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Oracle shares soar 13% on better-than-expected quarterly earnings 2024-03-11 21:23:00+00:00 - Larry Ellison, co-founder and executive chairman of Oracle Corp., speaks during the Oracle OpenWorld conference in San Francisco on Oct. 22, 2018. Oracle reported quarterly earnings on Monday that exceeded Wall Street's expectations. The shares rose 13% in extended trading. Here's how the company did in the fiscal third quarter ending Feb. 29: Earnings : $1.41 per share, adjusted, versus $1.38 expected, according to LSEG, formerly Refinitiv : $1.41 per share, adjusted, versus $1.38 expected, according to LSEG, formerly Refinitiv Revenue: $13.28 billion, versus $13.3 billion expected, according to LSEG For the fiscal fourth quarter, Oracle said it expects earnings of $1.62 to $1.66 per share. Analysts were expecting $1.64 in adjusted earnings per share, according to LSEG. Revenue growth will be between 4% and 6% over sales of $13.8 billion a year ago. The midpoint of that range would equal revenue of about $14.5 billion, while analysts were expecting a little over $14.7 billion. Oracle CEO Safra Catz said the company was committed to hitting previously stated goals to hit $65 billion in sales by fiscal 2026. "Some of these goals might prove to be too conservative given our momentum," Catz said. Revenue rose 7% in the quarter from $12.4 billion a year earlier. Net income climbed 27% to $2.4 billion, or 85 cents per share, from $1.9 billion, or 68 cents per share, a year ago. Oracle's cloud services and license support segment, its largest business, saw sales rise 12% to $9.96 billion, slightly beating StreetAccount consensus expectations of $9.94 billion. The company attributed the rise to strong demand for its artificial intelligence servers. Oracle CEO Safra Catz said the company added several "large new cloud infrastructure" contracts during the quarter. The company's cloud revenue, which is reported as part of the cloud services unit, rose 25% year-over-year to $5.1 billion, Oracle said. "We signed several large deals this quarter and we have many more in the pipeline," Catz told investors on the earnings call. Oracle Chairman Larry Ellison cited increased business from Microsoft on the earnings call. "We're building 20 data centers from Microsoft and Azure. They just ordered three more data centers this week," Ellison said. The company's other units didn't fare as well. Cloud license and on-premise sales declined 3% to $1.26 billion, slightly beating StreetAccount's forecast. Hardware revenue fell 7% to $754 million, while sales in the company's services division slid 5% to $1.31 billion, both falling short of StreetAccount expectations. Prior to Monday's report, Oracle shares were up 8.7% for the year, slightly outperforming the S&P 500. WATCH: Oracle shares pop on Q3 earnings
Airbnb bans indoor security cameras for all listings on the platform 2024-03-11 21:23:00+00:00 - Airbnb is banning indoor security cameras from its listings around the world, and hosts have until the end of next month to comply, the lodging rental platform said on Monday. The company previously allowed those looking to rent out their places use indoor security cameras in common areas so long as the devices were clearly disclosed on the listing page and the cameras were installed in easy-to-see places. Such cameras, which were were barred from bedrooms and bathrooms, are now prohibited inside any Airbnb listing regardless of their ostensible purpose or visibility. "These changes were made in consultation with our guests, hosts and privacy experts," Juniper Downs, Airbnb's head of community policy and partnerships, said in a statement announcing the policy. Homeowners listing properties on Airbnb that use indoor security cameras have until April 30 to remove them, the San Francisco company said. Those that don't comply face potentially having their listing or account removed from the platform. The update is not expected to impact most listings on Airbnb, according to the company, which started in 2017 and which now counts more than 5 million hosts as using its technology. Outdoor security devices, such as doorbell cameras, are still allowed, but their location needs to be disclosed to would-be guests before they sign the dotted line, Airbnb said. Advances in technology have heightened concerns about consumer privacy, with the Federal Trade Commission among the agencies sounding the alarm about the myriad ways that personal information is collected and sold to third-party vendors. Vexing for some travelers, use of security cameras at Airbnb listings was spoofed in a recent episode of NBC's Saturday Night Live, which suggested travelers were being watched from a toilet. In a more serious vein related to privacy and travel, a Royal Caribbean cruise worker was arrested earlier this month in Fort Lauderdale, Fla., after allegedly hiding cameras inside bathrooms of passenger cabins to spy on guests.
Want to buy ‘Made in the USA’ meat and eggs? A new federal labeling rule might help 2024-03-11 21:17:01+00:00 - Shoppers who want to determine if their meat, eggs and poultry were “Made in the USA” are expected to find the task easier once a finalized federal rule takes effect. The U.S. Department of Agriculture on Monday announced new requirements for meat and egg producers who use the voluntary “Product of USA” or “Made in the USA” labels on their products. Under the new rule, the labels can only be used for products derived from animals that are born, raised, slaughtered and processed in the United States. The rule will go into effect Jan. 1, 2026, but the government encouraged producers to start complying immediately. The labels are voluntary and appear on around 12% of the meat, poultry and eggs consumed in the U.S. Under the previous rule, companies could use “Product of the USA” labels on meat and other animal products that were imported from a foreign country. The U.S. imports about 12% of its beef from Australia, Canada and Brazil, for example. Some U.S. ranchers and groups like the American Grassfed Association lobbied for the rule to be tightened. The Biden administration agreed that the previous rule didn’t align with customers’ views. A 2022 survey commissioned by the Department of Agriculture found that nearly two-thirds of shoppers believed “Product of the USA” labels meant that most or all steps in the production of meat occurred in the U.S. The department also said that most of the 3,363 comments it received on the proposed new rule supported the change.
How Athletic Brewing Co. dominates the booming nonalcoholic beer market 2024-03-11 21:17:00+00:00 - Nonalcoholic beer is having a moment. Once a rarity on store shelves, nonalcoholic beer saw a 39% jump in sales growth in 2020. The trend is proving to outlast the Covid-19 pandemic. Sales of nonalcoholic beer grew 32% in 2023, compared to the year before, adding to data from NielsenIQ. The pandemic-led adoption of nonalcoholic beer is largely attributed to growing health and wellness trends. Both drinkers and nondrinkers want lower-calorie and healthier options in social settings. Shoppers may have noticed some established names coming out with their own offerings of nonalcoholic beer, including Budweiser Zero and Heineken 0.0. Founded in 2017, Athletic Brewing Co. opened the doors to its nonalcoholic craft brewing facility within a year. Unlike other brewing companies, Athletic Brewing didn't cut its teeth making alcoholic beer before pivoting into nonalcoholic options. Instead, Athletic Brewing was founded on the idea that nonalcoholic beer didn't need to be a niche category with limited offerings. Fast forward to 2024, and Athletic Brewing is now dominating the nonalcoholic beer market. According to NielsenIQ data, Athletic Brewing represents 19% of the domestic nonalcoholic beer market, making it the top nonalcoholic beer brand in the country. "Every night, I'd be out to work dinners with friends, family, weddings, bachelor parties, barbecues — everything was a drinking occasion, essentially," said Athletic Brewing co-founder Bill Shufelt, in an interview with CNBC. "There were no options or offerings to more moderate options. I'd be up at 5 a.m. to work out to start the next day. The market just wasn't keeping up with my busy, modern lifestyle." Watch the video above to learn how Athletic Brewing went from a startup craft brewery in Connecticut to Whole Foods' top-selling beer brand in under a decade.
What was nearly nude John Cena really wearing at the Oscars? 2024-03-11 21:14:00+00:00 - "Oppenheimer" wins 7 Oscars: Everything to know about this year's Academy Awards John Cena appeared to be completely nude when he stepped onstage at the Oscars on Sunday night — but, thanks to a wee bit of Hollywood magic, he wasn't. Behind the strategically placed envelope he held revealing the winner for best costume design, the professional wrestler and actor was wearing what's known in the trade as "modesty garment." The article of clothing, widely used in film, TV and theater productions, is used to cover actors' private parts when a scene calls for a performer to appear as if they're naked. Such garments are often sourced from scrap materials, including yoga mats and leftover fabrics from other costumes. But with a spotlight on making what can be a vulnerable experience for performers feel safe, including formally in recent SAG-AFTRA contract negotiations, companies that specialize making modesty garments in different shapes, sizes and colors have sprouted up. "A lot of times, costume departments source these things from the fashion industry or use strapless thongs, but recently with the rise of intimacy coordination as a job on set, we've seen the rise of more specialized development and design of modesty garments," Jessica Steinrock, an intimacy coordinator and CEO of Intimacy Directors and Coordinators, an organization that trains and certifies professionals who work with actors on scenes that feature sex and require nudity. John Cena wore a "modesty garment" when he presented the award for best costume design at the Oscars on Sunday, March 10, 2024. Frank Micelotta So-called intimacy coordinators are hired to supervise scenes involving nudity or simulated sex, and to liaise between actors and production staff. Steinrock said an on-set intimacy coordinator told her she once resorted to using part of a padded dinosaur costume as a modesty garment in one sensitive scene. "They've been slapping things together, but in a vulnerable experience, to have part of a dinosaur costume attached can reflect a lack of care and dignity," she explained. A few companies, including U.K.-based Intimask and The Modesty Shop in Canada now design garments exclusively to help actors feel comfortable in near-nude moments like Cena's at the Oscars. In the U.S., Covvier, founded by a pair of set costumers, sells a range of products, including strapless, adhesive thongs and padded pouches. Despite how little of the body they cover and little fabric they use, modesty garments are often pricey. That's because the industry is new, the businesses are small and the products are specialized, Steinrock noted. For example, a "padded pouch" similar to the one Cena wore costs $62. He was also wearing a type of butt cover, photos of the actor taken backstage reveal. Eventually, Steinrock expects prices for such professional garments to come down. "It's early and these are new companies, and it's exciting to see that there is a specialized market here to create products designed with high-quality fabrics to provide the protection and care these scenes require," she said.
Advance Auto Parts reaches deal with Dan Loeb's Third Point, Saddle Point for three board seats 2024-03-11 21:12:00+00:00 - An exterior view of the Advance Auto Parts store at the Sunbury Plaza, in Sunbury, Pennsylvania. Dan Loeb's Third Point and activist Saddle Point have a stake in Advance Auto Parts and reached a settlement with the company that will give the activists three board seats, the company confirmed Monday. The size of the stake was not immediately clear, but a person familiar with the matter said Third Point built it earlier this year. Tom Seboldt, Gregory Smith and Brent Windom will join Advance Auto Parts' board effective immediately, the company said. The auto parts provider appointed a new CEO, Shane O'Kelly, in August. "We look forward to benefiting from our new directors' extensive industry relationships and experience," O'Kelly said in a release. Advance Auto Parts shares rose 3.7% after The Wall Street Journal reported the news of Third Point's position and settlement. The company's stock reached an all-time high in 2022 but has suffered since then, cutting its forecast and dividend after being hit by elevated material, labor and transportation costs. Advance Auto Parts previously saw Starboard Value take a stake and push for change in 2015, which was similarly resolved with a settlement. "With fresh perspectives in the C-suite and board room and a long runway for growth, we believe Advance is well-positioned to create meaningful value for shareholders," Third Point's Loeb said. Roy Katzovicz, Saddle Point CEO and former Pershing Square partner, said Advance Auto Parts had "enormous potential."
CTO Realty Growth Provides Year-To-Date Leasing Update - Alpine Income Prop Trust (NYSE:PINE), CTO Realty Growth (NYSE:CTO) 2024-03-11 21:11:00+00:00 - Loading... Loading... WINTER PARK, Fla., March 11, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. CTO (the "Company" or "CTO") today provided an update on its recent leasing activities: Year-to-date, signed 16 leases totaling 112,480 square feet at an average cash base rent of $27.49 per square foot. On a comparable basis, which excludes vacancy existing at the time of acquisition, CTO signed 12 leases totaling 103,065 square feet at an average cash base rent of $26.58 per square foot compared to a previous average cash base rent of $14.06 per square foot, representing 89% comparable growth. Executed an approximately 45,000 square foot lease with a regional fitness tenant for the replacement of Regal Cinemas at Beaver Creek Crossing in Apex, NC. Signed notable new leases, renewals, or extensions with Altar'd State, Bath & Body Works, Occidental Petroleum, Total Wine & More and Sunglass Hut. Year-to-date openings include Politan Row and Culinary Dropout at Ashford Lane in Atlanta, Georgia; Ainsworth at Shops of Legacy in Plano, Texas; and Fogo de Chão at West Broad Village in Richmond, VA. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. PINE, a publicly traded net lease REIT. We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com. Safe Harbor Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management's present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company's ability to remain qualified as a REIT; the Company's exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Contact: Matthew M. Partridge Senior Vice President, Chief Financial Officer, and Treasurer (407) 904-3324 mpartridge@ctoreit.com
TikTok has a rule that strips workers of their stock if they ever bad-mouth the company: report 2024-03-11 21:06:33+00:00 - Speaking ill of TikTok reportedly comes at a cost for its workers. Restricted stock unit holders could lose their shares for disparaging TikTok, Fortune reports. The company is facing fresh scrutiny — and a bill calling for it to be sold or banned. 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 Bad-mouthing TikTok could come at a steep cost for current and former staffers. While the company offers restricted stock units (RSU) to employees — shares in the business as a type of compensation — a provision in a TikTok shareholder agreement states that the shares can be taken away, Fortune reports. The agreement bans RSU holders from making "critical, adverse, or disparaging" comments about the company, its affiliates, or employees. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Ukraine has been a disaster for Russia's troubled army, but the deadlock is shifting things in Moscow's favor, US intelligence says 2024-03-11 21:05:27+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Russia's military has suffered serious damage in the Ukraine war, but after more than two years of hard fighting, the deadlock on the battlefield is shifting the momentum in Moscow's favor, according to a newly released US intelligence assessment. The war has "incurred major, lasting costs for Russia," members of the US intelligence community wrote in an annual threat assessment, which was originally published in early February but released to the public on Monday. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. In the latest assessment, the US notes that Moscow's campaign not only "failed to attain" the subjugation of Ukraine that Russian President Vladimir Putin sought when he initiated a full-scale invasion, but it also united the West behind Kyiv, support for which materialized through security assistance and economic aid. The US said that Russia has suffered more losses in Ukraine than at any point since World War II, pegging the country's high casualties at "roughly" 300,000. This figure, which is based on information available as of late-January, is much lower than more recent Western estimates. Advertisement Ukrainian soldiers fire missiles from a Grad PC3B at Russian positions on March 5, 2024. Photo by Jose Colon/Anadolu via Getty Images Britain's defense ministry said earlier this month that more than 355,000 Russian soldiers have been killed or wounded in Ukraine and that February saw Moscow suffer its highest casualty rate of any month during the war, averaging nearly 1,000 losses each day. "The Russian military has and will continue to face issues of attrition, personnel shortages, and morale challenges," the US intel report said, but "its reliance on mines, prepared defensive positions, and indirect fires has helped it blunt Ukraine's offensives in 2023." There's been only limited movement over the past year. "Nonetheless, this deadlock plays to Russia's strategic military advantages and is increasingly shifting the momentum in Moscow's favor," the report continued. "Russia's defense industry is significantly ramping up production of a panoply of long-range strike weapons, artillery munitions, and other capabilities that will allow it to sustain a long high-intensity war if necessary." "Meanwhile, Moscow has made continual incremental battlefield gains since late 2023, and is benefitting from uncertainties about the future of Western military assistance," the report added. Advertisement A destroyed Russian tank is seen as Ukrainian serviceman rides a tractor and tows a Russian military vehicle near the village of Dolyna in Ukraine's Kharkiv region in September 2023. REUTERS/Gleb Garanich Last month, Russia captured the eastern Ukrainian city of Avdiivka after a bloody months-long campaign that came at a severe cost to Moscow, which expended a high amount of personnel and armored vehicles in the fight. The win has been characterized as Putin's biggest victory since the fall of Bakhmut last spring. War experts and British intelligence have said that Russia is building off the momentum of capturing Avdiivka and has advanced deeper into eastern Ukraine in recent weeks, taking advantage of the battlefield landscape by moving forward before Kyiv can build new defenses. A top White House official told reporters last week that Russia had captured several towns and villages west of Avdiivka and said Ukraine is having trouble holding its defensive lines due to a lack of military support from the US. Ukrainian soldiers fire artillery in the direction of Bakhmut on March 5, 2024. Photo by Diego Herrera Carcedo/Anadolu via Getty Images Although US intelligence asserts that Russia will have to endure "a multi-year recovery after suffering extensive equipment and personnel losses" in Ukraine, the report predicts that Moscow will ultimately be able to overcome its current deficiencies though other means. Advertisement One area of focus is the rebuilding of its ground forces. The US said Russia's successful military recruiting and increased defense spending will eventually leave it with a larger military than what it currently has, though it may not necessarily be a better one. But as it works to improve its more traditional conventional forces, Moscow will be more dependent on nuclear and space-related capabilities to provide strategic deterrence. "Russia's war of aggression against Ukraine has resulted in enormous damage at home and abroad," the report said, warning that "Russia remains a resilient and capable adversary across a wide range of domains and seeks to project and defend its interests globally and to undermine the United States and the West."
6 things we learned from the founder of Telegram's first interview in 7 years 2024-03-11 21:03:16+00:00 - What's next for Telegram? Founder Pavel Durov said profitability is coming, and maybe even an IPO. Durov gave his first public interview in seven years to the Financial Times. Here are the key takeaways. 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 In a rare new interview, Telegram founder Pavel Durov revealed that his company is nearing profitability, and may even enter the public market. The Russian-born founder of the encrypted messaging app, who's been called the "Mark Zuckerberg of Russia," spoke with the Financial Times in an article published Monday. It's the reclusive founder's first public interview since 2017, according to the outlet. Durov, who was forced to flee Russia in 2014, currently operates the company out of Dubai. Here are six key takeaways Durov divulged about his Dubai-based social media app. Advertisement Durov is considering taking Telegram public The 39-year-old billionaire who has full ownership of Telegram, told the Financial Times that he's exploring options to file an initial public offering (IPO) for Telegram. "Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram's value," Durov told the outlet. Durov added that he would consider allocating a percentage of stock for loyal users, an unusual move that fellow social media app Reddit announced it would do ahead of its own expected March IPO filing. Durov did not say when or where he might file the IPO, according to the Times. Advertisement Telegram's user base has dramatically increased Durov told the Financial Times the messaging app now has 900 million monthly active users. That's nearly double the 500 million he said in a Telegram post it had at the beginning of 2021. Telegram may soon become profitable Since creating a paid subscription option and introducing advertising on the app two years ago, Durov told the Times that Telegram has made "hundreds of millions of dollars" in revenue. And that could soon pay off for the company in the next year or so. Advertisement "We are hoping to become profitable next year, if not this year," Durov told the Financial Times. Durov is not ready to sell, despite offers Even though wannabe investors, including "global late-stage tech funds" have offered "$30 billion-plus valuations" for Telegram, Durov told the Times he won't be selling his platform, at least while he considers all his IPO options. "The main reason why we started to monetize is because we wanted to remain independent," Durov told the outlet. Telegram may develop an AI chatbot Durov said his company may consider raising funds to pay for its artificial intelligence ambitions and has even explored the possibility of creating an AI-powered chatbot. Advertisement Telegram could be the next way to meet that special someone Durov said starting this month, Telegram will begin sharing its marketing revenue with creators who run the platform's channels. And, users will soon be able to create business accounts on the app, he told the Times. Telegram is also adding a "social discovery" feature to the app that would help users connect with, and even date, people in their area, Durov told the Times.
Trump vs. Biden: Where 2024 presidential candidates stand on Social Security, Medicare 2024-03-11 20:54:00+00:00 - Former U.S. President Donald Trump watches a video of President Joe Biden playing during a rally for Sen. Marco Rubio (R-FL) at the Miami-Dade Country Fair and Exposition on November 6, 2022 in Miami, Florida. Joe Raedle | Getty Images News | Getty Images What we know about Trump's stance on Social Security In interviews during his campaign, Trump has generally rejected the idea of changes to Social Security, which he has said would hurt senior citizens. However, in a Monday interview with CNBC, Trump said that reining in spending on the program could be one way to improve the government's budget. "There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and bad management of entitlements," Trump said. Trump did not elaborate on the potential changes he had in mind. watch now President Biden responded to the interview by posting on X: "Not on my watch." It's not the first time Trump has suggested cuts to Social Security. In 2020, Trump proposed a budget as president that included an estimated $71 billion in cuts to the program, with changes some advocates feared would make it more difficult to stay on disability benefits. Also in 2020, during the Covid-19 pandemic, Trump suggested a payroll tax cut aimed at putting more money in workers' paychecks. However, such a policy would reduce the tax income Social Security and Medicare rely on. In recent interviews, Trump has mostly rejected the idea of changing Social Security. "You don't have to touch Social Security," Trump said during a recent Fox News town hall, suggesting other changes could come before cuts that would hurt senior citizens. How Biden aims to strengthen Social Security During the State of the Union on Thursday, President Biden promised to protect both Social Security and Medicare from cuts. "If anyone here tries to cut Social Security or Medicare or raise the retirement age, I will stop them," Biden said, while touting plans to "make the wealthy pay their fair share" through additional payroll taxes on people earning more than $400,000. On Monday, Biden reaffirmed his commitment with the release of a fiscal year 2025 budget proposal that states, "No benefit cuts." "The president opposes policies that cut benefits, as well as proposals to privatize Social Security," the budget states. Instead, the budget calls for extending the solvency of both Social Security and Medicare by requiring high income workers to pay taxes toward the program on more of their income. Biden calls for improving Social Security benefits, as well as Supplemental Security Income benefits, for seniors and people with disabilities, particularly those with low incomes.
New AI and 5G advancements will usher in the era of edge computing on smartphones, autonomous cars, and more 2024-03-11 20:41:38+00:00 - The AI boom is breathing life into edge computing, which moves data processing away from the cloud. The edge-computing boom could reduce costs and the environmental impact of powering AI. This article is part of "5G and Connectivity Playbook," a series exploring some of our time's most important tech innovations. 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. Artificial intelligence is driving us into the era of edge computing — two words you should expect to hear more in the coming months and years. Tech giants have poured billions of dollars into the cloud and spent years trying to get customers to move data onto remote servers. Now they're expanding to edge computing, which refers to moving more of the computation closer to the user (the "edge" of the network). Whether it's your smartphone, an autonomous car, or a security device in your home, edge computing means more of the heavy lifting happens on or near the device. That change could lead to lower latency, lower energy costs, and improved privacy and security as less sensitive information gets beamed to some far-flung server. The concept behind edge computing is nothing new, but the AI gold rush and improvements to 5G make it a perfect time for the space to take off. 5G lets devices on the edge communicate with one another and the cloud. While 5G had a slow and messy start, recent advancements could prove a shot in the arm for edge computing, which will require data connections to run seamlessly. Amazon had eyed edge computing as a billion-dollar business, Business Insider previously reported. The buzz around AI and its potential for edge computing also ignited talk at the Mobile World Congress, held in Barcelona last month. Jim Poole, the vice president of global business development at Equinix, said at an MWC panel that the move toward edge computing is accelerating in part because of the AI boom, which requires much more data to be processed. "Data gravity is a real thing," Poole said. "At some point, it becomes financially and physically impossible to transmit that data all the way back to someplace else." The latency benefits of edge are crucial with technologies such as driverless cars, which need to make split-second decisions. That's why autonomous vehicles have powerful computers that live on the vehicle itself. The same goes for medical equipment or devices used in dangerous types of manufacturing, where more computing needs to be done on the fly. The China International Import Expo in Shanghai. Aly Song/Reuters AI accelerates edge computing The industry has already seen some benefits of edge in smartphones, with a push to create better chips and software to allow more AI horsepower onto devices. This will also require AI companies to launch smaller language models that can run on less powerful devices. The Taiwanese chip company MediaTek had one of the most impressive demos at MWC this year: a smartphone-like device running a generative image maker powered by a Stable Diffusion AI model, which created and edited pictures in real time. Lenovo, which was also at the show, is making a big enterprise play by selling its "edge AI" servers to businesses and has plans to make moves in edge for consumers, Tom Butler, the executive director of Lenovo's laptop line, told BI. "If you think of bringing in generative workloads to device, first of all, I solve for time, security, and privacy, because I'm not pushing up to cloud and back down," he said. Edge computing could save energy Shifting AI closer to the user could have cost benefits for tech companies like OpenAI, Google, and Amazon, which run AI models on their servers at great expense. Edge computing could also have environmental benefits. The data centers that power AI in the cloud use an enormous amount of water and energy. Jillian Kaplan, the head of global 5G at Dell, said during an MWC panel that edge computing will be a "huge energy saver." " I think the sustainability topic has come and gone throughout the years," Kaplan said. "I don't think it's going to fluctuate again," she added. "I think, where we are, it has to stay top of mind, and these edge and AI capabilities are going to help us keep our equipment extremely energy efficient, which we have to do with the massive amounts of data coming in."
Virgin Voyages is pitching a monthlong cruise to remote workers starting at $10K for two people 2024-03-11 20:26:59+00:00 - Richard Branson's Virgin Voyages says it's launching a monthlong summertime cruise pass. Passholders would get to sail on four consecutive weeklong Mediterranean itineraries. The program, aimed at remote workers, starts at $9,990 for two people in one balcony cabin. 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 Richard Brandon's Virgin Voyages wants you to "WFH" this summer. No, not home — "Helm," it said. The adult-only cruise line says it's launching monthlong summertime passes, aptly known as the "Scarlet Summer Season Pass," starting at $9,990 for two people in one cabin. Say goodbye to your desk and hello to destinations like Ibiza, Spain; Cannes, France; and Civitavecchia (Rome), Italy. With this pass, travelers would sail on four consecutive weeklong Mediterranean cruises.
A key inflation reading is due out Tuesday morning. Here's what to expect 2024-03-11 20:21:00+00:00 - Shoppers are seen in a Kroger supermarket in Atlanta on Oct. 14, 2022. Elijah Nouvelage | AFP | Getty Images Rising gasoline prices likely put a floor under inflation in February, potentially reinforcing the Federal Reserve's decision to take a go-slow approach with interest rate reductions. Economists expect that prices across a broad spectrum of goods and services rose 0.4% on the month, just ahead of the January pace for 0.3%, according to the Dow Jones consensus. Excluding food and energy, the increase for core inflation is forecast at a 0.3% gain, also one-tenth of a percentage point above the previous month. On a year-over-year basis, headline inflation is expected to show a 3.1% gain and core inflation a 3.7% increase when the Labor Department's Bureau of Labor Statistics releases its latest reading on the consumer price index Tuesday at 8:30 a.m. ET. The respective 12-month readings in January were 3.1% and 3.9%. Though it has fallen sharply since its peak in mid-2022, inflation's resilience almost certainly will assure no Fed rate cuts at its meeting on April 30 to May 1, and possibly into the summer, according to current market pricing. Markets were rattled in January when the CPI data came in higher than expected, and Fed officials shifted their rhetoric afterward to a more cautious tone about easing policy. "While we do not expect the trend in inflation to re-accelerate this year, less clear progress over the next few months is likely to keep the Fed searching for more confidence that inflation is on course to return to target on a sustained basis," Sarah House, senior economist at Wells Fargo, said in a recent client note. Energy prices had eased earlier in the winter, putting some downward pressure on headline readings. But Wells Fargo estimates that energy services rebounded 4% in February, leading to an increase at the pump, where a gallon of regular gas is up about 20 cents, or more than 6%, from a month ago, according to AAA. The bank also estimates that goods prices have held their ground despite an easing in supply chain pressures and pressure from higher interest rates. On the brighter side, the House said lower prices on travel, medical care and other services helped keep inflation in check. Still, Wells Fargo has raised its full-year inflation forecast. The bank's economists now expect core CPI to run at a 3.3% rate this year, up from the previous 2.8% estimate. Focusing on the core personal consumption expenditures price index, the preferred Fed gauge, Wells Fargo sees inflation at 2.5% for the year, versus a prior estimate of 2.2%. watch now Wells Fargo isn't alone in expecting a higher pace of inflation. In its February survey of consumers, the New York Fed found that while respondents held to their one-year outlook for inflation at 3%, their expectations at the three- and five-year horizons accelerated to 2.7% and 2.9% respectively, both well ahead of the central bank's 2% target. While increases in gas prices can play an outsize role in monthly fluctuations for the survey, the outlook for gas price increases was actually relatively benign.
Kate Middleton's photo fail upholds a royal tradition of secrecy 2024-03-11 20:18:47+00:00 - A photo that Kensington Palace issued on Sunday to commemorate Mother’s Day in the United Kingdom shows Kate, Princess of Wales, smiling with her arms around the three children that she shares with Prince William. It seemed benign enough, but soon after the photo was issued, photo agencies spread the word that the picture provided should no longer be used, as it appeared “the source has manipulated the image,” as The Associated Press said in its notification. Prince of Wales / Kensington Palace / AP If it were any other family, this would be a nonstory. But there are few things in this world as tightly controlled as the British royal family’s public image. Over the last century, the Windsors have fostered a symbiotic, though often times toxic, relationship with the media. This latest tempest in a teapot — which only heightens previously swirling rumors about the family — illustrates how the tight flow of information that the royals cultivate could potentially stoke the very suspicion and mistrust that could help hasten the monarchy’s fall from grace with the British public. It’s worth saying up front that an NBC News analysis of the photo that received a “kill notice” doesn’t seem to imply any sort of nefarious cover-up. Instead, photography experts said that the changes that could be discerned may simply have been “to circumvent the challenge of getting three kids to sit still and smile all at the same time.” In a post from the official X account for the Prince and Princess of Wales, the royal household seemed to obliquely back that theory, apologizing for “any confusion” the picture may have caused: But there’s a reason why Kate, whose full name is Catherine (and who was formerly known as Kate Middleton), would even feel the need to try to issue such a clarification — and why a written post on X is unlikely to end any speculation. The princess has been out of the public eye since Christmas Eve, when she attended mass with her family. Weeks later, the palace issued a surprise announcement that she’d undergone abdominal surgery. Few details were given in the Jan. 17 statement, only that the procedure had been previously scheduled and a success. No official photos of her had been previously released since she reportedly left the hospital almost two weeks later. But Kate is not the only royal unable to perform her duties. Her surgery was disclosed days before Buckingham Palace announced that King Charles III had been admitted to a private hospital to be treated for a benign prostate enlargement. After both the king and princess had been discharged, the family announced that the doctors treating Charles had discovered an unrelated — and so far, unnamed — form of cancer in the process. Charles has since stepped aside from duties during his treatment, leaving William and Queen Camilla to fill the void. It is only with the active interest and support of the masses that the monarchy survives It feels almost too obvious a point to note that Charles, 75, will likely not reign nearly as long as his late mother, Queen Elizabeth II, under whose lengthy tenure much of the current dynamic between the royal household and the media was developed. Elizabeth’s enduring influence means the palace provides crumbs of information to chosen outlets when it suits them and attempts to crush any unapproved gossip. Likewise, the British media is alternately slavishly compliant with royal wishes to retain access and deeply prying into the Windsors’ personal lives in the hopes of unearthing new scandals. It’s clear that the family intends to keep a tight wrap on any details about Charles and Kate’s health, giving almost nothing to the media. But into the information void has poured a plethora of conspiracy theories about the meaning of Kate’s absence, in particular. These range from speculation about her health to a resurgence of rumors about potential infidelity from William. (Kensington Palace has not publicly acknowledged the rumors to confirm or deny them.) The photo on Sunday was likely a botched effort to quell some of the myriad whispers, but between the manipulation issue and the fact that they chose to post a written apology — rather than posting a proof-of-life video, for example — that seems to have been for naught. As I argued when Elizabeth died in 2022, it will likely fall to William, 41, the duty to bolster the crown’s popularity and thereby its place in British society. It is only with the active interest and support of the masses that the monarchy survives, as the last vestiges of authority over the elected government linger after centuries of democratic reforms. As of last year, William is the second-most popular royal in YouGov’s rankings, still behind his late grandmother but ahead of both Charles and Kate. The careful stage managing of the Prince and Princess of Wales’ lives is meant to keep that popularity high. The problem that the monarchy faces, though, is that tension between a desire to keep some of the mystery of the crown alive while also providing the transparency that a modern society demands of its leaders. The reasons behind Kate’s withdrawal from the limelight could be as simple as the reasons why any mother of three would want to tweak a picture of her kids before sharing it with her friends. But if the royal family is to be held up as extraordinary, justifying their continued splendor and regalia, then the mundane becomes inaccessible to them. Every edit becomes international news — and any alternative would be akin to breaking the spell that keeps them aloft in the first place.
How major US stock indexes fared Monday, 3/11/2024 2024-03-11 20:14:07+00:00 - Stock indexes drifted to a mixed close as Wall Street prepared for a report on inflation that could show how realistic its hopes for easier interest rates are. The S&P 500 slipped 0.1% Monday, coming off just its third losing week in the last 19. It’s still near the all-time high it set on Thursday. The Dow Jones Industrial Average edged up 0.1%, and the Nasdaq composite fell 0.4%. If economists are correct, Tuesday’s report on prices at the consumer level could show inflation remained at 3.1% in February. Treasury yields edged higher in the bond market. Bitcoin hit another record. On Monday: The S&P 500 fell 5.75 points, or 0.1%, to 5,117.94 The Dow Jones Industrial Average rose 46.97 points, or 0.1%, to 38,769.66. The Nasdaq composite fell 65.84 points, or 0.4%, to 16,019.27. The Russell 2000 index of smaller companies fell 16.83 points, or 0.8%, to 2,065.88. For the year: The S&P 500 is up 348.11 points, or 7.3%. The Dow is up 1,080.12 points, or 2.9%. The Nasdaq is up 1,007.92 points, or 6.7%. The Russell 2000 is up 38.81 points, or 1.9%.
Court upholds town bylaw banning anyone born in 21st century from buying tobacco products 2024-03-11 20:12:48+00:00 - BROOKLINE, Mass. (AP) — A Massachusetts town that adopted an unusual ordinance banning the sale of tobacco to anyone born in the 21st century is being looked at as a possible model for other cities and towns hoping to further clamp down on cigarettes and tobacco products. The bylaw — the first of its kind in the country — was adopted by Brookline in 2020 and last week was upheld by the state’s highest court, opening the door for other communities to adopt similar bans that will, decades from now, eventually bar all future generations from buying tobacco. The rule, which bans the sale of tobacco to anyone born on or after Jan. 1, 2000, went into effect in 2021 in the town of about 60,000 next to Boston. Under a Massachusetts law signed by former Republican Gov. Charlie Baker in 2018, anyone under the age of 21 is already barred from purchasing any tobacco product — including cigarettes, cigars and e-cigarettes — in the state. Supporters of the Brookline measure point out that state law acknowledges the authority of local communities to enact their own measures to limit the sale of harmful products. Critics of the Brookline law, including convenience store owners who rely on the sales of tobacco products for a significant portion of their income, disagreed however, arguing that the Brookline law conflicts with the 2018 state law which allows those over the age of 21 to purchase tobacco products — and would establish two sets of adults, one that could buy cigarettes and one that couldn’t. The Massachusetts Supreme Judicial Court sided with Brookline, noting that cities and towns “have a lengthy history of regulating tobacco products to curb the well-known, adverse health effects of tobacco use.” “Importantly, state laws and local ordinances and bylaws can and often do exist side by side,” the court added. “This is particularly true of local ordinances and bylaws regulating public health, the importance of which we have long acknowledged.” Peter Brennan, executive director of the New England Convenience Store and Energy Marketers Association, said the group is looking into possibly appealing the decision to the U.S. Supreme Court. He noted that while the law targets tobacco, the rules for marijuana remain the same. “It’s a question of how else can we demonize this product,” Brennan said. “It’s about trying to be a trendsetter, tying to be first in the nation.” Jon Hurst, president of the Retailers of Massachusetts Association, also criticized the ruling, saying it could lead to a hodgepodge of rules, “351 different rules doesn’t make sense for interstate commerce. Local gov should focus on schools, public safety, trash services, etc.,” Hurst wrote on wrote on X, formerly known as Twitter. Brookline’s approach only targets the next generation of would-be tobacco users, not current purchasers, according to Mark Gottlieb, executive director of the Public Health Advocacy Institute at Northeastern University’s School of Law, which represented Brookline. “Friday’s ruling makes it absolutely clear that any city or town in Massachusetts can start the clock on ending the sale of tobacco products by following Brookline’s example without fear of a legal challenge,” Gottlieb said. Other governments have considered similar measures. In 2022, New Zealand passed a similar law intended to impose a lifetime ban on young people buying cigarettes by mandating that tobacco can’t ever be sold to anybody born on or after Jan. 1, 2009. The country’s new prime minister has said he plans to repeal the law. U.K. Prime Minister Rishi Sunak last year proposed raising the legal age that people in England can buy cigarettes by one year, every year until it is eventually illegal for the whole population. A handful of Massachusetts towns have weighed similar bans, including proposals that would ban the sale of tobacco or e-cigarette products to anyone born on or after Jan. 1, 2004. Massachusetts in recent decades has taken a number of steps to curbs smoking in the state, including raising taxes on cigarettes. In 2022, 10.4% of adults in Massachusetts reported current cigarette smoking. The court pointed to an earlier ruling in the case of a company that was licensed to operate cigarette vending machines in Provincetown. The group argued that a state law only banning vending machine sales of cigarettes to minors preempted a local ordinance banning all vending machine cigarette sales. The court sided with the town, arguing that the state and local laws were not inconsistent because both banned the vending machine sale of cigarettes to minors.
Trader Joe's $2.99 mini tote bags now sell for $500 on eBay 2024-03-11 20:06:00+00:00 - Wildly popular mini canvas tote bags from Trader Joe's are being resold online for nearly 200 times their retail price. The downsized versions of the grocery retailer's traditional resuable totes, which come in four colors and cost $2.99, have become somewhat of a sensation, selling out at stores across the U.S. That's led fans of the bags to scour for them on platforms including eBay, where a set of four tote bags listed on Monday for $499.99. That breaks down to $125 per bag. Another eBay listing prices a single red mini-tote bag at $280. Other listings have slightly more affordable prices, although are still about six times their original cost. On eBay, Trader Joe's mini tote bags are selling for as much as $499.99 EBay.com It's unclear why the limited edition bags have proven to be so popular. They measure 11 inches long by 6 inches wide and 13 inches high. Some social media users say they plan to use them as lunch bags. In a statement to CBS MoneyWatch, Trader Joe's said that the bags sold much faster than the grocer had expected. "Before we had the opportunity to promote them in any way, customers across the country found them at their neighborhood Trader Joe's," a company spokesperson said. Trader Joe's added that it does not endorse the resale of any of its products on any marketplace. TikTok user @Valeriak, who documented her visit to her local store to purchase the mini canvas bags, showed customers lining up to buy the coveted totes. In her video, which features plenty of stock, a manager can be heard announcing a five bag limit per customer. "Not gonna lie, that was a little embarrassing waiting on line for a tote bag," she said. "Especially because there were so many. There were so many left."
Donald Trump’s tariff push undermines his inflation argument 2024-03-11 19:58:58+00:00 - Polls show that Americans’ concerns about inflation are driving down perceptions of an otherwise strong economy, creating a major problem for President Joe Biden as he seeks re-election. To further complicate things for Biden, there’s little he can do as president to lower prices. That’s why he’s focused on things he can control, such as forgiving student debt, fighting junk fees and capping the cost of insulin for seniors on Medicare. In a normal election year, Biden’s Republican challenger would have an easy task: constantly remind voters about inflation, blame the president’s economic policies for causing it and make some vague promises, if elected, to fix it. Donald Trump has gotten the first two parts of that formula down. But in his typical eat-the-chess-pieces approach to strategy, the presumptive GOP nominee has proposed a policy that would, if anything, make inflation worse. For months, Trump has called for imposing a 10% across-the-board tariff on all imported goods. This approach would be far broader in scope than the strategy of his previous term. During those four years, Trump levied tariffs on everything from aluminum to washing machines, but did so in a far more scattershot fashion. This new strategy would be a shocking shift in U.S. policy and affect literally every corner of the economy. Not that Trump is concerned: In an interview Monday with CNBC, he repeated his love of tariffs. “I’m a big believer in tariffs,” he said on “Squawk Box,” adding that they “give you power in dealing with other countries.” In the past, Trump has promised a lot of things that he didn’t follow through on, but he’s unusually consistent on his love of tariffs. Voters should expect that he will reimpose them if elected, especially since Congress has largely ceded the handling of tariffs to the White House in recent decades. It’s almost hard to wrap your head around how massive Trump’s proposal is. It’s almost hard to wrap your head around how massive Trump’s proposal is. According to the Office of the U.S. Trade Representative, the U.S. imported some $3.2 trillion worth of goods in 2022, making us the largest importer in the world. Imagine that you are a foreign executive who is sending those products to the U.S. and you’re slapped with a 10% tariff. What are you going to do: pay the cost out of your own coffers, hurting the company’s bottom line, angering shareholders and possibly losing your job as a result? Or just raise prices 10% to cover the cost? That’s why the nonpartisan — but generally business-friendly — Tax Foundation, a D.C. think tank, argues that Trump’s universal tariff would essentially amount to a $300 billion tax on U.S. consumers, who will end up paying their costs. And it would disproportionately hurt the working class, to boot, since poor people spend a higher percentage of their household budget on basic necessities like food that would be affected by rising prices. And those are just the initial effects. Economists warn that broad-based tariffs would likely set off a trade war as countries hurt by the new Trump policy retaliate with their own tariffs, hurting U.S. manufacturers that rely on exports as well. Indeed, that’s exactly what happened in Trump’s first term, as China's retaliatory tariffs hurt U.S. agricultural exports and disrupted U.S. manufacturing supply chains. Trump likes to cite his business background as a reason why he can handle the economy. His time in office already showed this to be a myth, and in this case, his background has proved particularly detrimental. Trump’s background is not in business broadly, but in real estate. The deals he made there were generally zero-sum, with one side’s win meaning a loss for the other. (If you’ve bought a house, you’ve seen this in action. Either you or the seller have to pay for that property survey and that title search. There’s no win-win solution.) The economy doesn’t work that way. China can make money selling cheap goods to America, and U.S. consumers can also benefit from those low prices. But the economy doesn’t work that way. China can make money selling cheap goods to America, and U.S. consumers can also benefit from those low prices. And conversely, a tariff on imports can hurt Chinese manufacturers while also harming American businesses. It remains to be seen how voters will respond to all of this. Polls show a broad majority of voters are supportive of additional tariffs on China, but there’s not much evidence that they support a broad tariff on every import like Trump is proposing, especially if the Biden campaign makes clear what the effects would be. For now, Trump has the advantage on the argument about high prices. But he’s betting it all on a risky proposal that would raise them even higher.
U.S. Judge Blocks Rule Extending Reach of Labor Law to Franchisers 2024-03-11 19:58:45+00:00 - A federal judge, siding with business lobbying groups, has blocked a rule that would broaden the reach of federal labor law to make big franchisers like McDonald’s responsible for the conditions of workers they have not directly hired. The judge, J. Campbell Barker of the United States District Court for the Eastern District of Texas, on Friday vacated a rule issued by the National Labor Relations Board determining when a company is a joint employer, making it liable under labor law for the working conditions of those hired by a franchisee or provided by a staffing agency. He said the rule, which was to go into effect Monday, was too broad. The decision by Judge Barker, a nominee of former President Donald J. Trump, keeps in place a more business-friendly standard for assigning legal liability. Unions and employees support the rule because it makes it easier to bargain for better conditions, while franchisers say it would disrupt their business model.