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Can SAIA Continue its Stratospheric Rally? 2023-07-28 - Key Points Saia stock is rising during Friday's session, another extension to a multi-month rally bringing the stock to stratospheric levels. Despite softening economic data directly affecting the drivers of the business, it looks like management has come to save the day and cushion the blows that came and may continue to come. Markets reward this strategic move by management, assigning a higher quality multiple upon perceived future growth. 5 stocks we like better than TFI International Shares of trucking and logistics giant Saia Inc. NASDAQ: SAIA are rising by as much as 3% during Friday's trading session, closing the week with sizeable bullish momentum in the company. The reaction comes as the firm releases its second quarter 2023 earnings results, which flashed some warning signs regarding business drivers. Despite some slowdowns in the company's financials, markets are forward-looking as always, and today's stock chart in Saia represents current favoritism and optimism for the coming months in the business. Breaking down just why there is so much heat behind the stock's rally via understanding the industry's rising demand and broader market preferring Saia over competitors. While investors should weigh the possibility of a downside, be it a minor or temporary pullback. There are many reasons to stay in the stock and consider a potential purchase. Analysts are providing some conservative viewpoints regarding the future, a reasonable decision considering the slowdowns felt within the company today. Earnings Results: Window into the Future Trucking and shipping is one economic space that is directly affected by the underlying business cycle of the United States economy; as more people consume and more businesses trade goods and inventory, the need for reliable transportation and strong logistics networks rises to cyclical highs. Today's cycle is seen slowing down during the past eight months, directly reflected in today's earnings release from Saia. The above image will represent the long-term trends in the United States ISM manufacturing PMI readings, a survey reflecting the monthly increments and declines in underlying business activity. Any reading above 50 will showcase economic growth, whereas a converse reading below 50 will represent economic contraction. Considering the index has read below 50 for the past eight months, Saia investors could have accurately predicted a slowdown in the company's financial drivers. Saia has reported a 6.8% annual decrease in net revenues and a subsequent 17.6% contraction in operating income, expected because the economy's manufacturing areas have been contracting for nearly three quarters, severely compressing trucking and other trade activities in the nation. Saia CEO Fritz Holzgrefe mentioned that the slowdowns resulted from a "softer" economic environment than last year. However, educated investors would have seen this coming months ago. Management did not just stand around and hope for better times to fall from the sky, they focused on what matters, and it worked. You can assume that the company focused on gaining market share to cushion the expected slowdowns, a smart move. Why is it, then, that after slowing economic activity and slowing financials, Saia's stock price keeps on rising? Despite slowing shipping and trucking volumes in the market, pounds per shipment have grown by 2.2%, pushing revenue per shipment in Saia by as much as 4.8% during the year. Money Likes Growth Understanding that Saia's management is focusing on grabbing further market share in its respective space, as well as growing the efficiency ratios in each shipment, as seen in rising revenue per shipment, investors can begin to close the loop behind the stock's rally on the face of an earnings decline. Comparing Saia's stock performance relative to competitors like TFI International NYSE: TFII is a great place to start understanding what markets are thinking. A massive outperformance of 62.3% during the past twelve months places Saia stock as the market's favorite name, but this is a thing of the past; traders and investors are probably more interested in the future. Looking at the relative future valuation multiples, such as a forward price-to-earnings ratio, investors can begin to puzzle together where markets are betting the future quality of earnings will lie. Saia stock trades today for a 29.8x forward P/E, while TFI International is at a heavily discounted 15.7x ratio. The traditional school of value investing will argue that the "value" play lies in TFI rather than Saia; however, in a more practical sense, investors can say that "there must be a reason why Saia is more expensive." Just like with everyday products and services, a premium price should be reflective of higher quality. Following this logic and the market's voting system via a stratospheric rally and superior forward valuation multiples, investors can lean on the fact that management is setting up the company for future growth and stability despite a challenging economic trend. Before you consider TFI International, 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 TFI International wasn't on the list. While TFI International currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Why Markets Are Loving Exxon Mobil, Despite The Earnings Dip 2023-07-28 - Shares of Exxon Mobil NYSE: XOM fell by as much as 1.8% during the early hours of Friday's trading session; the decline is happening on a day when the broader markets (namely the S&P 500) are up by a third of a percent. The initial reaction can be attributed to markets digesting the latest figures released by the oil giant during its second quarter of 2023. Key Points Exxon Mobil stock declined after the company released its second quarter 2023 earnings results. As it will become apparent, the initial reaction to the developments throughout the year will represent a severe disconnect from reality. These technical levels and trends set the stock up in a perfect storm for an upcoming rally; valuation multiples reiterate that Exxon is the industry's favorite stock. Financial results, as well as plans from management, are pushing analysts to expect a double-digit upside ceiling from today's prices. All the stars align for a potential purchase. 5 stocks we like better than Chevron Investors may be sweating today's decline, thinking there will be a possible pullback - or even turnaround - from the latest bull run seen in the stock during the past year and a half. While nobody can dismiss the possibility of a pullback, buyers and potential buyers have one task at hand today, decipher whether the longer-term trend will be bullish or bearish. Traders and investors can utilize the following tools to form a proper view of the stock's future, align these indicators with the financial developments management laid out, and come out ahead with a decent edge over the rest of the market. Market sentiment is on the same page as analysts, pointing toward double-digit returns in the making for Exxon stock. The Trend is Your Friend Dissecting Exxon Mobil's stock chart, investors will notice a steep and narrow uptrend channel, with no visible road bumps to slow it down soon. Today's decline in the stock has only given investors a new place to purchase some exposure in the giant, as today's price is about to showcase an aggressive accumulation due to a multi-year support level. As seen in the image above, the thick red line will represent this multi-year support level, which is being tested today. Furthermore, the bottom end of the uptrend channel is also being pushed, making it a double whammy formation leaning toward a new recovery move. Next week may be too late to consider buying in. Apart from momentum and reasonable support keeping the stock from going any lower, one other simple yet powerful factor is present in this simple chart. The purple line across the price candles is the infamous 200-day moving average, often seen as a proxy for bull and bear cycles within any instrument. Although briefly, crossing below this 200-day moving average puts Exxon at a heavy inflection point. This is the first time in more than 18 months that the stock has crossed below this level for more than a week. The next chapter can be defined as Accumulation or dumping? There are reasons to believe that investors will be looking to accumulate more stock rather than sell, for reasons to be broken down next. Studying the Landscape Comparing Exxon's valuations with other big players in the battlefield can further clarify why Exxon stock is the clear choice. The only two other oil names that even compare to Exxon's massive size of $413 billion in market capitalization (computed as the stock price multiplied by the number of shares), are Chevron NYSE: CVX and Shell NYSE: SHEL. Looking at the past is not as helpful as trying to figure out the future, which is why traders typically focus on studying a sector's forward price-to-earnings ratio; this way trying to gauge where markets are finding the most value and quality in the next twelve months of earnings for a niche. Exxon Mobil is trading for an 11.8x forward P/E, closely followed by Chevron's 11.4x and miles ahead of Shell's 7.4x. Before value investors begin to complain that this dynamic only makes Exxon the more expensive alternative in this small group, a reminder that there is always a reason behind something being 'cheap' or 'expensive' should be in place. Today's earnings release from Exxon can paint a clearer picture of why markets are seeing a higher quality in Exxon's business model over those of competitors and beginning with the premise that 'money likes growth' and speed, for that matter, annual growth rates and momentum buildup in Exxon's drivers start to form a strong thesis. Management plans to grow its Permian output at a rate that would double the pace of competitors, driven by quarterly record earnings of $7.9 billion. The company achieved record financials, and other metrics like production also represented a quarterly record. The cherry on top will come from the highest level of global refinery throughput in the past 15 years. Now that the technicals and fundamentals managed to agree, an event that very seldom occurs, investors know that markets are loving this stock for the potential future growth in the business in the next twelve months. Management is the last pillar of agreement supporting this trend as well. A massive $8.6 billion of free cash flow was allocated to the repurchase of common stock throughout the year, which is the ultimate sign from management regarding the belief that the stock is undervalued. Analyst ratings also point to a further 20% upside ceiling from today's prices, literally the perfect storm for a new rally. Before you consider Chevron, 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 Chevron wasn't on the list. While Chevron currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Biotech & Healthcare Meet AI: Stocks Soar On Innovation Potential 2023-07-28 - It’s not unusual to see relatively new, unprofitable biotech stocks soaring on potential, particularly after promising clinical trial results. Key Points Several stocks from the biotech and healthcare industry are showing strong recent price gains as they incorporate AI into research and patient care. AI can accelerate drug discovery, target identification, and personalized medicine in pharma and biotech. Recursion Pharmaceuticals, Schrodinger, RadNet and Exscientia are among health stocks rising on AI optimism. 5 stocks we like better than Exscientia But some stocks in the biotech category are rising for a reason that’s more common with techs, such as chipmaker Nvidia Corp. NASDAQ: NVDA or Microsoft Corp. NASDAQ: MSFT, which has made a significant investment in OpenAI, developer of ChatGPT. But as investors are learning, AI is finding applications in various industrial applications, and in places where you may not think of it, such as monitoring oilfield equipment. Recursion Pharmaceuticals, Inc. NASDAQ: RCRX is an as-yet unprofitable biotech whose stock is on the rise because it’s introducing AI applications into its workflows. Schrodinger, Inc. NASDAQ: SDGR, which provides software solutions for drug discovery and materials research, has been experiencing its own AI rally, while Exscientia plc NASDAQ: EXAI, a pharma company that uses AI to develop innovative treatments, has also seen its stock rise. Many Uses Of AI In Pharma, Biotech Fields Pharmaceutical and biotech companies use AI to accelerate drug discovery, identify targets, and repurpose drugs. AI can also help in personalized medicine, clinical trial optimization, and analytics for predicting responses to treatments, as well as adverse effects. Companies are also finding that AI can help enhance drug safety, analyze medical images, and optimize manufacturing processes, all of which can speed the process of drug development. RadNet Inc. NASDAQ: RDNT, which provided diagnostic imaging services, is another AI-related gainer, as it’s deploying AI to improve patient care. Recursion Pharmaceuticals, a Utah company that went public in 2021, uses and machine learning to discover and develop new drugs. The company’s machine learning tools are designed to extract insights from biological datasets that it says are “too complex for human interpretation.” The aim is to minimize human bias and identify relationships that traditional drug discovery approaches may miss. The Recursion Pharmaceuticals chart shows gains of 86.46% in the past month and 174.25% in the past three months. Shares gapped up 78.17% on July 12, after the company said it would be collaborating with AI poster child Nvidia. Integrating Machine Learning Into Drug Discovery Shares of Schrodinger are up 16.18% in the past month and 70.77% on a three-month basis. The company, whose stock went public in 2020, integrates predictive physics-based methodologies with machine learning techniques to accelerate drug discovery. The company itself appears to be somewhat skeptical of the AI-fueled price increase; on July 5, Schrodinger CEO Geoffrey Porges told an analyst that he was skeptical of the AI hype sending stocks higher. Nonetheless, the company expects a significant revenue increase this year from drug discovery, where the company has been deploying AI technologies. RadNet, a small company that runs diagnostic imaging centers in several states, has seen its shares rise by 65.13% year-to-date, as its AI subsidiary, DeepHealth, announced FDA clearance of its third AI mammography product late last year. Triple-Digit Earnings Growth Ahead? Wall Street expects modest earnings growth this year, but sees the company growing earnings by 151% in 2024, to 54 cents per share. Another healthcare stock benefiting from the AI craze is U.K.-based Exscientia, which gapped up on July 12 after saying it was beginning clinical trials on therapies for advanced-stage solid tumors. Exscientia, which has a market capitalization of just $915 million and no earnings as of yet, is up 32.52% in the past month and up 49.41% in the past three months. Will The Uptrend Last? So the big question for would-be investors is: Can these rallies be sustained? To answer that, think about what drives stock price increases. Ultimately, investors care about profitability, and how that pushes stock prices higher. If AI can make these medical companies more efficient, which in turn, drives earnings, then investors will see a longer-term effect, but not necessarily the fast stock gains associated with this year’s AI mania. In other words, the bottom line is the bottom line, with revenue growth also playing a role. At some point, investors won’t be bidding up stocks simply because the company has some kind of AI application; they’ll care about profitability and shareholder return. But for now, optimism and hope rule the roost, and even if these stocks, and others, can’t live up to the promise, there could be more tradable rallies in the near term. Before you consider Exscientia, 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 Exscientia wasn't on the list. While Exscientia currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Is It Time To Buy Keurig Dr Pepper Or Cut Losses? 2023-07-28 - After correcting to long-term lows earlier this year, Keurig Dr Pepper NASDAQ: KDP had a beat-a-raise quarter reinvigorating the bull case. The news has shares up nearly 5% and trading at a critical level that could open the door to a sustained rally. The question is if current holders will remain on board or use the surge as a chance to cut their losses. Key Points Keurig Dr Pepper had a beat-and-raise quarter lifting shares off of a long-term low. Guidance was raised and may lead to a sustained rally, but there are hurdles. The analysts' activity may weigh the price action and keep the stock from regaining critical support levels. 5 stocks we like better than Keurig Dr Pepper The stock is down 17% from its recent highs and was down as much as 20% and more at the movement's low. That’s a good reason to get out of a market, and this 1 is at a critical level. So, Keurig Dr Pepper had a great quarter, and it may move higher, but not before it crosses a significant point of resistance. If it can do it, KDP shares could trend higher. If the market can’t get above $34 and hold it, this market will definitely move lower. Diversified Keurig Dr Pepper Beats And Raises Diversified Keurig Dr Pepper posted solid growth in Q2 and outpaced the consensus estimate, an example of when diversification doesn’t pay off. The company’s 6.6% growth beat the consensus estimate by a slim margin but lags behind the double-digit gains posted by beverage giants PepsiCo NASDAQ: PEP and The Coca-Cola Company NYSE: KO. Growth was driven by an 11.8% increase in US refreshment beverages and offset by a 5.7% decline in coffee. Coffee sales are impacted by consumer shifts that include returning to work ie, less coffee at home. Sales growth is due entirely to higher prices, with average pricing up 8.1% and volume down 2.1%, consistent with the industry. The margin news is marginally good. The adjusted margin contracted slightly compared to last year but not enough to offset the top-line strength. The increase in costs includes increased marketing costs which should result in better sales down the road. Until then, the adjusted operating income rose 4.4% compared to last year and is 23% of revenue. GAAP earnings came in at $0.36, adjusted at $0.42, both $0.02 better than expected, and adjusted EPS is up 7.6% YOY. The guidance is the best news in the report. The company cautiously raised its guidance for revenue by 100 basis points to 5% to 6% while reaffirming the EPS outlook. EPS is expected to grow 6% to 7% and may top this estimate, given the top-line strength. Trends within the beverage industry support KDP, KO, and PEP growth and should remain solid through the end of the year. Keurig Dr Pepper Offers Value, But Analysts Aren’t Buying It Keurig Dr Pepper offers value relative to PEP and KO stock trading at 18X its earnings. Those stocks trade closer to 25X and 26X while paying similar dividends. KDP yields about 2.45% compared to PEPs at 2.65% and KOs at 2.9%. The biggest difference is that PEP and KO pay out more of their earnings and have a substantial history of distribution increases. Both are Dividend Kings with 50+ years of increases, while KDP has an erratic history of increases albeit a history of increases. The price action in KDP stock is favorable. The market is up nearly 5% and showing a strong candle. The move has the price action above the long-term moving average but still faces resistance. Resistance at $34 could be strong and hold the market from moving any higher. The analysts may not be any help; they rate the stock at Hold with a price target that has been slipping all year. The consensus is above critical resistance but may not remain that way long. Before you consider Keurig Dr Pepper, 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 Keurig Dr Pepper wasn't on the list. While Keurig Dr Pepper currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
3 Streaming Stocks That Can Push Past the Actors Guild Strike 2023-07-28 - The current screen actors guild (SAG AFTRA) strike is not being felt by consumers yet. With several blockbuster movies already finished production, there should be a steady stream of content for consumers to get through the summer. Key Points Pragmatic investors should wonder what it means for streaming companies if the Actors Guild Strike lasts longer than expected. With many streaming companies reliant on fresh content, a lengthy strike will put a strain on business models. YouTube TV’s deal for the NFL Sunday Ticket is starting to look like a savvy move by Alphabet. Comcast has a library of content that includes many shows that consumers return to again and again. Roku is navigating an ad recession, but still provides the hardware that is essential for cord cutters. 5 stocks we like better than Alphabet But what about after that? Even if there’s a fairly quick resolution to the strike, industry executives say that there will be a lag to get fresh content in the pipeline. Remember, the strike doesn’t just affect filming but production as well. That could put pressure on streaming companies that are already slugging it out for subscribers. With that in mind, it’s a good time to look at which streaming companies are well-positioned to deliver revenue and earnings even if the strike lasts longer than is currently expected. Are You Ready for Some Football? First up is Alphabet, Inc. NASDAQ: GOOGL the parent company of YouTube and YouTube TV. The streaming network is already a favorite among cord-cutters, and the attraction is likely to grow as football season kicks off once again. That’s because YouTube TV spent $2 billion for the rights to the coveted NFL Sunday Ticket. You may not like the NFL’s business model as a consumer, but as an investor, you can follow the money. The deal that Alphabet inked with the NFL could rise to $2.5 billion. Either way, it’s more than the previous $1.5 billion contract the NFL had with DirecTV. By at least one account, only about 25% of DirecTV’s 14 million subscribers had a Sunday Ticket subscription. And in its July earnings call, Alphabet didn’t give insight into early subscriber numbers. However, one of the goals the NFL accomplished with this switch was to make the package accessible to more users. Alphabet is not a pure play on streaming. Investors have to decide if they want exposure to the rest of the company’s offerings. But GOOGL stock is trading at about 23x earnings. And with earnings projected to grow by at least 10% this year, the stock looks like a solid Buy for more reasons than just streaming. Delivering Comfort Food for Streamers Comcast Corporation (NASDAQ; CMCSA) is the next company on this list. Like Alphabet, Comcast isn’t a pure play on streaming, but it’s closer. And for the purposes of this article, it’s important to bore in on the company’s streaming service, Peacock. In the company’s second-quarter earnings report, the company reported that Peacock subscriptions had nearly doubled on a year-over-year basis. Streaming aficionados may quickly remark that is due to the company having the streaming rights to Yellowstone. And that may be true, but it also has the streaming rights to shows like Parks & Recreation and The Office which remain two of the most popular shows. And keep in mind the company also successfully released The Super Mario Bros. Movie which will be going to streaming very soon. CMCSA stock is up 6% on July 27 after its double beat on second-quarter earnings. But with earnings expected to climb over 11% in 2023, there’s likely to be much more upside to come for this media giant. This Essential Streaming Stock May Not be Undervalued for Long You can look at Roku, Inc. NASDAQ: ROKU as a question of the glass being half empty or half full. The optimists will point out that ROKU stock is up 77% in 2023. The pessimists will note that despite that gain, the stock is still down 17.75% in the last 12 months. At issue is advertising revenue which has weighed on the company’s earnings and has slowed revenue growth. But slowed doesn’t mean stopped. Roku is still growing revenue on a year-over-year basis. And that is expected to continue when the company reports earnings after the market closes on July 27. There’s no question that Roku is facing tough comps as streaming companies are dealing with an ad recession. However, there’s nothing to suggest that it means the connected ad model is broken. It’s likely due to more companies monitoring their ad spend as they navigate macroeconomic conditions. But as long as the company’s Smart TVs and Roku sticks remain one of the most popular ways for cord-cutters to start streaming, the company will still be relevant and may not be undervalued for long. Before you consider Alphabet, 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 Alphabet wasn't on the list. While Alphabet currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
CyberArk's Q2 Report May Offer Buy Zone For AI Threat Specialist 2023-07-28 - By now, it’s fair to say that every major company is aware that cyber criminals will continually come up with new ways to attack networks and steal data. Key Points CyberArk Software offers security solutions to protect data from unauthorized access and defend against cyber threats. The stock has seen significant gains with a year-to-date return of 22.95%. Analysts forecast earnings growth of 348% next year, to $1.25 per share. As a whole, the cybersecurity industry has seen upside price movements in the past three months. 5 stocks we like better than CyberArk Software Despite all the potential surrounding AI and how it’s boosting stocks, there’s also the risk of cyber attacks aided by AI. Fortunately, cybersecurity specialists have turned their attention to those threats. Israel-based CyberArk Software NASDAQ: CYBR offers security solutions to protect important data from unauthorized access, defending against cyber threats and safeguarding companies’ critical assets. AI can be exploited by hackers to launch sophisticated cyber attacks on a company's network. Hackers could use AI algorithms to automate and streamline their operations, making attacks more efficient and harder to detect. Machine Learning Technologies Can Devise Customized Attacks Machine learning can analyze vast amounts of data to find vulnerabilities and devise customized attack methods. AI-powered phishing attacks can trick employees with highly convincing messages. In addition, AI can be used to create realistic deepfake audio or video, facilitating social engineering and deception. AI can evade traditional security measures by adapting and learning from defensive responses. As AI advances, it’s increasingly essential for businesses to bolster their cybersecurity defenses against these constantly evolving threats. In other words, cybersecurity experts always need to stay a step ahead of the criminals. CyberArk Boosted AI Innovation Capabilities Earlier this year, CyberArk announced enhancements to its platform with automation and AI innovations. The stock ended the week of that announcement with a gain of 1.26%. CyberArk is still a relatively young company, having gone public in 2014. It’s a midcap with a market capitalization of $6.379 billion. As you can see on the CyberArk Software chart, the stock has been consolidating recently, but it’s posted a year-to-date return of 22.95%. MarketBeat’s CyberArk Software analyst ratings show a consensus view of “moderate buy,” with a price target of $174.77, an upside of 9.67%. The company reports second-quarter results on August 10 before the market’s open. Analysts expect the company to post a loss of 86 cents a share on revenue of $173.44 million. As you can see by that revenue forecast, that’s still small, but Wall Street has growth in its sights. CyberArk is expected to pivot to profitability after a loss in 2022, and analysts predict earnings growth of 348% next year, to $1.25 per share. Cybersecurity Industry Has Been Hot Commodity Cybersecurity has, understandably, been a hot industry. Earnings and revenue growth for many cybersecurity companies increased even as the stocks tumbled in 2022. For some time last year, analysts were concerned that businesses would slash cybersecurity spending amid fears of an economic downturn. But now, with even the Federal Reserve saying it’s no longer forecasting a recession for this year, those worries have subsided. In any event, as noted above, businesses fully realize that cybersecurity spending is a necessary operational cost. Volatile Stock With Wide Price Swings CyberArk’s current consolidation has been sloppy, and the stock is more volatile than the broader market, with a beta of 1.21. That volatility, combined with only 39.4 million shares in the float, can lead to wide intraday and intraweek price fluctuations, and that’s the case with CyberArk. Despite what may seem like vague, unsubstantiated hype surrounding many stocks getting a bounce from AI, it’s easy to see the business potential where CyberArk is concerned. As a group, cybersecurity stocks have been moving up in the past three months, so that alone is an encouraging sign for CyberArk stock. However, the company’s focus on combating AI-generated threats gives it a special niche that’s almost certain to continue growing. Stock Trading Sideways Ahead Of Earnings As of July 27, the stock had been trading in a sideways pattern for the past few weeks, likely as investors wait it out ahead of the August 10 earnings report. As with any stock that’s reporting earnings soon, it’s best to keep CyberArk on a watch list, and see what kind of move it makes following the report. Even if it gaps higher, the stock would still be actionable as long as investors refrain from chasing it too far from the initial gap-up price early in the session. Before you consider CyberArk Software, 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 CyberArk Software wasn't on the list. While CyberArk Software currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Adidas to sell second batch of Yeezy trainers after breakup with Kanye West 2023-07-28 - Adidas is to sell a second batch of Yeezy footwear, including some of its most popular lines, after sales from the first reduced expected annual losses for the company by €250m. The German sportswear label said in May it would not destroy the unsold merchandise from its now-defunct Yeezy partnership with Kanye West, who changed his name to Ye in 2021, and would instead try to sell the stock and donate some of the proceeds to those harmed by the rapper’s comments. Adidas has been stuck with millions of pairs of Yeezy shoes since last October when it cut ties with Ye after he made antisemitic comments on social media. The debacle contributed to Adidas warning it expected its first annual loss in 31 years in 2023 after shutting down the label, which had generated €1.7bn (£1.5bn) in sales and close to €700m in operating profit in 2022. The latest release of Yeezy product was announced just days after Adidas said that sales from a first batch, which took place between late May and early June, had reduced a potential write-off from remaining stock by €100m to €400m. The company now expects to report an operating loss of €450m in 2023, down from a previously predicted €700m. Some reports suggested Adidas had received orders worth more than €500m for 4m Yeezy trainers from the first batch but had been unable to meet demand. Vintage pairs of the Yeezy trainers can sell for thousands of pounds on specialist auction sites such as StockX, which said it had seen higher than usual demand since Adidas began selling its spare stock. The sportswear label said the latest tranche of stock would be made available on its own digital platforms including its app and adidas.com as well as via some wholesale partners’ websites from 2 August. The release will include 2022 designs such as the Yeezy Boost 350 V2 and the Foam RNR . Adidas has promised to hand over “a significant amount” of the proceeds from the sales to organisations working to combat discrimination and hate, including racism and antisemitism. It has not specified what proportion of profits will be donated. The company said beneficiaries from the latest sale would include the Anti-Defamation League (ADL) and the Philonise and Keeta Floyd Institute for Social Change, and Robert Kraft’s Foundation to Combat Antisemitism (FCAS). 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 Some products sold in North America will also be delivered with FCAS blue badges. Ye is also reportedly entitled to a previously agreed commission of 15% of turnover as a result of the sale.
Ben Bernanke to lead review into Bank of England forecasting errors 2023-07-28 - The Bank of England has chosen the former head of the US Federal Reserve to lead an in-depth review into forecasting errors that have seen Threadneedle Street persistently underestimate both inflation and growth. In a sign of the growing pressure on the Bank following 13 successive interest rate increases since December 2021, its governing court has picked Ben Bernanke, one of the biggest names in central banking, to lead a review that was first announced last month. Andrew Bailey, the Bank’s governor, has faced mounting pressure – including from the all-party House of Commons Treasury select committee – to explain why forecasts have been so wide of the mark. Announcing Bernanke’s appointment, Bailey said the Nobel prize-winning former Fed chair was a “renowned and award-winning economist whose distinguished career makes him the ideal person to lead this review”. “The UK economy has faced a series of unprecedented and unpredictable shocks,” he said. “The review will allow us to take a step back and reflect on where our processes need to adapt to a world in which we increasingly face significant uncertainty.” Bernanke said: “Forecasts are an important tool for central banks to assess the economic outlook. But it is right to review the design and use of forecasts and their role in policymaking, in light of major economic shocks. So I am delighted to be leading this work for the Bank.” Bernanke was chair of the Federal Reserve from 2006-2014, a period that was dominated by the global financial crisis of 2007-09 in which the US central bank took the lead by slashing interest rates and creating money through the process known as quantitative easing. The BoE quickly followed suit and – like the Fed – adopted the same course when the global pandemic struck in early 2020. But Threadneedle Street’s forecasting record, particularly since the UK came out of lockdown, has been poor. 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 In November 2021, a month before it raised interest rates from 0.1% to 0.25%, the Bank said it expected inflation in the fourth quarter of 2022 to average 2.2%, but instead by October last year it had risen to a 40-year high of 11.1%. A year later, in November 2022, it was predicting the longest recession in 100 years, a downturn lasting seven quarters, but has since said it no longer expects a recession at all. The Bank’s monetary policy committee will announce its latest decision on interest rates on Thursday, when the financial markets expect a further quarter-point increase in borrowing costs to 5.25%. Bernanke is expected to publish his report next spring. David Roberts, chair of the Bank’s court, said: “It is crucial that the Bank continuously learns and adapts as an organisation.”
‘We’ve no magic wand’: UK mortgage advisers face an avalanche of queries 2023-07-28 - Bingley in West Yorkshire is more than 200 miles from Threadneedle Street in London, but the decisions being made at the Bank of England are hitting very close to home for the clients of the town’s branch of the Mortgage Advice Bureau. This week, brokers there were busy dealing with the fallout from the Bank’s recent interest rate decisions, and their clients’ concerns about what might come next. “It’s not just that there’s lots of deals coming to an end but that people are more aware that they need to look at [their mortgage] three, six, nine, 12 months in advance,” says Andrew Milnes, one of the brokers based in the market town. Dionne Marsh speaks to Vicky Hart, who is seeking advice at the Mortgage Advice Bureau in Bingley. Photograph: Richard Saker/The Guardian “I’ve had conversations with people in the last week whose deals don’t end for 18 months, but they want to know what the landscape will be like in 18 months’ time. “That’s crystal ball stuff, but I say if I was doing it today for you, this is what it would look like, with the caveat that in 18 months I don’t think it will look like this, but I can’t promise you. Prepare yourself, this is the absolute worst that it could be.” Bingley is a name associated with past mortgage crises – in 2008, the local building society turned bank Bradford & Bingley was one of the lenders forced into national ownership when its interest in sub-prime loans caused it to collapse. The brokers based in the town are now finding themselves at the centre of another crisis. Like other brokers around the country, they are facing an avalanche of clients inquiring about remortgaging, with some unable to afford the payments, as homeowners grapple with soaring interest rates. As the Bank of England has increased the base rate – with another rise from 5% expected next week – mortgage rates have increased, and some homeowners are facing increases of hundreds of pounds a month. The latest forecast from the central bank showed that almost 1 million UK homeowners will be forced to spend at least £500 more a month to cover mortgage payments by the end of 2026. Milnes says that previously the branch, which mainly has clients in West and North Yorkshire, saw a 70/30 split in the type of business it dealt with, with more customers asking about new mortgages and a smaller number remortgaging. As rates have increased, this has flipped, with about 70% of business now remortgage applications. The people who are mainly affected by the rate increases are those who took out large mortgages at the top end of their budgets, according to Milnes. He says as a result they have found that most people are still able to afford the payments after making cutbacks to discretionary spending, such as holidays, school fees and eating out. “I’ve not had many people where it’s not affordable, but I’ve had quite a few clients where they’ve had to make a lifestyle change, so the Costa goes out the window, the golf club fees disappear, the private school has had to change,” Milnes says. “What I’m finding more than ‘not affordable’ is that it’s ‘not nice.’” He adds: “There’s a demographic of people who made the move when rates were low and possibly couldn’t really afford it. “It’s those who made an aspirational move, for example, from the traditional three-bed semi which was a lovely family home to a four-bed detached with a bit of a garden in a slightly nicer area. When payments were really low, it worked for them. And some of those people will have only taken them on interest-only. Those are the ones it is really kicking now.” 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 He says: “I can count on one hand the customers we’ve had real fears about, where we think they might not be able to pay their mortgage. And we’ve no magic wand, we can’t pay it for them.” For these, he says, “What we can do is signpost what they need to do. The first thing you need to do in that instance is talk to your lender, don’t bury your head in the sand. “There might be a bigger picture including other debt, so we might have to talk to Stepchange or CAP or Citizens Advice on their behalf. There might be other creditors they need to talk to.” Each broker at Bingley’s Mortgage Advice Bureau has examples of clients facing hundreds of pounds of extra payments a month. The Bingley mortgage adviser Bill Niven answers a call. Photograph: Richard Saker/The Guardian One mentions a parent who was entering into a joint mortgage with their child to help them buy a home. The completion of the new-build property was delayed so the deal they agreed last year – a five-year fixed-rate mortgage at 3.69%, costing £1,501 a month – expired. The best deal available to them now is a two-year fix at 6.29%, costing them £1,900 – an extra £399 a month. Another client was paying £731 a month on their 1.89% interest mortgage, but found they would have to pay £1,191 after remortgaging as the interest rate soared to 6.35%. Despite the most recent base rate increase, average mortgage rates dipped last week after the most recent UK inflation data came in below expectations, fuelling hopes that the crisis may have peaked and next week’s Bank rate rise may be the last. Vicky Murray, 26, a self-employed barber, who rents a property in Keighley, arrives for a meeting with an adviser, hoping to buy her first home. After running through her finances, she is told she can expect an interest rate of 6.68% on a five-year fixed-rate mortgage of about £63,500, with monthly payments of £408. “It is what it is,” she says, explaining why she was opting for a longer fixed deal despite the high rates. “If I’m happy with the number now, then it’s fine.”
NatWest chair vows to stay on to provide ‘stability’ after Farage controversy 2023-07-28 - The NatWest chair, Sir Howard Davies, has said he is to stay in post to restore “stability” and ensure and “orderly transition”, quelling speculation the embattled high street lender was set to lose a third senior figure over the Nigel Farage banking row. Davies announced the appointment of an external law firm to review the closure of Farage’s accounts at Coutts, the private bank owned by NatWest. The review will look into the information Dame Alison Rose shared with a BBC reporter that led to her shock resignation as chief executive in the early hours of Wednesday. The Coutts chief executive, Peter Flavel, stepped down a day later. Speaking during a presentation of NatWest’s financial results on Friday morning, Davies, who was already due to retire from his post in the summer of 2024, said the search for his successor would continue in a “completely normal” manner. A day earlier, the prime minister, Rishi Sunak, had declined to publicly back Davies. “My intention is to continue to lead the board,” Davies said. “My understanding is that we do have the support of our main shareholder and of the regulators, for us to continue to steer this bank forward.” NatWest’s largest shareholder is the state. The government holds a 38.5% stake, having stepped in to protect savers by bailing out the lender during the 2008 financial crisis. “It’s important that there is some stability here in the bank, and that we maintain our progress. And eventually, of course, there will be an orderly succession both for me, and indeed, the new chairman will have to review the CEO position,” he said. Asked about whether he had concerns over the government’s influence on Rose’s departure, Davies said it had been a “highly exceptional circumstance. The government in the normal way during my eight years here, has not interfered with commercial decisions in this bank. And indeed, I’m grateful to them for that.” Sir Howard Davies, the NatWest chair: ‘It’s important that there is some stability here in the bank, and that we maintain our progress.’ Photograph: Suki Dhanda/The Observer NatWest’s shares recovered some ground on Friday, rising 3% by mid-afternoon. That followed a 4.5% drop over the 48 hours after Rose’s departure, when almost £1bn was wiped off the bank’s market value. Davies defended the board for its decision to unanimously back Rose on Tuesday afternoon, before being forced into a U-turn hours later after pressure from Downing Street. “We believe that was a rational decision to make at the time. However, the political reaction to that was such that Alison and I then concluded, and the board supported the view, that her position was then untenable.” Rose resigned after admitting she had discussed Farage’s bank accounts – which had been closed without explanation – with the BBC’s business editor, Simon Jack, in an apparent breach of client confidentiality. The BBC reported Coutts had dropped Farage after he fell below its financial threshold, which requires customers to hold at least £3m in savings or £1m in loans or investments. However, Farage subsequently obtained and revealed documents showing that, while he had been below the bank’s “commercial criteria” for some time, the decision to shut his accounts was also based on concerns at Coutts that his “xenophobic, chauvinistic and racist views” posed a risk to its reputation. Despite offering Farage a personal apology, and pledging to launch an independent review into the circumstances that led to the closure of his accounts, political pressures ultimately forced Rose to step down in the early hours of Wednesday morning. The Standard Chartered bank boss, Bill Winters, joined other colleagues in defending Rose on Friday, saying her apology should have been accepted and her resignation was a “pretty heavy price to pay for an error of judgment”. Farage was still calling for Davies to leave the banking group on Friday afternoon. He said on Twitter: “Sir Howard remains as the NatWest Chairperson… The former FSA boss who tried to keep in place a CEO who broke many of the FCA rules. It’s a bad move.” 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 Paul Thwaite took over as the interim chief executive on Wednesday, and will be in place for at least 12 months. One of his first actions in the role was to oust the Coutts boss, Peter Flavel. Davies said he first became aware of Rose’s discussions with the BBC last week, and subsequently told her that the board needed a “clear statement” regarding the conversation. “We met on Monday to discuss it, and that led to the events of this week.” The independent review into the Farage case will be conducted by the law firm Travers Smith, with three main aims. One of its more sensitive tasks will be to determine the circumstances and nature of any leaks of confidential customer information to the media. The review will also check why Farage’s accounts at Coutts were closed, how the controversial internal reports about his political views and actions were compiled, and how the bank communicated with him about his accounts and their closure. It will also examine the “timing and content” of updates about Farage at NatWest Group level – suggesting this could include memos or briefings from Flavel to Rose. In a second phase, Travers Smith will look at all the accounts closed at Coutts over the past 24 months. It will follow a similar approach: looking at questions of how, why and what was said to all other customers whose accounts were shut down. While the first phase of the review is expected to take four to six weeks, the entire process is expected to run until the end of October. It is not yet clear how widely the resulting report will be shared, given it is likely to deal with sensitive information. However, the findings and steps the bank plans to take in response will be made public. Davies said the bank would start making decisions on pay for Rose and Flavel – which could involve docking their pay packages – after the independent review concluded.
Heat from extinct volcano could be piped into Dutch homes 2023-07-28 - Heat from an extinct volcano could be piped into homes under a plan in the Dutch city of Bolsward. The Netherlands may be known for windmills but Ynze Salverda is no fan of the wind turbines proliferating across the country. He believes sustainable energy could be generated underground using residual warmth from the Zuidwal volcano deep under the Wadden Sea. “It started as a crazy idea,” said Salverda, a board member of Stichting Ontwikkeling Geothermie Friesland (Stogef), a community initiative. “These big wind turbines put a lot of pressure on our landscape but when there is no wind we have a problem. I have a background in the oil and gas world, I knew that there were a few volcanoes, and the [increased] temperature is going to the coast.” The Netherlands’ history as a major gas extractor means it has huge amounts of subsurface data. “We found out that there is a layer of porous stone, it’s nice and warm, about 90C, so wouldn’t it be an idea to use geothermal energy,” he said. “We want to take it in our own hands and work with the local government. Just like food, we need energy to be reliable, affordable and it should not be commercialised. And that’s the whole idea.” Using a geothermal “doublet” technique, water can be pumped up from the ground in a production well and the heat extracted in a heat exchanger before the water is reinjected via an injection well. The public energy company Energie Beheer Nederland believes 25% of Dutch heat demand could eventually be met by geothermal energy. There are 26 working non-volcanic geothermal energy projects, mostly heating greenhouses between The Hague and Rotterdam, and a national mapping project and plans to more than double geothermal production by 2030. Phil Vardon, a professor of energy geomechanics at Delft University of Technology, is leading the science programme for a 2.5km-deep geothermal project being drilled in Delft to heat the university campus plus the equivalent of 10,000 houses. “The volcano is a bit of a gimmick, but what it does seem to have done is to increase the temperature locally,” he said. “You can see this on temperature maps interpolated from drilling projects. One thing that isn’t so good is the ability for the water to flow – there’s a relatively limited thickness reservoir.” Still, Energiewerkplaats Fryslân, a network of professionals supporting local energy initiatives, has published an “exploratory investigation” into the potential of 500-metre or 3km-deep structures plus a district heating system, with a total estimated cost of between €143m and €188m. Johannes Lankester, the project leader, is positive, even if the local area would have to raise 30% of the total. “Technically, it is certainly very achievable,” he said. “The heat is there but we want ownership as a community. In Frisian, we call this MienskipsEnergie [community energy].” The local council of South-west Friesland wants to set up this public heating network and develop more alternative energy sources and is appealing for government and European help. “In around 2027 we hope to drill for geothermal heat for Bolsward,” a spokesperson said. “Geothermal is a good additional source in the desired energy mix.” skip past newsletter promotion Sign up to Down to Earth Free weekly newsletter The planet's most important stories. Get all the week's environment news - the good, the bad and the essential 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 However, the Dutch mining regulator is understood to be looking carefully at mining risks in the wake of a scandal around earthquakes caused by gas extraction in Groningen. A spokesperson said there was “too little known about the initiative to estimate the risks”. Diana Tronco, the chief executive of Inco-Drilling and an adviser to the project, believes it has potential. “There are some cases like in Groningen where people are afraid of drilling, but the advantage of geothermal is that if you drill two wells, one to extract water [and one to] inject it back, there’s a balance,” she said.
Mid-income developing countries ‘risk losing out on climate funds’ 2023-07-28 - Middle-income developing countries hit by devastating climate disaster risk missing out on rescue funds, the head of one of the world’s development banks has warned. Hyginus Leon, the president of the Caribbean Development Bank, told the Guardian that some developing countries with per capita incomes that would disqualify them for some forms of overseas aid could be made ineligible for climate funds. That would be a mistake, he said, as many such countries were still vulnerable to the devastating impact of the climate crisis. He said money to help developing countries cope with the climate crisis should be allocated on the basis of their need and vulnerability, not only on their existing income. “There is significant heterogeneity, or variation, in need, in requirements and the positioning of different groups [of countries],” he said. “We may be talking of exceptions for those countries that are high GDP but have high vulnerability, because of natural hazards, or have low resilience capacity and so cannot get out of a shock or crisis easily.” Governments are working on plans for a “loss and damage” fund, that would pay out to countries stricken by climate disaster, for rescue and the rehabilitation of economies and societies. At the Cop28 UN climate summit this November, countries will discuss ways of filling the fund. That should not be the end of the discussion, Leon said: “After we accumulate or mobilise the financing that we are talking of, the bigger issue we will face is how do you allocate that finance – and we are not yet talking about this.” Some countries are in a “grey zone”, classed as developing but not among the very poorest, yet still vulnerable, so arrangements for which countries receive climate finance should be flexible, he argued. “You have to be able to tailor it – a one-size fits all measure is not going to be as effective as it could be. If we end up with one instrument, one panacea for everybody, in the end very few will end up being satisfied.” Heatwaves have broken temperature records around the world in the past weeks, with forecasters predicting further hot weather to come. Swathes of Greece have been evacuated because of forest fires, while Italy and Spain have experienced soaring temperatures and in some cases flash flooding. Developing countries are also feeling the heat, with the Mediterranean heatwave also affecting Algeria and Morocco, while India has halted rice exports because of fears the hot weather will affect the harvest, while China has issued alerts for heatstroke. The poorest quarter of people in the world are most likely to suffer extreme heat, research has found. But middle-income countries are also experiencing climate disaster, and many smaller nations are at particular risk of having their economic progress reversed. Leon said: “The fact that our income as countries tends to be much higher than the ODA type thresholds, and therefore we are not being measured on a need basis, we are measured on a past income basis, that does not reflect at all the shocks, the vulnerabilities, the difficulties to recover that we face.” skip past newsletter promotion Sign up to Down to Earth Free weekly newsletter The planet's most important stories. Get all the week's environment news - the good, the bad and the essential 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 Some Caribbean countries are at grave risk of hurricane damage. Scientists are unsure whether hurricanes could become more frequent owing to the climate crisis, and their frequency may even reduce. But they are likely to become significantly more intense, and more damaging, the hotter the world becomes. Leon said much of the climate finance likely to be made available to poor countries in future would probably be in the form of loans, as well as grants. Some campaigners have argued that many countries are already indebted, and loans to help them cut emissions and adapt to the impact of the climate crisis could drive them deeper into debt. However, Leon said it was not possible to have all finance in the form of grants. “I think it becomes a useful exercise to separate the way we perceive new debt, without necessarily the encumbrance of the legacy debt as of today. I see nothing wrong in principle in separating repayment as one repayment stream based on existing debt, and another repayment stream based upon new debt,” he said. “All you need to do is think of it as two blocks.” He said there had to be a mix of loans and grants. “You may never be able to get grant funding for zero costs for all of your needs going forward. You will, at some point, need to say how much of that is good debt that I’m willing to undertake. What matters is development outcomes for countries.”
I’m secretly a Coutts customer but for people like me there’s little point 2023-07-28 - As someone with a Coutts account, maybe the least relatable aspect of the Nigel Farage story is: why would you publicise your Coutts account? I spent years developing the muscle memory to hold my thumb precisely over the brand name any time I take my card out; the telltale online banking icon is tucked safely away in the elephant’s graveyard of the fourth page of apps on my phone; I’ve never volunteered the information to a soul. But all it takes is one suspicious friend to wonder why you’re always putting your card the wrong way up when you split the bill and everyone you’ve ever met is mocking you for it within a week. That tiny stringed instrument you’re plucking at is making a horrible noise, incidentally. Officially, Coutts requires that you have at least £1m in investments or borrowing, or £3m in savings, to bank with it. (You will remember that this was the version of the Farage story leaked to the BBC before he obtained the internal memo that revealed the reality.) This is, emphatically, not my situation, which does rather corroborate Farage’s suggestion that the bank picks and chooses when it applies those rules. I got an account as a teenager because of my parents’ wealth. I’ve benefited in countless tangible and intangible ways from my family’s good fortune, none of them fair, but if the bank was betting on a long-term return by indulging my four-figure current account, it’s still waiting for a return. So far, the most financially beneficial feature of our relationship from my end was when somebody took pity on me and waived the eyewatering £900 annual fee it charges customers whose balances aren’t worth their while. (In theory, it’s only free if you can afford it, which is probably a useful parable for capitalism in general.) I assume the only reason I haven’t been dumped is because they haven’t noticed, but I don’t think my ego can handle the “no results” response to a subject access request it would require to find out. What advantages do I accrue from a Coutts account, other than the dubious status conferred by a plastic oblong with cursive writing on it? Well, someone answers politely after a few rings whenever you call and smoothly cancels your Ukip direct debit, or whatever. They usually send out the new debit card in an expensive-looking little cardboard box with a paragraph about the illustration they commissioned to cover it. Also, you get a “private banker” who will reply by email to questions that a NatWest customer might put to a chatbot, and tops and tails the same answers you’d get from the AI with inquiries after your health and best wishes. On the other hand, I seemed to get basic technological upgrades like functioning online services and the ability to pay with my phone several years after anyone with a high street bank account. I assume this suspicious relationship with modernity is part of what attracted Farage in the first place, but for anyone else it’s a pain in the arse. The first time most of the more rarefied features of Coutts’ offer – from exclusive investment opportunities to special networking events – crossed my radar was when I read about them in the Guardian. I had heard about the Coutts Concierge service, which promises tickets to sold-out events and help with getting a literal elephant to attend your wedding, because of the many, many emails they send me about it. But unlike the Nando’s black card, say, nobody is actually giving you anything. It’s not like you don’t have to pay for the Wimbledon hospitality box they can get you; if you have that much money, you could presumably get one anyway. Anyhow, there are myriad other services offering the same sort of thing whoever you bank with (including the company to which Coutts contracts the service out). What it boils down to, as far as I can tell, is an effectively branded way to part you from your cash and feel like you’re getting special treatment, like hot towels in business class. I get quite similar messages from Vodafone about their #feelgoodfridays. Writing all this down, I find myself at a bit of a loss as to what the actual point is for people like me and Farage, who haven’t got the resources to take advantage of the actually useful stuff. When I was looking for a mortgage, Coutts’ promise of a deal that would account for the “sometimes irregular nature of cashflow”, which I presume is great if you’re a hedge fund guy, turned out to mean far higher repayments than I could get with Santander with my boring old monthly salary. In truth, most of the benefits nominally attributed to having a Coutts account are actually just benefits of being rich. These days I use my Monzo account for almost everything and flash the bright orange card about with a giddy sense of freedom. The best that can be said for the other one is that at least you’re definitely not going to bump into Nigel Farage at the branch.
RFK Jr. complained about not getting Secret Service protection. The truth is very few candidates do. 2023-07-28 - Robert F. Kennedy Jr. lashed out at the Biden administration for not granting him Secret Service protection. The reality is that many presidential candidates are not granted protection. Kennedy has not also reached some of the criteria the agency uses to reach its decision. 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 Long shot Democratic presidential hopeful Robert Kennedy Jr. on Friday lashed out at the Biden administration for refusing to grant his request for Secret Service protection, a complaint that ignores the reality that many presidential candidates are not granted protection. "Since the assassination of my father in 1968, candidates for president are provided Secret Service protection. But not me," Kennedy wrote on Twitter. Kennedy's complaint comes with added personal resonance as the assassination of his father, New York Sen. Robert F. Kennedy, led Congress to extend protection to major party presidential and vice presidential candidates and nominees. As NPR previously recounted, the Secret Service learned almost immediately that it could not protect everyone, even though they tried in the wake of RFK's assassination. Agents put in 270,000 hours of overtime in 1970, protecting candidates and other prominent political figures. Eventually, the agency responded by implementing criteria for which candidates are eligible for protection. The entire list for 2024 is available online. While the listed criteria are not intended to be exhausted, they include steps that Kennedy has not reached. He is not the de facto nominee of a major presidential party. He has polled in the double digits, but he has not averaged 15% or more in the Real Clear Politics Average over the last 30 days. (He's at 13.7%). The Biden administration does not act alone either. Homeland Security Secretary Alejandro Mayorkas works with an advisory committee composed of top congressional leaders, such as Speaker Kevin McCarthy and Senate Minority Leader Mitch McConnell. A DHS spokesperson did not immediately respond to a request for comment. It's also very early in the primary calendar to request protection. When Dr. Ben Carson and then-candidate Donald Trump made their request in 2015 it wasn't until the fall. Their requests were quickly signed off on. While presidential protection is what the agency is known for, the Secret Service is also responsible for helping provide security for major national events such as the Super Bowl. Agents also secure foreign dignitaries during the United Nations General Assembly. There simply are not enough agents to go around. As BuzzFeed pointed out in 2016, agents also had to wait months to get receive their overtime pay due to a federal pay cap. Not all campaigns welcome Secret Service protection either. Sen. John McCain's campaign held off on it in 2008. The reality is that while a protective bubble from world-class, taxpayer-funded agents is incredible it also makes the type of intimate campaigning the early primary season is known for far more difficult. Supporters have to go through security screenings and often are asked to show up hours in advance. There are two fairly obvious reasons why Kennedy wants protection. One is that Secret Service protection is covered by taxpayers. It's not immediately clear how much money his campaign is spending on security. His campaign did not specifically indicate any security costs in its most recent FEC report. Secondly, the presence of Secret Service agents gives any hopeful the aura of being the leader of the free world. Kennedy has lashed out at those who remind him of his past statements where he bear-hugged conspiracies, urged parents not to vaccinate their kids, and flirted with antisemitism. The opportunity to be surrounded by agents would grant him a stamp of legitimacy as he demands to be taken seriously by his fellow Democrats.
Caroline Ellison took a $22.5 million bonus from Alameda, FTX alleges 2023-07-28 - FTX's bankruptcy estate is going after the crypto exchange's top leaders to try to take back funds. Sam Bankman-Fried and others took "hundreds of millions of dollars," FTX alleged in a court filing. Caroline Ellison, once co-CEO of the trading firm Alameda, took a $22.5 million bonus, FTX said. 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. FTX's bankruptcy estate has accused Sam Bankman-Fried and top deputies including Caroline Ellison and Gary Wang of plundering their crypto enterprise before things came crashing down. For instance, Ellison improperly took $22.5 million in bonus payments from Alameda Research, the trading firm she helped lead as co-CEO, FTX alleged in a filing this month in Delaware bankruptcy court. The allegation was in the same complaint where the FTX estate said that Bankman-Fried and his associates had drained their crypto companies of "over a billion dollars" during the years leading up to FTX's bankruptcy in November. The complaint alleged various schemes by Bankman-Fried, Ellison, FTX co-founder Gary Wang, and Nishad Singh, who was once FTX's director of engineering. Ellison, Wang, and Singh have all pleaded guilty to charges by federal prosecutors amid the government's investigation into FTX's failure. Bankman-Fried, who has pleaded not guilty, is headed toward a trial scheduled for October. "Ellison caused Alameda, through a series of convoluted transfers, to transfer $22.5 million to Ellison's personal account on the FTX exchange," according to allegations by FTX, Alameda and other entities in a complaint filed earlier this month in Delaware bankruptcy court. FTX alleged that Bankman-Fried and his associates pocketed huge sums of money from the enterprise, giving themselves tens of millions in loans they didn't pay back, and money they used to invest in other entities, according to FTX's complaint. Bankman-Fried and his friends at his companies also used the money to secure real estate like the "$30 million, six bedroom penthouse in the Albany resort community in the Bahamas" they all lived in, according to FTX. FTX had previously alleged that Ellison had also received about $6 million in payments from Alameda, though that was dwarfed by the roughly $2.2 billion that FTX alleged Bankman-Fried received from his businesses. Representatives for FTX and Bankman-Fried both declined to comment. Representatives for Ellison, Wang, and Singh did not immediately respond to emails seeking comment on Friday afternoon.
The Korean War ended 70 years ago. Here's how the 'forgotten war' started. 2023-07-28 - Following years of border skirmishes, the North Koreans launched a full-scale invasion against the south on June 25, 1950. The South Koreans were in no position to resist. A small US force under the command rushed in to assist. By the war's end on July 27, 1953, the conflict had claimed the lives of over 36,000 Americans, as well as millions of Koreans and Chinese. 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 Following years of border skirmishes that left thousands dead on both sides, the North Koreans launched a full-scale invasion against the south on June 25, 1950. The South Koreans were in no position to effectively resist. A small US force under the command of Lt. Col. Charles B. Smith rushed in to assist. Smith was only able to take two understrength infantry companies with a skeleton headquarters and a weapons platoon with a few mortars, obsolete bazookas and 75mm recoilless rifles. In all, they comprised little more than 400 men. Visit INSIDER's homepage for more stories. On the night of June 30, 1950, Lt. Col. Charles B. Smith was asleep in his quarters at Camp Woods near Kumamoto, Japan, when he received a phone call. "The lid has blown off. Get on your clothes and report to the CP," his commanding officer told him. This began the deployment of Task Force Smith, the first American combat troops to arrive and fight in the Korean War. Following years of border skirmishes that left thousands dead on both sides, the North Koreans launched a full-scale invasion against the south on June 25, 1950. The North Korean army was well-trained and well-equipped with the latest Soviet tanks and artillery. It was Soviet leader Josef Stalin himself who reluctantly gave the go ahead to North Korean dictator Kim Il-Sung to invade. The South Koreans were in no position to effectively resist. They had no tanks, little artillery, a minuscule air force and were demoralized after bloodily crushing a series of domestic uprisings. Though the US had largely exited the south by the outbreak of the war, the Soviet Union had built North Korea's army into a fearsome instrument. 대한민국 국군 Republic of Korea Armed Forces via Wikimedia Commons Bombers of US Far East Air Force Command are flying in formation, 1950. With just six C-54 transport planes available for airlift, Smith was only able to take two understrength infantry companies with a skeleton headquarters and a weapons platoon with a few mortars, obsolete bazookas and 75mm recoilless rifles. In all, they comprised little more than 400 men. They landed in Pusan, South Korea, on the morning of July 1 and took a scratch collection of Korean trucks and civilian automobiles to the train station. Once there, Smith was told by a general: "All we need is some men out there who won't run when they see tanks." On the train ride heading north, they had a front row seat to the chaos and confusion in the face of the invasion. Four Royal Australian Air Force fighters strafed an ammunition train heading north to resupply South Korean soldiers, blowing it sky high and killing many local civilians. In another incident, friendly planes destroyed a column of 30 South Korean trucks, killing over 200 soldiers. One officer present observed: "The fly boys really had a field day! They hit friendly ammo dumps, gas dumps, the Suwon air strip, trains, motor columns, and KA [Korean Army] Hq." A US Army artillery crew fires a 105 mm howitzer against North Korean Communist positions during a battle in the Republic of Korea. Wikimedia Commons After linking up with a battery of 105mm artillery that had just arrived by sea, Task Force Smith headed north of Osan on July 4 to scout out positions for the coming battle. Their mission was simple: Delay the North Korean advance as long as they could. They could see South Korean engineers wiring bridges for demolition along the way. On July 5 at 7 AM, with the soldiers dug and the artillery positioned, they spotted a column of North Korean tanks. Artillery called in against them proved ineffective, and despite waiting until the T-34 tanks were at close range, the 75mm recoilless rifles couldn't penetrate their armor. A flurry of bazooka shots failed to penetrate as well. Anti-tank mines tailored for the situation were not available in Korea. The artillery only had six anti-tank rounds, and it was these that disabled two enemy tanks. The armor came in waves, barely stopping to engage the US infantry as they drove south. After they passed, Task Force Smith knew that enemy infantry was on the way. The heavily out-gunned Task Force Smith had only M20 75 mm recoilless guns, bazookas, and precious few anti-tank missiles to hold their positions. US Army publication via Wikimedia Commons - The approaching column of trucks was estimated by Smith to be six miles long, with three tanks taking the lead. When they were within a thousand yards the Americans raked the column with .50 caliber machine guns, mortars, and artillery. Many trucks were destroyed, and enemy infantry dismounted and proceeded to engage in a double envelopment maneuver. Like the tank columns before them, they seemed more concerned with going around the task force than engaging it. By 2:30 p.m., with large numbers of the enemy on his flanks and in his rear, Smith decided if any of his men were going to get out, it would have to be then. Elements leapfrogged back, abandoning their heavy weapons, their dead, and some of the more seriously wounded. A medical sergeant volunteered to stay behind with them. The artillery spiked their guns upon receiving the word to withdraw. Task Force Smith suffered its heaviest casualties during the retreat, with enemy machine gun positions hitting them from close range. Elements straggled back into Osan piecemeal, with some scattered men walking all the way to the Yellow Sea and the Sea of Japan. One man arrived at the Pusan perimeter by Saipan from the west coast. In all, Task Force Smith suffered 42 killed and 85 wounded. Crew members give first aid to wounded soldier, during action in the Korean War. U.S. National Archives and Records Administration via Wikimedia Commons Over time, Task Force Smith became a cautionary tale, to the point that upon becoming Army chief of staff in 1991, Gen. Gordon Sullivan said, "My theme as Chief of Staff is 'No more Task Force Smiths.'" After World War II, cutbacks left American troops poorly trained, under equipped, and often badly understrength. The Army was unprepared for Korea, and the soldiers paid the price. Stalin had resisted the idea of the North invading the South for years out of fear of American intervention, but with the US withdrawal starting in 1948, the situation seemed changed. Stalin, Communist Chinese Premier Mao Zedong, and Kim Il-Sung assumed that the United States would not get directly involved. Stalin was no stranger to this kind of miscalculation. His misreading of his erstwhile ally Adolf Hitler led to one of the greatest geopolitical disasters of the 20th century. There was little to disabuse the troika of this notion. In January 1950, a mere six months before the war, Secretary of State Dean Acheson had left South Korea out of the US's Pacific defense strategy in a speech to the National Press Club. The communists interpreted this doctrine as a "green light" for invasion, and anticipated a quick victory. They were badly mistaken. The Armored Forces Memorial at Arlington National Cemetery. Tim1965 via Wikimedia Commons The overwhelming strategic concern — far exceeding the fate of a relative backwater like Korea — lay less than six hundred miles off the Korean coast: Japan. Under US occupation and still rebuilding from the terrible destruction of World War II, Japan was vital to US military power in the Pacific. If South Korea fell, Japan would face a grave threat leaving US's Pacific defense strategy in ruins. After American and UN reinforcements arrived, a counteroffensive drove the North Korean military to the brink of collapse. When UN forces approached the Yalu River, China entered the war. Its assault sent the UN armies reeling back past the 38th parallel, and a war that seemed would be over by Christmas turned into years of bloody stalemate. Though ceasefire talks had begun in July 1951, the war dragged on. President Dwight D. Eisenhower, newly elected in 1952, decided after visiting Korea that it was time to apply enough pressure to force a peace. He began broadly hinting in public statements that nuclear weapons might be used if a ceasefire was not concluded. Korean War Peace talks in Kaesong, Korea. U.S. National Archives and Records Administration. Licensed under Public Domain via Wikimedia Commons Despite the nuclear blackmail, the death of Stalin in March 1953 and the resulting leadership shake up in the Soviet Union was probably the decisive factor in ending the war. The carnage finally ended with the Korean Armistice Agreement on July 27, 1953. A demilitarized zone was established separating the two countries along the 38th parallel that stands to this day. It has often been labeled the "Forgotten War," but over 36,000 Americans and millions of Koreans and Chinese died in a conflict noted for its utter brutality. Between US strategic bombing leveling most of North Korea, horrific war crimes committed by both sides, and cities changing hands multiple times, both North and South Korea were devastated. It ended in a draw. But if satellite imagery has anything to say, South Korea in the long run is lucky that the United States had its back.
Science advisors for 'Oppenheimer' say Christopher Nolan taught himself quantum physics so well that it made their jobs easy 2023-07-28 - Christopher Nolan's new film 'Oppenheimer' features complex science. He brought on scientists to make sure he got it right, but they said they didn't have to do much. Nolan had researched enough about physics that they didn't have to change much about the movie. 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 Christopher Nolan is known for tackling dense science in his work. From black holes in "Interstellar" to theories of time travel for "Tenet," he's not afraid to get down in the theoretical weeds. Science advisors on his latest film, "Oppenheimer," told Insider that's because he teaches himself the science before he even sits down to write. The science in Nolan's "Oppenheimer" script was good, it was just some of the personalities in the film that needed tweaking, said Nobel Prize laureate and theoretical physicist Kip Thorne. Thorne, who attended lectures by the real J. Robert Oppenheimer while studying at Princeton, has first-hand knowledge about Oppenheimer the man, not just his science. So he said that he clarified and expanded on some of the interactions these famous men would have had with one another for Nolan's film. Thorne has worked with Nolan on multiple films, and said he's consistently impressed by all Nolan's done to research his topics. Though he's happy to be there to assist Nolan, who has become a friend, he said it's not always necessary. "He doesn't have the necessity for that that other directors would have. He's just an amazing person in that sense," Thorne said. Nolan also had an advisor on set to help with the science during production. David Saltzberg, a professor of physics and astronomy at UCLA, was in charge of writing equations on the chalkboards shown in the film, and making sure the lectures being given were accurate for the time period. Oppenheimer was an expert in quantum physics, and was responsible for bringing the discipline to the US, Thorne said. The equations and lectures that he would have been giving and attending were those that led to our understanding of nuclear fission, which is what powers the atomic bomb. Though Saltzberg said that his interactions with the director were sparing, he recalled one memorable day. Nolan had a suggestion about what to write on one of the boards. It was a famous equation but would have been disproven by that time in history, Saltzberg said. Regardless, "It was a lot of fun to talk to him," about it, he added. Prefacing he's not an expert in nuclear bombs, Thorne said he was impressed with how Nolan and his special effects team pulled off their depiction of the Trinity test. They famously chose not to use CGI. It was extremely impressive, Thorne said, and he said he hoped it provides modern audiences a reminder of just how horrifying a nuclear blast is. "We are at a stage where we could go through a second period of extreme danger. So I think, to see the history of that period, I think it's very important," Thorne said.
I'm a Marine veteran. Now I'm an OnlyFans creator and proudly wear my military uniform in my content. 2023-07-28 - Taylor Gunner is a veteran of the US Marine Corps. She became an OnlyFans star after she was medically retired. Her sexy shoots have military themes. She'll wear her old fatigues, dress uniforms, and flak jacket. 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 This as-told-to essay is based on a conversation with Taylor Gunner. It has been edited for length and clarity. During my basic training as a Marine, the drill instructor barked orders at me for 13 weeks straight. The experience taught me to show respect and have discipline. Now that I'm retired, that's served me well in my career outside the armed services. About 70% of my followers on OnlyFans are active military or veterans. When I tell them, "Drop and give me 20," they say, "Thank you, ma'am, that was a great scene." They know that my role-play is authentic. It's easy for me to click right back to where I was in the Marine Corps seven years ago. One minute, I'll be the fantasy drill instructor, the next, the recruiter. I wear the camo and dress uniforms that I wore on duty, even my old flak jacket with its metal plates. When I'm shooting content with an extra 20 pounds on me, it's a heavy workout. Being in the Marines was challenging, especially in boot camp I joined the Marines when I was 18. I was working as a telemarketer, server, and roller-rink attendant to pay for school. Education was extremely important to me. If I signed up, they'd pay for my degree. I'm a very driven person. I thought it would be nice to make my life better and see what I was capable of. It was challenging at first. They whip you into shape. I had less than 10% body fat when I came home from boot camp on Parris Island, South Carolina. I was walking muscle. Gunner said she enjoyed using weapons in the Marine Corps. Taylor Gunner My whole life revolved around the Marine Corps. I don't talk about my deployment overseas, but it was a nomad's existence. In the US, I went from North Carolina to Mississippi, California to Arizona. I loved the excitement of handling weapons. Shooting rifles and pistols was awesome. Grenade launchers were my favorite. You just point at your target, and they do the rest. Most of all, I loved the camaraderie and dark sense of humor. I was medically retired in 2016 after injuring my spine. The saddest thing was saying goodbye to my friends. My self-esteem grew after I posted some R-rated photos on Twitter I returned to my home state of Missouri and got my degree in accounting. Then I worked as an internal auditor. But I was bored. The military teaches you to do everything fast. I'd finish my work by lunchtime. In the afternoon, I'd sit in my cubicle and play on my phone. Meanwhile, my then-boyfriend and I were in the swinging community. I posted a few raunchy shots of myself on Twitter — some in my military gear. People said things like, "She has the most beautiful eyes," and, "She looks so friendly." I had 30,000 followers. It boosted my self-esteem, and it made sense to set up an OnlyFans account. Gunner often adopts military themes for her content for OnlyFans. Taylor Gunner The fans loved how I incorporated my former life as a Marine into my content, especially service members. I quit my corporate job in 2021 and became a full-time content creator. In a month with OnlyFans, I earn more than my yearly salary as an accountant. I've got 25,000 followers. I get my self-determination from my time in the military. It gives you a confidence that's always there. It's not cockiness. It's the "can do" and "it will happen" attitude. I run my own business. I'm my own boss. I recently paid for my entire family to go on vacation in Europe. I'm proud of the uniform that I wore in the Marines But it's not all about money. One of the biggest reasons I brought the Marines into my content was to watch out for veterans. Suicide rates are way too high in the military community. I do a lot of what we call "buddy checks," asking if people are OK. Everybody needs a friend. Nobody has accused me of disrespect. A lot of people wear their husband's or partner's military uniforms in photos and videos. I'm proud of my service and I earned my uniform. Do you have a powerful story to share with Insider? Please send details to jridley@insider.com.
Populist senator JD Vance supports an Illinois billionaire-backed effort to make it harder to change Ohio's constitution because he says it protects voters from 'out of state interests' ahead of abort 2023-07-28 - Ohio will vote August 8 on a measure to make it harder for voters to amend the state constitution. JD Vance backs it, arguing it protects voters from "out of state" interests ahead of an abortion referendum. But the main outside group pushing for it is funded almost entirely by a GOP billionaire in Illinois. 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 On August 8, voters in Ohio are set to vote on Issue One, an effort to prevent voters from amending the state constitution by a simple majority vote. If the ballot measure passes, future amendments to the state constitution would require at least 60% support among voters to be enacted. The change has been pushed by Ohio Republicans ahead of a referendum in November on enshrining abortion rights in the state constitution. Republican Sen. JD Vance, the state's newly-elected senator and a self-styled "populist," has endorsed the effort — and he insists that for him, it's not simply a clever way to head off a possible victory for supporters of abortion rights in November. "Obviously, I am pro-life," Vance told Insider at the Capitol this week, before arguing that "whatever your views are on abortion," decisions about the matter "should be made by the elected representatives that people send to the General Assembly." Insider then asked how Vance, as a populist, squares his support for an effort that would make it harder for voters to directly affect matters of public policy. "The anti-populist argument I would make about this stuff," said Vance, "is that very often, these campaigns are funded and created by out of state interests who come in, use an off-cycle election to change the constitution of the people of Ohio, knowing that during midterm elections fewer people vote, and that's how a lot of things have happened in the state of Ohio in the last few years." He added that "out of state interests see the Ohio referendum process as an opportunity to tee off on the Constitution," and that it would "get a lot worse in the next 10 years." Vance joins other Republicans in the state — including Gov. Mike DeWine, Secretary of State Frank Rose, and numerous state legislators — in backing the measure. The irony, however, is that the main outside group promoting the effort in the state, a political action committee called "Protect Our Constitution," is funded almost entirely by a single out of state Republican megadonor. According to filings with the Ohio Secretary of State, $4 million of the nearly $4.9 million dollars that the group has raised came from Richard Uihlein, a billionaire shipping magnate who lives in Illinois. Uihlein and his wife, Elizabeth, have spent heavily on a variety of Republican causes and campaigns, making them among the most prolific Republican megadonors in the country. During the 2022 cycle, Elizabeth Uihlein contributed $250,000 to a Peter Thiel-backed super PAC supporting Vance's Senate candidacy, in addition to $5,800 she contributed directly to his campaign. Despite Uihlein's funding, Protect Our Constitution's messaging on the issue is largely in line with Vance's. "There is nothing radical about requiring a 60% vote to amend the State Constitution," reads a message on the group's website. "We need to rally against out of state interests and extreme groups who want to make their radical agenda PERMANENT in our constitution." At the same time, the main group urging a vote against the measure, One Person One Vote, has also raked in millions of dollars from out of state. Of the $14.8 million raised by the group, $2.6 million came from the progressive dark money group called the Sixteen Thirty Fund, more than $1.8 million from a San-Francisco based social justice organization called the Tides Foundation, and another $1 million came from the National Education Association. The referendum on the controversial change, which recent polling indicates most voters are against, comes ahead of a vote in November on enshrining in the state constitution the "right to make and carry out one's own reproductive decisions." The amendment would allow Ohio officials to prohibit abortion "after fetal viability," with an exception for protecting the "life or health" of the mother.
Aided by A.I. Language Models, Google’s Robots Are Getting Smart 2023-07-28 - A one-armed robot stood in front of a table. On the table sat three plastic figurines: a lion, a whale and a dinosaur. An engineer gave the robot an instruction: “Pick up the extinct animal.” The robot whirred for a moment, then its arm extended and its claw opened and descended. It grabbed the dinosaur. Until very recently, this demonstration, which I witnessed during a podcast interview at Google’s robotics division in Mountain View, Calif., last week, would have been impossible. Robots weren’t able to reliably manipulate objects they had never seen before, and they certainly weren’t capable of making the logical leap from “extinct animal” to “plastic dinosaur.”