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DOJ opposes Trump bid to indefinitely delay classified documents trial 2023-07-13 - Former U.S. President and Republican presidential candidate Donald Trump delivers remarks at a Nevada Republican volunteer recruiting event at Fervent: A Calvary Chapel on July 8, 2023 in Las Vegas, Nevada. The Department of Justice's special counsel on Thursday urged a federal judge to reject Donald Trump's bid to indefinitely delay his trial on criminal charges related to his retention of classified documents after he left the White House. DOJ special counsel Jack Smith's team said in a new court filing that the former president's trial should start in Florida on Dec. 11, and not wait until after the 2024 presidential election as Trump and his co-defendant Walt Nauta have requested. Trump is seeking the Republican presidential nomination. "There is no basis in law or fact for proceeding in such an indeterminate and open-ended fashion, and the Defendants provide none," Smith's prosecutors wrote in their filing U.S. District Court in West Palm Beach, Florida. "A speedy trial is a foundational requirement of the Constitution and the United States Code, not a Government preference that must be justified," the special counsel's team added. "Defendants' claim that this Court could not select an impartial jury until after the presidential election does not justify further delay here." In their own filing Tuesday night, lawyers for Trump and Nauta, who works as Trump's personal aide, argued that Smith's proposed December start for the trial is "unrealistic" given the volume of evidence and special circumstances of the case. Trump is the first president, former or otherwise, to be criminally charged in federal court. He was indicted in early June on 37 counts in connection with allegedly illegally keeping classified government documents at his Mar-a-Lago club in Palm Beach, and taking steps to prevent officials from recovering those records once suspicions grew that Trump had retained such files. He and Nauta, who is accused of aiding him in that alleged effort, have pleaded not guilty in the case.

Former Disney, Marvel exec Ike Perlmutter plans major donation to back Trump for president 2023-07-13 - US President Donald Trump shakes Ike Perlmutter, CEO of Marvel Entertainment, hand before signing an executive order at the US Department of Veterans Affairs April 27, 2017 in Washington, DC. Ike Perlmutter, the former chairman of Marvel Entertainment at Disney , is planning a massive donation to back former President Donald Trump's 2024 run for president, according to his spokesman. Perlmutter has yet to decide how much he plans to donate toward Trump's run, but the businessman's spokesman said Thursday the financial support would be "meaningful." Perlmutter and Trump have been close for over two decades. Perlmutter has previously donated $10.5 million toward a pro-Trump super PAC during the 2020 election cycle, according to Federal Election Commission records. Perlmutter's wife also gave $10.5 million to the same PAC, records show. Perlmutter also acted as an outside advisor to then-President Trump on issues related to the Department of Veterans Affairs, according to ProPublica. The former Marvel boss, who has a net worth of just over $3 billion, is so far one of the wealthiest backers of Trump's 2020 campaign. Many megadonors who once supported the ex-president are seeking alternatives following the Jan. 6, 2021 pro-Trump riot on Capitol Hill and some lackluster 2022 midterm election results. The Trump-allied Make America Great Again super PAC will likely receive money from Perlmutter. The super PAC came into this year with just over $54 million on hand and so far has spent over $19 million on TV and digital ads. Trump is currently leading in the Republican primary polls, well ahead of his second place rival in Florida Republican Gov. Ron DeSantis. Perlmutter's decision to back Trump again over his Republican rivals could represent another blow to DeSantis. Some of the governor's donors become concerned with the trajectory of his campaign. Perlmutter donated over $250,000 to a state-level PAC that backed when he ran for governor in 2018 and 2022, according to campaign finance records. His wife gave over $2 million to the same pro-DeSantis PAC, according to the records. The New York Times reported that Perlmutter recently dined with fellow GOP candidate Vivek Ramaswamy. Perlmutter, after he was ousted from Disney earlier this year, told The Wall Street Journal that he called DeSantis and agreed that the company should not be involved with politics. "Ron, you're right. Disney doesn't have the right to get involved with politics," Perlmutter reportedly told DeSantis in a phone call. Disney and DeSantis have been at war since the entertainment giant last year criticized a Republican-supported bill that critics call "Don't Say Gay." Perlmutter told the Journal that Disney fired him as chairman of Marvel Entertainment because he pushed the company too aggressively to cut costs and ran into issues with executives allied with newly returned CEO Bob Iger. A Disney representative told the Journal that the company's general counsel called Perlmutter to inform him that his job was terminated because of the company's broader cost-cutting effort. Perlmutter told the publication he doesn't remember such a call taking place. Iger told CNBC on Thursday that he rejected DeSantis' campaign rhetoric against the company, calling the Republican presidential candidate's attacks "preposterous and inaccurate." Iger also said there will be a pullback in content spending and creation for the Star Wars and Marvel franchises.

Uninsured Americans pay high costs for an insulin Eli Lilly vowed to price at $25, Sen. Warren says 2023-07-13 - An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. Uninsured Americans pay nearly $98 on average for a vial of Eli Lilly 's generic insulin, even after the company pledged to cut the product's list price to $25 per vial, according to a report released Thursday by Sen. Elizabeth Warren. Eli Lilly earlier this year vowed to slash the list price of its generic insulin, Lispro, from $82.42 per vial starting on May 1. The Indianapolis-based pharmaceutical company is one of the world's largest insulin manufacturers. The Massachusetts senator's report surveyed more than 300 chain and independent pharmacies in the U.S. between June 9 and 28 to determine whether Eli Lilly's announced price cut "translated into real relief for patients." The survey found that a third of pharmacies charged uninsured patients $164 or more for a vial of Eli Lilly's Lispro. Seven pharmacies charged $200 per vial or more, and two sold the product for more than $300. Chain pharmacies charged uninsured customers an average of $123 per vial for the generic insulin, compared with $63 on average at independent pharmacies. Eli Lilly did not immediately respond to a request for comment on the survey. The survey findings suggest that "Eli Lilly's promises of affordable, accessible insulin have not been realized for uninsured patients across the country," Warren said in a statement. She said the data also demonstrate that Congress needs to take more steps to rein in excessive prices, such as capping insulin copays at $35 per month for all patients, regardless of their insurance status. President Joe Biden's Inflation Reduction Act currently caps insulin copays at $35 per month for people covered by Medicare. "My new report confirms that far too many uninsured Americans cannot access or cannot afford to pay astronomical prices for life-saving generic insulin – lawmakers need to step up and take action," Warren said in a press release.

Elon Musk's SpaceX nears $150 billion valuation after secondary share sale 2023-07-13 - watch now The valuation of Elon Musk's SpaceX hit near $150 billion following a share sale by existing investors announced this week, CNBC has learned. SpaceX has an agreement with new and existing investors to sell up to $750 million in stock from insiders at $81 a share, according to a copy of the purchase offer sent by CFO Bret Johnsen on Thursday, which CNBC obtained. The company did not announce a raise of new capital at this time, with the purchase offer representing a secondary sale of existing shares. Musk in April said that the company does "not anticipate needing to raise funding" to further bolster the programs for Starship, Starlink and other initiatives. SpaceX typically performs these secondary rounds about twice a year, to give employees and other company shareholders a chance to sell stock. A Starship prototype stands on the company's launchpad in Boca Chica, Texas on March 16, 2022. SpaceX watch now

The 'Barbie' movie's latest marketing collab is a hot pink Burger King combo meal 2023-07-13 - The "Barbie" marketing machine keeps on cooking up new collabs. In the run-up to the blockbuster's July 21 release, consumers have been inundated by "Barbie" merch ranging from dog toys to roller skates. The latest partnership brings Barbie into the world of fast food. Burger King Brazil this week unveiled a Barbie-themed meal. The BK Barbie Combo features a cheeseburger topped with bacon bits and dressed with a bright pink sauce that Burger King says has a "smoky" flavor. Customers will also receive a pink vanilla milkshake with strawberry Nesquik powder mixed in. Once the straw is put into the dessert, Burger King tops it off with a pink frosted donut. As a side, diners will receive an order of "Ken's potatoes," which are just a plain order of fries, in keeping with the "he's just Ken" verbiage on the movie's poster. Burger King's posts on TikTok and Instagram advertising the limited time combo have garnered millions of views. It's not the first time that Burger King has offered a movie-themed meal. Just last month, the chain released a red-bunned Whopper in collaboration with Sony's "Spider-Man: Across the Spider-Verse." But unlike the Spider-Man burger, it doesn't appear that the BK Barbie Combo will be making its way stateside. Your best bet will be to get on the next flight to São Paulo. A representative for Burger King did not immediately respond to CNBC Make It's request for comment. DON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter! Get CNBC's free Warren Buffett Guide to Investing, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.

DeSantis claims that Disney sexualizes children are 'preposterous,' CEO Bob Iger says 2023-07-13 - Disney CEO Bob Iger on Thursday rejected Florida Gov. Ron DeSantis' campaign rhetoric against the company, calling the Republican presidential candidate's attacks "preposterous and inaccurate." Iger, who spoke in an exclusive interview with CNBC, was responding to DeSantis' comments from the campaign trail that the entertainment giant is "sexualizing children." Iger, the CEO of one of Florida's largest employers, also defended Disney's right to speak out last year against a controversial state bill that limited classroom discussion of LGBTQ+ issues, dubbed "Don't Say Gay" by critics. The move by then-CEO Bob Chapek, who succeeded Iger in 2020 and resigned in 2022 when Iger returned to the helm, kicked off the bitter feud with the governor and his Republican allies. Following Disney's criticism, the Florida officials targeted the special tax district that for decades had allowed Walt Disney World to essentially self-govern its Florida operations. Disney has sued, accusing DeSantis of waging a campaign of political retribution against the company. "We are concerned that he has decided to retaliate against the company for a position the company took on pending legislation in that state," Iger said Thursday. "And frankly, the company was within its right, even though I'm not sure it was handled very well, it was within its right to speak up on an issue [of the] constitutionally protected right of free speech," he said. "To retaliate against the company in a way that would be harmful to the business was not something that we could sit back and tolerate." As the legal fight plays out, DeSantis has continued to wage war against Disney in the court of public opinion. As he campaigns for the 2024 Republican presidential nomination, DeSantis has regularly accused Disney of advocating for the sexualization of children over its opposition to the classroom bill. A pro-DeSantis super political action committee also cut an ad claiming Disney films promoted "secret sexual content." Iger told CNBC, "The last thing that I want for the company is for the company to be drawn into any culture wars." "We are a preeminent entertainer in the world, and we're proud of our track record there. The notion that Disney is in any way sexualizing children, quite frankly, is preposterous and inaccurate," he added. Iger also said it was "horrifying" to see a recent demonstration by neo-Nazis who had gathered near Disney World following former President Donald Trump's federal indictment. "It's concerning to me that anyone would encourage a level of intolerance or even hate that, frankly, could even become — dangerous action that could be turned into some dangerous act of some sort," he said. A DeSantis campaign spokesman declined to comment on Iger's remarks, telling CNBC, "The governor's statements to date are our position." The DeSantis campaign responded to Iger later Thursday by tweeting a video clip of Disney executive Karey Burke speaking in a 2022 company-wide Zoom call about LGBTQ representation in the company's content. Burke in that clip describes herself as a mother of two queer children and says, "We don't have enough leads and narratives in which gay characters just get to be characters and not have to be about gay stories." The lengthy interview Thursday morning came less than a day after Disney announced Iger would stay on as CEO through 2026. Iger previously said he was not planning to remain in the job past 2024.

Millions of Gen-Xers have almost nothing saved for retirement, researchers say 2023-07-13 - Millions of Americans born between 1965 and 1980, collectively known as Generation X, are headed toward retirement woefully unprepared financially for retirement, a recent analysis shows. The typical Gen-X household with a private retirement plan has $40,000 in savings, according to a report this week from the National Institute on Retirement Security (NIRS). The figures are even more more alarming for low-income Gen-Xers, who have managed to stash away no more than about $4,300, and often even less, the group found. Across all members of the generation, some 40% don't have a penny saved for retirement. "Gen-Xers are fast approaching retirement age, but the data indicate that the vast majority are not even close to having enough savings to retire," NIRS Executive Director Dan Doonan said in a statement. "Most Gen-Xers don't have a pension plan, they've lived through multiple economic crises, wages aren't keeping up with inflation and costs are rising. The American Dream of retirement is going to be a nightmare for too many Gen-Xers." Polls show that many Americans estimate they'll need savings of at least $1 million to retire comfortably. Obstacles to saving A major problem for Gen-Xers is their limited access to a pension or 401(k) plan through their job: Only 55% of Gen-X workers participate in an employer-sponsored plan, NIRS found. Other barriers to putting money away include higher student loan debts than Baby Boomers, while wage growth for Gen-Xers has been flat most of their careers, the group noted. As a way to help people save, NIRS supports increasing the number of states around the country that offer retirement plans, noting that Minnesota, Missouri, Nevada and Vermont offer programs for residents who lack access to an employer plan. Combined, those states have helped residents save $838 million across 680,000 retirement accounts, the study noted. Congress should also consider giving Americans a tax credit for doing caregiver work, the researchers said. That would particularly benefit Gen-Xers, many of whom are "caring for aging parents on one end and raising children on the other end," NIRS said. "Accruing savings takes time, and Social Security alone won't provide enough retirement income," Tyler Bond's NIRS research director, said in a statement. "So it's critically important that we change course quickly. The status quo means we are looking at elder poverty for many Gen-Xers and pressure on their families for support." The study used data from Prudential Financial, T. Rowe Price, Vanguard and Fidelity Investments as well as research from Pew Research Center, AARP, the Federal Reserve Bank of San Francisco and the U.S. Labor Department. Members of Generation X — the roughly 64 million Americans sandwiched between Baby Boomers and Millennials — aren't the only ones struggling to meet retirement goals. Although boomers say they need $1.1 million for retirement, the median retirement savings is $120,000 for that generation, according to a recent study from Natixis Investment Managers.

Viasat reveals problems unfurling huge antenna on powerful new broadband satellite 2023-07-13 - A next-generation Viasat communications satellite launched atop a SpaceX Falcon Heavy rocket on April 30 has run into problems deploying its huge mesh antenna, a key element in the relay station's ability to provide hemispheric access to high-speed internet, company officials said. In a statement posted Wednesday, the company said "an unexpected event occurred during reflector deployment that may materially impact the performance of the ViaSat-3 Americas satellite." An artist's impression of the ViaSat-3 satellite in geosynchronous orbit 22,300 miles above the equator with its huge mesh antenna fully deployed. Viasat "Viasat and its reflector provider are conducting a rigorous review of the development and deployment of the affected reflector to determine its impact and potential remedial measures," the statement said. If the primary antenna cannot be coaxed into position, the satellite cannot operate as required. Viasat shares plunged sharply Thursday in the wake of the announcement. The first ViaSat-3, launched last April, was expected to provide space-based internet access to customers in the western hemisphere starting this summer. Two more satellites covering Europe, Africa, Asia and the Pacific are expected to launch over the next two years. Capable of handling up to 1 terabyte of data per second, the satellites are equipped with the largest dish antennas ever launched on a commercial spacecraft. Each satellite's reflector is designed to deploy atop a long boom. In a pre-launch interview, David Ryan, president of space and commercial networks for Viasat, said the size of the mesh antenna is proprietary, but "it's very big. It goes out on a retractable boom that takes literally days to deploy. The boom's in the range of 80 to 90 feet (long). So it's a big antenna." It takes the shape of a parabolic dish when fully deployed, "and that reflects the energy up to the rest of the satellite, up to our antenna feeds and then the satellite and communicates with the rest of our gateways on the ground." ViaSat built the relay station's communications equipment while Boeing supplied the satellite that carries it. Viasat has released few details about the antenna, but Ryan indicated it was supplied by Northrop Grumman's Astro Aerospace. "It is a design that is based on previous designs, in this case from Astro, that have flown on Inmarsat ... and other systems," he said. "So this is a modification of that system, just bigger." Mark Dankberg, chairman and CEO of Viasat, said in the company statement, "We're disappointed by the recent developments. We're working closely with the reflector's manufacturer to try to resolve the issue. We sincerely appreciate their focused efforts and commitment." The company statement said current customers will not be affected by the antenna issue and that a subsequent ViaSat-3 may be relocated "to provide additional Americas bandwidth. The initial service priority for ViaSat-3 Americas has been to facilitate growth in the company's North American fixed broadband business."

Shein lawsuit accuses fast-fashion site of RICO violations 2023-07-13 - Shein is a popular online destination for social influencers and shoppers to stock up on trendy yet affordable clothing, but a new lawsuit alleges that the site maintains its edge by engaging in "egregious" copyright infringement that constitutes racketeering. The complaint was filed on Tuesday in California federal court on behalf of three designers who claimed they were as "surprised" and "outraged" to see their products faithfully copied and sold by the Chinese fast-fashion retailer. The reproduced products weren't "close call" copies, where designs are interpreted with some liberties, but were "truly exact copies of copyrightable graphic design" that were sold by Shein, the lawsuit alleges. The company allegedly engages in a pattern of copyright infringement as part of its effort to produce 6,000 new items each day for its millions of customers. That amounts to a violation of the Racketeer Influenced and Corrupt Organizations Act, or RICO, the claim alleges. "Shein has grown rich by committing individual infringements over and over again, as part of a long and continuous pattern of racketeering, which shows no sign of abating," the suit alleges. Shein is the largest fashion retailer in the world with annual sales of almost $30 billion, more than H&M and Zara combined, the lawsuit notes. A company representative told CBS MoneyWatch it doesn't comment on pending litigation. "Downright evil" One of the designers who is suing Shein, Krista Perry of Worcester, Massachusetts, discovered copies of a graphic poster with the words "Make It Fun" for sale on Shein and a sister site, Romwe.com. Perry complained to Shein via contact forms on its websites about the copy, describing it as "incredibly disheartening, insulting and downright evil to profit off of artists without their knowledge or permission." Shein wrote back with an offer of $500. "Shein made its offer as if it were a mom-and-pop operation rather than one of the richest enterprises in the world," the suit alleges. The lawsuit was filed on behalf of three designers, including Krista Perry, whose "Make It Fun" poster (left) was allegedly exactly copied by Shein (right.) When Perry reached out to complain, Shein offered her $500, the lawsuit claims. Aimee Picchi The lawsuit claims that Shein's pattern, when accused of copyright infringement, is to claim it had low sales and blame a third-party organization for the theft. "Shein will also offer an apology and a vague explanation that makes it seem that this was an anomaly — somehow Shein got its wires crossed and produced a very small number of exact copies of the designer's goods," the lawsuit alleges. "[N]ine times out of 10 the designer's counsel will accept what's offered, or bargain for just a little bit more." The two other designers, Jay Baron of Burbank, California, and Larissa Blintz of Los Angeles, also alleged their designs were exactly copied by Shein. Baron created artwork called "Trying My Best," which was allegedly copied and sold by Shein, while Martinez' "Orange Daisies" clothing was also allegedly copied. The design by Jay Baron was allegedly copied by Shein, which the lawsuit claims would create "confusion, deception, and mistake by creating the false and misleading impression that Shein's goods are manufactured, associated with or connected with Baron." Aimee Picchi Perry suffered "substantial damage to her business in the form of diversion of trade, loss of profits, and a diminishment in the value of her designs and art, her rights, and her reputation," the lawsuit alleges. Who owns Shein? Part of the challenge in pursuing Shein in court is its decentralized, even byzantine, structure, the lawsuit noted. Shein "is a loose and ever-changing (though still continuous even as some individual elements might change to be replaced by others) association-in-fact of entities and individuals," the lawsuit stated. Designers without an attorney "face an utter brick wall," the lawsuit added, noting that even people with lawyers by their side can struggle to find "an appropriate defendant." As a result, the claimants are alleging a violation of the RICO Act, which is "designed to address the misconduct of culpable individual cogs in a larger enterprise," the lawsuit noted. "Unrepresented parties face an utter brick wall," the lawsuit claims. "But even plaintiffs with attorneys, with strong cases, struggle to find an appropriate defendant. In the end, they simply sue whatever party they can find, and hope to straighten the matter out in discovery." Shein was founded in 2012 by Chinese entrepreneur Chris Xu, also known as Xu Yangtian, who is valued at more than $10 billion by Forbes. But not much is known about him, according to The Guardian, which noted the different reports about his background, with some stories describing him as a Chinese-American who studied at George Washington University, while others say he was born in Shandong in 1984 and studied at Qingdao University of Science and Technology. "There is no Coco Chanel or Yves Saint Laurent behind the Shein empire. Rather, there is a mysterious tech genius, Xu Yangtian aka Chris Xu, about whom almost nothing is known," the lawsuit alleges. What is a RICO charge? The RICO Act of 1970 was designed as a way to combat the exploitation of legal businesses by organized crime, according to the Justice Department. While often viewed as a law to combat organized crime, the RICO Act also has been used to prosecute white-collar crimes like the Enron accounting scandal and Bernie Madoff's financial pyramid scheme. Racketeering typically refers to an illegal activity carried out by extortion or fraud, but the RICO Act also has a civil section that can be used for consumer protection or to protect against commercial fraud, according to the Justice Department. "It is well established that egregious copyright infringement (of the type alleged here, and of the type referenced in other similar cases against Shein) constitutes racketeering," the lawsuit claims.

Hollywood actors to begin strike, citing "existential threat" to profession 2023-07-13 - Hollywood actors formally announced a strike after negotiations between their union and motion picture studios collapsed, a serious blow for the entertainment industry that could cripple film and TV productions across the U.S. About 65,000 actors represented by the Screen Actors Guild-American Federation of Television and Radio Artists are walking off the set effective midnight Friday, SAG-AFTRA leaders announced on Thursday afternoon. It is the first industrywide work stoppage by the labor group since 1980. "Actors deserve a contract that reflects the changes that have taken place in the industry. Unfortunately the current model devalues our members and affects their ability to make ends meet," Duncan Crabtree-Ireland, the union's national executive director, said in a press conference. "What's happening to us is happening across all forms of work," SAG-AFTRA President Fran Drescher said in a press conference in Los Angeles to declare the strike action. Studios "plead poverty, that they are losing money left and right, while they give millions to their CEOs. They stand on the wrong side of history at this very moment," she said. "Not only is it unfair, it's really un-American," she added. "Share the wealth, because you cannot exist without us." The performers join more than 11,000 TV and script writers represented by the Writers Guild of America who have been on strike since early May. It's the first time two major Hollywood unions have been on strike at the same time since 1960, when Ronald Reagan was the actors' guild president. Fears of AI At issue in the SAG-AFTRA negotiations is the use of artificial intelligence in movies and the impact of streaming services on actors' residual pay. "Actors now face an existential threat to their livelihoods from the use of AI and generative technology," Crabtree-Ireland said. "They proposed that our background performers should be able to be scanned, get paid for one day's pay, and the company should be able to own that scan, that likeness, for the rest of eternity, without consideration," he added. In a statement, the Alliance of Motion Picture and Television Producers, which represents the major studios and streaming services, including Paramount, said the strike was "the union's choice, not ours." The union "has dismissed our offer of historic pay and residual increases, substantially higher caps on pension and health contributions, audition protections, shortened series option periods, a groundbreaking AI proposal that protects actors' digital likenesses, and more," the group said in a statement, adding, "SAG-AFTRA has put us on a course that will deepen the financial hardship for thousands who depend on the industry for their livelihoods." Disney chief Bob Iger, who recently extended his contract by two years, said a strike would have a "very damaging effect on the whole industry." "There's a level of expectation that (SAG-AFTRA and the WGA) have that is just not realistic," Iger told CNBC Thursday morning. SAG-AFTRA represents more than 160,000 screen actors, broadcast journalists, announcers, hosts and stunt performers. The walkout affects only the union's 65,000 actors from television and film productions, who voted overwhelmingly to authorize their leaders to call a strike before talks began on June 7. Broadway actors said in a statement that they stand "in solidarity" with SAG-AFTRA workers. The Associated Press contributed reporting.

Disney CEO Bob Iger extends contract for an additional 2 years, through 2026 2023-07-13 - Disney extends CEO Bob Iger's contract through 2026 Disney extends CEO Bob Iger's contract through 2026 00:17 Bob Iger will remain as CEO of The Walt Disney Co. through the end of 2026, agreeing to a two-year contract extension that will give the entertainment and theme park company some breathing room to find his successor. Shares rose 30 cents, or 0.3%, to $90.45 in early afternoon trading. Iger rejoined Disney as CEO in November, taking over control of the company from Bob Chapek, whose short tenure had been met with much criticism. Disney park loyalists had openly criticized Chapek on social media, voicing their perception that he had a "business first, customer last" mentality. Iger had previously served as Disney's CEO and chairman from 2005 to 2020 and then as executive chairman and chairman through 2021. Iger wasted no time once back in the CEO role, making one of his priorities reconnecting with the Disney theme park die-hards and restoring their faith in the brand. Wall Street analysts said they viewed the contract extension as a positive for the company, which is battling a number of issues, ranging from a fight with Florida Governor Ron DeSantis to the need for cost-cutting across its businesses. "Given Bob Iger's track record and stature in the media industry, we view this announcement as a positive as it provides Disney steady leadership as the company and industry manages through a turbulent transition period," noted Bank of America analyst Jessica Reif Ehrlich in a Thursday research note. In a statement, Iger said he planned to stay on longer partly to ensure succession planning for choosing the next CEO. "Because I want to ensure Disney is strongly positioned when my successor takes the helm, I have agreed to the board's request to remain CEO for an additional two years. The importance of the succession process cannot be overstated, and as the board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition," Iger said in a statement. Iger is also seeking to protect the company from a takeover of Disney World's theme park district by DeSantis. Disney sued DeSantis in late April, alleging the governor waged a "targeted campaign of government retaliation" after the company opposed a law critics call "Don't Say Gay." Last month attorneys for DeSantis, a state agency and his appointees to a revamped board that governs Disney World asked a judge to dismiss the federal lawsuit. Disney's board gave Iger their full support, voting unanimously to extend his contract. "Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain Chief Executive Officer through the end of 2026," Chairman Mark Parker said in a statement.

As Powerball jackpot rises to $875 million, these are the odds of winning 2023-07-13 - Can you boost your odds of winning the Powerball jackpot? The Powerball jackpot is now worth $875 million, but bettors' odds of winning are slim. The pot rose from $750 million after there were no winners in Wednesday's drawing. For $2, those who want a shot at winning the big prize get one ticket with odds of winning of 1 in 292.2 million. Beyond purchasing multiple tickets, there's little players can do to improve those odds, according to betting experts. Certainly, it's extremely unlikely that you'll win the big prize, but chances are also slim that you'll win even a few bucks. "Even if you're buying 50 tickets, the likelihood is that you're almost certain to still lose and not win the jackpot," Harvard University statistician Mark Glickman told CBS News. "In fact, the chance at winning even $4 by playing is still pretty small." Indeed, the odds of winning $4 -- just twice the cost of a ticket — are 1 in 38.32. As for winning the entire pot, Powerball players are significantly more likely to be attacked by a grizzly bear at Yellowstone National Park (1 in 2.7 million), according to the National Park Service, or to come across a rare blue lobster in the ocean (1 in 2 million). The odds of being struck by lighting are even higher at 1 in 15,300, according to the National Weather Service. Can I improve my odds? Still, for those adamant about giving it a shot, the best number-picking strategy is not to pick figures associated with significant events like a birthday, for example. Instead, match the computer strategy used to generate the winning digits: Choose them randomly, or use a ticket number generator, Glickman said. "Really the best thing you can do is be level-headed about it [and] not buy too many tickets because you're throwing away your money," he said. "The key is to pick your picks at random because that will lower your chances of splitting the money with other people."

What the Hollywood Actors and Writers Strikes Mean for TV and Movies 2023-07-13 - For more than two months, viewers have been without new episodes of late-night shows like “The Late Show With Stephen Colbert,” “Jimmy Kimmel Live!” and “The Tonight Show Starring Jimmy Fallon” because of the writers strike. With the actors now voting to strike too, viewers are likely to notice the effects of the dual walkouts more broadly within the next couple of months. Unless there is an immediate resolution to the labor disputes, the fall television lineup is almost certain to be affected. Instead of new episodes of “Grey’s Anatomy” or “Abbott Elementary,” the ABC fall lineup in September will be populated by a combination of reality series, game shows and reruns. That means lots of episodes of “Celebrity Wheel of Fortune,” “Dancing With the Stars” and “Judge Steve Harvey.” Likewise, the Fox broadcast network announced its fall lineup on Wednesday, and it is packed with unscripted series like “Celebrity Name That Tune,” “The Masked Singer,” “Kitchen Nightmares” and “Snake Oil,” a new game show hosted by David Spade.

Crypto Industry Secures Early Victory in Legal Battle With Regulators 2023-07-13 - The cryptocurrency industry secured an early victory in its court battle with U.S. regulators when a federal judge ruled on Thursday that the sale on public exchanges of a digital asset called XRP complied with securities laws. For years, the Securities and Exchange Commission has argued that digital assets constitute securities, like stocks and bonds traded on Wall Street, and should be subject to the same strict regulations. Last month, the S.E.C. sued two of the largest crypto exchanges, Coinbase and Binance, accusing them of marketing unregistered securities to the public. But the ruling on Thursday in a case involving the crypto company Ripple may complicate that argument and provide fodder for the crypto industry to defend itself in court. The S.E.C. sued Ripple in December 2020, accusing the firm of violating securities laws in one of the first major legal fights involving cryptocurrencies. In the 34-page ruling on Thursday, Judge Analisa Torres of the U.S. District Court for the Southern District of New York said that Ripple did not break the law when the cryptocurrency it created, XRP, was sold on public exchanges.

Hollywood Actors Strike TV and Movie Actors Vote for Biggest Walkout in Four Decades 2023-07-13 - Pinned About 160,000 television and movie actors are going on strike at midnight, joining screenwriters who walked off the job in May and setting off Hollywood’s first industrywide shutdown in 63 years. The leaders of the union, SAG-AFTRA, approved a strike on Thursday, hours after contract talks with a group of studios broke down. Actors will be on the picket line starting on Friday. “What’s happening to us is happening across all fields of labor,” said Fran Drescher, SAG-AFTRA’s president. “When employers make Wall Street and greed their priority and they forget about the essential contributors who make the machine run, we have a problem.” Ms. Drescher said the union was still willing to negotiate — even later today — but only if the studios are “willing to talk in a normal way that honors what we do.” The Alliance of Motion Picture and Television Producers, which bargains on behalf of Hollywood companies, released a statement at the start of the news conference saying that the union has “regrettably chosen a path that will lead to financial hardship for countless thousands of people who depend on the industry.” The previous three-year contract expired at 11:59 p.m. on Wednesday, after an extension from June 30 to allow for continued talks. But the two sides are divided on a range of issues, including pay and the use of artificial intelligence. The union says it is trying to ensure living wages for workaday actors and to protect its members from having their likenesses used in productions they took no part in. The studios, which released a list of 14 proposals they offered the actors, maintain that they have worked to reach a reasonable deal at a time when the industry has been upended by the growth of streaming services and faced shrinking viewership and lower box office returns. Many of the actors’ demands mirror those of the striking writers, whose own work stoppage had already brought many productions to a halt even before the actors voted for their first major walkout in more than 40 years. It’s been even longer — since 1960, when Marilyn Monroe was still starring in films — since actors and screenwriters were on strike at the same time. The dual strikes pit more than 170,000 workers against old-line studios like Disney, Universal, Sony and Paramount, as well newer juggernauts like Netflix, Amazon and Apple. Here’s what to know:

Price Increases Lead to Big Jump in Profit at PepsiCo 2023-07-13 - PepsiCo reported a big jump in quarterly profit on Thursday, despite signs that customers are buying fewer cans of soda and bags of chips as the company continues to raise prices aggressively. Pepsi, which makes Gatorade, Lay’s and Quaker Oats, also raised its forecast for earnings in the rest of the year, pushing its stock higher. The company reported 10 percent growth in revenue, to $22.3 billion, and nearly doubled its profit since the same time last year, to $2.7 billion, in its second quarter, which ended June 17. PepsiCo said it expected revenue to grow 10 percent for the full year, up from its previous forecast of 8 percent. The quarterly results exceeded analysts’ already optimistic expectations, as consumers wrestle with higher prices while policymakers weigh their next move in their efforts to tame inflation.

Texas TikTok Ban Challenged for Threatening ‘Academic Freedom’ 2023-07-13 - “The Supreme Court has characterized academic freedom as a special concern of the First Amendment,” said Ramya Krishnan, a lawyer at the Knight First Amendment Institute. “With so many Americans on TikTok, it’s important that researchers are able to study the impact that this platform is having on public discourse and society more generally.” Representatives for Gov. Greg Abbott, who announced the Texas ban in December, did not immediately respond to a request for comment. The lawsuit said Jacqueline Vickery, an associate professor at the University of North Texas and a digital media scholar, had been forced to “suspend research projects and change her research agenda, alter her teaching methodology and eliminate course material” because of the ban. Ms. Vickery was previously able to collect and analyze large numbers of TikTok videos for her work, which focuses on how young people use digital and social media for informal learning and activism, but she can no longer do this on her university-owned computers or internet networks, according to the suit. The Texas ban also appears to extend to her personal cellphone based on her use of university email and other apps there, the lawsuit said. Ms. Vickery said in an interview that she had not had access to TikTok since the university returned from winter break, even for an assignment in which she wanted her students to read the privacy terms on TikTok’s site. The ban’s effect on her classes and research has been “really challenging,” particularly as she does not have a personal laptop, she said.

TV and Movie Actors Vote for Biggest Walkout in Four Decades 2023-07-13 - Pinned About 160,000 television and movie actors are going on strike at midnight, joining screenwriters who walked off the job in May and setting off Hollywood’s first industrywide shutdown in 63 years. The leaders of the union, SAG-AFTRA, approved a strike on Thursday, hours after contract talks with a group of studios broke down. Actors will be on the picket line starting on Friday. “What’s happening to us is happening across all fields of labor,” said Fran Drescher, SAG-AFTRA’s president. “When employers make Wall Street and greed their priority and they forget about the essential contributors who make the machine run, we have a problem.” Ms. Drescher said the union was still willing to negotiate — even later today — but only if the studios are “willing to talk in a normal way that honors what we do.” The Alliance of Motion Picture and Television Producers, which bargains on behalf of Hollywood companies, released a statement at the start of the news conference saying that the union has “regrettably chosen a path that will lead to financial hardship for countless thousands of people who depend on the industry.” The previous three-year contract expired at 11:59 p.m. on Wednesday, after an extension from June 30 to allow for continued talks. But the two sides are divided on a range of issues, including pay and the use of artificial intelligence. The union says it is trying to ensure living wages for workaday actors and to protect its members from having their likenesses used in productions they took no part in. The studios, which released a list of 14 proposals they offered the actors, maintain that they have worked to reach a reasonable deal at a time when the industry has been upended by the growth of streaming services and faced shrinking viewership and lower box office returns. Many of the actors’ demands mirror those of the striking writers, whose own work stoppage had already brought many productions to a halt even before the actors voted for their first major walkout in more than 40 years. It’s been even longer — since 1960, when Marilyn Monroe was still starring in films — since actors and screenwriters were on strike at the same time. The dual strikes pit more than 170,000 workers against old-line studios like Disney, Universal, Sony and Paramount, as well newer juggernauts like Netflix, Amazon and Apple. Here’s what to know:

A Sriracha Shortage? It Depends Which Brand You’re Looking For. 2023-07-13 - Every month, Jimmy Ly usually orders nearly 150 bottles of sriracha from Huy Fong Foods for one of his Vietnamese restaurants in New York City. The sauce opens the richness of a pho broth or adds a blast of heat to a banh xeo, a Vietnamese crepe. “It’s not too spicy; it’s not too light,” Mr. Ly said. Sriracha can “really hit the sweet spot in terms of spice, sweetness, acidity, just that tang.” But a few months ago, supply began to dry up. Mr. Ly, who owns Madame Vo and Monsieur Vo in the East Village of Manhattan, said that his vendors could not source the sauce and that he couldn’t find it in New York City grocery stores. So he, like some other Huy Fong enthusiasts, bought two large bottles on eBay for $35 each, about five times the usual price, to use at home. But that price was insurmountable for his business. For the second year in a row, Huy Fong, the maker of the most popular variety of sriracha, is facing production issues, the company said in a statement this month, because of “a shortage of raw material” with “no estimations of when supply will increase.”

Trump’s villainization of the FBI has had a dangerous domino effect 2023-07-13 - The GOP-controlled House Judiciary Committee was supposed to hold an FBI oversight hearing on Wednesday. Instead, its chairman, Rep. Jim Jordan, R-Ohio, and what I call his cadre of conspiracists looked more like a kangaroo court putting the entire FBI on trial. Bureau Director Christopher Wray did his best to professionally parry a barrage of unsubstantiated accusations and spurious attacks, but his inquisitors were more interested in spouting fiction than hearing facts. It’s tempting to refer to Wednesday’s debacle as mere political theatrics, but that would belie the grave threat underlying the GOP’s intentions. The Jordan-led assault on the nation’s premier security agency appeared to be a very public extension of a broader campaign to diminish Americans’ trust in their key institutions. The Jordan-led assault on the nation’s premier security agency appeared to be a very public extension of a broader campaign to diminish Americans’ trust in their key institutions. Their strategy seems to be working. This month, an NBC poll found that only 37% of registered voters held a positive view of the FBI, a perception that has been in steady decline since late 2018, when 52% had a favorable opinion. This erosion of trust coincides with Donald Trump spending much of his tenure as president, and now his post-presidency, promoting false theories, bashing the agency that’s investigating him and undermining other institutions he views as a threat. Notably, the poll shows 17% of Republican voters held a positive view of the FBI, compared to 58% of Democrats. It’s essential for a healthy democracy to engage in rigorous oversight of its institutions, particularly those agencies with the power to collect intelligence on its citizens and deprive them of freedom. Yet, Wednesday’s assault served only as a means to degrade the agency on the forefront of preserving domestic security. In doing that, Republicans harmed our national interests. The hearing also sent a less-than-subtle message to law enforcers who dare to investigate any alleged criminal conduct by members of the party in power: “Come after us and you’ll pay a price.” Under Trump, FBI employees saw Director James Comey fired for overseeing the investigation of Russian interference in the Trump campaign; Deputy Director Andrew McCabe fired and subjected to an intrusive IRS audit; and counterintelligence executive Peter Stzrok terminated. Those career-ending consequences may have already affected agency decision-making, and Wednesday’s public beat down of the agency won’t help restore the confidence of the rank and file. The GOP’s threats against the bureau also shifted Wednesday from the aforementioned personal consequences against individual employees to broader, more ominous institutional harms. For example, Jordan issued a letter that same day asking congressional budget minders to not fund the proposed new FBI headquarters, and to consider moving it to Alabama. That would gut the agency’s effectiveness by placing it beyond the essential beltway access to DOJ, the intelligence community, the White House and Congress. The FBI has been seeking a larger campus for 10 years, having finally identified potential locations in suburban Washington. When asked to respond to GOP detractors who have suggested that the FBI be defunded and dismantled, Wray pushed back, saying: “It would hurt the American people, neighborhoods and communities all across this country — the people we are protecting from cartels, violent criminals, gang members, predators, foreign and domestic terrorists, cyberattacks.” Wray is right. In his first five years as director, the bureau dismantled 790 violent gangs, located almost 9,000 child sex trafficking victims, and disrupted over 3,000 terrorism operations. Last year alone, the FBI and its partners arrested more than 20,000 violent criminals and child predators — an average of 55 per day, every day. Slashing the agency’s budget, relocating its headquarters far from the crucial sphere of D.C. influence, and launching vengeful attacks against the agents and analysts who keep us safe, would make us less secure and more vulnerable to internal and external threats we face every day. The drug-dealing gang members who take over your neighborhood playground, the corrupt City Council member demanding bribes to get business done, the child predator prowling the streets for a kid to abduct — not to mention the spies, terrorists and hackers — would all benefit from a diminished FBI. When I was a young supervisor at FBI headquarters, I had to brief an assistant director on a big case. As I turned to walk out of his office, I noticed a small poster hanging on the back of his door. It read, “America is at peace because the FBI is at war.” Now, it seems like certain elected officials are at war with the FBI. If you’re looking for the real winners in Wednesday’s attempt to damage the FBI, you’ll need to look far beyond our nation’s borders. Our adversaries, such as the Russian and Chinese intelligence services, would pay almost any price to see this kind of withering attack on America’s FBI. But they don’t have to spend a dime — Jim Jordan and his ilk are doing it for them, for free.