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Indian markets close sharply down as early vote count shows Prime Minister Modi’s party faces tighter than expected race None - Indian markets close sharply down as early vote count shows Prime Minister Modi’s party faces tighter than expected race Indian markets close sharply down as early vote count shows Prime Minister Modi’s party faces tighter than expected race
Modi claims victory for his alliance in India's general election None - Prime Minister Narendra Modi’s National Democratic Alliance coalition has won a majority in parliament, according to official results from India’s Election Commission By KRUTIKA PATHI Associated Press , SHEIKH SAALIQ Associated Press , and DAVID RISING Associated Press NEW DELHI -- Prime Minister Narendra Modi declared victory Tuesday for his alliance in India’s general election, claiming a mandate to push forward with his agenda, even though his party lost seats to a stronger than expected opposition, which pushed back against his mixed economic record and polarizing politics. “Today’s victory is the victory of the world’s largest democracy," Modi told the crowd at his party’s headquarters, saying Indian voters had “shown immense faith” both in his party and his National Democratic Alliance coalition. Official results from India’s Election Commission showed the NDA won 286 seats, more than the 272 seats needed to secure a majority but far fewer than had been expected. For the first time since his Hindu nationalist Bharatiya Janata Party swept to power in 2014, it did not secure a majority on its own, winning 240 seats —- far fewer than the record 303 it won in the 2019 election. That means Modi will need the support of other parties in his coalition — a stunning blow for the 73-year-old, who had hoped for a landslide victory. The party may now be "heavily dependent on the goodwill of its allies, which makes them critical players who we can expect will extract their pound of flesh, both in terms of policymaking as well as government formation,” said Milan Vaishnav, director of the South Asia Program at the Carnegie Endowment for International Peace. More than 640 million votes were cast in the marathon election held over a span of six weeks in the world’s largest democratic exercise. In the face of the surprising drop in the BJP's support, challengers claimed they had also won a victory of sorts, with the main opposition Congress party saying the election had been a “moral and political loss” for Modi. “This is public’s victory and a win for democracy,” Congress party President Mallikarjun Kharge told reporters. Despite the setback, Modi pledged to make good on his election promise to turn India’s economy into the world’s third biggest, from its current fifth place, and not shirk with pushing forward with his agenda. He said he would advance India’s defense production, boost jobs for youth, raise exports and help farmers, among other things. “This country will see a new chapter of big decisions. This is Modi’s guarantee,” he said, speaking in the third person. Many of the Hindu nationalist policies he’s instituted over the last 10 years will also remain locked in place. Modi’s win was only the second time an Indian leader has retained power for a third term after Jawaharlal Nehru, the country’s first prime minister. Before Modi came to power, India had coalition governments for 30 years. The opposition INDIA coalition won 225 seats and was leading in five others yet to be called early Wednesday morning. Congratulations for Modi from leaders of regional countries including neighboring Nepal and Bhutan flowed in, while the White House commended India for its “vibrant democratic process." In his 10 years in power, Modi has transformed India’s political landscape, bringing Hindu nationalism, once a fringe ideology in India, into the mainstream while leaving the country deeply divided. His supporters see him as a self-made, strong leader who has improved India’s standing in the world. His critics and opponents say his Hindu-first politics have bred intolerance while the economy, one of the world's fastest-growing, has become more unequal. For Payal, a resident of the northern city of Lucknow who uses only one name, the election was about the economy and India’s vast number of people living in poverty. “People are suffering, there are no jobs, people are in such a state that their kids are compelled to make and sell tea on the roadside,” Payal said. “This is a big deal for us. If we don’t wake up now, when will we?” Rahul Gandhi, the main face of the opposition Congress party, said he saw the election numbers as a message from the people. “The poorest of this country have defended the constitution of India,” he told a news conference. Modi's popularity has outstripped that of his party’s during his first two terms in office, and he turned the parliamentary election into one that more resembled a presidential-style campaign, with the BJP relying on the leader's brand. “Modi was not just the prime campaigner, but the sole campaigner of this election,” said Yamini Aiyar, a public policy scholar. Under Modi's government, critics say India's democracy has come under increasing strain with strong-arm tactics used to subdue political opponents, squeeze independent media and quash dissent. The government has rejected such accusations and says democracy is flourishing. Economic discontent has also simmered under Modi. While stock markets have reached record-highs, youth unemployment has soared, with only a small portion of Indians benefitting from the boom. As polls opened in mid-April, a confident BJP initially focused its campaign on “Modi’s guarantees,” highlighting the economic and welfare achievements that his party says have reduced poverty. With Modi at the helm, “India will become a developed nation by 2047,” he repeated in rally after rally. But the campaign turned increasingly shrill, as Modi ramped up polarizing rhetoric that targeted Muslims, who make up 14% of the population, a tactic seen to energize his core Hindu majority voters. The opposition INDIA alliance attacked Modi over his Hindu nationalist politics, and campaigned on issues of joblessness, inflation and inequality. “These issues have resonated and made a dent,” added Aiyar, the public policy scholar.
‘A difficult needle to thread’: President Biden’s messages in France on D-Day anniversary None - NBC’s Kelly O’Donnell, Biden campaign surrogate Jim Messina, and New York Times reporter Peter Baker join Chris Jansing, speaking about President Biden’s visit to France on the 80th anniversary of the D-Day invasion and the messages the President will be sending to U.S. allies.June 5, 2024
‘Put up or shut up moment!’: Senate to vote on bill protecting the right to contraception None - ‘Put up or shut up moment!’: Senate to vote on bill protecting the right to contraception Senator Jacky Rosen (D-NV) speaks with Chris Jansing on the importance of access to and the freedom to obtain contraceptives for women in America and the bill that is before the Senate to codify that right.June 5, 2024
Hunter Biden’s ex-wife testifies about his drug abuse in gun charges trial None - Hunter Biden’s ex-wife Kathleen Buhle testified in his federal gun charges trial about how his drug abuse affected their marriage. NBC News’ Ken Dilanian reports on what has happened so far on the third day of the trial.June 5, 2024
What to know about Boeing's first spaceflight carrying NASA astronauts None - Boeing has finally launched NASA astronauts to the International Space Station after years of stumbles and delays CAPE CANAVERAL, Fla. -- After years of stumbles and delays, Boeing has finally launched astronauts to the International Space Station for NASA. It’s the first flight of Boeing’s Starliner capsule with a crew on board, a pair of NASA pilots who will check out the spacecraft during the test drive and a weeklong stay at the space station. NASA turned to U.S. companies for astronaut rides after the space shuttles were retired. Elon Musk's SpaceX has made nine taxi trips for NASA since 2020, while Boeing has managed only a pair of empty test flights. Provided this tryout goes well, NASA will alternate between Boeing and SpaceX to get astronauts to and from the space station. A look at the newest ride and its shakedown cruise: White with black and blue trim, Boeing's Starliner capsule is about 10 feet (3 meters) tall and 15 feet (4.5 meters) in diameter. It can fit up to seven people, though NASA crews typically will number four. The company settled on the name Starliner nearly a decade ago, a twist on the name of Boeing’s early Stratoliner and the current Dreamliner planes. No one was aboard Boeing’s two previous Starliner test flights. The first, in 2019, was hit with software trouble so severe that its empty capsule couldn’t reach the station until the second try in 2022. Then last summer, weak parachutes and flammable tape cropped up that needed to be fixed or removed. Wednesday's launch was the third try with astronauts; two earlier countdowns were scuttled by rocket-related issues. Veteran NASA astronauts Butch Wilmore and Suni Williams are retired Navy captains who spent months aboard the space station years ago. They joined the test flight after the original crew bowed out as the delays piled up. Wilmore, 61, is a former combat pilot from Mount Juliet, Tennessee, and Williams, 58, is a helicopter pilot from Needham, Massachusetts. Starliner blasted off on United Launch Alliance’s Atlas V rocket from Cape Canaveral Space Force Station. It's the first time astronauts have ridden an Atlas since NASA’s Project Mercury, starting with John Glenn when he became the first American to orbit the Earth in 1962. Now 62 years later, Wednesday's launch was the 100th for the top-of-the-line Atlas V, which is used to hoist satellites as well as spacecraft. ULA is a joint venture of Boeing and Lockheed Martin. Starliner should reach the space station with its seven residents on Thursday. Starliner will remain docked for just over a week, undergoing checkouts before landing in the American West. Both Boeing and SpaceX's capsules are designed to be autonomous and reusable. This Starliner is the same one that made the first test flight in 2019. Unlike the SpaceX Dragons, Starliner has traditional hand controls and switches alongside touchscreens and, according to the astronauts, is more like NASA’s Orion capsules for moon missions. Plans called for Wilmore and Williams to briefly take manual control to test out the systems on their way to the space station. NASA gave Boeing, a longtime space contractor, more than $4 billion to develop the capsule, while SpaceX got $2.6 billion. SpaceX already was delivering supplies to the space station, and merely refashioned its cargo capsule for crew. While SpaceX uses the boss' Teslas to get astronauts to the launch pad, Boeing has a more traditional “astrovan.” One big difference at flight’s end: Starliner lands on the ground with cushioning airbags, while Dragon splashes into the sea. Boeing is committed to six Starliner trips for NASA after this one, which will take the company to the station’s planned end in 2030. Boeing has said a fifth seat will be available to private clients. SpaceX periodically sells seats to tycoons and even countries eager to get their citizens to the station for a couple weeks, but these rides are separate from NASA's dedicated six-month missions. Coming soon: Sierra Space’s mini shuttle, Dream Chaser, which will attempt to deliver cargo to the station later this year, before accepting passengers. It is due to launch on ULA's new Vulcan rocket, the eventual successor to the Atlas V. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
Virginia governor says state will abandon California emissions standards by the end of the year None - Gov. Glenn Youngkin says Virginia will abandon California’s stringent vehicle emissions rules aimed at reducing carbon pollution at the end of the year when that state’s current regulations expire Virginia governor says state will abandon California emissions standards by the end of the year By DENISE LAVOIE Associated Press and SARAH BRUMFIELD Associated Press RICHMOND, Va. -- Gov. Glenn Youngkin announced Wednesday that Virginia will abandon California's stringent vehicle emissions rules aimed at reducing carbon pollution at the end of the year when that state’s current regulations expire, citing an attorney general opinion. In response to a request from Youngkin and Senate Republican Leader Ryan McDougle, Attorney General Jason Miyares' opinion issued Tuesday states that Virginia isn’t required to comply with new mandates adopted by the California Air Resources Board set to take effect on Jan. 1. Youngkin, a Republican, said in a statement that Virginians deserve to choose which vehicles fit their needs and called the idea that government should tell people what kind of car they can buy “fundamentally wrong." “Once again, Virginia is declaring independence –- this time from a misguided electric vehicle mandate imposed by unelected leaders nearly 3,000 miles away from the Commonwealth,” Youngkin said. The move was quickly condemned by Democrats and environmental groups. “He seems to think he has more power than Vladimir Putin,” Senate Majority Leader Scott Surovell said via text message. “The governor is breaking the law and the AG is giving him cover.” The Southern Environmental Law Center called the decision “illegal, shortsighted, and bad public policy.” “The Clean Cars standards will help spur the transition to cleaner vehicles and bring significant health and environmental benefits to all Virginians. That is why the General Assembly adopted them," Trip Pollard, a senior attorney with the center, said in a statement. "The Governor tried to get the legislature to repeal the law and failed; he cannot just dictate a different outcome," Pollard said. Miyares said in a statement that the opinion from his office confirms that Virginians are no longer required to follow California’s standards, “EV mandates like California’s are unworkable and out of touch with reality, and thankfully the law does not bind us to their regulations,” he said. “California does not control which cars Virginians buy and any thoughts that automobile manufacturers should face millions of dollars in civil penalties rather than allowing our citizens to choose their own vehicles is completely absurd.” In a memo to the Department of Environmental Quality, the State Air Pollution Control Board and stakeholders, Natural and Historic Resources Secretary Travis A. Voyles said Wednesday that Virginia will default to federal standards at the end of the year. He said Miyares’ opinion confirms that state law doesn’t require the State Air Pollution Control Board to adopt California’s new standards and the board has not acted under its discretionary authority to do so. Virginia's “clean cars” law was initially adopted in 2021, when the state government was under full Democratic control. It required that starting in 2024 a certain percentage of new passenger vehicles sold by manufacturers be electric or hybrid electric. Last year, Virginia Senate Democrats defeated several Republican efforts to repeal the law. The mechanism for reaching the mandated vehicle sales threshold involved adopting California’s vehicle emissions standards. California has had the authority to set its own rules for decades under a waiver from the federal Clean Air Act. The program applies to manufacturers, not car dealers. Manufacturers who aren’t in compliance can buy credits from others who have surpassed the target. ___ Brumfield contributed to this report from Silver Spring, Maryland. ___ This story has been corrected to show that Attorney General Jason Miyares’ opinion was issued Tuesday.
Russia's top diplomat promises more military support for Burkina Faso as he tours West Africa None - Russia’s foreign minister has pledged more support to Burkina Faso in fighting militant groups as he presses his whirlwind tour of West Africa in an attempt to fill a vacuum left by the region’s traditional Western partners OUAGADOUGOU, Burkina Faso -- Russia's foreign minister on Wednesday pledged more support to Burkina Faso in fighting militant groups as he pressed his whirlwind tour of West Africa in an attempt to fill a vacuum left by the region's traditional Western partners. Sergey Lavrov spoke at a news conference in the country's capital of Ouagadougo while on the third leg of his latest Africa trip, after Guinea and the Republic of Congo. Russia is seeking to shore up support from the region amid Moscow’s full-scale invasion of Ukraine. A number of African countries in recent years have expressed growing frustration with their traditional Western partners such as France and the United States. . “Russian instructors have been working here and their number will increase,” Lavrov said, adding that Russia has been helping train Burkina Faso’s military and law enforcement personnel. “We have supplied and will continue to supply military equipment to help strengthen Burkina Faso’s defense capability and allow it to eliminate the remaining terrorist groups.” Lavrov said he appreciated the “objective and fair” position of Burkina Faso on the war Ukraine. “For our part, we are ready to provide our support for the just cause of Africans who are trying to free themselves from neo-colonial influence." Burkina Faso, a landlocked nation of 20 million, has been ravaged in the past eight years by violence from extremist groups loosely affiliated with al-Qaida and the Islamic State group, and from the fighting between government forces and the militants. The country also went through two coups in just 10 months, the second last year after which a military junta threw out French forces and turned to Russia for security support. However, the junta has struggled to contain the security and humanitarian crisis. Burkina Faso has topped the list of the world’s biggest neglected crises for the second year in a row, according to the Norwegian Refugee Council. A record 6.3 million out of 20 million people will need humanitarian assistance in 2024, the aid organization said, with many on the brink of starvation. Two million people remain internally displaced, about 60% of them children. Many have been traumatized, but resources to help them are scarce. Jan Egeland, the agency’s secretary-general, told The Associated Press that Western governments have been withdrawing financial aid from Burkina Faso and other countries in the Sahel, a region encompassing states on the fringes of the Sahara Desert, contributing to the vicious circle of poverty, violence, and extremism. “The disengagement of the West is bringing them no influence in the region," Egeland said. "But I haven’t seen Russia helping us in our humanitarian work or doing development programs, so the Russian approach is not going to bring relief that the people need.” But, he added, “I see Russian flags in Burkina Faso. I don’t see European flags.” Later Wednesday, Lavrov arrived in Chad, which has also made the list of the world’s neglected crises. ___ Pronczuk reported from Dakar, Senegal.
A grant program for Black women business owners is discriminatory, appeals court rules None - A U.S. federal court of appeals panel suspended a venture capital firm’s grant program for Black women business owners on Monday, ruling that a conservative group is likely to prevail in its lawsuit claiming that the program is discriminatory NEW YORK -- A U.S. federal court of appeals panel suspended a venture capital firm’s grant program for Black women business owners, ruling that a conservative group is likely to prevail in its lawsuit claiming that the program is discriminatory. The ruling against the Atlanta-based Fearless Fund is another victory for conservative groups waging a sprawling legal battle against corporate diversity programs that have targeted dozens of companies and government institutions. The case against the Fearless Fund was brought last year by the American American Alliance for Equal Rights, a group led by Edward Blum, the conservative activist behind the Supreme Court case that ended affirmative action in college admissions. Blum applauded the ruling, saying “programs that exclude certain individuals because of their race such as the ones the Fearless Fund has designed and implemented are unjust and polarizing.” Fearless Fund CEO and Founder Arian Simone said the ruling was “devastating" for the organizations and the women it has invested in. “The message these judges sent today is that diversity in Corporate America, education, or anywhere else should not exist,” she said in statement. “These judges bought what a small group of white men were selling.” Alphonso David, Fearless Fund’s legal counsel who serves as president and CEO of The Global Black Economic Forum, said all options were being evaluated to continue fighting the lawsuit. The legal effort to dismantle workplace diversity programs has suffered its share of setbacks as well, reflecting polarized opinions among liberal and conservative judges on the issue. Last week, for example, a federal district judge in Ohio dismissed a lawsuit against the insurance company Progressive and fintech platform Hello Alice challenging a program that offers grants to help Black-owned small businesses purchase commercial vehicles. Similar lawsuits have been dismissed against Amazon, Pfizer and Starbucks. The case against the Fearless Fund has been closely watched by civil rights groups, philanthropic organizations, employment lawyers and the venture capital industry as a bellwether for how the courts are viewing programs intended to level the playing field for racial minorities and other groups that have historically faced discrimination in businesses and workplaces. In a 2-1 ruling, the panel of the U.S. Court of Appeals for the 11th Circuit in Miami found that Blum was likely to prevail in his lawsuit claiming the grant program violates section 1981 of the 1866 Civil Rights Act, which prohibits discrimination on the basis of race when enforcing contracts. The Reconstruction-era law was originally intended to protect formally enslaved people from economic exclusion, but anti-affirmative action activists have been leveraging it to challenge programs intended to benefit minority-owned businesses. The court ordered the Fearless Fund to suspend its Strivers Grant Contest, which provides $20,000 to businesses that are majority owned by Black women, for the remainder of the lawsuit that is being litigated in a federal court in Atlanta. The ruling reversed a federal judge's ruling last year that the contest should be allowed to continue because Blum's lawsuit was likely to fail. However, the grant contest has been suspended since October after a separate panel of the federal appeals court swiftly granted Blum's request for an emergency injunction while he challenged the federal judge's original order. The appeals court panel, consisting of two judges appointed by former President Donald Trump and one appointed by former President Barack Obama, rejected the Fearless Fund's arguments that the grants are not contracts but charitable donations protected by the First Amendment right to free speech. “The fact remains, though, that Fearless simply —and flatly — refuses to entertain applications from business owners who aren’t 'black females,'" the court's majority opinion said, adding “every act of race discrimination” would be deemed expressive conduct under the Fearless Fund's argument. The appeals panel also rejected the Fearless Fund's contention that Blum had no standing because the lawsuit was filed on behalf of three anonymous women who failed to demonstrate that they were “ready and able” to apply for the grant or that they had been injured by not being to do so. Judge Robin Rosenbaum, an Obama appointee, disagreed in a blistering dissent, likening the plaintiffs' claims of harm to soccer players trying to win by “flopping on the field, faking an injury.” Rosenbaum said none of the plaintiffs demonstrated that they had any real intention to apply for the grants in what she called “cookie-cutter declarations” that were ”threadbare and devoid of substance." The court's ruling wasn’t surprising because of its conservative leaning and previous skepticism towards the argument presented by the Fearless Fund, said David Glasgow, executive director of the Meltzer Center for Diversity, Inclusion, and Belonging at New York University’s School of Law. “We are going to see some pro-DEI outcomes in liberal circuits and anti-DEI outcomes in conservative circuits,” Glasgow said. Glasgow said he expects one of the lawsuits to land in the conservative-dominated Supreme Court. Even so, he said it's unlikely that any one ruling could settle the legal debate over corporate DEI because of the complexity and wide-ranging programs and policies that fall under the category. The Strivers Grant Fund is one of several programs run by the foundation arm of the Fearless Fund, which was founded to address the wide racial disparity in funding for businesses owned by women of color. Less than 1% of venture capital funding goes to businesses owned by Black and Hispanic women, according to the nonprofit advocacy group digitalundivided. The National Venture Capital Association, an trade group with hundreds of member VC firms, filed an amicus brief defending the Fearless Fund’s grant program as “modest but important” step to toward creating equal opportunity in an industry that has historically excluded Black women. Only 2% of investment professionals at venture capital firms were Black women in 2022, according to a study conducted every two years by Deloitte and Venture Forward, the nonprofit arm of the National Venture Capital Association, and the consulting firm Deloitte. Just 1% of investment partners were Black women, according to study, which surveyed of 315 firms with 5,700 employees representing $594.5 billion in assets under management. But in his statement, Blum said "our nation’s civil rights laws do not permit racial distinctions because some groups are overrepresented in various endeavors, while others are under-represented.” Philanthropic groups are also watching the case because of its possible implications for charitable giving. “If legal decisions curtail people’s ability to give in ways that align with their values or their experience, it’s going to hurt not only philanthropy and nonprofits, but our own country as a whole,” said Kathleen Enright, president and CEO of the Council on Foundations, whose organizations filed an amicus brief supporting the Fearless Fund with the nonprofit Independent Sector. _____ AP Writers Thalia Beaty and Haleluya Hadero in New York contributed to this story. _____ The Associated Press’ women in the workforce and state government coverage receives financial support from Pivotal Ventures. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. ___ This story has been updated to correct the last name of the executive director of the Meltzer Center for Diversity, Inclusion, and Belonging in a third reference. It's Glasgow, not Glascow.
Stitch Fix, CrowdStrike rise; Dollar Tree, Campbell Soup fall, Wednesday, 6/5/2024 None - Stocks that traded heavily or had substantial price changes on Wednesday: Stitch Fix, CrowdStrike rise; Dollar Tree, Campbell Soup fall The Associated Press By The Associated Press NEW YORK -- Stocks that traded heavily or had substantial price changes on Wednesday: CrowdStrike Holdings Inc., up $36.60 to $342.18. The cloud-based security company raised its earnings forecast for the year. Hewlett-Packard Enterprise Co., up $1.88 to $19.48. The information technology supplier raised its earnings forecast for this fiscal year. Guidewire Software Inc., up $19.41 to $127.46. The provider of software to the insurance industry raised its revenue forecast for the year. Verint Systems Inc., up $6.50 to $34.72. The maker of software for analyzing intercepted communications raised its revenue forecast for the year. Stitch Fix Inc., up 79 cents to $3.46. The online clothing styling service raised its revenue forecast for the year. Ollie’s Bargain Outlet Holdings Inc., up $7.79 to $89.83. The retailer beat analysts' first-quarter earnings forecasts. Campbell Soup Co., down 8 cents to $44.10. The maker of canned soup, Pepperidge Farm cookies and V8 juice trimmed its earnings forecast for the year. Dollar Tree Inc., down $5.92 to $114.38. The discount retailer is reviewing options for its Family Dollar unit, including a potential sale.
How AP and Equilar calculated CEO pay None - For its annual analysis of CEO pay, The Associated Press used data provided by Equilar, an executive data firm For its annual analysis of CEO pay, The Associated Press used data provided by Equilar, an executive data firm. Equilar examined regulatory filings detailing the pay packages of 341 executives. Equilar looked at companies in the S & P 500 index that filed proxy statements with federal regulators between Jan. 1 and April 30, 2024. To avoid the distortions caused by sign-on bonuses, the sample includes only CEOs in place for at least two years. To calculate CEO pay, Equilar adds salary, bonus, perks, stock awards, stock option awards and other pay components. Stock awards can either be time-based, which means CEOs have to wait a certain amount of time to get them, or performance-based, which means they have to meet certain goals before getting them. Stock options usually give the CEO the right to buy shares in the future at the price they’re trading at when the options are granted. All are meant to tie the CEO’s pay to the company’s performance. To determine what stock and option awards are worth, Equilar uses the value of an award on the day it’s granted, as recorded in the proxy statement. Actual values in the future can vary widely from what the company estimates. Equilar calculated that the median 2023 pay for CEOs in the survey was $16.3 million. That’s the midpoint, meaning half the CEOs made more and half made less. Here’s a breakdown of 2023 pay compared with 2022 pay. Because the AP looks at median numbers, the components of CEO pay do not add up to the total. —Base salary: $1.3 million, up 4% —Bonus, performance-based cash awards: $2.5 million, up 2.7% —Perks: $258,645, up 12.6% —Stock awards: $9.4 million, up 10.7% —Option awards: $0 (More than half of the companies gave no option awards. The average option award was valued at $1.7 million.) —Total: $16.3 million, up 12.6%
Election Extra: Sunak’s £2,000 ‘lie’ – podcast None - Rishi Sunak’s assertion that people would pay £2,000 more in tax under Labour was called a lie by the shadow chancellor today. Archie Bland reports Support The Guardian The Guardian is editorially independent. And we want to keep our journalism open and accessible to all. But we increasingly need our readers to fund our work.
Beau Biden's widow testifies at Hunter Biden's trial None - Hallie Biden, widow of Beau Biden, is testifying about Hunter Biden's drug use and throwing out the gun that led to charges being brought against President Biden's son. NBC News' Ken Dilanian reports on the questioning she faced from prosecutors and defense beginning its cross-examination.June 6, 2024
How major US stock indexes fared Thursday, 6/6/2024 None - U.S. stocks drifted to a mixed close as Wall Street’s momentum cooled following its latest record-setting day How major US stock indexes fared Thursday, 6/6/2024 The Associated Press By The Associated Press U.S. stocks drifted to a mixed close as Wall Street’s momentum cooled following its latest record-setting day. The S & P 500 ended just barely lower Thursday, a day after setting an all-time high for the 25th time this year. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite dipped 0.1% after setting its own record. Several retailers fell after detailing more struggles for lower-income customers. Nvidia’s stock swung to a loss a day after its total value topped $3 trillion for the first time. European stocks rose modestly after the European Central Bank cut its main interest rate. On Thursday: The S & P 500 fell 1.07 points, or less than 0.1%, to 5,352.96. The Dow Jones Industrial Average rose 78.84 points, or 0.2%, to 38,886.17. The Nasdaq composite fell 14.78 points, or 0.1%, to 17,173.12. The Russell 2000 index of smaller companies fell 14.43 points, or 0.7%, to 2,049.44. For the week: The S & P 500 is up 75.45 points, or 1.4%. The Dow is up 199.85 points, or 0.5%. The Nasdaq is up 438.11 points, or 2.6%. The Russell 2000 is down 20.69 points, or 1%. For the year: The S & P 500 is up 583.13 points, or 12.2%. The Dow is up 1,196.63 points, or 3.2%. The Nasdaq is up 2,161.77 points, or 14.4%. The Russell 2000 is up 22.37 points, or 1.1%.
British tech magnate Mike Lynch acquitted of fraud charges in $11 billion deal with Hewlett Packard None - British tech magnate Mike Lynch has been cleared of charges alleging he orchestrated a fraud and conspiracy leading up to an $11 billion deal that turned into a costly albatross for Silicon Valley pioneer Hewlett Packard SAN FRANCISCO -- Mike Lynch, once hailed as Britain’s king of technology, has been cleared of charges alleging he orchestrated a fraud and conspiracy leading up to an $11 billion deal that turned into a costly albatross for Silicon Valley pioneer Hewlett Packard. The not-guilty verdicts reached Thursday by a federal court jury in San Francisco followed an 11-week criminal trial that delved into the history of HP’s 2011 acquisition of Autonomy, a business software that Lynch founded and then oversaw as CEO in Britain. HP at first celebrated the purchase as a huge coup that would propel the Palo Alto, California, company down a promising new path, but then quickly came to regret under its then-CEO Meg Whitman. The jury acquitted Lynch on all 15 felony counts facing him. Toward the end of the trial, U.S. District Judge Charles Breyer threw out a count of securities fraud included in the U.S. Justice Department case against him in an indictment dating back to 2018. It took years to extradite Lynch from the U.K. and then more legal wrangling before the trial finally began in mid-March. Lynch, 58, had been free on $100 million bail. Being accused of a massive fraud represented a dramatic turn in fortune for an entrepreneur once described as the Bill Gates of Britain — a title he seemed to live up to when he negotiated the Autonomy sale that generated a more than $800 million windfall for him. The acquittal vindicates Lynch, who spent years fiercely denying he did anything wrong, while painting HP as a technological train wreck. It’s yet another setback for HP, which had spent years blaming Lynch for duping the company into a deal that deepened its troubles and stained a legacy dating back to the company's 1939 inception in a Silicon Valley garage. In a statement, Lynch said he was elated with the verdict and thanked the jury for poring over the facts in the complex case. “I am looking forward to returning to the UK and getting back to what I love most: my family and innovating in my field,” Lynch said. The Justice Department didn't immediately respond to a request for comment. Another former Autonomy finance executive, Stephen Chamberlain, faced fraud charges alongside Lynch during the complex trial. The same jury acquitted Chamberlain, too. After prosecutors called more than 30 witnesses to the stand to help make their case, Lynch testified in his own defense over several days last month and occasionally spoke directly to the jurors while explaining various turns of British phrasing. Like his own lawyers, Lynch contended he did nothing wrong and argued that Whitman unjustly turned him and Autonomy into a scapegoat for HP’s own mismanagement and deteriorating financial condition. Whitman, who became HP’s CEO after an unsuccessful campaign to become California’s governor in 2010, ended up recognizing $8.8 billion in losses in the Autonomy deal and eventually fired Lynch in 2012 while accusing him of cooking the books. She also laid off thousands of workers as HP’s fortunes sagged and eventually split the company in two to separate its personal computer and printer operations from products and services sold to other businesses. Although Whitman wasn’t called to testify, the trial probed into HP’s downfall under her direction. Another former HP CEO, Leo Apotheker, who negotiated the Autonomy deal, was called to the stand by federal prosecutors to outline Lynch’s alleged misconduct. Apotheker initially saw Autonomy as a key piece of his plan to lessen HP’s dependence on selling PCs and printers during the advent of the smartphone. Evidence presented at the trial indicated that HP had internally valued Autonomy at as much as $46 billion, primarily because of its software that helped other businesses quickly find valuable information buried in email and other digital documents. While federal prosecutors depicted Lynch as an iron-fisted and underhanded boss during his 16-year reign as Autonomy’s CEO, his lawyers cast him as the prototypical tech nerd who enjoyed eating cold pizza late at night while brainstorming through ideas that could turn into gold.
Diddy sells off his stake in Revolt, the media company he founded in 2013 None - Sean “Diddy” Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded over a decade ago Diddy sells off his stake in Revolt, the media company he founded in 2013 LOS ANGELES -- Sean “Diddy” Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded over a decade ago. Shares in Revolt held by Combs, who served as the company's chair, have been fully redeemed and retired, the Los Angeles-based company said Tuesday a statement on its website. Revolt didn't disclose how much Combs was paid for his stake in the hip-hop news and entertainment company, which he founded in 2013. In the statement, CEO Detavio Samuels noted that when he joined the company in 2020 he realized “our mission is bigger than any individual.” Revolt also announced a new ownership structure that will give its employees an equity stake in the company, which streams shows online, such as “Black Girl Stuff,” and “The Life of Draco," featuring rapper Big Draco. The move comes as Combs' reputation has been sullied following several lawsuits filed late last year that raised allegations of sexual assault and rape on the part of one of hip-hop's most recognizable performers and producers. In November, he was sued by R & B singer Cassie, who said he subjected her to a yearslong abusive relationship that included beatings and rape. Combs settled the lawsuit with Cassie, whose full name is Casandra Ventura, a few days after it was filed.
What to know about the new Texas Stock Exchange None - The Texas Exchange 'has a pretty clear message,' one expert said. What to know about the new Texas Stock Exchange Prominent backers have poured billions into a new Texas-based stock exchange that aims to attract companies with what it considers more business-friendly rules than those of the New York Stock Exchange and the Nasdaq. The Texas Stock Exchange, which boasts funding from market maker Citadel Securities and asset manager BlackRock, intends to submit filing documents with the Securities and Exchange Commission later this year, TXSE Group, the company behind the exchange, said in a statement on Wednesday. In recent years, some chief executives critical of what they deem to be “woke capitalism” have moved their companies to Texas, where more Fortune 500 companies are headquartered than any other state. The new stock exchange could indicate an effort to attract conservative-minded firms, some experts told ABC News, but others downplayed the potential role of politics. In a statement, TXSE Group said that the exchange is apolitical. TXSE Group acknowledged but declined to respond to ABC News' request for comment. Here’s what to know about the Texas Stock Exchange and what it says about the corporate culture wars. How will the Texas Stock Exchange work? Headquartered in Dallas, the Texas Stock Exchange will be a fully electronic, national exchange that allows companies to list and trade on its platform. The new exchange also plans to list exchange-traded products, a growing category of investment vehicles that allow customers to bet on a basket of assets. An exchange-traded bitcoin fund, for instance, allows clients to invest in bitcoin without holding the underlying cryptocurrency. More than two dozen investors have backed the exchange with a total of more than $120 billion in funds, the TXSE Group said in a statement. The exchange plans to attract businesses frustrated by stringent listing standards and the increasing costs they impose, the TXSE group added. For instance, the Nasdaq has imposed new rules setting targets for board diversity, the group said. “Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” James Lee, founder and CEO of TXSE Group, said in a statement. The Wall Street Journal first reported details about the exchange. The New York Stock Exchange (NYSE) building is shown on June 4, 2024, in New York. Erik Pendzich/Shutterstock Is this an ‘anti-woke’ exchange? The announcement coincides with a conservative backlash against climate-friendly business practices as well as diversity, equity and inclusion policies derided by some critics as “woke capitalism.” Analysts who spoke to ABC News differed over the extent to which the Texas Stock Exchange serves as a listing or trading alternative for conservative-leaning companies. Some said 'anti-woke' branding would make up a key selling point for the new exchange, while others downplayed the role of politics for an exchange that promises lower compliance costs, as the Texas Stock Exchange does. “Texas has a pretty clear message: ‘If you’re anti-woke, come here,’” Larry Tabb, head of market structure research at Bloomberg Intelligence, told ABC News. As technological advances have taken stock exchanges online and lowered the baseline cost of offering high-quality services, the exchanges have sought alternative means of attracting customers, Tabb said. These days, the primary features that distinguish exchanges are listing rules, branding, and liquidity, he noted, but he emphasized branding. When companies list with the New York Stock Exchange or Nasdaq, they draw on the credibility associated with those highly visible exchanges, Tabb added. “They want to be affiliated with where you ring the bell or the exchange in Times Square,” Tabb said, noting that companies critical of sustainable practices or robust regulations may want an exchange affiliated with that point of view. “The Texas exchange might draw energy companies; it might draw Tesla,” Tabb said, adding, "I'm not sure most companies want to be on the outer edge of the culture war issue." Christine Parlour, professor of finance and accounting at the University of California, Berkeley Haas School of Business, downplayed the role of politics in the Texas exchange. Instead, she said, most prospective clients are primarily focused on where they can find liquidity. “All exchanges are money-making entities,” Parlour said. “At some point, people want to make money. So things can’t or won’t be completely driven by perception.”
Lululemon Athletica, Smartsheet rise; Five Below, G-III Apparel fall, Thursday, 6/6/2024 None - Stocks that are traded heavily or had substantial price changes on Thursday: Lululemon Athletica, Smartsheet rise; Five Below, G-III Apparel fall Lululemon Athletica, Smartsheet rise; Five Below, G-III Apparel fall, Thursday, 6/6/2024 The Associated Press By The Associated Press NEW YORK -- Stocks that traded heavily or had substantial price changes on Thursday: Lululemon Athletica Inc., up $14.76 to $323.03. The athletic apparel maker beat beat analysts' first-quarter financial forecasts. Semtech Corp., down 70 cents to $37.98. The chipmaker's earnings forecast for its current quarter fell short of analysts' expectations. Smartsheet Inc., up $6.49 to $44.27. The cloud-based work-management platform raised its earnings forecast for the year. Ciena Corp., up 32 cents to $48.56. The developer of high-speed networking technology beat analysts' fiscal second-quarter financial forecasts. J.M. Smucker Co., up $5.04 to $115.37. The jelly and jam maker beat analysts' fiscal fourth-quarter earnings forecasts. Five Below Inc., down $14.07 to $118.72. The discount retailer cut its earnings forecast for the year. G-III Apparel Group Ltd., down $4.22 to $27.08. The clothing and accessories maker’s earnings forecast for its current quarter fell short of analysts’ expectations. Toro Co., up $11.47 to $91.11. The maker of mowers and snow blowers beat Wall Street's fiscal second-quarter earnings forecasts.
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What is a college grad's life without debt? None - What is a college grad's life without debt? Total student loan debt in the United States is now nearly $1.8 trillion, and experts say young people are delaying buying homes and starting families because of it. So, what could the lives of students look like when they graduate debt-free? Correspondent Lilia Luciano talks with experts about the "sticker shock" of college tuition, and with alumni of Morehouse College's Class of 2019, whose college debt of approximately $34 million was wiped out by a gift from billionaire businessman Robert F. Smith.