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Jacob Wohl, Jack Burkman settle N.Y. lawsuit over 2020 robocall scam 2024-04-09 21:34:49+00:00 - Happy Tuesday, all! Here's your Tuesday Tech Drop, the past week's top stories at the intersection of tech and politics. Another brick in the Wohl Jacob Wohl and Jack Burkman, two far-right activists supportive of Donald Trump, could pay up to $1.25 million in damages after settling a lawsuit related to a fraudulent, voter suppression scheme that used robocalls to spread disinformation to deter Black people from voting in the 2020 election. New York Attorney General Letitia James reached an agreement with the men that lets them pay around half of $1 million if they keep up with their payments, but they’ll be on the hook for the full amount plus another $250,000 if they fail to make a payment on time. Read more at NBC News. TikTok's team of friendly faces Over at The New York Times, Sapna Maheshwari has an article on TikTok’s multimillion-dollar advertising effort, which uses nuns, farmers and others to serve as friendly spokespeople for the company — and to curry favor among Americans — as the Senate contemplates a bill that could potentially result in a ban of the app in the United States. Read more at the New York Times. Artists against A.I. Some 200 of the world's top musical performers — including Billie Eilish, Bruno Mars, J Balvin and Jadakiss — have cosigned a letter pushing tech companies not to use artificial intelligence “to infringe upon and devalue the rights of human artists.” The group argues that, left “unchecked, AI will set in motion a race to the bottom that will degrade the value of our work and prevent us from being fairly compensated for it.” The letter comes as platforms like YouTube have debuted A.I. tools that allow users to create songs in the style of famous artists. Read more at NBC News. High-tech election attacks Over at Wired, writer David Gilbert takes a look at some of the high-tech tools that far-right conspiracy theorists, like former Trump national security advisor Mike Flynn, have unveiled to push baseless claims about voter fraud ahead of this year’s presidential election. Gilbert highlights in particular the A.I.-enabled tool conservatives are calling IV3, which an investigation by Wired found was using unreliable data as a basis to challenge voters’ eligibility. Read more at Wired. Elon irks Brazil Brazil’s Supreme Court has opened an investigation into Elon Musk after Musk reactivated several far-right accounts on X, his social media platform, despite an order by a Supreme Court justice to remove them. Musk has framed his refusal to remove the accounts, which were targeted for their prolific spreading of disinformation, as a matter of free speech. Musk has, however, put up much less of a fight when asked to censor people at the behest of foreign governments in the past. Read more at The Guardian. More meddling out of Moscow The Washington Post has obtained documents that it says expose the Russian government’s propaganda operation in the United States to undermine American support for Ukraine aid. Some of the rhetoric the documents would encourage is mirrored in rhetoric we’ve heard from U.S. lawmakers, including calls to prioritize domestic border security funding and fear-mongering about the number of migrants crossing the U.S. border. The documents also encourage framing white people as the main losers in any approval of foreign aid. The report showcases how Russia is attempting to wield its influence on yet another American election, and comes as some Republican lawmakers are accusing fellow Republicans in Congress of pushing pro-Kremlin propaganda. Read more at The Washington Post. Pharrell's 'secret' album has a message about Big Tech Relatedly, Pharrell dropped a "secret" album last week called "Black Yacht Rock." Think Michael McDonald or Crosby, Stills and Nash — but with snare drums. It's a dope, experimental album that's not currently available on streaming platforms. And I had to hype it up here after one of the lyrics from his song "Just For Fun" struck me as uniquely aware of the role Big Tech is playing in American politics. Here's a line that reminded me of Russia's attempts to meddle in U.S. politics: 4,000 characters on your socials (Yeah) Pictures and letters have turned you postal Hit send and if the message don’t connect, hit again Right then (Ooh, ooh) You ever question the voice talking to you? (Ooh, ooh) Foreign agents, algorithmic voodoo, you’ve been had For years, our country has been under attack And that’s a fact Listen to "Black Yacht Rock" in full here.
VIRGINIA SENATOR TIM KAINE RELEASES NEW BOOK, WALK RIDE PADDLE: A LIFE OUTSIDE, WITH HARPER HORIZON 2024-04-09 21:33:00+00:00 - Loading... Loading... A captivating, compelling memoir that blends adventure, reflection, and political insight. NASHVILLE, Tenn., April 9, 2024 /PRNewswire/ -- Today, Harper Horizon releases Walk Ride Paddle: A Life Outside from Tim Kaine. The Virginia Senator and former Democratic Vice-Presidential candidate delivers a compelling account of one man's journey across hundreds of miles of Virginia wilderness and a moving testament to the optimistic spirit of America. With immediacy and honesty, Kaine pulls back the curtain to reveal his inner thoughts during such monumental times. Kaine's storytelling gift and wise observations offer a fascinating glimpse into the mind of a seasoned politician and outdoor enthusiast. "Walk Ride Paddle is my love letter to Virginia, the power of democracy, and the great outdoors," said Senator Kaine. In 2019, Tim Kaine – Virginia senator and former Democratic Vice-Presidential candidate – commemorated both his sixtieth birthday and his twenty-fifth year in public office by undertaking a three-part journey across the Virginia landscape, as he hiked, cycled, and canoed across the state. Kaine reflects on his time as the Vice-Presidential candidate in a historic race and what that loss meant. His chronicle became an organic reflection of the extraordinary events occurring across America during that time, including two impeachment trials, a global pandemic, growing racial protests, the January 6 attack on the Capitol, and more. During weekends and in Senate recess weeks, Kaine—over a period of several years— journeyed along the 1,228-mile Virginia Nature Triathlon. He hiked the 559 miles of the Appalachian Trail that cross Virginia from Harpers Ferry to the Tennessee border; biked 321 miles along the crest of the Virginia Blue Ridge on the beautiful parkways built during the Great Depression to create jobs and give everyday people on the East Coast an accessible place to vacation; and canoed the entire James River—348 miles from its headwaters in the Allegheny Mountains to its entrance into the Chesapeake Bay. Along the way, Kaine reflected on the events that have shaped both his life and the world around him, sharing his deep love for the natural world and the importance of preserving it for future generations in a fascinating memoir that blends adventure, reflection, and political insight. "I didn't know when I set out on my Virginia Nature Triathlon that by the time I finished, I'd be a juror in two impeachment trials, in the Capitol when it was attacked on January 6, experience a global pandemic, and witness the racial justice protests that resulted from the murder of George Floyd. The events of the world were weighty," said Kaine "Being out in nature gave me a way to reflect on and process them. I hope everyone who reads Walk Ride Paddle gains insight and inspiration from Virginia's great outdoors and will fight to preserve our country's natural beauty." Walk Ride Paddle is not only a captivating memoir of one man's physical journey through the Virginia wilderness—but it is also a unique and ultimately optimistic perspective on these pivotal moments in history, offering inspiration, wisdom, and hope. Walk Ride Paddle is available now in hardcover, eBook, and audiobook with Kaine narrating. You can order in your preferred format today at: walkridepaddle.com You can also get a signed copy of the book at one of Senator Kaine's book tour stops: April 9, 2024 - Burke, VA -Kings Park Library - -Kings Park Library April 11, 2024 - Washington, DC - Politics and Prose - - Politics and Prose April 14 , 2024- New York, NY - Sheen Center for Thought & Culture , 2024- - Sheen Center for Thought & Culture April 18, 2024 - Richmond, VA -Library of Virginia - -Library of April 21 , 2024- Roanoke, VA -Taubman Museum of Art , 2024- -Taubman Museum of Art April 27 . 2024- Luray, VA - Mimslyn Inn . 2024- - Mimslyn Inn May 4, 2024 - Ashland, VA - Ashland Theatre - - Ashland Theatre May 7 , 2024-Washington, DC-Kramers About the Author: Tim Kaine has served people throughout his life as a teacher, civil rights lawyer, and elected official. He is one of only thirty people in American history to be a mayor, governor, and United States senator. He lives with his wife, Anne, in Richmond, Virginia. Loading... Loading... About Harper Horizon: Harper Horizon is a Nashville-based imprint of HarperCollins Focus focused on the stories, values and diverse voices of Americana and beyond, publishing authors such as Willie Nelson, Syd & Shea McGee, Luke Russert, Zachary Levi, Meghan Trainor, Jenny Doan, Trae Crowder, and more. For more information, please visit www.harpercollinsfocus.com/Harper-Horizon. Contacts: Kevin Smith kevin.smith@harpercollins.com Joseph Papa joseph@josephpapapr.com SOURCE Harper Horizon
Prelude Highlights Continued Strength of Discovery Engine at 2024 AACR Annual Meeting - Prelude Therapeutics (NASDAQ:PRLD) 2024-04-09 21:31:00+00:00 - Loading... Loading... Highly selective oral SMARCA2 degrader, PRT7732, shows robust anti-tumor activity in vivo as monotherapy and in combination with chemotherapy, at well-tolerated doses Potentially best-in-class CDK9 inhibitor, PRT2527, in Phase 1 development, is highly effective in preclinical hematological models as monotherapy and provides improved depth and duration of response in combination with BTK/BCL2 inhibition Next Generation CDK4/6 Inhibitor, PRT3645, is highly effective in combination with other targeted therapies in preclinical models of breast cancer, CRC and NSCLC WILMINGTON, Del., April 09, 2024 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated PRLD, a clinical-stage precision oncology company, today announced the presentation of new preclinical data at the American Association for Cancer Research (AACR) Annual Meeting for its highly selective oral SMARCA2 degrader, its potentially best-in-class CDK9 inhibitor and its next-generation oral CDK4/6 inhibitor. "These presentations demonstrate our core competencies in medicinal chemistry and cancer biology to optimize and deliver compounds to the clinic with the potential to succeed as differentiated first- and/or best-in-class new therapies," said Andrew Combs, Ph.D., Chief Chemistry Officer at Prelude Therapeutics. Peggy Scherle, Ph.D., Chief Scientific Officer at Prelude, stated, "Advancement of our second highly selective SMARCA2 degrader strengthens Prelude's leadership position in the emerging use of SMARCA2 protein degradation as a potential treatment option for underserved patients with cancer. With both a first-in-class IV SMARCA2 degrader, PRT3789, in Phase 1 clinical development and now our oral SMARCA2 degrader, PRT7732, expected to enter the clinic later this year, we believe these distinct modalities may offer new therapies for patients with SMARCA4 mutations." Details on the poster presentations are as follows: Title: Preclinical Characterization of PRT7732: A Highly Potent, Selective, and Orally Bioavailable Targeted Protein Degrader of SMARCA2 Summary: Identified potent, selective, well-tolerated and orally bioavailable SMARCA2 degrader, PRT7732 PRT7732 exhibits >3000-fold selectivity for SMARCA2 over SMARCA4, with low nanomolar potency in cell based assays Prelude completed IND-enabling studies for PRT7732 and is on track to enter Phase 1 clinical trials in the second half of 2024 Loading... Loading... Link: http://investors.preludetx.com/static-files/7b590cab-9f51-4e87-9b13-844599099dbf Title: PRT2527, a Novel Highly Selective Cyclin-Dependent Kinase 9 (CDK9) Inhibitor, Has Potent Antitumor Activity in Combination with BTK and BCL2 Inhibition in Various Lymphoid Malignancies Summary: PRT2527 is efficacious as monotherapy in preclinical models of DLBCL, CLL and MCL, and combines with both BTK and BCL2 inhibition to improve depth and duration of responses PRT2527 is currently being evaluated in a Phase I clinical trial in patients with relapsed/refractory hematologic malignancies as monotherapy and in combination with zanubrutinib (NCT05665530) Link: http://investors.preludetx.com/static-files/ffa3bc31-4e5c-4151-bff7-ebd161f3df85 Title: The Brain Penetrant CDK4/6 Inhibitor, PRT3645, is Highly Effective in Combination with Other Targeted Therapies in Preclinical Models of Breast Cancer, CRC and NSCLC Summary: Next generation CDK4/6 inhibitor, PRT3645, demonstrates preclinical synergy with SERDs, as well as MEK1/2 and CDK2 inhibition PRT3645 has the potential to improve patient outcomes when used in combination with other targeted therapies Link: http://investors.preludetx.com/static-files/8dd469c6-6652-41bc-a191-2dc1ef054a7a About Prelude Therapeutics Prelude Therapeutics is a clinical-stage precision oncology company developing innovative drug candidates targeting critical cancer cell pathways. Prelude's diverse pipeline is comprised of highly differentiated, potentially best-in-class proprietary small molecule compounds aimed at addressing clinically validated pathways for cancers with selectable underserved patients. Prelude's pipeline includes: an IV administered, potent and highly selective SMARCA2 degrader, PRT3789, a preclinical oral SMARCA2 selective degrader, PRT7732, a potent and highly selective CDK9 inhibitor, PRT2527, and a next generation CDK4/6 inhibitor, PRT3645. For more information, visit our website and follow us on LinkedIn. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated discovery, preclinical and clinical development activities for Prelude's product candidates, the potential safety, efficacy, benefits, and the expected timeline for initiating clinical trials for Prelude's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The words "believes," "potential," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "likely," "projects," "continue," "will," "schedule," and "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company's current expectations and projections about future events and various assumptions. Although Prelude believes that the expectations reflected in such forward-looking statements are reasonable, Prelude cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause Prelude's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to Prelude's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, clinical trial sites and our ability to enroll eligible patients, supply chain and manufacturing facilities, Prelude's ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, Prelude's ability to fund development activities and achieve development goals, Prelude's ability to protect intellectual property, and other risks and uncertainties described under the heading "Risk Factors" in Prelude's Annual Report on Form 10-K for the year ended December 31, 2023, its Quarterly Reports on Form 10-Q and other documents that Prelude files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Prelude undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof, except as may be required by law. Investor Contact: Lindsey Trickett Vice President, Investor Relations 240.543.7970 ltrickett@preludetx.com Media Contact: Helen Shik Shik Communications 617.510.4373 Helen@ShikCommunications.com
Foghorn Therapeutics Presents New Preclinical Data on Potential First-in-Class BRM Selective Inhibitor FHD-909 and Selective CBP and Selective EP300 Degrader Oncology Programs - Foghorn Therapeutics ( 2024-04-09 21:26:00+00:00 - Loading... Loading... First-in class BRM (SMARCA2) selective inhibitor FHD-909 demonstrated favorable tolerability and dose-dependent single agent activity in BRG1 mutated cancers preclinically; IND filing on track for Q2 2024 Robust preclinical monotherapy anti-tumor activity for both selective CBP and selective EP300 degrader programs Progress with FHD-909, selective CBP, and selective EP300 degrader programs further validates Foghorn's drug discovery engine Conference call and webcast today at 5 pm ET / 2 pm PT CAMBRIDGE, Mass., April 09, 2024 (GLOBE NEWSWIRE) -- Foghorn® Therapeutics Inc. FHTX, a clinical-stage biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression, today announced new preclinical data for potential first-in-class medicines including FHD-909, a BRM (SMARCA2) selective inhibitor, selective CBP degrader, and selective EP300 degrader programs at the 2024 American Association for Cancer Research (AACR) Annual Meeting. Foghorn management will hold a conference call and webcast today at 5 p.m. ET to review important pipeline updates. "We are pleased with the encouraging data for our highly selective and potent drug candidates, which address historically very challenging cancer targets," said Adrian Gottschalk, President and Chief Executive Officer of Foghorn. "Notably, our first-in-class BRM selective inhibitor FHD-909 has demonstrated favorable tolerability and encouraging dose-dependent single agent activity in preclinical models of BRG1 mutated tumors. We believe FHD-909 offers a potential new approach for the treatment of cancer. The primary target patient population is BRG1 mutated non-small cell lung cancer (NSCLC), which accounts for about 10% of NSCLC. We look forward to continued progress with Lilly with an IND filing for FHD-909 on track for the second quarter of the year." Steve Bellon Ph.D., Chief Scientific Officer of Foghorn Therapeutics added, "CBP and EP300 are nearly identical proteins which has made targeted specific approaches challenging. Our selective CBP program demonstrates significant tumor growth inhibition in solid tumors without thrombocytopenia or anemia that have been observed with dual CBP/EP300 inhibition. Our selective EP300 program, which is earlier in development, also demonstrates promising preclinical efficacy with no thrombocytopenia or negative effects on megakaryocyte viability, which are often seen in dual approaches. Additionally, we are applying our long-acting formulation capabilities to our degrader programs, which further enhances the clinical potential of these drug candidates. These are exciting achievements in the development of protein degraders for major cancer types, and we look forward to further progress across these important targets." Presentation Highlights FHD-909 Program BRM and BRG1 are highly homologous and mutually exclusive subunits of the BAF complex. BRG1 mutations occur in a variety of tumor types, including approximately 10% of non-small cell lung cancers (NSCLC), and result in tumors being dependent on BRM activity for their survival. Selectively blocking BRM activity is a promising synthetic lethal strategy to induce tumor death while sparing healthy cells. However, the ATPase domains of BRM and BRG1are 92% identical which has made identifying a selective BRM inhibitor challenging. Poster 3230 / 14: Discovery of selective BRM (SMARCA2) ATPase inhibitors for the treatment of BRG1 (SMARCA4) mutant cancers Preclinical data presented at AACR support FHD-909 as an oral, novel, potent and selective BRM inhibitor with robust anti-tumor monotherapy activity: ~ 30-fold selectivity for BRM inhibition over BRG1 in cell-based assays Dose-dependent and robust tumor growth inhibition and regression as a monotherapy in multiple BRG1 mutant xenograft models Favorable tolerability with dose dependent modulation of BRM target genes in vivo Lilly plans to file an IND application for potential first-in-class orally bioavailable, selective BRM inhibitor, FHD-909, with initial focus in BRG1 mutated NSCLC in Q2 2024 Loading... Loading... Selective CBP and Selective EP300 Degrader Programs CBP and EP300 are paralog histone acetyltransferases involved in many cellular processes. Dysregulation of one or both is implicated in various cancer types, and functional genomic screens have suggested a synthetic lethal relationship in tumor cells. Attempts to selectively inhibit CBP or EP300 individually have been challenging due to the high homology between the two proteins. Additionally, dual inhibition of CBP/EP300 has led to hematopoietic toxicity. Selective CBP Program Poster 6067 / 26: Identification of selective CBP degraders with robust preclinical PK, PD, efficacy, and safety across solid tumor indications Preclinical pharmacodynamic and pharmacokinetic data presented at AACR support the identification of potent and selective CBP degraders with anti-tumor activity across various EP300 mutant cell lines from multiple indications: Deep and sustained CBP degradation leading to significant tumor growth inhibition in mouse xenograft solid tumor models Robust monotherapy anti-tumor activity that was not associated with significant body weight loss In vivo, no evidence of thrombocytopenia, which is attributed to the sparing of megakaryocytes, nor evidence of anemia Long-acting CBP-selective protein degrader formulations with first-in-class potential for patients with tumors harboring EP300 mutations Selective EP300 Program Poster 6064 / 23: Discovery of potent and selective EP300 degraders with anti-cancer activity Preclinical pharmacodynamic and pharmacokinetic data presented at AACR support the identification of potent and selective EP300 degraders with anti-tumor activity in prostate and hematological malignancies: Reduced growth of androgen receptor positive prostate cells and attenuated androgen signaling Reduced the growth of prostate cancer xenograft tumors in mice Broad anti-tumor activity across a panel of multiple myeloma and DLBCL cell lines In vivo efficacy demonstrated in a DLBCL model Well tolerated in vivo with no observed decrease in platelet levels, additionally mechanistic studies ex vivo show no effects on megakaryocyte viability at pharmacologically relevant concentrations Conference Call and Webcast Information Foghorn management will hold a conference call and webcast today at 5 p.m. ET to review pipeline updates. The dial-in number for the conference call is 1-877-704-4453 (U.S./Canada) or 1-201-389-0920 (international). The conference ID for all callers is 13745314. The live webcast and replay may be accessed under Events and Presentations in the Investors section of the Foghorn's website, www.foghorntx.com, and will be available for up to 30 days. About FHD-909 FHD-909 is a highly potent, allosteric and orally available small molecule that selectively inhibits the ATPase activity of BRM over its closely related paralog BRG1, two proteins that are the catalytic engines across all forms of the BAF complex, one of the key regulators of the chromatin regulatory system. In preclinical studies, tumors with mutations in BRG1 rely on BRM for BAF function. FHD-909 has shown significant anti-tumor activity across multiple BRG1-mutant lung tumor models. About Foghorn Therapeutics Foghorn® Therapeutics is discovering and developing a novel class of medicines targeting genetically determined dependencies within the chromatin regulatory system. Through its proprietary scalable Gene Traffic Control® platform, Foghorn is systematically studying, identifying and validating potential drug targets within the chromatin regulatory system. The Company is developing multiple product candidates in oncology. Visit our website at www.foghorntx.com for more information on the Company, and follow us on X (formerly Twitter) and LinkedIn. Forward-Looking Statements This press release contains "forward-looking statements." Forward-looking statements include statements regarding the Company's clinical trials, product candidates and research efforts, including statements relating to FHD-286, FHD-909 and its selective CBP and selective EP300 degrader programs, and other statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risks relating to our clinical trials and other factors set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Contacts: Greg Dearborn, Foghorn Therapeutics Inc. (Investors) gdearborn@foghorntx.com Karin Hellsvik, Foghorn Therapeutics Inc. (Investors & Media) khellsvik@foghorntx.com Adam Silverstein, ScientPR (Media) adam@scientpr.com Peter Kelleher, LifeSci Advisors (Investors) pkelleher@lifesciadvisors.com
Dude Perfect's latest trick — sinking up to $300 million in venture money 2024-04-09 21:26:00+00:00 - It started with a YouTube video of several young dudes hitting absurdly difficult trick shots on a backyard basketball hoop. Some 15 years later, those pals — now with more than 60 million subscribers on the platform and known as Dude Perfect — can celebrate an investment ranging from $100 million to $300 million from one of the country's premier private investment firms. Highmount Capital said Tuesday it is investing "9 figures" in Dude Perfect, a creator of online content formed in 2009 by five friends who met at Texas A&M. Over that time, the Frisco, Texas-based startup — led by twins Cory and Coby Cotton, Garrett Hilbert, Cody Jones and Tyler Toney — has grown into a social media and brand powerhouse with more than two dozen employees. Dude Perfect ia "media juggernaut at the intersection of sports and comedy" whose videos draw billions of views, Highmount Capital CEO Jason Illian said in a post. The firm didn't disclose more financial details about the investment, but Illian said the capital will be used in part to expand Dude Perfect's management team. Dude Perfect founders Cory Cotton, Garrett Hilbert, Tyler Toney, Coby Cotton and Cody Jones at a YouTube event in New York City on April 29, 2015. Stephen Lovekin/FilmMagic for YouTube "The world's top athletes, celebrities and sponsors want to work with Dude Perfect because of their breadth and reach as well as their commitment to family-friendly values and content,"Illian wrote. "The Dudes have built a truly special brand, and we believe they are just getting started." Dude Perfect, which didn't immediately respond to a request for comment, has steadily grown its YouTube audience with a mixture of irreverent and increasingly elaborate videos. Recent entries include tossing around a rocket-propelled football, sinking the world's longest putt and poking fun at office life. Dude Perfect also holds more than 20 Guinness World Records, including longest basketball shot, longest barefoot walk across Legos and the most Ping Pong balls stuck on a person's head using shaving cream. As the company's popularity has grown, outside participants in the content have included actor Zac Efron, professional basketball player Luka Dončić and soccer stars from England's top league. The "creator economy," or people with individual brands that flourish on YouTube, TikTok and other online platforms, is now valued at $250 billion and is projected to reach $480 billion by 2027, according to 2023 research from Goldman Sachs. Analysts with the investment bank estimate there are 50 million online content creators worldwide, although only about 4% of them do so professionally and earn more than a $100,000 year. Content posted and monetized on YouTube pumped $35 billion into the U.S. economy and supported almost 400,000 full-time jobs, according to 2022 data from Oxford Economics. Editor's note: Because of an editing error, the initial version of this story erroneously said that venture capital firm Highland Capital was investing in Dude Perfect. In fact, the investment is from Highmount Capital, a private investment firm.
Warren Buffett has left the table. Homeless charity asks investors to bid on meal with software CEO 2024-04-09 21:19:31+00:00 - The California homeless charity that received $53 million over the years from investors who wanted a private lunch with billionaire Warren Buffett has found a new business executive to auction off a meal with. The Glide Foundation said Tuesday that it will hold an auction on eBay next month for a private lunch with Salesforce Chairman and CEO Marc Benioff. The San Francisco-based charity helps the homeless and those in poverty in the same city where Benioff oversees a software empire. The final auction of a lunch with Buffett two years ago attracted a record $19 million price that isn’t likely to be matched. The revered investor has legions of devoted followers who fill an Omaha arena every spring at Berkshire Hathaway’s annual meeting to listen to Buffett’s insights, and he had said ahead of time that 2022 would be his last auction. Still, Glide hopes that the Benioff auction will also raise significant funds to support the organization’s $31 million budget, which provides meals, health care, job training, rehabilitation and housing for the poor and homeless. Buffett said it always amazed him how the charity helped people in difficult situations find hope again. “We are so grateful that Marc Benioff is continuing Warren Buffett’s legacy of supporting San Francisco’s most vulnerable,” said Dr. Gina M. Fromer, Glide’s President and CEO. Buffett’s first wife, Susie, introduced him to Glide after she volunteered there following her move to the city, and she suggested starting the lunch auction in 2000. She died in 2004, but the connection endured. Buffett endorsed the new arrangement from his office at Berkshire’s small headquarters in Omaha, Nebraska. Benioff has urged his fellow CEOs to do more to help the homeless and remedy the inequalities in society that they helped create. He’s also taken stands on polarizing issues such as gay rights, climate change and gun control. “The baton is in the right hands with Marc Benioff,” Buffett said. “He’s going to do a wonderful job improving on what I did over the years. With Marc’s enthusiasm and commitment, along with GLIDE’s leadership and volunteers, GLIDE will be able to continue providing its vital services for San Francisco.” Benioff said he’s “incredibly humbled to continue Warren’s legacy” with the lunch auction. Just as the Buffett auctions did, the weeklong Benioff lunch auction will begin May 5 with an opening bid of $25,000 and continue through June 10. Organizers have their work cut out for them if they’re attempting to match Buffett’s record. Starting in 2008, every winning bid for lunch with the investing giant topped $1 million. One past winner, Ted Weschler, received a job offer from Buffett’s company after he spent nearly $5.3 million on two auctions in 2010 and 2011. Weschler now works as an investment manager for the conglomerate, which owns an eclectic assortment of companies including Geico insurance, BNSF railroad, See’s Candy, several major utilities and Dairy Queen. ___ Follow Josh Funk online at www.twitter.com/funkwrite
The rise and fall of Allbirds: The sneaker company whose stock went from IPO darling to trading below $1 2024-04-09 21:19:03+00:00 - Allbirds was founded in 2015 and soared to prominence with its iconic wool sneaker. The company went public in November 2021. Shares rose 90% on the opening day of trading. Sales have since slowed significantly. The company reported a 14.7% decline in revenue for 2023. 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 Allbirds' struggles continue to mount. The shoemaker reported another quarter of disappointing earnings in March, wrapping up a dismal fiscal year that saw a net loss of $152.5 million. Then, in April, the company received notice that its stock is at risk of delisting from the Nasdaq exchange for trading below $1 for 30 consecutive days. Here's a history of Allbirds and how it went from a buzzy sustainable footwear brand worn by tech bros and VCs to a company on the brink.
Court upholds California’s authority to set nation-leading vehicle emission rules 2024-04-09 21:18:27+00:00 - SACRAMENTO, Calif. (AP) — California can continue to set its own nation-leading vehicle emissions standards, a federal court ruled Tuesday — two years after the Biden administration restored the state’s authority to do so as part of its efforts to reverse Trump-era environmental rollbacks. The U.S. Court of Appeals for the District of Columbia Circuit blocked an attempt by Ohio, Alabama, Texas and other Republican-led states to revoke California’s authority to set standards that are stricter than rules set by the federal government. The court ruled that the states failed to prove how California’s emissions standards would drive up costs for gas-powered vehicles in their states. Democratic Gov. Gavin Newsom, who often touts the state’s leadership on climate policy, said the court ruling reaffirmed California’s ability to fight the public health and environmental impacts of vehicle emissions. “The clean vehicle transition is already here – it’s where the industry is going, the major automakers support our standards, and California is hitting our goals years ahead of schedule,” he said in a statement. “We won’t stop fighting to protect our communities from pollution and the climate crisis.” The ruling comes ahead of a presidential election in which the outcome could determine the fate of environmental regulations in California and nationwide. Then-President Donald Trump’s administration in 2019 revoked California’s ability to enforce its own emissions standards, but President Biden later restored the state’s authority. At the federal level, Biden has pledged that zero-emission vehicles will make up half of new car and truck sales in the U.S. by 2030. In 2022, Ohio led a coalition of states in filing a petition to attempt to block California’s ability to enforce its own vehicle emissions standards, saying it violated the U.S. Constitution and infringed upon federal government authority. Ohio Attorney General Dave Yost’s office did not respond to email and phone requests for comment on the ruling. For decades, California has been able to seek a waiver from the U.S. Environmental Protection Agency to set its own vehicle emission regulations. These rules are tougher than the federal standards because California, the nation’s most populous state, has the most cars on the road and struggles to meet air quality standards. Other states can sign on to adopt California emission rules if they are approved by the federal government. California is seeking a waiver from the federal government to ban the sale of all new gas-powered cars by 2035. Ford, Honda, Volkswagen and other major automakers already agreed to follow California vehicle emission standards. The state has also approved rules in recent years to phase out the sale of new fossil fuel-powered lawn mowers, large trucks that transport goods through ports and trains powered by diesel. ___ Sophie Austin reported from Sacramento. Austin is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Follow Austin on X, the platform formerly known as Twitter: @sophieadanna
Two tribal nations sue social media companies over Native youth suicides 2024-04-09 21:15:25+00:00 - Two tribal nations are accusing social media companies of contributing to the disproportionately high rates of suicide among Native American youth. Their lawsuit filed Tuesday in Los Angeles county court names Facebook and Instagram’s parent company Meta Platforms; Snapchat’s Snap Inc.; TikTok parent company ByteDance; and Alphabet, which owns YouTube and Google, as defendants. Virtually all U.S. teenagers use social media, and roughly one in six describe their use as “almost constant,” according to the Pew Research Center. But Native youth are particularly vulnerable to these companies’ addictive “profit-driven design choices,” given historic teen suicide rates and mental health issues across Indian Country, chairperson Lonna Jackson-Street of the Spirit Lake Tribe in North Dakota said in a press release. “Enough is enough. Endless scrolling is rewiring our teenagers’ brains,” added Gena Kakkak, chairwoman of the Menominee Indian Tribe of Wisconsin. “We are demanding these social media corporations take responsibility for intentionally creating dangerous features that ramp up the compulsive use of social media by the youth on our Reservation.” Social media companies accused of ‘deliberate misconduct’ Their lawsuit describes “a sophisticated and intentional effort that has caused a continuing, substantial, and longterm burden to the Tribe and its members,” leaving scarce resources for education, cultural preservation and other social programs. A growing number of similar lawsuits are being pursued by USschool districts, states, cities and other entities, claiming that TikTok, Snapchat, Instagram and YouTube exploit children and adolescents with features that keep them constantly scrolling and checking their accounts. New York City, its schools and public hospital system accuse the platforms of fueling a childhood mental health crisis that’s disrupting learning and draining resources. School boards in Ontario, Canada, claim teachers are struggling because platforms designed for compulsive use “have rewired the way children think, behave, and learn.” The Associated Press reached out to the companies for comment. Google said “the allegations in these complaints are simply not true.” “Providing young people with a safer, healthier experience has always been core to our work,” Google spokesperson José Castañeda said in a statement. “In collaboration with youth, mental health and parenting experts, we built services and policies to provide young people with age-appropriate experiences, and parents with robust controls.” Snap Inc. said it provides an alternative to a feed of online content. “We will always have more work to do, and will continue to work to make Snapchat a platform that helps close friends feel connected, happy and prepared as they face the many challenges of adolescence,” the company’s statement said. Native children are uniquely stressed out Native Americans experience higher rates of suicide than any other racial demographic in the U.S., according to the Centers for Disease Control and Prevention, jumping nearly 20% from 2015 to 2020 compared with a less-than 1% increase among the overall U.S. population. Mental health care is already difficult to access from remote locations, and generations of colonization and social stigma create more barriers, particularly when the care isn’t culturally appropriate, advocates say. About 87% of people who identify as Native American don’t live on an Indian reservation, according to the 2020 U.S. Census, and social media can help them connect with tradition, culture and other tribal communities. But “they also might experience discrimination online. And social media companies don’t always have great, helpful policies for managing that,” said Andrea Wiglesworth, an enrolled member of the Seneca-Cayuga Nation and Shawnee Tribe who researches stress in Native populations at the University of Minnesota. Native American identity is a complex mix of political and cultural experiences that varies from tribe to tribe and within Indigenous communities, adding a unique layer of stress onto other social pressures, Wiglesworth said. “I won’t speak for all Native people, but from my lived experience there is this sense of shared responsibility for the well-being of our community and community members,” she added. She said Indigenous people need to think about how they carry that commitment into the digital world. The teenage brain is wired for compulsive responses The science is still emerging about how social media affects teenagers’ mental health. Psychologists and neuroscientists note the potential for both positive and negative side effects, and researchers have yet to draw a direct link between screen time alone and poor mental health outcomes, according to Mitch Prinstein, chief science officer at the American Psychological Association. What researchers do know is that as an adolescent’s brain develops, it builds and strengthens the connections that guide responses for a variety of human interactions while it creates more receptors for oxytocin and dopamine. This is the brain’s reward system, Prinstein said, and it manifests in adolescents a need for both positive feedback and concern about social punishments. “In the 1980s that meant that we were suddenly talking about who’s in which clique and who sits at which lunch table and are you wearing the right clothes to get positive feedback when you go to school. In 2024, we’re now making it possible to kind of feed that with 24/7, 365 button-pressing for feedback and input from peers,” he said. Prinstein called for new legislation in Senate testimony last year, saying federal regulators should have more power to prohibit exploitative business practices and require social media companies to protect the well-being of children on their platforms. Regulatory efforts focus on TikTok A nationwide investigation by a bipartisan coalition of attorneys general is focusing on whether TikTok is harming the mental health of children and young adults by promoting content and boosting engagement. Meanwhile, some Republican-led states have pursued their own lawsuits. Utah accused TikTok in October of baiting children into excessive social media use. Indiana’s lawsuit accusing TikTok of deceiving users about inappropriate content and insecure personal information was dismissed in November. Arkansas has two lawsuits pending, against TikTok and ByteDance. And in Congress, a bipartisan group of senators is supporting the Kids Online Safety Act, which in part would require platform design changes to prevent harm. Tech industry groups have opposed the bill, and the American Civil Liberties Union has raised censorship concerns. ____ Graham Lew Brewer, who covers Indigenous Affairs for the AP’s Race and Ethnicity, reported from Oklahoma City. AP writers Haleluya Hadero and Shawn Chen reported from New York.
A crucial report Wednesday is expected to show little progress against inflation 2024-04-09 21:07:00+00:00 - Gas prices are displayed at a gas station on March 12, 2024 in Chicago, Illinois. Scott Olson | Getty Images A closely watched Labor Department report due Wednesday is expected to show that not much progress is being made in the battle to bring down inflation. If so, that would be bad news for consumers, market participants and Federal Reserve officials, who are hoping price increases slow enough so that they can start gradually cutting interest rates later this year. The consumer price index, which measures costs for a wide-ranging basket of goods and services across the $27.4 trillion U.S. economy, is expected to register increases of 0.3% both for the all-items measure as well as the core yardstick that excludes volatile food and energy. On a 12-month basis that would put the inflation rates at 3.4% and 3.7%, respectively, a 0.2 percentage point increase in the headline rate from February, just a 0.1 percentage point decrease for the core rate, and both still a far cry from the central bank's 2% target. "We're not headed there fast enough or convincing enough, and I think that's what this report is going to show," said Dan North, senior economist at Allianz Trade North America. The report will be released at 8:30 a.m. ET. Progress, but not enough North said he expects Fed officials to view the report pretty much the same way, backing up comments they've been making for weeks that they need more evidence that inflation is convincingly on its way back to 2% before rate cuts can happen. "Moving convincingly toward 2% doesn't just mean hitting 2% for one month. It means hitting 2% or less for months and months in a row," North said. "We're a long way from that, and that's probably what's going to show tomorrow as well." To be sure, inflation has come down dramatically from its peak above 9% in June 2022. The Fed enacted 11 interest rate hikes form March 2022 to July 2023 totaling 5.25 percentage points for its benchmark overnight borrowing rate known as the federal funds rate. But progress has been slow in the past several months. In fact, headline CPI has barely budged since the central bank stopped hiking, though core, which policymakers consider a better barometer of longer-term trends, has fallen about a percentage point. While the Fed watches the CPI and other indicators, it focuses most on the Commerce Department's personal consumption expenditures index, sometimes referred to as the PCE deflator. That showed headline inflation running at 2.5% and the core rate at 2.8% in February. For their part, markets have grown nervous about the state of inflation and how it will affect rate policy. After scoring big gains to start the year, stocks have backed off over the past week or so, which have seen sharp swings as investors tried to make sense of the conflicting signals. Earlier this year, traders in the fed funds futures market were pricing in the likelihood that the central bank would start reducing rates in March and continue for as many as seven cuts before the end of 2024. The latest pricing indicates that the cuts won't start until at least June and not total more than three, assuming quarter-percentage point increments, according to the CME Group's FedWatch calculations. "I don't see a whole lot here that is going to move things magically the way they want to go," North said. What to watch
All the deadly drones Ukraine is building to fight Russia can't make up for the weapons it really needs but doesn't have, Zelenskyy says 2024-04-09 21:05:57+00:00 - Ukraine has built up a formidable arsenal of drones capable of attacking Russian forces everywhere. But these systems are no alternative to the other weapons Kyiv needs, President Zelenskyy said Tuesday. Ukraine needs air defenses, missiles, and artillery, he told Axel Springer media outlets. 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 Ukraine has made impressive strides in its employment of homemade drones to battle the invading Russian forces, but for Kyiv, these systems are still no substitute for the weapons it desperately needs right now. "We produce a lot of drones, but they are not an alternative to any kind of weapon," Ukrainian President Volodymyr Zelenskyy said during an interview with Axel Springer media outlets in the northeastern city of Kharkiv on Tuesday. "We are proving ourselves with drones, and I think the fact that we have increased production helps us a lot," Zelenskyy added, "but it is not a substitute for air defense, it is not a substitute for long-range weapons, missiles, long-range artillery." Drones have been a defining aspect of the bloody war in Ukraine, with deadly systems of all shapes and sizes used to attack the enemy on land, in the skies, and at sea. Both Moscow and Kyiv have launched efforts to boost their respective domestic production of drones, which have hindered maneuver by effectively stripping both sides of the ability to make covert moves on the battlefield. Advertisement A Ukrainian soldier of the 28th brigade launches a drone at the front-line close to Bakhmut in August 2023. AP Photo/Libkos Mykhailo Fedorov, the Ukrainian minister of digital transformation who has been a key figure in the country's efforts to scale up its drone innovation and production, said earlier this year that Kyiv plans to make more than 1 million drones in 2024. The development of long-range systems is one key aspect of this initiative. Ukraine's domestic drone program has, in recent months, awarded it some crucial success as the war grinds on the battlefield. Kyiv, for instance, has relied on an innovative fleet of exploding naval drones to damage and destroy warships belonging to Russia's Black Sea Fleet, which has helped ease some economic burdens by opening key maritime corridors. Related stories And that's just one element of this effort that has also turned out thousands of first-person-view drones able to drop grenades or carry explosives on one-way attack missions that have devastated expensive armored vehicles like tanks. That said, Kyiv's drone program does not make up for the weapons that the country really needs but doesn't have in its arsenal. Ukrainian officials, including Zelenskyy, have repeatedly identified air-defense systems as one of their most pressing needs to shield both front-line troops and civilians in Ukrainian cities from Russia's aerial bombardments. Advertisement Speaking to reporters at the NATO headquarters in Brussels last week, Ukrainian Foreign Minister Dmytro Kuleba said he urged members of the military alliance to provide Kyiv with new air defenses. He singled out the US-made MIM-104 Patriot as "the best" of them because of its effectiveness at downing ballistic missiles. Patriot air defense systems are seen at an airport in Poland on Nov. 22, 2023. INA FASSBENDER "Patriots should now be deployed in Ukraine, so that later on they will not have to be used at least along the entire eastern flank of NATO," Zelenskyy said in a Sunday address to the nation. He said that additional air defenses are needed around Kharkiv, which has fallen victim to unrelenting Russian attacks in recent weeks. The future of US security assistance to Ukraine, however, remains in flux as Republican lawmakers maintain their blockade on around $60 billion in military aid. Western experts and officials have warned it is critical that Washington continues to arm Kyiv. For Zelenskyy, such Western support is imperative because he believes that Russian President Vladimir Putin will not put a stop to the onslaught until Ukrainian cities are left completely in ruin. Advertisement "If we don't have air-defense systems and the appropriate long-range weapons to match Putin, he will destroy our country," Zelenskyy said Tuesday. "This is what this war will look like: complete destruction, destruction of border areas, cities, villages, and so on." "He will destroy everything," the Ukrainian leader said.
Google just unveiled a new weapon against Microsoft and Amazon in the AI arms race 2024-04-09 21:04:51+00:00 - Google announced the development of its own Arm-based CPU processor Axion. The move gives Google an edge in its competition with Amazon and Microsoft in the AI cloud race. Google said Axion will deliver better performance and energy efficiency than prior chips. 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 Google has a new edge against competitors like Amazon and Microsoft: it's partnering with Arm to make more of its own chips. Google announced its new CPU, called Axion, on Tuesday. It's following Amazon Web Services and Microsoft Azure in creating custom Arm-based processors. The move is another step forward in Google's development of new computing resources. Axion will be available for Cloud services later this year. Google said Axion will improve performance for "general-purpose workloads," like open-source databases, web and app servers, in-memory caches, data analytics engines, media processing, and AI training. Related stories Google said the new Axion chips will deliver 30% better performance than the current fastest general-purpose Arm-based chips in the cloud. It will also improve performance by 50% and energy efficiency by 60%. Advertisement CPUs — or central processing units — like Axion are crucial to the AI arms race. Training complex AI models involves processing large data sets, which CPUs help run more quickly. The computing power needed to train AI models is increasingly important. Major tech companies are in a race to scale up in AI, and Google is among them. It has been developing AI for over a decade, incorporating it into its search engine, ad products, and YouTube recommendations. But its AI chatbot Gemini has trailed behind OpenAI's ChatGPT. Google's decision to make its own AI chips may create competition with partners like Nvidia and Intel as it leans away from using outside vendors. It could, however, save Google some money — buying AI chips is notoriously costly. For example, Nvidia's Blackwell chip is estimated to cost between $30,000 and $40,000. The announcement "marks a significant milestone in delivering custom silicon that is optimized for Google's infrastructure," Arm's CEO Rene Haas said in a statement. Advertisement In addition to the Arm-based CPU, Google also announced the general availability of TPU v5p, which it says is its most powerful and scalable flexible AI accelerator. Do you have a tip about Google? Email the author at aaltchek@insider.com.
A new version of Scrabble aims to make the word-building game more accessible 2024-04-09 20:59:34+00:00 - NEW YORK (AP) — Scrabble is getting a bit of a makeover, at least in Europe. Mattel has unveiled a double-sided board that features both the classic word-building game and Scrabble Together, a new rendition designed to be accessible “for anyone who finds word games intimidating.” This new version, which is now available across Europe, is advertised as being more team-oriented and quicker to play. The update marks the first significant change to Scrabble’s board in more than 75 years, Mattel said Tuesday. “We want to ensure the game continues to be inclusive for all players,” Ray Adler, vice president and global head of games at Mattel said in a prepared statement, noting that consumers will still be able to choose between the classic game and new version. Seeking to expand their reach, toy companies have rolled out alternative or simplified ways to play board games for years, ranging from “junior” editions made for younger children to multiple sets of instructions that players can opt into for increasing difficulty. Scrabble Together is marketed toward players of all ages. Jim Silver, a toy-industry expert and CEO of review site TTPM, said the double-sided board is a smart approach because it allows players to switch from one mode to another as they wish. Mattel’s announcement was also accompanied by a survey that offered a glimpse into some of the ways British consumers have previously tackled classic Scrabble. London-based market researcher Opinion Matters found that 75% of U.K. adults aged 25 to 34 have searched a word when playing the board-and-tile game to check if it’s real. And almost half (49%) reported trying to make up a new word in hopes of winning. Whether the new version will expand beyond Europe one day remains to be seen. While Mattel, which is based in El Segundo, California, owns the rights to Scrabble around much of the world, Hasbro licenses the game in the U.S., for example. “Mattel and Hasbro have worked separately to develop different versions of Scrabble every year,” Silver said. As a result, some versions are only available in certain countries, creating a “interesting dynamic” for avid fans of the game, he added. A spokesperson for Hasbro, based in Pawtucket, Rhode Island, confirmed to The Associated Press via email Tuesday that the company currently has no plans for a U.S. update — but added that the brand “love(s) the idea of different ways to play Scrabble and continue to attract new players to the game around the world.” Scrabble’s origins date back to 1931, when American architect Alfred Mosher Butts invented the game’s forerunner. Scrabble’s original name was “Lexiko,” according to a Mattel factsheet, and before officially getting the Scrabble title and trademark in 1948, Butts’ creation was also called “Criss-Crosswords,” “It” and “Alph.” Today, Scrabble is produced in 28 different languages. More than 165 million games have been sold in 120 countries around the world since 1948, according to Mattel, with an average of 1.5 million games sold globally each year. Beyond the decades-old Scrabble fanbase, other word games have skyrocketed in popularity in recent years, including Bananagrams and online guessing game Wordle.
Is the U.S. in a "vibecession"? Here's why Americans are gloomy even as the economy improves. 2024-04-09 20:57:00+00:00 - Inflation, financial pressures lead more Americans to believe they need more in retirement savings Inflation, financial pressures lead more Americans to believe they need more in retirement savings 01:17 The labor market is roaring ahead, wages are rising and inflation is slowing — all key metrics that economists point to as showing a resilient and strong U.S. economy. The problem is Americans aren't feeling it. The disconnect between gloomy consumers and upbeat economic data has sparked plenty of debate over the gap, with some experts terming it a "vibecession." The idea behind the term is that Americans are basing their economic views on "feelings," rather than on what's actually happening in their financial lives. For instance, inflation has come down a long way from its 40-year peak of 9.1% in June 2022. But about 3 in 4 consumers in swing states said they believe inflation is going the "wrong way," according to a recent Wall Street Journal poll. But there may be more than vibes behind Americans' dour views, such as financial pressures that aren't necessarily captured by data like the consumer price index, which measures the pace of inflation. For instance, the CPI doesn't capture the impact of higher borrowing costs ushered in by the Federal Reserve's 11 rate hikes to battle the hottest inflation in 40 years. In other words, consumers are paying more for credit card debt and loans, but that's not directly reflected in the CPI, which measures commonly purchased goods and services like groceries and clothing. Credit card debt reached a record $1.13 trillion in the fourth quarter, the highest since the Fed started tracking it in 1999. "There are things that are intentionally excluded from the CPI — credit card costs are not in it," noted Kayla Bruun, senior economist at Morning Consult. "It's a big burden on the cost of living." It's an issue that was underscored by former Treasury Secretary Larry Summers in a February research paper, with Summers and his co-authors pointing out that borrowing costs have surged "at rates they had not reached in decades." That is boosting anxieties among Americans about the cost of financing major purchases, from cars to houses, the paper noted. Consumers are likely going to cope with high borrowing costs for a while longer. While the Fed is expected to cut interest rates later in 2024, recent economic data and persistently sticky inflation has prompted some economists to forecast that the cuts could come later in the year. One Fed official last week raised the possibility the central bank may not cut interest rates at all in 2024, which suggests consumers and businesses may not get much relief on the borrowing front anytime soon. Inflation and loss aversion The pace of inflation will get a reality check on Wednesday, when the latest consumer price index data will be released. Economists expect prices in March rose 3.4% on an annual basis, reflecting a slight uptick from the prior month's 3.2% rate, according to financial data firm FactSet. While inflation has undeniably eased from its recent 2022 peak, inflation seems to moving sideways, according to a new report from Morning Consult. The recent inflation data is also higher than the Fed's goal of returning to an annual inflation rate of 2%, and Americans continue to point to the issue as a top economic concern. Some economists have pointed to wages that are now growing faster than the rate of inflation as a reason Americans should feel positive about the economy. But that ignores how consumers view prices — and the psychological impact of loss aversion, or why losing something (or paying more money for goods or services) makes a bigger impact than the equivalent gain, Bruun said. "Consumers seem to be more bothered by prices than they feel the benefits of their wages increasing, psychologically," Bruun noted. "My team's theory on this is it comes down to loss aversion: you feel the sting of having to part with your money rather than the boost in your income." And Americans may be describing inflation as going in the "wrong" direction, even though it is in fact receding, because of their experiences with making purchases, Bruun noted. "Consumers look at prices and see prices are up, and if you are asked, 'Is inflation up or down from a year ago?' they know prices are up from a year ago, and so they'll say, 'Prices are going up, and that means things are getting worse'," she noted. Even though inflation is cooling, prices are continuing to rise, albeit at a slower pace than in the post-pandemic inflationary surge. It's likely that consumers will eventually get used to these higher price levels, but that could take some time, Bruun added. "When people realize, 'Okay this is what things cost now' and realize they can afford it," the gap between economic data and Americans' views on the economy could close, she predicted.
Russia 'knew where we were going to attack,' Zelenskyy says in reflection on why Ukraine's big counteroffensive stumbled 2024-04-09 20:54:32+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 Reflecting on the unsuccessful summer 2023 counteroffensive, Ukrainian President Volodymyr Zelenskyy noted this week that the operation may have been doomed from the start. "The Russians knew where we were going to attack," Zelensky said during an interview with Axel Springer media outlets on Tuesday. "How did they know? How did they get this information? I can't tell you that. History will tell." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Zelenskyy had previously said at a press conference in late February that Ukraine's plans were "on the Kremlin's table even before the counteroffensive began." Around that same time, Ukraine's spy chief, Kyrylo Budanov, told CBC News that he wouldn't elaborate on the issue, but said that they had evidence Russia knew the plans. "It is a serious problem, and we are taking some action," he said. Advertisement It remains unclear how widespread that leak may have been, and what other information could've been included. Zelenskyy told Axel Springer media outlets that there are plans for a 2024 counteroffensive. "And this counteroffensive must give us some results," he added. Back in late February, he said less people know about 2024 plans. "But the fewer people who know the plans of the Ukrainian army, the faster the victory and the unexpected result for the Russians," the Ukrainian president said. Ukraine's long-anticipated counteroffensive may not be as big as Kyiv leaders once advertised. Muhammed Enes Yildirim/Anadolu Agency via Getty Images In the interview Tuesday, Zelenskyy pushed back on the conclusion that the 2023 counteroffensive had failed but acknowledged the effort's limitations. "Last year's counteroffensive was not so successful. It's true that we didn't get the result we wanted," he said, adding that there were "many reasons" for this. Along with Russia learning about Ukraine's plans ahead of time, Zelenskyy said some of the issues were Ukraine's fault. He also said that the troops "were also not "properly equipped." Advertisement 'Many reasons' for Ukraine's troubled counteroffensive Kyiv launched its counteroffensive against Russia in June 2023, months later than originally expected, partially due to delays in NATO-provided training and weapons. Among the issues that resulted in a lack of progress during the counteroffensive include the dearth of experienced soldiers, as many were bogged down in the battle of Bakhmut. Other challenges included Russia's fortified defenses and extensive network of land mines, which slowed forward movement and maimed Ukraine's Western-provided tanks and heavy armor. Related stories Ukraine's counteroffensive sought to push through Zaporizhzhia in southern Ukraine and divide Russian forces near the Sea of Azov, while also fighting eastward towards Donetsk and the eastern bank of the Dnipro River, but none of these efforts were particularly effective. Ukraine reportedly only took about 200 square miles of territory in 2023. Previous reporting indicated that Ukrainian military leadership wanted a bold counteroffensive in this direction about a year earlier, but Ukraine couldn't get Western partners, the US in particular, to adequately back the plan. Advertisement One of Ukraine's sea drones, funded by the large-scale volunteer collection platform UNITED24. Security Service of Ukraine Zelenskyy noted Tuesday that there was a "positive side" to the counteroffensive though. "What we did in the Black Sea, for example. That was positive. We have created an alternative grain corridor in the Black Sea and destroyed many units of the Russian fleet." "Is all this a great success? On the one hand, no. On the other hand, Ukraine has held out. That's a great success," he said. That's perhaps one of the most prominent narratives to come out of the war — Ukraine's ability to use unmanned surface vessels to terrorize Russia's ships in the Black Sea. The drones have often sailed out to their targets in the middle of the night, sneaking up on warships and exploding, causing massive damage. Russia's attempts to stop these drones have been slow and largely ineffective, such as employing machine guns on their ships. Advertisement Without a proper navy, Ukraine has relied heavily on its fleet of sea drones. The impact has been, at times, quite impressive, as these cheaper USVs destroy expensive warships and Russian vessels. Ukraine's drones have also been upgraded over time, some carrying larger, more powerful warheads to do more damage. Volodymyr Zelenskyy at an end-of-year press conference on December 19, 2023, in Kyiv, Ukraine. Getty Images Part of Zelenskyy's vision for a successful 2024 counteroffensive involves prioritizing infrastructure targets, such as bridges and airports, and namely, the Kerch Bridge. "We want it very much," he said when asked about destroying the bridge this year. The 12-mile-long Kerch Bridge has long been a target for Ukraine. Finished in 2018, it was seen as a landmark by Russian President Vladimir Putin, a physical connector between the Russian mainland and occupied Crimea. It previously served as a route for Russia to transport equipment before its February 2022 invasion. Advertisement Ukraine has targeted the bridge repeatedly. In October 2022, for instance, a bomb-laden truck exploded, causing severe damage that closed traffic for normal vehicles until February 2023 and railway traffic until May 2023. And then in July 2023, another attack rocked the roadbed of the bridge. Afterwards, Russia started sinking ships in the area around the bridge to prevent sea drones from navigating to it. But Zelenskyy also said it wasn't just about that specific target, but rather other sites that help Russia sustain its war effort. "It's not just the Kerch Bridge that everyone is talking about," the Ukrainian leader said. "It's about some infrastructure objects that are a military target. It's about the bridge, it's about airports from which planes take off. There are bridges through which weapons are delivered. Airports from which planes take off and bomb us. These are legitimate targets. Not to mention that they are in the occupied territories of Ukraine."
Workers at Philadelphia sports stadium hit picket lines for one-day strike 2024-04-09 20:49:28+00:00 - PHILADELPHIA (AP) — Hundreds of food service workers at the Wells Fargo Center in Philadelphia were staging a one-day strike Tuesday as contract negotiations continued with the firm that operates concessions at the stadium. Roughly 400 cooks, servers, bartenders, concession staffers and other members of Unite Here union local 274 started picketing early in the day in the arena’s parking lot, several hours before the Philadelphia 76ers were due to play the Detroit Pistons in an NBA game. The workers were urging fans to not buy food, drinks or concessions from Aramark and eat elsewhere instead. The union — which represents people who work at the Wells Fargo Center and neighboring Lincoln Financial Field and Citizens Bank Park, where the Philadelphia Eagles and Philadelphia Phillies, respectively, play — say their wages and benefits are not keeping up with inflation. The union said some staffers who work at all three stadiums make different hourly wages at each site, and union members say they are treated as seasonal workers rather than year-round employees, based on each sport’s season. Randi Trent, a caterer with Aramark for 23 years, was among those manning the picket lines Tuesday. “I’m out here fighting for health care for everyone. They need better wages. We all need (better) wages across the board,” Trent said. “I make $8 an hour. We work off of gratuities. Our percentages are low.” Chris Collom, an Aramark spokesperson, said the company “remains committed to bargaining in good faith to reach a settlement that works for all parties.” He said the firm had contingency plans in place to ensure its services were not interrupted at Tuesday night’s game, but he did not disclose specific details.
People pay up to $2,700 a month to live with 27 roommates in a NYC townhouse — see inside 2024-04-09 20:38:04+00:00 - Cohabs may have fans in NYC, but it might need to tweak its model to expand across the US. Yaëlle De Vroey, who works for Cohabs and lives in one of the locations in Harlem, has the company's logo tattooed on her ankle. Maria Noyen/Business Insider Part of the reason Cohabs' attempt to enter the US market has been successful so far is because it began operations in NYC, Clark said. Many people moving to the city are younger and unmarried, the prime target audience for a coliving concept like Cohabs, Clark added. It's also a hub for international residents — many of whom move to NYC alone and seek a sense of belonging. But to replicate Cohabs' success elsewhere in the US, Clark said the company might have to consider tweaking the model to accommodate other aspects of American culture. "As we go into new markets where there's less and less of an international vibe, we're going to have to be more sensitive to what is more palatable to Americans in general," Clark said. One of the ways Cohabs is considering doing that is through smaller coliving spaces that more closely resemble a traditional housing model — spaces shared by six to eight people instead of nearly 30. In that way, "people can still get to know each other and form really strong bonds" without it being "overwhelming," Clark said. For several residents of the Harlem house, including De Vroey, the experience has been so positive that they've immortalized it with matching Cohabs-themed tattoos. It suits her in a way that a traditional roommate setup might not. "If you were in a smaller apartment or in a smaller house, you would want to get out," she said. But in the Harlem townhouse, equipped with its kitchens, lounges, and private bar, De Vroey said there aren't many excuses to leave. "I almost don't want to get out," she said.
Republican megadonor Jeff Yass, inner circle give millions to shape schools, courts 2024-04-09 20:36:00+00:00 - Inside one of the largest options trading firms in the world sits a little known charitable foundation, that has quietly donated tens of millions of dollars to influence federal policy, education and law. The firm and the foundation are twin enterprises of Republican megadonor Jeff Yass, and a small group of allies. A poker-playing, libertarian billionaire, Yass is the largest individual donor to federal candidates this election cycle, with more than $46 million so far in contributions, according to data from the nonpartisan OpenSecrets. Yass has given very few interviews and largely avoided publicity. But his charitable giving offers a rare window into his priorities and goals. The Susquehanna Foundation operates out of the same suburban office building in Bala Cynwyd, Pennsylvania, as Susquehanna International Group, the trading firm Yass co-founded, according to tax records. The foundation is run by Yass and other veteran Susquehanna executives, according to the documents that are current through 2022. The Susquehanna Foundation is one of two foundations that Yass and his closest friends have funded and led. The other foundation is even less well known: the Claws Foundation. Similar to Susquehanna, Claws is the charitable arm of one person: Arthur Dantchik, a co-founder of Susquehanna International Group with Yass, is the sole listed donor to Claws Foundation. Since 2017, Dantchik has given over $150 million to the organization, according to the records. The group's paperwork is held at the Sterling Foundation Management firm in Virginia, over 150 miles away from Susquehanna International. Yass and Dantchik declined to comment through a spokesman. The Susquehanna and Claws foundations have been entirely seeded over the past decade by contributions from Yass, his wife and other allies linked to Susquehanna. The two foundations have combined to give over $25 million to libertarian-minded nonprofit groups since 2016, according to more than a dozen tax records reviewed by CNBC. One of the chief recipients has been the Cato Institute, a Washington think tank that advances libertarian ideals. Money from Yass run foundations has also gone to the Institute for Justice, a tax-exempt legal group that has litigated cases all the way to the Supreme Court. Another grantee is the Atlas Network, an organization that works to advance "free market" principles. The Competitive Enterprise Institute has raised money from the Claws Foundation. The Competitive Enterprise Institute has opposed government regulations to the finance, energy and technology industries, among others. Experts who reviewed the foundations' donations for CNBC explained that many of the contributions go to groups which advance policies that could benefit Yass, his business and those close to him. "Ultimately, Yass is channeling his incredible wealth through a variety of entities to push U.S. politics to the right, and in some cases — such as his recent advocacy around banning TikTok — to advance policies that benefit his bottom line," deputy executive director of the watchdog Documented Brendan Fischer said in an email. The Susquehanna Foundation, for instance, received over $250 million in 2020 from the "Susquehanna Growth Equity Fund III," according to the records. The fund is a private equity investment vehicle that Susquehanna International Group controls, according to Pitchbook. Yass is also the only known contributor to a political action committee, the Moderate PAC, which is trying to unseat progressive Democratic Rep. Summer Lee, D-Pa., in a primary this year, according to Politico. Lee's Democratic opponent has tried to distance herself from the funding that the PAC has received from Yass, saying at a recent debate: "I denounce Donald Trump. I denounce Jeffrey Yass."
What all the cool kids want. How 6 portfolio stocks fared in Piper Sandler's new survey of teen likes and dislikes 2024-04-09 20:35:00+00:00 - Who better than teenagers to know what's trendy? Piper Sandler has released the spring edition of its semiannual "Taking Stock With Teens Survey," with solid results for several names in our portfolio. We love scanning the report, which looks at a wide swath of Generation Z, roughly defined as people aged 11 to 26. In fact, the median age of the 6,020 teens polled across 47 states was 16.1 years old. The gender breakdown was 54% male, 44% female and 2% nonbinary. About 38% said they were employed part-time. The average household income of the respondents was $66,280. Research shows younger shoppers are more likely to try new things and stick with brands that they can identify with personally, ideologically, and/or had good experiences with. So, it's not just about selling teens because it's good for companies' current quarters but also about gaining mindshare among group to improve the lifetime value of these customers. Here's an in-depth look at Piper's teen survey and how six Club names — Meta Platforms, Amazon, Apple, Starbucks, Estee Lauder and Foot Locker — fared with younger consumers. Internet The big winner here was Meta Platforms . Instagram remains a staple for teens, with 80% of respondents using the app. That's unchanged. Instagram's lead as "the most used app" increased by 8 percentage points, up from 5 percentage points in Piper's fall survey. About 30% of teens said Instagram was their favorite app. Not only is that a 7-percentage-point increase versus the fall data, it's also the strongest gain seen since TikTok was added to the survey. TikTok, which faces U.S. calls to ban the short-form video platform owned by China's ByteDance, does remain teens' top app. However, it did lose some ground. Instagram displaced Snap 's Snapchat as the No. 2 platform among teens. Facebook saw an engagement increase, with monthly usage increasing to 32%, the higher level in four years, thanks to Meta's artificial intelligence investments. Another positive, though perhaps unsurprisingly, Amazon remains the top retailer among upper-income teens. The support from teens overall is even stronger than seen in the past, with 61% of respondents highlighting the platform as their go-to, up from 59% in the fall and 57% last spring. Apple also remains a top brand with teens with 85% of respondents saying they own an iPhone and 86% saying that they intend to purchase one. That's down slightly from the levels seen in 2021 but still near record highs. The Apple Watch also remains the No. 1 watch brand among teens. Restaurants and coffee, tea, beverage Starbucks is the top dog no matter how you cut it — No. 1 across all income levels, regardless of gender. That said, the coffee giant has the most mindshare with upper-income females. Compared to the competition, it's not even close with Starbucks maintaining 37% mindshare across all teens surveyed, way ahead of the 7% mindshare held by the runner-up, Dunkin' Donuts. The analysts did modify the survey a bit this year, spinning out the coffee, tea, & beverage category from what was previously simply categorized under restaurants. Before this update, the analysts said, "Starbucks consistently ranked as a Top 5 restaurant, typically in the No. 2 or No. 3 spot. This further highlights the brand's dominance as both restaurant and coffee choice among teens." They added, that in their view, the Starbucks brand remains a "relevant social currency among teens." That's especially important given the recent boycott calls and protests over Starbucks' perceived stance in the Israel-Hamas war. In our view, it supports the idea that the headwinds from these actions are temporary and any weakness in the stock price resulting from them is a buying opportunity. In December, Starbucks said its position on the Mideast conflict remains unchanged , saying it "stands for humanity." The company added it condemns "violence, the loss of innocent life, and all hate and weaponized speech." Beauty The survey bodes well for beauty retailers, with the Piper analysts noting that industry spending reached its highest level since 2018. The wallet share increase of 8% was spread out, with growth among all categories. While cosmetics maintained the highest share of beauty spending, fragrance was the fastest growing — up 23% versus the year-ago period. Elf Beauty remains the No. 1 brand among teens. For Estee Lauder , the results were a bit more neutral, with strength seen in its skincare brand The Ordinary, which maintained its spot at No. 2. However, that was offset by Clinique, which lost some ground, falling two spots to No. 10. Too Faced also gained some ground, while MAC lost some share. While the spending trends in the beauty category are encouraging, we remain mindful that in terms of Estee Lauder's stock price, it's the demand coming from Asia that matters most. Global lifestyle brands, athletic and footwear Here we find that Foot Locker has been losing mindshare among teens, falling to No. 12 from the 10-spot last spring and No. 9 in the fall. It appears that the winner of Foot Locker's troubles is Dick's Sporting Goods . That said, we think results elsewhere support Foot Locker management's efforts to focus on brands other than Nike as they look to turn around the retailer. Nike maintained its No. 1 spot "across apparel, athletic apparel, footwear, and athletic footwear," the Piper analysts said. But they noted that Nike is now "starting to see weakness in overall brand mindshare." At Nike's expense, it appears brands such as running specialist Deckers Outdoor -owned Hoka, No. 3 in athletic footwear, and On running, No. 9 in overall footwear, are gaining mindshare. Overall, spending on footwear was down 1% annually as a 3% decline in the "average-income" cohort was only partially offset by 5% annual increase in the "upper-income" cohort. Political and social issues The top three most important political and social issues were unchanged from the fall results, with the environment as No. 1, followed by inflation and racial equity. That's perhaps even more notable with the hotly contested 2024 presidential election on the horizon because as much as we would like companies to stay out of the social/political realm due to the impossible task of pleasing everyone, it's clear that stances companies decide to take or not take will impact their mindshare among teenagers and the demand they see from this key demographic. (Jim Cramer's Charitable Trust is long META, AMZN, AAPL, SBUX, EL, FL. 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. Avishek Das | Lightrocket | Getty Images
Republicans delay DHS Secretary Mayorkas' impeachment trial until next week 2024-04-09 20:29:00+00:00 - WASHINGTON — House Speaker Mike Johnson will delay until next week sending articles of impeachment against Homeland Security Secretary Alejandro Mayorkas to the Senate, his spokesman said, after previously saying they would be transmitted on Wednesday. "To ensure the Senate has adequate time to perform its constitutional duty, the House will transmit the articles of impeachment to the Senate next week," said Taylor Haulsee, a spokesman for Johnson. Johnson's decision came after Senate Republicans personally urged the speaker to postpone sending the articles to give senators more time to debate the matter at the beginning of the week rather than late this week when lawmakers are preparing to fly back to their home states. "It makes no sense to have them go through all that time and effort to highlight the abuse of this administration, only to have [the articles] come over here and get snuffed out," said Sen. Ron Johnson, R-Wis., who is close to the speaker and one of the senators who personally urged him to hold off. Senate Democrats, who control the chamber, were expected to quickly vote this week to dismiss or table the two Mayorkas impeachment articles and move on to other business. But Republicans have spent this week demanding the Senate hold a full Senate trial focused on Mayorkas' handling of border security. "There is no reason whatsoever for the Senate to abdicate its responsibility to hold an impeachment trial," Haulsee said. The days-long delay will give the GOP a few extra days to debate the articles and hammer the other party's dismissal of them. "I'm very grateful to Speaker Johnson for his bold willingness to delay this," said Sen. Mike Lee, R-Utah, who has led GOP calls for a full Senate trial. "We don't want this to come over on the eve of the moment when members might be operating under the influence of jet fuel intoxication. That was precisely the plan and it's much better for us to do this at the beginning of a legislative week, rather than toward the end."