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Disney is arguing in a wrongful-death case that the terms of a Disney+ account extend to its theme parks 2024-08-14 20:57:18+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 Disney asked a court to dismiss a wrongful-death lawsuit filed by a widowed husband because he signed up for a free trial of Disney+ and purchased tickets to its theme park, according to court documents. Jeffrey J. Piccolo first filed the lawsuit on behalf of his deceased wife, Kanokporn Tangsuan, in Central Florida in February. Court documents said Tangsuan died on October 5, 2023, from a '"severe acute allergic reaction" after dining at Raglan Road Irish Pub and Restaurant at Disney Springs, which is an outdoor shopping and entertainment complex at Walt Disney World. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. A photo showing restaurants and shops in Disney Springs at Walt Disney World. Jeff Greenberg/Getty Images Tangsuan had severe dairy and nut allergies, prompting their family to eat at Raglan Road Irish Pub and Restaurant because they believed it would have the "proper safeguards." Court documents said Tangsuan and Piccolo asked a staff member on "numerous occasions" if the establishment served allergen-free options, which they say a staff member confirmed. Advertisement But Tangsuan, a doctor from New York, was taken to a hospital after collapsing in Planet Hollywood, according to court documents. A medical examiner's investigation determined that her cause of death resulted from "anaphylaxis due to elevated levels of dairy and nut in her system." "DISNEY failed to educate, train, and/or instruct its apparent agents at RAGLAN ROAD, including but not limited to, employees, waiters, waitresses, chefs, managers, workers, and/or cast-members to make sure food, indicated as allergen free on the menu and/or food requested to be made allergen free, was in fact free of allergens," a complaint said. Related stories Piccolo requested in excess of $50,000 in damages from Disney and the restaurant's operator, Great Irish Pubs Florida, Inc. Disney argues Piccolo must settle the matter out of court A screenshot of Disney's Terms of Use. The Walt Disney Company In response to the lawsuit, Disney argues that Piccolo must settle with them outside court because he created a Disney account through the Disney+ website in 2019. Advertisement Registering for the account involved agreeing to the "Subscriber Agreement" and Terms of Use. "The Terms of Use, which were provided with the Subscriber Agreement, include a binding arbitration clause. The first page of the Subscriber Agreement states, in all capital letters, that "any dispute between You and Us, Except for Small Claims, is subject to a class action waiver and must be resolved by individual binding arbitration," court documents said. In court documents, the company said Piccolo accepted those terms again when he purchased theme park tickets online in 2023. Disney said Piccolo's Terms of Use agreements mean they must settle the matter through arbitration, which is a process that uses a neutral third party to settle the matter outside court. Advertisement "... Piccolo ignores that he previously created a Disney account and agreed to arbitrate 'all disputes' against 'The Walt Disney Company or its affiliates' arising 'in contract, tort, warranty, statute, regulation, or other legal or equitable basis,'" Disney said in court documents. "This broad language covers Piccolo's claims against WDPR. Because the parties agreed to arbitrate these claims, the court should compel arbitration and stay the proceedings." The Terms of Use on Disney+ include a Subscriber Agreement with a"binding arbitration clause." SOPA Images/Getty Images Piccolo's attorneys have called Disney's argument 'fatally flawed' and bordering on 'surreal' In a court document filed this month, Piccolo's legal representatives criticized Disney's argument as "fatally flawed" and "preposterous." Piccolo's lawyers say Disney's argument is "based on the incredible argument that any person who signs up for a Disney+ account, even free trials that are not extended beyond the trial period, will have forever waived the right to a jury trial enjoyed by them and any future Estate to which they are associated..." Disney's argument that its Terms of Use extend to personal injury and wrongful death claims "no matter how far removed" from Disney+ "borders on the surreal," the document read. Advertisement Attorneys for Jeffrey J. Piccolo called Disney's argument "fatally flawed" in court documents. Anadolu/Getty Images Her husband urged a judge in court documents to reject Disney's motion to dismiss the case, saying the company is "explicitly seeking to bar its 150 million Disney+ subscribers from ever prosecuting a wrongful death case against it in front of a jury even if the case facts have nothing to do with Disney+." "The notion that terms agreed to by a consumer when creating a Disney+ free trial account would forever bar that consumer's right to a jury trial in any dispute with any Disney affiliate or subsidiary, is so outrageously unreasonable and unfair as to shock the judicial conscience, and this Court should not enforce such an agreement," the document said. Representatives for Disney and Raglan Road Irish Pub did not immediately respond to a request for comment from Business Insider.

Pharma ETFs in Focus Post Solid Q2 Earnings - Bristol-Myers Squibb (NYSE:BMY), First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:FTXH) 2024-08-14 20:56:00+00:00 - The second-quarter results of the healthcare sector have been impressive, with earnings of 78.8% of the sector participants that have reported so far up 17.1% on 7.6% revenue growth. The earnings beat ratio of 85.7% and the revenue beat ratio of 75.5% are also assuring. Combining the actual results with the estimates for the still-to-report companies, the total earnings of the sector are expected to grow 16.6% on revenue growth of 8.5%. Many industry bigwigs reported solid results, with some beating on earnings or revenues or both. However, the recent market rout has eroded some gains from the sector. As such, pharma ETFs have delivered mixed performances over the past month. iShares U.S. Pharmaceuticals ETF IHE, VanEck Vectors Pharmaceutical ETF PPH, SPDR S&P Pharmaceuticals ETF XPH and First Trust Nasdaq Pharmaceuticals ETF FTXH have gained 0.3%, 1.1%, 0.07%, and 0.4% respectively, while Invesco Pharmaceuticals ETF PJP has shed 0.1% in a month. Let's delve deeper into the earnings of some of the bigwigs: Earnings in Focus Johnson and Johnson Johnson & Johnson JNJ continued with its long streak of earnings beat and also outpaced revenue estimates. Earnings per share came in at $2.82, beating the Zacks Consensus Estimate of $2.71 and improving 10.2% from the year-ago quarter. Revenues grew 4.3% year over year to $22.45 billion and fell short of the Zacks Consensus Estimate of $22.38 billion. For 2024, Johnson & Johnson maintained its revenue guidance of $88-$88.4 billion, indicating year-over-year growth of 4.7%-5.2%. It lowered adjusted earnings per share guidance from $10.57-$10.72 to $9.97-$10.07. Pfizer Pfizer PFE topped estimates on both the top and bottom lines. It reported adjusted earnings per share of 60 cents, which beat the Zacks Consensus Estimate of 45 cents per share but declined 11% year over year. Revenues inched up 2% year over year to $13.28 billion and edged past the consensus mark of $13.13 billion. The U.S. drug giant raised its revenue guidance from $58.5-$61.5 billion to $59.5-$62.5 billion and adjusted earnings per share from $2.15-$2.35 to $2.45-$2.65 for 2024. Merck Merck MRK also topped earnings and revenue estimates. It posted earnings per share of $2.28, which surpassed the Zacks Consensus Estimate of $2.16. In the year-ago period, the company had incurred an adjusted loss of $2.06 per share. Revenues rose 79% year over year to $16.11 billion and edged past the consensus mark of $15.90 billion. Merck lifted the higher end of its revenue guidance from $63.1-$64.3 billion to $63.1-$64.4 billion but lowered the earnings per share guidance to $7.94-$8.04 from $8.53-$8.65. Bristol-Myers Bristol-Myers BMY also reported better-than-expected results. It posted an earnings per share of $2.07, outpacing the Zacks Consensus Estimate of $1.64. Earnings came in higher than the year-ago earnings of $1.75. Revenues grew 9% year over year to $12.2 billion and edged past the Zacks Consensus Estimate of $11.5 billion. For 2024, Bristol-Myers now expects revenues to increase in the upper end of the low single-digit range versus the previous guidance of low single digits. It lifted its earnings per share guidance to 60-90 cents from 40-70 cents. Eli Lilly and Company Eli Lilly and Company LLY reported robust second-quarter 2024, beating earnings and revenue estimates. Earnings per share came in at $3.92, surpassing the Zacks Consensus Estimate of $2.64 and improving 86% from the year-ago number. Revenues rose 36% to $11.3 billion and edged past the estimated $9.83 billion. Eli Lilly increased its full-year outlook for the second time this year. It raised the revenue guidance to $45.4-$46.6 billion from $42.4-$43.6 billion and the adjusted earnings per share guidance to $16.10-$16.60 from $13.50-$14.00. ETF Angle iShares U.S. Pharmaceuticals ETF iShares U.S. Pharmaceuticals ETF provides exposure to 36 U.S. companies that manufacture prescription or over-the-counter drugs or vaccines by tracking the Dow Jones U.S. Select Pharmaceuticals Index. The in-focus five firms are the top holdings in the basket, accounting for a combined 59.4% of the total assets, suggesting heavy concentration. iShares U.S. Pharmaceuticals ETF has $670.8 million in AUM and charges 39 bps in fees and expenses. It carries a Zacks ETF Rank #3 (Hold) with a High risk outlook. VanEck Vectors Pharmaceutical ETF VanEck Vectors Pharmaceutical ETF follows the MVIS US Listed Pharmaceutical 25 Index and holds 26 stocks in its basket. The five firms collectively account for a 33.6% share in the fund's basket. The product has amassed $678.1 million in its asset base and charges 36 bps in annual fees. VanEck Vectors Pharmaceutical ETF carries a Zacks ETF Rank #2 (Buy) with a Medium risk outlook. SPDR S&P Pharmaceuticals ETF SPDR S&P Pharmaceuticals ETF provides exposure to pharma companies by tracking the S&P Pharmaceuticals Select Industry Index. With AUM of $177.9 million, it holds 43 securities, with the in-focus firms making up about 4% share each. SPDR S&P Pharmaceuticals ETF charges 35 bps in fees a year and has a Zacks ETF Rank #3 with a High risk outlook. Invesco Pharmaceuticals ETF Invesco Pharmaceuticals ETF offers exposure to companies that are principally engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. It follows the Dynamic Pharmaceuticals Intellidex Index and holds 23 stocks in its basket, with the in-focus firms making up at least 5% share each. Invesco Pharmaceuticals ETF has AUM of about $283.8 million and charges 57 bps in fees and expenses. The ETF has a Zacks ETF Rank #3 with a High risk outlook. First Trust Nasdaq Pharmaceuticals ETF First Trust Nasdaq Pharmaceuticals ETF tracks the Nasdaq US Smart Pharmaceuticals Index, holding 50 securities in its basket. The in-focus five firms account for a combined 31.4% of the assets. FTXH has AUM of $18.3 million. First Trust Nasdaq Pharmaceuticals ETF charges 60 bps in annual fees and has a Zacks ETF Rank #3. To read this article on Zacks.com click here.

21 of the most notorious feuds between actors and directors 2024-08-14 20:47:47+00:00 - Social media is buzzing with rumors of a feud between Justin Baldoni and Blake Lively. Baldoni directed and costarred with Lively in the film adaptation of "It Ends With Us." Blake Lively and Justin Baldoni reportedly did not get along on set. Jose Perez/Bauer-Griffin/GC Images/Getty Images Whispers of a feud started on TikTok and X after it became clear that Baldoni, who both directed and starred in "It Ends With Us," wasn't doing any press with the rest of the cast. Then, internet sleuths discovered that while Baldoni follows the entire cast on Instagram, only Hasan Minhaj follows him back. According to Baldoni, he's taking a step back since the film is about a relationship involving domestic violence. "This isn't my night — this is a night for all the women who we made this movie for," he told Entertainment Tonight. "This is a night for Blake, this is a night for Colleen. I'm just so grateful that we're here, five years in the making." In another comment that some have interpreted as a bit of shade, Baldoni said he wouldn't want to direct an adaptation of the sequel, "It Starts With Us," because "I think that there are better people for that one. I think Blake Lively's ready to direct, that's what I think." As reported by The Hollywood Reporter, there are reportedly two cuts of the movie: one approved by Baldoni and another done by editor Shane Reid, who has worked with Lively and her husband, Ryan Reynolds, which Lively commissioned. The rumored two cuts and Baldoni's comments have led fans to believe that the drama began because of the two's different visions for the film. Amid all of this, Baldoni has hired Melissa Nathan, a seasoned crisis PR manager, per The Hollywood Reporter. Nathan is known for working with Johnny Depp during the Amber Heard trial.

Biden is frustrated that Obama didn't directly express concerns to him about the 2024 race after the debate, report says 2024-08-14 20:43:34+00:00 - Biden wishes Obama had personally shared his fears about the state of the race, sources said. Several Biden confidants were disappointed that Obama was quiet when some called for the president to step aside. The two men have a close but complicated relationship. 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 President Joe Biden has seemingly accepted that he's no longer running for reelection, but he isn't happy that former President Barack Obama didn't relay to him his concerns about the 2024 race, sources told Politico. According to the outlet, Biden is frustrated that his former boss didn't directly speak with him about the campaign following the June debate, complicating their already complicated relationship. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

More than 1,000 arrested as Britain works to end far-right riots 2024-08-14 20:42:05+00:00 - British police arrested over 1,000 people who took part in anti-Muslim and anti-immigration protests after three children were stabbed to death during a dance class. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Billions Of Well-Fed Chickens: How Hempseed Could Redefine US Poultry Production 2024-08-14 20:30:00+00:00 - The Association of American Feed Control Officials (AAFCO) has approved hempseed meal, a byproduct of hemp oil production, as a feedstock for laying hens. This decision was reached during AAFCO’s annual meeting in San Antonio, Texas, following a yearslong effort by U.S. hemp industry stakeholders. Hempseed meal, also known as hempseed “cake,” will be tentatively listed later this year in AAFCO’s official publication, guiding feed industry regulations and procedures. This tentative listing allows individual states to move forward with commercial adoption. Overcoming Objections And Setting Standards The approval of hempseed meal by AAFCO was achieved after overcoming objections from the Canadian Hemp Trade Alliance (CHTA) and the European Industrial Hemp Association (EIHA). These groups had advocated for different standards regarding THC and CBD limits in hempseed meal. The final definition set by AAFCO limits total THC to 2 parts-per-million (ppm) and total CBD to 20 ppm, differing from the standards proposed by the CHTA and EIHA. Hemp Today reported that U.S. hemp feed advocates prevailed despite concerns about potential impacts on global markets. Implications For U.S. Poultry Industry This approval holds significance for the U.S. poultry industry, where about 20,000 family farmers with production contracts contribute to approximately 95% of broiler production. These farms, along with a small percentage of company-owned and independent farms, produced over 9.4 billion broiler chickens in 2023, weighing 62 billion pounds. The U.S. poultry industry, the largest in the world, marketed 46.4 billion pounds of chicken products last year. Once hempseed meal is validated as a feedstock by the U.S. Food & Drug Administration’s Center for Veterinary Medicine, it will ensure safety and potentially influence both domestic and international markets, especially as Americans consume more chicken per capita than any other country, reaching 101.1 pounds in 2023. Read Next: U.S. Army Invests $1.9M To Develop Hemp-Manufactured Buildings For Military Operations These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link. Photo: AI-generated image.

Trump looks to sharpen his edge on the economy in battleground North Carolina 2024-08-14 20:27:00+00:00 - Republican presidential candidate and former U.S. President Donald Trump arrives to cast his ballot for early voting in Florida's primary election in West Palm Beach, Florida, U.S. August 14, 2024. Republican presidential nominee Donald Trump on Wednesday painted a bleak picture of the U.S. economy and blamed it on the administration of his Democratic rival, Vice President Kamala Harris. "You're paying the price for Kamala's liberal extremism at the gas pump, at the grocery counter, and on your mortgage bill," Trump said in a speech to supporters in Asheville, North Carolina. The speech came as the Trump campaign looks to retool its message after President Joe Biden withdrew his reelection bid and endorsed Harris in late July. As Harris has shot up in the polls, the solid lead Trump had over Biden has evaporated. But Trump still maintains his longstanding advantage over Democrats when it comes to which candidate voters believe would be best for the economy. Earlier in the day, the Labor Department reported that the annual inflation rate had slowed in July to 2.9% year over year, its lowest level since 2021. Trump's political fortunes have benefited greatly over the past three years from the high inflation and high interest rates that have squeezed consumers. Polls show that a majority of voters believe the U.S. economy is in recession, for which they blame Biden.

Waymo's driverless cars honk at each other, waking neighbors 2024-08-14 20:17:00+00:00 - Most drivers still skeptical about fully self-driving cars Most drivers still skeptical about fully self-driving cars 02:02 Waymo driverless cars are coming alive at night, honking at each other and waking residents around the San Francisco parking lot where they sit when not making trips. The driverless taxi company has rented a lot outside of an apartment building for the cars to idle in, but the vehicles appear to be honking at each other, as they are trained to do on the road when other cars get close to them. Randol White, who witnessed the honking activity, told CBS News that he heard "a pair of honks" on Wednesday around 4:30 a.m. Pacific time. He added that according to his neighbors, "peak honk" took place around 4:00 a.m. Waymo attributed the disruptive honking to a feature designed to avoid collisions. "We recently introduced a useful feature to help avoid low-speed collisions by honking if other cars get too close while reversing toward us," the company said in a statement to CBS News. "It has been working great in the city, but we didn't quite anticipate it would happen so often in our own parking lots." Waymo added that it has updated the software that causes the cars to honk "so our electric vehicles should keep the noise down for our neighbors moving forward." Video posted by White of more than two dozen cars all in the same lot, with some honking at each other, has circulated on social media. In his caption, White commented that he would have found the scene funny if it weren't taking place at 4 a.m.. Software engineer Sophia Tung has set up a livestream of the lot on YouTube, telling The Verge that she likes watching the cars "come and go" but wishes they would stop honking at each other. Waymo's taxi service is currently available to anyone who download's the company's app in Phoenix, San Francisco and Los Angeles.

Steam Tightens Store Page Rules: Developers Can No Longer Add External Links 2024-08-14 20:12:00+00:00 - Valve is tightening the reins on Steam store pages with a new set of rules. These regulations are aimed at refining the way game descriptions are presented. Starting in early September, developers will be prohibited from including external links within the text of their game pages.. Valve's New Rules For Steam Store Pages The new restrictions apply to four sections: ‘About the game,’ ‘Short description,’ ‘Special announcements,’ and ‘Awards.’ See Also: Top 6 Free-To-Play Games On Steam In August – Dungeonborne, Ocean Playground And More Valve's goal is to ensure that users can focus on the game at hand without being distracted by extraneous links to other websites or other games on Steam. This change responds to developers increasingly using these sections to promote other games or external sites, distracting users. “We have been seeing more and more store pages that are effectively advertisements for OTHER [emphasis original] store pages on Steam,” Valve stated in their announcement. The company said that it's not uncommon for a game's store page to feature a list of multiple other games before getting to the details of the game being viewed. “We don’t think that’s great for customers trying to learn about a game on Steam,” Valve added. What Developers Need To Know About Steam's Latest Store Page Restrictions For developers, this means a notable shift in how they can market their games on Steam. Previously, linking to social media pages, other games, or external websites directly within the description was a common practice. However, Valve now emphasizes that social media links are adequately covered by existing fields on the store page, removing the need for additional links within the main text. Developers will also need to reconsider their approach to promoting other games in their portfolio. Valve's new guidelines prevent store descriptions from being used as a space to advertise other titles, ensuring that each game page is dedicated solely to the game in question. These updates to store page descriptions are part of a broader effort by Valve to refine the user experience on Steam. This includes recent changes to how game demos are handled on the platform. Read Next:

Cramer updates his takes on all 32 portfolio stocks and grades earnings reports 2024-08-14 20:11:00+00:00 - Here's a rapid-fire update on all 32 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. During the August Monthly Meeting on Wednesday, Jim also offered grades on companies that have reported results so far this earnings season. Apple : This stock continues to prove the naysayers wrong. Just look at the recent quarterly results , in which the company handily beat analysts' earnings expectations. A big concern of investors — Apple's business in China — ended up not being as bad as many feared. Management also discussed its artificial intelligence efforts at length during the quarterly call, which made us more optimistic about future growth prospects with the nascent tech. On Wednesday, Jim gave Apple an A rating for the quarter, and maintained his "own, don't trade" thesis on shares. Abbott Laboratories : If not for the baby formula litigation overhang — which Jim argued will eventually be looked back on as overblown — Abbott's ability to deliver consistent growth within the pharmaceutical industry would command more attention. Still, Abbott's quarter deserves an A grade. Its continuous glucose monitoring device FreeStyle Libre is taking share from rival Dexcom , and its nutrition business is a good one. We'll have to wait and see on Abbott's next formula trial, which begins in September, but its business fundamentals are intact. Advanced Micro Devices : AMD's quarter validated our decision to restart a stake in the chipmaker last month, but the stock does not seem to reflect what we know about its business. On the PC side, it is taking share from Intel . On the AI chip side, it is proving to be the No. 2 option to market leader and fellow Club holding Nvidia. The truth is Intel is in trouble and Nvidia has more business than it can handle, so the winner is AMD. Amazon : The e-commerce and cloud giant did not deliver a perfect quarter — we're calling it a B — but it was hardly as messy as the market reaction suggested. Its guidance on the retail business is primarily what spooked investors, but executives may have been intentionally conservative. That's why we felt comfortable adding to our position Monday. Broadcom : There's room to own multiple AI chip stocks, as we do with Broadcom alongside Nvidia and AMD. When the market was dumping AI stocks seemingly en masse, we stepped in to add to our Broadcom position at around $141 a share on Aug. 2. Broadcom's next quarterly report in early September will provide the latest look at its custom AI chip, networking and software businesses. We like where they are on all three. Best Buy: Jim said that the PC refresh cycle will be a boon for shares of the electronics retailer. Sales for Best Buy should increase as more customers come into stores to upgrade their older devices. AI-infused PCs could be an extra nudge for users to upgrade their older models as well. We will get management's updated expectations when the company releases quarterly earnings on Aug. 29. Costco Wholesale : While Costco's earnings report is still more than a month away, it's a no-worries situation. The retailer is still perfectly situated for this moment thanks its focus on lowering prices of products for its members. The stock has been trading in the $800s for more than two months now. Could it be time for a breakout? Salesforce : We'll get the enterprise software firm's latest numbers on Aug. 28, and it's unclear whether that report will be any better than its suboptimal one May 29, which sent the stuck tumbling. We trimmed some Salesforce on July 29 given the tough operating environment for enterprise software. As of now, Salesforce's AI push hasn't seemed to matter, and looming is its annual Dreamforce conference in September, an important event for dealmaking. Coterra Energy : As long as natural gas prices are super low, Coterra will struggle to deliver A-worthy results. CEO Tom Jorden has the producer operating efficiently, but commodity prices weigh heavily on Coterra's stock price. With the presidential election looming, there's no reason to own any more oil-and-gas stocks other than Coterra. DuPont: This stock is getting the turnaround story it needed, Jim said, citing the company's forthcoming split into three publicly traded businesses . "You have a C-student who blossomed into an A student with Dupont," he said, citing its recent earnings report. If an investor doesn't own the chemicals maker prior to the spin off – expected sometime in the next two years –- then they should get in now before shares surge. Danaher : The stock has had a nice run lately, but Danaher's quarter on July 23 warrants an A grade that is reminiscent of the days before its business in China went south and the initial public offering market went dormant. While those headwinds were significant, Danaher remains one of the best-run firms on Earth. Disney: Jim liked the quarter because the company's streaming business finally turned a profit. Despite weakness in Disney's theme parks, the Club would be buyers if the entertainment giant's shares declined significantly. There's plenty of reason to be upbeat on the stock after earnings. Just look at how the box office is coming back, with the enormous success of franchises like "Inside Out 2" and "Deadpool & Wolverine." Dover: This company has really improved its business mix over the past quarter, as management strides to expand into fast-growing end markets such as data centers. Jim praised Dover's recent acquisitions of Michigan-based Marshall Excelsior and Dutch firm Demaco. "I like the new Dover a heck of a lot more than the old one," Jim said, giving the firm's earnings release an A rating. Estee Lauder: Jim said the beauty stock was dead money, citing the firm's ongoing struggle in its China market. Shares of the cosmetics retailer are down roughly 38% year to date, compared to the S & P 500's 14% gain. This is exactly why the Club sold some Estee Lauder stock last month. We wanted to get smaller in an underperforming stock to free up cash for better opportunities. Eaton: Shares should be higher as the industrial name sits more than 13% below its intraday record highs in late May. It's even more surprising after the company's stellar beat-and-raise quarter on Aug. 1, which Jim placed in the A category. Wall Street doesn't appreciate Eaton enough for its hefty businesses in the aerospace and automotive sectors. GE Healthcare : While the medical device maker's quarterly results did not wow us, they still offered enough reasons to look beyond its temporary China woes. We give it a B grade. Lower interest rates should make financing more affordable for its expensive MRI and CT machines, helping sales. Admittedly, the GE Healthcare story is not as clean as we thought it would be, but the stock is trying to claw its way back. Alphabet : The Google parent lands in the disappointing C camp, partly due to all that's happened since its July 23 report. A judge ruled the company has built an illegal monopoly in the search-engine market, and now there are reports the Justice Department may ask the court to consider a breakup as the remedy. With the company seemingly never able to understand what Wall Street wants, perhaps a breakup would be a gift to shareholders after all, Jim said. Honeywell International: This stock continues to disappoint. CEO Vimal Kapur has not refined the industrial conglomerate's sprawling portfolio enough toward more profitable and faster-growing businesses. Jim gave the company's quarterly earnings report a C rating, citing management's lower profit guidance. We're holding on to the stock for now, but our patience is waning after several quarters of little growth. "I have a limit on how much nonsense I can take," Jim said. Linde: The industrial gas maker's recent earnings put it in Jim's A rating for quarterly results. He praised Linde for its stable end markets, which allows the company to consistently deliver beats on the top and bottom lines. Shares of Linde are flat on Wednesday. Eli Lilly : Without a doubt, Eli Lilly has so far r eported the best quarter in the portfolio . Demand for the company's GLP-1 drugs — Mounjaro for diabetes and Zepbound for weight loss — is off the charts, and now supply is starting to catch up. Lilly also is aggressively conducting studies to show the wide-ranging health benefits of GLP-1s for conditions such as sleep apnea, which should expand access to more patients. The "growth stock" label is usually applied to tech firms, but it absolutely fits Eli Lilly. Meta Platforms : Not far behind Lilly in the A-grade camp is Meta. Mark Zuckerberg is ahead of the curve in monetizing the Instagram parent's investment in Nvidia's AI chips, boosting both ad-targeting capabilities and overall engagement. Its chatbot to rival ChatGPT, known as Meta AI, is quite good, too. There's all this concern on Wall Street about efficient AI spending, but that's exactly what Zuckerberg is doing at Meta. Morgan Stanley: The Wall Street giant has great growth prospects because of its investment banking division. We saw this during quarterly results — rated a B by Jim — when revenues for that business surged. This segment should pick up even further once the Federal Reserve lowers borrowing costs. In the meantime, it pays to stay in the financial stock, with Morgan Stanley's more than 4% dividend yield. Microsoft: Investors didn't like that the company's cloud segment, Azure, missed on revenue growth last quarter. But that doesn't mean Microsoft's cloud business isn't fantastic, Jim said. He also touted its other AI-related offerings like generative AI assistant Copilot. Still, Microsoft ultimately received a B because management gave us little information regarding its new AI-integrated PCs during the call. Nvidia : Rightly or wrongly, the AI chip king's report on Aug. 28 will be viewed as a pivotal event for the market. The AI investment theme is not as universally loved as it once was, but Nvidia is still our favorite way to play it. Volatility will continue to surround the stock, as we witnessed with its steep multiweek pullback from July 10 to Aug. 7. Our "own it, don't trade it" mantra holds true during those periods, though. Nextracker : The maker of solar-tracking technology indicated that projects are taking longer to be completed, meaning its still-healthy backlog will be converted into revenue at a slower pace than in years past. That's why it lands a disappointing C grade, despite its actual quarterly results being solid. But given we took this position knowing it was more speculative and long term, we're not overly concerned. In fact, we used its earnings-related weakness to add to our position Aug. 5. Palo Alto Networks: The company's upcoming quarterly report Monday might be the moment when management returns to its pattern of exceeding expectations and boosting projections. We certainly hope that's the case. But commentary around Palo Alto's platformization strategy, which previously led to a cut in full-year revenue guidance back in February, will be especially important to investors this quarter. If the stock declines significantly on earnings, we will consider another buy because of consistent demand for cybersecurity offerings. Procter & Gamble : The reason we were so willing to trim back our P & G position during its recent run to all-time highs is that the company's quarter was C quality due in large part to issues in China. It deservedly fell on the results, but when recession fears washed over Wall Street a few days later, investors flocked to classic defensive names like P & G, erasing its earnings-related losses and more. We were happy to let some stock go. Starbucks : With Chipotle's Brian Niccol set to take over as CEO next month , the focus for investors is what he plans to do to right the ship. Was Tuesday's nearly 25% surge on the news a bit excessive? Sure. We'll see where the stock settles at in the near term, but Niccol made investors a lot of money during his time at Chipotle, and we expect that to be the case at Starbucks. We want to be around for the upside. Constellation Brands: The Modelo parent's quarter on July 3 deserves a B grade due primarily to the continued strength of its beer portfolio. It's been so strong recently that the company has had to spend to boost production capacity, a high-quality problem. And yet the stock has been hurt by selling pressure from the founding Sands family and persistent weakness in its wine-and-spirits business. There's just too much cash flow to say goodbye to the stock, despite its poor performance. Stanley Black & Decker: This stock was one of the Club's top performers since the July Monthly Meeting. If Stanley Black & Decker shares climb above the $100 level, however, we will trim some of our position. The stock is down 2% Wednesday, at $95 apiece. Jim gave the toolmaker's earnings an A because of its improved balance sheet and nice margin expansion. TJX Companies : Like Costco, the parent company of TJ Maxx, Marshalls and HomeGoods is perfectly suited for this deal-hungry moment. It reports in a week and, as always, be prepared for some funky trading once the results are out. The stock has been known to trade lower even when it's a high-quality report. Executives' commentary on inventory, the secret behind TJX's success, will be key. Wells Fargo: If you don't own this stock, Jim said to buy it here. Wells Fargo should be trading much higher, but a broader market sell-off sent shares tumbling in recent weeks. There's a lot to like about this stock, though. During quarterly earnings, for example, management highlighted its expansion into capital markets in an effort to further diversify Wells Fargo's revenue streams. The bank received a B rating from Jim. Management said it would not be buying back stock as aggressively. (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. People walk along Wall Street outside the New York Stock Exchange on May 3, 2023. Spencer Platt | Getty Images News | Getty Images

Mortgage refinancing surges 35% in one week, as interest rates hit lowest level in over a year 2024-08-14 20:05:00+00:00 - It appears to have taken a few weeks for current homeowners to realize mortgage rates had dropped dramatically. And when they did, they acted. Applications to refinance a home loan surged 35% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. They were up a whopping 118% when compared with the same week one year ago. This, even though the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) fell very slightly, to 6.54% from 6.55%, with points decreasing to 0.57 from 0.58 (including the origination fee) for loans with a 20% down payment. While rates dropped just 1 basis point last week, they were down 33 basis points in the past four weeks. They were also 62 basis points lower than the same week a year ago. “The refinance index also saw its strongest week since May 2022, driven by gains in conventional, FHA, and VA applications,” said Joel Kan, an MBA economist, in a release. Applications for a mortgage to purchase a home rose just 3% for the week and were still 8% lower than the same week one year ago. Today’s homebuyers are dealing with a lot more than high interest rates. They are still up against high home prices and low supply. There is also a feeling among some buyers, according to agents, that mortgage rates may fall even lower, so they are waiting before making such a large purchase. The refinance share of mortgage activity increased to 48.6% of total applications from 41.7% in the previous week. One year ago, refinance volume was just 29% of total applications. Mortgage rates started this week essentially flat, but that could change with the release of the government’s monthly inflation report, the consumer price index. “There’s no way to know ahead of time whether the data will be friendly or damaging--only that CPI is responsible for some of the biggest spikes and drops over the past few years,” wrote Matthew Graham, chief operating officer at Mortgage News Daily.

Some experts have raised the odds of a recession. Here's how much you should have in emergency savings. 2024-08-14 20:04:00+00:00 - As investors face economic uncertainty, financial advisors have guidelines for how much cash they should have set aside. Despite second-quarter economic growth, nearly 60% of Americans wrongly think the U.S. is currently in a recession, according to a June survey of 2,000 adults from Affirm. While Goldman Sachs and JP Morgan raised recession forecasts in August, other experts still expect an economic “soft landing,” meaning the Federal Reserve’s policy won’t cause a downturn. Meanwhile, inflation continues to ease, but a weaker-than-expected jobs report for July triggered stock market volatility last week. Amid the uncertainty, nearly 60% of Americans aren’t comfortable with their level of emergency savings, up from 48% in 2021, according to an annual Bankrate survey that polled more than 1,000 U.S. adults in May. As of the polling, some 27% of those surveyed had no emergency savings — the highest percentage since 2020, Bankrate found. Regardless of the economic climate, investors need emergency savings to cover expenses in the event of a job loss or other unexpected bills. Here’s how much cash to set aside, according to financial advisors. Dual earners: Three months is a rule of thumb Double-income families should aim to save at least three months of living expenses, according to certified financial planner Greg Giardino, vice president of Wealth Enhancement Group in Oakland, New Jersey. However, you could adjust that guideline “depending on the reliability of those income sources,” he said. For example, commissioned workers with unpredictable cash flow may need more than tenured professors. Building that level of cash reserves isn’t easy. Only 44% of Americans have three months of expenses saved for emergencies, according to Bankrate’s survey. Single income: Save six months or more Generally, single individuals or families with a single income should save at least six months of expenses, experts say. But higher levels of cash reserves could offer more flexibility when faced with a job loss or economic downturn. Douglas Boneparth, a CFP and president of Bone Fide Wealth in New York, prefers six to nine months of savings for single earners. “I’ve never come across someone who was upset that they had a little bit more cash than they needed,” said Boneparth, who is also a member of CNBC’s Financial Advisor Council. Boston-based CFP and enrolled agent Catherine Valega, founder of Green Bee Advisory, said she is “more conservative than most other advisors” and recommends 12 to 18 months of living expenses in “safe, liquid investments” for single earners. Although the Federal Reserve could start cutting interest rates in September, investors still have “high-yield savings opportunities,” she added. Entrepreneurs: Keep up to one year of expenses With unsteady income, entrepreneurs or small business owners could also benefit from higher levels of savings — eight to 12 months of expenses, according to Giardino of Wealth Enhancement Group. Of course, the exact amount for emergency savings depends on your unique circumstances and your family’s needs.

Wizz Air launches $550 'all you can fly' annual subscription pass 2024-08-14 19:54:00+00:00 - LONDON — Travelers in Europe can now take unlimited flights for 499 euros ($550) a year under a new travel subscription service from budget carrier Wizz Air. The annual “all you can fly” pass, which allows passengers to book one-way and roundtrip flights throughout the year, will be available for the introductory fee until Friday before the price rises to 599 euros. Details on the airline’s website show passengers can book flights with “no limits” to any of its international destinations — including Athens, Greece, Madrid, Paris and Reykjavik, Iceland — up to three days before departure, with the booking window opening in September. Each booking is subject to an additional flat fee of 9.99 euros and luggage beyond one personal item will be charged as extra. The airline said it initially plans to release 10,000 “all you can fly” memberships, while FAQs on its website note that seats will be subject to availability, depending on “several external and internal factors.” The launch follows similar subscription packages by U.S. carriers, such as Frontier Airlines, which last year announced a $599 unlimited Go Wild! pass for its North America routes. However, while some European carriers offer multiflight bundles for a set fee, unlimited packages remain a novel concept on the Continent. It comes as Wizz Air has seen its profits deteriorate and customer satisfaction wane amid wider pressure on the sector following the post-pandemic travel boom. Earlier this month, the Hungarian airline reported a 44% drop in its first-quarter operating profit. Meantime, a customer satisfaction rating of 44% put it at the bottom of a February ranking of short-haul European carriers by consumer group Which? CEO Jozsef Varadi told CNBC on the day of releasing its first-quarter results that supply constraints were impacting the company’s short-term outlook while inflationary pressures were weighing on consumer demand. The airline, which already runs flights to the Maldives, Cairo and Dubai, United Arab Emirates, has previously said it is exploring new routes from Europe to India.

A U.S. construction boom is sending rents lower and creating perks for renters 2024-08-14 19:53:00+00:00 - A construction boom in the U.S. has resulted in lower rents and other benefits for renters. Record-construction activity since the pandemic has increased the supply of empty units, meaning more inventory is available for renters. More multi-family units were completed in June than in any month in nearly 50 years, according to Zillow Group, an online marketplace for real estate. Landlords are taking notice and are now adding rent concessions — discounts, incentives or perks to attract new renters — like free weeks of rent or free parking. About a third, 33.2%, of landlords offered at least one rent concession in July across the U.S., up from 25.4% last year, Zillow found. Meanwhile, the median asking rent prices for all bedroom counts slid in July, the first time that’s occurred since 2020, according to Redfin, a real estate brokerage site. The median asking rent price for a studio or one-bedroom apartment fell 0.1% to $1,498 a month; two-bedroom apartments decreased 0.3% to $1,730; and units with three bedrooms or more, were down 2.% to $2,010, per Redfin data. Rents are still high because of how much prices climbed during the pandemic, said Chen Zhao, who leads the economics team at Redfin. But now, rent growth has flattened, which can be “good news for renters,” she said. Sun Belt states are leading the trend Metro areas in Florida and Texas, two Sun Belt states that have introduced a high number of newly built apartments since the pandemic, are seeing significant rent price declines as more units become available, according to Redfin. For example, the median asking rent price in Austin, Texas, dropped to $1,458 in July, a 16.9% decline from a year prior, according to Redfin. It was the biggest drop among all other analyzed metro areas in the national report, the firm noted. The median asking rent price in Jacksonville, Florida, declined 14.3% in the same timeframe, to $1,465, per Redfin. To compare at a state-wide level, the median rent price in Texas stands at $1,950, according to Zillow. The median rent price in Florida is $2,500, the marketplace found. Rent concessions are up from a year ago in 45 of the 50 largest metro areas in the U.S., according to Zillow. The annual increase in the share of rental listings offering concessions is the highest in Jacksonville, Florida, which saw concessions rise 17 percentage points, followed by Charlotte, North Carolina (up 15.7 percentage points), Raleigh, North Carolina (up 14.7 percentage points), Atlanta (up 14.5 percentage points); and Austin, Texas (up 14.1 percentage points), per Zillow data. How wage growth helps rent costs Historically, wage growth and rent growth have been very linked, said Orphe Divounguy, a senior economist with Zillow’s Economic Research team. How tight the labor market is can be predictive of how tight the housing market is going to be, he explained. The labor market is winding down as the amount of candidates outnumbers the amount of jobs available. In July, nonfarm payroll increased by just 114,000 for the month, down from 179,000 in June, according to the Bureau of Labor Statistics. The unemployment rate jumped to 4.3%, the highest level since October of 2021. “When wages are rising rapidly, that helps to support housing demand,” said Divounguy. “As the labor market loosens, we expect the rental market to continue to loosen.” Wages are growing 4% to 5% year over year, said Zhao: “That’s good. That means that rents are actually falling relative to wages. Your wages are increasing more than rents are.” To be sure, wage growth has slowed down. Wages and salaries increased 5.1% in June for the 12-month period ending in June 2024 and increased 4.7% a year ago, according to the Bureau of Labor Statistics. Wage growth peaked at 9.3% in January 2022, and has slid down to 3.1% by mid-June and returning to pre-pandemic wage levels, according to Indeed Hiring Lab Institute.

GM is selling driver data to insurers without consumers' knowledge, Texas AG alleges 2024-08-14 19:41:00+00:00 - General Motors is collecting data on its car owners' driving habits and selling that information to insurers without consumers' consent or knowledge, Texas attorney general Ken Paxton alleges in a lawsuit filed Tuesday. Texas is alleging GM has engaged in "false, deceptive and misleading" business practices that have impacted 1.8 million Texans who own vehicles manufactured by the automaker. The lawsuit comes amid increased scrutiny of new car systems that can track vehicles' speeds, their locations and even how hard a driver brakes, with Mozilla last year proclaiming that new cars "are a privacy nightmare." The Texas lawsuit claims car buyers were told their driving data would help GM improve the safety and functionality of its vehicles, but weren't informed that the same data would also be sold to insurers. "Millions of American drivers wanted to buy a car, not a comprehensive surveillance system that unlawfully records information about every drive they take and sells their data to any company willing to pay for it," Paxton said in a Tuesday statement about the lawsuit. The lawsuit comes at a time when consumers have been slammed with sharply higher insurance costs, with car coverage jumping 19% in July compared with a year earlier. One reason is due to riskier driver behavior, experts have told CBS News. In June, Paxton had opened an investigation into several car makers over claims they had improperly collected data about drivers from their vehicles and then sold the information to other companies. "We've been in discussions with the Attorney General's office and are reviewing the complaint. We share the desire to protect consumers' privacy," a GM spokesperson told CBS News in a statement. Telematics data and insurance rates The data collected by GM was allegedly sold to companies including LexisNexis Risk Solutions and Verisk Analytics, the lawsuit alleges. That data allows companies to create a driving score for individuals, with information on driving habits deemed bad, like late-night trips, sharp turns and hard braking, factored into the analysis, the lawsuit claims. Such information, called "telematics" data, can be used by insurers to set auto coverage rates, according to NerdWallet. Ideally, customers should be aware that their data is being tracked and analyzed by insurance companies, with the promise that good driving habits will be rewarded with lower rates. But a New York Times investigation revealed that some drivers aren't aware their data is being tracked and used in such ways, with one driver telling the publication that he felt a "betrayal" when he learned LexisNexis had compiled 130 pages about his driving habits. He learned of the report after his car insurance had jumped more than 20%. In the Tuesday lawsuit, Texas alleges that GM "profited handsomely" by selling driver data to insurance companies, while neglecting to inform car owners that their information could be sold to other businesses. "At no point did General Motors inform customers that its practice was to sell any of their data, much less their driving data," the lawsuit alleges. "Nor did General Motors disclose that it had contracts in place to make its customers' driving scores available to other companies."

Manuel Ramos, Owner Of Vinos Talamingo, Announces The Launch Of A Wine-Forward Vermouth 2024-08-14 19:40:00+00:00 - Vinos Talamingo has been devoted to mastering the craft of wine-making since 1925. The winery used to produce high-quality products for personal use only but has expanded into the commercial market with a limited supply. Manuel Ramos, the owner of the vineyard, emphasizes the sheer passion, love, and commitment his family has for creating wine. And now, he has announced the launch of a vermouth based on the same care and values that have been in the family for almost a century. As of today, Vinos Talamingo offers a variety of five wines, most of them fermented from the finest French grapes. The winery also produces a pale and subtle rosé made from freshly harvested, locally-grown Bobal grapes that honor the beautiful region of La Mancha. The new Tres vermouth is the estate's way of respecting the beloved, nature-inspired province. Most brilliant ideas happen when all stars align and fate connects two people who, together, work towards creating magic. That's exactly the story behind the idea of the wine-forward vermouth crafted by Tres. Manuel met a bar manager from Florence, who loved the richness and flavor profiles of the Vinos Talamingo wines and visited the beautiful estate. "There we were, strolling through the vineyard in the middle of the Spanish countryside, admiring nature, and surrounding us were the almond and olive trees. He left with a few wine samples and came back a few months later with a perfect vermouth recipe. After trying it, I realized it tasted just like vermouth, but at the same time, it was like no other vermouth I've ever had. That's when I knew we created a unique, all-natural, local product and wanted to share it with others," shares Manuel. The ethos of Talamingo is simple – every bottle is unique, crafted in agreeance with nature, and without using any chemicals. And these are the same values that Manuel poured into Tres and its vermouth. The branding is inspired by Don Quixote, a figure of idealistic ideas and dreams who travels the corners and crevasses of La Mancha during his journey. The newest launch will consist of two varieties of vermouth – Rucio and Rocinante – with a limited amount of 1000 bottles per variety. The first one, named after the donkey from Don Quixote, is a fresh blend of white wine and rosé, enhanced with the strong aroma of almond shells and olive leaves. Rocinante, a rich and balanced fusion of white and red wine, is named in honor of the horse from Cervantes' book. The new brand, derived from Vinos Talamingo, is called Tres, meaning three in Spanish and symbolizing the three main figures from Don Quixote. With a history tracing back to 1925, Vinos Talamingo is not only a symbol of tradition and longevity but also quality. The vineyard has mastered the production of wines and is now venturing into the vermouth territory. Made from locally sourced products and with the love and affection that have been driving Manuel's family for 99 years, their new product is a true testament to the diversity and value of the picturesque Spanish countryside. "We really want to showcase that La Mancha is capable of creating 100% organic, locally sourced vermouth that meets the needs of people worldwide," expresses Manuel. This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice. Benzinga does not make any recommendation to buy or sell any security or any representation about the financial condition of any company.

Vatican expels founder of Peru’s Sodalitium religious movement after probe into abuses, corruption 2024-08-14 19:18:12+00:00 - ROME (AP) — The Vatican on Wednesday expelled the founder of an influential Peruvian religious movement, the Sodalitium Christianae Vitae, after the Catholic hierarchy spent more than a decade of downplaying allegations of sexual and psychological abuse and financial corruption against him and his community. The decree against Luis Fernando Figari came after Pope Francis last year ordered an investigation into the Sodalitium by the Vatican’s top sex abuse experts to get to the bottom of the scandal. Previous commissions and investigations had failed to fully address the group’s problems. According to the decree by the Vatican’s department for religious orders, which was posted on the website of the Peruvian bishops conference, Francis gave his explicit authorization to expel Figari from the movement, even though canon law didn’t precisely cover his alleged misconduct. Figari’s behavior was “incompatible and therefore unacceptable in a member of a church institution, as well as causing scandal and serious damage to the good of the church and of the individual members of the faithful,” it said. The expulsion would restore justice harmed by Figari’s behavior “over many years, and would protect in the future the individual good of the faithful and the church,” it said. Figari founded the movement in 1971 as a lay community to recruit “soldiers for God,” one of several Catholic societies born as a conservative reaction to the left-leaning liberation theology movement that swept through Latin America, starting in the 1960s. At its height, the group counted about 20,000 members across South America and the United States. It was enormously influential in Peru. Victims of Figari’s abuse complained to the Lima archdiocese in 2011, though other claims against him reportedly date to 2000. But neither the local church nor the Holy See took concrete action until one of the victims, Pedro Salinas, wrote a book along with journalist Paola Ugaz detailing the twisted practices of the Sodalitium in 2015, entitled “Half Monks, Half Soldiers.” The Sodalitium later commissioned an outside investigation that found Figari was “narcissistic, paranoid, demeaning, vulgar, vindictive, manipulative, racist, sexist, elitist and obsessed with sexual issues and the sexual orientation” of Sodalitium’s members. The outside investigation, published in 2017, found that Figari sodomized his recruits and forced them to fondle him and one another. He liked to watch them “experience pain, discomfort and fear,” and humiliated them in front of others to enhance his control over them, the report found. Still, the Holy See declined to expel Figari from the movement in 2017 and merely ordered him to live apart from the Sodalitium community in Rome and cease all contact with it. The Vatican was seemingly tied in knots by canon law that did not foresee such punishments for founders of religious communities who weren’t priests. At the time Salinas called it a “golden exile.” On Wednesday, Salinas called Figari’s definitive expulsion good news. “I hope it is the beginning of more important news that will culminate in the suppression of this mafia-like sect,” he told The Associated Press. It remains unclear if any more decisions about the Sodalitium, which controls significant economic interests, would follow. However, the expulsion puts into question the very foundation and continued existence of the Sodalitium, since such religious movements are always tightly bound to their founder and his or her original inspiration for the movement. The Sodalitium, for its part, distanced itself from Figari in a statement Wednesday, welcoming the decision to expel him and saying it had wanted him expelled back in 2019. The group insisted it was undergoing a renewal process that will allow it to continue without Figari or his influence. “Figari is the historical founder of the Sodalitium Christianae Vitae, but he is not a spiritual reference for our community,” the current superior, José David Correa González, said in a statement. “We want to continue to work so that this gift may be at the service of the evangelizing mission of the church.” Such a sentiment is similar to the one espoused by the Legion of Christ religious order. The Vatican in 2010 opted to put the Mexican order through a Vatican-mandated process of reform rather than suppressing it after determining that its founder, the Rev. Marcial Maciel, was a pedophile, drug addict and religious fraud who built a cult-like movement to hide his double life. Figari’s expulsion is the second personnel step by Francis after the Vatican’s abuse investigators — the Rev. Jordi Bertomeu and Archbishop Charles Scicluna — returned from Peru last year. In April, Francis accepted the resignation of a Peruvian archbishop and Sodalitium member, Piura Archbishop José Eguren, who had sued Salinas and Ugaz over their reports about the Sodalitium. In addition to Figari’s own abuses, their reporting had exposed the alleged forced eviction of peasants on lands in Eguren’s diocese by a Sodalitium-linked real estate developer. In comments to AP, Ugaz called the decision to expel Figari of “paramount importance” since it exposed how the Peruvian church — with a few exceptions — “did nothing to listen to the victims who have been denouncing the Sodalitium since 2000.” She said it was also a validation of journalism “and perhaps it will serve to give reparations to their victims.”

The Guardian view on Labour’s economic message: blaming the Tory legacy isn’t enough | Editorial 2024-08-14 18:56:00+00:00 - There is always a stark contrast between the simplicity of a slogan that wins an election and the complexity of the task that greets an incoming government. For Labour, the challenge is especially acute because the headline promise of Sir Keir Starmer’s campaign was a single word: “change”. Aside from new faces in ministerial offices, the reality for most people was always going to feel like more of the same for some time. Wednesday’s release of official economic data, showing inflation up by 2.2% last month, illustrates the point. The increase is on the lower end of analysts’ expectations, but high prices, especially for essential groceries, will still shape the public mood. The cost of living crisis that was a major factor in bringing down the Tories is now Labour’s problem. Sir Keir anticipated this hazard. It is why his manifesto eschewed utopian promises and his speeches described the road ahead as long and hard. It is also why the chancellor, Rachel Reeves, has made a great show of exposing the £22bn “black hole” in public finances bequeathed to her by Jeremy Hunt. The goal is to embed in the public consciousness the idea that the painful decisions to come are the Tories’ fault; that the current government deserves credit for undertaking a job of economic repair, or should at least be extended some benefit of the doubt while that process goes on. It is a rational strategy with solid foundation in truth. Arguably, Labour might have bought itself more capacity to offer public relief faster with a less timid manifesto, but that argument is now academic. Caution won the day and, having bound its own hands in advance, the new administration must maximise what wriggle room is available to deliver improvement within self-imposed political constraints. Incompetence was the main charge that Labour pinned on the Tories across the board, from public finances to running the NHS and managing migration. Restoring competence is a precondition for things improving, but not a sufficient answer, and the dividend does not come quickly. In a more deferential age, ministers might expect public patience on the grounds that easy fixes are not available. The reality of modern politics is that a prime minister needs to fight for that patience, winning it with powers of persuasion. This is not Sir Keir’s strength. He is an administrator, not a natural performer, and seeks to make a virtue of the distinction. He asks to be judged by results, not promises. It is a fine aspiration, but potentially naive when hostile media and well-resourced opposition politicians will be on hand to narrate national hardship as a function of incumbent misrule. It is too early to judge whether Labour’s policy agenda is capable of engineering national renewal, but not too soon for the prime minister to give the application of his plans a more vivid, colourful sense of purpose. It is right to continue blaming the Tories for the abject state of the public realm, but that is a backwards-facing message. Candour about the origin of the problem must be coupled with clarity about the destination. Anger with Conservatives will linger, but sceptical voters also need reasons to be optimistic about the future. Time is already ticking by fast if Labour wants to defer public frustration during the arduous process of turning change from a slogan into a reality.

Developers of stalled Minnesota copper-nickel mine plan studies that may lead to significant changes 2024-08-14 18:47:46+00:00 - MINNEAPOLIS (AP) — The developers of a long-delayed copper-nickel mining project in northeastern Minnesota announced Wednesday that they plan to conduct a series of studies over the next year on potential ways to improve environmental safeguards and make the mine more cost- and energy-efficient, which could lead to significant changes to the design. The plan is for a $1 billion open-pit mine near Babbitt and a processing plant near Hoyt Lakes that would be Minnesota’s first copper-nickel mine and produce minerals necessary for the clean energy economy. It is a 50-50 joint venture between Swiss commodities giant Glencore and Canada-based Teck Resources. The project was renamed NewRange Copper Nickel last year, but it is still widely known by its old name, PolyMet. The project has been stalled for several years by court and regulatory setbacks, but company officials say they are still moving ahead with preparations at the site. “The bottom line is this is all about improving efficiency, looking for ways to improve our carbon footprint, reduce greenhouse gases,” NewRange spokesman Bruce Richardson said in an interview. “If there’s a net environmental benefit, which is one of the end goals here, then it’s pretty hard to criticize.” But environmental groups that have been fighting the project said the announcement is tantamount to an admission that the current mine plan is fundamentally flawed. They say mining the large untapped reserves of copper, nickel and platinum-group metals under northeastern Minnesota would pose unacceptable environmental risks because of the potential for acid mine drainage from the sulfide-bearing ore. “PolyMet is rethinking every aspect of their mine plan after the courts have told them they have to do it,” Kathryn Hoffman, CEO of the Minnesota Center for Environmental Advocacy, said in an interview. The studies in four key areas will look at alternative options for storing mine waste, for water treatment, for speeding up production and for reducing carbon emissions. Any major changes likely would be subject to additional environmental reviews and new permitting processes, which NewRange officials said would include opportunities for public comment and feedback. They stressed that nothing has been decided, and they said that they were announcing the studies in the interests of transparency for stakeholders, communities and tribes. The current plan is to store the mine waste in the former LTV Steel iron mine tailings basin at the processing plant. Colin Marsh, NewRange’s government and external affairs director, said in an interview that they will study whether a different design for the dam at the upgraded basin, or storing waste in old iron mine pits in the area, might have advantages. They will also look at whether a conveyor system for transporting ore from the mine pit to the plant might make more environmental sense than the current plan for using diesel-powered trains, Marsh said. While the company contends the current plan for treating wastewater would meet the state’s stringent standards for protecting wild rice beds downstream, he said they will also study whether it is feasible to improve treatment even further. And they are going to look at whether it would be advantageous to increase daily production from the currently planned 32,000 tons per day to 40,000 tons and run the mine for around 15 years instead of 20, without raising the total amount mined over its lifetime, Marsh said. The idea would be a more efficient mine, not a bigger mine, he said. The developers thought they had all the necessary state and federal permits in hand in 2018, but the project remains stalled by a series of court rulings. Its water discharge permit was sent back to the Minnesota Pollution Control Agency for more review. The overall permit to mine got sent back to the state Department of Natural Resources because of concerns about the waste-basin design. And the Army Corps of Engineers revoked a wetlands permit, saying it did not comply with the water quality standards set by a downstream tribe, so NewRange will have to apply for a new one to proceed. “The fact that Minnesota regulators permitted this flawed project and have spent millions of needless dollars defending its misguided decision shows that our regulators have failed the citizens they are charged to protect,” Chris Knopf, executive director of Friends of the Boundary Waters Wilderness. said in a statement. ___ This story has been corrected to fix the spelling of NewRange official Colin Marsh.

Aslef train drivers reach deal that could end rail strikes after two years of chaos 2024-08-14 18:22:00+00:00 - Train drivers and the UK government have reached a deal that could end more than two years of conflict between rail operators and unions during which wide-ranging strikes have led to weeks of misery for passengers. The drivers’ union Aslef said on Wednesday a deal had been agreed in principle with the Department for Transport (DfT) that would result in a pay rise of 5% for 2022-23, 4.75% for 2023-24 and 4.5% for 2024-25 – all backdated and pensionable. Mick Whelan, Aslef’s general secretary, said: “The offer is a good offer – a fair offer – and it is what we have always asked for, a clean offer, without a land grab for our terms and conditions that the companies and previous government tried to take in April last year.” He said the offer would now be put to the union’s members with a recommendation to accept. If members approve, it could bring an end to a standoff with 16 English train operating companies stretching back to July 2022. Over that period, train drivers have carried out 18 days of strike action and a run of overtime bans, which have brought to a standstill much of the rail network in England and some cross-border services into Scotland and Wales. The new Labour government had indicated shortly after last month’s election that it would seek a swift resolution to the long-running national pay dispute, and several meetings have taken place in recent weeks. The latest deal marks an improvement from the previous offer in April last year that was rejected by Aslef members. The earlier offer would have given drivers an 8% pay rise over two years but also included a number of changes to working conditions. Under the previous Conservative government, pay talks stalled between drivers, the DfT and the Rail Delivery Group (RDG), the body that represents train operators, after the April 2023 offer was rejected. Aslef said in May it had not had a meeting with the then rail minister, Huw Merriman, since January 2023. After Labour’s election victory, the transport secretary, Louise Haigh, met with rail unions and promised “an era of grown-up industrial relations”. When negotiations with Aslef restarted last month, meetings took place directly between the union and the DfT, with the RDG no longer involved in the process. Aslef was the only rail union that had yet to agree a pay deal after widespread industrial action across the sector that began in June 2022 with strikes by the RMT, which represents train crew, signallers, station staff and maintenance workers. The RMT was in dispute with Network Rail, which is responsible for infrastructure such as track, stations and level crossings, as well as with the English train operating companies. The union agreed a pay deal with Network Rail in March last year and struck an agreement with the RDG that November. By the time both disputes were resolved, the RMT had held more than 30 days of strikes affecting services around Britain, some of them overlapping with Aslef action. The RMT is still in negotiations over 2024 rises. 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 Members of the Transport Salaried Staffs’ Association union agreed to end their separate national dispute with the RDG after a pay deal was reached in February last year. The TSSA agreed a deal with Network Rail in December 2022. The rapprochement with Aslef comes after the government announced more protections for workers and early steps to ensure rail nationalisation in the king’s speech last month. Haigh said: “When I took this job, I said I wanted to move fast and fix things – starting by bringing an end to rail strikes. “The Conservatives were happy to see the taxpayer pay the price as strikes dragged on and on, and passengers suffered. This Labour government is doing the right thing and putting passengers first. “If accepted, this offer would finally bring an end to this long-running dispute, and allow us to move forward by driving up performance for passengers with the biggest overhaul to our railways in a generation.”