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Apollo Valued Paramount at $26 Billion in Overture That Was Ignored 2024-04-03 20:48:48+00:00 - As Paramount, the media company that’s the home of the “Top Gun” franchise and Nickelodeon, was preparing to enter exclusive talks to sell itself to the media company Skydance, another suitor emerged. Apollo Global Management, the investment firm, told Paramount over the weekend that it was interested in acquiring the entire company for more than $26 billion, including the value of Paramount’s debt, according to two people with knowledge of the matter. It had previously submitted an $11 billion offer to acquire just the Paramount movie studio. (Paramount also owns CBS as well as other cable networks.) Paramount decided not to engage with Apollo’s overture, the people said, with one person explaining that doing so could have derailed its advancing negotiations with Skydance, which became exclusive this week. Apollo’s bid would have been subject to due diligence, which would take time, one person said. Apollo said in a letter to Paramount that it was interested in buying out all the company’s shareholders in cash, which could be enticing as the board seeks to strike a deal that not only pleases Shari Redstone, who controls Paramount, but also the company’s common shareholders.

Mark Cuban defends diversity, equity and inclusion policies even as critics swarm 2024-04-03 20:45:00+00:00 - Urban League's Marc Morial on efforts to end DEI programs Urban League's Marc Morial on efforts to end DEI programs 04:26 As some of the nation's largest employers pull the plug on their diversity, equity and inclusion efforts, Mark Cuban is defending the policies this week, calling the practice "a positive" for business. The billionaire, a part-owner of the Dallas Mavericks and a judge on ABC's "Shark Tank," said in a post on X (formerly Twitter) that his experience as an entrepreneur and investor shows that companies that that embrace DEI tend to be more successful. "I own or invest in hundreds of companies," he wrote. "I know DEI is a positive because I see its impact on bottom lines. That's been reiterated by many CEOs." Cuban's remarks were in response to criticism he received earlier this week from Canadian psychologist Jordan Peterson and conservative activist Christopher Rufo, both vocal opponents of DEI. in their own X posts, Peterson and Rufo accused Cuban of being a rich liberal elite who is trying to appear sympathetic to people from historically marginalized communities. First of all my arguments are not abstract. I own or invest in hundreds of companies. I know DEI is a positive because I see it's impact on bottom lines. Thats been reiterated by many CEOs. My definitions of D,E and I are not theoretical. They are actually used. Are yours… https://t.co/nCJBcwQ6RQ — Mark Cuban (@mcuban) April 2, 2024 Statements from Cuban and his critics mark the latest chapter in an ongoing debate about the efficacy and fairness of policies aimed at making organizations more diverse and inclusive. Although many corporations, colleges and other organizations have followed DEI principles for decades in the U.S., the ideas gained momentum four years ago following a Minneapolis police officer's murder of George Floyd. Following his death, companies vowed to beef up their DEI efforts, with a goal of making their staffs more racially and culturally representative. More recently, however, companies have backtracked on those commitments, laying off their DEI officers and cutting back on related training. Companies such as Alphabet and Meta have each cut DEI-related positions, as well as planned development training for minority hires. University systems in Florida, Texas and Wisconsin are also seeing on-campus DEI efforts wind down. And in a survey of more than 100 global leaders of major organizations, U.K.-based consulting firm Arrival found that DEI initiatives have fallen from executives' lists of top priorities. DEI opponents, many of whom identify as conservative, argue that those efforts amount to reverse racism because they prioritize hiring and promoting people of color. Supporters of the framework say it is about helping promote equality and representation for people of different races, gender and abilities. "We can quibble about tactics and strategies, but we cannot retreat from the idea that a 21st century America — a strong nation — has to provide equal paths to opportunity for people," Urban League CEO Marc Morial told CBS New York in February. For companies, research on the business benefits of DEI are mixed. For example, a 2023 study by marketing firm TechTarget found that DEI can improve a company's brand image, make the organization more competitive and boost innovation. But other research have raised questions about whether prioritizing diversity and inclusion helps improve companies' financial performance.

Only 1,500 people compensated so far over prepayment meters, Ofgem says 2024-04-03 20:41:00+00:00 - Only 1,500 people have been compensated by energy companies for the forced installation of prepayment meters over the past year, figures show. The energy regulator, Ofgem, said that initial information from gas and electricity suppliers showed that 1,502 customers had received compensation totalling £342,450. Ofgem said suppliers were planning more payments of about £200,000 for 1,000 more customers, or £200 on average. It added that more than 150,000 involuntary prepayment meter installations had been assessed by suppliers to date. Last year, the energy watchdog announced a market compliance review (MCR) of customers who had had a prepayment meter installed without their permission between 1 January 2022 and 31 January 2023. The shadow energy secretary, Ed Miliband, said: “A year after the government promised full compensation for those facing the scandal of forced prepayment meter installations, which saw widespread self-disconnection and vulnerable people left without heating during the cold winter months, they have utterly failed to carry through on their promise. “It is appalling that so few people have been given compensation, that suppliers were allowed to mark their own homework and to decide what redress to offer. This is a government that allowed the prepayment meter scandal to occur under its noses and has now added insult to injury by failing consumers once again. “This is a government that simply cannot be trusted to stand up for the British people.” In February 2023, the then business and energy secretary, Grant Shapps, told energy bosses to report back to him on what remedial action they planned to take if they had wrongfully installed prepayment meters in the homes of vulnerable customers. British Gas is not included in the MCR, nor the figures disclosed by the regulator, because it is subject to a separate investigation after it emerged last year that agents working on its behalf had ignored customers’ vulnerabilities when installing meters. Ofgem said energy suppliers had also compensated customers in various ways, including by adding credit to customers’ accounts and writing off debt. The regulator, which will publish another update on the MCR by the end of June, said: “This review is continuing, and over 150,000 involuntary prepayment meter installations have been assessed by suppliers so far. Suppliers have used a range of ways to find affected customers, including looking at customer accounts with known vulnerabilities or where complaints have been made. 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 “Suppliers have also contacted all prepayment meter customers to ensure this method of payment remains appropriate. Compensation levels may vary based on consumer’s individual circumstances and the harm they experienced.” In January, EDF, Octopus and Scottish Power were given the green light by the energy watchdog to install prepayment meters under warrant. The three suppliers have to meet a series of requirements before forcibly installing the meters, including making 10 attempts to contact a customer and providing £30 of credit.

Here's what tenants need to know about Biden's plan to cap rent hikes for some affordable housing units 2024-04-03 20:40:00+00:00 - The Biden administration moved this week to limit how much rent can rise in certain affordable housing units across the country. While some housing experts criticized the move, tenant advocates said the new rule, which will cap rent increases at 10%, will help people to stay in their homes. "The rent is still too damn high, but this cap will provide stability to more than a million tenants," said Tara Raghuveer, the director of the National Tenant Union Federation. More from Personal Finance: Top colleges expand financial aid awards to eliminate student loans What you need to know about Social Security's new overpayment policies What car shoppers need to know However, Mortgage Bankers Association President and CEO Bob Broeksmit said capping rent increases would only worsen the housing-affordability crisis. "Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of the quality of rental housing — the exact opposite of what is currently needed in markets throughout the country," Broeksmit said. Here's what renters should know about the new protection, which was announced on April 1 and is now in effect.

Meta's Threads app: The text-based social media platform from Instagram trying to replace X 2024-04-03 20:29:29+00:00 - Meta launched a new microblogging app called Threads in July 2023. Threads is a clear rival to X, formerly known as Twitter, but is seen as a more brand-safe option. Threads had a highly successful launch, but usage tapered off until Meta added new features. 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 Meta launched a social networking venture called Threads in July 2023, leveraging Instagram's audience to build a new microblogging site to compete with X, formerly known as Twitter. Here's everything you need to know about the latest addition to Meta's line-up. What is the Threads app? The point of Meta's Threads app is to read and engage in public conversations. On Threads, users can post a "thread" — usually a short piece of text — and other users can "like," repost, or reply to the thread. The Threads app was built by Instagram, and requires an Instagram account to connect, though you'll have to download the Threads standalone app separately. Advertisement But unlike Instagram, which is photo- and video-based, Threads is a predominantly text-based social-networking platform, though users can also post media files like photos, links, and short videos. Threads posts can be up to 500 characters, and, depending on your privacy settings, your posts can either be seen by anyone on the Threads interface or just your approved followers. Similarly to Facebook and Instagram — with the exception of the stories feature — Threads does not show who has viewed your profile or your posts. Meta launched Threads in July 2023, but not for the first time. Back when Meta was known only as Facebook, the company released a previous version of Threads in 2019. That initial version was a messaging app geared at competing with Snapchat, but it never gained much traction and was discontinued in 2021. Advertisement Threads vs. X (formerly Twitter) Though a number of social media platforms over the years — like BlueSky, Mastodon, and Truth Social — have tried to unseat X as the top social media app for public discourse, only Threads has had much luck. Threads was launched at a highly opportune time — Elon Musk took over Twitter in October 2022, renamed it X, and began implementing a number of unpopular changes that caused many users to threaten to abandon ship. Related stories When Meta released Threads, it was able to use Instagram's existing user base to quickly garner downloads and gain a foothold. Threads also gives users the option to follow accounts they already follow on Instagram. Already, Threads and X share some popular features. Like X's "For You" page, Threads displays posts in a long feed on the homepage. This feed features posts from accounts users follow, and accounts they don't follow but may be interested in. Advertisement Like X, Threads also has a character limit on posts. But unlike X, Threads gives users 500 characters. X users are limited to 280 characters, unless they subscribe to Twitter Blue for $8 a month, in which case they get 25,000 characters. In March 2024, Meta CEO Mark Zuckerberg announced an update to Threads that made the app even more similar to X: A "Trending Now" feature to better circulate popular and widely discussed topics and posts. Safety, privacy, and content on Threads When Threads first launched, users complained because they realized they couldn't delete their Threads accounts without also deleting their Instagram accounts. NurPhoto/Getty Images. Threads initially sparked safety and privacy concerns upon its launch — the app grants user data access to third-party services more freely than Meta's other products, like Facebook and Instagram. Threads also angered users initially by not permitting users to delete their Threads accounts without also deleting their Instagram accounts. Users said they felt "trapped," and within months, Instagram rolled out a feature for users to delete a Threads account without losing the accompanying Instagram account. Advertisement Like Instagram, Threads has clear guidelines/policies against NSFW content, such as nudity and explicit sexual content. And unlike its rival, X, Threads is also less oriented towards politics and news content. Instagram CEO Adam Mosseri has called Threads a brand-safe space, and a "less angry place" for public discourse. As a result, critics have speculated that Threads will be boring, and better for brands than for its actual human users. Do people actually use Threads? Though Threads had a blockbuster launch, immediately garnering 150 million downloads and 100 million active users within days, usage quickly fell. To address the slump, Meta added a number of new features to Threads to lure back those users and made the platform available in the European Union. By the end of 2023, Threads was the most popular app in the US Apple App Store. Advertisement Threads' surge also coincided with a drop in usage at X, though, like Meta, Musk has spoken of plans to add new features to boost usage. It remains unclear whether Threads has true staying power, or if it will fully replace X as the top microblogging website, but Zuckerberg has expressed optimism that one day Threads could become "a 1 billion-person conversation app."

Argentina’s Milei takes his chainsaw to the state, cutting 15,000 jobs and spurring protests 2024-04-03 20:12:46+00:00 - BUENOS AIRES, Argentina (AP) — Argentina said Wednesday that it had cut 15,000 state jobs as part of President Javier Milei’s aggressive campaign to slash spending, the latest in a series of painful economic measures that have put the libertarian government on a collision course with angry protesters and powerful trade unions. Presidential spokesperson Manuel Adorni announced the job cuts in a news conference, describing them as key to Milei’s promised shake-up of Argentina’s bloated public sector. “It’s part of the work we are doing to reduce state expenses,” he told reporters. The dismissed workers “perhaps did not have a very defined job,” he added. “Their salaries were being supported by a taxpayer.” Hundreds of defiant employees — some notified of their termination last week and others before that — stormed their workplaces in Buenos Aires and nearby cities on Wednesday, beating drums, decrying their dismissal as unjust and demanding their reinstatement. Despite the rain, crowds wearing the green T-shirts of the country’s biggest union, The Association of State Workers, or ATE, swelled outside national ministries. In some cases, scuffles erupted as police struggled to evict protesters from government buildings. Workers at ministries that Mileli has vowed to close, such as the National Institute Against Discrimination, along with a range of state agencies — including the ministries for the economy, energy and social security — received the latest layoff notices. “These layoffs have a face, they have a family, they have real needs in this context of great change and great poverty in Argentina,” Mercedes Cabezas, a secretary-general of ATE, told The Associated Press outside the Ministry of Labor as protesters pumped their fists and chanted around her. “The impact runs very deep because it’s combined with the reduction of social programs, so what we end up with is increasing poverty,” she said. Milei campaigned for president while brandishing a chainsaw — promising to fix Argentina’s long-troubled economy by chopping down the size of the state. Determined to balance the country’s budget, he has slashed energy and transportation subsidies, halted public works, cut payments to provincial governments and devalued the peso by over 50% to close the gap between the official exchange rate and the black market rate. However, that has hiked inflation, making it even harder for struggling Argentines to make ends meet. Even before last week, when 41-year-old Hernán Silva still had his job at the National Road Safety Agency that paid a basic monthly salary of $250, he was stressed about not having enough money “for anything” as the prices of fuel, meat and medication surged. “I was barely making it to the end of the month,” he said. After 14 years at the road safety agency, his boss called last Wednesday to tell him — and 20 of his colleagues — it was their final day. Silva and his colleagues tried to force their way into their office on Wednesday — the first day back at work after a holiday week in Argentina — but gave up when managers threatened to call the police. “My only plan right now is to fight for my job because this is unfair,” he said. Neither he nor his colleagues had received official termination notices. Despite limited tussles with officers, Wednesday’s protests were largely peaceful. Police were out in force downtown, a reminder of the government’s wider pledge to curb demonstrations that turn disruptive. Those who burst into public buildings, spokesperson Adorni warned, “will suffer the consequences.” Argentina’s trade unions — among the sectors most hurt by Milei’s overhaul — appeared undeterred. Union officials pledged a mass general strike. Fired workers vowed to keep showing up at their offices. “We will continue mobilizing” said Cabezas. “Our fight is just starting.”

Bragg urges Merchan to reject Trump’s latest attempt to delay hush money trial 2024-04-03 20:09:20+00:00 - Among Donald Trump’s last-ditch efforts to delay his hush money trial is a complaint about pretrial publicity. But there’s no reason to think that his claim will derail the criminal case, which is set for jury selection starting April 15. As a general matter, courts can take such publicity into account. But in response to Trump’s motion — his “eighth request to adjourn the start of this trial,” prosecutors noted — Manhattan District Attorney Alvin Bragg pointed out that it shouldn’t hold up this case. That’s because publicity in a criminal case against a former president is unlikely to die down, jury selection can eliminate biased jurors, and the defendant himself is a prime publicity generator. So it would be “perverse to reward defendant with an adjournment based on media attention he is actively seeking,” prosecutors wrote to Judge Juan Merchan, whom Trump is separately trying to get recused in yet another desperate move. “Defendant appears to acknowledge that there is no end in sight to public coverage of this criminal proceeding, laying bare his strategy of obtaining an open-ended delay of the trial,” they wrote. Trump stands accused of covering up hush money paid ahead of the 2016 presidential election; he has pleaded not guilty to 34 counts of falsifying business records. Despite his lawyers’ efforts, a jury will likely soon assess whether prosecutors can prove those charges beyond a reasonable doubt. 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.

Apple has been secretly building home robots that could end up as a new product line, report says 2024-04-03 20:07:49+00:00 - Apple is exploring home robots in an effort to create its next major product, Bloomberg reported. It's working on a mobile robot that can follow users and a smart display one, per the report. The exploration of these devices comes after Apple killed its self-driving car project. 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 Apple is in the early stages of looking into making home robots, a move that appears to be an effort to create its "next big thing" after it killed its self-driving car project earlier this year, sources familiar with the matter told Bloomberg. Engineers are looking into developing a robot that could follow users around their houses, Bloomberg reported. They're also exploring a tabletop at-home device that uses robotics to rotate the display, a project that's more advanced than the mobile robot. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Dozens of Taiwan Buildings Collapse After 7.4 Magnitude Earthquake 2024-04-03 19:58:41+00:00 - Rescue operations were underway after a 7.4 magnitude earthquake killed nine people and injured at least 963 in Taiwan. It's the strongest to hit Taiwan since 1999. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Hillary Clinton's bad take on voters upset with Trump vs. Biden 2024-04-03 19:46:51+00:00 - Former Secretary of State Hillary Clinton just gave a lesson in how not to talk about the 2024 election. During an interview on “The Tonight Show with Jimmy Fallon” on Monday, Fallon asked Clinton to weigh in on the key predicament facing both President Joe Biden and presumptive Republican presidential nominee Donald Trump as Election Day approaches: “What do you say to voters who are upset that those are the two choices?” Clinton’s response was blunt: “Get over yourself, those are the two choices.” After an affirming comment from Fallon — “Yeah. I love that!” — the crowd began to clap. She continued, “You know, it’s kind of like, one is old and effective and compassionate, has a heart and really cares about people; and one is old and has been charged with 91 felonies. I don’t understand why this is even a hard choice. Really. I don’t understand it. But we have to go through the election and, hopefully, people will realize what’s at stake because it’s an existential question.” The core problem with Clinton’s communication style in her remarks is an absence of empathy. Clinton is right that the 2024 election has possibly existential stakes for our democracy, and that Trump and Biden are vastly different candidates. But how she expressed that view left more than a little to be desired. While she may not hold office anymore, she remains among the most prominent political figures in the country and, like any Biden surrogate, she has a responsibility to address voters’ doubts in a way that meets them where they are. She not only failed to do that — she seemed uninterested in it. The core problem with Clinton’s communication style in her remarks is an absence of empathy. Polling indicates that Biden is cursed by the same problem as she was in 2016 — high unfavorability that puts him on roughly equal footing with Trump. Clinton not only fails to grapple with the reasons that some segments of the population might find both candidates prohibitively distasteful, but also appears to not want to understand it. “Get over yourself” and “I don’t understand it” are not messages of persuasion. Nor do they qualify as firing up the base. They’re borderline scornful. But any serious political observer should be able to understand why Biden’s disapproval is high. Yes, much of the blame lies with a combination of political polarization and the burden of incumbency. Voters frequently attribute everything bad in society to the president, regardless of whether he has influence over it. But some of it is linked to inflation during Biden’s presidency, and the belief among many voters that Trump’s management of the economy benefited them more than Biden’s. “Get over yourself” will not rebut those arguments. Clinton’s self-satisfied response also betrays an inattentiveness to one of the biggest issues dividing the Democratic caucus. While she speaks of Biden being self-evidently “compassionate,” polling indicates that huge swaths of the Democratic electorate — particularly young people — disapprove of his approach to Israel’s brutalization of the Gaza Strip in response to Hamas’ Oct. 7 terror attacks. While it’s unclear what things will look like closer to November, Biden’s alienation of young and progressive voters on the issue could dampen the turnout. Expressing bewilderment at people who believe that Biden is complicit in genocide will only further repel those who believe that a protest vote or deliberate abstention is in order. This is to say nothing of engaging the huge part of the American public that never votes — one-third of eligible voters didn’t vote in the last election. This group of people can't be dismissed as a bunch of apolitical morons who can’t tell that Biden and Trump are different people. As a population that skews low-income and nonwhite, a disproportionate number of them are likely to feel that mainstream institutional politics have little to offer them and that their lives are not meaningfully changed by who is in office. That’s far from an unreasonable sentiment to hold, and it won't change unless Democrats view it as their responsibility to change that. Rather than dismissing the parts of the public who find both candidates objectionable, Democrats should be scrambling to crack the code to winning them over. Curiosity on this matter will not just lead to more delicate messaging, but also policy ambition. What is Biden willing to do to address the mass killing of civilians in Gaza? What can he offer people who feel they’re far away from being able to pay their most basic bills? 2024 is an existential election for democracy — but these, too, are existential questions.

Intel drops 8% after chipmaker reports hefty loss in foundry business 2024-04-03 19:32:00+00:00 - Intel shares closed down 8% on Wednesday after the company disclosed long-awaited financials for its semiconductor manufacturing, or foundry, business, revealing an operating loss of $7 billion in 2023. It was the first time Intel had reported revenue totals for its foundry arm alone, separating it from the products business, which reported $11.3 billion in operating income in 2023. Intel said Tuesday that it expects its foundry losses to peak in 2024 and break even halfway between the current quarter and the end of 2030. Analysts at Cantor Fitzgerald, maintaining their neutral rating and $50 price target on the stock, lauded the company for its new financial reporting structure but wrote that Intel will need to drive its foundry and product operating margins higher. "NOW is when the real work begins," the analysts wrote in a Tuesday investor note. "Of course, this will take time, particularly with Intel's planned manufacturing leadership truly ramping in 2027." Stifel analysts wrote that they continue to view Intel's strategic plans positively in a note Tuesday while reiterating a hold rating and target price of $45 on the stock. "With a multi-year execution cycle still ahead, we continue to prefer nearer-term AI beneficiaries, NVDA and AMD," the analysts wrote. — CNBC's Kif Leswing contributed to this report.

Trump Media sues former "Apprentice" contestants and Truth Social co-founders to strip them of shares 2024-04-03 19:31:00+00:00 - Former President Donald Trump's media business is suing two of its co-founders, who were also contestants on Trump's reality show "The Apprentice," alleging that they mismanaged the business and should be stripped of their shares in the newly public company. The lawsuit was filed March 24 in Florida state court, just one day before Trump Media & Technology Group debuted on the Nasdaq stock market. Trump Media, whose main asset is the fledgling social media platform Truth Social, soared in its first two days of trading and currently has a valuation of about $6.8 billion. The Trump Media & Technology Group lawsuit alleges that co-founders, Andy Litinsky and Wes Moss, "failed spectacularly" at setting up the business and creating an effective corporate governance structure. As part of their initial deal with Trump, the co-founders had received 8.6 million shares of Trump Media, currently valued at $432 million, which the lawsuit is seeking to claw back. The lawsuit also blames Litinsky and Moss for Truth Social's rocky debut, claiming that they hired a "deficient" team to manage the social media platform's development and created a "toxic corporate culture." "The Truth Social launch did not go smoothly, leading a hostile press to criticize the company for long user wait times and technical failings, to the detriment of the company's business reputation," the lawsuit claims. Litinsky and Moss' attorney, Christopher J. Clark, declined to comment on the lawsuit. Trump Media's filing follows a complaint filed in February in the Delaware Court of Chancery by Litinsky and Moss that seeks to prevent the former president from taking steps the two said would sharply reduce their combined 8.6% stake in Trump Media. Trump, meanwhile, owns about 57% of Trump Media, a stake that is valued at about $4 billion — at least on paper — based on today's stock price. Trump and other top shareholders are currently under a "lock up" provision that bars them from selling shares for at least six months. —With reporting by the Associated Press.

Trump Media investors accused of insider trading plead guilty to fraud 2024-04-03 19:30:56+00:00 - Two brothers were accused of insider trading ahead of Trump Media's public offering. Michael and Gerald Shvartsman each pleaded guilty to one count of securities fraud. The brothers pocketed $22 million in the scheme, according to prosecutors. 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 Two brothers accused of participating in an insider trading scheme ahead of the public offering of former President Donald Trump's Truth Social media platform pleaded guilty Wednesday to one count of securities fraud apiece. Florida's Michael and Gerald Shvartsman were charged with making illegal trades thanks to the nonpublic knowledge that Digital World Acquisition Corp — a SPAC — was going to acquire Trump Media & Technology Group to take it public, according to the indictment. Trump Media is Truth Social's parent company. "Michael and Gerald Shvartsman admitted in court that they received confidential, inside information about an upcoming merger between DWAC and Trump Media and used that information to make profitable, but illegal, open-market trades," US attorney Damian Williams said in a statement. Related stories The brothers were first arrested last June. One count of securities fraud carries a maximum prison sentence of 20 years, according to the US Attorney's Office of the Southern District of New York. Both brothers are set to be sentenced in July. Advertisement They pocketed more than $22 million thanks to the scheme, according to authorities, and Michael used $14 million to buy a yacht he christened the Provocateur, The New York Times reports. A third man, Bruce Garelick, was also charged and is set to go on trial later this month, according to the Times. Attorneys for Garelick did not immediately respond to a request for comment from Business Insider. The indictment does not claim Trump had any involvement in the scheme. "Insider trading is cheating, plain and simple, and today's convictions should remind anyone who may be tempted to corrupt the integrity of the stock market that it will earn them a ticket to prison," Williams' statement continued. Advertisement Elsewhere in Truth Social news, parent company Trump Media is suing its cofounders for damaging the business and attempting to thwart the DWAC merger. Shares in Trump Media tumbled on Monday after it reported a net loss of $58 million last year and revenue of $4.1 million, causing the former president's net worth to fall by over $1 billion.

JetBlue brings dynamic pricing to checking bags. Here's what it will cost you. 2024-04-03 19:30:00+00:00 - How to save on airfare this spring and summer How to save on airfare this spring and summer How to save on airfare this spring and summer JetBlue is bringing Uber-style surge pricing to bag-check fees, making it more costly to check luggage during peak travel periods. When and where you're traveling to now affects how much you'll pay to check a bag on JetBlue flights. If you're flying at a busy time or traveling internationally, expect to pay more to check your bag — the airline's way of offsetting higher costs related to hauling luggage. "The cost of transporting bags has gone up significantly due to increased wages and higher fuel costs, and we remain unprofitable since COVID," JetBlue said in a statement to CBS News. "While we don't like increasing fees, we are making these adjustments to help get our company back to profitability and cover the increased costs." JetBlue added that the move helps keep a lid on airfares, while upping the cost of "services that only certain customers use." Perks like seatback TVs and onboard wifi services remain free, the airline noted. In the fourth quarter of 2023, JetBlue lost $104 million on operating revenue of $2.3 billion, compared with a profit of $24 million on revenue of $2.4 billion in the year-ago period. The airline in March ended plans to buy discount carrier Spirit Airlines for $3.8 billion after a federal judge blocked the deal over concerns it could weaken industry competition. Carriers have long used so-called dynamic pricing to set ticket prices, but seldom for add-on flight services. The approach has seeped into other industries, with restaurants now experimenting with changing menu prices depending on the hour and demand. What are the new costs? JetBlue outlines the new pricing structure on its website. If you pay to check bags more than 24 hours in advance of a flight, you'll save $10 each in checking up to two bags. The fees are stiffer within 24 hours of a flight's departure, costing up to $110 if you're traveling internationally with two bags at a peak time, such as during a typically busy travel period or a holiday. On "Blue," "Blue Basic," and "Blue Extra" fares, the airline's lower-cost ticket tiers, a first checked bag costs $45 for "off-peak" flights and $50 during peak hours. A second checked bag costs $60 off-peak and $70 for peak. The fees also can rise for transatlantic flights. For an off-peak, "Blue Basic" fare, a first checked bag costs $65, while a second costs $105. The fees run an additional $5 for a first bag and $10 for a second during peak travel periods.

Family of woman allegedly killed by an undocumented immigrant says Trump never spoke to them 2024-04-03 19:27:43+00:00 - The killing of 25-year-old Ruby Garcia in Michigan became a political flashpoint after a Mexican national who had entered the country illegally was charged in connection with her death. Garcia's case was thrust further into the national spotlight Tuesday, when Donald Trump invoked her death in a campaign speech to attack President Joe Biden’s border policies — and claimed to have been in touch with Garcia's family. “They said she had just this most contagious laughter, and when she walked into a room, she lit up that room," Trump said about Garcia during a campaign visit to Grand Rapids, Michigan. "And I’ve heard that from so many people; I spoke to some of her family." That was news to Garcia's family, who was watching Trump's speech live on TV. Her sister, Mavi Garcia, told NBC affiliate WOOD-TV that they were shocked to hear Trump say he'd been in contact with her family. "He did not speak with any of us, so it was kind of shocking seeing that he had said that he had spoke with us, and misinforming people on live TV," she said. Ruby Garcia's body was found on a highway in Grand Rapids in March. Brandon Ortiz-Vite, a Mexican national who was deported in 2020 but re-entered the U.S. without immigration authorities' knowledge, has been charged with murder. News outlets have described Ortiz-Vite as Garcia's boyfriend, but her sister told WOOD-TV that their relationship hadn't reached that stage. In his speech on Tuesday, Trump incorrectly said that Biden "took him back and let him back in, and let him stay." He also appeared to mix up Ruby Garcia's age; he first said that she was 25 and then later referred to her incorrectly as a 17-year-old. Trump's violent and dehumanizing rhetoric about immigrants has escalated in recent months, and he has held up victims of violent crimes allegedly committed by undocumented immigrants to attack Biden's border policies. In an interview with CNN on Tuesday, Michigan Gov. Gretchen Whitmer called out Trump for "capitalizing on a horrible tragedy that happened here" and accused him of trying to "score political points" off the family's pain. Mavi Garcia also criticized Trump for politicizing her sister’s death. “It’s always been about illegal immigrants,” she told WOOD-TV. “Nobody really speaks about when Americans do heinous crimes, and it’s kind of shocking why he would just bring up illegals. What about Americans who do heinous crimes like that?”

Traders Are Betting Millions That Trump Media Will Tumble 2024-04-03 19:09:10+00:00 - Before former President Donald J. Trump’s social media company made its stock market debut, many investors were lining up to bet on its collapse. After the company’s share price plunged following an initial surge, the appetite to bet against the stock has grown even more ravenous. Trump Media & Technology Group, which trades under the ticker DJT, slipped on Wednesday to below $50 per share, extending a steep decline this week that pulled the stock down from its high near $80 and erased more than $2 billion of market value. Trump Media is the most “shorted” special purpose acquisition vehicle in the country, according to the financial data company S3 Partners. Short-sellers bet that the price of a stock will fall. They do that by borrowing shares of a company and selling them into the market, hoping to buy them back later at a lower price, before returning the shares to the lender and pocketing the difference as profit. The demand to short Trump Media, the parent company of the social media platform Truth Social, is so great that stock lenders can charge enormous fees, making it hard for short-sellers to turn a profit unless the shares fall significantly. Still, there is a lot of interest in taking the bet.

All billionaires under 30 have inherited their wealth, research finds 2024-04-03 19:09:00+00:00 - All of the world’s billionaires younger than 30 inherited their wealth, the first wave of “the great wealth transfer” in which more than 1,000 wealthy people are expected to pass on more than $5.2tn (£4.1tn) to their heirs over the next two decades. There are already more billionaires than ever before (2,781), and the number is expected to soar in the coming years as an elderly generation of super-rich people prepare to give their fortunes to their children. Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth, instead benefitting from huge inheritances. Among them are Ireland’s Firoz Mistry, 27, and his brother Zahan, 25, who each have an estimated $4.9bn from their stakes in Tata Sons, the parent company of the Indian conglomerate Tate Group, which owns car brands including Jaguar Land Rover. They inherited their 4.6% stakes in the company in 2022 after the death of their father, Cyrus Mistry, who died less than three months after their grandfather Pallonji. Three children of Leonardo Del Vecchio, the founder of the luxury sunglasses company Luxottica, became billionaires after his death in 2022. Leonardo Maria, 28, Luca, 22, and Clemente Del Vecchio, 19, each inherited a 12.5% stake in the family’s Luxembourg-based holding company Delfin, which owns nearly a third of EssilorLuxottica, the company behind Ray-Ban and Oakley. The siblings has a fortune estimated to be worth $4.7bn each. The world’s youngest billionaire is Livia Voigt, 19, who has a $1.1bn fortune thanks to a 3.1% stake in WEG Industries, a Brazilian electrical equipment producer co-founded by her grandfather Werner Ricardo. He died in 2016. Her older sister Dora Voigt de Assis, 26, is also on the list. Experts at the Swiss bank UBS said: “During the next 20 to 30 years, over 1,000 of today’s billionaires are likely to transfer more than $5.2tn to their heirs. How do we calculate this number? Simply by adding up the wealth of the 1,023 billionaires who are aged 70 or more today. “Looking to the longer term, the exceptional wealth resulting from the boom in entrepreneurial activity since the 1990s has established a foundation for future generations of billionaire families.” The richest person on the planet is the majority owner of the luxury goods conglomerate LVMH, Bernard Arnault. He is 75 and has recently promoted his children to key roles in the business. Arnault has an estimated fortune of $233bn, a 10% increase on last year. Charles Koch, the elder of the US billionaire industrialist brothers, is 88. Phil Knight, the billionaire co-founder of Nike, is 86. A total of $70tn is expected to be inherited by the next generation over the next 20 years, according to estimates by the consulting firm Cerulli Associates. The transfer is expected to make millennials the “richest generation in history”, says research by the real estate agent Knight Frank. One of the youngest billionaires to have made – rather than inherited – their fortune is Ben Francis, 31, the British founder of athleisure brand Gymshark. His wealth is estimated at $1.3bn.

Displeasure with Biden's handling of Hamas-Israel war was on display at closed-door White House meeting 2024-04-03 19:06:00+00:00 - WASHINGTON — Just five minutes into a meeting with President Joe Biden, a Palestinian American doctor who has treated gravely injured patients in Gaza couldn’t bear to stay, so he left. Dr. Thaer Ahmad, who specializes in emergency medicine, recalled getting emotional when talking about the many Palestinians he cared for, describing the scale of death in the six months since the war began. “The decision to leave was a personal one,” he told NBC News in a phone interview, explaining he wanted to show the White House that “it was important to recognize the pain and the mourning that my community was in.” Ahmad stressed that he wanted “to let the administration feel the way that we felt this past six months and kind of get up and walk away from them.” He was one of only six Muslim American community leaders who attended a small meeting on Tuesday with Biden, Vice President Kamala Harris and senior administration officials at the White House. Many others who had been invited to attend declined, according to multiple sources familiar with the outreach, underscoring the deepening tensions between the administration and the Muslim and Arab American communities over the president’s support of Israel in its bombardment of Gaza. More than 30,000 people have died, according to health officials, since Hamas’ terrorist attacks in Israel on Oct. 7 and the group is still holding more than 100 hostages captive. Another doctor who attended was taken aback when she showed Biden prints of photos of malnourished children and women in Gaza — to which Biden responded that he had seen those images before. The problem, the doctor said, was that she had printed the photos from her own iPhone. "This speaks volumes to the dismissive nature of the administration when it comes to strong-willed action towards a permanent cease-fire or, at a bare minimum, a red line on the invasion of Rafah," Dr. Nahreen H. Ahmed told NBC News. Before leaving the meeting early, Ahmad handed a letter to the president from an 8-year-old orphan in Rafah, the southernmost city in Gaza. “There is an incredible amount of urgency around this,” Ahmad said, expressing deep skepticism that Israel’s military campaign can be done “in a sophisticated or tactical way” that doesn’t put innocent civilians at risk. During the 90-minute meeting, which took place behind closed doors, Biden told attendees that he will not call for a permanent cease-fire between Israel and Hamas until all the remaining hostages are released, according to two people familiar with his comments. The president “listened respectfully,” a third source briefed on the meeting said, and pledged to continue working to “significantly increase” humanitarian aid into Gaza. Throughout the discussion, other doctors who have spent time in Gaza spoke about their harrowing experiences, including the danger they experienced in trying to help others, a Muslim rights activist who attended the meeting said. They also showed Biden and Harris photos of injured patients, including children, the activist said. Biden thanked the Muslim American community leaders for attending the meeting and acknowledged that many people had expressed concern about attending an event at the White House while so many Palestinians are suffering, these people said. Salima Suswell, founder and chief executive of the Black Muslim Leadership Council, who attended the meeting at the White House, said she felt like Biden and Harris both listened closely to the attendees and understood their perspectives. “I thought that it was important to accept the invitation to meet with the president, the vice president and their senior administration officials today, because I have been consistent regarding the importance of engagement,” Suswell said. “It was important for me to let the president know that Black Americans and Black Muslim Americans are deeply hurting about what is happening in Gaza.” Harris also delivered remarks that reiterated Biden’s stance and seemed designed to soften criticism of Biden’s position on the war, namely that he values the U.S. relationship with Israel more than Palestinians. She said Biden was “sincere” in his concerns, according to an attendee. She told the group she sees how much the war and the civilian death toll are “weighing on” the president and insisted he is “doing absolutely everything that he can to put an end to this war.” Biden said, according to one of the attendees, that if Israel tries to obstruct the ability to bring aid into Gaza, the U.S. will push back and advocate for more resources to be brought into the region. Last Thursday, the United Nations’ highest court ordered Israel to open more land crossings to allow food, water, fuel and other supplies into Gaza after reports that the Israeli government was blocking lifesaving supplies from reaching the devastated enclave. Israeli officials have repeatedly denied obstructing aid from entering Gaza, and instead blame the U.N. for acute shortages of lifesaving supplies in the strip — particularly the north. The president did not specify what the U.S. would do to ensure aid can be safely delivered, the attendee said. Just this week, seven aid workers with disaster relief charity World Central Kitchen were killed by an Israeli airstrike, adding to the 200 who have already died since the war started in October. The aid group said its convoy was hit as it was leaving a warehouse in the Deir al-Balah area of central Gaza, where the team had unloaded more than 100 tons of humanitarian food aid that the charity had brought to Gaza by sea earlier in the day. In the meeting, one attendee said it appeared Biden and Harris were careful not to discuss what is taking place behind the scenes to negotiate a possible six-week cease-fire between Israel and Hamas, the attendee said. After it concluded, the Muslim American community leaders departed and a small group of Muslim staffers participated in a scaled-back iftar dinner with Biden, Harris and other senior administration officials. In years past, the White House hosted larger receptions related to Ramadan, including several Eid celebrations that attracted hundreds of guests and included public remarks from the president. Several Arab American and Muslim American leaders rejected invitations in recent weeks, specifically citing their discomfort with participating in a celebration when so many in Gaza are facing starvation, two people who received invitations told NBC News. “President Biden and Vice President Harris know this a deeply painful moment for many in the Muslim and Arab communities,” a White House official said. “President Biden made clear that he mourns the loss of every innocent life in this conflict.” Senior White House officials and Biden campaign aides have attempted to meet with key members of Muslim and Arab American communities in recent months but have often received icy receptions. “The president and vice president will continue to engage with Muslim and Arab American communities and listen to the voices of all impacted by this conflict,” the White House official said. Ahmad, the doctor who left the meeting, said he plans to go back to Gaza soon and is “legitimately concerned that I may be killed in the process.” If that happened, he said, “it’s hard to think” it could happen from a “2,000-pound bomb that the U.S. gave to Israel.” “That my government would have had a hand in that, I just hate that,” he said. “That’s kind of the thoughts that are crossing my mind.”

Women’s Final Four ticket on resale market selling for average of $2,300, twice as much as for men 2024-04-03 19:02:34+00:00 - The average price paid for a ticket on the resale market this week was twice as high for the NCAA women’s Final Four compared with that for the men’s semifinals, according to a technology company that analyzes prices across multiple platforms. The average price of a ticket sold to the women’s semifinals was $2,323; the average sale price for the men’s was $1,001.21, Logitix reported Wednesday. The women’s games Friday match Iowa against Connecticut and South Carolina against North Carolina State at 19,432-seat Rocket Mortgage Fieldhouse in Cleveland. Including data from sales made a month ago and longer, the average price for the women’s semifinals is $1,131.78, compared with $400.29 for the same period in 2023. The men’s games Saturday pit Purdue against North Carolina State and Connecticut against Alabama at 63,400-seat State Farm Stadium in Glendale, Arizona. Overall average ticket price for the men’s semifinals is $993.70, compared with $636.43 in 2023. A ticket to the women’s championship game on Sunday was selling for an average of $1,110.63 this week. The average ticket to the men’s title game Monday was selling for $646.45. The higher price for the women’s games is partially due to ticket supply for the men’s games being greater because seating capacity at its venue is three times larger, a Logitix spokesman said. He added that demand for women’s tickets is unprecedented and driven by fanfare for Iowa’s Caitlin Clark, the all-time leading scorer in Division I. The Hawkeyes have played before sellout crowds — at home, on the road and at neutral sites — for all but two games this season. The NCAA sells ticket packages — now sold out — that include all three games of the Final Four. Face value ranges from $200 to $400 for the women’s semfinals and final and $250 to $900 for the men’s semifinals and final. Tickets on the resale market can be sold separately for the semifinals (both games) and final because they are held on different days and require different digital entry QR codes. ___ AP March Madness bracket: https://apnews.com/hub/ncaa-womens-bracket/ and coverage: https://apnews.com/hub/march-madness

Disney wins boardroom showdown with activist investor 2024-04-03 18:41:00+00:00 - Disney saw off a boardroom coup on Wednesday, defeating a bid by one of corporate America’s most renowned activist investors to overhaul its management. The entertainment giant announced at its annual shareholder meeting that it had secured enough votes by a “substantial margin” to defeat a campaign launched by the billionaire Nelson Peltz, who has spent months demanding change at the Magic Kingdom and excoriating its top executives. Peltz received a late endorsement from Elon Musk, who has become a vocal critic of Disney in recent months after it joined an advertising boycott of his social network X, formerly Twitter. As of Tuesday evening, however, enough votes had been cast to put Disney’s proposed boardroom candidates safely ahead of those put forward by Peltz’s Trian Fund Management, Reuters reported, citing sources familiar with the matter. Shareholders in the firm voted ahead of its annual meeting. Ahead of the vote Bob Iger, Disney’s veteran CEO, had secured the backing of the company’s founding family and top names including the Star Wars creator George Lucas, the JP Morgan CEO, Jamie Dimon, and Laurene Powell Jobs, the widow of Pixar and Apple CEO Steve Jobs. Trian kicked off a high-profile proxy battle last year and proposed that Peltz and Jay Rasulo, the group’s former chief financial officer, replace two candidates on its board. Disney has “lost its way over the past decade”, Trian argued, blaming this on “a board that lacks focus, alignment and accountability.” The company is estimated to have spent $40m fighting off Peltz. “With the distracting proxy contest now behind us, we’re eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers,” Iger said in a statement. Iger, who previously led Disney from 2005 to 2020, was summoned out of retirement in 2022 amid concern on Wall Street over problems inside the House of Mouse. Losses from an expensive foray into streaming were mounting, as lackluster returns at the box office raised questions over the strength of its output. On top of this, Disney had been sucked into America’s culture wars. Under Iger the conglomerate has sought to curb investors’ fears, cutting 7,000 jobs, reducing costs and reorganizing the ranks. Since October, when Peltz announced his campaign, shares in Disney have rallied by almost 50%. Disney pushed back hard against Peltz, questioning his media industry experience and ability to work constructively with Iger. It advised shareholders to reject Rasulo’s campaign for a board seat, too, arguing the sector had “radically changed” since he left the firm in 2015. 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 some, including Musk, have suggested Peltz would be a welcome addition to Disney’s board. “He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies,” Musk said on Wednesday, claiming Peltz’s appointment would “significantly improve Disney’s share price”. Acknowledging that he does not own any shares in Disney, Musk said he would “definitely” invest if Peltz joined the board. “His track record is excellent.” He was responding to a post on X by the hedge fund tycoon Bill Ackman, who criticized the “inappropriateness” of leaking early vote returns to the media. “Companies of the caliber of Disney and/or its advisors should not behave this way,” he wrote.