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FTC ban on noncompete agreements comes under legal attack 2024-08-14 12:00:06+00:00 - NEW YORK (AP) — The federal government wants to make it easier for employees to quit a job and work for a competitor. But some companies say a new rule created by the Federal Trade Commission will make it hard to protect trade secrets and investments they make in their employees. At least three companies have sued the FTC after it voted to ban noncompete agreements, which prevent employees from working for competitors for a period of time after leaving a job. Their cases are now pending in Florida, Pennsylvania and Texas and the issue could end up in front of the U.S. Supreme Court. Here’s what you should know about noncompete agreements: What are they? Once seen as a way to protect trade secrets among high-level executives, noncompete agreements have become more common, with some companies requiring lower-wage employees in fast-food and retail establishments to sign them before accepting a job. The agreements prohibit employees from taking a job with a rival company or starting a competing business for a set period of time, to prevent employees from taking corporate secrets, sales leads, client relationships or skills to a competitor. What did the FTC do? The FTC voted in April to prohibit employers nationwide from entering into new noncompete agreements or enforcing existing noncompetes starting Sept. 4, saying the agreements restrict freedom of workers and suppress wages. “In many cases, noncompetes are take-it-or-leave-it contracts that exploit workers’ lack of bargaining power and coerce workers into staying in jobs they would rather leave, or force workers to leave a profession or even relocate,” the FTC said. The FTC says roughly 30 million people, or 1 in 5 workers, are subject to noncompete agreements. That in turn limits their ability to change jobs, which is often the best way to get a pay raise or promotion. Some people don’t even realize they’ve signed such an agreement until they’re hit with a lawsuit after changing jobs. The FTC rule does not apply to senior executives, which the agency defines as workers earning more than $151,164 who are in a policy-making position. Several states, including California, already have bans on noncompete agreements. “As far as I know there’s a lot of companies in California, and high tech employees who are doing just fine,” said Tom Spiggle, founder of the Spiggle Law Firm based in Washington, D.C., that focuses on protecting workers. “They’ve just gotten a little out of hand with line cooks being subject to noncompetes in some industries,” Spiggle added. “Think about it. You can’t work in a similar position for a year or more, and there’s often a geographical radius. You’ve got to move so you’re able to continue to work. For people who are spooning the beans on the front line, they’re singing noncompetes. Why?” Who is suing the FTC and why? Companies opposing the ban say they need noncompete agreements to protect business relationships, trade secrets and investments they make to train or recruit employees. “The ban would make it easy for top professionals to go across the street and compete against us,” said John Smith, chief legal officer at Ryan, LLC, a tax services firm based in Dallas that sued the FTC. Ryan uses noncompete agreements and nondisclosure agreements to ensure employees don’t share trade secrets when they leave. But nondisclosure agreements are harder to detect — and enforce — than noncompete agreements. “In a nondisclosure agreement, that employee leaves, and you don’t know what information they are sharing with the new employer, a competitor of yours,” Smith said. “It can take a lot of time and money to figure that out.” Business groups have voiced support for Ryan’s lawsuit, including the Society for Human Resource Management, which said the FTC rule is overly broad and would discourage employers from investing in training for workers if those workers could easily quit the next day and take their knowledge elsewhere. U.S. District Judge Ada Brown has ruled that Ryan and its co-plaintiffs, including the U.S. Chamber of Commerce, are likely to prevail in court and that the ban on noncompete agreements cannot go into effect for them until their case is resolved. In Florida, a retirement community called Properties of the Villages sued saying its sales associates’ lifelong relationships with residents of the community are central to its business model. The company said it invests heavily in training its sales associates, and they sign noncompetes, which say for 24 months after leaving the company they won’t compete to sell homes within the Villages community, which spans 58,000 acres. Lawyers for Properties of the Villages said in a hearing Wednesday that the FTC’s rule would have major economic consequences, and under the so-called “major questions” doctrine, Congress cannot delegate to executive agencies issues of major political or economic significance. While stating sympathy for lower-wage workers caught in noncompete agreements, U.S. District Judge Timothy Corrigan said the plaintiff is likely to succeed in its argument that the FTC’s rule invokes the major questions doctrine. He noted that the FTC, by one metric, estimates that employers will pay from $400 billion to $488 billion more in wages over 10 years under the rule. “Suffice it to say that the transfer of value from employers to employees, from some competitors to other competitors, from existing companies to new companies and other ancillary effects will have a huge economic impact.” Congress intended for the FTC to take action to prevent unfair competition, and all noncompete agreements are unfair, said Rachael Westmoreland, an attorney with the Department of Justice who defended the FTC Wednesday. “They restrict competition. That’s their entire purpose,” she said. Corrigan granted a preliminary injunction in the case, prohibiting enforcement of the rule just for Properties of the Villages, until the case is resolved. His ruling did not apply to any other company, and will not stop the FTC’s rule from going into effect on Sept. 4, he said. Meanwhile in a separate case, ATS Tree Services sued the FTC in Pennsylvania, calling its proposed ban unfair and saying it usurps states’ authority to establish their own laws. ATS said it makes employees sign noncompete agreements because it invests in specialized training for workers and it couldn’t afford to if the employees could leave and immediately use that training and the company’s confidential information for a competitor. But U.S. District Court Judge Kelley Hodge said the tree company failed to show it would be irreparably harmed by the ban and the company wasn’t likely to win the case. What happens next? In Texas, the judge there is planning to file a merits disposition, which is essentially a decision about the case without a trial, on or before Aug. 30. And in Pennsylvania, ATS Tree Services is expected to file a request for summary judgment later this month. With divergent rulings expected to emerge from the cases — and with lawyers on the losing sides likely to appeal — observers are expecting the issue to work its way up to the U.S. Supreme Court.
Inflation Cools to 2.9%, Shoring Up Case for a Fed Rate Cut 2024-08-14 09:02:57+00:00 - The Consumer Price Index cooled in July compared with a year earlier, providing further evidence that inflation is moderating and leaving the Federal Reserve firmly on track to cut interest rates at its meeting next month. Overall inflation was 2.9 percent in July on a yearly basis, the Bureau of Labor Statistics reported on Wednesday, down from 3 percent in June and slightly milder than what economists had expected. A “core” measure that strips out food and fuel prices for a sense of the underlying trend also continued to cool. In all, the fresh report marked an important moment in the Fed’s fight against rapid price increases. This is the first time this inflation measure has slipped below 3 percent since 2021, and while price increases are still quicker than the 2 percent pace that was normal before the coronavirus pandemic, they are much slower than the 9.1 percent peak they reached two years ago.
Flutter Soars as Results Beat, Won’t Match Draftkings Surcharge 2024-08-14 05:36:00+00:00 - (Bloomberg) -- Flutter Entertainment Plc shares soared as much as 11% in extended trading after the company, the operator of the FanDuel online sportsbook, reported second-quarter sales and profit that beat analysts’ expectations. Most Read from Bloomberg Flutter, which recently moved its stock listing to the New York Stock Exchange from London, generated revenue of $3.61 billion in the quarter, exceeding estimates of $3.37 billion. Adjusted earnings rose to $2.61 a share, exceeding expectations. The company, which also moved its operational headquarters to New York, raised its guidance for US full-year revenue to as much as $6.35 billion and expects US earnings of up to $800 million before interest, taxes, depreciation amortization. The company is benefiting from a surge in new customers and revenue, particularly in the US, where average monthly players rose 27% to 3.47 million and sales climbed 39% to $1.53 billion. In an interview, Chief Executive Officer Peter Jackson said Flutter doesn’t plan to match rival DraftKings Inc., which said it will introduce a player surcharge in high-tax states such as Illinois. Shares of Flutter traded as high as $211.80 in late trading after the results were announced. DraftKings lost as much as 6.4% to $29.44 Despite the move to New York, a reflection of the dramatic growth of the FanDuel business, Jackson said he had no plans to rename the company FanDuel or pursue an initial public offering of that business, something he once considered. Flutter has been in the news recently as a possible acquirer. The news site Next.io reported the company made an offer for the Brazilian online betting business Betnacional. Jackson declined to say specifically if that was true but said mergers are a part of the company’s strategy to build “podium positions” in local markets. Asked about reports he might join a bid for ESPN Bet-parent Penn Entertainment Inc., Jackson said Flutter’s name gets floated often when merger rumors fly and that “some of the best deals are ones we haven’t done. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Texas judge in lawsuit by Musk's X against advertisers exits case 2024-08-14 04:40:00+00:00 - By Mike Scarcella (Reuters) - A federal judge in Texas assigned to hear a lawsuit by Elon Musk's social media platform X against a group of advertisers has removed himself from the case following reports that he owned shares of another Musk company, Tesla. U.S. District Judge Reed O'Connor in Fort Worth, Texas did not give a reason in his one-paragraph recusal filing on Tuesday. The lawsuit, filed by X last week, accused the World Federation of Advertisers and others of conspiring to boycott the platform, causing it to lose revenue. The federation has not responded in court and declined to comment on Tuesday. O'Connor's office and spokespeople for X did not immediately respond to requests for comment. NPR reported on Friday that O'Connor owned Tesla shares, raising questions about whether he should oversee litigation involving Musk's companies. A judicial financial disclosure report for 2022, the most recent one available, showed O'Connor owned $15,001 to $50,000 in Tesla stock. Judges sometimes step aside from cases when they have a financial interest in one of the parties. O'Connor is presiding over another lawsuit X filed last year accusing media watchdog Media Matters of interfering with X's relationships with advertisers. Media Matters has denied any wrongdoing. Musk's case against the World Federation of Advertisers was filed in the Northern District of Texas and assigned to O'Connor, an appointee of Republican President George W. Bush. The district has become a favored destination for conservatives suing to block policies of the Democratic Biden administration. One of O'Connor's colleagues, U.S. District Judge Ed Kinkeade in Dallas, was assigned on Tuesday to hear X's advertising boycott case. (Reporting by Mike Scarcella; Editing by David Bario and Richard Chang)
Stock market today: Tech stocks lead rally after inflation data sets table for CPI 2024-08-14 04:26:00+00:00 - It was a shocking announcement this morning from Starbucks early Tuesday after the ailing coffee chain announced Chipotle (CMG) chairman and CEO Brian Niccol will become its next CEO, effective Sept. 9. Niccol will assume the position from Lax Narasimhan, who was on the job for less than 18 months. Yahoo Finance Executive Editor Brian Sozzi has the inside scoop: Starbucks is currently an icon in crisis. Don't believe me? Let's review the facts. First, the company's financial results and share price have been dreadful. Its most recent quarter showed a 6% drop in North America transactions as consumers shunned the chain's ever-pricier coffees and long wait times. International sales tanked 7%. Chinese comparable sales plunged 14%, spurring execs to say on the earnings call it's exploring strategic options for the business. Non-GAAP operating profits declined to 16.7% from 17.4%. The company's prior quarter wasn't too hot, either. Starbucks shares were down 20% over the past five years before the pop today. The S&P 500 is up 85%. Chipotle is up 201%. "Fixable, but it will take time," a Starbucks insider with knowledge of the company's many troubles recently told me. Then there is bumbling, chaotic leadership in the C-suite. Howard Schultz — the meddling billionaire founder of Starbucks turned failed presidential candidate — not so covertly ripped his hand-picked successor Narasimhan in a LinkedIn post a couple of months ago, all but undermining his authority. Narasimhan then got embarrassed on live TV in an expert interview by my former boss at TheStreet, Jim Cramer. Restaurant CEOs I have talked to privately since still can't believe how terrible and ill-prepared Narasimhan appeared to be in the interview — a few quipped he may not be around deep into 2025. They were proven right! One Wall Street analyst told me the TV performance should have been expected, given Narasimhan is basically a consultant masquerading as a food retailer CEO (he spent 19 years at McKinsey). And last but not least, Starbucks is still dealing with eroding trust among its stores' rank and file, which has led to moves to unionize. In Niccol, Starbucks is getting someone who could stomp out all of these crises over time. Chipotle shares have skyrocketed 671% since Niccol started as CEO, per Yahoo Finance data, compared to 100% for the S&P 500 and 81% for McDonald's (MCD). The crisis at Starbucks begins to end today. It won't be easy for Niccol, but at least he will enter with the resume and mindset "Lax" never had. That's a win and then some. Read more about Niccol and his leadership here.
Inflation expected to hold steady in July as investors eye rate cuts 2024-08-14 04:21:00+00:00 - On Wednesday, investors will digest one of the most important data points that will shape future Federal Reserve interest rate policy: July's Consumer Price Index (CPI). The report, set for release at 8:30 a.m. ET on Wednesday, is expected to show headline inflation of 3.0%, unchanged from June's reading. Over the prior month, consumer prices are expected to have risen 0.2%, an uptick from the prior month's 0.1% decline as energy prices are largely expected to pick up again. On a "core" basis, which strips out the more volatile costs of food and gas, prices in July are expected to have risen 3.2% over last year, a slowdown from the 3.3% annual increase seen in June. Monthly core prices, however, are expected to rise 0.2% compared to 0.1% increase in June, according to Bloomberg data. The next update on consumer price increases will come Wednesday morning. (AP Photo/David Zalubowski, File) (ASSOCIATED PRESS) "CPI in June surprised to the downside," Bank of America economist Michael Gapen wrote in a note ahead of the report. "We expect some of that surprise to reverse in July." June's data was the first time since May 2020 that monthly headline CPI came in negative. It was also the slowest annual gain in prices since March 2021. While July's inflation data will likely not be "quite as low as June, it is in line with prior trend in deflation and should meet the Fed's benchmark for beginning rate cuts in September," Gapen said. Core inflation has remained stubbornly elevated due to higher costs of shelter and core services like insurance and medical care. Shelter prices are expected to reverse June's deceleration after the index for rent and owners' equivalent rent (OER) posted their smallest monthly increases since August 2021. Owners' equivalent rent is the hypothetical rent a homeowner would pay for the same property. Non-housing services also edged down in June, "owing in large part to a plunge in airfares. For July, however, we expect the decline in airfares to be much more moderate," Bank of America's Gapen noted. "Non-housing services inflation should moderate over time given cooling services wage inflation; however, a sustained period of deflation is unlikely," he warned. To cut or not to cut? Ahead of Wednesday, the Producer Price Index (PPI) came in cooler than expected in July, setting up investor expectations and further emphasizing the case for Fed rate cuts. US producer prices, a key measure of wholesale inflation and often a signal for where consumer prices are heading, rose just 0.1% month over month last month after rising 0.2% in June. The pace was below economist forecasts. The index rose 2.2% year over year, just a touch above the Federal Reserve's 2% inflation target. Story continues "It's positive for equities," John Stoltzfus, chief investment strategist at Oppenheimer, told Yahoo Finance's Morning Brief Tuesday morning. "It releases some of the dark sentiment that had gripped [the market] over the course of the start this month. We can't help but think that this gives the Federal Reserve the opportunity to begin cutting rates." Inflation has remained above the Federal Reserve's 2% target on an annual basis. But recent economic data, including a sell-off-inducing July jobs report, has helped fuel a narrative the central bank should cut rates sooner rather than later. Notably, the Fed's preferred inflation gauge, the so-called core PCE price index, showed inflation in June was unchanged from the prior month and marked the slowest annual increase for core PCE in more than three years. As of Tuesday, markets were pricing in a nearly 100% chance the Federal Reserve cuts interest rates by the end of its September meeting. However, the odds of a 50 basis point cut or a 25 basis point cut are now split 50/50 after a roughly 60/40 chance placed by traders last week, per the CME FedWatch Tool. Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
How ‘Deepfake Elon Musk’ Became the Internet’s Biggest Scammer 2024-08-14 04:00:00+00:00 - How ‘Deepfake Elon Musk’ Became the Internet’s Biggest Scammer An A.I.-powered version of Mr. Musk has appeared in thousands of inauthentic ads, contributing to billions in fraud. All Steve Beauchamp wanted was money for his family. And he thought Elon Musk could help. Mr. Beauchamp, an 82-year-old retiree, saw a video late last year of Mr. Musk endorsing a radical investment opportunity that promised rapid returns. He contacted the company behind the pitch and opened an account for $248. Through a series of transactions over several weeks, Mr. Beauchamp drained his retirement account, ultimately investing more than $690,000. Then the money vanished — lost to digital scammers on the forefront of a new criminal enterprise powered by artificial intelligence. The scammers had edited a genuine interview with Mr. Musk, replacing his voice with a replica using A.I. tools. The A.I. was sophisticated enough that it could alter minute mouth movements to match the new script they had written for the digital fake. To a casual viewer, the manipulation might have been imperceptible. “I mean, the picture of him — it was him,” Mr. Beauchamp said about the video he saw of Mr. Musk. “Now, whether it was A.I. making him say the things that he was saying, I really don’t know. But as far as the picture, if somebody had said, ‘Pick him out of a lineup,’ that’s him.” Thousands of these A.I.-driven videos, known as deepfakes, have flooded the internet in recent months featuring phony versions of Mr. Musk deceiving scores of would-be investors. A.I.-powered deepfakes are expected to contribute to billions of dollars in fraud losses each year, according to estimates from Deloitte. The videos cost just a few dollars to produce and can be made in minutes. They are promoted on social media, including in paid ads on Facebook, magnifying their reach. “It’s probably the biggest deepfake-driven scam ever,” said Francesco Cavalli, the co-founder and chief of threat intelligence at Sensity, a company that monitors and detects deepfakes. The videos are often eerily lifelike, capturing Mr. Musk’s iconic stilted cadence and South African accent. Original A.I. Audio Original Original A.I. A.I. Scammers will start with a genuine video, like this interview from The Wall Street Journal conducted by Thorold Barker, an editor whose voice is also heard in the clip. Mr. Musk’s mouth movements are edited with lip-synching technology, which tweaks how someone speaks. Scammers will add an A.I. voice using voice-cloning tools, which copies any voice from sample clips. The final ad, which can include fake graphics mimicking news organizations, can be quite convincing for casual internet users._ Source: The Wall Street Journal (original clip) Mr. Musk was by far the most common spokesperson in the videos, according to Sensity, which analyzed more than 2,000 deepfakes. He was featured in nearly a quarter of all deepfake scams since late last year, Sensity found. Among those focused on cryptocurrencies, he was featured in nearly 90 percent of the videos. The deepfake ads also featured Warren Buffett, the prominent investor, and Jeff Bezos, the founder of Amazon, among others. Mr. Musk did not respond to requests for comment. Altered by A.I. Original A.I. Original Prime Video India (original clip) It is difficult to quantify exactly how many deepfakes are floating online, but a search of Facebook’s ad library for commonly used language that advertised the scams uncovered hundreds of thousands of ads, many of which included the deepfake videos. Though Facebook has already taken down many of them for violating its policies and disabled some of the accounts that were responsible, other videos remained online and more seemed to appear each day. YouTube was also flooded with the fakes, often using a label that suggests the video is “live.” In fact, the videos are prerecorded deepfakes. ‘Live’ YouTube Scams Search results on YouTube for “Elon Bitcoin conference” showed dozens of supposedly live videos featuring a deepfake Mr. Musk hawking crypto scams. Some videos were watched by hundreds of thousands of people. YouTube After former President Donald J. Trump spoke at a Bitcoin conference Saturday, YouTube hosted dozens of videos using the “live” label that showed a prerecorded deepfake version of Elon Musk saying he would personally double any cryptocurrency sent to his account. Some of the videos had hundreds of thousands of viewers, though YouTube said scammers can use bots to artificially inflate the number. One Texan said he lost $36,000 worth of Bitcoin after seeing an “impersonation” of Mr. Musk speaking on a so-called live YouTube video in February 2023, according to a report with the Better Business Bureau, the nonprofit consumer advocacy group. “I send my bitcoin, and never got anything back,” the person wrote. Altered by A.I. Original A.I. Original Source: CNET (original clip) YouTube said in a statement that it had removed more than 15.7 million channels and over 8.2 million videos for violating its guidelines from January to March of this year, with most of those violating its policies against spam. The prevalence of the phony ads prompted Andrew Forrest, an Australian billionaire whose videos were also used to create deepfake ads on Facebook, to file a civil lawsuit against Meta, its parent company, for negligence in how its ad business is run. He claimed that Facebook’s advertising business lured “innocent users into bad investments.” Meta, which owns Facebook, said the company was training automated detection systems to catch fraud on its platform, but also described a cat-and-mouse game where well-funded scammers constantly shifted their tactics to evade detection. YouTube pointed to its policies prohibiting scams and manipulated videos. The company in March made it a requirement that creators disclose when they use A.I. to create realistic content. The internet is now rife with similar reports from people scammed out of thousands of dollars, some of them losing their life savings. Hong Kong’s Securities and Futures Commission issued a warning in May about scams featuring Mr. Musk. Earlier this year, the Federal Trade Commission and the Federal Bureau of Investigation warned Americans that A.I.-powered cybercrime and deepfake scams were on the rise. “Criminals are leveraging A.I. as a force multiplier” in ways that make “cyberattacks and other criminal activity more effective and harder to detect,” the F.B.I. said in an emailed statement. Digital scams are as old as the internet itself. But the new-wave deepfakes featuring Mr. Musk emerged last year after sophisticated A.I. tools were released to the public, allowing anyone to clone celebrity voices or manipulate videos with eerie accuracy. Pornographers, meme-makers and, increasingly, scammers took notice. ‘Deepfake Elon Musk’ Thousands of ads circulating online feature an A.I. version of Elon Musk hawking cryptocurrency products or promising large returns on investments. Altered by A.I. Original A.I. Original Altered by A.I. Original A.I. Original Altered by A.I. Original A.I. Original Sources: TED Talks (first and second videos); Fox News (third video) “It’s shifting now because organized crime has figured out, ‘we can make money at this,’” according to Lou Steinberg, the founder of CTM Insights, a cybersecurity research lab. “So we’re going to see more and more of these fake attempts to separate you from your money.” The A.I.-generated videos are hardly perfect. Mr. Musk can sound robotic in some videos and his mouth does not always line up with his words. But they appear convincing enough for some targets of the scam — and are improving all the time, experts said. Such videos cost as little as $10 to create, according to Mr. Cavalli from Sensity. The scammers — based mostly in India, Russia, China and Eastern Europe — cobble together the fake videos using a mix of free and cheap tools in less than 10 minutes. “It works,” Mr. Cavalli said. “So they’ll keep amplifying the campaign, across countries, translating into multiple languages, and continuously spreading the scam to even more targets.” Some of the scams often advertise phony A.I.-powered software, with claims that they can produce incredible returns on an investment. Targets are encouraged to send a small sum at first — about $250 — and are slowly lured into investing more as scammers claim that the initial investment is increasing in value. In one video, taken from a shareholder meeting at Tesla, the deepfake Mr. Musk explains a product for automated trading powered by A.I. that can double a given investment each day. Altered by A.I. Original A.I. Original Source: Tesla (original clip) Experts who have studied crypto communities said Mr. Musk’s unique global fanbase of conservatives, anti-establishment types and crypto enthusiasts are often drawn to alternative paths for earning their fortunes — making them perfect targets for the scams. “There’s definitely a group of people who believe that the secret to wealth is being hidden from them,” said Molly White, a researcher who has studied crypto communities. They think that “if they can find the secret to it, then that’s all they need.” Scammers often target older internet users who may be familiar with cryptocurrency, A.I. or Mr. Musk, but unfamiliar with the safest ways to invest. “The elderly have always been a very scammable, profitable population,” said Finn Brunton, a professor of science and technology studies at the University of California, Davis, who is an expert in the crypto market. He added that the elderly had been targets of fraud long before platforms like Facebook made them easier to scam. Mr. Beauchamp, who is a widower and worked until he was 75 as a sales representative at a company in Ontario, Canada, came across an ad shortly after joining Facebook in 2023. Though he remembers seeing the video live on CNN, a spokeswoman for CNN said Mr. Musk had not appeared for an interview in years. (The New York Times could not identify a video matching Mr. Beauchamp’s description, but he said his story was nearly identical to that of another woman scammed online by a deepfaked Mr. Musk.) He sent $27,216 last December to a company calling itself Magna-FX, according to emails between Mr. Beauchamp and the company that were shared with The New York Times. Magna-FX made it seem like his investment was increasing in value. At one point, a sales agent used software to take control of Mr. Beauchamp’s computer, moving funds around to apparently invest them. To withdraw the money, Mr. Beauchamp was told to pay a $3,500 administration fee and another $3,500 commission fee. He sent the money only to be told that he needed to pay $20,000 to release a portion of the funds — about $200,000. He paid that, too. Though Mr. Beauchamp told the scammers that he had exhausted his retirement savings, maxed out his credit cards, tapped a line of credit and borrowed money from his sister to invest and pay the fees, the scammers wanted more. They asked him to pay yet another fee. Mr. Beauchamp contacted the police. Most traces of Magna-FX were taken offline, including the company website, phone number and email addresses used by the agents Mr. Beauchamp spoke with. Another company bearing a nearly identical name and advertising similar services did not respond to requests for comment. “I guess now is the time to call me dumb, stupid, idiot and what other superlatives you can think of,” Mr. Beauchamp wrote in a report filed to the Better Business Bureau. Mr. Beauchamp said he was managing to pay his bills using a smaller retirement account that he had not shared with the scammers, along with his pensions. He had planned to travel the world during his retirement. Mr. Beauchamp filed a report with the local police but little movement has been made on the case, he said. “Because of the amount of fraud that is going on everywhere, my case got put in a queue,” he said. “I’m not getting my hopes up.”
Intel is sued by Jewish fired employee over ex-supervisor's alleged antisemitism 2024-08-14 03:33:00+00:00 - By Jonathan Stempel NEW YORK (Reuters) - A Jewish former employee of Intel sued the chipmaker on Tuesday, saying he was fired after complaining that the senior executive he reported to openly celebrated antisemitism, Hamas and terrorism against Israel. The plaintiff, a former vice president of engineering using the pseudonym John Doe, said Intel fired him on April 2 in a purported cost-cutting move barely two months after assigning him to report to Alaa Badr, vice president of customer success. Intel declined to comment on the lawsuit filed in Manhattan federal court, saying it does not discuss pending litigation. "We have a longtime culture of diversity and inclusion and we do not tolerate hate speech," it added. Doe, a former Israel Defense Forces soldier, said he had expressed discomfort working for Badr, citing the Egyptian native's retweeting and "liking" of anti-Israel online posts, including posts cheering deaths of Israelis and IDF soldiers. The plaintiff also said Badr asked him whether other Intel employees were Israeli, and upon being told yes complained there were "so many Israeli employees in our company." Doe said his replacement also openly espoused anti-Israel sentiments. Badr and his supervisor are also defendants. "It is inexcusable that Intel not only condones this type of behavior but retaliated against a former (IDF soldier) for complaining about deeply disturbing tropes that were posted on social media by his boss," Doe's lawyer Doug Wigdor said in a statement. "This must stop." Doe is seeking to recoup lost pay and unspecified damages for violations of federal civil rights law and New York state and city human rights laws. He wants court permission to sue anonymously, saying the lawsuit and his IDF service put him at "significant danger of being subjected to harassment, threats, and physical violence." Doe said he joined Intel in New York City after the Santa Clara, California-based company bought the Israeli startup where he worked. His lawyers declined to identify the startup. The complaint also highlighted Intel's business ties to Israel and that the company's first hire was Andrew Grove, a Hungarian-born Jew who later became chief executive and Time magazine's Man of the Year. The case is Doe v Intel Corp et al, U.S. District Court, Southern District of New York, No. 24-06117. (Reporting by Jonathan Stempel in New York; Editing by Daniel Wallis)
Paramount to shutter TV studio, begins layoffs in cost-cutting frenzy 2024-08-14 03:09:00+00:00 - Paramount Global (PARA) announced in a memo to staff Tuesday that it will shut down its storied TV studio by the end of the week — the latest move in a series of aggressive cost cuts the company is taking ahead of its expected merger with Skydance Media. "Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company's broader restructuring plans," Paramount TV Studios president Nicole Clemens wrote. "This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune." Paramount's TV studio has produced top series like Netflix's "Thirteen Reasons Why," Amazon's (AMZN) "Reacher" and Apple's (AAPL) "Defending Jacob." The stock traded flat on the heels of the news. Clemens will be exiting the company as a result of the shutdown. All current series and development projects will transition to CBS Studios, the company said. "To be clear, this is not a decision based on how PTVS performed," Paramount co-CEO George Cheeks wrote in a follow-up memo to staff. "This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company." Last week, Paramount reported a sharper slowdown than analysts expected in its linear TV business as the company took a nearly $6 billion write-down on the value of its cable unit. At the same time, the media giant announced plans to lay off 15% of its US workforce after eliminating about 800 positions in February. According to a separate internal memo from the company's CEO trio, the layoffs kicked off on Tuesday and will continue in three phases through the end of the year. "We expect 90% of these actions to be complete by the end of September," Cheeks, along with co-CEOs Brian Robbins and Chris McCarthy, wrote to staff. The developments come as the entertainment giant preps its balance sheet for an eventual Skydance takeover, set to be completed in the third quarter of 2025. Skydance, which will be valued at $4.75 billion following the all-stock deal's completion, said it would inject $6 billion in cash into Paramount, with $1.5 billion going directly into its debt-ridden balance sheet. Skydance CEO David Ellison will become chairman and CEO of the combined company, while former NBCUniversal executive Jeff Shell, who was ousted last year over what NBC parent Comcast (CMCSA) deemed an "inappropriate relationship" with a female employee, will serve as president. Story continues Last month, the new leadership team laid out their strategic vision for Paramount. This includes $2 billion in cost cuts, with $500 million already underway. The latest round of layoffs and restructuring announcements highlighted these efforts. Paramount Global revealed it would be shutting down its storied TV studio as the entertainment giant cuts costs ahead of its expected merger with Skydance Media. (REUTERS/David Swanson/File Photo) (Reuters / Reuters) Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
Valve's Deadlock Achieves 19,000 Concurrent Players In Early Access 2024-08-13 21:50:00+00:00 - Valve's new game, Deadlock, has recently gained considerable traction despite not being officially announced, with the number of concurrent players surpassing 19,000 earlier today. SteamDB data shows that Deadlock began attracting attention earlier this month, with its player count peaking at 19,138, earlier today. See Also: Top 6 Free-To-Play Games On Steam In August: Dungeonborne, Ocean Playground And More The game's early access is currently managed through an invite-only system, where existing players can extend invitations to others, contributing to the increase in participation. Overview Of Deadlock Information about Deadlock is limited due to a non-disclosure agreement (NDA) that testers must sign. Consequently, public knowledge is mostly derived from verified screenshots and player feedback. According to IGN, the game combines elements from hero shooters and MOBAs, including lane-based gameplay similar to DOTA 2 and tower defense mechanics. Set in a fantasy-steampunk universe, Deadlock integrates these various gameplay aspects into a single experience. Read Next: Image courtesy of Luxorix Games via Steam.
UAW files labor charges against Trump and Musk after X interview, claiming worker intimidation 2024-08-13 21:38:00+00:00 - Recapping Trump's chat with Elon Musk that was hampered by tech issues and delays The United Auto Workers on Tuesday filed federal labor charges against former President Donald Trump and Tesla CEO Elon Musk, accusing the duo of trying to "intimate and threaten" workers during an interview on the latter's social media platform X. Trump returned to X on Monday night for an interview with Musk, who has voiced support for the Republican presidential candidate. The two-hour conversation between the two billionaires, which started more than half an hour late due to glitches, ranged from Trump's views about what he called a "zombie apocalypse" of immigration to his praise for Musk's labor practices. During the interview, the pair advocated for the firing of striking workers, the UAW claimed in a statement. Under the National Labor Relations Act, it's illegal to fire striking workers as well to threaten to terminate workers who go on strike. "I mean, I look at what you do," Trump told Musk on Monday night. "You walk in, you say, 'You want to quit?' They go on strike. I won't mention the name of the company, but they go on strike, and you say, 'That's okay. You're all gone. You're all gone. So every one of you is gone.'" Trump made the remarks in response to Musk pitching himself as playing a potential role in a future "government efficiency commission," with the Republican nominee calling Musk "the greatest cutter." Musk did not directly respond to Trump's talk about striking workers, pivoting instead to government spending. Filed with the National Labor Relations Board, the UAW's complaint targets Musk as a representative of Tesla, the electric car company where Musk serves as CEO and is its biggest individual shareholder. Musk's SpaceX has also challenged the structure of the NLRB, with the rocket maker's lawsuit now with a federal appeals court in Texas. The UAW, which been trying to organize Tesla employees, has also recently endorsed Vice President Kamala Harris' run for the White House, while members of the union met with the Democratic presidential nominee in Michigan last week. Shawn Fain: "Disgusting, illegal" comments In a statement, UAW President Shawn Fain decried the comments, saying "Both Trump and Musk want working class people to sit down and shut up, and they laugh about it openly." He added, "It's disgusting, illegal and totally predictable from these two clowns." The AFL-CIO, a federation of 60 national and international labor unions, offered its own take on the exchange on X, posting: "Scab recognize scab." The Trump campaign dismissed the UAW action as a "shameless political stunt," with Trump campaign senior advisor Brian Hughes accusing the union of trying to erode what he called "Trump's overwhelming support among American workers." Musk, who has said he previously voted Democratic, has thrown his weight — and his wealth — behind Trump. Tesla did not immediately respond to a request for comment.
Walz defends his military record amid Republican attacks during first solo campaign event 2024-08-13 21:38:00+00:00 - Minnesota Gov. Tim Walz on Tuesday defended his military record amid attacks from Republicans led by his political rival JD Vance, who has accused him of stolen valor. "I am damn proud of my service to this country," Walz said in Los Angeles during his first solo event on the campaign trail. The Democratic vice presidential candidate said he served in the National Guard for 24 years “for the same reason all my brothers and sisters in uniform do, we love this country.” He also addressed his GOP critics head on during remarks at the American Federation of State, County and Municipal Employees (AFSCME) Convention. “These guys have — are even attacking me for my record of service,” Walz said. “And I just want to say I’m proud to serve my country, and I always will be.” “I firmly believe you should never denigrate another person’s service record,” Walz said on Tuesday. “To anyone brave enough to put on that uniform for our great country, including my opponent, I just have a few simple words, thank you for your service and sacrifice.” Republicans have attacked Walz over his military record, with Vance, a Marine Corps veteran, accusing Walz of lying about his service. The criticism over Walz’s military service swirled after Vice President Kamala Harris’ campaign posted a video clip of remarks Walz made in 2018 that show him discussing gun control and referring to his own military background. “We can make sure that those weapons of war, that I carried in war, is the only place where those weapons are at,” Walz says in the clip. Vance last week asserted that Walz had misrepresented his military record in those remarks. “I’d be ashamed if I was him and I lied about my military service like he did,” Vance said at the time. A Harris campaign spokesperson clarified that Walz “misspoke” in the video when he discussed his handling of weapons “in war.” The governor's 24 years in the military included serving overseas and supporting forward units, but he was not deployed to a combat zone. He formally retired from the Minnesota National Guard in 2005, as he prepared to run for Congress. He won a House seat the following year. Walz said Tuesday that he was encouraged to enlist by his father, who served in the Army during the Korean War, and that he signed up for the Army National Guard two days after his 17th birthday. The governor is holding several events without Harris this week, after numerous campaign stops with her in battleground states last week.
An attorney bought HarrisWalz.com for less than $10 in 2020. He just sold it for $15,000. 2024-08-13 21:24:00+00:00 - New York trademark attorney Jeremy Green Eche is a Kamala Harris supporter who hopes the current Vice President is successful in her bid for the White House this year. But that's not why he bought a number of web domains with her name in them back in 2020. In his spare time, Eche snaps up unclaimed domain names for under $10 in hopes of eventually selling them for a hefty profit. Also called domain investing, the pastime has paid off for him over the years. "I buy domain names that consist of combinations of two last names that I hope will end up being a major party's presidential ticket," Eche told CBS MoneyWatch. Four years ago, Eche purchased HarrisWalz.com — an internet domain made up of Harris' last name and that of her running mate, Minnesota Gov. Tim Walz — for $8.99. This week, Eche sold the domain to an individual buyer, who identified himself as a Harris supporter, for $15,000. Eche, in an interview with CBS MoneyWatch, compared the sale to "hitting the jackpot." "I get to put whatever I want up on the website and have a ton of people look at it and usually I end up selling it," he said. The buyer of the site is not affiliated with the Harris-Walz campaign, according to Eche. Currently, visitors to HarrisWalz.com are redirected to kamalaharris.com, the candidate's official campaign page. "He must have set up a redirect because he didn't have anything better to do with it," Eche said of the buyer. Eche did not receive an offer from the Harris campaign, he added. The Harris campaign did not immediately respond to CBS MoneyWatch's request for comment about the domain name sale. Eche said he owns about 60 domains, most of which are made up of the names of politicians from both the Democratic and Republican parties whom he considers to be likely presidential candidates. "I do try to do both sides, but it's a lot harder to predict the Republican ticket than the Democratic ticket these days," he said. Not his first jackpot This isn't the first time Eche has cashed in on his hobby. In 2016, he sold Clintonkaine.com for $15,000, to an anonymous buyer through a domain broker. He later found out the purchaser worked for the Trump campaign, which used the site to post disparaging content related to his opponents. Eche said he recently bought back the domain for just under $1,000, in order to showcase his own comics. Eche sold the HarrizWalz.com domain through Communer.com, his own startup, where he set the sale price at $15,000. He said he spent roughly $600 on domain names related to the current election cycle. He dabbles in investing in corporate domain names, too, including web addresses for names of companies that he might one day want to run. "But I don't really invest in nonpolitical domains," he said. Instead, his sights remain focused on potential future presidential campaigns. He currently maintains "a bunch of Gretchen Whitmer domains, Walz domains and Nikki Haley domains." When asked if he was disappointed that the Harris campaign didn't bite, Eche said he would've preferred to sell it to her. "Every presidential campaign should allocate some of their billion-dollar budget toward securing their matching domain name, but I wasn't going to get my hopes up," he told CBS MoneyWatch.
The international fight over a US gymnast's bronze medal is getting messy 2024-08-13 21:21:16+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Thanks for signing up! Go to newsletter preferences Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview A contentious judging decision and messy appeals process has roiled women's gymnastics — and spiraled into an international argument for Olympic bronze between the US and Romania. At the center: American gymnast Jordan Chiles and Romanian gymnast Ana Bărbosu, whose razor-thin fight for an Olympic medal has already blow up into threats of legal action and vows for "justice." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The drama kicked off last Monday during the floor exercise in Paris. Initially, Chiles finished fifth with a score of 13.666. But after her coach filed an inquiry, arguing Chiles should've been awarded more difficulty points, her score was upped to 13.766 — enough to net bronze. Advertisement The stunning about-face unfolded in real time. Bărbosu, who'd been awarded bronze before the inquiry, looked up at the scoreboard mid-celebration to see that she'd been dethroned. She dropped her Romanian flag and rushed off in tears. Chiles, meanwhile, fell to the floor in tears, hugging her coach Cecile Landi and teammate Simone Biles before receiving her medal on the podium. And the shocking switch may not have been the only scoring error. Bărbosu's teammate, Sabrina Maneca-Voinea, scored 13.700 in her routine after she was deducted .1 points for stepping out of bounds. But replays later appeared to show that Maneca-Voinea's foot didn't go out and the gymnast has since asserted she didn't go out of bounds. But Maneca-Voinea's coach didn't asked for a review that day. Advertisement The medals were reordered after Landi's challenge was deemed too late Chiles' triumph was short-lived. Related stories The Romanian Gymnastics Federation and two of its gymnasts filed a challenge to the Court of Arbitration for Sport (CAS), arguing that Landi's inquiry on Chiles' behalf was levied too late. After a hearing, CAS determined Saturday that the US challenge had come after the one-minute cutoff, so Chiles' score was reset lower, dropping her off the podium. CAS dismissed a separate appeal over Maneca-Voinea's deduction. Advertisement While celebrating, Bărbosu looked up to see that she'd been dethroned. Tim Clayton - Corbis/Getty Images The International Gymnastics Federation (FIG) then amended the order of the medals to reflect the CAS ruling, with Bărbosu reclaiming bronze. It kicked the final decision to the International Olympic Committee, which ordered Chiles to return her bronze medal. But USA Gymnastics and the US Olympic & Paralympic Committee (USOPC) said in a joint statement that Landi's inquiry came within the appropriate timeframe and condemned "extremely hurtful" attacks against Chiles; the gymnast announced a break from social media during the uproar. USA Gymnastics is ready to go to court USA Gymnastics vowed to continue fighting for Chiles' medal, even as CAS reiterated its decision is final. On Sunday, USA Gymnastics said it had video evidence — which it hadn't previously submitted — which proved Landi's inquiry was made within 47 seconds. Advertisement But the US's hopes of an easy reversal were quickly dashed. On Monday, USA Gymnastics said it had been notified that CAS' decision was final — even in the face of "conclusive new evidence." Chiles must give back her bronze, per the Court of Arbitration for Sport. Tim Clayton - Corbis/Getty Images According to CNN, CAS said in a statement that the USA and Romania "had ample opportunities to present their arguments and objections" during the hearing on Saturday. CAS said the Swiss Federal Tribunal could reopen the case if new evidence emerges or all parties agree, CNN reported. USA Gymnastics vowed Monday to "continue to pursue every possible avenue and appeal process, including to the Swiss Federal Tribunal." Advertisement Chiles' US gymnastics teammates backed her up. "Sending you so much love, Jordan," Biles wrote in an Instagram Story post. "Keep your chin up Olympic champ! We love you!" Fellow gymnast Suni Lee also criticized the judges in her own Instagram post. "All this talk about the athlete, what about the judges??" Lee wrote. "Completely unacceptable. This is awful and I'm gutted for Jordan. I got your back forever Jo." Advertisement Meanwhile, Bărbosu reportedly praised her competition in her own Instagram post. "Sabrina, Jordan, my thoughts are with you. But I know you'll come back stronger," she wrote in an Instagram story over the weekend. "I hope from deep of my heart that at the next Olympics, all three of us will share the same podium. This is my true dream." USA Gymnastics declined to comment beyond the statements on its website. Reps for Chiles and CAS did not immediately respond to requests for comment from Business Insider.
Nearly half of Americans don't know their credit card APR. Here's why that can cost you. 2024-08-13 21:20:00+00:00 - How to get yourself out of credit card debt How to get yourself out of credit card debt 02:39 Almost half of Americans don't know how much their credit card debt could be costing them, a new survey shows. That's because more than 47% of Americans say they don't know their current credit card annual percentage rate (APR), which is its effective yearly interest rate, according to LendingClub, a financial services company. Being in the dark on how much interest your issuer charges can be costly, particularly if you carry a balance from month to month. A credit card's APR determines the cost of borrowing money, and only comes into play when a cardholder doesn't pay off their bill in full each month by determining how much interest they'll pay on the balance. Consumers collectively owe a record $1.14 trillion in credit card debt, while APRs have jumped due to the Federal Reserve's flurry of interest rate hikes, which have pushed rates to their highest point in 23 years. "Credit card debt levels are the highest they have ever been and when you don't pay off your credit card in full every month, which roughly half of Americans don't, you have a loan. And it's not a very good loan," LendingClub CEO Scott Sanborn told CBS MoneyWatch. LendingClub surveyed more than 1,000 consumers in May to understand their habits and opinions on card usage and debt management. "Buried at the bottom" Consumers' lack of awareness around how much their credit card debt costs them illustrates a concerning phenomenon: many appear unable to easily find and track their APRs, according to LendingClub. The survey also found that roughly one-quarter of Americans don't know the total amount of their credit card debt, or even where to find out what their interest rate is. "It is disclosed, but you have to go into your account, look at your statement, and it's not at the top of the statement — it's buried in fine print far down at the bottom, which is not a place most people look," Sanborn said. APRs are also currently at an average of 22.76% — a record high. With APRs rising and consumers spending more on their credit cards while being unaware of the debt they're carrying and how much it costs, many are risking serious financial predicaments, according to Sanborn. "Because of the inflationary environment, people are turning to cards more often, so they are increasing balances at an increasing cost. That causes people to get into trouble when they are unable to meet their obligations," Sanborn explained. He added, "Once you go delinquent, that's reported and has a very big impact to your credit score, and any new debt you bring out will be at an even higher cost." Calling for clearer communication LendingClub said part of the onus is on lenders to be more transparent with consumers. "The need for clearer communication from credit card companies is more pressing than ever," LendingClub chief customer officer Mark Elliot said in a statement. "The real issue is that credit cards are designed to do better when the cardholder does worse. Frankly, the deck is stacked against consumers." The survey also found that even tools consumer use to climb out of debt and regain their financial footing have terms and conditions that they're not familiar with. For example, many consumers who open 0% interest balance transfer accounts, or sign up for cards with promotional rates, don't know that those rates don't last. For example, more than 26% of consumers said they didn't know their rates will increase after a promotional period ends.
I have some suggestions for the new Starbucks CEO 2024-08-13 21:03:13+00:00 - Chipotle CEO Brian Niccol is replacing Laxman Narasimhan as Starbucks CEO. Starbucks has some issues, but I can help. I'm a former barista! And I have a wish list for the new CEO. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Starbucks just replaced its CEO after a rocky nine-month stint — and as a former barista, I can see why! I worked at Starbucks as a teenager way back in 1999. I agree with former longtime CEO Howard Schultz and his recent manifesto. He's right — the company has lost its way. In the last few years, I've found myself feeling baffled looking at Starbucks' menu. Strange, newfangled drinks I've never heard of. I can't even predict what they'll look like when served. I love trying new things and a fun new beverage, but I get intimidated by the menu. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
I ranked every sausage I could find at Trader Joe's, and I think the best could be used in almost any recipe 2024-08-13 21:00:34+00:00 - I tried every Trader Joe's precooked sausage I could find to see which was the tastiest. The sweet-apple and maple chicken options were my least favorite sausages I tried. The spicy jalapeño chicken sausage had a great garlic flavor and, in my opinion, was the best. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement If you're looking to explore grilling options beyond burgers and hot dogs, it might be time to visit the precooked sausage section at your local Trader Joe's. Of course, the store's sausage section can be overwhelming because there are so many different kinds and they all look pretty good. And if the store's crowded, you can feel the impatience of shoppers behind you, waiting for you to move so they can swipe the sausage they already know they want. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Elon Musk chatted up Donald Trump on X. Here's how it went. 2024-08-13 20:53:50+00:00 - In a two-hour livestream on X, Donald Trump and Elon Musk talked about the upcoming election, Vice President Kamala Harris, and the assassination attempt against the former president. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
I flew budget carrier Norse Atlantic Airways from Europe to New York. It's a great value if you follow strict bag rules. 2024-08-13 20:52:29+00:00 - Norse Atlantic Airways began its budget flights between Europe and the US in early 2021. Historically, the strategy has failed, but I'm happy there's another low-cost transatlantic option. I think Norse offers a better value than mainline carriers if you follow its strict bag rules. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement In 2022, a new startup airline called Norse Atlantic Airways launched cheap flights between Europe and the US, operating Boeing 787 Dreamliners equipped only with economy and premium economy seats. I was initially skeptical about the historically unsuccessful business model. Icelandic carrier WOW Air ceased operations in 2019, and Norway's Norwegian Air Shuttle scrapped its transatlantic arm two years later. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Kamala Harris is running for president. Here's everything to know about her life, career, history, and policy views. 2024-08-13 20:47:29+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Thanks for signing up! Go to newsletter preferences Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Kamala Harris is running for president. The current vice president and former senator from California began her campaign after President Joe Biden ended his re-election bid and threw his support behind her as the 2024 Democratic nominee. When Biden endorsed Harris , he said in a statement that choosing her to be vice president was "the best decision I've made." A wave of endorsements and grassroots enthusiasm for Harris quickly followed. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Harris's campaign raised $81 million in its first 24 hours, breaking the record for the biggest single-day rise in presidential campaign history. Out of the 888,000 grassroots donors who contributed, 60% gave money for the first time this election cycle. Advertisement Harris secured the endorsements of dozens of powerful Democratic lawmakers and donors, and is expected to officially become the nominee at the Democratic National Convention, which begins on August 19. Here's a look at the history and career of America's groundbreaking vice president. Biden immediately endorsed Harris after ending his re-election campaign, and dozens of powerful Democrats quickly followed suit. Jim Vondruska/Getty Images Kamala Harris' early life, family, and upbringing Kamala Devi Harris was born on October 20, 1964 in Oakland, California. Harris' mother, Shyamala Gopalan Harris, immigrated to the US from India. Her father, Donald Harris, immigrated to the US from Jamaica. They met as graduate students at UC Berkeley and divorced when Harris was young. Advertisement As the daughter of two immigrants, Harris' multiracial identity has made for a historic political career — Harris identifies as both Black and South Asian-American, and is the first person of either race to be elected vice president. Harris has one younger sister named Maya Lakshmi Harris, a lawyer who served as a senior policy advisor for Hillary Clinton's 2016 campaign and the campaign chairperson for Harris' 2020 run. Kamala Harris has one sister: Maya Harris. Melina Mara/The Washington Post via Getty Images Harris grew up in Berkeley, where she attended Thousand Oaks Elementary School. As a child, Harris took a bus that transported her to a predominantly white neighborhood as part of desegregation efforts. One of the most memorable moments of the 2020 Democratic presidential primary came during a debate when Harris, addressing Biden, said: "There was a little girl in California who was part of the second class to integrate her public schools, and she was bused to school every day, and that little girl was me," before criticizing Biden's opposition to federally mandated busing in the 1970s. Advertisement Kamala Harris graduated from Howard University in 1986. Marvin Joseph/The Washington Post via Getty Images Biden responded: "I did not oppose busing in America. What I opposed is busing ordered by the Department of Education. That's what I opposed." Harris went to college at Howard University, a historically Black university, in 1986, and graduated with a degree in political science and economics. She was also a member of the Alpha Kappa Alpha sorority. Harris went to law school at the University of California Hastings College of Law. Related stories Kamala Harris' legal career as a California prosecutor Harris worked as a deputy district attorney for Alameda County in Oakland prosecuting murder, rape, assault, and drug cases. Advertisement She then served as district attorney of San Francisco from 2004 to 2011. Harris was the first woman to serve as the district attorney of San Francisco and the first Black woman and the first South Asian woman to hold that office in California. Kamala Harris served as the district attorney of San Francisco, before becoming California's attorney general in 2011. Christina Koci Hernandez/San Francisco Chronicle by Getty Images During her time as district attorney, Harris instituted " Back on Track ," a reentry program "aimed at reducing recidivism among low-level drug-trafficking defendants." Harris became the attorney general of California in 2011. During her six years as attorney general, she litigated against mortgage companies, for-profit colleges, and human trafficking, securing major settlements for the state. Donald Trump donated to two of Harris' bids for attorney general. As a private citizen, he donated $5,000 to her 2011 campaign and $1,000 in 2013. Ivanka Trump also donated $2,000 in 2014. Advertisement Kamala Harris served two terms as California's attorney general. HUM Images/Universal Images Group via Getty Images In 2017, Harris became the second Black woman and first American of South Asian ancestry to be elected to the US Senate. She served on multiple Senate committees — the Homeland Security and Governmental Affairs Committee, the Select Committee on Intelligence, the Committee on the Judiciary, and the Committee on the Budget. Harris often won praise for her prosecutorial lines of questioning during congressional hearings. The Harris campaign has also capitalized on Harris, a former prosecutor, running against Trump, a convicted felon. Kamala Harris' ascent to the vice presidency Harris launched a presidential bid for the 2020 Democratic nomination in January 2019, but dropped out that December. Biden won the nomination and chose Harris as his running mate. Advertisement President Joe Biden has said choosing Harris as his vice president was "the best decision I've made." Andrew Harnik/Getty Images As vice president, Harris has been a key player in the Biden administration's policy agenda, casting more tie-breaking votes in the Senate than any other vice president in history. Her tie-breaking votes passed the 2021 American Rescue Plan, a $1.9 trillion stimulus focused on economic recovery from the COVID-19 pandemic, and the 2022 Inflation Reduction Act, the Biden administration's $20 billion plan to invest in clean energy. Biden tasked Harris with addressing the root causes of migration and the surge of immigrants seeking asylum at the southern US border. Republicans have seized on the issue of illegal immigration amid the influx of migrants in US cities, and have accused Harris of failing as the Biden administration's "border czar." Democrats have pushed back against the label and said Harris' role was not to manage the border, but to coordinate diplomatic relations with Mexico and Central American countries. Kamala Harris' stances on key issues Harris did not immediately unveil a platform when she launched her presidential campaign, and many of her views on specific policies remain unknown or hazy. But her actions as vice president, and remarks on the campaign trail so far, have lent some insight into certain policy positions. Harris strongly supports abortion rights. As vice president, she has served as a leading voice of the Biden administration on the issue, holding Trump responsible for the fall of Roe v. Wade and becoming the first sitting president or vice president to visit an abortion clinic. At her first 2024 campaign rally, she pledged to sign a law restoring reproductive freedoms as president. Advertisement Kamala Harris supports reproductive freedom and abortion rights. Joe Raedle/Getty Images Harris supports a two-state solution to the Israeli-Palestinian conflict. After the Hamas terrorist attacks in Israel on October 7, 2023, Harris condemned Hamas as a "barbaric terrorist organization," affirmed Israel's right to self-defense, and met with the families of American hostages held by Hamas in Gaza. Harris has also pushed for Israel to increase humanitarian aid in Gaza to alleviate the region's "humanitarian catastrophe" and called for an "immediate cease-fire." In March 2024, she echoed the Biden administration's opposition to Israel's invasion of Rafah in southern Gaza. Related stories Harris has supported Ukraine's war effort against Russia, and has met with Ukrainian president Volodymyr Zelensky. ALESSANDRO DELLA VALLE/POOL/AFP via Getty Images Harris supports NATO and the Ukrainian war effort following Russia's invasion. In June 2024, Harris announced the administration's $1.5 billion aid package to help repair Ukraine's infrastructure, support humanitarian aid, and provide equipment to Ukrainian border guards and law enforcement. Harris has long been on the front lines of LGBTQ+ rights. Two years before same-sex marriage was legalized nationwide, Harris famously told a Los Angeles County clerk to "start the marriages immediately" when California's same-sex marriage ban was overturned in 2013. As vice president, Harris supported White House initiatives to bolster LGBTQ+ rights and protections. Advertisement Who has endorsed Kamala Harris's presidential campaign President Joe Biden endorsed Harris minutes after announcing that he had ended his bid for president. Democratic leaders and lawmakers followed, including former president Bill Clinton and 2016 Democratic nominee Hillary Clinton, former president Barack Obama and former first lady Michelle Obama, former Speaker of the House Nancy Pelosi, House Minority Leader Hakeem Jeffries, and Senate Majority Leader Chuck Schumer. Nancy Pelosi endorsed Harris' presidential campaign, as did other leading Democrats. Saul Loeb - Pool/Getty Images Harris also secured endorsements from business leaders including Sheryl Sandberg, Reed Hastings, Melinda French Gates, and George Soros. Kamala Harris' husband and stepchildren Harris has been married to Doug Emhoff, a former entertainment lawyer, since 2014. They met on a blind date set up by a mutual friend. Harris' husband, Doug Emhoff, is America's first second gentleman. ERIN SCHAFF/POOL/AFP via Getty Images Harris had not been married before. Emhoff was previously married to Kerstin Emhoff, a film producer. They divorced in 2008. Advertisement Emhoff was a partner at the law firm DLA Piper until he left his career behind to support Harris as vice president . In addition to fulfilling his duties as second gentleman , he teaches entertainment law at Georgetown University. Emhoff is the first Jewish spouse of a vice president in US history. Harris previously dated Willie Brown, who served as the California State Assembly speaker, in the mid-1990s. The couple ended their relationship before Brown became the mayor of San Francisco in 1996. Harris also briefly dated talk show host Montel Williams in the early 2000s. Harris does not have any biological children. She is a stepparent to Emhoff's two children from his previous marriage, Cole Emhoff and Ella Emhoff, who nicknamed her "Momala." Advertisement Harris is the stepmother of Doug Emhoff's children from a prior marriage, Ella Emhoff and Cole Emhoff. Tony Avelar/AP Cole Emhoff studied psychology at Colorado College and works in the entertainment industry. According to his IMDB profile, he worked as an assistant on the 2020 film "Minari" and the 2022 remake of "Father of the Bride." Ella Emhoff graduated from Parsons School of Design and works as a model and knitwear fashion designer. In 2021, she signed with the modeling agency IMG. Forbes estimated Harris and Doug Emhoff's net worth at around $8 million. The couple owns a four-bedroom, 3,500-square-foot home in Brentwood, California, worth about $4.4 million. Harris has published three books, including one for children. Michael Tullberg Harris earns a salary of $218,000 a year as vice president. She also received over $500,000 in advances for her books, "Smart on Crime: A Career Prosecutor's Plan to Make Us Safer," "The Truths We Hold: An American Journey," and a children's book called "Superheroes are Everywhere." Advertisement Can Kamala Harris beat Trump? Both Harris and Trump are facing a tough election battle. Trump's approval rating was a historically low 34% upon leaving office in 2021. But he gained momentum with voters when he hit the campaign trail again, defeating all Republican challengers in the 2024 primaries. Surviving an assassination attempt at a Pennsylvania rally on July 13, 2024, just days before the Republican National Convention also galvanized support for the former president. Harris was deeply unpopular in the first year of her vice presidency. In 2021, Harris' approval rating reached a historic low of 28% — even lower than Vice President Dick Cheney's worst numbers. Her popularity surged after Biden's exit from the race with her campaign raising a record $81 million in the 24 hours after Biden dropped out. Of the 888,000 grassroots donors who contributed, 60% were first-time donors. Harris had a historically low approval rating during her vice presidency, but saw a surge in support when she launched her presidential campaign. Andrew Harnik/Getty Images Her candidacy energized younger voters and minorities, sparking memes inspired by Charli XCX's "Brat" album and a speech in which she quoted her mother saying "You think you just fell out of a coconut tree?" In July 2024, Trump raised $137 million while Harris raised $310 million, with 10 times as many Gen Z donors contributing to Harris' campaign than had donated to Biden's in June 2024. Advertisement Running against Harris has also set off Trump's tendency to cross the line while criticizing women, such as an appearance at a conference for Black journalists where he questioned if Harris was really Black. Juliana Kaplan, Debanjali Bose, and Joshua Nelken-Zitser contributed to a previous version of this story.