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L.A. Times Names Terry Tang as Executive Editor 2024-04-08 19:56:12+00:00 - “She understands our mission to be a thriving pillar of democracy and the critical role that The L.A. Times’s voice plays — to our city, and to the world — in bringing attention to issues that matter most, especially for those whose voices are often unheard.” Before becoming the interim executive editor earlier this year, Ms. Tang, 65, ran the paper’s opinion section. She will continue to oversee opinion in addition to her new role, according to a Los Angeles Times spokeswoman. Ms. Tang had previously worked as director of publications and editorial at the American Civil Liberties Union and as an editor at The New York Times for 20 years. “Terry is truly the best candidate to lead the Los Angeles Times’s journalism organization now and we’re fortunate she accepted the role,” said Chris Argentieri, the president and chief operating officer of The Los Angeles Times. Ms. Tang’s appointment comes after a particularly rocky time for the publication. Dr. Patrick Soon-Shiong, who purchased the paper for $500 million in 2018, said in January that it was losing $30 million to $40 million a year and must cut its newsroom by more than 20 percent, amounting to at least 115 journalists. Tensions between him and Mr. Merida rose before Mr. Merida’s departure, strained partly because of an incident over reporting about a wealthy doctor and his dog. Dr. Soon-Shiong tried to dissuade Mr. Merida from having the newsroom pursue the story, according to people with knowledge of their interactions. The company has said that Dr. Soon-Shiong had made a request for “truthful, factual reporting” on the story.
Retired military leaders warn of the threat to democracy if Trump is found to be immune 2024-04-08 19:53:45+00:00 - Former military leaders are sounding the alarm ahead of Donald Trump’s Supreme Court immunity hearing later this month. Retired four-star admirals and generals, along with former secretaries of the U.S. Army, Navy and Air Force, want to warn the justices about the dangers of his presidential immunity claim. Unless Trump’s theory is rejected, they wrote in an amicus brief, “we risk jeopardizing America’s standing as a guardian of democracy in the world and further feeding the spread of authoritarianism, thereby threatening the national security of the United States and democracies around the world.” Oral argument in Washington is set for April 25. Meanwhile, Trump’s federal election interference case is on hold pending the high court’s ruling. Even if the justices rule against the former president, depending on when and how they rule exactly, their decision to take up the appeal and set it for a hearing in late April could effectively immunize him. That’s because Trump could win the presidential election in November before even standing trial and use his reacquired presidential power to crush the case. Memorably, at the federal appeals court argument earlier this year, a judge raised the prospect that, if presidents are immune from prosecution as Trump claims, then they could order the military to murder their political rivals. Memorably, at the federal appeals court argument earlier this year, a judge raised the prospect that, if presidents are immune from prosecution as Trump claims, then they could order the military to murder their political rivals. The presumptive GOP presidential nominee’s lawyer didn’t have a good answer to that nightmare scenario under his immunity theory. On that note, in their amicus brief filed Monday, the retired military leaders wrote that Trump’s theory “has the potential to severely undermine the Commander-in-Chief’s legal and moral authority to lead the military forces, as it would signal that they but not he must obey the rule of law.” The filing comes alongside several other amicus briefs supporting special counsel Jack Smith’s position. It’s hard to think that a majority of the Supreme Court would endorse a view that grants presidents the authority to order a rival’s murder without criminal consequence. But this latest filing highlights the broader dangers at stake to the military and the nation itself. Subscribe to the Deadline: Legal Newsletter for weekly updates on the top legal stories, including news from the Supreme Court, the Donald Trump cases and more.
These are the 5 groups of borrowers eligible for Biden's new student loan forgiveness plan 2024-04-08 19:35:00+00:00 - watch now 1. Borrowers with 'runaway interest' More than 25 million borrowers owe more than they originally borrowed in federal student loans because of accrued interest charges, according to the Biden administration. As part of this plan, those borrowers could get up to $20,000 of unpaid interest on their debt forgiven, regardless of income. Certain low- and middle-income borrowers, if they're enrolled in an income-driven repayment plan, could have the entire interest balance that has accrued on their federal loan debt since they entered repayment canceled. Anyone enrolled in the Saving on a Valuable Education Plan, or SAVE, or any other income-driven repayment plan would be eligible without having to apply. 2. Borrowers eligible for forgiveness programs, who haven't applied Consumer advocates and borrowers have complained that the government's debt forgiveness programs can be hard to know about and to access. Biden's new plan is also expected to cancel debt for borrowers who are otherwise eligible for relief through Public Service Loan Forgiveness or SAVE or other income-driven repayment plans, but have not successfully applied. The Department of Education will review the accounts of borrowers to identify who could be eligible for this type of relief, which would go into effect automatically, the administration said. 3. Borrowers who entered repayment over 20 years ago Another 2.5 million borrowers would benefit from the forgiveness of student loans that have been held for two decades or longer. Borrowers with undergraduate debt would qualify for forgiveness if they first entered repayment on or before July 1, 2005, and borrowers with any graduate school debt would qualify if they first entered repayment on or before July 1, 2000, the administration said. Both direct loans and consolidated loans are eligible for relief. 4. Borrowers who enrolled in 'low-value' colleges Graduates with loans from "low-value" institutions or programs would also be eligible for loan forgiveness. Under this part of the plan, borrowers who attended institutions or programs that closed or "failed to provide sufficient value" — meaning that graduates were left no better off than someone with a high school diploma — could apply for relief. "Low-value" institutions are generally colleges that lost their eligibility to participate in the Federal Student Aid program or were denied recertification because they cheated or took advantage of students, according to the Biden administration. Along these same guidelines, the Education Department has already canceled the student loans of more than 1 million students who attended certain for-profit schools, including Corinthian Colleges and ITT Technical Institute. 5. Borrowers experiencing 'hardship'
Derivative AI benefits to 2 portfolio stocks put them right where they need to be 2024-04-08 19:29:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Market steady: Stocks were slightly higher Monday, with the S & P 500 trading in a tight range most of the session. The positive action follows a broad rally Friday in reaction to a Goldilocks-like jobs report. But the S & P 500 still closed last week down nearly 1% in its biggest weekly decline since early January. Consumer Discretionary, Real Estate, Utilities, and Financials led the gains while Health Care and Tech lagged. Catching a breath: Shares of electrical component and power management solutions provider Eaton pulled back about 1.5% after the Club stock was downgraded to underperform from market perform (sell from hold) by Wolfe Research, citing a valuation that is "becoming ever more de-coupled from the fundamentals." The downgrade follows a ton of analyst love that sent shares to a new all-time high last week. The stock was recently upgraded by two longtime bears and was named a catalyst call buy idea by a third analyst. "Anyone who thinks that Eaton is too expensive has to consider the scarcity of anything that's related to data centers. Vertiv is selling at 66 times earnings and was a SPAC for heaven's sake," Jim Cramer said Monday. We know that tech companies are building data centers like crazy due to the overall digitization of the U.S. economy and the need to upgrade for artificial intelligence. Momentum building : Best Buy shares gained more than 1% after Jefferies lowered its price target to $94 per share from $95 but reiterated its buy rating. The analysts said the consumer electronic replacement cycle is "picking up steam." This view agrees with our Best Buy thesis, which is predicated on an upcoming AI-fueled personal computer refresh cycle driving an inflection in comparable sales growth. "HP plans a July release and a September release for new PCs that have AI capabilities," Cramer said. "Best Buy will be the central place to get them because you do need to do some learning to get the most out of them." Wide rate range: JPMorgan CEO Jamie Dimon published his annual letter to shareholders. It's a good read on how he is thinking about a number of important topics like artificial intelligence, management lessons, U.S. policy, and inflation. Dimon said the bank is prepared "for a very broad range of interest rates" that could be anywhere from 2% to 8% or more in the years ahead. "Jamie Dimon did not per se say rates are going to 8%," Cramer explained. "He gave a 2% to 8 % range. Remember, Jamie told me short rates would go to 6% and they never got there." Key level to watch: "Apple is at the level that Carolyn Boroden says will hold," Jim said. She uses the Fibonacci technique to find floors and we're at the big one. Jim went Off the Charts with Boroden, the ElliottWaveTrader analyst, last Thursday. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.)
Mocking the Abrdn name is ‘corporate bullying’, says chief investment officer 2024-04-08 18:58:00+00:00 - It is a global company with more than two centuries of managing money but for Abrdn jokes in the media about the lack of vowels in its name is no laughing matter. After changing its name three years ago, an executive at the fund manager formerly known as Standard Life Aberdeen has accused the media of “corporate bullying” that would not be acceptable if the business was a person. Chief investment officer Peter Branner pointed a finger at the press, which he said continued to make “childish jokes” about the name change. “I understand that corporate bullying to some extent is part of the game with the press, even though it’s a little childish to keep hammering the missing vowels in our name,” he said in an interview with the trade magazine Financial News. “Would you do that with an individual? How would you look at a person who makes fun of your name day-in day-out? It’s probably not ethical to do it. But apparently with companies it is different,” he added. Unlike individuals who rarely choose their own names, Abrdn paid an undisclosed sum to branding agency Wolff Olins before settling on its new identity in one of the most divisive corporate rebrands in recent memory. The company, formed by the £3.8bn merger of Standard Life and Aberdeen Asset Management in 2017, was pushed to rebrand after selling its UK and European life insurance business, as well as its Standard Life brand name, to Phoenix Group. The change prompted immediate criticism of the asset manager’s “ill-thought-out” decision to drop its vowels, which is a strategy more typically employed by TikTok stars and YouTubers such as the Strictly Come Dancing star Hrvy. Sources said the company rejected using “Aberdeen”, because it would not have been able to control the intellectual property rights for the name of an existing city. Instead, it settled on Abrdn in the spring of 2021, prompting scorn from City analysts, linguists and the press, who joked the company was experiencing “irritable vowel syndrome”, and was trying to be “too cool for schl”, and that the decision was “rlly stpd”. Chief executive Stephen Bird – who has been jokingly referred to as Stphn Brd – has since defended the change, and claimed clients had “fully embraced it”. An Abrdn spokesperson said: ‘‘As Peter made clear in his interview, we appreciate it is for the media to make their own assessments about the companies they wish to write about.”
The Guardian view on Europe’s troubled green deal: make the case, not concessions | Editorial 2024-04-08 18:46:00+00:00 - Last month, a survey of public opinion in Germany, France and Poland found that a majority in each country would support more ambitious policies to tackle the climate emergency. The same study also found unexpectedly widespread support for pan-European action linking green goals to other priorities such as economic security. Who knew, at a time when warnings of a popular “green backlash” are rife? Unfortunately, Europe’s politicians are now on a very different page. Rattled by farmers’ protests – which radical-right parties have swiftly co-opted as a new front in their culture wars – Brussels and national governments have been busily sounding a disorderly, panicked retreat on environmental targets. Since the turn of the year, the U-turns and capitulations have come thick and fast. In February, the European Commission’s president, Ursula von der Leyen, announced the binning of proposals to halve the use of pesticides in agriculture by 2030. Changes to the common agricultural policy, designed to encourage more sustainable farming practices, have also been scrapped. A reference to reducing non-CO 2 emissions in agriculture by 30% was quietly dropped from the 2040 climate roadmap. Most emblematically and most depressingly, the EU’s nature restoration law is now on life support after two years of tortured negotiations and despite a series of compromises. In March, a withdrawal of support from some member states led to what should have been a rubber-stamp vote being pulled at the 11th hour. This dismal sequence is steadily undermining the status of Europe’s fragile green deal. Abandoning the nature restoration law – which aims to restore 30% of degraded habitats by 2030 – would be terrible news for Europe’s forests, rivers and wetlands. Parking it would also send a disastrous message to the rest of the world, given commitments made little over a year ago at the global biodiversity summit in Montreal. In the medium term, the envisaged restoration targets would enhance long-term food security and the sustainability of agricultural land, as well as contributing to the reduction of carbon emissions and safeguarding biodiversity. For small farmers and rural workers, this direction of travel is crucial to their future survival. Dispiritingly, such arguments are no longer being prosecuted with sufficient conviction in Brussels and national capitals. Instead, in the context of genuine economic challenges in the wake of Covid and the war in Ukraine, the agribusiness lobby is being allowed to set the parameters and terms of debate. Ahead of European elections in June, at which climate-sceptic radical-right parties are expected to make significant gains, mainstream leaders are sidelining green ambitions in the name of political expediency. Last week, the Polish prime minister, Donald Tusk – a former president of the European Council who has previously backed the nature restoration law – insisted that Poland would go its own way “without European coercion”. Five years ago, Ms von der Leyen described plans to achieve net zero by 2050 as “Europe’s ‘man on the moon’ moment”, adding that the green deal “is our new growth strategy – it is a strategy for growth that gives more back than it takes away”. Given the right levels of investment, and guarantees of support to those on the frontline of transition, the majority of Europeans remain willing to sign up to the journey. But in the face of political headwinds, leaders need to stop conceding ground and start making the case.
Watch: President Biden announces new student loan forgiveness plan 2024-04-08 18:40:00+00:00 - [This stream is set to start at 2:15 p.m. ET.] President Joe Biden will announce on Monday the details of his new student loan forgiveness plan, which could affect tens of millions of Americans. Immediately after the Supreme Court rejected Biden's first attempt at wide-scale education debt cancellation, the president said he would seek to forgive the loans another way. Despite its smaller scope than Biden's first education debt relief plan, this new aid package could still lead to at least partial forgiveness for 25 million Americans, the Biden administration said. More from Personal Finance: Why gas is so expensive in California Credit card users face 'consequences' from falling behind After Biden praises progress on inflation, economists weigh in The plan, if enacted as proposed, would cancel up to $20,000 in unpaid interest for millions of borrowers. In addition, the program is expected to forgive the debt of certain groups of borrowers, including those who: Are already eligible for debt cancellation under an existing government program but have not yet applied Have been in repayment for 20 years or longer on their undergraduate loans, or more than 25 years on their graduate loans Attended schools of questionable value Are experiencing financial hardship The U.S. Department of Education could begin forgiving the debt as soon as this fall.
Solar eclipse 2024: Photos from the path of totality and elsewhere in the U.S. 2024-04-08 18:24:00+00:00 - Millions gathered across North America on Monday to bask in the glory of the Great American Eclipse — the moment when the moon passes between the Earth and the sun. The path of totality measures more than 100 miles wide and will first be visible on Mexico’s Pacific coast before moving northeast through Texas, Oklahoma, Arkansas, Missouri, Illinois and upward toward New York, New Hampshire and Maine, then on to Canada. Total solar eclipse 2024 highlights: Live coverage, videos and more During the cosmic spectacle, the moon’s movements will temporarily block the sun’s light, creating minutes of darkness, and will make the sun's outer atmosphere, or the corona, visible as a glowing halo. Here are moments of the celestial activities across the country:
Winner in Portland: What AP knows about the $1.3 billion Powerball jackpot so far 2024-04-08 18:17:15+00:00 - A lucky ticket-buyer in Oregon has won a $1.3 billion Powerball jackpot, which was the eighth-largest lottery prize in U.S. history. Should the winner who matched all six numbers forgo the rarely claimed option of a payout over 30 years, the lump-sum before taxes would be $621 million. Federal and state taxes would cut into the haul significantly, but what’s left over will be more than enough to brighten anyone’s day. Here’s what we know about the win so far: WHO WON? The winner hasn’t been announced or come forward yet. Although the lucky buyer may have purchased the winning ticket while passing through, it was sold in a northeastern Portland ZIP code that’s dotted with modest homes, the city’s main airport and a golf course. Lottery winners frequently choose to remain anonymous if allowed, which can help them avoid requests for cash from friends, strangers and creditors. Oregon has no such law, but it gives winners up to a year to come forward. The state has had five previous Powerball jackpot winners over the years, including two families who shared a $340 million prize in 2005. Laws for lottery winner anonymity vary widely from state to state. In California, the lottery last month revealed the name of one of the winners of the second-biggest Powerball jackpot — a $1.8 billion prize that was drawn last fall. LONG TIME COMING The odds of winning a Powerball drawing are 1 in 292 million, and no one had won one since Jan. 1. The 41 consecutive drawings without a winner until Sunday tied the game’s two longest droughts ever, which happened in 2021 and 2022, according to the lottery. The drawing was supposed to happen Saturday, but it didn’t happen until early Sunday morning due to technical issues. Powerball needed more time for one jurisdiction to complete a pre-drawing computer verification of every ticket sold. The odds of winning are so small that a person is much more likely to get struck by lightning at some point than to win a Powerball or Mega Millions jackpot even if you played every drawing of both over 80 years. Yet with so many people putting down money for a chance at life-changing wealth, somebody just did it again. HOW BIG IS THE JACKPOT? It’s the eighth-largest lottery jackpot in U.S. history and the fourth-largest Powerball win — the other four were Mega Millions prizes. The largest jackpot win was a $2 billion Powerball prize sold to a man who bought the ticket in California in 2022. Every state except Alabama, Alaska, Hawaii, Nevada and Utah, plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands takes part in the two lotteries, which are run by the Multi-State Lottery Association. So how much is $1.3 billion? If the winner got to take home the entire jackpot in a single payout and didn’t have to pay taxes, it would still be nowhere near the $227 billion net worth of the world’s richest person, Elon Musk. But it would still put the winner in the very exclusive club of the fewer than 800 billionaires in the U.S. It would also be bigger than the gross domestic product of the Caribbean nations of Dominica, Grenada, and St. Kitts and Nevis. And it would be enough to buy certain professional hockey teams and would be more than Taylor Swift grossed on her recent record-breaking tour. BUT TAXES, MAN They’re as inevitable as winning the Powerball jackpot is not. Even after taxes — 24% federal and 8% Oregon — the winner’s lump-sum payment would top $400 million, or the minimum cost to rebuild the recently destroyed Francis Scott Key Bridge in Baltimore. For somebody, it’s a bridge to a new life.
Here's where U.S. homeowners pay the most — and least — in property taxes 2024-04-08 17:54:00+00:00 - What to consider before refinancing your mortgage Rising U.S. real estate prices and higher mortgage rates aren't the only challenges to owning a home these days. Between 2022 and 2023, property taxes shot up as much as 31% in some parts of the country, recent data shows. Homeowners saw their property taxes increase an average of 4.1% over that period, according to an analysis of more than 89 million single-family homes, by ATTOM Data Solutions, a provider property data. That translates to a typical tax bill last year of $4,062, up from $3,901 in 2022. ATTOM CEO Rob Barber attributed the tax increases partly to inflation, which pushed up costs for running local governments and schools, including wages for public employees. Across the U.S., property taxes rose higher than the national average in 118 larger cities, according to ATTOM's figures. The highest annual year-over-year jumps were in Charlotte, North Carolina, at 31.5%; Indianapolis (19%); Kansas City (17%); Denver (16%); and Atlanta (15%). ATTOM also found that residents of 21 counties with at least 10,000 single-family homes pay more than $10,000 a year in property taxes. Topping that list are: Essex County, New Jersey ($13,145) Bergen County, New Jersey ($13,112) Nassau County, New York ( $13,059) San Mateo County, New York ($13,001) Santa Clara County, New York ($12,462) All told, local governments collected more than $363 billion in property taxes. To be sure, annual property taxes can vary by tens of thousands of dollars depending on where you live. That's because such taxes are based on the local government services and schools available in a given community. Property values, which are determined by a local assessor, also affect the tab. But even a 1% bump in property taxes can add hundreds of dollars to a homeowner's monthly payment. Here are the top five states where the typical homeowner paid the most in real estate taxes in 2022, according to ATTOM: New Jersey ($9,488) Connecticut ($8,022) New York ($7,936) Massachusetts ($7,414) New Hampshire ($7,172) Americans paid the lowest average property taxes on average in these five states: West Virginia ($989) Alabama ($1,104) Arkansas ($1,296) Mississippi ($1,367) Louisiana ($1,418)
Ex-Tesco man Jason Tarry looks to be just what John Lewis Partnership needs | Nils Pratley 2024-04-08 17:46:00+00:00 - Chalk it up as a mini coup for the John Lewis Partnership. The next chair had to be a nuts-and-bolts operator with recent frontline retail experience, almost everybody agreed, and the employee-owned group has landed someone who fits the bill. Jason Tarry spent 33 years at Tesco, the UK’s biggest retailer by a distance, and is regarded as having put in a successful six-year shift as head of its UK and Irish operations until he quit last autumn. He was there for the fightback after the 2014 accounting scandal, and was in charge during the wild Covid times for supermarkets. Tarry, say those who know him, is the cuddlier type of ex-Tesco executive (they can exist), which may help in negotiating the partnership’s internal politics and democracy. But, on the safe assumption that you don’t survive as boss of the most important bit of the Tesco empire unless you keep the place brutally competitive, John Lewis couldn’t have done much better on the hiring front. A competitive edge is what the partnership needs after three years of losses and only a small profit last year. The game for the next few years is about the grind of supply chain efficiencies and investment in IT, analytics and customer service. View image in fullscreen Dame Sharon White. Photograph: Andrew Matthews/PA Tarry, like the incumbent, Dame Sharon White, will be a full-time chair, so there’s an obvious question of where Nish Kankiwala, the chief executive, fits. Giving him the job title a year ago, the first time it has been used at the partnership, made sense if White was to be followed by a non-executive chairman, but that’s not what’s happening. Will Kankiwala now become more of a chief operating officer? “I’m looking forward to working with the board, Nish and the executive team,” said Tarry blandly in his pre-written statement. One assumes the two men have some sort of understanding on their different roles, but that doesn’t guarantee it will work in practice. Marks & Spencer’s experiment in having a chief executive and co-chief executive didn’t last long. The more interesting detail in the statement was Tarry’s description of the partnership’s strategy as “clear”. And, yes, it’s definitely clearer since a month ago when White ditched the target of generating 40% of profits from non-retailing activities by 2030. The next question, though, is whether John Lewis, at whatever pace, still wants to build and own a portfolio of 10,000 buy-to-rent flats? Tesco’s recent experience, note, has been about concentrating on its core business and keeping extracurricular adventures to a minimum. That may be part of the reason why it is successful. At least the build-to-rent distraction isn’t pressing. The priority is ensuring retail discipline in the stores and online, which, to be fair to White and Kankiwala, improved in the past year. History may also be kinder to White than the current reviews: she inherited an overexpanded business with little spare cash five years ago and is handing over an operation that can afford to boost investment to £542m this year, a 70% uplift from last year’s pauper’s ration. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion But, when your most recent annual profits were £56m, and your definition of a “sustainable” return is £400m, it makes complete sense to hire a lifer from the top retailing academy. Provided he survives the culture shock, Tarry looks an intriguing hire.
Disney allowed to pause its federal lawsuit against Florida governor as part of settlement deal 2024-04-08 17:31:26+00:00 - ORLANDO, Fla. (AP) — An appellate court on Monday granted Disney’s request for a two-month pause in a federal lawsuit against Florida Gov. Ron DeSantis and his appointees to Walt Disney World’s governing district after the two sides reached a settlement on separate litigation in state court. Disney’s request last Friday to the federal appellate court was motivated by last month’s settlement deal involving two Florida lawsuits between Disney and the DeSantis-appointed Central Florida Tourism Oversight District. After DeSantis took over the theme park’s governing board, the company and the district began fighting in state court over how Disney World will be developed in the future. As part of the settlement, Disney agreed to pause the separate federal lawsuit, which is being appealed, pending negotiations on a new development agreement with the DeSantis appointees. The district provides municipal services such as firefighting, planning and mosquito control, among other things, and was controlled by Disney supporters for most of its five decades until the DeSantis appointees took it over last year. Disney had a deadline of next week to file an opening brief in its appeal to the federal Eleventh Circuit Court of Appeals, but that deadline is now set for mid-June. The settlement deal halted almost two years of litigation that was sparked by DeSantis’ takeover of the district from Disney supporters following the company’s opposition to Florida’s so-called Don’t Say Gay law. The 2022 law banned classroom lessons on sexual orientation and gender identity in early grades and was championed by the Republican governor, who used Disney as a punching bag in speeches while running for president earlier this year. He has since dropped out of the race. As punishment for Disney’s opposition to the controversial law, DeSantis took over the governing district through legislation passed by the Republican-controlled Florida Legislature and appointed a new board of supervisors. Disney sued DeSantis and his appointees, claiming the company’s free speech rights were violated for speaking out against the legislation. A federal judge dismissed that lawsuit in January, but Disney appealed. Before it was filled with DeSantis appointees early last year, the board — then composed of Disney supporters — agreed to give Disney control of Disney World’s design and construction. The new DeSantis appointees claimed the “eleventh-hour deals” neutered their powers and the district sued the company in state court in Orlando to have the contracts voided. Disney filed counterclaims and asked the state court to declare the agreements valid and enforceable. Under the settlement, the development agreement and covenants giving Disney design and construction control would be considered null and void, and the new board agreed to operate under a master plan that had been in effect before DeSantis took over the district. ___ Follow Mike Schneider on X, formerly known as Twitter: @MikeSchneiderAP.
Global economic risks ‘could eclipse anything since second world war’, says JP Morgan boss 2024-04-08 17:19:00+00:00 - The boss of the US bank JP Morgan has warned that the world could be facing the most dangerous moment since the second world war, putting lives and economic growth at risk. In his annual letter to investors, Jamie Dimon said the world had been “generally on a path to becoming stronger and safer” in recent years but had suffered a major reversal in February 2022 when Russia invaded Ukraine. “When terrible events happen, we tend to overestimate the effect they will have on the global economy,” Dimon said. “Recent events, however, may very well be creating risks that could eclipse anything since world war II – we should not take them lightly.” The Wall Street banking boss did not mention Israel’s assault on Gaza in recent months, but said the “abhorrent attack on Israel and ongoing violence in the Middle East” had also “punctured many assumptions about the direction of future safety and security, bringing us to this pivotal time in history”. In a wide-ranging letter to investors covering everything from politics and artificial intelligence to interest rates, Dimon warned that the breakdown in international relations “may end up having virtually no effect on the world’s economy or it could potentially be its determinative factor”. He added: “The ongoing wars in Ukraine and the Middle East could become far worse and spread in unpredictable ways. Most important, the spectre of nuclear weapons – probably still the greatest threat to mankind – hovers as the ultimate decider, which should strike deep fear in all our hearts. “The best protection starts with an unyielding resolve to do whatever we need to do to maintain the strongest military on the planet – a commitment that is well within our economic capability.” It follows similar warnings from the International Monetary Fund, which in December said the global economy was on the brink of a second cold war that could “annihilate” progress made since the collapse of the Soviet Union. Gita Gopinath, the IMF’s first deputy managing director, said at the time that the world was at a “turning point” as tensions mounted between the most powerful nations, and that the accelerating fragmentation of the world economy into regional power blocs – centred around the US and China – risked wiping out trillions of dollars in global output. “If we descend into cold war two, knowing the costs, we may not see mutually assured economic destruction. But we could see an annihilation of the gains from open trade,” she said. Dimon warned that a surge in government spending – linked not only to higher military expenditure but also climate transition plans, healthcare costs and shifting global supply chains – could lead to “stickier inflation and higher rates than markets expect”. JP Morgan, he said, already had contingency plans in place for US interest rates – which are now in a range of 5.25% to 5.5% – to rise higher than 8%, or fall as low as 2%. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion “We have ongoing concerns about persistent inflationary pressures and consider a wide range of outcomes to manage interest rate exposure and other business risks,” he added. The IMF on Monday warned the world’s most powerful central banks against keeping interest rates high for too long. The Washington-based fund said the Bank of England should be wary of keeping current high borrowing costs because of a higher proportion of UK homeowners on a fixed-rate mortgage than in some countries, which had weakened the impact of ratcheting up interest rates. It comes after the Organisation for Economic Co-operation and Development, a member body including 38 of the world’s leading democratic economies, said food prices across the world’s richest nations rose in February at the slowest rate since before the Russian invasion of Ukraine. It could help fuel several interest rate cuts this year, although analysts have become more cautious in recent weeks about the extent of any reductions.
RFK Jr.’s weird Jan. 6 rhetoric comes with election implications 2024-04-08 17:09:19+00:00 - Independent presidential candidate Robert F. Kennedy Jr. has earned a reputation for peddling bizarre ideas, so it didn’t come as too big of a surprise when the conspiracy theorist sent out a fundraising appeal last week referring to Jan. 6 criminal defendants as “activists” who have been “stripped of their Constitutional liberties.” Soon after, Kennedy’s campaign distanced itself from its own message, claiming that the language was an “error.” Generous observers might’ve been willing to give the candidate and his team the benefit of the doubt. After all, it’s not as if Kennedy is overseeing a credible and professional political operation. Maybe, the argument went, there was a breakdown between the candidate, his team, and his fundraising vendor. Alas, it wasn’t quite that simple. Kennedy is on record telling The Washington Post, for example, he would consider pardoning Jan. 6 defendants — and he echoed the point on Fox News. The independent candidate has also repeatedly dismissed the severity of the attack on the Capitol. It was against this backdrop that Kennedy decided to elaborate on his perspective in a written statement late last week. NBC News reported: Independent presidential candidate Robert F. Kennedy Jr. said Friday that he would appoint a special counsel to investigate the “harsh treatment” of Jan. 6 defendants if elected president. ... Kennedy expanded on his views, saying he doubted that the incident qualifies as an “insurrection.” Not surprisingly, Kennedy’s statement contained several assertions that were plainly false, including the claim that Jan. 6 rioters “carried no weapons.” (Reality, whether the candidate knows this or not, proves otherwise.) As my MSNBC colleague Clarissa-Jan Lim added, Kennedy also took the opportunity to peddle absurd claims about the “weaponization” of the federal government, which are impossible to take seriously. I mention all of this in part because Kennedy’s strange worldview continues to clash with reality, but also because his Jan. 6 rhetoric served as a timely reminder about the implications of his independent 2024 candidacy. To oversimplify matters a bit, Team Biden has reason to worry about Kennedy taking Democratic votes because of his name. But Team Trump has reason to worry about Kennedy taking Republican votes because many of his more ridiculous beliefs dovetail nicely with GOP radicalism. Put it this way: A third-party presidential candidate is pushing Jan. 6 nonsense, embraces dangerous anti-vaccine ideas, downplays the role of guns in mass shootings, believes the Justice Department has been "weaponized" against Donald Trump and his allies, and echoes the Kremlin on Russia’s invasion of Ukraine. Does this sound like a White House hopeful who’ll appeal more to Democratic voters or Republican voters?
Taiwan Semi, Spirit Airlines rise; Paramount Global, Occidental Petroleum fall, Monday, 4/8/2024 2024-04-08 16:37:33+00:00 - NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Monday: Taiwan Semiconductor Manufacturing Co., up $1.43 to $142.79. The White House pledged to provide up to $6.6 billion for the chipmaker to expand facilities in Arizona. Apartment Income REIT Corp., up $7.03 to $38.38. The real estate investment trust agreed to be acquired by Blackstone for $39.12 a share in cash. Paramount Global, down 91 cents to $11.06. Controlling shareholder Shari Redstone could net $2 billion in cash in a buyout deal reportedly being discussed for the owner of CBS. JPMorgan Chase & Co., up $1.03 to $198.48. CEO Jamie Dimon’s annual shareholder letter said he continues to expect the U.S. economy to grow this year. Model N Inc., up $2.73 to $29.82. The Silicon Valley software company agreed to be acquired for $30 a share in cash by Vista Equity Partners. Perion Network Ltd., down $8.61 to $12.50. The digital advertising company cut its full-year sales and profit forecasts, citing a drop in search ads on Microsoft’s Bing search engine. Spirit Airlines, Inc., up 29 cents to $4.72. The discount airline is deferring deliveries of aircraft from Airbus and plans to furlough 260 pilots effective Sept. 1. Occidental Petroleum Corp., down 52 cents to $68.73. Energy companies fell along with crude oil prices.
Everton could face further punishment after being hit with two-point deduction 2024-04-08 16:36:00+00:00 - Everton face another hearing into their second breach of Premier League profitability and sustainability rules, raising the possibility of a third points deduction, despite being docked two points for a £16.6m overspend up to 2023. The financially troubled club were hit with their second points deduction of the season on Monday to leave Sean Dyche’s team 16th, two points above the relegation zone. However, owing to a dispute between Everton and the Premier League over stadium interest payments, the case is unresolved and expected to drag into next season. That raises more questions over the integrity of this season’s relegation battle and the prospect that Everton could face legal action from a demoted club if they survive and then have a decisive point deducted next season. Quick Guide How do I sign up for sport breaking news alerts? Show Download the Guardian app from the iOS App Store on iPhone or the Google Play store on Android by searching for 'The Guardian'. If you already have the Guardian app, make sure you’re on the most recent version. In the Guardian app, tap the Menu button at the bottom right, then go to Settings (the gear icon), then Notifications. Turn on sport notifications. Was this helpful? Thank you for your feedback. The Premier League claims Everton exceeded the permitted threshold of £105m of losses across a three-year period by just over £23m up to June 2023. Everton, however, insist £6.5m relates to interest payments directly attributable to their new stadium at Bramley Moore dock and is therefore outside the scope of PSR. The Premier League also alleges that Everton were entitled to capitalise only £2.06m of £19.02m in interest payments in its accounts for 2022/23 and has therefore exceeded the threshold by a further £16.96m. The independent commission that heard the case was able to rule only on Everton’s admitted breach of £16.6m and will consider the stadium dispute at a later date. The written reasons for the commission’s decision state: “It therefore remains to be determined whether Everton has exceeded the upper loss threshold by any further amount regarding the interest capitalised in FY21 [financial year 2021], FY22 and FY23. We accept that this defers the resolution of part of this dispute. The commission is acutely aware that there are many stakeholders – to name some: the PL, Everton, the Everton fans, all other Premier League clubs, the public – interested in the speedy determination of these disciplinary proceedings. “Nevertheless, in fairness to the parties in these proceedings, the commission decided that the issues which remain cannot be dealt with in accordance with the timetable set out in the standard directions.” Those directions, introduced last summer, dictate that cases should be dealt with before a season ends. Everton would have been docked five points for their latest breach, plunging them into the relegation zone with seven matches remaining, but two points were taken off that starting point owing to the club being punished twice for overlapping years. Everton have already been docked six points for the four-year period up to 2022 – when two year’s figures were taken on aggregate due to the Covid pandemic – and their second breach covered the three financial years from 2020-2023. View image in fullscreen Alisher Usmanov (right) with the Russian president, Vladimir Putin, in 2018. Everton lost a £20m sponsorship deal after sanctions were imposed on the businessman. Photograph: Sputnik/Reuters An extra point was taken off the punishment for Everton’s early guilty plea and the loss of a £20m sponsorship deal on the club’s Finch Farm training ground with USM, a company owned by the oligarch Alisher Usmanov, who was subjected to sanctions after Russia’s invasion of Ukraine. The Premier League did not accept the principle of double jeopardy, argued the collapse of the USM deal was not a mitigating factor and insisted Everton had not been cooperative over the charge. The commission, though, found in the club’s favour on all three points. “In our view,” wrote the commission on the issue of cooperation, “many if not most of the criticisms levelled against the club in this respect by the PL are unwarranted, overstated, or both.” Everton failed to convince the three-man panel that a benchmark of five points was disproportionate compared with the four-point deduction Nottingham Forest received for a £34.5m breach. Everton intend to appeal against the two-point deduction and that must be heard before the end of the season. The club believes the £105m threshold is outdated and has not kept up with inflation in wages and transfer fees over the past 10 years. The Premier League plans to change the rules in August. skip past newsletter promotion Sign up to Football Daily Free daily newsletter Kick off your evenings with the Guardian's take on the world of football Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Everton said in a statement: “While the club’s position has been that no further sanction was appropriate, the club is pleased to see that the commission has given credit to the majority of the issues raised by the club, including the concept of double punishment, the significant mitigating circumstances facing the club due to the war in Ukraine, and the high level of cooperation and early admission of the club’s breach. “Everton remains committed to working collaboratively with the league on all matters relating to PSR but is extremely concerned by the inconsistency of different commissions in respect of points deductions applied.” The Premier League said: “The independent commission reaffirmed the principle that any breach of the PSRs is significant and justifies, indeed requires, a sporting sanction.” View image in fullscreen Everton fans before Saturday’s home win against Burnley. Two of the three points picked up in victory have now been deducted. Photograph: Tony McArdle/Everton FC/Getty Images Everton will be at increased risk of administration should they suffer relegation. The latest set of accounts for the year ending 30 June 2023 revealed a loss of £89.1m and contained another warning over the club’s ability to continue as a going concern. The accounts also disclosed that Everton, subject of a proposed takeover by the controversial US investment firm 777 Partners, have not secured the complete financing needed to finish the construction of their new stadium.
Let’s move to Disney town! Will life in its 2,000 themed homes be a dream or a nightmare? 2024-04-08 16:28:00+00:00 - It seems fitting that, in a Californian desert city named Rancho Mirage, there should be an improbable fantasy world rising from the parched, sandy ground. At the starry intersection of Frank Sinatra Drive and Bob Hope Drive – named after two Hollywood celebrities who used to frequent the area’s exclusive country clubs – a hoarding trumpets the arrival of Cotino, a “Storyliving by Disney community”. In this square mile of desert near Palm Springs there will soon stand a gleaming new world of 2,000 homes arranged around a sparkling turquoise lake, where every aspect of life will be curated by the entertainment corporation. Cotino offers superfans a place to live out their wildest dreams; a chance to live in a Disney movie “where the story is all about you”. It will feature a clubhouse inspired by the futuristic mansion from Incredibles 2, where neighbours can bond over Disney-themed art lessons, enjoy dinners inspired by Disney stories and join family days with Disney-related activities. The lake will be kept an unnatural shade of Avatar blue all year round – thanks to patented Crystal Lagoons technology The themed homes, which will start north of $1m (£792,000), promise to be “infused with the company’s special brand of magic”, while a forthcoming town centre, featuring a street market where local artists will sell Disney-themed arts and crafts, will be “abundant with opportunities for laughter”. The 24-acre lake – a bold proposition for an area that suffers from extreme drought – will be kept an unnatural shade of Avatar blue all year round, courtesy of patented Crystal Lagoons technology. Cotino seems to be as close as you can get to living in Disneyland itself, with every detail honed by Disney imagineers, every service provided by Disney “cast members” (ie staff). Launched in 2022, with another 4,000-home development in North Carolina on the way, Storyliving by Disney represents the latest chapter in the expansion of the world’s largest entertainment company beyond the screen. It is a century-long tale which is being brought to life in an eye-opening new exhibition at the Arc en Rêve centre for architecture in Bordeaux, France, charting how Disney went from making flickering animations of a talking mouse to sprinkling its themed fairy dust over every aspect of our lives. The company’s $180bn portfolio now includes film production, cable and streaming channels, theme parks, cruise ship holidays, golf courses, theatre productions, safari expeditions, music publishing, an airline, and even its own island in the Bahamas where you can snorkel around a fake shipwreck. View image in fullscreen ‘Wizard of happiness’ … Walt Disney planning Disneyland in 1954. Photograph: Earl Theisen Collection/Getty Images With revenue from cinema and streaming falling in recent years, income from Disney’s “experience” division is soaring, and property development is the next logical step. Disney tried it before in Florida, first with utopian plans for Epcot (the Experimental Prototype Community of Tomorrow), followed by the quaint town of Celebration, but Storyliving takes the branded living experience to the next level. It has been calibrated to capitalise on loyal fans’ emotional attachment to the House of Mouse when they make the most expensive purchase of their lives, while creating a captive audience to ply with branded services forevermore. As Amy Young, creative director for Cotino, says in a promotional video: “You don’t see many new home communities that people have a real emotional connection to, and we thought, ‘We’ve got a real emotional connection to our guests.’” It’s evidently enough of an emotional bond to make residents cough up $20,000 to join Cotino’s neighbourhood club, and $10,000 a year thereafter for the rest of their happily themed lives. The exhibition at Arc en Rêve, titled The Architecture of Staged Realities, paints a portrait of Walt Disney as a natural-born developer, a cartoonist who understood not only how to lure people into his magical worlds but how to keep them coming back. It is a story of human psychology as much as architecture and design, with Walt self-styled as the avuncular wizard of happiness. As the exhibition’s curator, Saskia van Stein, puts it: “His main medium was the American psyche.” And boy, did he know how to exploit it. Disneyland occupies a central place in the story, as the first physical manifestation of Walt’s cartoon universe. Just as the modern Disney company is built on cross-promotion – with films nudging consumers towards themed rides and merchandise, and vice versa – so too did Walt realise the importance of television to the success of his planned theme park. In the 1950s, he struck a deal with ABC television network to invest in his acquisition of 244 acres of land around Anaheim, California. In return for its investment, Disney himself would front a weekly TV show for the network, in which he would tell stories about technological progress and alternative realities – and most importantly, update viewers on the process of building Disneyland. View image in fullscreen ‘The story is all about you’ … the site of the new community planned for California. Photograph: Oliver Wainwright “It will be a place of hopes and dreams, facts and fancy all in one,” he declared in the opening episode as he pored over maps and models, introducing viewers to the nostalgic wild west realm of Frontierland; the futuristic utopia of Tomorrowland; and the rose-tinted Fantasyland, home to “anything your heart desires”. More than half of all TV owners in the US tuned in, exposing a rapt audience of more than 28 million people to Disney. It was a stroke of marketing genius: by the time visitors arrived in Disneyland, they were already familiar with it, having seen the plans evolve on their screens, providing the kind of intoxicating frisson of meeting a celebrity in the flesh. The exhibition shows how brand partnerships were a key weapon in Disney’s promotional arsenal, beginning with the Monsanto House of the Future, one of the chief attractions of Tomorrowland in the 1950s and 60s. A cluster of cantilevered capsules made of reinforced plastic, this was a sci-fi hymn to the possibilities of plastic, featuring a dishwasher, a microwave, a two-way camera for video calls, plastic crockery and an electric toothbrush – all long before their widespread adoption in suburban homes. View image in fullscreen A sci-fi hymn to the possibilities of plastic … Monsanto House of the Future, 1957. Photograph: Ralph Crane/The Life Picture Collection/Shutterstock Bringing movie stagecraft into the built environment, Van Stein reveals how visual tricks are deployed in Disney’s parks, such as the use of “Go Away Green”, a patented shade of drab olive deployed to make things disappear. It is used to colour everything from lamp-posts to fences and loudspeakers – as well as the concrete foundation of the now-demolished Monsanto House. Meanwhile “Blending Blue” is used to disguise unsightly taller structures. Scale is also a chief part of the illusion, with buildings’ floors built incrementally shorter as they rise – at 5/8 scale above the ground floor, then 1/2 scale above that – making the worlds feel cute and “pony size”, as Walt put it. He also took cunning poetic licence with features such as the US flags found throughout the parks – each lacks a star or a stripe, allowing them to dodge the usual regulations that apply to the daily raising and lowering of the Stars and Stripes. Another innovation – which went on to influence today’s smart cities – were the utilidors, a sprawling network of underground service corridors connecting the different themed lands in Florida’s Disney World. They were introduced after Walt was bothered by the sight of a cowboy walking through Tomorrowland on his way to his post in Frontierland in the California park, which Walt felt destroyed the illusion. The tunnels housed automated vacuum waste disposal, hidden deliveries, costuming spaces for cast members, kitchens and emergency services, forming a ”below-stage” warren for the theatrics above. As the New York Times architecture critic cooed after a visit in the 1970s, Florida’s Disney World boasted “an array of technical innovations that would make any city manager drool,” making it “perhaps the most important city planning laboratory in the United States”. As it is being staged in France, the exhibition has a section dedicated to Disneyland Paris and the surrounding suburban developments it spawned. After a long and hard-fought competition between various European countries in the 1980s to host this hallowed outpost of US culture, France was awarded the prize – and had to cough up more than four times the amount that Disney put in for the privilege. The project was described as a “cultural Chernobyl” in the French press at the time, with the park seen as destroying a vast swathe of prime agricultural land. The gift that Disney boss Michael Eisner presented to France’s future president Jacques Chirac, didn’t bode well either: an original painted animation celluloid of the Evil Queen offering Snow White a poisoned apple. The exhibition documents the ongoing development of Val d’Europe, a Disney-themed new town near the park, created after a deal in 1987 gave the company unprecedented control of urban planning codes across almost 5,000 acres of surrounding land. The result is a surreal series of Florida-style gated communities gussied up in French fancy dress, with clusters of inflated Hausmannian wedding cakes cropping up in the fields of Marne-la-Vallée. Poignant photographs by Eléa Godefroy, taken while walking around the periphery of the Disney domain, document how these unreal enclaves sit within the surrounding countryside. Each year, they nibble away a little more land, as the Happiest Place on Earth expands across the globe.
Evers vetoes a Republican bill that would have allowed teens to work without parental consent 2024-04-08 15:57:19+00:00 - MADISON, Wis. (AP) — Democratic Gov. Tony Evers on Monday vetoed a Republican bill that would have allowed 14- and 15-year-olds in Wisconsin to work without getting consent from their parents or a state permit. Evers vetoed the bill that passed the Legislature with all Republicans in support and Democrats against it. The proposal came amid a wider push by state lawmakers to roll back child labor laws and despite the efforts of federal investigators to crack down on a surge in child labor violations nationally. “Asking more kids to work is not a serious plan or solution to address our statewide workforce issues,” Evers said in his veto message. Evers said he vetoed the bill because he objected to eliminating a process that ensures children are protected from employers who may exploit them or subject them to dangerous conditions. Republicans don’t have the votes to override the veto. Republican supporters said the change would have eliminated red tape for employers and teenage job applicants and bolster the state’s workforce. But opponents, including organized labor, said that without a work permit system, there is no way for the state to help protect the health and safety of children who wish to work. The proposal would not have changed state law governing how many hours minors can work or prohibiting them from working dangerous jobs. Evers vetoed the bill at a meeting of the Wisconsin State Council of Machinists in Madison. Stephanie Bloomingdale, president of the Wisconsin AFL-CIO, praised the veto. “The important work permit process for 14- and 15-year-olds keeps parents’ rights intact and helps kids stay safe on the job,” she said in a statement. “The dangerous push to weaken child labor law in Wisconsin and across the country comes at a time when more children are harmed at work or work hazardous jobs.” In 2017, then-Gov. Scott Walker signed a bill passed by fellow Republicans in the Legislature that eliminated the work permit requirements for 16- and 17-year-olds. The bill Evers vetoed would have expanded the exemption to 14- and 15-year-olds. Evers also vetoed a bill last year that would have let 14- and 15-year-olds work later hours during the summer.
Will the Shockwave Medical Deal Be the Jolt JNJ Stock Needs? 2024-04-08 15:55:00+00:00 - Key Points Johnson & Johnson is acquiring Shockwave Medical for $13.1 billion. The deal will give JNJ access to Shockwave's first-to-market intravascular lithotripsy technology (ILT). The deal could be the jolt that JNJ stock needs to reverse its recent downtrend. 5 stocks we like better than Johnson & Johnson On April 5, 2024, Johnson & Johnson NYSE: JNJ announced its intent to acquire Shockwave Medical Inc. NASDAQ: SWAV for $13.1 billion. Under the terms of the proposed deal, JNJ will pay $335 per share, which is a 4.75% premium compared to Shockwave's closing price on April 4, 2024. As of mid-day trading on April 8, 2024, JNJ stock is flat, and SWAV stock is up approximately 1.8%. The deal, which the company says will be financed with cash and debt, enhances JNJ's position in the rapidly growing cardiovascular intervention market. The $13.1 billion acquisition is only about 3.5% of the company's market cap. That allows investors to focus on the upside, of which there appears to be plenty for investors to consider. Get Johnson & Johnson alerts: Sign Up One of the prizes for Shockwave Medical is its first-to-market intravascular lithotripsy technology. Lithotripsy technology is commonly used to break up kidney stones, which are formed by calcium buildup. Shockwave's approach is "a catheter-based treatment for calcified arterial lesions, which can reduce blood flow and cause pain or heart attacks." The deal will enhance Johson & Johnson's leadership position in the MedTech sector. Johnson & Johnson CEO Joaquin Duato remarked, "With our focus on Innovative Medicine and MedTech, Johnson & Johnson has a long history of tackling cardiovascular disease – the leading cause of death globally. The acquisition of Shockwave and its leading IVL technology provides a unique opportunity to accelerate our impact in cardiovascular intervention and drive greater value for patients, shareholders and health systems." Will This Deal Be the Jolt JNJ Stock Needs? If you look at the JNJ stock price over any length of time, you see a consistent move higher. The company is known for delivering long-term value for shareholders through over 60 consecutive years of dividend growth and returning over 60% of its free cash flow to shareholders in the last five years. However, in the last five years, the stock is up just 11.87%. That's over 10% lower than the S&P 500 average of 14.3% per year over the same period. And, since August 2023, the stock has been in a steady downtrend. JNJ stock is down 7.88% in the last 12 months and 2.93% through the first three months of 2024. Both numbers are far below the average of pharmaceutical stocks. During this time, Johnson & Johnson has been embroiled in several lawsuits. And in 2023, the pharmaceutical company spun off Kenvue Inc. NYSE: KVUE. Initially, JNJ stock got a boost from the spinoff but has since been trading in a range. However, The weak performance may say less about Johnson & Johnson and more about companies like Novo Nordisk A/S NYSE: NVO and Eli Lilly & Co. NYSE: LLY, drawing investor attention due to their GLP-1 weight loss treatments. Other companies are making strong inroads into the oncology market. As investors know, the pharmaceutical industry is a what-have-you-done-for-me-lately business. The acquisition of Shockwave, if approved by Shockwave shareholders, will give investors more value for their shares. Investors should wait for more information when Johnson & Johnson reports earnings on April 16, 2024. Before you consider Johnson & Johnson, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Johnson & Johnson wasn't on the list. While Johnson & Johnson currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Spirit Airlines Will Delay Plane Purchases and Furlough Pilots 2024-04-08 15:52:31+00:00 - Spirit Airlines said on Monday that it would delay delivery of new Airbus planes and furlough pilots to save money as it seeks to overcome several setbacks, including a blocked merger, engine problems and a lackluster recovery from the pandemic. The budget airline said in a statement that the new steps would save the company $340 million over the next two years. Spirit has made several changes aimed at cutting costs and improving its financial position since a federal judge in January blocked its plan to merge with JetBlue Airways. The judge ruled that the proposed deal would harm consumers. Spirit and JetBlue gave up an effort to appeal that decision last month. Spirit plans to delay most of the Airbus planes it had expected to receive in 2025 and 2026 by about five years. It also said it expected to furlough about 260 pilots starting on Sept. 1. Those changes will help Spirit, which has lost money in each of the last four years, return to profitability, the company’s chief executive, Ted Christie, said.