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Hollywood strike matches the 100-day mark of the last writers' strike in 2007-2008 2023-08-09 - Picketers carry signs outsie of Netflix on Wednesday, Aug. 9, 2023, in New York. The Hollywood writers strike reached the 100-day mark today as the U.S. film and television industries remain paralyzed by dual actors and screenwriters strikes. (AP Photo/Jocelyn Noveck) Picketers carry signs outsie of Netflix on Wednesday, Aug. 9, 2023, in New York. The Hollywood writers strike reached the 100-day mark today as the U.S. film and television industries remain paralyzed by dual actors and screenwriters strikes. (AP Photo/Jocelyn Noveck) Picketers carry signs outsie of Netflix on Wednesday, Aug. 9, 2023, in New York. The Hollywood writers strike reached the 100-day mark today as the U.S. film and television industries remain paralyzed by dual actors and screenwriters strikes. (AP Photo/Jocelyn Noveck) Picketers carry signs outsie of Netflix on Wednesday, Aug. 9, 2023, in New York. The Hollywood writers strike reached the 100-day mark today as the U.S. film and television industries remain paralyzed by dual actors and screenwriters strikes. (AP Photo/Jocelyn Noveck) NEW YORK -- TV late-night comedy scribe Greg Iwinski, 38, was still only an aspiring writer when Hollywood writers held their landmark strike in 2007-2008. But as he manned the picket lines Wednesday — the day the current strike hit its 100th day, matching the length of the previous one — he was keenly aware of all the history involved. “I got a residual check yesterday for a show I worked on, because people went on strike in 1960, before I was even born,” he said. “And so knowing that we could be doing that for people 60 years from now is incredibly motivating.” And yes, said Iwinski, who has written for “The Late Show with Stephen Colbert,” “Last Week Tonight with John Oliver,” and other shows, 100 days is a long time — but he is prepared to strike as long as it takes. “Today is our 100th day of striking and we're striking for the same thing we were on Day One, which is a fair contract,” he said. “We have the same two pages of proposals and the studios have not yet responded to all those proposals ... so I guess until that happens, we'll still be out here.” Wednesday's milestone comes as the U.S. film and television industries remain paralyzed by dual strikes by its actors and screenwriters. There's no foreseeable end — a negotiating session last week involving Hollywood studios and streamers and the striking writers ended with little progress. Television networks are a month away from starting a new fall season, and broadcasters have already put contingency plans in place for programming that excludes their most popular scripted series. Hollywood’s actors began their strike July 14, creating the first dual strike since 1960. Issues at play for both unions include the use of artificial intelligence and residuals related to streaming. The Writers Guild of America held special pickets marking the 100th day in both New York and Los Angeles. Outside the Netflix offices on Broadway in Manhattan, the scene had an upbeat feel. A steady stream of protesters — both writers and their actor allies in SAG-AFTRA — danced, pounded on drums and chanted slogans as they marched around the city block. Befitting writers, signs were markedly creative: “This Barbie is striking!!!” “Not Kenough.” “The only free writing you deserve is this sign.” “Writers make people happy (and sad).” And the simple: “No wages, no pages.” Nicole Conlan, a striking comedy writer for “The Daily Show,” said that despite being on strike since May 2, she's been so busy organizing on the picket lines that “I woke up today, the 100th day, and it feels like we've just started.” “We don’t want to be out of work,” said Conlan, 33, “but the mood is very high because we still have all this support after 100 days. Compared to previous strikes, it really feels like people understand what we’re doing and people still are really throwing their support behind us." “The things that we're fighting for apply not just to the industry but to the entire economy,” Conlan said. “In every industry people can see Wall Street and tech finding a way to make careers into gig jobs — so even though we do a very weird kind of job, writing, it's easy for the layperson to see our jobs becoming gig jobs, and to see how that applies to their job as a nurse, or as a flight attendant, or as a construction worker.” Vicki Winters, a standup comic who was picketing alongside the writers, played the drums as her colleagues marched. “Corporate greed has got to go,” said Winters, 66. “They are taking advantage of the workers of the Screen Actors Guild, the Writers Guild, pretty much every worker that’s at the ground level ... while billionaires, millionaires choose a number they pull out of the air, like ‘I’m going to pay myself $11 million,’ and meanwhile the guy downstairs is going to make $7.25 an hour.”
3 Stocks to Buy No Matter Which Way Inflation Moves 2023-08-09 - Key Points As the price of oil rises, inflation is likely to reverse its downward trajectory of the last year. A sound strategy is to look for stocks that are proven performers regardless of inflation concerns. Costco: The company’s business model ensures stable revenue and earnings regardless of inflation. Estee Lauder: The stock appears to have overcorrected which leaves room on the upside even with higher inflation. Texas Instruments: This “boring” tech stock continues to prioritize shareholder value. 5 stocks we like better than Costco Wholesale On August 10th and August 11th, investors will get the next read on inflation. On August 10, the latest read on the Consumer Price Index (CPI) is released. That will be followed by the Producer Price Index (PPI) on Friday. Many economists and market analysts are forecasting that core inflation will move higher on a year-over-year basis. But the real story is not likely to show up until September or later. That’s because the current reading will reflect oil prices that were in the upper $70 range. But investors and consumers are noticing that oil prices are on the rise. And the U.S. Energy Information Administration (EIA) recently updated its forecast and expects the price of crude oil to average $86 a barrel for the second half of the year as domestic oil production rises by 850,000 barrels a day. This means tomorrow’s number may lull investors into a false sense of security as to the direction inflation is headed. And that may have an effect on the economy as well as your portfolio. That’s why now is a good time to revisit your 2022 playbook and find stocks that are likely to perform well no matter which direction inflation heads. Here are three stocks to consider. Membership Has Benefits for Consumers and Shareholders The first stock to consider is Costco Wholesale Corporation NASDAQ: COST. The company’s sales and profits held up well in 2020 and 2021 despite the restrictions imposed by a global pandemic. Earnings grew 13% in 2022 despite rising inflation. And that year-over-year growth has continued into 2023. This is about more than a great deal on a hot dog lunch. Costco benefits from its business model as a membership club. Consumers pay annual dues to belong to the club and that acts as an incentive for them to shop there regardless of what is happening in the economy. And consumers aren’t the only beneficiaries. Investors in COST stock have been treated to a 148% gain in the company’s stock price in the last five years. Plus, they get a dividend which currently has an annual payout of $4.02 per share and has been increasing for 19 consecutive years. This Stock May be Ready for Its Close Up or a Closer Look Shares of The Estée Lauder Companies Inc. NYSE: EL are down 32% in 2023 and are down 54% since December 31, 2021. However, when you look at the company’s revenue and earnings picture, this looks like a case of a stock getting above its skis and then overcorrecting in the other direction. Estee Lauder stock cratered in the first quarter of 2020 at the onset of the pandemic. But shares quickly began to rise as many investors believed that demand for the company’s skin care, cosmetics and fragrance, and hair care products would accelerate in anticipation of the economy reopening. Revenue and earnings are down on a year-over-year basis in 2023. Which is interesting because it shows that revenue and earnings growth accelerated in 2022 as inflation was rising. However, it’s the bottom line that is causing some concern. Earnings were down 75% year-over-year in its May earnings report. This is largely due to softness in Asia. Critics will cite the fact that analysts are lowering their price targets for EL stock. That’s true, but the revised price targets are still well above the current stock price. And even if consumers cut back discretionary purchases due to higher inflation, the company has proved that consumers are willing to prioritize its products in a higher price environment. A Safe Choice in the Tech Sector Texas Instruments, Inc. NASDAQ: TXN won’t be fogging the mirror of many investors in the age of artificial intelligence (AI). While there are plenty of AI stocks that belong in your portfolio, rising inflation is a good reason to make sure you have balance in your portfolio. That can mean looking at a company that is the market leader in analog and embedded chips and has a global customer base of over 100,000. This provides a broad, stable revenue base. And the company uses that revenue to prioritize shareholder value. In its most recent quarter, the company generated a 17% free cash flow margin. That’s in addition to a dividend that has a yield of 2.96% and has been increasing for the last 19 consecutive years. The company’s “boring” performance may not excite investors in a risk-on market. However, as sentiment moves to a more risk-off tone, you can expect shares of TXN stock to look more attractive. Before you consider Costco Wholesale, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Costco Wholesale wasn't on the list. While Costco Wholesale currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
7 Best Fintech ETFs to Buy Now 2023-08-09 - Key Points Financial technology (fintech) has influenced the global financial landscape and reshaped traditional financial services. Exchange-traded funds (ETFs) lead the way as preferred investment vehicles for accessing the fintech sector. Learn how ETFs provide diversified exposure to innovative companies driving fintech disruption as well as the potential and pitfalls of fintech ETFs. 5 stocks we like better than Amplify Transformational Data Sharing ETF In a world where financial technology (fintech) has reshaped how we handle money, investing in fintech has never been more enticing. From cutting-edge payment solutions to revolutionary blockchain technology, fintech companies pave the way for a new era of financial services. As the industry continues its rapid growth, savvy investors seek opportunities to ride this wave of innovation. But with so many fintech ETFs, how do you pick the ones that will propel your portfolio to new heights? Check out our list of top fintech ETFs that could revolutionize your investment strategy and capitalize on the financial technology revolution. Overview of Fintech ETFs Fintech exchange-traded funds (ETFs) have emerged as a popular and enticing investment option in the ever-evolving financial technology landscape. These fintech funds, designed to track the performance of a basket of fintech companies, are at the forefront of technological innovation in the financial services industry. Fintech encompasses many innovative solutions, including mobile payments, blockchain technology, digital banking, peer-to-peer lending and more. Investing in fintech ETFs offers several compelling advantages for investors seeking exposure to this dynamic sector. First and foremost, fintech ETFs provide diversification, spreading investment risk across multiple companies within the industry. Diversification helps mitigate the impact of individual company volatility and enhances the potential for consistent returns. Furthermore, fintech ETFs offer a hassle-free and cost-effective way to invest in this cutting-edge sector. With a single purchase, investors gain access to a well-balanced portfolio of fintech companies, eliminating the need for extensive research and individual stock selection. The fintech industry's rapid growth and disruptive potential drive investor interest in these ETFs. As technological advancements continue to reshape traditional financial services, fintech companies are well-positioned to capitalize on the changing landscape. Investing in fintech ETFs can help you tap into growth potential and benefit from the continued expansion of the fintech industry. Additionally, fintech ETFs cater to diverse investment goals and risk appetites. Whether you seek long-term growth, income or exposure to specific fintech subsectors, various ETFs can suit your investment strategies. For those seeking socially responsible investment options, some fintech ETFs focus on companies promoting financial inclusion, sustainable practices and ethical financial services. You can even align fintech investing with the growing interest in investing with environmental, social and governance (ESG) factors in mind. ETFs allow you to participate in the innovation and disruption in the financial services industry. Conduct thorough research and understand the ETF's underlying holdings, expense ratios and management style to select an ETF that aligns with your investment objectives and risk tolerance. As the fintech sector continues to evolve, fintech ETFs offer a compelling opportunity to be at the forefront of technological advancements and the transformation of the financial services landscape. Why Invest in Fintech ETFs? The fintech industry has experienced remarkable growth, driven by technological advancements and changing consumer behaviors. As the demand for innovative financial solutions increases, so does the appeal of investing in fintech ETFs. One of the key advantages of fintech ETFs is diversification. Investing in a single fintech ETF exposes you to a broad spectrum of fintech companies across various subsectors. This diversification helps to spread risk, reducing the impact of individual company performance on the overall investment. Fintech ETFs offer a more balanced and controlled approach than investing in individual fintech stocks, which can be more volatile and carry higher risk. Liquidity is a crucial benefit of investing in fintech ETFs. Being traded on major exchanges, these ETFs can be easily bought or sold, allowing investors to access their investments quickly when needed. This liquidity provides flexibility and convenience, particularly during market volatility or when capital requirements change. Fintech ETFs are also known for their cost-effectiveness. With low expense ratios compared to actively managed funds, these ETFs can help you keep more investment returns. The cost-saving feature makes fintech ETFs an attractive option for long-term investors looking to capitalize on the potential growth of the fintech industry. Despite the promising prospects, it is essential to recognize the associated risks of investing in fintech ETFs. The fintech industry is relatively young and evolving rapidly, introducing uncertainty regarding future developments. Additionally, fintech companies are subject to regulatory risk as governments worldwide increasingly implement regulations to address fintech's impact on financial services. Moreover, fintech ETFs can be subject to price volatility, exposing investors to potential losses. As with any investment, carefully consider individual risk tolerance and conduct thorough research before making decisions. Investing in fintech ETFs presents an opportunity to participate in the ongoing transformation of the financial services industry. These ETFs offer diversification, liquidity and cost-effectiveness, making them attractive for investors seeking exposure to the booming fintech sector. However, remain aware of the inherent risks and perform due diligence to align your investment strategy with your financial goals and risk appetite. Seven Best Fintech ETFs to Buy Now Now that we have reviewed the reasons for investing in fintech ETFs, let's look closely at some of the top players in this exciting space. Each ETF has its unique approach, investment strategy and a diverse portfolio of fintech companies driving innovation in the financial technology sector. These ETFs offer you a convenient and well-managed pathway to gain exposure to the flourishing world of fintech. Name Ticker Assets under management (AUM) Holdings ARK Fintech Innovation NYSEARCA: ARKF $996 million 37 iShares Exponential Technologies NASDAQ: XT $3.3 billion 223 Global X FinTech Thematic NASDAQ: FINX $411 million 67 Amplify Transformational Data Sharing NYSEARCA: BLOK $563 million 51 Capital Link Global Fintech Leaders NYSEARCA: KOIN $14.3 million 50 BlackRock Future Financial and Technology NYSEARCA: BPAY $4.3 million 40 ETFMG Prime Mobile Payments NYSEARCA: IPAY $422 million 57 ARK Fintech Innovation ETF ARK Fintech Innovation ETF NYSEARCA: ARKF is a dynamic and actively managed exchange-traded fund focusing on companies leading the financial technology industry. With a strong track record of growth, ARK Fintech Innovation ETF has garnered attention as a popular choice among investors seeking exposure to the burgeoning fintech sector. ARK Fintech Innovation ETF's investment strategy revolves around selecting companies at the forefront of innovation in the fintech space. By targeting firms that offer transformative technologies and solutions, such as Square, PayPal and Upstart, the fund aims to capitalize on the rapid evolution of financial services. Managed by the renowned investment manager Cathie Wood, ARK Fintech Innovation ETF benefits from Wood's expertise and forward-looking approach to disruptive innovation. Wood's focus on identifying potential game-changers and her successful stock-picking track record have contributed to ARK Fintech Innovation ETF's appeal among investors. One of the key attractions of ARK Fintech Innovation ETF lies in its low expense ratio, which enables investors to retain a larger share of their investment earnings. This cost-efficient structure aligns with the fund's mission of providing access to promising fintech opportunities while optimizing returns. The ARK Fintech Innovation ETF's holdings portfolio consists of 30 companies, with a significant weight in leading companies like Coinbase Global NASDAQ: COIN, Shopify NYSE: SHOP, Block NYSE: SQ and DraftKings NASDAQ: DKNG. The fund's holdings reflect a diverse mix of fintech subsectors, offering comprehensive exposure to the fintech landscape. The ARK Fintech Innovation ETF allows investors to participate in growth and innovation within the fintech industry. While the sector may face challenges, ARK Fintech Innovation ETF's emphasis on transformative technologies and its active management approach may continue to position it as a compelling choice for those looking to capitalize on the fintech industry's disruptive potential. iShares Exponential Technologies ETF The iShares Exponential Technologies ETF NASDAQ: XT presents an enticing opportunity for investors seeking to ride the wave of exponential technologies. This broad-based exchange-traded fund targets companies driving innovation across various transformative sectors. From artificial intelligence to blockchain, gene editing and robotics, iShares Exponential Technologies ETF offers exposure to technologies with the potential to reshape industries and create new markets. What makes iShares Exponential Technologies ETF NASDAQ: XT stand out is its comprehensive exposure to multiple exponential technologies. iShares Exponential Technologies ETF holdings contain over 223 assets. The fund offers broad-based exposure, strategically selecting companies developing and implementing exponential technologies. Exponential technologies improve and evolve rapidly, often accelerating and leading to transformative changes in various sectors. This comprehensive approach allows investors to tap into various potential growth opportunities. iShares Exponential Technologies ETF boasts a low expense ratio, allowing investors to retain a significant portion of their investment returns. The fund is liquid, ensuring easy trading and accessibility. Despite its appeal, investing in the technology sector carries inherent risks. The technology sector is known for its volatility, with prices subject to sharp fluctuations in the short term. The future of exponential technologies remains to be determined, making long-term performance predictions challenging. While iShares Exponential Technologies ETF has shown impressive returns, carefully consider these risks and conduct thorough research before making investment decisions. Global X FinTech Thematic ETF The Global X FinTech Thematic ETF NASDAQ: FINX is an exchange-traded fund focusing on investing in companies at the forefront of the emerging financial technology sector. This sector encompasses a range of innovations, transforming established industries like insurance, investing, fundraising and third-party lending through mobile and digital solutions. The Global X Fintech ETF seeks to provide investment results that correspond to the price and yield performance of the Indxx Global FinTech Thematic Index. One of the key reasons we chose the Global X FinTech Thematic ETF for our list includes its broad-based exposure to the fintech industry. FINX holdings include various companies engaged in fintech, including payment processors, lending platforms and cryptocurrency exchanges, offering investors access to diverse potential growth opportunities, broad-based exposure, a low expense ratio and funds liquidity. Amplify Transformational Data Sharing ETF The Amplify Transformational Data Sharing ETF NYSEARCA: BLOK is a distinctive exchange-traded fund (ETF) focusing on companies involved in blockchain technology. Launched in 2018, Amplify Transformational Data Sharing ETF is an actively managed portfolio of global equities centered around blockchain development. Managed by Amplify, this ETF offers investors exposure to various blockchain companies, including cryptocurrency exchanges, infrastructure providers and software developers. Checking Amplify Transformational Data Sharing ETF chart provides insight into whether the active management approach has been paying off. Blockchain can revolutionize industries like finance, healthcare and supply chain management. Amplify Transformational Data Sharing ETF was chosen for its unique investment approach in this transformative technology. Investing in Amplify Transformational Data Sharing ETF comes with notable advantages. It provides broad exposure to blockchain technology, offering the potential for growth and innovation. With a low expense ratio, investors can maximize their returns. Moreover, Amplify Transformational Data Sharing ETF is a liquid ETF, allowing easy access to funds. Capital Link Global Fintech Leaders ETF The Capital Link Global Fintech Leaders ETF NYSEARCA: KOIN is an exchange-traded fund focusing on companies leading innovation in the financial technology industry. It is based on the ATFI Global Fintech Leaders index, which tracks an equal-weighted selection of stocks globally as fintech leaders. Managed by Capital Link, the ETF launched in 2018. Capital Link Global Fintech Leaders ETF offers exposure to a basket of global fintech leaders, making it a strategic choice for those interested in the future of the fintech industry. With a low expense ratio, investors can retain more of their earnings, and its liquidity allows for easy buying and selling. Capital Link Global Fintech Leaders ETF has distinct advantages that make it a compelling choice. Capital Link Global Fintech Leaders ETF holdings focus on global fintech leaders, providing potential growth and innovation opportunities. Its equal-weighted index and focus on global leaders offer a unique perspective on fintech growth. While considering the risks associated with the industry, you may find Capital Link Global Fintech Leaders ETF a promising addition to your portfolio. BlackRock Future Financial and Technology ETF NYSEARCA: BPAY The BlackRock Future Financial and Technology ETF NYSEARCA: BPAY is an exchange-traded fund with a specific focus. The BlackRock Future Financial and Technology ETF, launched in 2022, is actively managed and primarily invests in stocks of global companies involved in innovative technologies used and applied in financial services. The BlackRock Future Financial and Technology ETF invests in companies at the forefront of innovation in the financial technology and payments industries. As the fintech industry grows rapidly, BlackRock Future Financial and Technology ETF offers investors exposure to this promising growth. The BlackRock Future Financial and Technology ETF's ratings will show a fair amount of upside in the stock, signifying its potential for growth and positive performance in the future. BlackRock Future Financial and Technology ETF provides exposure to the future of finance by investing in companies developing new technologies and services, transforming how we bank, invest and pay for goods and services. The BlackRock Future Financial and Technology ETF boasts a low expense ratio, allowing investors to retain more investment earnings. ETFMG Prime Mobile Payments ETF The ETFMG Prime Mobile Payments ETF NYSEARCA: IPAY is an ETF that offers exposure to the Prime Mobile Payments Index. Launched in 2015, the ETFMG Prime Mobile Payments ETF tracks an index of global equity in credit card firms and companies providing payment infrastructure, payment services, payment processing and payment solutions. ETF Managers Group manages the ETF. ETFMG Prime Mobile Payments ETF allows investors to invest in a diverse portfolio of mobile payment companies. It aims to capitalize on the growing trend of mobile payment solutions and the increasing adoption of digital payment methods globally. Mobile payments have become integral to modern financial transactions with the rise of smartphones and digital wallets. The ETF focuses on equity asset class and is categorized under the theme of mobile payments. ETFMG Prime Mobile Payments ETF holdings are 57 different companies, providing investors broad exposure to the mobile payments industry. Paving the Way to Financial Innovation The world of ETFs offers a dynamic gateway to financial innovation. By tapping into themes like blockchain, artificial intelligence, mobile payments and digital finance, these ETFs present unique opportunities to be part of a transformative journey. These ETFs offer a powerful means of participating in technological advancements. Keeping expense ratios low and liquidity high ensures accessibility and flexibility to capitalize on financial innovation. FAQs Let's address some of the most common questions investors often have about ETFs and their relevance to the fast-evolving world of financial innovation. Let's explore the following answers to gain valuable insights into these frequently asked questions and make informed decisions about your investment journey. Is there a fintech index fund? Is there a fintech ETF or index fund? Yes, there are several fintech index funds available in the market. Fintech index funds are exchange-traded funds (ETFs) that track the performance of a specific fintech-related index. These funds typically invest in companies involved in innovative technologies and services within the financial sector, such as mobile payments, blockchain, artificial intelligence and digital finance. Is fintech a good long-term investment? As with any investment, the performance of fintech stocks and funds can vary, and past performance does not indicate future results. However, many experts consider fintech a promising sector for long-term investment. The rapid advancements in financial technology and the increasing adoption of digital solutions across various financial services have led to significant growth opportunities. Carefully assess your risk tolerance and conduct thorough research before considering fintech as part of your long-term investment strategy. Are financial ETFs good? Financial ETFs can be a suitable investment option if you're seeking exposure to the financial sector. These ETFs typically invest in a diversified basket of financial companies, including high-performing bank stocks, finance and insurance sector-based companies, asset management firms and other financial institutions. The performance of financial ETFs influences factors such as interest rates, economic conditions and regulatory changes. Financial ETFs carry risks, so assess your investment goals and risk tolerance before making investment decisions. If investing in a Vanguard fintech ETF fits your portfolio, start with our list of financial ETFs. Before you consider Amplify Transformational Data Sharing ETF, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Amplify Transformational Data Sharing ETF wasn't on the list. While Amplify Transformational Data Sharing ETF currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
2 Alternatives To Tesla (1 Safe, 1 More Risky) 2023-08-09 - Key Points Tesla shares are up 140% this year so far. Ford offers a solid low-risk alternative to those looking for EV exposure. NIO is riskier but has greater potential for higher returns. 5 stocks we like better than Tesla The electric vehicles (EV) industry has been one of the hottest out there in recent years. And even though the rising interest rate cycle has made it more expensive for EV stocks, which are growth stocks by definition, to fund their expansion, it feels like it’s an unstoppable force at this point. At this stage, all of our readers will be familiar with Tesla Inc NASDAQ: TSLA, with many surely having already owned shares at some point. But while Tesla, in our view at least, remains the out-and-out leader in the space, competition has been heating up. Just because Tesla has a first-mover advantage and is many years ahead of its peers doesn’t mean there’s not still an opportunity to be had in alternative EV stocks. Here are two worth keeping on your watchlist. Ford is arguably the most established of Tesla’s competition. It has a history going back 120 years, as well as a brand name that is just as recognizable. In addition, it’s already turning over tens of billions in revenue every quarter, which effectively removes the business continuity risk that has plagued many of the not-yet-at-market alternative EV stocks. It took some time for their EV plans to get off the ground, but the past two years have seen them starting to close the gap to Tesla seriously. Ford is targeting an EV production run rate of 600,000 vehicles by 2024 as part of its longer-term goal of hitting 2 million. These are astonishing numbers and indicate how seriously Ford is taking its EV business. Investors haven’t ignored it either. The past year has been tough for both stocks, but Ford avoided the 60% haircut that Tesla investors had to stomach. To be fair, Ford’s rallies have also been less aggressive, but it’s still only down 18% compared to last August, while Tesla is down 13%. If we rewind the clock to August 2020, both stocks are neck and neck with gains of 85% each. The last week of July saw Ford beat their Q2 earnings estimates while also raising their forward guidance. Forecasted EV demand is playing a prominent role in this, and investors looking at an alternative to Tesla have a strong option with Ford. If Ford is to be considered the most established alternative to Tesla, then NIO represents the newer wave of EV stocks that are still winning investors’ confidence. While Ford has effectively traded sideways for the past year, NIO shares were down as much as 65% coming into the summer. A recent rally has taken the edge of that drop, but they’re still trading lower by 35% versus where they were this time last year. This is indicative of falling confidence in the market that NIO can ever live up to the hype that sent their shares on a 3,000% rally in 2020. But with a clear bottom having been put in, those of us on the sidelines can get a clearer picture of where things might be going in the near to medium term. For starters, NIO’s July deliveries out of China saw a 90% jump month on month. This helped drive a 103% year-on-year jump, with a cumulative delivery number for the year of 364,579. By any measure, these are good results, which makes the recovery potential in NIO particularly appetizing. As recently as June of this year, NIO shares were trading back at their 2018 levels. For context, their quarter revenue has increased 42,000% in the five years since. NIO’s chart over the timeframe doesn’t make for pretty viewing, but there’s an argument to be made that they’ve had their baptism of fire and are actually starting to mature as a bonafide EV company. They remain the riskier of the two alternatives but, at the same time, hold the greater potential for another eye-watering rally. Before you consider Tesla, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tesla wasn't on the list. While Tesla currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
High-Yield Wendy’s Ready To Rally After Sizzling Quarter 2023-08-09 - Key Points Wendy's had a solid quarter with revenue growth and earnings that outpaced the consensus. The dividend is safe enough for 2023 and backed up by robust long-term guidance. The analysts are Holding but see the stock trading at a higher multiple and gaining double-digits. 5 stocks we like better than Wendy's The price action in Wendy’s NASDAQ: WEN stock was mixed following the Q2 earnings release, but everything within the report, along with the dividend and stock valuation, suggests it’s about to rocket higher. Wendy’s trades at only 22X its earnings which is high relative to the S&P 500 but low compared to market-leader McDonald’s. McDonald’s trades above 25X its earnings while paying a lower yielding distribution, and Wendy’s is set up for a price multiple expansion. A move to $25 would align the stock with its larger peer's valuation and the yield closer but still well above what McDonald’s pays. Wendy’s is a high-yielding stock with a payout worth more than 4.5%, with shares trading near $21.50. There is some concern for distribution safety because the payout is slightly more than 100% of the F23 earnings guidance, but there are mitigating factors. Among them is a significant and sustained (expected) improvement in the margin that has the payout ratio falling drastically over the next 2 years. Evidence of that is in the Q2 margin improvement and long-term guidance, which calls for high-single to low-double-digit FCF growth on a compound annual basis. Until then, the 4.6% yield is backed up by solid operations and a healthy balance sheet that shows increased cash and assets and relatively flat debt compared to last year. The Analysts Predict A Price-Multiple Expansion For Wendy’s The analysts' activity in Wendy’s has been mixed this year, and no new updates are showing on Marketbeat’s tracking pages yet, but the takeaway is only bullish. The 18 analysts with current ratings have the stock pegged at Hold, down from Moderate Buy compared to last year, but steady over the last 30 and 90 periods with an equally steady price target. The price target is the important factor here; the analysts are Holding the stock and see it trading about 15% above the current action or just above $25, flat on a YOY basis. The Q2 results were mixed relative to consensus and may not spark upward revisions, but no negative commentary is expected. The company posted $5.61 billion in net revenue for a gain of 4.4% compared to last year. The revenue missed consensus by less than 100 basis points, and a wider-than-expected margin offsets the weakness. The International segment performed best regionally with growth of 12.7%, notable because this is the high-growth segment, followed by a 6.1% gain in the US. New stores and comp store growth underpinned the strength, which aided the company’s leverage. The company opened 80 new stores in the quarter, and comps were in the mid to high-single digits for the US and internationally. The company improved the margin across the system. The US company-owned restaurant margin was reported as 200 basis points better, with a 13.5% increase in operating profit for the entire business, a 23.7% increase in net income, a 40% increase in FCF, and a 17% improvement in adjusted EPS that all outpaced the top-line strength by wide margins. Guidance Supports The Market For Wendy’s Stock Wendy’s issued favorable guidance with the FY23 outlook in alignment with the consensus, and the long-term outlook for mid-single-digit top-line growth was reaffirmed. The price action was mixed following the news, but weak hands were shaken loose, and support was established at the 30-day moving average. This is a sign of growing interest among short-term and retail investors and could lead the market higher over the next few days, weeks, and months. In that scenario, the market could easily move to the top of the trading range near $24 and even break to a new high. If not, this stock will remain range bound until there is more proof the international growth strategy is paying off. Before you consider Wendy's, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wendy's wasn't on the list. While Wendy's currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
3 Cheap Manufacturing Stocks Pushing Past New Highs 2023-08-09 - Key Points As the machinery industry begins to break out into newfound growth, investors can step into the space before the rest of the market realizes just how big of an opportunity this represents. There are three names that have been building both technical and fundamental momentum, ripe for selection as possible trend continuation plays; markets are rewarding them with richer valuations and continued favoritism. Continuing trends in economic data may aid these names for another blockbuster set of quarterly financial results. 5 stocks we like better than Eaton As the United States economy begins to face its next central inflection point or, put, a potential pivot into a lower gear, some industries begin to receive differentiated treatment from the market as a whole. Investors today can start to gauge where the new momentum and favoritism are focused and where it may be headed next to enable some lucrative 'before the move happens' potential investments. The manufacturing areas in the economy, namely the machinery manufacturing niche, are seeing the bulk of the little growth during these economically challenging periods. Investors can rest assured, though, as these household names have been kicking other competitors out to the curb, a trend that suggests no end in sight so far. Why Invest in this Space? By following specific economic breakdown reports, such as the ISM manufacturing PMI report, investors can better understand why particular industries are ripe for investment. Taking the report for the month of July, where the machinery industry is taking the spotlight, participants can start to dig their way into winning stocks. Within July’s report, investors can see what respondents are saying about the industry’s health, where the overall message in the machinery sector is of potential rises in new orders boosting production as a result. Speaking of which, the machinery space reported the highest production output in the economy and the most considerable increase in employment. All of this activity and new employment to support the rising production levels, all due to new business knocking on the door, will likely trickle down in the form of increased earnings and valuations for the largest players in the industry. Caterpillar Caterpillar NYSE: CAT is known as a global supplier of farming and construction machinery equipment, and this global presence has allowed for a swift market share grab by the name. As the company just reported a massively bullish second quarter of 2023, posting double-digit growth across the board and blowing past analysts' estimates, the stock is flirting with breaking through recent all-time highs. Considering that the stock cleared an 81% increase in earnings per share over the past twelve months, and management remains optimistic about future demand trends, it is inappropriate for Caterpillar analyst ratings to land on a consensus 4% downside from today's prices. The technical momentum is only the beginning for this stock, as management returned up to $2 billion to shareholders via stock buybacks and a dividend increase, suggesting that - despite recent stratospheric rallies - the stock may still be undervalued. This time, markets agree with management's value proposition, as they reward the stock with richer valuation multiples relative to competitors. Carrying a 13.8x forward price-to-earnings ratio, which values the next twelve months of earnings rather than the past twelve, places Caterpillar stock amongst the top of the large-cap (stocks between $10 and $200 billion in size) category. Deere & Company While this stock has not had its quarterly release yet, as it is scheduled by mid-August, investors have a unique chance to consider getting in before Deere & Company NYSE: DE reports a highly probable earnings beat. There are many factors to consider before assuming a bullish report, though the trickle-down benefits coming from the sector are sure to leave some of the fun for good old Deere. According to the latest financial results, Deere is also riding on the momentum wave that rewarded Caterpillar, reiterating that as the industry keeps pushing, these key players in the space will undoubtedly benefit from taking a piece of the growing pie. Within the second quarter 2023 earnings presentation, investors will see a 30% advance in net sales over the year and a just as impressive 42% growth in earnings per share. Management also reported the repurchase of 11.6 million shares during the period, which will likely continue as financials move nowhere but up during an industry rebound. While not as high and rich as Caterpillar's, Deere's forward P/E will still fall above the industry average at 13.3x, suggesting that markets are expecting nothing but growth and subsequent rallies in this name as well. Perhaps investors - as well as analysts - will be pleasantly surprised by the time the company reports its quarterly results coming up. Eaton The best for last? Market favorite? Absolutely. Eaton NYSE: ETN stock takes the crown when it comes to these market valuation multiples, as investors can see this company selling for a 22.7x forward P/E; there must be something special brewing in the company ready to send the stock flying any day now. Like Caterpillar, Eaton analyst ratings are pushing for a consensus downside of 3.3% from today's prices. Still, they, too, may be in for a rude awakening as the company blew their second quarter 2023 results out of the water. The stock is quickly returning on a rampant advance, looking to test and possibly break its recent all-time high as well. Investors received a pleasant surprise during the latest earnings release from the company, where revenues were reported to have grown at a 13% annual rate, delivering record quarterly segment margins of 21.6% due to strong pricing power dynamics in the industry. Earnings per share ended quarterly at $2.21 for an 18% annual advance. To Add or not to Add Investors now have the tools necessary to form a proper opinion on these three key players of a growing industry. As the PMI keeps delivering favorable trends around the machinery sector, benefits will surely trickle down to boost sentiment and financials for these resiliently bullish stocks. Before you consider Eaton, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eaton wasn't on the list. While Eaton currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
The Rivian Market Is About To Shift Into A Higher Gear 2023-08-09 - Key Points Rivian had a solid quarter supported by ramping production. Production and deliveries topped estimates and led the company to raise guidance. The stock shows signs of a classic bottom and reversal that could take the market to new highs. 5 stocks we like better than Rivian Automotive The Rivian NASDAQ: RIVN market hit bottom and shifted into reverse earlier this year. With production ramps moving along nicely and the Q2 results above expectations, the market for this stock is about to shift into a higher gear. The recent pullback in the price action confirms support at a critical level and suggests the uptrend will continue. The analysts have hesitated to update their price targets; only 1 fresh revision is showing up on Marketbeat.com’s analyst tracking page. However, it is a boosted price target tied to a Buy rating, and all the chatter is positive. Among the takeaways from the analyst chatter is that cash burn is coming under control. This resulted in a narrowing loss aided by leverage. Leverage is coming into play due to production ramps, supply chain normalization, and cost reductions that point to continued improvements as the year progresses. Wedbush’s Dan Ives, who said the company was at an inflection point after the Q1 release, said the Q2 results are a “step in the right direction.” Other analysts view the new production targets, up 400 basis points compared to the Q1 guidance, are achievable and perhaps even cautious. Regardless, the community of 16 analysts tracked by Marketbeat has the stock pegged at a weak Moderate Buy with a price target about 13% above the pre-release action. The freshest target came out after the release, another 700 basis points above that, and gives additional evidence the bottom in analysts' sentiment is in, and they now provide a tailwind to the market. The consensus estimate is down about 50% compared to last year but up compared to last quarter and last month, with sentiment among analysts improving. Rivian Has Solid Quarter As Production Ramp Gains Traction Rivian posted a solid quarter for Q2 with revenue of $1.12 billion, growing 207.7% compared to last year and beating the consensus by 1100 basis points. The strength was driven by an acceleration in production and a ramp in deliveries, with production up 50% YOY and delivered at 12,640. The strength is largely due to the increased production of motors, which allowed for 100% coverage of the R1 fleet and the addition of a dual-motor option. Among the good news is an improvement in the margin at all levels. The company’s vehicle margin improved substantially due to volume leverage and is on track to outperform the consensus targets for the year. The company is still operating at a loss, but total losses fell by 30% and are expected to shrink as production ramps and SG&A expenses are managed. The $1.08 in adjusted losses is $0.31 better than expected, and the guidance suggests that these strengths will persist and even improve in Q3 and Q4, with production targets up to 52,000 from the prior 50,00. Losses improved, but the cash burn increased by 13% YOY. The offsetting factor is that cash burn is tied to an inventory increase that includes raw materials and finished goods due to the production ramp. The takeaway from the balance sheet is that the company has more than $10 billion in cash and equivalents and $11.3 billion in total liquidity, which should see it through the next few quarters at least. The Technical Outlook: A Textbook Reversal For Rivian The Rivian market is showing a classic bottom and reversal. The market hit bottom earlier this year, moved above critical resistance over the summer, and confirmed support and the uptrend following the Q2 release. Assuming the market follows this signal, this stock should continue higher. The next level for solid resistance is near $27.50; a move above there would be bullish. Before you consider Rivian Automotive, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rivian Automotive wasn't on the list. While Rivian Automotive currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
3 Stocks to Buy After Heavy Insider Buying 2023-08-09 - Key Points One way to find potentially undervalued stocks is to look at stocks that are experiencing heavy insider buying. Occidental Petroleum: Warren Buffett has been making big buys on OXY stock which reinforces the stock’s long-term value. Axon Enterprise: Crime will likely be an election year issue which could be a catalyst for AXON stock. Agree Realty: This REIT has a portfolio that holds up regardless of where we’re at in the economic cycle. 5 stocks we like better than Occidental Petroleum Many investors are motivated to sell a stock when they notice that company insiders are dumping their shares. However, company insiders can sell a stock for many reasons, and many of those have nothing to do with the stock’s performance. On the other hand, heavy insider buying is a solid predictor for when it’s time to buy a stock. That’s because insiders have only one reason to buy a stock. Simply put, they believe their company’s stock is undervalued and are trying to make money just like you are. To find the stocks for this article, we used the “Stocks with the Most Insider Buying” tool on MarketBeat. This tool, which is available to MarketBeat All-Access subscribers, is an excellent way to jumpstart your stock research by providing a list of stocks with the highest levels of insider buying within the last 90 days. This Undervalued Oil Stock Looks Ready to Pop Occidental Petroleum Corporation NASDAQ: OXY has been a favorite of MarketBeat analysts over the past month. The price of crude oil, which has been depressed for the better part of a year, recently cracked $80 a barrel. And with demand expected to outstrip supply in the second half of the year, it’s not hard to see oil reaching $90 or even $100 a barrel. Many investors know that Warren Buffett is a fan of OXY stock and his hedge fund has been buying the stock. That’s been enough to drive the OXY stock price up approximately 9% in the last month. That’s despite the company missing on earnings in its August report. There are two reasons, however, why Buffett is – and why you perhaps should be – bullish on OXY stock. One is that the company used their windfall profits in 2022 to pay down debt which is cleaning up its balance sheet in favor of shareholders. Plus, Occidental owns about half of the Permian Basin which sets it up for years of inexpensive and high-margin production. Demand for Public Safety Should be a Catalyst for This Stock Axon Enterprise, Inc. NASDAQ: AXON is a leading provider of technology solutions for law enforcement. The company’s technology enables the use of less lethal weapons, body cameras, and cloud-based software. No matter your ideology, it’s not hard to make a case that crime and public safety will be a defining issue in the 2024 election. This is particularly true if you live in or around some of the cities that have seen a spike in crime. That sets up well for Axon which has a mix of hardware and software products that gives the company a wide moat in several of the sectors in which it operates. The company also generates strong free cash flow and has increased its annual recurring revenue ARR by 49%. With all that said, AXON stock is not for the faint of heart. It has an eye-popping forward P/E ratio of 113.72. Nevertheless, the Axon Enterprise analyst ratings on MarketBeat show that analysts still believe the stock can go higher; a fact that is supported by at least two insider buys in the last 90 days. You Can Buy the Dip on This Net Lease REIT Agree Realty Corporation NYSE: ADC has seen a surge in insider buying with six insiders purchasing ADC stock in the last 90 days. So what do they know they you may not? At a time when many investors are rightly concerned about the outlook for commercial lending, it’s important to note that net lease REITs have a business model that helps to shelter them from some of the risks involved in this sector. Specific to Agree Realty, the company’s RETHINKING RETAIL model focuses on acquiring and developing properties to industry-leading omni-channel retail tenants. Dollar stores, grocery stores, auto parts stores, and drugstores are among the businesses in the company’s portfolio. Because of their business model, REITs are attractive to income-oriented investors. And Agree Realty is no different. It pays an attractive dividend that currently yields 4.55%. And according to the Agree Realty analyst ratings on MarketBeat, ADC stock has an upside of 18% based on the outlook of eight analysts. Before you consider Occidental Petroleum, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Occidental Petroleum wasn't on the list. While Occidental Petroleum currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Labour accuses government of losing £250bn from value of UK assets 2023-08-09 - Labour has accused the government of “catastrophic financial mismanagement” and claimed it has “lost” £251bn from the value of assets created to rescue the banking sector after the 2008 financial crash. The party said analysis of recently published figures showed that a decline in the value of the Bank of England’s assets – over which the Treasury acts as a guarantor – was a huge loss to taxpayers, “equivalent to 10% of gross domestic product (GDP) in 2022, or the entire GDP of Scotland and Wales combined”. In a report assessing the impact on the exchequer, Labour said the problem began when Rishi Sunak was chancellor in 2020 and worsened in the aftermath of former chancellor Kwasi Kwarteng’s disastrous mini-budget in September last year. Labour said the figures were “slipped out” last month in the Treasury’s annual accounts for 2022/23, “one of 108 ‘transparency’ publications issued by the government on 20 July to coincide with the start of the parliamentary recess and the three by-elections held on that day”. Last year, in the aftermath of Kwarteng’s budget, investors spooked by the prospect of unfunded tax cuts, sold UK government bonds, sending their value plummeting and the interest payable to the highest level since 2008. Labour’s calculation is based on accounting rules used by public companies that judge the value of assets in the Bank’s £804bn Asset Purchase Facility (APF) based on how much they are worth on a particular day. Rachel Reeves said that bonds purchased by the Bank as part of its quantitative easing programme were a benefit to the Treasury in 2019, making it an asset worth £76.8bn. That was before a sharp reversal by April this year that transformed it into a £177.6bn liability. “This Tory bond black hole will land working people with another astronomical bill for years to come,” said the Labour shadow chancellor. The Treasury’s independent economic forecaster, the Office for Budget Responsibility, and the National Institute of Economic & Social Research (NIESR), have warned that the government’s finances will come under increasing pressure from the sharp increase in interest rates on bonds held by the Bank. They said the interest payments on bonds held in the APF could soar to £150bn. “The APF now looks likely to make a loss of some £40bn this year, next year and the year after,” said the head of NIESR, Jagjit Chadha. “While the costs of this operation must be put against the benefits of stabilising the economy after the financial crisis, the scale of these losses will constrain fiscal space for much of the rest of this decade,” he added. Richard Murphy, professor of accounting practice at Sheffield University Management School, said the government should refuse to pay the interest on bonds held by UK banks. 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 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 Murphy calculated that UK banks held an average of £360bn on deposit with the Bank over the last two years and these deposits will benefit from recent interest rate rises that have taken the Bank’s base interest rate to 5.25%. He said the UK should follow in the footsteps of the European Central Bank and the Bank of Japan, which only pay the headline interest rate on a proportion of bond holdings. The UK banks could benefit from £18bn a year of the £40bn expected to be paid by the Bank, and reimbursed by the Treasury. Murphy said: “At a time when austerity is threatened the necessity of making this payment has to be questioned.” Earlier this year, the German Bundesbank said soaring interest rates meant it suffered a €1bn hit on repayments to bond holders. Last week, the central bank’s executive board reduce the repayments on domestic government deposits to 0%. Last year the Bank of England ruled out a similar move saying if the Treasury wanted to claw back interest payments to high street banks, it should impose a windfall tax.
Staffordshire police treating fire at Crooked House pub as arson 2023-08-09 - Police have said they are treating the fire at the historic Crooked House pub as arson, although its cause is currently unknown. Staffordshire police said they believed the fire “may have been started deliberately” after fire investigators said the cause could “not currently be determined”. “Our investigation into a fire at the Crooked House on Himley Road last Saturday continues as we try to understand the circumstances, which we are now treating as arson,” the force said in a statement on Wednesday evening. “A specialist fire investigator examined the scene to try and determine the cause of the fire. In this case, we believe the fire may have been started deliberately and police are now leading the investigation.” The force added: “This fire has shocked and upset so many given the, albeit not listed, cultural importance and heritage of the building. This is not lost on us and a robust investigation using all available information and forensic opportunities is being carried out.” The fire at the famous wonky pub, nine days after it was sold to new owners, followed by its demolition, has caused national outrage and calls for it to be rebuilt. The new owners are ATE Farms Ltd, a company registered to the same address as Himley Environmental Ltd, which runs the 15-hectare (37-acre) quarry and landfill site next to the pub. Police said officers from the fire service visited the site on Wednesday with a specialist accelerant detection dog to investigate the grounds. DCS Tom Chisholm, head of specialist crime at Staffordshire police, said: “We understand the significance of this much-loved building and the upset and anger felt by many, so want to reassure you we’re doing all we can to understand more about what happened, and who was responsible. “There is lots of misinformation circulating within communities and online and this is unhelpful.” He added that the police and fire service did not have powers to intervene in “the decision around partial demolition of the building […] when the scene was handed back to the owner”. “We are working hard with our fire colleagues to understand the cause of the fire and are in contact with the landowner, we will keep you updated with any further significant developments,” he said. In a letter to the chief constable of Staffordshire police, Marco Longhi, the MP for Dudley North, said the “lack of information being provided to the public has raised animosity amongst the local community” in relation to the handling of the investigation. “I would like to stress upon the fact that the Crooked House was not just an ordinary building but a historical landmark, which was held dearly by the local community,” he said. “The way everything has been conducted and the little to no information being provided is leading to rising anger amongst the public.”
Police in Oxford Street make arrests amid social media ‘robbery campaign’ 2023-08-09 - Police have arrested nine people and issued dozens of dispersal orders after shoppers were locked inside stores on London’s Oxford Street following warnings of a robbery campaign organised on social media. Hundreds of teenagers gathered outside JD Sports on the capital’s busiest shopping street in an apparent response to widely shared posts on Snapchat and TikTok urging users to take part in an “Oxford Circus JD robbery” at 3pm. Just after 3pm, two young men were seized by police who were guarding the area in anticipation of trouble. Both men were detained outside a McDonald’s, three doors east of JD Sports. One of the young men, wearing a green hoodie, was detained by four officers. The other in a grey tracksuit was held by three officers. The incident prompted twitchy security guards at a number of nearby stores, who were on alert for a possible shoplifting spree, to lock their customers inside their stores for several minutes. They included Muji, an opticians, and Boots, which lowered its storefront metal shutters. Four police officers on horseback briefly struggled to maintain order as onlookers crowded the scene to video the incident on their phones. Traffic on Oxford Street was temporarily held up, as private security personnel urged the crowds to move on. Minutes later police chased another group of young men suspected of shoplifting, prompting another surge in young people keen to capture the scene on their phones. One man was searched by three officers as he lay on the pavement. Puzzled older shoppers asked police officers what was going on. They were told it was a police operation to stop shoplifters. An officer was overheard saying the young men were released without charge after being searched. Just after 8pm, the Metropolitan police said it issued 34 dispersal orders and arrested nine people. A statement read: “Four people were arrested on suspicion of breaching the dispersal order, one person was arrested on suspicion of going equipped to steal, one person arrested on suspicion of assaulting a police officer, and one person was arrested on suspicion of a public order offence. “Earlier in the afternoon, officers arrested two people in Essex for conspiracy to commit robbery following online social media posts.” Earlier, the London mayor, Sadiq Khan, urged people not to take part. He said: “I am worried about this nonsense we have seen on TikTok encouraging people to go to Oxford Street.” I’d encourage anybody who’s seen it not to go to Oxford Street. Do not allow yourself to be sucked into an area that could be a high-crime area.” Police in Westminster had warned there would be heavy police presence in the area. In a Twitter post they said: “We are aware of online speculation about opportunities to commit crime around Oxford Street. There will be a significant number of our officers in the area over the next 24 hours.” Some of those who had gathered said they were there out of curiosity. Harry, 14, from Islington, said: “I’m not here to steal anything, I’ve been raised better than that.” Pointing to his phone he added: “I just want to record it.” He said he had heard about the event on Snapchat. CJ, 16, from Cheshunt, Hertfordshire, said: “We’re not here to steal stuff – there’s loads of famous people making videos. We just saw loads of police and want to see what it’s about.” Before 3pm some of the boys who gathered outside JD Sports were questioned by the police about why they were there. They gave vague answers.
China’s economy is struggling but fears of sustained deflation are premature 2023-08-09 - China’s economy is struggling. The recovery after the lifting of Covid-19 restrictions is faltering. Its trade with the rest of the world is shrinking. A decade-long boom in house prices has come to an end. The most obvious manifestation of the troubles besetting the world’s second biggest economy is that China is now officially in deflation. In the US, the UK and the eurozone, prices are rising – albeit not quite as fast as they were a few months ago – but in China they are actually falling. News of the 0.3% year-on-year fall in prices inevitably prompted speculation that China was about to be permanently gripped by deflation, as was the case for neighbouring Japan after its asset-price bubble burst at the end of the 1980s. Such fears are premature, at least for now. There were one-off factors involving the price of food that explained last month’s fall. Core inflation – which excludes volatile items such as energy and food – not only remained positive, but actually rose from 0.4% to 0.8%. That said, China’s communist leaders are clearly worried about the state of the economy, and they are right to be concerned. Attempts to rebalance the economy away from investment and exports towards consumer spending are still in their early stages. Factories are seeing demand fall because of the slowdown in global demand. It is not just consumer prices that are falling. The prices of goods leaving China’s factories have fallen by more than 4% over the past year, which will eventually feed through into cheaper imports for the rest of the world. Any downward pressure on inflation will be welcomed by developed country central banks. There’s more bad news. In an echo of the events that prompted the global financial crisis of 2008, house prices are falling and property prices are feeling the pinch. Country Garden, one of China’s leading private sector developers, missed two bond payments earlier this week. Perhaps most worryingly for the authorities in Beijing, youth unemployment is already running at 20% and could rise further as newly qualified graduates look for work in an economy where growth is slowing. Ever since the Tiananmen Square massacre of 1989, the Communist party has been anxious to avoid having large numbers of angry, unemployed young people protesting on the streets. In the longer term, the president, Xi Jinping, has no real alternative but to stick to his rebalancing strategy. The reason the economy grew strongly in the years leading up to the pandemic was that Beijing kept the money taps full on. The state invested heavily in new manufacturing capacity, and property companies expanded on the back of plentiful supplies of cheap finance. As a result, China now has a vast amount of underutilised factories and homes that nobody wants to buy. 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 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 Does this mean Beijing will adopt a hands-off approach to the economy? Almost certainly not. Deflation – even if temporary – will prompt the authorities to stimulate demand through lower interest rates and higher government spending. In all likelihood, though, the interventions will be smaller and more targeted than in the past. The China expert George Magnus says China’s long-term sustainable growth rate is now 2%-3%, a far cry from the 10% seen in the immediate aftermath of the global financial crisis. The road to that lower, better-balanced growth is bumpy and strewn with obstacles.
The Guardian view on the Amazon summit: rich nations must now step up 2023-08-09 - In last October’s Brazilian election, Luiz Inácio Lula da Silva defeated Jair Bolsonaro by a margin of 1.8%. That narrowest of victories may have been the single most important environmental development of 2022. With Mr Bolsonaro in power, the Amazon rainforest was hurtling towards a tipping point after which it would no longer function as a climate stabiliser and the world’s biggest carbon sink. Between August 2021 and July 2022, an area of forest the size of Qatar was cleared in the interests of big business. Lula’s government has stopped the rot. Companies involved in illegal deforestation have been sanctioned, armed interventions have taken place to end illegal mining operations, and new conservation areas have been established. Deforestation dropped by 42% during Lula’s first seven months in office, and the state has returned as a protective presence in the Brazilian Amazon. The transformed political context was the catalyst for this week’s landmark regional summit in Belém, in which the eight Latin American nations sharing the Amazon came together – for the first time in 14 years – to produce a plan for its sustainable development. The outcome was only a partial success. Tuesday’s Belém declaration outlines important new areas of cooperation in combating illegal logging, mining and burning in the Amazon. But it failed to formalise a target of ending deforestation by 2030 – a commitment already adopted by Lula’s Brazil, and one credited with driving much of the progress his government has made this year. Leaders were also unable to agree a common position on the future of industries such as cattle farming, mining and oil, which are driving the destruction. This was, then, a weaker document than environmental groups, and Lula himself, had hoped for. But as it rightly argues, game-changing progress in these areas will not be achieved without assistance – on a transformative scale – from the richer nations that have benefited from exploitation of the Amazon’s resources. If less well-off countries facing huge financial challenges are to rethink the Amazon’s economy, and protect its biodiversity, such stewardship in the global interest will need to be properly rewarded. Debt relief in exchange for climate action, as called for at the summit, would be a step in the right direction, and should be on the table at this year’s Cop28 summit in Dubai. The subsidising of environmentally viable Amazon products should be stepped up, and China and the United States should follow the European Union’s lead in blocking products linked to deforestation. The indigenous peoples who have been the most effective stewards of the land need to be better protected and empowered. The rainforest’s future will only be truly safeguarded when its economics reward sustainable practice rather than the relentless production of beef in particular, the chief driver of land clearance. It is the responsibility of the world’s most developed nations, as well as the signatories of the Belém declaration, to ensure that happens. Opening this week’s summit, Lula envisioned a future Amazon “with greener cities, with cleaner air, with mercury-free rivers and forests that are left standing”. By changing the political weather, the Brazilian president’s election has opened a window of opportunity for the most valuable piece of green infrastructure on the planet. The world cannot afford for that opportunity to be missed. But the heavy lifting now required needs to be shared equitably.
Secret restaurant costs: is it outrageous to charge €2 to cut a sandwich in half? 2023-08-09 - It is a holiday tale designed to court outrage: a tourist in a cafe in Italy has been charged an extra €2 for the privilege of having his sandwich cut in half. The customer just wanted to share the sandwich with his girlfriend, but when the bill arrived it listed the mysterious service “diviso a metà” at the price of €2. A snapshot of the receipt went viral, prompting Italian newspapers to question the owner of the cafe – Bar Pace in Lake Como – who defended the surcharge. “To cut it in half took us some time, and work must be paid for,” she said. From there, the basic elements of this story become more iffy. The customer complained – though not at the time – that the sandwich in question was supposed to come cut in half anyway, as a matter of course. The cafe owner, Cristina Biacchi, said it wasn’t just about the halving: “We had to use two plates instead of one and the time to wash them doubled. And then two placemats.” The outrage, it transpired, was also being served cold: although the story blew up last week, the restaurant receipt was dated 18 June. It seems odd that Biacchi wasn’t prepared to offer a more obvious justification: that the surcharge is a straightforward penalty for two people sharing one course. If you had a half sandwich on the menu, you would probably charge slightly more for it than half the price of a whole sandwich. If two people tried to beat the system by ordering one sandwich cut in two, you might reasonably try to charge them the full price of two halves – not so much a surcharge as a disincentive. Corkage is a fine for bringing your own bottle of wine. Photograph: Kris Kesiak/Alamy What, after all, is corkage but a fine for bringing your own wine? Some diners might not appreciate a charge that can easily exceed £20 just for pulling a cork, but then the restaurant doesn’t really approve of customers bringing wine from home when they have booze to sell you. Corkage is their way of saying so. Likewise, the fashion for taking a credit card deposit along with a restaurant reservation is not mere effrontery. It’s a punishment aimed at people who book tables and then don’t turn up on the night – appalling behaviour that drives restaurants to the wall. Some practices are harder to defend than others: recent reports that a UK restaurant was charging diners a hefty “live music” surcharge are concerning. I’ve eaten in places where a live music discount would have been advisable. Live music is, after all, the one kind of music you can’t ask the waiter to turn down. In the US, “concession fees” or “venue fees” – ie charges for absolutely nothing – are sometimes buried at the bottom of restaurant bills in the hope that customers will think they are some kind of local tax. On the other hand, a cover charge – a fee for sitting down – is a pretty reasonable reflection of the fact that a restaurant doesn’t just cook food; it also washes dishes, does laundry, pays staff and maintains licences. The surcharges that I think are most indefensible are those that are the least enforceable. How many people sitting at an airport Pret a Manger have paid the additional dining-in charge? How many of them even bought their food from Pret? According to la Repubblica, Biacchi, staunch defender of the €2 fine for a sandwich cleft in twain, also had this to say to her anonymous disgruntled customer: “If you had said something immediately, you would not have paid this supplement. And none of this would have happened.” This, I cannot support. As someone who has paid countless unreasonable bills in simmering silence, I loathe discounts available only to those who speak up.
Yorkshire council warns of budget crisis as deficit reaches £47m 2023-08-09 - A West Yorkshire council said it was close to going bust unless a £47m funding gap could be closed, as a growing number of local authorities warned that they were almost running out of funds. Kirklees council, which counts Huddersfield as its main town, said it could face a section 114 notice – signalling that it cannot balance its budget – in the 2024/25 financial year if the authority did not deliver required savings and minimise its expenditure this financial year. It is understood several authorities are on the brink of issuing section 114 notices this year if the government does not release additional funding to stabilise the sector. Hastings council, which has spent millions of pounds coping with a rise in demand for temporary accommodation, also signalled this month that it could be forced to issue a section 114 notice. Last week, Derby City council’s leader, Baggy Shanker, described its finances as “absolutely dire” and its chief executive has called for urgent help. A report by Kirklees council officers outlining the precarious financial position, due to be presented to councillors on 15 August, has warned that “the seriousness of the council’s financial position cannot be understated”. The report says that the council has saved more than £250m since austerity measures were introduced in 2011 by the former chancellor George Osborne, and that it has continued to face “funding reductions and increasing demand pressures far greater than more affluent areas with lower levels of relative need”. It added that the rising demand for services and cost of living crisis had also contributed to the council’s financial problems. Kirklees council is the 13th biggest local authority in the UK in terms of population, with 430,000 people living in the area, according to the last census. Councillor Paul Davies, the cabinet member for corporate services at Kirklees council, said: “Even though inflation has slowed marginally, prices are still increasing at a rate we haven’t seen for decades. Alongside additional demand for some of our most vital services and our need to protect our most vulnerable residents given the cost-of-living impact, we need to take action now to balance the budget.” This year Woking council was forced to issue a section 114 notice after a risky investment strategy that left it with a £1.2bn deficit. The small local authority, in Surrey, purchased a slew of commercial assets, such as skyscrapers and hotels, but became overwhelmed by the sheer scale of its debt, which is forecast to hit £2.6bn. Woking’s effective bankruptcy followed Thurrock, Croydon and Slough, where money was ploughed into seemingly lucrative commercial deals to try to plug gaping holes in budgets caused by central government funding policies. skip past newsletter promotion Sign up to First Edition Free daily newsletter Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning 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 A slew of other councils, including Kent, Hastings, Southampton, Guildford, and Bradford, have warned that they are also facing section 114 notices. After 13 years of slashed budgets and some poor commercial decisions, councils have more recently faced challenges with skyrocketing inflation, which has piled extra costs on local authorities to provide basic services. In July, the Local Government Association (LGA), the membership body for local authorities, warned that councils were at risk of insolvency in the coming months due a £3bn funding black hole caused by inflationary pressures and an increase in the use of services. The difficult financial position local authorities face has prompted them to continue cutting services this year, while also increasing council tax by the maximum amount possible, pushing further cost increases on to cash-strapped taxpayers. The Department for Levelling Up, Housing and Communities has been approached for comment.
These 9 Florida Republicans are coming to Iowa with Trump in an effort to troll DeSantis 2023-08-09 - Nine Florida lawmakers will join Trump at the Iowa State Fair. Florida Gov. Ron DeSantis is slated to attend the fair the same day as Trump's obvious troll. This is just the latest way Trump has found to needle the Florida governor. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Nine Florida lawmakers will join former President Donald Trump at the Iowa State Fair, giving a very personal edge to the latest way the Trump campaign has found to troll Florida Gov. Ron DeSantis, The Des Moines Register reported. According to the Register, nine Florida U.S. House lawmakers that have endorsed Trump will join him for a key campaign stop at home of the first-in-the-nation caucuses. Reps. Byron Donalds, Matt Gaetz, Gil Bilirakis, Carlos Gimenez, Brian Mast, Cory Mills, Anna Paulina Luna, Greg Steube, and Mike Waltz will all join the former president. DeSantis will be appearing at the fair on the same day. Three other Florida congressmen, Reps. Vern Buchanan, John Rutherford, and Daniel Webster have also endorsed Trump over DeSantis. This is just the latest way Trump's campaign has found to needle DeSantis, who served in Congress before becoming governor. Donalds, who has tussled with DeSantis over Florida's new standards for teaching slavery, was once a close ally of the governor. Ditto for Gaetz, who helped lead DeSantis' gubernatorial transition team. The former president's allies previously orchestrated the announcement of some of his Florida endorsements just as DeSantis was making a visit to Capitol Hill. Trump has a commanding lead in endorsements from members of Congress, per Insider's tracker. More than 70 House lawmakers and 10 senators have said they will back Trump's bid. In comparison, DeSantis has secured the backing of just five House lawmakers. As a former president, Trump started the fight for endorsements with an incredible advantage. The Iowa State Fair is a major event for presidential hopefuls, who often flip pork chops and gawk at the butter cow alongside Iowans and throngs of journalists. Iowa Gov. Kim Reynolds is also hosting a series of "Fair-Side Chats" with candidates, though Trump declined to join her. Trump has criticized Reynolds, the state's leading Republican, for not showing sufficient loyalty out of the belief that she owes him for winning her first election to the office. Trump previously raised eyebrows at 2015 State Fair when he offered children free helicopter rides. A representatives for DeSantis' campaign did not immediately respond to a request for comment.
A busted Russian warship may not have seen an exploding Ukrainian drone boat coming, hinting at problems that have plagued Russia throughout its war 2023-08-09 - A Russian warship was struck by a Ukrainian drone boat that it doesn't appear to have seen coming. In video footage from last week's incident, the drone seems to approach uninhibited by ship defenses. The attack hints at problems like complacency, negligence, and underestimating threats that have hurt Russia in this war. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Ukraine pulled off an attack on a Russian warship last week, and the lack of an obvious defensive response by the ship to the explosive-laden drone boat that crippled it suggests the Russian crew may not have seen it coming. The apparent failure to detect or even attempt to fire at the incoming drone hints at problems that have plagued the Russian military throughout its war: Complacency, negligence, and a tendency to underestimate the Ukrainians, especially when it comes to reach. Video surfaced last Friday of a naval drone — like the ones the Ukrainian military showed off and made international headlines with only days before — approaching a Russian ship and cutting out right as it detonated on impact. The Russian ship, identified as the Project 775 Ropucha-class landing ship Olenegorsky Gornyak, was spotted listing heavily in the water in the aftermath of the attack at the Black Sea port of Novorossiysk, indicating the vessel was actually hit, despite Russia's discredited claims to have thwarted the attack. —H I Sutton (@CovertShores) August 4, 2023 Commenting on the video of the drone attack, prominent pro-Russian milblogger Rybar, per a CNN translation, observed that "it is interesting that the drone approached the large landing ship freely," assessing "the crew probably did not anticipate an attack and therefore did not take any action to destroy the drone." Ukrainian drone boat attacks have been occurring much more frequently since they were first used last year. Just a few days before this attack, Russian vessels were fighting off drone boats in another incident. Experts told Insider it's odd that these threats are seemingly not being given higher priority, especially considering other Black Sea Fleet losses, like the Russian flagship cruiser Moskva that was sunk after being struck by Ukraine's shore-based anti-ship missiles. Due to their size, design, and low profile in the water, the drone boats are hard to detect both visually and by radar, especially at night, but it's still a known threat, making the apparent lack of a more robust defense and heightened vigilance surprising. Since the deadly suicide bombing of the US Navy destroyer USS Cole in 2000, US ships have taken greater precautions in less-than-friendly waterways, such as extra watch standing, added surveillance, and weaponry at the ready, Bryan Clark, a former Navy officer and defense expert at the Hudson Institute, told Insider. Actions can include steps like manning topside gun crews and closely tracking radar providing targeting data for the deck guns and rotary cannons. "You should've seen some of that activity. I didn't see any of that," he said of Russia's Olenegorsky Gornyak, adding that "it seemed like there was really no response." "It just seems very strange they didn't respond at all to the incoming drone boats," Clark added. At the very least, crew-served weapons like machine guns might have stopped the attacking drone boat. Russia has had some reported successes repelling drone boat attacks on its corvettes and intelligence vessels. One of three Russian navy vessels, a Ropucha class large landing ship "Olenegorsky Gornyak" sails through the Bosphorus Strait en route to the Black Sea past the city of Istanbul on February 9, 2022. OZAN KOSE/AFP via Getty Images The British defense ministry said in an intelligence update the day after the attack on the big Russian landing ship that "the 3600 tonne, 113 metre long Olenegorsky Gornyak represents the largest Russian naval vessel seriously damaged or destroyed since the sinking of the cruiser Moskva on 13 April 2022." The ministry added that "this is a significant blow to the [Black Sea Fleet], which previously relocated most of its units to Novorossiysk due to the high threat to Sevastopol." The Russian ship may have assumed it was safe in Novorossiysk, given that the port is roughly 350 miles from the Ukrainian port city of Odessa, but it shouldn't have. The reach of Ukraine's drone boats was hardly a secret. Just days before the attack, Ukraine showed CNN its naval drone boats packed with nearly 1,000 pounds of explosives, revealing they have a range of roughly 500 miles. Yet the reactions of the Olenegorsky Gornyak's crew did not look like a ship aware it was operating within the reach of Ukraine's weapons. Typically, the work of identifying emerging threats is done by naval intelligence officers, with fleet commanders then ordering preparations to ready their ship crews to the risk. —🇺🇦 Ukraine Weapons Tracker (@UAWeapons) August 4, 2023 If the Russian warship, previously described as "one of Russia's best," did, in fact, fail to take necessary precautions within range of attack, it certainly wasn't a first for the Russian military in its war in Ukraine, as it has made costly errors of this nature in the past. At the start of the year, a few dozen, if not actually a few hundred, Russian troops were killed in a New Year's Day strike on their barracks in Makiivka. The Kremlin blamed complacency and cellphone usage, but Russian milbloggers argued their commanders negligently stationed Russian forces in a vulnerable position near ammunition storage within firing range of Ukraine's US-provided HIMARS, a powerful and proven rocket artillery system. Months later in June, more Russian service members were killed in a rocket artillery strike after reportedly being forced to stand in one spot in Kreminna for hours listening to a commander's speech, again within range of Ukraine's HIMARS. And more recently, a large number of Russian troops gathered last week out in the open on a beach on Dzharylhach island, a position that also turned out to be within reach of Ukraine's rocket artillery, and suffered significant casualties as a result. An expert told Insider's Erin Snodgrass at the time that Russia failed "military operations 101," and that's been happening throughout this conflict. Other questionable actions, for instance, involve things like storing ammunition next to medical facilities and Russian generals foolishly strutting along the front lines, moves that appear to stem from a lack of appreciation for their enemy in this fight, which may have been the case with the Olenegorsky Gornyak. A sea drone shows the silhouette of Olenegorsky Gornyak ship near the port of Novorossiysk, Russia, in this screengrab obtained from social media video released on August 4, 2023. Reuters "We have seen that video," Mark Cancian, a senior adviser with the International Security Program at the Center for Strategic and International Studies, told Insider, referring to the video footage of the drone attack. "You don't see any obstacles, you don't see any nets, you don't see any patrol boats or shooting or anything like that that would indicate an active defense." The video suggests the landing ship took no apparent action in response to the drone boat beyond possibly turning on a searchlight. Cancian acknowledged that there may have been defensive actions but said that going off the video of the attack, "it certainly looks like they assumed that the Ukrainians were not able to strike at that distance." The Russians "were not as attentive and didn't have the surveillance up that they should have," Cancian said, and they paid the price. Russia also seems to have discounted Ukrainian cleverness, which is damaging Russian ships in the Black Sea even without a navy. The thing to watch, he noted, will be whether or not Russia adapts in response to this incident. If they do, it shows Russia learns, albeit the hard way, but if they don't, it indicates "that not only are they sort of complacent and sloppy, but they're not learning either." We'll see if they do.
Disney+ is increasing its price (again) and gearing up for a crackdown on the 'significant' number of people sharing passwords 2023-08-09 - Disney plans to start exploring a crackdown on password-sharing in 2024. Disney CEO Bob Iger said the company already has tools to track password-sharing. The company also announced another round of price increases for ad-free Disney+ and Hulu plans. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Disney plans to follow in Netflix's footsteps and begin cracking down on password-sharing next year. "We're actively exploring ways to address account sharing and the best options for paying subscribers to share their accounts with friends and family," Disney CEO Bob Iger said during the company's earnings call on Wednesday. "Later this year, we will begin to update our subscriber agreements with additional terms and our sharing policies." The CEO said the company will roll out the new policy in 2024 as the company continues to work on its pricing and timing for the change. Iger's announcement comes after Netflix began a crackdown on password-sharing earlier this year. In May, the streaming company began charging US subscribers an additional $8 per month to add users to their accounts that lived outside of their household with some success. JPMorgan analyst Doug Anmuth said in June that he anticipates the clampdown will allow the company to add 33 million households that had previously been involved in password-sharing. And Iger has said that Disney can make more money per user from ad-supported tiers than ad-free ones, as has Netflix. The Disney CEO told investors during the earnings call that the company already has the tools to monitor password-sharing between households and says there are a "significant" number of users engaging in the practice. The company also announced price increases for its ad-free Disney+ service to $13.99 per month, up from $10.99 a month, and increased prices for its ad-free Hulu service to $17.99 per month, up from $14.99 a month. The new prices will take affect on September 6, the company said. However, the ad-supported plans for Hulu and Disney+ will each remain $7.99 per month. Disney raised prices for Disney+ by $3 per month last year. Iger noted in May that Disney saw a "relatively small" loss of subscribers as a result of the price increase.
Researchers are shocked to find 2 great white sharks have become 'buddies' since the predators are typically solitary creatures 2023-08-09 - Researchers were shocked to find out that two great white sharks have become friends. The sharks, named Simon and Jekyll, have travelled 4,000 miles together up the Atlantic Coast. Great white sharks are usually solitary creatures so finding these shark "buddies" was a surprise. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Turns out, even chronically single apex predators may need companionship sometimes. Researchers were shocked to discover that two great white sharks — which are typically solitary creatures — have seemingly become friends, traveling thousands of miles together. Scientists at OCEARCH, a nonprofit research organization, first tagged Simon and Jekyll with location trackers in December off the coast of Georgia, according to the group's website. OCEARCH has learned that since then, the sharks have traveled practically side-by-side for over 4,000 miles, all the way up the Atlantic Coast to the Gulf of Saint Lawrence, the organization said in a video posted to Facebook. During the summer great whites travel over hundreds of miles north from Florida, Georgia, and the Carolinas in search of gray seals. Canda's rebounding seal population attracts the predators, Live Science reports. Why are these two great white shark sticking together? "This is potentially groundbreaking," Bob Hueter, chief scientist at OCEARCH, said in the Facebook video, later adding, "We've never seen anything quite like this before." Heuter continued, "White sharks lead a very solitary existence. We don't really expect to see these white sharks staying together, but Simon and Jekyll, they seem to be buddies in the sense that they're going in the same place at the same time." Heuter said in the video that OCEARCH plans to conduct genetic analyses on samples of the sharks' DNA to determine if the pair are brothers or half-brothers. They're both juvenile sharks, with Simon weighing in at 434 pounds and 9 feet 6 inches long and Jekyll at 395 pounds and 8 feet 8 inches, according to their profiles on OCEARCH's website. Gray reef sharks, sand tigers, and hammerheads all form social groups to some degree. While great whites are generally solitary, Yannis Papastamatiou, a professor at Florida International University, found that it varies from shark to shark. Some are friendly and others prefer to be alone.
Apple Watch SE (2022) review: A brilliant entry-level smartwatch with few compromises 2023-08-09 - When you buy through our links, Insider may earn an affiliate commission. Learn more. Several years ago, the Apple Watch Series 3 was the cheapest smartwatch in Apple's lineup. But with the Series 3 and Series 7 now discontinued, that title goes to the second-generation Apple Watch SE. The 2022 Apple Watch SE, which starts at $250, raises the bar of what you should expect from an entry-level smartwatch. It uses the same processor found in the top-of-the-line Apple Watch Series 8 and Apple Watch Ultra models and offers just enough smart features to satisfy most users. But as the low-cost option, the SE does still lack some fancy features, like an always-on display and a few next-gen health sensors found on the Series 8. But if you're looking for one of the best Apple Watches to handle the basics and streamline your day-to-day, the SE will certainly meet, if not beat, your expectations. Deal icon An icon in the shape of a lightning bolt. Lowest Price Apple Watch SE (2nd Gen) 40mm The second-generation Apple Watch SE is Apple’s new reigning budget smartwatch. It’s an impressive entry-level wearable with many of the same features as the Series 8, except it doesn’t have the most advanced health sensors as premium models. Amazon has the 40mm model at an attractive $220 price that is $20 higher than the all-time low. Shop at Amazon What works Same processor as Series 8 and Ultra Excellent value as an entry-level smartwatch Impressive battery life What needs work No always-on display Lacks advanced health sensors Smaller display than Series 8 The Apple Watch SE looks just as good and works just as smoothly as the Series 8 The Apple Watch SE (left) compared to the Apple Watch Series 8. Antonio Villas-Boas/Insider You'd be forgiven to think that Apple sacrificed a premium design for its most affordable wearable but the Apple Watch SE proves otherwise. By all accounts, the SE's aluminum casing, curved glass, and Digital Crown look and feel almost identical to the Series 8. The only exception to this is, perhaps, the color selection: The SE is available in Midnight (black), Silver, and Starlight (champagne). Just like its predecessor, the second-gen Apple Watch SE is available in 40 or 44-millimeter case sizes, compared to the 41 or 45-millimeter Series 8. Apart from a larger display on the Series 8, the other difference is the SE has a plastic case back rather than the ceramic found on the Series 8. The caseback of the SE is made from "nylon composite," or plastic. Antonio Villas-Boas/Insider The Apple Watch SE has a thicker display bezel than the Series 8, and a thinner border means the display is closer to the edges of the case, which makes the screen look both bigger and sleeker. However, the difference is slight and didn't bother me at all when switching back and forth between the SE and Series 8. The most impressive thing about the SE is the fact it runs on the same S8 processor as the Series 8 and the $800 Ultra. That's to say the SE runs as smoothly and quickly as Apple's most expensive Apple Watch models. It also means the second-gen SE will last as many years as Apple's more expensive watches, and it'll stay relevant thanks to watchOS and security updates. While the SE comes standard with your choice of a braided or silicone rubber watch band, it's worth noting that most of the best Apple Watch bands are compatible across models. So if it's an elevated look you're after, you could upgrade to a leather Apple Watch band or a metal Apple Watch band, making the SE an even more compelling sell. Even the best Apple Watch screen protectors work with the SE as well. The SE's biggest compromise is the lack of an always-on display The second-gen Apple Watch SE doesn't have an always-on display. Antonio Villas-Boas/Insider While the Apple Watch has had an always-on display since the Series 5, the SE omits this feature as a tradeoff for a lower price. It's unsurprising, as an always-on display is considered a premium feature in Apple devices. To wake the SE display, you'd need to slightly turn or raise your wrist to your eyes, or tap on the screen. If you're trading up from the Series 4 or older, or the first-gen SE, this may not seem like a big deal. In fact, the SE's display is more responsive than those models. But having used an Apple Watch with an always-on display for several years, I think It's a frustrating compromise, even for a budget model. Always-on displays offer plenty of benefits, especially when using an Apple Watch for fitness tracking, and Apple should make it standard. For example, if you're in the middle of a workout and want to quickly look at your heart rate, time elapsed, or some other metric, an always-on display allows for that without the need to bring your watch into view and your eyes away from what you're doing. As a consolation, the SE's display doesn't eat up as much battery life as the Series 8. Plus, there are Apple Watch users who won't be bothered by not having an always-on display, so it comes down to personal preference. The SE's health-tracking capabilities aren't the most advanced, but they're good enough The second-gen Apple Watch SE doesn't include advanced health sensors for blood-oxygen or ECG readings. Antonio Villas-Boas/Insider The new Apple Watch SE sacrifices some health features found in the premium models, but it's still adequate. While the SE uses Apple's second-gen optical heart sensor compared to the third-gen variant in the Series 8, it's just as good at tracking workouts. The SE also includes the same sleep-tracking features. It has the same swim-proof 50m water resistance as the Series 8 for water-based workouts, but it doesn't have an officially rated dust resistance, so it's not an ideal option if you often find yourself in duty environments. Aside from that, the second-gen Apple Watch SE has Apple's core health tracking sensors, including high-and-low heart rate and irregular rhythm notifications, which have reportedly been attributed to helping certain users to become aware of a condition they didn't know they had. However, the second-gen SE is missing Apple's advanced health sensors, including blood-oxygen or electrocardiogram (ECG) sensors, which became available starting with the Series 6. The SE also lacks the Series 8's new wrist-temperature sensors for better ovulation and sleep tracking. It's clear that the Apple Watch SE has a long way to go to catch up with any of the best fitness trackers on the market. Of course, whether these health features are worth the extra cash is up to you. The SE has the same safety features as the Series 8 and Ultra The Apple Watch SE includes Crash Detection, just like the Series 8 and the Ultra. Apple/Background by Insider While the second-gen SE might not detect as many health factors as the Series 8, it looks out for your safety in the same capacity. Like the Series 8 and the Ultra, the second-gen SE adds Apple's new Crash Detection to its comprehensive repertoire of safety features, which also includes Emergency SOS, International emergency calling, and Fall Detection. Crash Detection can detect if you've been in a car accident and automatically contacts emergency services if you don't interact with the alert within 10 seconds. It's already been credited for helping someone in a crash if it didn't save that person's life, and it's good that Apple included it with its more affordable Apple Watch model. Impressive battery life, plus the new Lower Power mode is a welcomed boost The Apple Watch SE has better battery life than the Series 8. Antonio Villas-Boas/Insider Despite Apple's claim that the second-gen SE has the same 18-hour battery life as the Series 8, the SE lasts longer on a single charge in normal casual use. That's likely thanks to its display that turns off and missing health sensors. Whether better battery life is a worthwhile trade-off for an always-on display or extra health sensing is up to you. I can safely say that the Series 8's battery life never bothered me. The new SE also includes Apple's new Low Power mode, which boosts the battery life from 18 hours to 36. It sounds appealing at first glance, but a closer look shows that it's not a feature you'd want to use on a regular basis. Low Power mode sacrifices a lot of the Apple Watch's utility, like delayed notification and disabling incoming calls and notifications if your iPhone isn't nearby. Widget updates like weather or heart are less frequent, too. As for charging, the 2nd-gen SE doesn't support fast charging for Apple Watch, which was first introduced with the Series 7. Apple Watch SE vs. Series 8 vs. Ultra: At a glance 2022 Apple Watch SE Apple Watch Series 8 Apple Watch Ultra Starting price $250 $400 $800 Processor S8 S8 S8 Always-on display No Yes Yes Case size options 40mm or 44mm case 41mm or 45mm case 49mm case Health features High and low heart rate notifications, and irregular rhythm notifications High and low heart rate notifications, irregular rhythm notifications, and atrial fibrillation notifications (ECG) High and low heart rate notifications, irregular rhythm notifications, and atrial fibrillation notifications (ECG) Fitness features Second-generation optical heart sensor Temperature sensor, blood oxygen sensor, ECG, and third-generation optical heart sensor Temperature sensor, blood oxygen sensor, ECG, and third-generation optical heart sensor Safety features International emergency calling, Emergency SOS, Crash Detection, and Fall Detection International emergency calling, Emergency SOS, Crash Detection, and Fall Detection International emergency calling, Emergency SOS, Crash Detection, and Fall Detection Should you buy it? If you're looking to buy your first smartwatch, the SE is a great choice. Antonio Villas-Boas/Insider The pros that come with the second-gen Apple Watch SE overwhelmingly outnumber the cons, and it comes easily recommended for people looking to spend under $300 on an Apple Watch. However, if your budget allows for the Series 8, get the Series 8 for the always-on display, if not the extra health sensors. The always-on display removes a potentially major point of frustration for a device that you use often and daily for several years.