market is now bracing for the Netanyahu government's response to the attack and waiting to see whether this marks the start of a direct war between Israel and Iran, according to Jorge Leon, senior vice president at Rystad Energy. "In a worst-case scenario, a forceful retaliation by Israel could trigger a spiral of escalation, potentially leading to an unprecedented regional conflict," Leon said Sunday in a note. "Under such circumstances, geopolitical premiums would increase significantly." The air assault was the first time Iran has directly attacked Israeli territory, senior U.S. military officials told reporters in a call Sunday. The attack was launched from locations in Iran, Iraq, Syria and Yemen, the officials said. More than 100 ballistic missiles were fired at Israel as well as land attack cruise missiles and drones, a senior administration official said. The attack was retaliation for an Israeli strike against the Islamic Republic's diplomatic facilities in Damascus, Syria earlier this month that killed seven Iranian military officials including a senior commander.
From the battery boss who naps at noon to the fitness entrepreneur who rises at 3:30 a.m., these are the most unusual CEO habits 2024-04-14 21:52:01+00:00 - CEOs are often known for having extreme sleep schedules. One takes this further by rising at 3:30 a.m. Stress management methods can range from strict workouts to long hours of meditation. "It's what makes me superhuman," a CEO said of his morning routine. 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 Running a company is a stressful job, especially if you're running one of the biggest firms in the world. That high stress can lead to some intense and unconventional daily habits. Here are some of the most unusual routines of CEOs: 1. Waking up at 3:30 a.m. and launching into a 90-minute workout CEOs are known for waking up early: Tim Cook and Richard Branson both rise around 5 a.m. But Josh York, the 40-year-old CEO of in-home personal training company Gymguyz, takes it a step further and starts his mornings at 3:29 a.m., he told Fortune. Advertisement After having a cold rinse in the shower, he launches into an hour-and-a-half workout followed by a three-minute ice bath. "It's what makes me superhuman," he told the outlet. 2. Bob Iger prefers to work out in a dark room with the TV on mute Disney CEO, Bob Iger. Chip Somodevilla via Getty Images The CEO of Disney works out first thing in the morning in a darkened room, he says in his Masterclass on 'Using your time effectively.' He keeps a TV on silent during his workout so he can watch it against the backdrop of his own choice of music. Advertisement "It's my most creative time in many ways," Iger said. 3. A teaspoon of Icelandic cod liver oil washed down with black coffee to start the day Mikael Berner, CEO of email software company Edison Software, starts his day with a dose of cod liver oil, a source of omega-3 fatty acids, vitamin A, and vitamin D. Related story It's meant to have benefits like promoting heart health and benefiting cells. Experts warn against taking more than one tablespoon daily to avoid consuming too much vitamin A. 4. Or if you're Elon Musk, your morning routine includes eating a doughnut Elon Musk. Taylor Hill/Getty Images Tesla CEO Elon Musk opts for a sugary start to the day. Advertisement A post on X declared that sugar is poison. Musk replied: "I eat a donut every morning. Still alive." 5. Mark Zuckerberg's diet requires eating 4,000 calories a day Mark Zuckerberg training MMA. Photo by Mark Zuckerberg / Instagram The Meta CEO previously said on Threads that he eats roughly 4,000 calories to offset his intensive MMA and jiujitsu training. Another popular diet with successful CEOs is only eating within specific time windows — intermittent fasting. 6. Taking an afternoon nap in the office Robin Zeng, whose role as CEO of the world's largest EV battery manufacturing firm CATL makes him known as China's "Battery King," takes a daily nap at noon in the office, according to an interview with the FT. Advertisement Some experts recommend short naps of between 20 and 30 minutes to improve focus and combat fatigue. 7. Two hours of meditation a day Jack Dorsey likes to meditate every morning. Joe Raedle Jack Dorsey, who runs financial services company Block, adhered to a strict wellness schedule that allowed him "just to stay above water," when he was also CEO of Twitter. Each day involved walking five miles, meditating for two hours, and only eating one meal. Dorsey is a big proponent of mediation. For his birthday in 2018, he took part in a 10-day silent Vipassana meditation retreat where he meditated for nearly 17 hours each day "It's extremely painful and demanding physical and mental work," he said on a thread on Twitter at the time. Advertisement 8. "Eyes-open" meditation Gwyneth Paltrow. Rachel Murray/Getty Images for goop Another fan of meditation is Gwyneth Paltrow, CEO of wellness brand Goop. She advocates "eyes-open" meditation, which involves being mindful at any moment in everyday life. "Once you learn how to do eyes-open meditation — something you can literally incorporate at any time — you can be engaged with the world but still very connected to yourself," said previously told Business Insider. "I rely on it to feel more whole." 9. A massage just before midnight If reading a book and meditating isn't relaxing enough, Steven Barlett, a former CEO and founder famed for his Diary of A CEO podcast, calls for an 11 p.m. massage. Advertisement "I often get massages in the evening — it sounds crazy, but usually my masseuse comes over at 11 p.m," he told The Telegraph. 10. A more unusual habit among CEOs, Tobias Lutke says he never works later than 5:30 p.m. While some CEOs brag about their long hours in the office and spending nights sleeping on the office floor, Shopify CEO Tobias Lutke previously said he never works later than 5:30 p.m. "The only times I worked more than 40 hours in a week was when I had the burning desire to do so. I need 8ish hours of sleep a night," he said in a thread on Twitter, now X.
Fast-food franchisees in California fear they'll lose customers to Chili's and Applebee's as prices soar over $20 wage 2024-04-14 21:42:01+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 California recently raised its minimum wage for fast-food workers to $20, and franchisees raising prices to offset this fear they could send some diners into the arms of casual dining chains like Chili's and Applebee's. These chains aren't subject to the new minimum wage and, therefore, aren't expected to raise prices as much. This could potentially cause the price difference between fast-food and casual dining restaurants to shrink. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The $20 wage applies to workers at limited-service restaurant chains — those where diners typically don't get table service and pay for their food before eating it — with at least 60 locations nationwide. Fast-food restaurants in California have been hiking prices to offset the wage, which is 25% above the state's general minimum wage. Advertisement Though the legislation was enacted on April 1, some restaurants gradually raised prices to avoid the sticker shock of dramatically hiking prices from one day to the next. Shane Paul, who owns seven Jack in the Box restaurants in San Diego, told BI he'd raised the prices at his restaurants by about 10% or 11% over the past six to 12 months in anticipation of the higher wages. In previous years, he generally put prices up by around 3.5% to 4%, he said. Transactions at his restaurants "are already trending down," he said. Paul speculated some of the diners could be going to casual dining restaurants like Chili's or Applebee's instead, which he said had deals that meant diners could have a sit-down meal for "a dollar or two more than us." Advertisement Applebee's is a casual dining chain. Scott Olson/Getty Images Harsh Ghai, who said he owns about 180 Burger King, Taco Bell, and Popeyes restaurants in California, expressed similar concerns. He told BI that his price increases were already impacting restaurant sales and that he expected more diners to turn to grocery stores and Chili's and Applebee's instead. "We're gonna start to compete with them," Ghai said, speaking about the casual dining restaurants. Related stories In a typical year, Ghai's restaurants put up their prices by between 2% and 3%, he said. But in the last 12 months, he's raised prices by between 8% and 10% — largely just to reflect food inflation, he said. He can't raise prices any further to absorb the higher wages because customers wouldn't come back, he said. Advertisement Scott Rodrick, who owns 18 McDonald's in northern California, told BI he had a "deep concern" that the new minimum wage "narrows the competitive gap" between different types of restaurants. Rodrick said he'd increased prices at his restaurants by between 5% and 7% in the three months of 2024. Executives at Kura Sushi, a sit-down Japanese chain with about 60 locations in the US, told analysts in early April that they thought the $20 wage would increase their value proposition as other chains keep increasing prices. CEO Hajime Uba noted that Kura Sushi's prices were getting "closer and closer and closer" to fast-food pricing. Advertisement Diners generally go to fast-food and casual dining restaurants for different occasions, Brian Vaccaro, a restaurant analyst at Raymond James, told BI. Sit-down restaurants typically attract diners who want to "relax and rewind" with family and friends. In contrast, people generally go to limited-service restaurants for the speed and convenience, he said. Wages could soar across the entire restaurant industry Analysts say that it's hard to predict exactly how diners' habits will change in response to the price increases at fast-food chains. People could buy more groceries, choose fast-food value deals, or switch to different restaurants. Still, some analysts do expect other employers in the state — like full-service restaurants and retailers — to start paying workers more so that they can stay competitive, which could ultimately mean other restaurants increase their menu prices, too. Advertisement Sal Vitalie, who owns The Garden Club, a restaurant in South San Francisco, told BI that he will "absolutely" have to raise his wages to compete with local fast-food chains. Still, in some cases, Vaccaro noted that servers at mid-priced, full-service restaurant chains are likely to already make $30 or more an hour, including tips, so price hikes may just be a way off. "If casual dining can hold prices and doesn't see the upward labor pressure, it could receive some benefit as the gap between casual dining and limited service prices narrow," Sharon Zackfia, a restaurant analyst at William Blair, told BI over email. "But limited service will still be cheaper, and the key tenets of fast and convenient will remain a positive factor for demand at limited service for customers on the go," she said. Advertisement
I was a consultant at McKinsey. Here's the frustrating way they pushed me out. 2024-04-14 21:34:21+00:00 - Ezra Gershanok was a business analyst at McKinsey & Company. He said he was forced out as the firm grappled with declining client demand and too many hires. Post-McKinsey, Gershanok co-founded Ohana, a sublet startup backed by Zillow and Airbnb's execs. 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 This is an as-told-to conversation with Ezra Gershanok, a former Business Analyst at McKinsey & Company and the cofounder of sublet startup Ohana. Long story short, I don't regret my time at McKinsey & Company. I was hired straight out of college as a Business Analyst, an entry-level consultant role at the firm. I'm glad I had the opportunity, and I appreciated the firm's high expectations and learned a lot from my colleagues. However, several aspects of my job frustrated me. Advertisement There was an expectation that everything needed to be done immediately. I felt a constant sense of urgency even though we weren't building anything. My work output was always a PowerPoint deck, and its biggest impact was making whoever paid for us to be there look good. In such an environment, you quickly realize that everything is political. Your ability to get on good projects, and even your performance goals, boil down to how well-liked you are by colleagues. Everyone at the firm can do the work so well that the higher-ups ultimately build teams of people they like working with. The firm had clearly over-hired My biggest issue was that McKinsey over-predicted how much work I would have. I started at the firm in June 2021 as one among a class of pandemic hires. I left in March 2023. Advertisement During that time, McKinsey secured many government and private sector contracts and hired extensively, assuming there would be a steady workflow. Then, interest rates started rising, companies started tightening their budgets, and several realized they could automate much of their work. So, client demand began to dry up. Related stories For me, the pace of the work started to slow down in the second half of 2021 and into 2022. Several jobs at the firm started to be seen as redundant. The pressure to cut down the workforce was palpable. McKinsey doesn't normally conduct layoffs. Instead they push employees out by marking them down on performance. But the communication channels aren't clear when you're an entry-level employee. So, it's possible to get positive feedback from the clients you're working with and your direct manager, even when the higher-ups are trying to push you out. And that's not a pleasant experience. Advertisement It would have been easier if they just laid me off I remember getting a call in mid-February 2023. Things had gone pretty well on the project I was working on that week, which was on semiconductors, an pretty competitive to get staffed on. On Saturday, I got a call out of the blue from an Associate Partner who told me I was no longer on the project, even though I was supposed to go to Seattle that Monday to continue work. I received another call on Sunday and was told to talk to my Senior Partner because there was some hope I could get back on the project. But he flat-out said there was no way I was getting back on the project. I had a meeting put on my calendar a week later and was told that senior managers would be present at the meeting to decide my fate at the firm. In the days leading up to the meeting, I kept receiving warnings that it wouldn't go well and that I was better off just quitting. I told them that I refused to quit before going through with the meeting. At the meeting, they complained about my performance, even though it was clear that the real reason they wanted me out was because the firm had over-hired. It would have been easier if they said, "We're letting you go" or "We're firing you." Instead, they told me that the senior partners had met and decided that my next step was "search." I'd be paid for six weeks and given a guidance counselor who would help me look for another role. I could have fought it, but I was pretty frustrated with my work by then. My biggest gripe is that McKinsey preys on people who are status-insecure. Everyone the firm hires is an overachiever. We want to do well, and what people care more about than money, honestly, is the gratification of our bosses. Advertisement Life after McKinsey By then I was already thinking about solving this other problem I had experienced as an intern — the struggle of subletting. So my good friend, who was working at Apple at the time, quit his job, and we both bit the ground running, building a new startup called Ohana. Ohana fills the gap between short-term rental platforms like Airbnb and long-term housing sites like Zillow. We provide an efficient way to sublease in NYC. We've found that the average host on Ohana saves $5,969 per sublease, and in the last month, Ohana has saved New Yorkers over $238,000 in rent. We've also brought on some heavy-weight backers, including Zillow's cofounder and former CEO, Spencer Rascoff, and Airbnb's former director of Engineering, Surabhi Gupta. I'm passionate about the work I'm doing now. Looking back, the irony of my time at McKinsey is that they're constantly giving right-sizing advice to their clients, but completely miss the mark themselves. Are you a consultant in a tough work environment? We would like to hear from you. Contact reporter Lakshmi Varanasi at lvaranasi@businessinsider.com.
Marjorie Taylor Greene Is Trying To Oust Speaker Mike Johnson — Except She Has No GOP Allies 2024-04-14 21:30:00+00:00 - Loading... Loading... Rep. Marjorie Taylor Greene's attempt to dethrone the current House Speaker, Mike Johnson, mirrors a previous effort by Rep. Matt Gaetz against Kevin McCarthy. However, unlike Gaetz's successful motion, which saw McCarthy lose his position swiftly, Greene's endeavor lacks momentum and support. Three weeks ago, she initiated a motion to vacate the chair without triggering any immediate action, embarking on a quest for allies that has yet to bear fruit. Notably, Greene finds herself isolated in her crusade. No GOP members have publicly backed her motion, and her anticipated support from Donald Trump and his circle has not materialized, reported MSNBC. Instead, Trump's camp has voiced concerns that an electoral-year battle for the speakership could detract from the GOP's broader objectives. The sentiment within Trump's circle reportedly leans heavily against Greene's move, with many viewing it as an unnecessary distraction and critique of how the party is being run. Also Read: Marjorie Taylor Greene Isn't Backing Down On Criticism Of House Speaker Despite Donald Trump's Efforts To Quell Rift: 'I'm Not Full Of Sh*t Just Like Mike Johnson Is' The absence of a clear successor for Johnson additionally amplifies the problem. The House Republican conference, including Greene, faces a dilemma as there appears to be no viable candidate to fill Johnson's shoes. This has led to a general reluctance within the party to engage in what many predict would be a chaotic and directionless power struggle. Greene herself, when pressed for alternatives, could not name a successor, highlighting a fundamental issue with her motion, MSNBC noted. Thus, the situation suggests that Johnson's position remains secure for the time being, not due to overwhelming support or accomplishments but because the alternatives seem even less appealing to GOP members. Now Read: Marjorie Taylor Greene Claims She Has Proof That Votes For Donald Trump In 2020 Were 'Lost In The Mail': 'I Think He'll Be Vindicated Easily' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
Boomers are hanging onto large homes, boxing out millennials with growing families. That could hurt Biden in the election. 2024-04-14 21:25:24+00:00 - Many boomers are holding on to their large homes, stressing the housing market for younger buyers. For millennials with growing families, purchasing a home has become even more difficult. For Biden and Trump, the issue of housing affordability could make or break their candidacies. 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 For baby boomers with growing families in the 1980s and 1990s, homeownership was a natural next step in their adulthoods. But when their children moved out to pursue their own dreams years later, many of these boomers remained in their large homes. And at least for the foreseeable future, they're not going anywhere. For millennials now looking to purchase a home, especially those now having children of their own, the road has been difficult. The tight housing market has effectively cut them off from purchasing homes within their budget, and high-interest rates haven't helped. But many boomers, some still working and trying to navigate their fast-approaching retirements, have chosen to remain in large properties. And many of these homes have continued to appreciate in value, giving boomers second thoughts about downsizing. Advertisement According to a Redfin analysis of US Census Bureau data, 28% of homes throughout the country that contain three or more bedrooms are owned by empty-nesters aged 60 to 78. Millennials with children own 14% of similarly-sized properties, a stunning disparity. Related story But what does this mean for the 2024 election, especially with Gen Z and millennial voters effectively priced out of so many housing markets? A house of cards When housing construction stood still during the housing crisis, it led to a lack of new homes for growing families. And just last week, mortgage rates rose to nearly 7%, according to The Wall Street Journal. Compare that figure to 2020, when there was an average 30-year fixed mortgage rate of just 3.38%. Advertisement With the current housing shortage and less-than-ideal mortgage rates, many millennial families are not enjoying the same quality of life as their parents. Millennials also grew up with soaring higher education costs, so many are still paying off student-loan debt. Others are also paying off record credit-card debt. According to The Journal, boomers are less likely to have credit-card debt than millennials. That means a lot of Gen Z and millennial voters are frustrated with leaders in Washington for what many see as inaction to address some of the most pressing issues of their generation. Advertisement President Joe Biden has sought to emphasize housing affordability while on the campaign trail, recently making a major speech in Nevada where he spoke about his administration's efforts to build new units. But right now many voters aged 18 to 44 aren't enthused with the administration, which could benefit former President Donald Trump despite the left-leaning orientation of many young voters. Trump has continued to tout the success of the pre-COVID economy under which he presided, but it remains to be seen if he'll be able to win over the scores of millennials who soundly rejected the GOP in the 2016 and 2020 elections. One thing is certain, though. There's still not enough housing.
Lego is cashing in big time on its adult fan base, doubling its revenue in the last decade 2024-04-14 20:48:23+00:00 - Lego is cashing in on adult fans buying high-priced Lego sets. The $850 Millennium Falcon set is part of how Lego doubled its revenue in a decade. Other toy companies are also rebranding kids products for adult audiences and seeing hefty returns. 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 Big kid fans mean big kid prices. Lego knows that and is cashing in on its base of adult fans willing to dish out hundreds of dollars on elaborate sets. Some are dishing out $850 or more for a Star Wars Millennium Falcon and $700 or more for a Liebherr crawler crane. Related story "We don't buy every new set that comes out," 38-year-old collector Jonny Edmondson told The Wall Street Journal. "We've got to eat." Advertisement Lego's investment in sets for adults is paying off in spades. The company's revenue has doubled over the last decade to almost $10 billion in 2023, the Journal reported. "We decided to focus on adults because we realized that we had a much bigger opportunity than we were tapping into," Julia Goldin, Lego's chief of product and marketing, told the Journal. For adults, part of the appeal is displaying the finished product. "Nowadays it's not so geeky," Sian Twynham, another adult Lego builder, told the Journal. "You can have a set on your coffee table, and no one would bat an eyelid." Advertisement Whether it's nostalgia or strategic marketing, toy companies are seeing big returns when they rebrand kids products for adult audiences. Take last year's blockbuster Barbie summer, when director Greta Gerwig's hit movie "Barbie" made over $1 billion in the global box office and became the highest-grossing film ever for Warner Bros. It also led to a boom in Barbie sales by toymaker Mattel, company execs said. Hasbro, another classic toymaker, has latched onto a similar strategy, rebranding classic games like Scrabble and Trivial Pursuit for both older and younger generations, the Associated Press reported.
US forces shot down over 75 Iranian missiles and drones in its biggest air-defense battle of the Middle East crisis 2024-04-14 20:18:43+00:00 - Iran launched an unprecedented missile and drone attack on Israel this weekend. The IDF said 99% of the 300 or so Iranian munitions were shot down. US forces destroyed more than 70 of them, according to American officials. 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 US forces engaged and shot down more than 75 of the missiles and drones that Iran fired at Israel this weekend, marking its biggest air-defense battle of the six-month-long Middle East crisis. Iran and its proxy militias launched a barrage of 170 attack drones, 120 ballistic missiles, and 30 cruise missiles at Israel in a massive and unprecedented attack on Saturday night local time, according to the Israel Defense Forces. It was the first-ever direct attack on Israel from Iranian soil. About 99% of the threats were intercepted by Israel and its partners, the IDF said, and most of them did not even cross into Israeli territory — a remarkable air-defense success. US forces in the region eliminated more than 70 of the Iranian munitions, a senior US military official told reporters on Sunday. Advertisement An Israeli fighter jet intercepts a drone. IDF screengrab via X Two US Navy destroyers operating in the eastern Mediterranean Sea — the USS Arleigh Burke and USS Carney — engaged and destroyed between four and six ballistic missiles, and a Patriot air-defense system shot down one ballistic missile above Iraq, an official said. A majority of the remaining ballistic missiles were engaged by Israel's Arrow 2 and 3 systems, which make up the top echelon of the country's sophisticated air defense network. A few of the ballistic missiles entered Israeli territory and struck targets, including an IDF base, causing minor damage, the military said. US fighter jets also shot down more than 70 Iranian one-way attack drones, the American military official said. They would not say how many aircraft were involved in the interceptions. Related story President Joe Biden said he directed the US military to move aircraft and ballistic missile defenses to the region over the past week. Advertisement "Thanks to these deployments and the extraordinary skill of our service members, we helped Israel take down nearly all of the incoming drones and missiles," he said in a statement. The guided-missile destroyer USS Arleigh Burke. US Navy photo/Petty Officer 3rd Class Scott Pittman "Our forces remain postured to protect US troops and partners in the region, provide further support for Israel's defense, and enhance regional stability," Defense Secretary Lloyd Austin said in a statement after the attack. Britain's defense minister, Grant Shapps, confirmed that the UK also intercepted multiple drones. None of the drones or cruise missiles launched by Iran crossed into Israeli territory, according to the IDF. The attack marked the US military's biggest air-defense battle of the ongoing and widespread Middle East crisis, which began with Hamas' October 7 terror attack across southern Israel, sparking an outburst of violence across the region. Advertisement Since October, US forces have engaged aerial threats launched by Iran-backed militias above Iraq and Syria, and also the Red Sea and Gulf of Aden. The largest of these attacks involved more than 20 drones and missiles carried out by the Yemen-based Houthis earlier this year. Damage from a missile impact at an Israeli airbase. IDF Tehran's attack against Israel, meanwhile, came in retaliation for an Israeli airstrike on an Iranian diplomatic facility in Syria at the start of April. The strike killed several military officials, including two generals in the Islamic Revolutionary Guard Corps. Following the incident, Iran vowed revenge and telegraphed that it would retaliate against Israel. The Middle East had been on heightened alert over the past two weeks as it braced for a possible response from Tehran, which was unclear in terms of size and scope. The attack on Saturday was met with resounding international condemnation, with world leaders blasting Iran as "reckless." The leaders of the G7 — which is made up of the US, UK, France, Germany, Canada, Italy, and Japan — said they expressed solidarity with Israel and are committed to the country's security. Advertisement "With its actions, Iran has further stepped toward the destabilization of the region and risks provoking an uncontrollable regional escalation," the leaders said in a statement. "This must be avoided." For now, Israel appears to be calibrating a response to the Iranian attack, although it is unclear at this time what that may look like.
Why ‘the dam would break’ if Shell quit the FTSE 2024-04-14 20:00:00+00:00 - SHELL OIL Endless hours have been spent imagining a world without oil as net zero looms decades in the future. In London, however, stock exchange chiefs face the prospect of a more immediate – and more worrying – oil crisis: life without Shell. Just two years after ditching the Dutch and delighting Britain’s Brexiteers by moving to the UK, Britain’s biggest company is now discussing leaving for New York. London, says chief executive Wael Sawan, is devaluing his company. It can’t provide the capital, its politics are too turbulent and its taxes are too unpredictable. Just having a London address is pulling his share price down. “I have a location that clearly seems to be undervalued,” he said in an interview published by Bloomberg on Monday. He pledged to keep cutting costs to try and boost the company’s share price but added that if that did not work “we have to look at all options. All options.” This is not the first time he has hinted at a move. Last July he reflected on the warm welcome extended to him by the New York Stock Exchange (NYSE) when he met investors to set out Shell’s plans to cut costs and maximise profits. “The welcome we had there was exemplary. The Shell flag was waving next to the New York Stock Exchange flag,” he said. Sawan’s peers think the idea of moving to the US is outlandish. Ben van Beurden, Sawan’s predecessor, told the FT Commodities Summit in Lausanne last week: “The company is massively undervalued…the share price today is at an all-time high, but it could be significantly higher from where it is today.” He said a host of factors “conspire against the [companies] listed in Europe”. Sawan and van Beurden’s key complaint is that Shell is undervalued compared to its American peers. On the face of it he’s right. Shares in US oil majors like Exxon and Chevron listed in New York are valued at around 12 to 13 times their earnings, while Shell is valued at a multiple of just nine times earnings. “Shell is attracting lower valuation due to negative sentiment towards oil and gas companies and [an] aggressive green agenda in Europe,” says Panmure Gordon analyst Ashley Kelty. Story continues “An anti-business environment is growing, and the demonisation of energy companies does not help investment.” Many UK equity funds now have rules on environmental governance that prevent them from investing in oil and coal stocks. The US market, by contrast, is generally more supportive of fossil fuel companies. More broadly, international investors have been shunning the UK markets, leaving Shell with a smaller pool of money managers it can appeal to. “One of the reasons why Shell is where it is is purely and simply because the UK market has been a no-go area for international investors,” says a Shell investor. Low share prices make companies vulnerable to criticism, shareholder unrest and even takeovers. Shell’s great rival BP recently attracted takeover interest from UAE’s state oil company. Of course, a bombed out share price also threatens the legacy of chief executives who want to be remembered as titans of industry, not the losers from London, as another analyst puts it. Shell is currently valued at £185bn in London. If its share price had traded in line with US rival ExxonMobil, the group would be worth nearly £260bn – a 40pc increase, according to AJ Bell investment analyst Dan Coatsworth. The analysis is simplistic – it doesn’t account for differing assets and different accounting standards, among other things – but it is instructive. Shell has long had divided national loyalties. The company was founded in 1907 through a merger of Shell Transport and Trading, a UK company, and Royal Dutch Petroleum. Some of its management remained in Europe for decades after. That led to an awkward few years during the 1940s when the UK company strongly supported the Allied war effort, while a key German subsidiary supplied Hitler’s military. More recently, Shell has decided to end its identity confusion. In 2021, the group scrapped its dual Anglo-Dutch share structure and ditched “Royal Dutch” from its name as it moved to London. For a government in the throes of Brexit it seemed like a massive show of support. Then-business secretary Kwasi Kwarteng hailed it as a “clear vote of confidence in the British economy”. Since then, however, the company’s commitment problems have reemerged. Its ownership structure means the group is anything but British. Around half of its institutional shares are now owned by American fund managers, with only 29pc held in the UK. When retail shares are taken into account, the UK holding is even lower at 17pc while US owners account for 56pc, according to Bloomberg data. Two US funds alone – Blackrock and Vanguard – hold 15pc of Shell’s shares, nearly as much as the entire UK. Shell’s sheer size means that any move out of London would matter not just for the company but Britain as whole. It is the largest company by value on the British stock market and generates 9pc of all the dividends paid by FTSE 100 companies, second only to HSBC. Its shares are held by money managers across hundreds of different UK funds, which are ultimately used to pay UK pensioners and help the next generation save for retirement. These funds rely on the company’s steady flow of dividend payments. Switching to New York could possibly deprive funds of this income stream because many UK-focused funds have rules in place that prevent them from investing too much outside of the FTSE indices. “For many income funds it’s big. This is a moment for them to really think about: what happens if BP then does the same, or perhaps AstraZeneca? This is a big moment,” a second Shell shareholder says. Sawan’s comments come at a time when London is already grappling with fears that its stock market is in a “doom spiral”. Major companies are quitting: building materials suppliers Ferguson and CRH shifted to New York in 2022 and 2023 respectively, while Paddy Power-owner Flutter is plotting a similar move and Tui has decamped to Germany. Arm Holdings, a prominent UK chip designer, opted to list on the NYSE instead of London only last year. Shell’s departure would be a body blow. “The dam would be broken,” the second shareholder says. “If you’re thinking of listing, why would you consider listing in the UK if everyone is leaving? Why jump into a ship that appears to be leaking?” A moribund stock market is not just a concern for the City of London. As John Foster, chief policy officer at the CBI, points out: “Having large thriving companies list and base their operations in the UK is critical to the success of our economy. They innovate, drive investment and deliver the tax revenues we need to fund public services.” Moving across the Atlantic would not be a sure fire win for Shell. Oil and gas stocks are only 3.5pc of the US index, versus 10pc or 11pc in the UK. That would make Shell a less important player on a bigger stage. Litigation risks are also higher in the US. Paul Benson, a senior lawyer at ClientEarth, an NGO specialising in legal actions to achieve its environmental aims, said: “According to Shell’s own annual report, the company was facing 24 lawsuits in the US as of December 2023. “This means that if the company decides to move to the US, it would be in spite of legal actions, not because of them.” Wael Sawan admitted that Shell would have to win over 75pc of shareholders to pull off a move to New York - Ryan LIM / AFP Some analysts suggest Sawan’s sabre-rattling could be a clever double bluff to boost the group’s share price. The first Shell investor says: “If you think your share price is very undervalued, why not just give people the impression that you’re thinking about moving to New York? If you’re thinking about selling Shell, it’s going to make you think twice.” Shares are up nearly 5pc over the past week since the comments were made. If Shell did decide to push the button on its New York plans, it would have to win the backing of more than 75pc of shareholders. In his Bloomberg interview, Sawan admitted the high hurdle meant “we didn’t think it was the battle to go into”. A Shell spokesman said Sawan’s comments about moving to New York were “very similar to those he made in a high-profile interview nine months ago” but that “a change of listing is not a priority”. They added: “That remains the case. Shell’s leadership is focused on delivering our strategy with continued operational improvement, simplification of the business and financial discipline, and won’t be distracted by this debate.” Broaden your horizons with award-winning British journalism. Try The Telegraph free for 3 months with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
HIGH 90'S Revives Nostalgia In Cannabis Market With A Throwback Millennials Are Going To Love 2024-04-14 19:56:00+00:00 - Loading... Loading... In an era where nostalgia is more than just a feeling but a lifestyle, HIGH 90’S emerges from the vibrant streets of California, promising a journey back to the beloved '90s, with a cannabis twist. With millennials now leading the cannabis consumption market, HIGH 90’S taps into this demographic's fondness for the decade of their childhood with a lineup that’s as much a tribute to the '90s as it is a testament to quality cannabis. The brand, since its inception in 2019, has been weaving the laid-back, dreamy vibe of California with the unmistakable essence of the '90s, creating products that resonate with those yearning for the sweetest high reminiscent of a simpler time. Interested in the latest developments in the industry? Stay abreast at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17. The two-day event at The Diplomat Beach Resort is a chance for entrepreneurs, both large and small, to network, learn, and grow. Get your tickets now on bzcannabis.com – Prices will increase very soon! HIGH 90’S: Cultural Revival Loading... Loading... Their all-in-one Disposable Vapes and High Rollers pre-rolls are not just products but a statement. These offerings cater to the modern consumer's needs: potency, convenience, and a wide array of flavors, ensuring that the essence of the '90s is never too far from reach. Each product, from the vapes that come with their charging cable to the pre-rolls that boast a glass mouthpiece for smoother hits, is designed with the consumer’s ultimate satisfaction in mind. Millennials and Cannabis: A Changing Landscape As the largest cohort of cannabis consumers, millennials' preferences are shaping the industry. With nearly 38% of cannabis consumers falling within this demographic, their influence is undeniable. Millennials, who grew up during a period of rapid change in cannabis policies and societal attitudes, are now at the forefront of the cannabis economy. Their preference for diverse and sophisticated consumption methods, including a notable shift towards concentrates and vape pens, reflects a broader trend toward potent, convenient, and discreet cannabis products. HIGH 90’S, with its finger on the pulse of millennial consumers, offers products that not only meet these demands but do so with a nod to the '90s culture that many of them hold dear. Interested in the latest developments in the industry? Stay abreast at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17. The two-day event at The Diplomat Beach Resort is a chance for entrepreneurs, both large and small, to network, learn, and grow. Get your tickets now on bzcannabis.com – Prices will increase very soon! Photos: Courtesy of HIGH 90'S.
Trump Vs. Biden: One Candidate's Lead Narrows To Slim Margin Over Other 2024-04-14 19:34:00+00:00 - Loading... Loading... Recent polling data indicates a tightening race between President Joe Biden and former President Donald Trump as they gear up for a potential rematch in the upcoming election. The poll conducted by The New York Times and Siena College, released on Saturday, reveals Trump holding a slender lead of just 1 point over Biden, capturing 46% of support to Biden's 45%. This marks a significant shift from a February poll showing Trump with 48 percent to Biden’s 43 percent in a two-way matchup. When third-party candidates were introduced, Biden and Trump's support levels dipped to 40% and 42%, respectively, with independent candidate Robert F. Kennedy Jr. gathering 2% of the vote. Notably, 7% of those surveyed expressed no intention to vote, while 6% remained undecided. Demographics have played a crucial role in each candidate's support base, with Trump finding more favor among male voters and those aged 49 to 64. Also Read: Donald Trump Reportedly Hid Billionaire's Bond Offer From Court To Save Millions Conversely, Biden boasts higher popularity among voters aged 65 and over, securing nearly 70% of the Black vote and a majority among college-educated adults and people of color. Half of the Hispanic respondents supported Biden, while just under 60 percent of individuals identifying as non-white, Black, Hispanic, or Latino indicated backing for the incumbent president. Trump, however, maintains a lead with independent voters, a critical segment likely to influence the election's outcome. According to the survey, Trump earned 47 percent support from these voters, and Biden trailed behind with 42 percent. Loading... Loading... The Times/Siena poll, conducted from April 7-11 among 1,059 voters, has a margin of error of ±3.3 percentage points. Now Read: Trump vs. Biden: In Surprising Trend, One Candidate Is Gaining Favor Among Younger Voters Over Other This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
Michael Cohen Suggests Public Will Be Surprised By Bombshell Evidence In Donald Trump's Hush Money Trial: 'Headlines Do Not Necessarily Tell The Story' 2024-04-14 19:14:00+00:00 - Loading... Loading... As the hush money trial against former President Donald Trump approaches, all eyes turn to Michael Cohen, Trump's former lawyer and the prosecution's star witness. Cohen's testimony could play a pivotal role in the outcome of the case, which accuses Trump of falsifying records related to payments made to silence adult film actress Stormy Daniels about an alleged affair. This case in New York is notably moving forward, contrasting with Trump's other criminal cases, which appear to be at a standstill, reported Politico. On the eve of this landmark trial, Cohen shared insights in an interview with the outlet, reflecting on his transformation from Trump's trusted confidant to a key witness against him. When asked whether Trump's first criminal trial is "a stronger case when it comes to corroboration than people understand on the outside," Cohen said, "If it wasn't, Alvin Bragg and his team of prosecutors would never have brought this case." Despite Trump's defense discrediting Cohen's reliability due to his history of lying to Congress — a move Cohen asserts was to protect Trump — Cohen has remained steadfast, emphasizing the strength of the case and the alleged efforts to conceal illegal activities. Also Read: Donald Trump Outmaneuvered Manhattan DA By Gaining Access To Michael Cohen's Emails. Here's What Will Happen Next. When questioned if he thought the public would be surprised by some of the corroborating evidence, Cohen said, "I do." "In fact, most people don't really know anything. They only know what the headlines have been. And as you know very, very well, headlines do not necessarily tell the story," Cohen added. Now Read: Amid Donald Trump's Attacks On Judges And Prosecutors, Michael Cohen Says Ex-President Is Trying To 'Fuel Up His Supporters ... To Act No Differently And As Stupidly As They Did On January 6th' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
Off-price retail is poised to keep taking market share. Why is TJX's stock stuck? 2024-04-14 18:56:00+00:00 - Off-price is not going off-trend anytime soon. That might not be clear based on recent trading in TJX Companies' stock. Club holding TJX Companies and rival Ross Stores are well-positioned to keep stealing market share from other retailers, particularly department stores, UBS said in a recent note, keeping a years-long trend in the industry alive. And yet shares of TJX have not recently enjoyed the same kind of positive momentum the company's underlying business seems to have — a stalling out that has the stock looking increasingly attractive. Year to date, TJX shares are up less than 1% while the S & P 500 has climbed more than 7%. Over the past month, in particular, the stock has trekked lower by nearly 3%; the broad U.S. stock index is down just 1% in that window. "TJX should continue to benefit from the struggles of department store chains," said Jeff Marks, the Club's portfolio director. He cited Macy's plan to close 150 stores through 2026 as "a great opportunity" for TJX to garner quality merchandise at a bargain. The ongoing challenges for department stores, which extend back more than a decade, keep playing into the hands of off-price competitors, UBS said. The firm found that the three main publicly traded off-price players — TJX, Ross Stores and Burlington Stores — late last year saw an acceleration in their share of sales compared with four public department stores: Nordstrom , Dillard's , Macy's and Kohl's . Over the past four reported quarters, the off-price retailers accounted for 57.6% of total sales, UBS said, up 3.3 percentage points from a year ago and 10.3 percentage points from five years ago. This analysis strongly supports our long-term investment thesis on the parent company of T.J. Maxx, Marshalls and Home Goods. Despite woes at other retailers, TJX stands out as a resilient company well-equipped to avoid many of the industry's challenges. It excels when others fall on hard times and accumulate inventory gluts, giving TJX the chance to acquire quality merchandise across categories like apparel, personal care and home goods for cheap. For example, Bed Bath & Beyond's bankruptcy last year was good news for TJX . The inventory set up across the industry remains favorable for TJX, CEO Ernie Herrman said on the company's earnings call in late February. TJX is "in a terrific position to continue flowing a fresh assortment of goods to our stores and online this spring and throughout the year," he said then. Even with management's optimism, UBS has hold-equivalent ratings on TJX and Ross Stores, arguing "both companies will have a hard time exceeding the market's growth expectations." TJX 1Y mountain TJX's stock performance over the past 12 months. One factor keeping a lid on TJX's stock recently may be that it is trading close to its historical valuation, noted Chuck Grom, a consumer and retail analyst at Gordon Haskett. As of Friday, TJX shares are trading at 23 times forward earnings estimates, essentially in line with their five-year average of 23.4, according to FactSet. Grom also estimates TJX's first-quarter same-store sales growth will come in close to the company's guidance between 2% and 3%, he told CNBC in an email, "which suggests there may not be a lot of earnings upside in 2024." "Taken together, I can see why the stock has been in a holding pattern recently," wrote Grom, who has a buy rating and $115-per-share price target on TJX shares, according to FactSet. In general, sentiment on consumer stocks is "tough with inflation still high and the timing of potential interest rate cuts uncertain," analysts at Loop Capital said in a note Friday. Still, the firm is upbeat on off-price as a category and suggested the group's underperformance compared with the S & P 500 this year is "a buying opportunity for long-term investors." Corey Tarlowe, analyst at Jefferies who covers discount and specialty retailers, told CNBC in an interview that TJX has more upside. "If earnings have upward momentum and valuation stays where it is, the stock is likely to go higher," he said. The momentum TJX's business has seen "is traffic driven from new customers and existing customers coming in more often," Tarlowe explained. "That bodes well for continued sales growth as well as basket growth." That traffic is coming from customers across income levels, according to Bank of America retail analysts. "We remain positive on the off-price retailers as the strong value proposition attracts customers across income demographics during times of inflationary and macroeconomic pressures," they wrote in a note Friday. Overall clothing spending fell in March on an annual basis, analysts said, citing Bank of America credit and debit card data. However, discount apparel spending remained positive for the month, increasing 2.6% year over year in March after a 2.8% jump in February, the firm said. On the other hand, spending at department stores fell 3.7% in March after a 5.2% decline in February, according to Bank of America. (Jim Cramer's Charitable Trust is long TJX. 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. An outdoor mall TJMaxx in Port St Lucie, Florida. Jeff Greenberg | Universal Images Group | Getty Images
Unlike His Behavior In E. Jean Carroll Case, Donald Trump Is 'Going To Have Sit There' In Upcoming Criminal Case, Says Ex-Prosecutor 2024-04-14 18:45:00+00:00 - Loading... Loading... The impending criminal trial of former President Donald Trump, set to commence with jury selection on Monday, is drawing significant attention, not just for its historical significance but also for the unique courtroom dynamics it promises. Catherine Christian, a former Manhattan assistant district attorney, has expressed interest in observing Trump's conduct throughout the trial.The trial marks a departure from Trump's previous legal encounters, which were civil. Here, Trump will find himself in a situation where leaving the courtroom in dissent, as he did during the E. Jean Carroll case, will not be an option. “I will be watching for Donald Trump’s behavior,” Christian said on Saturday on MSNBC. “Unlike the civil case of E. Jean Carroll, where he got up and walked out the courtroom because he didn’t like what he was hearing, he can’t do that in a criminal trial. No one can do that.” “None of the prosecutors, the defense attorneys or Donald Trump. He’s going to have to sit there. He will only be able to leave when there’s a break,” she added. Also Read: Donald Trump Says He Will Testify At Hush Money Trial Following Previous Attempts To Stall It: 'All I Can Do Is Tell The Truth' The spotlight will be on two key witnesses: adult film actress Stormy Daniels and Trump's former lawyer, Michael Cohen. The trial's focal point is the allegation that Trump falsified business records to reimburse Cohen for a payment made to Daniels, aimed at concealing an alleged affair during the 2016 presidential campaign. Despite Trump's efforts to delay the trial until after the November election, it will proceed as scheduled. The trial not only tests the legal waters but also Trump's restraint, particularly in light of a gag order preventing him from disparaging the judge's family. Christian, speaking on MSNBC, expressed curiosity over Trump's ability to maintain composure, especially when faced with aggravating testimonies or when encountering the media during breaks. Loading... Loading... “He’s going to hear things that will probably irritate him and at the lunch break and at the conclusion of the day, there’ll be cameras and microphones in front of him,” Christian said. During a recent press conference with House Speaker Mike Johnson (R-La.) at Mar-a-Lago, Trump deemed the jury selection process a matter of "largely luck" and indicated his willingness to testify. Now Read: Donald Trump Says It Would Be A 'Great Honor' If He Were Jailed For Breaching Gag Order: 'I Will Gladly Become A Modern Day Nelson Mandela' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
John Bolton calls for a 'far stronger' response from Israel after Iran's missile and drone attack 2024-04-14 18:25:27+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 Former national security advisor John Bolton called for a "far stronger" response from Israel after Iran launched a missile and drone attack against the country. Bolton, a UN ambassador under President George W. Bush and an advisor in President Donald Trump's administration, took to CNN shortly after the attack began to call out what he said was an insufficient deterrence strategy. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "What we had tonight was a massive failure of Israeli and American deterrence. Massive failure," he told anchor Wolf Blitzer. "A 200 ballistic missile, cruise missile, drone failure." "I think notwithstanding that there appears to be very little damage, fingers crossed, until we get the final assessment," he continued. Advertisement The world is now waiting to see how Israel will respond. Bolton, for his part, said Israel should "reestablish deterrence in a major way." Related stories "I think that means by definition, Israel's response — and there should be a response — should not be proportionate," he told Blitzer. "It should be far stronger because when deterrence fails to re-establish, you have to teach the adversary that any gain they may hope to get by any future attack will be more than outweighed by the damage that will be called." Bolton, who was instrumental in the Trump administration's withdrawal from the Iran nuclear deal, then suggested that the Israeli government should use the attack to "destroy" Iran's nuclear weapons program. Bolton said on NewsNation's "The Hill Sunday," however, that the Iranian government looked "weak" after its attack. Advertisement "Whatever it is, 300 plus drones, cruise missiles and ballistic missiles and maybe three or four got thorough," he said. "So, who's the fool in this posture right now?" Who looks weak? The regime in Iran looks weak." Bolton also blasted the Biden administration for what he said was its "weak" posture toward Iran. The United States helped Israel counter the aerial assault by intercepting dozens of Iranian drones and missiles. On Sunday, White House national security communications advisor John Kirby on NBC's "Meet the Press" said that Israel's response would be "up to them" and repeatedly affirmed that President Joe Biden did not want to engage in a wider conflict with Iran. Advertisement "I'm certainly not going to get ahead of their decision-making," Kirby said of Israel, adding: "And as the president said to the prime minister [Benjamin Netanyahu] last night, that support for Israel's self-defense will stay ironclad."
This week on "Sunday Morning" (April 14): The Money Issue 2024-04-14 18:24:00+00:00 - The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. "Sunday Morning" also streams on the CBS News app beginning at 12:00 p.m. ET. (Download it here.) Jane Pauley hosts "The Money Issue," our annual special broadcast dedicated to the many ways in which money underscores the way we live. WATCH THE FULL APRIL 14 BROADCAST! HEADLINES: Iran declares its attack on Israel "concluded," for now (Video) Israel's military says that on Saturday Iran launched more than 200 drones, cruise and ballistic missiles towards Israeli territory, the vast majority of which were intercepted. The assault – a retaliation for an Israeli airstrike on Iran's consulate in the Syrian capital Damascus earlier this month – is the most serious escalation in an already unstable Middle East. Correspondent Imtiaz Tyab reports the latest from Tel Aviv. The animated short "Steamboat Willie," directed by Walt Disney and Up Iwerks, premiered in 1928, and is now in the public domain, as is the original version of its star, Mickey Mouse. Walt Disney Pictures COVER STORY: Public domain, where there is life after copyright | Watch Video Expiration dates on intellectual property were written into our Constitution, "to promote the progress of science and useful arts." And every year, more and more books, music and films enter the public domain and help to inspire new creative ideas. Correspondent Lee Cowan looks at how some works that fall into public domain (like F. Scott Fitzgerald's "The Great Gatsby," Sir Arthur Conan Doyle's Sherlock Holmes, and Walt Disney's original Mickey Mouse) are being revived in new forms. For more info: The design for Waterford's bestselling Lismore pattern. CBS News GLASSWARE: The history of Waterford Crystal (Video) Founded in 1783 in Ireland's oldest city, Waterford Crystal has produced glassware whose superiority is crystal clear. Correspondent Conor Knighton explores the history of the company whose eye-catching crystal is renowned around the world. For more info: MONEY: Cryptocurrency is making lots of noise, literally | Watch Video The peace and quiet of rural Bono, Arkansas, has been shattered by a loud and incessant mechanical buzzing sound created by a bitcoin mine. What exactly is a "bitcoin mine," and how does it work? Who owns them? And what can the residents of Bono do about them? Correspondent David Pogue investigates this very loud problem. For more info: Medium Tyler Henry, with correspondent Tracy Smith. CBS News TV: Psychic Tyler Henry, Hollywood's biggest medium (Video) At the age of 28, Tyler Henry has become one of the best-known psychics anywhere, with a TV show, a road show and, he says, a 600,000-plus waiting list of people who want him to help them connect with their departed loved ones. Correspondent Tracy Smith sits down with Henry to discuss how he first recognized his ability at the age of 10; why he welcomes skepticism; and how he believes his talent helps people deal with grief. For more info: New Balance has manufactured its 990s at its Lawrence, Mass., factory since 1982. CBS News APPAREL: New Balance puts its best foot forward (Video) Though smaller than Nike and Adidas, New Balance is older than its primary competitors, and with sales of $6.5 billion in 2023 (an increase of 23% over the previous year), the Massachusetts-based company best known for running shoes is growing fast. "Sunday Morning" contributor Kelefa Sanneh checks out how New Balance is finding a balance between both fashion and performance. For more info: CBS News ENVIRONMENT: Critics call out plastics industry over "fraud of plastic recycling" | Watch Video About 48 million tons of plastic waste is generated in the United States each year, but only 5 to 6 percent of it is actually recycled. A new report from the Center for Climate Integrity, "The Fraud of Plastic Recycling," accuses the plastics industry of a decades-long campaign to "mislead" the public about the viability of recycling. Correspondent Ben Tracy talks with the report's co-author, Davis Allen, and with Jan Dell, a former chemical engineer, about an inconvenient truth surrounding the lifecycle of plastic. For more info: GOVERNMENT: FTC chair Lina Khan on playing "anti-monopoly" | Watch Video For corporate America, Federal Trade Commission chair Lina Khan has emerged as a hard-charging cop on the monopoly beat. As a watchdog and warden of competition in business, the agency tries to protect consumers from the outsized power of corporations. CBS News chief election and campaign correspondent Robert Costa talks with Khan about going after Big Tech, Big Pharma, and the biggest online retailer of them all, Amazon. For more info: Correspondent Mo Rocca with comedian Jerry Seinfeld, and some of the stars of Seinfeld's new movie: Kellogg's Pop-Tarts. CBS News MOVIES: Jerry Seinfeld on "Unfrosted," the made-up origin tale of Pop-Tarts | Watch Video Comedian Jerry Seinfeld has stepped into the director's shoes for his new film "Unfrosted," the not-quite-true story of the creation of the Kellogg's Pop-Tart. Correspondent Mo Rocca talks with Seinfeld about working behind the camera for the first time, and calling on a bunch of his comedian friends (including "Sunday Morning" contributor Jim Gaffigan) to act in his origin tale of a breakfast staple. To watch a trailer for "Unfrosted" click on the video player below: For more info: U.S.: Inside Houston's successful strategy to reduce homelessness | Watch Video In 2012, the nation's fourth-largest city went all-in on a new system to address homelessness in which dozens of agencies join forces under a single umbrella organization to put those without homes in their own apartments, rather than in shelter beds. Correspondent Martha Teichner looks at a concept that has succeeded in reducing homelessness in the greater Houston area by 63%. For more info: WORLD: Colombia's blooming bounty of flowers (Video) The optimal soil and climate of Colombia's flower-growing regions have made that South American country the world's "flower basket." In fact, 75% of cut flowers imported into the United States are from Colombia. Correspondent Lilia Luciano visits a family farm high atop the mountains outside of Medellin, where four generations have been working the fields; and attends the annual Festival of the Flowers (Feria de las Flores) to celebrate the beauty and bounty of their blooms. For more info: NATURE: Gopher tortoises in Florida (Extended Video) We leave you this Sunday with gopher tortoises in Titusville, Florida. Videographer: Doug Jensen. WEB EXCLUSIVES: FROM THE ARCHIVES: Impressionism at 150 (YouTube Video) On April 15, 1874 – 150 years ago – the first Impressionist exhibition opened in Paris. Watch these fascinating "Sunday Morning" portraits of the innovative painters who created a new language of art, including: Édouard Manet, whose seaside vacation prompted the birth of Impressionism (2004); Vincent Van Gogh (1998); Claude Monet (1995); Camille Pissarro (1995); Edgar Degas (1988); Mary Cassatt (1998); Paul Cézanne (2006); Georges Seurat (1991); Gustave Caillebotte (1995); the Brooklyn Museum of Art exhibition "Impressionists In Winter: Effets de Neige" (1999); Pierre-Auguste Renoir (2010); late-period Degas (1996); and Childe Hassam (2004). Also, director Julian Schnabel and actor Willem Dafoe talk about reimagining Vincent Van Gogh's life in the film "At Eternity's Gate" (2019). EXTENDED INTERVIEW: Michael Douglas (YouTube Video) Michael Douglas won an Academy Award as a producer for the film "One Flew Over the Cuckoo's Nest," and as an actor for his performance in "Wall Street." In this extended interview, correspondent Mo Rocca sat down with Douglas at the actor's alma mater, University of California, Santa Barbara, to talk about his early experiences on stage; his new Apple TV+ miniseries, "Franklin," in which he plays founding father Benjamin Franklin; working with Karl Malden on the 1970s TV series "The Streets of San Francisco"; and how he courted his wife, actress Catherine Zeta-Jones. FROM THE ARCHIVES: Faith Ringgold's colorful and daring story quilts (YouTube Video) Artist Faith Ringgold, best-known for her story quilts – patchworks of lush, colorful and daring images with a story written right onto the fabric – died Saturday, April 13, 2024, at the age of 93. In this "Sunday Morning" profile that originally aired on July 11, 2021, correspondent Nancy Giles talked with Ringgold, who for decades refused to bow to convention during her career, as she stitched a vibrant tapestry of art, history and social commentary. "HERE COMES THE SUN": Kevin James and Mark Rothko (Video) Comedian and actor Kevin James sits down with Jim Axelrod to discuss his Amazon Prime special "Kevin James: Irregardless," and the journey he has taken throughout his career. Then, Robert Costa visits the National Gallery of Art in Washington, D.C., to view an exhibit on artist Mark Rothko's work. GALLERY: Notable deaths in 2024 A look back at the esteemed personalities who left us this year, who'd touched us with their innovation, creativity and humanity. The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. Executive producer is Rand Morrison. DVR Alert! Find out when "Sunday Morning" airs in your city "Sunday Morning" also streams on the CBS News app beginning at 12:00 p.m. ET. (Download it here.) Full episodes of "Sunday Morning" are now available to watch on demand on CBSNews.com, CBS.com and Paramount+, including via Apple TV, Android TV, Roku, Chromecast, Amazon FireTV/FireTV stick and Xbox. Follow us on Twitter; Facebook; Instagram; YouTube; TikTok; and at cbssundaymorning.com. You can also download the free "Sunday Morning" audio podcast at iTunes and at Play.it. Now you'll never miss the trumpet!
Owning a racehorse is the latest way for rich millennials to brag 2024-04-14 17:25:00+00:00 - Henry Beeby has an enticing pitch for young super-rich tiktokkers and instagrammers. “Come to Kensington Gardens on the Monday, buy a racehorse and by the Tuesday you will be in the parade ring at one of the world’s most famous racecourses [Royal Ascot] alongside members of the British royal family and other royal families, with your own racehorse in your colours.” Beeby, the chief executive of the thoroughbred racehorse auctioneers Goffs, said: “That is the dream we are selling,” as he summed up his pitch at a private event in Mayfair that promised to reveal the secret of “how to target the fastest-growing group of UHNWIs [ultra-high net worth individuals] – millennials”. Beeby has worked in the racehorse industry for more than 40 years and reckons posh horse racing with its top hat and tails dress code and free-flowing champagne should be a natural fit for a growing number of wealthy young people who like to boast about their privileged lives on social media. He said Goffs, which dates back to 1866, is targeting millennials because “they’ve got the money”, and they are about to become even richer as “the great wealth transfer” flows to children of an older generation of super-rich people who are expected to pass on a total of $70tn (£56tn) over the next 20 years. “There’s nothing quite like the thrill of ownership,” Beeby said. “There’s nothing like seeing your horse and your jockey in your colours on the track, and – my word – if it happens to win and you can share that joy with your friends. “That can only happen if you come to our London sale on the Monday before Royal Ascot starts on the Tuesday [18 June 2024], where we will have a suite of horses you can buy.” At last year’s sale, which takes place on Perks Field, part of the normally private Royal grounds of Kensington Palace, Beeby sold 11 horses for a total of £3.8m. The top lot was Givemethebeatboys, which sold to American father and son Neil and Con Sands for £1.1m. Givemethebeatboys did race at Ascot the next day, but the Sands family were denied their dream of entering the winners’ enclosure after the horse placed fourth in the Coventry stakes. View image in fullscreen The crowd at day three of Royal Ascot last June. Photograph: Chris Jackson/Getty “We didn’t pay a fortune to have a horse at Ascot,” Neil Sands said at the time. “We paid a fortune to have a great horse – and we still have a great horse.” Hayley O’Connor, Goffs’ head of international client relations, said: “They [younger people] are looking for a unique experience they can share on social media. They can share the experience from the race day, and the horse will have its own private cheerleading squad.” Most people buying thoroughbred racehorses are of advanced years, but Beeby said the age is coming down as the sport attempts to increase diversity. “At the London sale, we have everyone from 18 to 81,” he said. Some of the firm’s biggest buyers last year were in their early 20s, he added. The rise of fractional ownership has also made it easier for younger people to buy a share in a racehorse. Cameron Sword, a 22-year-old business student at Heriot-Watt University in Edinburgh, invested £3,700 in Corach Rambler as part of a seven-strong syndicate in 2020. The 10-year-old Irish-bred thoroughbred won last year’s Grand National, and was the favourite to win this year’s race on Saturday. Sadly for Sword, his colleagues and many others betting on the former champion, Corach Rambler unseated his jockey at the first fence and failed to finish, limiting his race winnings to the £686,241 he has made so far in his career.
Disney Took A Break From X During The Company's Suspension Of Advertising. Now, One Account Is Tweeting Again While Several Remain Dark. - Walt Disney (NYSE:DIS) 2024-04-14 16:54:00+00:00 - Loading... Loading... Media giant The Walt Disney Company DIS was among the companies that pulled advertising on social media platform X, formerly known as Twitter, over controversial comments made by platform owner Elon Musk. Disney took things a step further by stopping posting from several of its accounts for 24 hours in protest. Some of those accounts are now posting again, but several remain quiet. What Happened: Disney and several other companies pulled advertising on X in protests to comments made by Musk. Musk later apologized for interacting with a controversial antisemitic post on the platform but also threw shade at companies like Disney that pulled advertising. "I don't want them to advertise," Musk said, while speaking at the New York Times Deal Summit. "If someone is going to blackmail me with advertising or money, go f*** yourself. Go. F**k. Yourself. Is that clear?" Musk went on to call out Disney CEO Bob Iger, who spoke earlier at the same event: "Hey Bob, if you're in the audience, that's how I feel." As previously shared by Benzinga, in addition to pulling advertising, Disney stopped posting from many of its accounts on the social media platform, including the @disney and @espn accounts. Other accounts such as @starwars, @pixar, and @marvelstudios also participated in the pause. However, accounts like ABC News and Disney+ seemed to continue posting without interruption and have been active since November. As shared by Disney fan site Inside the Magic, the @DisneyParks account recently began posting again for the first time since Nov. 30, 2023. The account shared some updates about the Tiana's Bayou Adventure, which will open in the summer at Disney World in Florida and later in 2024 at Disneyland in California. A quick scan of Disney accounts on X reveals that @disneyland and @WaltDisneyWorld have not posted since Nov. 16, 2023 and Nov. 17, 2023 respectively. The two accounts have 1.5 million and 3.7 million followers on X respectively. Related Link: Elon Musk Criticizes ‘Real Stand Up Guy’ Bob Iger, Says Disney CEO Should Be ‘Fired Immediately’ Loading... Loading... Why It's Important: Disney and Musk have been feuding since November, with Musk saying that the media company should get rid of CEO Bob Iger. Musk also assisted in a lawsuit from former Star Wars actress Gina Carano, who is suing Disney and Lucasfilm over wrongful termination. While Disney won't likely be buying advertisements on X anytime soon, the fact that it also paused posting from many of its accounts could intensify the battle and serve as a sign that Disney won't be relying on Musk's platform. Read Next: Elon Musk Asks Advertisers To Return To X After Months Of Tussle With Disney, Apple, And Others As Zuckerberg’s Meta Faces Flak For Ad-System Inconsistency Photo: Shutterstock
The Dystopian ‘Civil War’ Reaches No. 1 at the Box Office 2024-04-14 16:31:00.308000+00:00 - Hollywood executives — not all, but most — have insisted for years that uncomfortable, thought-provoking, original movies can no longer attract big audiences at the box office. Moviegoers continue to bust that myth. Alex Garland’s dystopian “Civil War,” set in a near-immediate future when the United States is at war with itself, sold an estimated $25.7 million in tickets at North American theaters, enough to make the film a strong No. 1, surpassing the monsters sequel “Godzilla x Kong: The New Empire.” Ticket sales for “Civil War” exceeded the prerelease expectations of some box office analysts by roughly 30 percent. IMAX screenings provided nearly 50 percent of the “Civil War” gross. More than 70 percent of the total audience was male, according to exit-polling services. PostTrak, one of those firms, said that people with “liberal” or “moderate” political views attended most heavily. “Civil War,” starring Kirsten Dunst as a journalist on a military embed, became the latest example of ticket buyers breaking with Hollywood’s conventional wisdom about what types of films are likely to pop at the box office. Christopher Nolan’s “Oppenheimer,” a three-hour period drama about a physicist, took in $968 million, wildly surpassing studio expectations. “Poor Things” collected $117 million, a solid total for a surreal art film.
How Spotify AI plans to know what's going on inside your head, and find the right track for it 2024-04-14 16:31:00+00:00 - With about 100 million tracks available and over 600 million subscribers, helping listeners find the music they will love has become a navigational challenge for Spotify. It's the promise of personalization and meaningful recommendations that will give the vast catalog more meaning, and that is central to Spotify's mission. The streaming audio giant's suite of recommendation tools has grown over the years: Spotify Home feed, Discover Weekly, Blend, Daylist, and Made for You Mixes. And in recent years, there have been signs that it is working. According to data released by Spotify at its 2022 Investor Day, artist discoveries every month on Spotify had reached 22 billion, up from 10 billion in 2018, "and we're nowhere near done," the company stated at that time. Over the past decade or more, Spotify has been investing in AI and, in particular, in machine learning. Its recently launched AI DJ may be its biggest bet yet that technology will allow subscribers to better personalize listening sessions and discover new music. The AI DJ mimics the vibe of radio by announcing the names of songs and lead-in to tracks, something aimed in part to help ease listeners into extending out of their comfort zones. An existing pain point for AI algorithms — which can be excellent at giving listeners what it knows they already like — is anticipating when you want to break out of that comfort zone. The AI DJ combines personalization technology, generative AI, and a dynamic AI voice, and listeners can tap the DJ button when they want to hear something new, and something less-directly-derived from their established likes. Behind the dulcet tones of an AI DJ there are people, tech experts and music experts, who aim to improve the recommendation capacity of Spotify's tools. The company has hundreds of music editors and experts across the globe. A Spotify spokesperson said the generative AI tool allows the human experts to "scale their innate knowledge in ways never before possible." The data on a particular song or artist captures a few attributes: particular musical features, and which song or artist it has been typically paired with among the millions of listening sessions whose data the AI algorithm can access. Gathering information about the song is a fairly easy process, including release year, genre, and mood — from happy to danceable or melancholic. Various musical attributes, such as tempo, key, and instrumentation, are also identified. Combining this data associated with millions of listening sessions and other users' preferences helps to generate new recommendations, and makes the leap possible from aggregated data to individual listener assumptions. In its simplest formulation, "Users who liked Y also liked Z. We know you like Y, so you might like Z," is how an AI finds matches. And Spotify says it's working. "Since launching DJ, we've found that when DJ listeners hear commentary alongside personal music recommendations, they're more willing to try something new (or listen to a song they may have otherwise skipped)," the spokesperson said. If successful, it's not just listeners that get relief from a pain point. A great discovery tool is as beneficial to the artists seeking to build connections with new fans. Julie Knibbe, founder & CEO of Music Tomorrow — which aims to help artists connect with more listeners by understanding how algorithms work and how to better work with them — says everyone is trying to figure out how to balance familiarity and novelty in a meaningful way, and everyone is leaning on AI algorithms to help make this possible. Be she says the balance between discovering new music and staying with established patterns is a central unresolved issue for all involved, from Spotify to listeners and the artists. "Any AI is only good at what you tell them to do," Knibbe said. "These recommender systems have been around for over a decade and they've become very good at predicting what you will like. What they can't do is know what's in your head, specifically when you want to venture out into a new musical terrain or category." Spotify's Daylist is an attempt to use generative AI to take into account established tastes, but also the varying contexts that can shape and reshape a listeners' tastes across the course of a day, and make new recommendations that fit various moods, activities and vibes. Knibbe says it's possible that improvements like these continue, and the AI gets better at finding the formula for how much novelty a listener wants, but she added, "the assumption that people want to discover new music all the time is not true." Most people still return, fairly happily, to familiar musical terrain and listening patterns. "You have various profiles of listeners, curators, experts … people put different demands on the AI," Knibbe said. "Experts are more difficult to surprise, but they aren't the majority of listeners, who tend to be more casual," and whose Spotify usage, she says, often amounts to creating a "comfortable background" to daily life. Technology optimists often speak in terms of an era of "abundance." With 100 million songs available, but many listeners preferring the same 100 songs a million times, it's easy to understand why a new balance is being sought. But Ben Ratliff, a music critic and author of "Every Song Ever: Twenty Ways to Listen in an Age of Musical Plenty," says algorithms are less solution to this problem than a further entrenching of it. "Spotify is good at catching onto popular sensibilities and creating a soundtrack for them," Ratliff said. "Its Sadgirl Starter Pack playlist, for instance, has a great name and about a million and a half likes. Unfortunately, under the banner of a gift, the SSP simplifies the oceanic complexity of young-adult depression into a small collection of dependably 'yearny' music acts, and makes hard clichés of music and sensibility form more quickly." Works of curation that are clearly made by actual people with actual preferences remain Ratliff's preference. Even a good playlist, he says, might have been made without much intention and conscience, but just a developed sense of pattern recognition, "whether it's patterns of obscurity or patterns of the broadly known," he said. Depending on the individual, AI may have equal chances of becoming either a utopian or dystopian solution within the 100-million track universe. Ratliff says most users should keep it more simple in their streaming music journeys. "As long as you realize that the app will never know you in the way you want to be known, and as long as you know what you're looking for, or have some good prompts at the ready, you can find lots of great music on Spotify."