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Louisiana parents sue over placing Ten Commandments in schools 2024-06-24 20:28:00+00:00 - Nine Louisiana families filed a federal lawsuit Monday against their state's education department and their local school boards challenging the constitutionality of a radical new law requiring that the Ten Commandments be displayed in public school classrooms. The lawsuit was unveiled less than a week after Louisiana's Gov. Jeff Landry put pen to paper and made his state the first in the country to require all public schools to display the Christian commandments in classrooms since the Supreme Court declared such a requirement unconstitutional more than 40 years ago. The families, who are Jewish, Christian, Unitarian Universalist and nonreligious, alleged in court papers filed in the U.S. District Court, Middle District of Louisiana, that the new law “substantially interferes with and burdens” the parents’ First Amendment right to raise their kids in whatever religion they want. Also, the new law, "pressures students into religious observance, veneration, and adoption of the state’s favored religious scripture," the complaint states. "It also sends the harmful and religiously divisive message that students who do not subscribe to the Ten Commandments ... do not belong in their own school community and should refrain from expressing any faith practices or beliefs that are not aligned with the state’s religious preferences.” Two of the plaintiffs are members of the clergy: Unitarian Universalist minister, Rev. Darcy Roake, and Rev. Jeff Simms, a Presbyterian. “By favoring one version of the Ten Commandments and mandating that it be posted in public schools, the government is intruding on deeply personal matters of religion," Simms said at a news conference. "This is religious favoritism that runs counter to my religion and faith." Roake, whose husband is Jewish, said during a news conference that they are raising their children in both faiths and enrolled them in New Orleans public schools seeking "a secular education that does not promote any particular religion." Joshua Herlands said he was appalled as "an American and a Jew" that "state lawmakers are forcing public schools to post a specific version of the Ten Commandments in every classroom." "These displays distort the Jewish significance of the Ten Commandments and send the troubling message to students that one set of religious laws is favored over all others," Herlands said. "Politicians have no business foisting their religious beliefs on my kids." The parents are backed by the American Civil Liberties Union, the American Civil Liberties Union of Louisiana, Americans United for Separation of Church and State, and the Freedom from Religion Foundation. They are being represented pro bono by the Simpson Thacher & Bartlett law firm. Attorney Jonathan Youngwood said the case has already been assigned to a federal judge in Baton Rouge and they are seeking a hearing this summer "so this law can never be implemented." NBC News has reached out to the Louisiana governor's office for comment. Landry, a conservative Republican, said at the bill signing ceremony Wednesday that the state would fight off any legal challenges. “If you want to respect the rule of law, you’ve got to start from the original lawgiver, which was Moses,” Landry declared. Landry also has the backing of presumptive Republican presidential nominee Donald Trump, who wrote on his social media platform Friday that the entire country should follow Louisiana’s lead in allowing the Ten Commandments in public schools. In the coming days, Landry is also expected to sign into law a bill prohibiting teachers from discussing gender identity or sexual orientation from kindergarten to 12th grade. It's modeled on a Florida law that critics have derided as a “Don’t Say Gay" law. Both Louisiana bills were pushed forward by State Rep. Dodie Horton, a Republican from mostly rural Haughton, Louisiana. NBC News has reached out to Horton for comment about the lawsuit. Horton has made no apologies for pushing religion, specifically Christianity, into public schools. “I’m not concerned with an atheist. I’m not concerned with a Muslim,” Horton, who is a Southern Baptist, said during a House debate in April. “I’m concerned with our children looking and seeing what God’s law is.” James Carville, a Democratic strategist whose family roots run deep in Cajun country, described Horton in a recent interview with NBC as a “foot soldier for Christian nationalists.” “This is a group of people who believe the Constitution was written for and by Christians and that the First Amendment only applies to Christians,” said Carville. Carville said he believes this is about more than just the Ten Commandments. “This is the opening salvo of what’s likely to be a long, drawn-out war that could end up in the Supreme Court.” While the Supreme Court ruled in 1980 that classroom displays of the Ten Commandments were unconstitutional, the current panel has six conservative judges and three liberal judges. “They think they have a better shot with this court,” Carville said. Rachel Laser, president and CEO of Americans United for Separation of Church and State, agreed. “Not just in Louisiana, but all across the country, Christian Nationalists are seeking to infiltrate our public schools and force everyone to live by their beliefs,” Laser said in a statement after the lawsuit was filed. William Snowden, an assistant professor at Loyola University New Orleans College of Law, said that Landry suggesting last week that he’s anticipating being sued shows “an awareness of the legal complications of such a bill.” But, Snowden said, he’s not convinced the governor can make the argument that this law is beneficial for all Louisiana residents, no matter their religious background. “This strategically tries to position an argument over whether or not the Ten Commandments, or Christian beliefs, are positive and good values to hold, when, in reality, the conversation is not about those values but more so about religious doctrine being endorsed and championed by the government," Snowden said. It is, the professor added, "dissolving a long-recognized separation between church and state."

Puerto Rico power company suspends $65M worth of maintenance projects, sparking outcry amid outages 2024-06-24 20:24:49+00:00 - SAN JUAN, Puerto Rico (AP) — The private operator of Puerto Rico’s power grid confirmed Monday the deferral of $65 million worth of maintenance and improvement projects in the U.S. territory, with some repairs postponed for at least a year because of budget constraints, putting at risk the already troubled grid — and sparking a widespread outcry. Some of the deferred projects include maintenance of more than 100,000 light posts, fire mitigation and repairs on underground circuits, among other improvements. Luma Energy’s head of regulatory affairs, Mario Hurtado, told The Associated Press on Monday that the suspended projects, which he aims to bring back next year, risk more outages across the island. “The risk is always that there will be more failures in terms of public lighting,” Hurtado said. At a budget hearing on Friday, Hurtado said Luma Energy prioritized other tasks based on “professional judgment,” which they consider calculated risks. The lack of fire mitigation puts the grid at risk as hotter temperatures seize Puerto Rico, increasing the chances of wildfires disrupting power lines. “We make judgments based on what we have available and what our goals are,” Hurtado said Friday. “Although it entails a risk, it’s an acceptable risk.” Luma’s budget, proposed to Puerto Rico’s Energy Bureau, includes $1.3 billion for the entire electrical sector, with 65% allocated to Luma, which is in charge of transmission and distribution, 32% to Genera PR, which operates and maintains the grid, and 3% to the Puerto Rico Electric Power Authority. The budget aims to inject funds into Luma’s customer service, personnel safety and renewable energy projects. Luma’s announcement to defer millions of dollars’ worth of projects amid chronic power outages has angered many. “It is unacceptable that Luma Energy can unilaterally decide to suspend crucial tasks,” Jesús Manuel Ortiz, a member of the House of Representatives who’s also running for governor, said in a statement Monday. “It is evident that Luma continues to fail in its responsibilities, and that no one in the Government of Puerto Rico is responsible.” The company blames a delay in funds disbursement from the Federal Emergency Management Agency. Luma has submitted about 400 projects for approval to upgrade the energy grid, and about 100 have been approved, Hurtado said. The budget hearing comes as the island of 3.2 million people contends with frequent power outages more than six years after Hurricane Maria ravaged Puerto Rico as a Category 4 storm. The combination of storms, earthquakes and underinvestment has hindered recovery efforts. A massive blackout in mid-June left over 340,000 customers in the capital, San Juan, and nearby cities without power during a heat wave. Towns in central and southern Puerto Rico are still waiting for Luma to fully restore electricity after a transformer collapsed earlier this month. Over the weekend, Luma shipped a transformer via boat from San Juan to the southern coastal city of Ponce and then transported it to the nearby town of Santa Isabel. Governor Pedro Pierluisi activated the National Guard to help with the energy crisis and ordered an investigation into the June 13 blackout. The Energy Bureau is also investigating and has directed Luma and Genera PR to submit a plan to stabilize the island’s electrical network. ___ Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america

Bankruptcy court trustee in Alex Jones liquidation case previews 'wind-down' of media company 2024-06-24 20:20:00+00:00 - A federal bankruptcy court trustee appointed to oversee the liquidation of conspiracy theorist Alex Jones' estate is asking a judge to temporarily block families and other creditors from seizing assets related to his media company, as he readies "an orderly wind-down process" and sale. The trustee, Christopher Murray, "seeks this Court's intervention to prevent a value-destructive money grab and allow an orderly process to take its course," according to his emergency filing Sunday in the U.S. Bankruptcy Court for the Southern District of Texas. The move came after families who won a 2022 defamation lawsuit in Texas against Jones asked a state district court judge to compel his Free Speech Systems, which operates the Infowars platform, to turn over "all money," including "money held in any bank accounts or being controlled by any other third parties at the direction" of the media company. But Murray said in his request that the "specter of a pell-mell seizure of FSS's assets, including its cash, threatens to throw the business into chaos, potentially stopping it in its tracks, to the detriment of the interests of the chapter 7 estate for which the Trustee is responsible." The trustee's challenge is only the latest in the legal saga involving Jones, who broadcasts in the Austin area. He was sued in Texas and Connecticut by families who claimed he defamed them and inflicted emotional distress by repeatedly suggesting on his show that the 2012 Sandy Hook Elementary School massacre was a hoax. A gunman killed 20 first grade children and six adults at the school in Newtown, Connecticut. The families were awarded $1.5 billion in total in their lawsuits, but they have been unable to collect anything from Jones, who has claimed he can't afford that big a sum and filed for bankruptcy in the wake of the verdicts. During a court hearing this month, federal Bankruptcy Judge Christopher Lopez agreed to allow Jones to convert his bankruptcy filing into a liquidation of his personal assets to help pay off the settlements. But, in a decision that Jones had favored, the judge dismissed a separate bankruptcy case involving Free Speech Systems. That has allowed Jones to continue broadcasting although the future of his show on Infowars remains uncertain and he had suggested for weeks that it could come to an end. At his defamation trial in Texas in 2022, Jones generally blamed "corporate media" for twisting his words and misportraying him, but didn't specify how. Jones' lawyer, Vickie Driver, said at this month's bankruptcy hearing that there is money that can go to the trustee in the form of the sale of Jones' $2.8 million Texas ranch. Court filings indicate Jones has about $9 million in personal assets, while Free Speech Systems holds about $6 million in cash with more than $1 million in inventory. Driver did not immediately responded to a request for comment Monday. A lawyer for the families in the Connecticut lawsuit against Jones had said they supported liquidating Free Speech Systems because they worry it would lead to individual families battling over the company's assets in state courts. "This is precisely the unfortunate situation that the Connecticut families hoped to avoid when we argued that the Free Speech Systems/InfoWars case should have remained with the bankruptcy court rather than being dismissed," lawyer Christopher Mattei said in a statement. "The Connecticut families are disappointed by this attempt to undercut the orderly and long overdue winddown of Alex Jones's InfoWars platform." Murray wants the court to impose a 90-day pause on any collection action by creditors against Free Speech Systems. It's unclear when the judge may rule.

Carnival Stock In Strong Bullish Trend Ahead Of Q2 Earnings: Why Analyst Sees 'Multiyear Portfolio Opportunity' - Carnival (NYSE:CCL) 2024-06-24 20:07:00+00:00 - Loading... Loading... Carnival Corp CCL will report second-quarter (Q2) earnings on Tuesday. Wall Street expects -20 cents in EPS and $5.7 billion in revenues as the company reports before market hours. The stock is up 2.33% over the past year, but down 12.30% YTD. Let’s look at what the charts indicate for Carnival stock, and how the stock currently maps against Wall Street estimates. Carnival Stock In Strong Bullish Trend Ahead Of Q2 Earnings Based on technical analysis, Carnival stock is exhibiting a strongly bullish trend. The share price of $16.07 is above its 5, 20, and 50-day exponential moving averages, indicating strong buying pressure. Chart: Benzinga Pro Specifically, Carnival stock’s 20-day SMA at $16.05 and 50-day SMA at $15.24 both suggest bullishness, supported further by the 200-day SMA of $15.29. Chart: Benzinga Pro The Moving Average Convergence Divergence (MACD) indicator at 0.21 also suggests bullish sentiments, as does the Bollinger Bands (20) range of $14.83 to $17.27. The Relative Strength Index (RSI) at 55.26 is rather neutral, indicating the stock is neither overbought not oversold. However, recent trajectory and current upwards trend indicates the RSI may be moving towards the overbought territory at 70. Overall, these indicators point towards continued bullish momentum for Carnival stock, with a slight caution due to the overbought RSI. Also Read: What’s Going On With Carnival’s Stock? Carnival Stock Analysts’ See Upto 25% Upside Ratings & Consensus Estimates: The consensus analyst rating on Carnival stock stands at a Buy currently with a price target of $18.78. However, the more recent analyst reviews received May 14 onwards from Truist Securities, Wells Fargo and UBS – suggest an average price target of $20.33 for the stock, indicating a 25.55% potential upside. JPMorgan has an Overweight rating on the stock and a price target of $21. They see “continued progress on the multi-year portfolio opportunity at CCL.” They see “continued strength in the Carnival brand (~35% of mix), Aida (~12% of mix), and progressive improvement in its European fleet.” CCL Price Action: Carnival stock was up 2.55%, trading at $16.48 at the time of publication. Read Next: Carnival Gears Up For Q2 Print; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

Paramount+ to increase prices for its streaming plans 2024-06-24 20:07:00+00:00 - Paramount Global is hiking the price of its flagship streaming service as the company looks to turn around its business. The company said Monday it will raise the price of the Paramount+ with Showtime plan by $1 to $12.99 a month, and the price of its Paramount+ Essential option will increase by $2 to $7.99 a month for all new subscribers. The price increase takes effect on Aug. 20 for new customers for both plans. Existing Paramount+ with Showtime customers will see the price increase hit on or after Sept. 20. Existing Paramount+ Essential customers — who don’t receive Showtime content — won’t pay more for their plans. The price of the limited Paramount+ commercial option will also increase by $1 to $7.99 for current customers. More media companies have increased streaming prices as they look to make a profit on the cash-losing business. Paramount executives had said publicly on multiple occasions they see a lot of opportunities to increase the price of streaming services. Comcast’s NBCUniversal said it would raise prices for Peacock in July, ahead of the Summer Olympics, which will air exclusively on the NBC broadcast network and Peacock. It will be Peacock’s second price increase in the past year. NBCUniversal is the parent company of NBC News. Earlier this month, Warner Bros. Discovery announced it would increase the cost of its Max streaming service. Paramount had combined the Showtime and Paramount+ platforms last year in a push to condense content spending, which has become a particular focus for media companies. The company increased Paramount+ prices late last year, too. Paramount said in April it had added 3.7 million Paramount+ subscribers during the first quarter, bringing the total to 71 million. However, like most of its media peers, Paramount posted losses related to its streaming service. The company said the losses during the first quarter narrowed to $286 million from $511 million during the year-earlier period. The price increase comes after National Amusements earlier this month stopped discussions with Skydance on a proposed merger with Paramount. National Amusements, which is owned by Shari Redstone, the controlling shareholder of Paramount, had previously agreed to economic terms of a merger with a consortium including David Ellison’s Skydance, before ending the deal talks. The company is now being led by a trio of leaders, called the “Office of the CEO,” made up of CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy and Paramount Pictures CEO Brian Robbins. The three leaders recently laid out their plan to turn around the company at Paramount’s annual shareholder meeting, in the event the deal with Skydance fell through. The strategic priorities — with an eye toward lowering Paramount’s debt — included exploring streaming joint venture opportunities with other media companies and eliminating $500 million in costs, as well as divesting noncore assets. The trio said they would unveil further plans during Paramount’s earnings report in August.

Senate Democrats’ rare edge is also a warning sign to Joe Biden 2024-06-24 20:06:27+00:00 - In what is shaping up to be one of the weirdest elections in recent memory, here’s another oddity to throw on the pile: It’s a pretty good time to be an incumbent Senate Democrat running for re-election this fall — but not to be the president of the United States. If you’re Joe Biden, you have a favorability rating below 40%, and you’re tied with a someone in the presidential polls who's been convicted with 34 felony counts. But if you’re a Senate Democrat, you’re flush with cash and, more likely than not, leading in the polls. According to an NBC analysis of first-quarter fundraising results in the 10 most competitive Senate races, Democrats ended the quarter with $100 million in the bank. Republicans had only $42.5 million on hand. Take, for example, the most recent Senate polling from Emerson. The polling outfit has Nevada incumbent Jacky Rosen up 12, Pennsylvania Sen. Bob Casey at +6, Minnesota’s Amy Klobuchar ahead 11 points, and Wisconsin’s Tammy Baldwin ahead by 2. Even first-time Senate candidates Ruben Gallego in Arizona and Elissa Slotkin in Michigan are up 4 over their GOP opponents. By contrast, Biden is losing to Trump in all those states, except in Minnesota, where he’s tied (and no one is expecting Minnesota to be all that close this year). This divide is not new; it’s been showing up in blue state polls for several months now. But what is surprising about the polling numbers for Senate Democrats is that they’re also doing well in states where one might expect Democrats to fare poorly. In Ohio, Sherrod Brown might be the most endangered Democratic incumbent in the country. But recent polling shows him leading Republican Bernie Moreno — and, more importantly, above 50%, which is traditionally a good sign for an incumbent seeking re-election. Even in Montana, another red state, incumbent Sen. Jon Tester is neck-and-neck with his GOP opponent, Tim Sheehy. Aside from these early polling leads, Democrats are also crushing the GOP in fundraising. According to an NBC analysis of first-quarter fundraising results in the 10 most competitive Senate races, Democrats ended the quarter with $100 million in the bank. Republicans had only $42.5 million on hand. In individual races, the Democrats’ money advantage is even more stark. Brown and Tester have around a 5-1 advantage in cash on hand compared to their GOP opponents. Rosen and Gallego have a nearly 4-1 edge. The advantage is not as great for Casey and Baldwin, who are facing deep-pocketed Republicans — but both are still ahead in fundraising and nearly doubling their opponents in cash on hand. Money in politics, however, is not determinative, and Brown and Tester still face an uphill challenge to win in states where Trump should triumph easily in the presidential race. But the Democrats’ financial edge gives them one major advantage: They can spend much of the summer running millions on ads to attack their opponents. For Senate incumbents with well-defined political brands, the opportunity to define their relatively lesser-known opponents before they can even get on the air could be decisive. But even with all the good news on fundraising and polling, Democrats currently have 51 seats in the Senate — so they have virtually no margin for error. West Virginia Sen. Joe Manchin’s retirement — and the entry of popular incumbent Gov. Jim Justice into the race — practically ensures that seat will flip to the GOP. They need to hold every vulnerable seat and win the presidency, so Kamala Harris will remain the tie-breaking vote as the president of the Senate. And there is little chance of them flipping a GOP-held seat. While one recent poll has Republican Rick Scott with a narrow lead over his Democratic opponent, Rep. Debbie Mucarsel-Powell, Florida is at best a long shot to go blue. Still, with five months before Election Day, the real possibility of Democrats holding the Senate is an unexpected surprise. Even more unexpected is that all of this is likely good news for Biden. While this might seem counter-intuitive, that Senate Democrats are faring better than Biden suggests that voters are not gripped by anti-incumbent fever, nor are hopelessly opposed to the Democratic Party. Their issue is not with Democrats; it’s with Biden. The polling gaps we’re currently seeing between Biden and Senate Democrats are the opposite of what we’ve seen in national politics over the past few years. That lends credence to the notion that Biden’s lousy poll numbers are a sign of protest from Democrats who are unhappy now with the president but still intend to vote for him in the fall. If Democratic voters are comfortable with Rosen in Nevada, Casey in Pennsylvania or Slotkin in Michigan, it shouldn’t take much persuasion to get them to pull the lever for Biden on Election Day, too. Indeed, the polling gaps we’re currently seeing between Biden and Senate Democrats are the opposite of what we’ve seen in national politics over the past few years. As Nathaniel Rakich of FiveThirtyEight pointed out recently, “Seven states voted for different parties for president and for Senate” in 2004. But in 2016, the same party won in Senate and presidential races in every state. In 2020, only one state (Maine) voted differently in the Senate and presidential races. The median difference between presidential and Senate margins was 3 points in 2020; in 2004, it was 20 points. In short, split-ticket voting in presidential election years has largely disappeared. It’s possible that even in an era of intense political polarization, the nation will revert to the politics of 20 years ago and Senate Democrats will dramatically outperform the president. But don’t count on it. The more likely scenario is that Democratic voters will return to their political home and cast a ballot for Biden — however begrudgingly. Don’t get me wrong: Biden still has his work cut out for him. If he fails to convince enough wayward Democrats to come back, he could end up a one-term president. But as long as Senate Democrats are holding their own, his path to re-election could be a bit smoother than his current poll numbers suggest.

With re-election hopes fading, Bob Good cries election fraud 2024-06-24 19:51:02+00:00 - The political career of Rep. Bob Good, the far-right Virginia Republican and chairman of the House Freedom Caucus, appears to be fading after his showing in last week’s primary. And like other MAGA candidates these days, he’s taking out his anger on the election itself. Good faced an uphill battle in Virginia’s 5th Congressional District after Donald Trump and former House Speaker Kevin McCarthy spitefully backed his primary opponent, state Sen. John McGuire. The race has yet to be called, but McGuire was leading by about 350 votes as of Monday afternoon. Good seems to be attempting some damage control by pushing conspiracy theories, including one about fires. Good seems to be attempting some damage control by pushing conspiracy theories, including one about fires. “We had 3 ‘fires’ on election day in 3 precincts, all requiring the precincts to be evacuated for 20 minutes. Albemarle County, Hanover County, and Lynchburg City,” Good wrote on X on Thursday. “What is the probability? Does anyone recall even 1 fire at a precinct on election day?” That same day, Good went on Steve Bannon’s podcast and claimed that he has encountered “resistance” from election officials in multiple Virginia localities, and he pleaded for donations to support his efforts to challenge the results. His campaign’s X account has featured conspiratorial schlock since then, including a demand for a “do-over” election in the city of Lynchburg. Good also told Bannon that “we’re going to have a full recount,” which candidates in Virginia can request in close elections. It’s important to note that election officials from the three precincts Good mentioned as having “fires” said that fire alarms had gone off inadvertently. The officials added that they followed protocol to keep things running as best they could during the brief delays and that no voters were turned away. But Republicans like Good have learned from Trump that they can make false and self-serving election claims with little to no repercussions. No one should be surprised to see this tactic being used against Trump and his chosen candidate in this scenario.

Disney's 'Inside Out 2' could be the first billion-dollar movie of 2024 2024-06-24 19:50:00+00:00 - In Disney and Pixar's "Inside Out 2," Riley's Sense of Self is made up of all of her beliefs, each of which can be heard with the pluck of a string. Sadness (voice of Phyllis Smith) and Joy (voice of Amy Poehler) deliver key memories to this formative land. Disney and Pixar's "Inside Out 2" could be the first film since Warner Bros.' "Barbie" to top $1 billion at the global box office. The animated feature has tallied $724.4 million worldwide as of Sunday, making it the highest-grossing film of 2024. Warner Bros. and Legendary Entertainment's "Dune: Part Two" previously held this year's record with $711.8 million. "Inside Out 2" has yet to open in Japan, which contributed nearly $33 million to the $850.5 million global total of "Inside Out" in 2015. "As a global phenomenon attracting moviegoers well beyond families and kids and a message that resonates and is relatable across all cultures and languages, 'Inside Out 2' is the rare film that is both a box-office sprinter and a marathon runner," said Paul Dergarabedian, senior media analyst at Comscore. "It is the perfect candidate for admission to the billion-dollar club." While Disney's 2022 film "Avatar: The Way of Water" surpassed the billion-dollar mark on its way to a more than $2 billion haul, the company's Pixar studio hasn't seen a movie reach the benchmark since 2019's "Toy Story 4." After the pandemic, both Walt Disney Animation and Pixar struggled to regain a foothold at the box office. The difficulties occurred in part because Disney opted to debut a handful of animated features directly on streaming service Disney+ during theatrical closures and even once cinemas had reopened. Before "Inside Out 2," no Disney animated feature from Pixar or Walt Disney Animation had generated more than $480 million at the global box office since 2019. The film snared another $100 million domestically over the weekend, an untypical 35% drop from its opening weekend. Films typically see a 50% to 70% drop in ticket sales from their debut weekend to their second weekend. With this feat, "Inside Out 2" becomes one of only seven titles to cross $100 million in its second weekend. The others are five Disney films — "Star Wars: The Force Awakens," "Avengers: Endgame," "Avengers: Infinity War," "Black Panther" and "The Avengers" — and Universal's "Jurassic World." "Inside Out 2" added $100 million from weekday showings on the previous Monday through Thursday. "'Inside Out 2's' performance is the culmination of many things," said Shawn Robbins, founder and owner of Box Office Theory. "A meaningful story that people of all ages and backgrounds can relate to, beloved goodwill toward the original film, Disney and Pixar's legacy brand appeal, pent-up demand for a family movie, a very consumer-friendly runtime under two hours, school breaks, and oppressive heat waves driving many people indoors for air-conditioned entertainment can all be pointed to as ingredients in the recipe for this box-office storm." The film has over-indexed with family audiences, which accounted for more than 70% of those in attendance during the film's domestic debut, according to data from EntTelligence. This moviegoing crowd has been underserved after the pandemic, as many family-friendly titles headed straight to streaming or were displaced from the calendar due to theater closures or production shutdowns. Last year, that audience came out in droves for Universal's "The Super Mario Bros. Movie," which generated more than $1.36 billion at the global box office. "Inside Out 2" also drove the coveted teen demographic to cinemas, with 14% of foot traffic coming from those aged 13 to 17. This younger generation has been largely absent from the market in recent years. As the future of moviegoing, this group is particularly important to the industry. Getting them back to the big screen has become a top priority for studios and movie theater operators. "A blockbuster run is just what the doctor ordered for theater owners as well," said Robbins. "They were starved of event-level releases to begin the summer season in May, thanks largely to release delays caused by last year's labor strikes. It typically does not take until the middle of June to see a box-office performer of this stature, but alongside the continued health of 'Bad Boys: Ride or Die,' it may well beckon the kind of avalanche of success which the industry hopes for out of several high-potential releases to begin the second half of the year." Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is the distributor of "Jurassic World" and "The Super Mario Bros. Movie."

Social Security says it's improving a major practice called unfair by critics. Here's what to know. 2024-06-24 19:50:00+00:00 - The Social Security Administration on Monday said it is making a major change that could help more people qualify for disability benefits. The change involves a practice used by the program to determine whether a disability applicant could, in fact, find another job based on their abilities, which could result in a rejection of benefits. To make that determination, the SSA relies on a jobs database to suss out if there are any jobs the applicant can still perform. But critics have called the database unfair and flawed, given that it was last updated in 1977 and includes dozens obsolete occupations. Those occupations include reptile farmer, railroad telegrapher and watch repairer — jobs SSA said will now be stricken from the database. The decision comes after the Washington Post highlighted the case of a disability applicant who had worked as an electrician, but was rejected after a judge determined he could find a job as a nut sorter, a dowel inspector or an egg processor, all occupations that effectively no longer exist. "It makes sense to identify occupations that now exist in very limited numbers in the national economy," said Martin O'Malley, commissioner of Social Security, said in a statement. "By making this update, our decision-makers will no longer cite these jobs when denying a disability application." The changes will apply to both the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) program. The former pays benefits to people who can't work because they have a medical condition that will last at least one year or which is expected to result in death. The latter program is aimed at disabled people who also have low incomes. Both Social Security's and the Department of Veterans Affairs' disability programs have been deemed "high risk" by the Government Accountability Office, a term that it applies to federal programs that are vulnerable to fraud, waste, abuse, or need an overhaul to address their effectiveness. Both programs use "outdated criteria to decide whether individuals qualify for benefits," the GAO said in an April study. The change is "huge," wrote Anansi Wilson, a law professor at the Mitchell Hamline School of Law, on Monday on X, the former Twitter. "More work to be done but HUGE especially for disabled people of color who are more likely to be denied. Hoping for immediate relief for the thousands in court now!" What are the jobs getting dropped? The Social Security Administration said it's dropping 114 occupations from the database, which includes more than 12,000 types of jobs. SSA adjudicators can no longer use a "not disabled" decision in an applicant's case by citing any of these jobs as an example of work they could perform, the agency said. Some of the jobs that are getting dropped include: Canary breeder Character impersonator Directory assistance operator Historian of the dramatic arts Motion-picture projectionist News wire-photo operator Radiotelegraph operator Reptile farmer Watch repairer The Social Security Administration said that it will now only consider the most relevant occupations when deciding when someone who is applying for disability benefits can hold other jobs. The changes will "will ease life for millions," the Levin Center for Oversight and Democracy wrote on X on Monday.

Novo Nordisk to build $4.1 billion North Carolina facility to boost output of Wegovy, Ozempic 2024-06-24 19:45:00+00:00 - Novo Nordisk on Monday said it will spend $4.1 billion to build a new manufacturing plant in Clayton, North Carolina, in a bid to boost the supply of its blockbuster weight loss drug Wegovy, diabetes treatment Ozempic and other injectable therapies. Demand for Wegovy and Ozempic has outstripped supply over the last year, spurring intermittent shortages in the U.S. and forcing the Danish drugmaker to invest heavily to increase its manufacturing footprint. The company said it plans to invest $6.8 billion in production this year, up from roughly $4 billion last year. The new manufacturing facility will be responsible for filling and packaging syringes and injection pens for the drugs, according to a company release. An Ozempic injection pen. David J. Phillip / AP “This investment really gives us the opportunity to serve more patients,” Doug Langa, Novo Nordisk’s head of North American operations, said in an interview. “Importantly, I think the other key message here is it’s further investment in the U.S., so I think we’re very proud of that.” Construction of the 1.4 million-square-foot facility has begun and is expected to be completed between 2027 and 2029, Novo Nordisk said. The company said 1,000 workers will staff the site, adding to the 2,500 employees already working at its three existing manufacturing plants in North Carolina. That includes two sites that are already operational in Clayton — one responsible for fill and finish work and another dedicated to producing the active ingredient in the company’s diabetes pill Rybelsus. The company also has a site in Durham, North Carolina, responsible for manufacturing and packaging oral drugs and another facility in West Lebanon, New Hampshire. Twelve other production sites are located in Denmark, France, China, Japan, Algeria, Brazil, Iran and Russia, according to a Novo Nordisk spokesperson. Three lower doses of Wegovy are currently in shortage in the U.S. due to high demand, according to a Food and Drug Administration database. Patients start Wegovy with lower doses and gradually increase the amount every four weeks until they reach a target dosage. Wegovy is an injectable prescription weight loss medicine. Michael Siluk / Universal Images Group via Getty Images Wegovy and Ozempic are part of a class of medications called GLP-1s that mimic hormones produced in the gut to suppress a person’s appetite and regulate their blood sugar. Around 35,000 U.S. patients on average start Wegovy each week today, up from roughly 27,000 in May, a Novo Nordisk spokesperson said in a statement. Still, Langa said the company is being “very purposeful” about how many lower doses it is releasing into the U.S. market to ensure patients who have already started taking Wegovy can continue treatment with higher doses. Rival drugmaker Eli Lilly has also committed billions of dollars to increase manufacturing capacity for its popular GLP-1s for weight loss and diabetes, Zepbound and Mounjaro. The company similarly has several production plants in North Carolina.

The stock market flips and tech falls out of favor — why this move may be hard to stop 2024-06-24 19:41:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market moves : Stocks were mixed Monday as money continued to shift out of high price-to-earnings multiple technology stocks that have outperformed this year and moved into cyclical areas of the market like energy, the financials, and industrials. It's no wonder why the Dow Jones Industrial Average was higher Monday and the S & P 500 and Nasdaq were lower. For example, Club name Nvidia , the company at the center of the rally in artificial intelligence-related stocks, has quickly lost about 12% since hitting a closing high of $135.58 last Tuesday. It is worth noting that Nvidia has historically been prone to volatility at times. Conversely, the energy and utilities sectors — two of the worst-performing groups in June — charged higher. The oil rally was certainly helping our lone energy stock, Coterra Energy, which was nearly 4% higher on Monday. Next for tech : These rotations, which saw the Nasdaq recently lead and the Dow lag, have a habit of lasting a handful of sessions, making it hard to predict when and where those beloved tech stocks will stabilize. But what could turn the tide is a positive data point on industry spending later this week when Micron reports earnings. "People are picking apart the part of tech that's been working and the Mag7 members except Apple. I think that this move will be hard to stop until we hear from Micron on Wednesday, which could tell us about actual demand and supply. I think that demand will stay strong," Jim Cramer said Monday. Don't chase : Still, the quick pullbacks in some of these AI names that were monster gainers over the past month is another reminder of why investors should be hesitant about chasing parabolic moves. This discipline is part of the reason why we trimmed Broadcom last week after it shot up after earnings. We ended up putting about half of the cash from that sale into Dover , an industrial company that can benefit as a second-order AI stock. Dover makes things that go into data centers, which are being upgraded and constructed at a fast clip to handle AI workloads. Record runs : As money rotated into other areas of the market, non-tech stocks like consumer products giant Procter & Gamble and off-price retailer TJX Companies reached all-time highs Monday. Industrial conglomerate Honeywell reached its highest levels back to late 2022. "Procter & Gamble might have the best consumer packaged goods profile and is barely up versus the rest of the group. I think it still has room to run," Cramer said. Up Next: No earnings are out after the bell Monday. Cruise line Carnival reports before the opening bell Tuesday — and later in the morning, the Conference Board's consumer confidence survey is released. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Regeneron Pharmaceuticals' Approach To Improve Quality Of Weight Loss Has Merit: Goldman Sachs - Regeneron Pharmaceuticals (NASDAQ:REGN) 2024-06-24 19:32:00+00:00 - Loading... Loading... Regeneron Pharmaceuticals Inc REGN released multiple ascending dose (MAD) data from a Phase 1 study evaluating garetosmab (anti-activin A) and trevogrumab (anti-myostatin) on body composition in healthy volunteers (n=34) at the American Diabetes Association meeting. The data demonstrated that combination therapy led to greater-than-additive increases in lean mass while decreasing fat mass in healthy participants. Thigh muscle volume (TMV) increased from baseline 7.7% with trevogrumab 6 mg/kg + garetosmab 10 mg/kg (vs. placebo) and 4.6% with trevogrumab 6 mg/kg (vs. placebo) 8 weeks after single-dose. Total fat mass and android fat mass (AFM) decreased from baseline with trevogrumab 6 mg/kg + garetosmab 10 mg/kg (-4.6% and -6.7% vs. placebo). After multiple-dose, TMV initially increased after 3 doses of trevogrumab 6 mg/kg + garetosmab 10 mg/kg but decreased to similar levels as a placebo at Week 28; AFM and visceral fat mass decreased from baseline by 14.3% and 20.1%, respectively (both vs. placebo). Goldman Sachs says the data at ADA adds to the body of support for Regeneron's approach and highlights: Nominal significance versus placebo on increase in thigh muscle volume (TMV) and decrease in total/abdominal fat mass (demonstrating a correlation between dosing and the increase in TMV, and a subsequent decline after completion of dosing). Well-tolerated safety profile (one treatment-related discontinuation occurred in the garetosmab arm. The analyst also adds that per management garetosmab monotherapy will not be evaluated in Phase 2. The analyst maintains a Buy rating with a price target of $1,180. Regeneron is conducting an ongoing Phase 2 study evaluating if the addition of trevogrumab to Novo Nordisk A/S’s NVO semaglutide (popularly known as Wegvoy and Ozempic) with and without garetosmab improves the quality of weight loss and/or improves maintenance of weight loss post semaglutide discontinuation. The study is expected to be completed in June 2026. Goldman Sachs writes, “Overall, we see merit to Regeneron’s approach to improve the quality of weight loss (noting up to 40% of weight loss from incretin-based therapies is due to decreases in lean mass) and view it as an opportunity for Regeneron to capture share in body composition-focused assets, which could be additive to the $130 billion obesity total addressable market.” Read Next: FDA Extends Review Deadline For Regeneron/Sanofi’s Dupixent For ‘Smoker’s Lungs’ Disease. Price Action: REGN shares are up 1.29% at $1,066.8 at last check Monday. Photo by Vidmir Rais via Pixabay

CDK hack upends U.S. auto industry, sending dealers back to paper forms 2024-06-24 19:09:00+00:00 - U.S. auto dealers grappled with an ongoing cyber attack-led software outage on Monday, with some reverting to manual paperwork as car industry technology provider CDK worked to restore systems used by more than 15,000 retail locations. The outage impacting CDK’s dealer management system, used to complete deals, track store profitability and monitor employee compensation, has “plunged the auto retail industry into disarray”, JPMorgan analysts said last week. AutoNation, a leading auto retailer in the U.S., said the outage was disruptive and had adversely impacted its business, though its outlets remain open, continuing to sell, service, and buy vehicles. Peer Lithia Motors said on Monday it had experienced disruptions in its CDK-hosted system in North America, and that the incident was likely to have a negative impact on its business operations till the systems are fully restored. Jim Seavitt, owner of Village Ford dealership in Dearborn, Michigan, said the outage has so far not dampened sales, but it has made the process of getting cars to customers more laborious. The dealership sold nearly 100 cars during a large sale it put on last week, Seavitt said, but because CDK generates the paperwork needed to formally pass the car off to the customer, those vehicles are in limbo. Seavitt expects the vehicles to be transferred this week after his team developed other ways to complete the necessary paperwork. CDK has told him that services will likely be down until mid-week. “We don’t want to see this thing drag on,” Seavitt said. CDK, which reported the outage last week, said on Monday it had begun the restoration process, reiterating that it will take several days to complete. AutoNation and peer Group 1 Automotive said they were using alternative processes such as manual paperwork to conduct their business. Both said they had taken precautionary steps to protect their data. “The timing of the restoration of other impacted CDK applications remains unclear at this time,” Group 1 said in a statement. Bloomberg News reported on Friday that a group of hackers claiming responsibility for the attack on CDK’s software systems had demanded millions of dollars in ransom to put an end to the hack. Seavitt said he hopes CDK pays the ransom so dealers can resume business as usual. Though auto retailers have not outlined any sales hit, analysts have flagged a possible impact. “We note some potential risk to late-June (U.S. auto sales) volume from the reported CDK dealer disruptions,” Citi analysts said in a note last week. Auto retailer Sonic Automotive last week said the CDK outage was likely to have a negative impact on its business operations until the systems were fully restored.

Will Novo Nordisk Building Fires Serve As A Catalyst For Eli Lilly? Redditors See A Stock Split For US Company 'Very Likely' - Novo Nordisk (NYSE:NVO), Eli Lilly and Co (NYSE:LLY) 2024-06-24 19:04:00+00:00 - Loading... Loading... Eli Lilly And Co LLY might see a significant boost due to supply issues at competitor Novo Nordisk A/S NVO, according to Reddit user serkankster. It was noted that Eli Lilly’s weight loss drug Zepbound resolved previous supply issues, especially in major cities. The Redditor highlighted recent fires at Novo Nordisk’s facilities could further limit their supply, potentially benefiting Eli Lilly. Redditor serkankster commented, “The revenues of $LLY has mostly been driven by the GLP-1 weight loss drug which was experiencing a lot of supply issues.” The user also speculated on a potential stock split for Eli Lilly, driven by its strong performance and high share price nearing $1,000. Another user, LetsPlay30k, echoed this sentiment, suggesting a stock split is “very likely.”

Parents of Hamas hostage Hersh Goldberg-Polin say why they wanted video of abduction released 2024-06-24 19:01:00+00:00 - The parents of Hersh Goldberg-Polin, a 23-year-old Israeli American who was kidnapped by Hamas on Oct. 7, said Monday that newly released video of his abduction should serve as a “call of action” to do everything possible to free the remaining hostages. “That’s our son,” Jon Polin told NBC News’ Matt Bradley in Jerusalem. “I want all viewers of this video to think in that kind of personal way about what we’re dealing with here, and maybe that can be a call of action to get them motivated to fight [and] do everything we can to bring home these hostages.” Jon Polin and his wife, Rachel Goldberg, spoke to NBC News hours before the Hostages and Missing Families Forum released a new video showing their son’s abduction from the Supernova trance music festival in southern Israel on Oct. 7. Read more on this story at NBCNews.com and watch “NBC Nightly News with Lester Holt” tonight at 6:30 p.m. ET/5:30 p.m. CT. The graphic video recorded by Hamas and reviewed by NBC News journalists shows Goldberg-Polin in the bed of a pickup truck with part of one of his arms blown off. He is there alongside two other captives: Or Levy, 33, and Eliya Cohen, 26. The three men are bloody and appear dazed as the Hamas militants shout in Arabic and lift up their heads by their hair. Jon Polin and Rachel Goldberg, parents of Hersh Goldberg-Polin, speak with NBC News’ Matt Bradley in Jerusalem on Monday. NBC News The forum said it made the video public after the Israel Defense Forces authorized its release. “This harrowing footage stands as a damning testament to the 262-day-long abandonment of our loved ones,” the forum said in a statement. “Hersh, Eliya, and Or were taken alive, and they must return alive, today.” “Every day that passes puts the hostages at greater risk and diminishes our chances of bringing them back safely,” the statement goes on to say in part. The government of Israeli Prime Minister Benjamin Netanyahu has come under growing pressure from the families of the hostages to prioritize the release of the remaining captives over destroying Hamas — the stated aim of his military campaign. Over the weekend, Netanyahu appeared to back further away from a cease-fire agreement with Hamas that is supported by the Biden administration, saying that the “intensive” phase of Israel’s war in Gaza would end soon and signaling that he would only accept a “partial” deal that would not end the war. Ophir Falk, one of Netanyahu’s aides, said in an interview earlier this month that the Israeli leader had tentatively agreed to the Biden-backed framework but added that it was “not a good deal.” A poster of Hersh Goldberg-Polin is displayed at a memorial site in Re'im, near to where Hamas fighters captured him. Maya Alleruzzo / AP file The forum condemned Netanyahu’s statement, saying it effectively “abandons 120 hostages and violates the state’s moral obligation to its citizens.” Throughout the more than eight-month war, the parents of Goldberg-Polin and other families of hostages have repeatedly urged the Netanyahu government and the international community to focus on the plight of their loved ones. “I’ve lived in this parallel universe of anguish for 262 days,” said Rachel Goldberg, one of the most vocal advocates for the hostages. Jon Polin added: “These are real people — with dreams, with aspirations, with families waiting for them.” Rachel Goldberg said that her husband and daughter viewed the newly released video Monday. “I chose not to see it,” she said. “My daughter told me, ‘Don’t watch it.’ She said you’ll see them yanking Hersh by the hair to, like, smile together, almost like for a selfie. She said, ‘It will only hurt you. It’s not going to help you.’” "I want all viewers of this video to think in that kind of personal way about what we’re dealing with here," said Goldberg, seen here with her son and husband. Courtesy of the Goldberg-Polin family In a third video released by the military wing of Hamas in late April, Goldberg-Polin speaks directly to the camera in Hebrew and angrily asks the Israeli government to bring home the hostages. The conditions under which he spoke were not clear and the date of the video’s recording was not known. It is likewise not clear whether he is still alive. In the video, Goldberg-Polin’s left arm was severed below his elbow. Goldberg-Polin was among more than 200 people taken captive during the Oct. 7 terror attack, according to Israeli officials. Hamas militants killed more than 1,200 amid the attack, according to Israeli officials, leading to the war in the Gaza Strip. More than 37,000 people have been killed since Israel started its military campaign in the Gaza Strip, according to the Palestinian enclave’s Health Ministry.

Canada to start 30-day consultation to impose surtax on Chinese electric vehicles 2024-06-24 18:51:41+00:00 - TORONTO (AP) — Canada’s government is investigating whether to impose a surtax on imports of Chinese-made electric vehicles. A 30-day consultation on the issue will begin on July 2 to counter what Deputy Prime Minister Chrystia Freeland said Monday is a clear effort by Chinese companies to generate a global oversupply. Canada’s move comes weeks after both the United States and the European Commission announced plans to impose higher import tariffs on Chinese EVs this summer. “Our automotive sector supports nearly 550,000 good paying Canadian jobs,” Freeland said. “Canadian workers and the auto sector are facing unfair competition from China’s intentional state directed policy of overcapacity that is undermining Canada’s EV sector ability to compete in domestic and global markets.” The consultation will seek input on what is driving China’s surging EV exports, including unfair market practices as well as labor and environmental standards. In addition to a surtax, the consultation will consider whether Canada should change which cars are eligible for the federal EV purchase rebate worth up to $5,000 Canadian ($3,661) per vehicle. It will also look at whether to expand investment restrictions in Canada. Right now the only Chinese-made EVs imported into Canada are from Tesla, made at the company’s Shanghai factory. There are no Chinese-branded EVs sold or imported at the moment. Freeland said Canada will act in concert with its allies in the United States and the European Union. She noted North America has an integrated auto sector, and said her government would ensure Canada doesn’t become a dumping ground for Chinese oversupply. U.S. President Joe Biden has said Chinese government subsidies for EVs and other consumer goods ensure that Chinese companies don’t have to turn a profit, giving them an unfair advantage in global trade.

Elon Musk welcomes third child with Neuralink executive. Here's how many kids he now has. 2024-06-24 18:50:00+00:00 - Elon Musk had a third child with an executive at Neuralink, his brain implant company. Musk and Neuralink Corp. director of special projects, Shivon Zilis, welcomed the baby earlier this year, Bloomberg News reported. Neuralink didn't immediately respond to a request for comment. In an interview with the New York Post, Musk confirmed the birth of his third child with Zilis, but did not disclose the child's name or sex. Musk told the Post that the birth of his latest child was not kept secret. "As for 'secretly fathered,' that is also false," he told the publication. "All our friends and family know. Failure to issue a press release, which would be bizarre, does not mean 'secret.'" Musk and Zilis are already parents to twins born in 2021, shortly before the birth of Musk's second child with musician Grimes, a baby girl named Exa Dark Sideræl Musk. Musk, the world's second richest person, with a fortune valued at $207 billion, is a proponent of boosting the global birth rate, claiming in a 2022 tweet that a falloff in births is "the biggest danger civilization faces by far" — and adding that he is "doing my best to help the underpopulation crisis." "Many countries are already well below replacement rate, and the trend is that almost all will be," Musk told the Post. "This is simply a fact, not a 'debunked theory.'" The world population has grown to about 8 billion today from 1 billion in about 1900, and is projected to hit 9 billion people by 2045. However, birth rates in some developed countries, ranging from South Korea to the U.S., have declined in recent decades — dipping below the replacement rate, or level at which a population replaces itself from one generation to the next, which is generally defined as 2.1 children per woman. Declining birth rates in developed countries was recently flagged by the OECD as posing serious economic and social challenges, such as placing more financial strain on government services and pensions such as Social Security. Adults are having fewer children for a number of reasons, including a lack of affordable housing for families and the difficulties in managing both a career and family, the OECD said. How many kids does Elon Musk have now? Musk has fathered 12 kids with three women. The Tesla CEO has had six children with Canadian author Justine Wilson, who was married to Musk from 2000 to 2008. Their first child died of Sudden Infant Death Syndrome, or SIDS, when he was 10 weeks old, Wilson wrote in a Marie Claire article. The couple later had twins, Griffin and Vivian, in 2004, followed by triplet in 2006, Kai, Saxon and Damian. Musk also has three children with singer Grimes. Their first, named X Æ A-12, was born in March 2020; their second child, named Exa Dark Sideræl, was born in 2021. Their third child, named Techno Mechanicus, was born in 2023. Musk has had three children with Zilis, including twins Strider and Azure. Earlier this year, he and Zilis welcomed their third child, whose name hasn't been released to the public. Who is Shivon Zilis? Zilis, a Yale graduate, joined Neuralink in 2017, according to her LinkedIn page. In Walter Isaacson's biography of Musk, she is described as Musk's "intellectual companion on artificial intelligence since the founding of OpenAI." Zilis worked as an adviser to OpenAI from 2016 to 2019, according to LinkedIn, and served on the company's board from 2020 to 2023. She's also a fellow at the Creative Destruction Lab, which she describes in her bio as a machine-learning incubator at the University of Toronto.

Music record labels sue AI song-generators Suno and Udio for copyright infringement 2024-06-24 18:16:07+00:00 - BOSTON (AP) — Big record companies are suing artificial intelligence song-generators Suno and Udio for copyright infringement, alleging that the AI music startups are exploiting the recorded works of artists from Chuck Berry to Mariah Carey. The Recording Industry Association of America announced the lawsuits Monday brought by labels including Sony Music Entertainment, Universal Music Group and Warner Records. One case was filed in federal court in Boston against Suno AI, and the other in New York against Uncharted Labs, the developer of Udio AI. Suno AI CEO Mikey Shulman said in an emailed statement that the technology is “designed to generate completely new outputs, not to memorize and regurgitate pre-existing content” and doesn’t allow users to reference specific artists. Shulman said his Cambridge, Massachusetts-based startup tried to explain this to labels “but instead of entertaining a good faith discussion, they’ve reverted to their old lawyer-led playbook.” Udio didn’t immediately respond to requests for comment. RIAA Chairman and CEO Mitch Glazier said in a written statement that the music industry is already collaborating with responsible AI developers but said that “unlicensed services like Suno and Udio that claim it’s ‘fair’ to copy an artist’s life’s work and exploit it for their own profit without consent or pay set back the promise of genuinely innovative AI for us all.” AI has been a heated topic of conversation in the music industry, with debates ranging from the creative possibilities of the new technology to concerns around its legality. In March, Tennessee became the first U.S. state to pass legislation to protect songwriters, performers and other music industry professionals against the potential dangers of artificial intelligence. Supporters said the goal is to ensure that AI tools cannot replicate an artist’s voice without their consent. The following month, over 200 artists signed an open letter submitted by the Artist Rights Alliance non-profit calling on artificial intelligence tech companies, developers, platforms, digital music services and platforms to stop using AI to infringe upon and devalue the rights of human artists.

Britvic should play hardball: no Fruit Shoots on the cheap for Carlsberg | Nils Pratley 2024-06-24 18:08:00+00:00 - The omission in Carlsberg’s £3bn-plus takeover tilt for Britvic, the UK soft drinks firm behind Robinsons barley water, J2O, Tango and R White’s lemonade, has been resolved. The Danes, pursuing their “beyond beer” strategy, did not forget that PepsiCo could kill the whole adventure by yanking the UK bottling rights for Pepsi, 7Up and Lipton’s Ice Tea from Britvic under a “change of control” clause. The US fizzy drinks titan had agreed to waive the clause if the deal happened, Carlsberg said on Monday. Since nobody in their right mind would buy Britvic without those rights, this takeover tale would now seem to come down to the simple matter of price. Britvic has already rejected offers at £12 and £12.50 a share, it told the market on Friday. At what level would its board be obliged to surrender in usual boring fashion and declare that fair value has been reached? Well, one hopes the Britvic directors have stiffened their resolve with something stronger than a Fruit Shoot. If they truly believe their bullish talk in last month’s half-year numbers about “market-leading growth”, “multiple new growth spaces” and “our long-standing track record of delivering outstanding returns for our shareholders”, they should be up for a scrap. The point about Britvic is that, for the first time in ages, it can look forward to vaguely normal trading conditions. After a sugar tax, a pandemic –which clobbered high-margin sales to pubs and restaurants – and then a burst of inflation in raw materials for packaging and so on, life looks OK. The soft drinks market offers few examples of explosive growth (Fever-Tree was an exception) but Britvic’s wider portfolio can be expected to deliver sales growth of 5%-ish, double-digit margins and enough cash for modest share buy-backs, which have been £75m in recent years. By way of add-on excitement, it has a smaller operation in Brazil that is growing at a decent clip. Before the pandemic, the shares were around the £10 mark and the return to close to that level, before Carlsberg showed up, was justified by the numbers. City analysts expect profits to top £200m this year and earnings per share to improve at a steady rate of 10%-ish for the next couple. The board’s rejection of £12.50 as a “significant undervaluation” was justified. Perhaps surprisingly given its size and the fame of its core brand, Carlsberg looks to be the party with the strategic conundrum. Its beer business in the UK, a joint venture with Marston’s, is No 4 in the market. It would prefer the UK, rather than China, to be its biggest market. And it wants to be less reliant on beer at a time when per-capita consumption of alcohol is falling in western Europe. So Britvic, offering easy savings in distribution costs in the UK, makes for an understandable purchase. But those factors also mean the target should be prepared to play hard to get. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Investec’s analyst, Matthew Webb, thinks £13.50, or a 39% premium to the share price before the fun started, “would be enough to get the deal done”. But, actually, there’s a fair argument that Britvic’s board should hold out for more: think £14 to surrender independence. Remember, you only get to sell the company once and the UK market can be terrible at valuing FTSE 250 companies fairly. Only fizzy terms should do.

Shein filed for London listing in early June, sources say 2024-06-24 17:58:00+00:00 - Shein confidentially filed papers with Britain’s markets regulator in early June, according to two sources, kicking off the process for a potential London listing by the online fast-fashion retailer later in the year. The China-founded company, which was valued at $66bn in a fundraising round last year, began to explore a listing on the London Stock Exchange early this year, Reuters reported in May, citing sources. Shein’s original plan to list in New York came unstuck after opposition from US lawmakers. A spokesperson for Shein and a spokesperson for Britain’s markets watchdog, the Financial Conduct Authority (FCA), declined to comment. Both the sources, who have knowledge of the deal, declined to be named as they were not authorised to speak to the media. It is not immediately clear when Shein, known for its $5 tops and $10 dresses, plans to launch the initial public offering (IPO). Shein has updated China’s securities regulator officially about its change of listing venue, said the sources. The company, however, has yet to receive a nod from the China Securities Regulatory Commission (CSRC), one of them said. The CSRC did not immediately respond to a Reuters request for comment. The FCA would typically take up to a couple of months to vet and decide on clearance. With a green light from both the FCA and CSRC, Shein would be in a position to publicly file an intention to float on the London Stock Exchange. That would kick off a typically four-week process of book building and price guidance before admission to trading. If Shein decides to proceed with a UK listing it will almost certainly have to deal with a new government. Labour has met Shein representatives and indicated its support for the potential London listing, which would be a boost for a UK market that has seen several high-profile companies choose other venues. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion However, some senior MPs have questioned Shein’s suitability and called for greater scrutiny of its labour practices, supply chain and use of an import tax exemption. Shein has said it is investing in strengthening governance and compliance across its supply chain and that the duty-free treatment of low-value parcels is not critical to its success. Shein’s London filing marks a shift from its long-running US IPO plan, which has run into obstacles at home and abroad, Reuters has reported. The group confidentially filed for an IPO with the US Securities and Exchange Commission in November and approached the CSRC to seek Beijing’s nod in the same month, sources have said. The CSRC earlier this year informed Shein that the regulator would not recommend a US IPO due to the company’s supply chain issues, Reuters has reported.