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    Berkshire Hathaway Chairman Warren Buffett seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019.Scott Morgan | Reuters Researchers applied the Inflation Reduction Act's new 15% corporate minimum tax onto 2021 company earnings and found that the burden would only be felt by about 78 companies, with Berkshire Hathaway and Amazon paying up the most. The study from the University of North Carolina Tax Center used past securities filings to map the tax, which goes into effect in January, onto companies' 2021 earnings. The researchers found that the 15% minimum would have taken a total of $31.8 billion from 78 firms in 2021. Berkshire led the estimated payout with $8.33 billion, and Amazon follows behind with $2.77 billion owed based on its 2021 earnings. President Joe Biden signed the minimum book tax into law, along with the rest of the Inflation Reduction Act, in August. The tax is specifically meant to target companies earning more than $1 billion per year. The Joint Committee on Taxation had previously estimated that it would affect around 150 firms,...
    The New York Times notes that a four-day workweek has long been a topic of consideration. In 1956, then-Vice President Richard Nixon said he foresaw it in the “not too distant future.” Earlier this year, California introduced a bill that would make the official workweek 32 hours for companies with 500 employees or more. That bill was put on hold, reports USA Today. Critics argue a shorter workweek reduces businesses’ competitiveness, which is particularly troublesome in Europe, as many companies are already struggling to compete with competitors in other regions. Participants in the experiment seem optimistic that a four-day workweek can have positive effects in the long-term. Sharon Platts, Chief People Officer for Outcomes First Group, a participant in the test, said, “While it's still early days, our confidence in continuing beyond the trial is growing and the impact on colleague wellbeing has been palpable."
    Europe has already taken major legislative steps in the name of protecting online privacy. The General Data Protection Regulation (GDPR), adopted by the European Union in 2016, provided a sweeping framework for enhancing individuals' control and rights over their online data. The GDPR has served as a model for similar legislation around the world, including the California Consumer Privacy Act of 2018. “Now is a critical time to stand up to Big Tech and its business model of surveillance capitalism. The argument that tools must collect data in order to be useful, usable, and profitable is simply false…We know from experience that it's possible to create respectful, privacy-by-design tools that people can depend on,” wrote The Tor Project, a nonprofit that maintains the anonymous Tor communication software. The Tor Project is a signatory of the Privacy Pledge but did not sign the recent letter to Congress. Advocates of the AICOA have been met with some pushback. Sean Heather, Senior Vice President for International Regulatory Affairs & Antitrust at the U.S. Chamber of Commerce (USCC), believes that the AICOA gives too...
    In this article WIXFollow your favorite stocksCREATE FREE ACCOUNTMarco Vdm | E+ | Getty ImagesCompany: Wix.com (WIX)Business: Wix.com is an Israeli information technology company that develops and markets a cloud-based platform that enables users to create a website or web application. Their platform consists of three web creation products, each with a different purpose or primary audience: (i) Wix ADI, intended for fast website creation; (ii) the Wix Editor, intended for full website creation targeted at users with basic, average or above average technological skills; and (iii) Editor X, intended for advanced users such as design professionals. As of Dec. 31, 2021, Wix had approximately 222 million registered users and 6 million premium subscriptions. Stock Market Value: $4.2B ($72.21 per share)Activist: Starboard ValuePercentage Ownership: 9.00% Average Cost: $66.79 Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard also has a successful track record in the information technology sector. In 45 prior engagements, it has a return of 32.36% versus 13.90% for the S&P 500 over...
    A $10 billion lawsuit against McDonald's will be allowed to proceed after a federal court denied the company's motion to dismiss and sided with media tycoon Byron Allen, who is alleging that the corporation allocates less ad funding to black-owned media. Allen will be allowed to try and prove the franchise discriminates against black-owned media, thus violating federal civil rights laws, a federal district court in California ruled last week. MCDONALD'S CEO BEMOANS CRIME 'SEEPING INTO EVERY CORNER' OF CHICAGO "This is about economic inclusion of African American-owned businesses in the US economy," Allen said in a press release Tuesday. "McDonald's takes billions from African American consumers and gives almost nothing back. The biggest trade deficit in America is the trade deficit between white corporate America and black America, and McDonald's is guilty of perpetuating this disparity." Allen alleges that the company placed his networks, which include the Weather Channel and Comedy.tv, to an "African American tier" that receives less funding. The lawsuit claimed black people represent 40% of fast-food customers, but McDonald’s spent 0.3%...
    Live from Music Row Friday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – host Leahy welcomed John Harris, founder of the Tennessee Firearms Association, to the newsmaker line to discuss the new credit card merchant code for gun purchasers and how simple it would be to redefine Tennessee code for real constitutional carry in the state. Leahy: We are joined right now by our very good friend John Harris with the Tennessee Firearms Association. Good morning, John. Harris: Good morning. Leahy: Last week, American Express, Mastercard, and Visa announced they plan to keep lists of those who purchase weapons using credit cards. Tennessee Attorney General Jonathan Skrmetti wrote a letter to them all, along with 24 other attorneys general, and said this is a bad idea to have these merchant code classifications change so that you’re tracking specifically firearm purchases. What are your thoughts, John Harris? Harris: It has certainly created a lot of discussion and commentary in the TFA and similar...
    In this article .IXICFollow your favorite stocksCREATE FREE ACCOUNTPedestrians pass by the New York Stock Exchange.Michael Nagle | Bloomberg | Getty ImagesWhat started off as a third-quarter rebound has turned into a flop for tech investors. The Nasdaq tumbled 5.1% this week after losing 5.5% the prior week. That marks the worst two-week stretch for the tech-heavy index since it plunged more than 20% in March 2020, the start of the Covid-19 pandemic in the U.S.related investing newsMeta is a buy as the social media giant embarks on plan to slash costsPaulina Likosa day agoWith the third quarter set to wrap up next week, the Nasdaq is poised to notch losses for a third straight quarter unless it can erase what's now a 1.5% decline over the final five trading days of the period. Investors have been dumping tech stocks since late 2021, betting that rising inflation and increased interest rates would have an outsized impact on the companies that rallied the most during boom times. The Nasdaq now sits narrowly above its two-year low from June. Hammering the...
    In this article LATGFollow your favorite stocksCREATE FREE ACCOUNT From the best of times, to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. Investors faced with high inflation and rising interest rates have ditched high-flying growth stocks and turned to safer, more profitable alternatives. The decline has been striking given the record level of proceeds raised through public markets just a year prior. U.S.-listed companies raised over $155 billion in proceeds in 2021 through their initial public offerings, according to data from EY and Dealogic. In the first half of 2022, they only raised $4.8 billion. "Investors are really risk averse at this moment, and that's what's really impacting the lack of activity that we're seeing," said Rachel Gerring, IPO leader at EY Americas, in an interview with CNBC. "They're looking for companies that are focused more on growth and profitability as opposed to the growth at all costs that we were seeing in 2021." Part of the clog in the IPO pipeline has been caused by the dismal performance...
    In this article NCLH CCLFollow your favorite stocksCREATE FREE ACCOUNTPeople come out to watch the new Carnival Cruise Line ship Mardi Gras as it departs on its maiden voyage, a seven-day cruise to the Caribbean from Port Canaveral, Florida on July 31, 2021.Paul Hennessy | Anadolu Agency | Getty ImagesShares of Carnival, Norwegian and Royal Caribbean fell this week after the Federal Reserve again hiked rates, raising worries about cruise companies' huge debt loads and their ability to recover in a broader economic downturn. The declines in cruise stocks come as the industry is working to recover from the pandemic, with bookings ticking up after the U.S. Centers for Disease Control and Prevention lifted Covid-19 guidelines from ships.related investing newsBuy these 'free cash flow favorites' as the S&P 500 prepares to test the June lowsTanaya Macheel3 hours ago"There's a lot of one step forward, one step back going on," Truist analyst Patrick Scholes said. He also noted the debt cruise companies racked up while their ships were anchored during the pandemic. As of Sept. 1, Truist estimates that Carnival...
    Latinos are the second largest demographic population in the United States, but they are vastly underrepresented on corporate boards, according to a new report by the Latino Corporate Directors Association. "Sixty-five percent of Fortune 1000 companies lack Latinos, and Latinos are seeing the least growth of any other group," Esther Aguilera, CEO of LCDA, told CNBC at this week's L'Attitude Conference. It's even worse for women. According to the report, Latinas are have just 1% of board seats on Fortune 500 companies Latinos comprise nearly 20% of the U.S. population and were responsible for $2.7 trillion in economic output in 2020. We contribute 25% of the country's GDP and will contribute 78% of net new workers to the workforce during this decade. This has to change," Elizabeth Oliver-Farrow, chair of the Latino Corporate Directors Association, said in a release. The Latino Corporate Directors Association, a membership-based organization of U.S. Latinos at the highest level of corporate leadership and corporate governance, was formed to increase U.S. Latino representation on corporate boards by raising visibility of the Hispanic talent primed for...
    watch nowVIDEO5:2105:21The Polygamist & The Bio Fuel Baron Season Premiere Extended Sneak PeekAmerican Greed The Inflation Reduction Act signed into law by President Joe Biden in August includes historic investments to combat climate change. It may also open new avenues for fraud by expanding a program that has given federal authorities fits for years. The Renewable Fuel Standard, passed with broad bipartisan support in 2005, uses a system of incentives to raise the percentage of biofuels like ethanol in the nation's fuel supply. One study by the Biotechnology Industry Organization credited the program with reducing U.S. dependence on foreign oil by nearly 2 billion barrels in its first 10 years. The new law keeps the system in place for now, extends some credits that were set to expire, and adds new benefits for things like ethanol-based aviation fuel. It does not, however, include any new provisions to prevent fraud, which one industry compliance expert said could be a problem. "In a program where, comparatively, you have little oversight, and there's a way to generate a massive amount of money fraudulently...
    Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. 1 Canada Square, on the Isle of Dogs on November 05, 2020 in London, England.Dan Kitwood | Getty Images News | Getty Images Investors should avoid allocating to Europe in the hunt for value stocks, as the continent's energy crisis means the risk-reward is still not there, according to Willem Sels, global CIO at HSBC Private Banking and Wealth Management. The macroeconomic outlook in Europe is bleak as supply disruptions and the impact of Russia's war in Ukraine on energy and food prices continue to stifle growth, and force central banks to tighten monetary policy aggressively to rein in inflation.related investing newsCredit Suisse says buy stocks with this characteristic popularized by Warren BuffettSarah Min3 hours agoBack hedge funds to outperform equities and bonds this year, UBS saysGanesh Rao5 hours agoJefferies says investors must use income strategies, like buying these high-quality dividend stocksMichelle Fox13 hours agoTypically, investors have turned to European markets in search...
    Congressional Republicans and Democrats both say they want to rein in Big Tech, even if for starkly different reasons. That would seem a recipe for legislative compromise. But amid increasing partisanship weeks away from the Nov. 8 midterm elections, there’s been little movement on tech issues in the 117th Congress. That despite a slew of high-profile committee hearings that frequently put tech industry leaders on the defensive, which has at times had Republicans and Democrats in agreement on how to proceed against Silicon Valley. Both parties have their gripes with Big Tech. Democrats are angry that social media and other tech platforms have, in their view, allowed misinformation to proliferate. And that, Democrats argue, aided the rise of former President Donald Trump and helped facilitate the Jan. 6 Capitol riots, aimed at blocking congressional certification of Joe Biden's 2020 White House win. Republicans contend the platforms’ content moderators have censored conservative views. Their policy prescriptions include ending a provision in federal law that defines tech companies as private platforms rather than publishers, a designation that shields...
    Associated Press FORESTHILL, Calif. — California temporarily banned insurance companies Thursday from dropping customers in areas affected by recent wildfires, a day after evacuation orders were lifted for residents near a 2-week-old blaze that’s become the largest in the state so far this year. Several days of sporadic rain helped firefighters reach 60% containment on the Mosquito Fire in Sierra foothills about 110 miles northeast of San Francisco. At least 78 homes and other structures have been destroyed since flames broke out Sept. 6 and charred forestland across Placer and El Dorado counties. Sheriff’s officials in both counties announced Wednesday that they were lifting the last of the evacuation orders that during the fire’s height kept some 11,000 people out of their homes. California Insurance Commissioner Ricardo Lara invoked a law Thursday aimed at protecting homeowners in the wildfire-plagued state who say they are being pushed out of the commercial insurance market. Lara ordered insurance companies to preserve residential insurance for one year for Californians who live near one of several major wildfires that have burned across the state in...
    Jose A. Bernat Bacete | Moment | Getty Images The vast majority of Americans support both corporate transparency on climate as well as federal requirements for corporations to disclose their climate data, from emissions to emission reductions to sustainability programs and climate commitments. But although many corporations are improving on their climate commitments, some sectors are still woefully behind, according to a new report from Just Capital, which tracks companies in the Russell 1000.  The number of corporations pledging to emit net zero emissions by 2050 will more than double from this year to next year, from 102 to 238. On committing to reduce emissions, the numbers rose from 412 to 498, by far the strongest category of commitments. Corporate commitments to reduce emissions enough to stay under precise global warming targets are far lower, but the gains are still promising. Companies with verified targets by the Science Based Targets Initiative (SBTi) to meet a 2-degree scenario will double between 2022 and 2023, from 25 to 45. On the most ambitious commitment, a verified SBTi 1.5-degree scenario, 83 companies will...
    In this article PLTRFollow your favorite stocksCREATE FREE ACCOUNTAlex Karp, CEO of Palantir arrives ahead of a "Tech For Good" meetup at Hotel Marigny in Paris on May 15, 2019, held to discuss good conduct for technology giants.Bertrand Guay | AFP | Getty ImagesPalantir CEO and co-founder Alex Karp believes this period of "deadly" macroeconomic uncertainties will crush many companies with shaky fundamentals. "Bad times are incredibly good for Palantir ... bad times really uncover the durable companies, and tech is going through bad times.... I\interest rates are the reason," said Karp on CNBC's "Squawk Box" Thursday. "Will this deadly tidal wave wipe out some companies? Yes it will." The Federal Reserve on Wednesday raised benchmark interest rates by another three-quarters of a percentage point to a range of 3%-3.25%, the highest since early 2008. The Bank of England, Swiss National Bank and the central banks of Norway, the Philippines, South Africa, Taiwan, Vietnam and Indonesia followed suit, raising rates to control inflation that has spiraled over the last year. Palantir is a developer of data analysis software that went public via a direct listing...
    "Absolutely not — and that would be the road to hell for America," he told Tlaib. Tlaib then got personal, suggesting that Americans who benefit from President Joe Biden's controversial policies should cease doing business with Dimon's bank. "Yeah, that’s fine," she snarked. "That’s why, sir, you know what, everybody that got relief from student loan [who] has a bank account with your bank should probably take out their account and close their account. The fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it." Tlaib was referring to Dimon's earlier criticism of Biden's student loan forgiveness plan.What did the other CEOs say?The CEOs of Citigroup, Bank of America, and Wells Fargo each said they will continue working with fossil fuel companies and investing in clean energy. Tlaib then returned to Dimon, claiming without basis that he does not care about common Americans. "You obviously don't care about working-class people and front-line communities," she claimed, "that are facing huge amounts...
    A bill designed to give an advantage to local and conservative news outlets in negotiating with Big Tech advanced from committee Thursday and is expected to be considered on the Senate floor soon. The Journalism Competition and Preservation Act, advanced by the Senate Judiciary Committee, would allow smaller news outlets to band together to negotiate with companies such as Google and Meta without violating antitrust laws. The bill had been brought forward for markup by the committee on Sept. 8 but was pulled by its sponsor Sen. Amy Klobuchar (D-MN) over conflicts with Sen. Ted Cruz (R-TX) regarding the bill's ability to allow negotiation of content moderation and not prices. TESLA RECALLS OVER 1 MILLION VEHICLES DUE TO WINDOW DEFECT Tech industry groups slammed the decision to move the legislation forward. “We’re disappointed to see the Senate Judiciary Committee advance JCPA. Exempting newspapers from antitrust laws will incentivize them to collude in order to control legitimate news and diminish competition,” said Jennifer Huddleston, policy counsel for NetChoice, in a statement. “In an effort to prop-up traditional media, Congress...
    by Steve Miller   Echoing conflicts from Sri Lanka to Canada to the Netherlands, tensions between farmers and green-minded government policymakers are building in the United States, where producers are squaring off against a costly proposed federal mandate for greenhouse-gas reporting from corporate supply chains. The U.S. Securities and Exchange Commission in March proposed requiring large corporations, including agribusinesses and food companies, to report greenhouse gas emissions down to the lowest rungs of their supply chains as a means of combatting climate change, which environmental campaigners contend imperils the planet and life on it. Reporting such indirect, “scope 3” emissions would require corporations to demand data on the use of fuel, fertilizer, pesticides, and other chemicals from small-scale farmers who say they lack the personnel and resources to comply. The challenge has been led by the powerful American Farm Bureau Federation and its state affiliates, whose representatives have met with SEC officials and organized their lobbyists in Washington. “The farmers we represent are already heavily regulated at the state, local, and federal level but have never been subject to things concerned with Wall Street,”...
    In this article AXP MA VFollow your favorite stocksCREATE FREE ACCOUNTFire arms are seen at the Bobâs Little Sport Gun Shop in the town of Glassboro, New Jersey, United States on May 26, 2022. Tayfun Coskun | Anadolu Agency | Getty ImagesTwo dozen Republican attorneys general are urging Visa, MasterCard, and American Express to drop their plans to adopt a new merchant category code for gun retailers, saying the move would infringe on consumers' privacy. In a letter sent to the companies Tuesday, the attorneys general warn the credit card companies that they could face legal action if they move forward the code adopted by the International Organization for Standardization (ISO). "Categorizing the constitutionally protected right to purchase firearms unfairly singles out law-abiding merchants and consumers alike," said the letter, led by Tennessee Attorney General Jonathan Skrmetti and Montana Attorney General Austin Knudsen. "Be advised that we will marshal the full scope of our lawful authority to protect our citizens and consumers from unlawful attempts to undermine their constitutional rights," states the letter, which was first reported by the Wall Street Journal. Visa, MasterCard and American...
    Ranking member Senator Pat Toomey (R-PA) queries the witness during the Senate Banking, Housing, and Urban Affairs Hearing to examine the President's Working Group on Financial Markets report on Stablecoins in Washington, D.C, U.S., February 15, 2022.Bill O'Leary | Reuters Ratings firms that assign environmental, social and governance ratings to companies — a multi-billion dollar endeavor — are coming under scrutiny in the Senate. Retiring Sen. Pat Toomey, R-Pa., the ranking member of the Senate Committee on Banking, Housing and Urban Affairs, sent letters to over a dozen ratings firms requesting transparency in the methods used to assign ESG ratings to companies, according to a statement Wednesday. ESG ratings assess how companies align with sustainability goals such as greenhouse gas emissions, labor practices or water sustainability. In May, the Securities and Exchange Commission proposed two rule changes to prevent misleading or deceptive claims by U.S. funds for ESG qualifications and to increase disclosure requirements for those funds. The proposed changes followed a set of rules introduced by the SEC in March that required publicly traded companies to disclose how climate change...
    A former employee of a Toms River car dealership has been accused of stealing $1.3 million from the company, authorities said. Martin D'Amato, 37, of Beachwood, who was in charge of digital advertising, allegedly ran a fake billing scheme, according to Ocean County Prosecutor Bradley D. Billhimer. D’Amato was arrested Monday, Sept. 19, and charged with money laundering and theft.  D’Amato created multiple limited liability companies to make it look like he was retaining legitimate advertising and marketing services for the dealership, Billhimer said. He then charged the dealership's corporate credit card for services never rendered by the fictitious shell companies, the prosecutor said.. He also used an online payment processing service to bill the dealership to conceal his association with the shell companies. He  then transferred the stolen proceeds to accounts he controlled for his personal benefit, Billhimer said.  He was being held in the Ocean County Jail pending a detention hearing.
    Documents obtained by congressional investigators show that executives in the oil industry privately downplayed their companies’ messages about their efforts to reduce greenhouse gas emissions. They were also found to weaken commitments to push for climate policies intentionally. The documents were subpoenaed in a House investigation of climate disinformation. Exxon documents showed that they pressed a group called the Oil and Gas Climate Initiative to remove language from a 2019 statement that “could create a potential commitment to advocate on the Paris Agreement goals.” The final version of the statement did not mention the Paris agreement. The subpoena asks for documents that relate to these companies’ role in climate change, their marketing and lobbying efforts on climate, and the funding of third parties accused of spreading climate disinformation, the New York Times reported. Some of the companies and organizations subpoenaed include Shell, Exxon Mobil, Chevron, BP, the American Petroleum Institute, and the U.S. Chamber of Commerce. In October 2020, at Royal Dutch Shell, an email was sent by an employee discussing the talking points for the president of Shell...
    Federal Trade Commission Chairwoman Lina Khan said large corporations offer environmental or diversity concessions to avoid antitrust enforcement but that her agency rejects such deals. When asked during a Tuesday appearance before the Senate Judiciary Committee by Sen. Tom Cotton (R-AR) about whether large companies, such as the giant investment manager BlackRock, run afoul of anti-collusion laws by pursuing environmental, social, and governance goals, Khan said ESG played no pertinent role in stopping antitrust breakups. "To the contrary, we've seen firms come to us and try to claim an ESG exemption, and we've had to come to them and explain clearly that there is no such thing," Khan said. She did not identify which companies attempted to do so. ATTORNEYS GENERAL ASK CREDIT CARD COMPANIES TO REVERSE GUN PURCHASE CODE When asked if ESG coordination among firms could violate the Sherman Act, which bans collusion by companies, Khan said she would need to look into such topics in more detail before commenting but said the subject was of interest. Nineteen GOP attorneys general warned BlackRock...
    New York (CNN)Two dozen Republican attorneys general warned Visa, American Express and MasterCard on Tuesday not to go ahead with their plans to add a new merchant category code for gun retailers.In a letter to the CEOs of the card giants, the officials expressed serious concern that adopting a new sales code for gun stores would harm the constitutional rights of gunowners and potentially violate consumer protection and antitrust laws.The Republican attorneys general are threatening to take legal action against the card companies if they follow through on their recently-announced plans to adopt the new code, which was approved by an international group that sets payments standards. Credit card companies will adopt new sales code for gun transactions"Be advised that we will marshal the full scope of our lawful authority to protect our citizens and consumers from unlawful attempts to undermine their constitutional rights," the letter reads. "Please keep that in mind as you consider whether to proceed with adopting and implementing this Merchant Category Code."Advocates for the new code argue it could potentially flag mass shooters and gun traffickers.Read...
    Currently, firearm stores are listed with an MCC shared by a broader category of specialty retailers. Gun-control advocates are pushing for credit card companies to identify gun retailers with a unique code, claiming that it will help prevent mass shootings. Visa stated, "We do not believe private companies should serve as moral arbiters. Asking private companies to decide what legal products or services can or cannot be bought and from what store sets a dangerous precedent." A new MCC for firearm retailers was recently approved in response to the mounting pressure on credit card companies to monitor gun sales. Tennessee AG Skrmetti and Montana AG Knudsen warned that they plan to launch investigations into Visa, Mastercard, and American Express if they move forward with their plan to add the new code. The letter from the 23 republican attorneys general read, "We will marshal the full scope of our lawful authority to protect our citizens and consumers from unlawful attempts to undermine their constitutional rights." "If we identify unauthorized blocking or intentional restrictions of legal commerce, we will...
    Traders work on the floor of the New York Stock Exchange on Wall Street in New York City.Angela Weiss | Afp | Getty Images
    Almost two dozen Republican attorneys generals are pushing back on a plan by major credit card companies to add a new code to categorize firearm sales, claiming it would do more harm than good. The change in policy by Visa, Mastercard, and American Express was celebrated last week by gun control activists as a way to flag suspicious sales, but the attorneys general argue it misses the mark when it comes to public safety and targets gun owners, the Wall Street Journal reported on Tuesday. VISA JOINS MASTERCARD AND AMEX IN CATEGORIZING SALES FROM GUN SHOPS Semi-automatic handguns are displayed at Duke's Sport Shop, Wednesday, March 25, 2020, in New Castle, Pennsylvania. (Keith Srakocic/AP) "Categorizing the constitutionally protected right to purchase firearms unfairly singles out law-abiding merchants and consumers alike," the attorneys general from 23 states wrote in a letter to the credit card companies. Gun control advocates have pressed the financial industry to play their part in helping rein in mass shootings. Gun rights groups have argued that the new code system punishes gun buyers and infringes...
    Washington (CNN Business)The Federal Trade Commission is taking a closer look at Amazon's proposed acquisition of iRobot, the company that produces the Roomba series of automated vacuum cleaners, according to a financial disclosure on Tuesday. On Monday, the FTC requested more information from both companies about the $1.7 billion deal, according to an investor filing from iRobot, in what's known as a "second request" and an indicator of deeper scrutiny by antitrust officials.The investigation highlights how FTC officials are closely reviewing Amazon's merger activity following calls by consumer advocates for the iRobot deal to be blocked. Earlier this month, more than two dozen groups wrote to the agency alleging the deal could help Amazon "entrench their monopoly power in the digital economy." For starters, they argued, Amazon could seek to sell Roombas at a loss or in connection with its Prime subscription service and potentially drive other smart vacuum makers out of business. Furthermore, they claimed, Amazon's control of Roombas could give it access to detailed data about consumers' home layouts, interiors and lifestyle that could benefit its e-commerce business...
    New York (CNN Business)Corporate America is starting to brace for a recession. Economic bellwether FedEx (FDX) stunned Wall Street last week with a massive earnings warning and tepid outlook for the global economy.FedEx's bad news overshadowed a more promising development on Thursday, the agreement between railroad operators and unions to avoid what could have been a crippling freight rail strike. Still, investors remain nervous about the health of the railroad business, a sign of the jitters about the overall economy. Shares of top rail operators Union Pacific (UNP), CSX (CSX) and Norfolk Southern (NSC) are down sharply this year. Even Warren Buffett's Berkshire Hathaway (BRKB), which owns Burlington Northern Santa Fe, has taken a dip lately. But FedEx isn't the only company sounding the recession alarm bell. In an unusually dour earnings call earlier this month, the CEO of high-end furnishings retailer RH (RH) (aka Restoration Hardware) said that "anybody who thinks we're not in a recession is crazy" and added that the housing market is in a downturn that is "just getting started."The chief financial officer of Best Buy...
    Trash is a massive carbon offender. Whether it sits in a landfill or burns in an incinerator, it releases harmful greenhouse gases. And much of that trash could be repurposed or recycled, if only it were better identified and sorted. That's where a start-up called Smarter Sorting comes in.related investing newsInside the $4 billion family office of Walmart Heir Lukas WaltonRobert Franka day agoWhen it comes to managing and disposing of consumer products, both retailers and manufacturers have to comply with literally thousands of regulations. When it comes to recycling or repurposing products, rather than face even more regulations, they often just trash them. Smarter Sorting offers a way to reduce regulatory costs by showing companies exactly what is in their products, through an enormous and constantly growing database of ingredients. "We have a huge data set, over 456 billion data points, on what product actually are, their physical and chemical attributes, and we started that database for regulatory compliance needs to help companies understand how to make, market and move them safely, environmentally compliantly and efficiently," said Jacqueline...
    Motorcycle accidents can be some of the most severe types of accidents on the road. Not only are the riders susceptible to serious injuries, but they also often suffer significant damage to their bikes. If you have been injured in a motorcycle accident, it is important to understand the settlement factors that will affect your case. In this blog post, we will discuss some of the most important factors that will determine how much money you receive in a settlement. 1. The factors that are considered in motorcycle accident settlements When it comes to motorcycle accident settlements, there are a few key factors that will be considered. These include things like the severity of the injuries, the amount of damages incurred, and who was at fault for the accident. Another important factor is whether or not you have insurance. If you do not have insurance, it is likely that your settlement will be much lower than if you did have insurance. This is because the insurance company will be looking to recoup their losses from the accident. Finally, your lawyer...
    by Rich Weinstein and Allen Mendenhall   The mutual fund industry has gone “woke.” It’s not just the asset managers who screen socially “unacceptable” companies in industries involving, say, guns, fossil fuels, tobacco, or gambling. Those have been around for decades. No, there’s something else amiss. And if you’re investing your hard-earned money, you might be part of the problem. You see, when you invest in a mutual fund, you’re placing your money with an investment company that buys the shares of numerous corporations. The investment company is the owner of the corporations — it is the shareholder — and you are not. The investment company votes the corporate proxies. You do not. You may not know it, but these investment companies are, in many cases, focusing your money on political causes with which you disagree. For instance, if you disagree with any of the three prongs of ESG — environmental, social, or governance — you may be surprised to learn that your mutual fund supports them. And powerful investment companies are strong-arming corporate boards of directors to embrace...
    A striking dockworker on a picket line outside the Port of Liverpool during a strike in Liverpool, UK, on Tuesday, Sept. 20, 2022. Dockers at Britains fourth-biggest container port voted unanimously to reject their employers latest pay offer -- and walk off the job for two weeks in a strike that gets into full swing on Tuesday. Photographer: Anthony Devlin/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty Images Dock workers from the Port of Liverpool, the fifth-largest port in the UK, walked off the job on Tuesday in protest over wage negotiations. This eight-day strike overlaps with a second strike at the UK's largest container port, the Port of Felixstowe, set to begin on Sunday. With multinational companies including Ford — which on Monday warned of a significant cost increase from supply chain pressures — exporting from the UK, the continuing labor strife will stress an already congested European port network. Throughout the summer it was already dealing with mounting worker issues and a pileup of auto industry units and parts. Ford is one of thousands of companies that use...
    In this article SCBFYAntonio Guterres photographed in New York last September. On Tuesday, he said fossil fuel firms and their "enablers" needed to be held to account.John Minchillo | Pool | Getty Images News | Getty ImagesThe U.N. secretary general said Tuesday that developed economies should impose an extra tax on the profits of fossil fuel firms, with the funds diverted to countries affected by climate change and households struggling with the cost-of-living crisis. In a wide-ranging address to the U.N. General Assembly in New York, Antonio Guterres described the fossil fuel industry as "feasting on hundreds of billions of dollars in subsidies and windfall profits while households' budgets shrink and our planet burns." Fossil fuel firms and their "enablers" needed to be held to account, he went on to state. "That includes the banks, private equity, asset managers and other financial institutions that continue to invest and underwrite carbon pollution." It also included what he called "the massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny."More from CNBC Climate:Patagonia founder donates the entire...
    London (CNN Business)Rich economies should hit oil and gas companies with new windfall taxes to provide help for countries suffering from climate change, and people struggling with soaring energy and food bills, UN Secretary General António Guterres said Tuesday.The UN chief accused energy giants of "feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns."Guterres' comments, at the UN General Assembly in New York, come on the heels of a European Union proposal to introduce a windfall tax on oil, gas and coal companies, many of which have reported record-high profits as Russia's war in Ukraine and an energy crunch send prices soaring.The European Commission is proposing that EU states take a 33% share of the companies' surplus profits. The United Kingdom introduced a 25% windfall tax earlier this year to provide relief for people struggling with their energy bills but newly installed Prime Minister Liz Truss has said she won't extend it to pay for a much bigger program of subsidies this winter and next. US President Joe Biden's...
    (CNN Business)Regulators have spent years trying to make big tech companies pay for the ways they harvest and, at times, abuse users' data. One state, meanwhile, is literally making them pay up — and pay out directly to consumers.Illinois is one of just a few states in the United States that has a law requiring companies to get consumers' consent before snagging their biometric data, and its rule, passed in 2008, is seen as the toughest in the nation. The law, called the Biometric Information Privacy Act (BIPA), doesn't just force companies to get permission from people before collecting biometric data like fingerprints or scans of facial geometry. It also sets rules regarding how companies must safeguard such information, prohibits companies from selling Illinois residents' biometric data, and allows Illinois residents to sue companies for alleged violations of the law. In the nearly 15 years since its passage, services using biometric data — from palm print recognition for buying groceries to facial-recognition software for unlocking your smartphone — have become increasingly common. But legislation in the United States has not...
    Marc Benioff, chairman and chief executive officer of Salesforce.com Inc.David Paul Morris | Bloomberg | Getty Images
    Newcastle United's Alexander Isak in action with Crystal Palace's Cheick Doucoure.Lee Smith | Reuters Two longtime sports executives are launching an investment firm they say will back startups capitalizing on the growing opportunities at the intersection of sports, media and entertainment. Velocity Capital Management said Tuesday it will invest up to $50 million in early-stage companies with enterprise values of up to $2 billion. One of Velocity's co-founders is David Abrams, a co-owner of the English Premier League's Crystal Palace and a former private equity partner and chief investment officer of Harris Blitzer Sports & Entertainment, which owns the NBA's Philadelphia 76ers and the NHL's New Jersey Devils. The other co-founder is Arne Reese, who most recently served as the U.S. CEO of Sportradar, a sports technology business.  The firm has closed its first investment in Camp NYC, which creates shop-and-play retail experiences based on intellectual property from popular children's entertainment, such as Disney's "Mickey & Friends" and "Paw Patrol." "Camp is a business that cuts across some of the things we've been looking at as a firm," said Abrams....
    TRAVEL is set to be disrupted once more across the UK as further national train strikes have been announced next month. Here's everything you need to know about why drivers are going on strike and which services will be affected. What are the rail strike dates? Drivers from 12 operators across the county are expected to hold two 24-hour strikes next month following a long dispute over pay and working conditions. Strike action was planned for September 15, but union leaders postponed following the death of the Queen. Mick Lynch, general secretary of the National Union of Rail, Maritime and Transport Workers, said: ‘RMT joins the whole nation in paying its respects to Queen Elizabeth. The planned railway strike action on 15 and 17 September is suspended. We express our deepest condolences to her family, friends and the country.’ Aslef, the train drivers union is coordinating the action, and have yet to confirm the new dates. 1Strike action will once again cause travel disruption in the UKCredit: Alamy The most recent strikes at the end of August saw four out...
    CNBC's Jim Cramer on Monday offered three reasons why tech firms, including companies with strong balance sheets, are seeing pain in the stock market. The "Mad Money" host, who is filming the show from San Francisco this week, reiterated his warning against unprofitable companies from earlier this year but acknowledged that even firms with strong financials have been feeling the heat. He gave three reasons why this might be the case: The strong U.S. dollar and the Europe energy crisis are making companies more frugal with their purchases. "The underlying companies make products that their clients can live without in an increasingly tough global economy," Cramer said. The Federal Reserve might want stocks down. The central bank needs inflation to come down by any means necessary, which means the market could get uglier, Cramer said. The company's individual performances could have been lacking. "I happen to think Adobe's a terrific company, but its business has been slowing," he said. Cramer added that the jury's still out on whether tech will stay crushed, or if this is an opportunity to buy...
    Live from Music Row, Monday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – host Leahy welcomed Tennessee AG Jonathan Skrmetti in-studio to comment upon ESG’s backdoor social policy-pushing and the origins and purpose of the National Association of Attorneys General. Leahy: We continue our in-the-studio discussion with Tennessee Attorney General Jonathan Skrmetti. Also in-studio Braden Boucek with the Southeastern Legal Foundation, and Crom Carmichael, the original all-star panelist. General Skrmetti – that’s the way we should address you, right? General Skrmetti. Skrmetti: I’m told that is correct now, yes. Leahy: General Skrmetti. Okay, so there’s something that’s been really bugging me about America, and it’s this concentration of power in these big, huge funds that own stock in every Fortune 500 company. And this guy who runs one of the biggest ones, BlackRock – the aptly named Larry Fink, that guy – he’s a Lefty. He’s a far-left guy. And he came up with the idea of ESG. Tell us what ESG stands for. Skrmetti:...
    In this article HLT LMT Concept art of a "Starlab" space stationNanoracksPARIS — Hotel giant Hilton has signed on to design astronaut facilities for the private space station Starlab, currently under development by Voyager Space Holdings and Lockheed Martin, the companies told CNBC on Monday. In addition to designing hospitality suites and sleeping arrangements, Hilton will also work with Voyager to examine opportunities for marketing of the space station and astronaut experiences onboard. Voyager Chairman and CEO Dylan Taylor, speaking with CNBC at the 2022 International Astronautical Congress, said that he's excited by the "unique perspective" that Hilton brings to the project because "they're not space people." "It's almost like looking at it with a fresh set of eyes and saying: 'How do we reimagine this experience,'" Taylor said, adding that he sees it as "a bit of an edge." The partnership marks the first of its kind among the private stations in development, although both the space and hospitality sectors have long envisioned the possibilities of a hotel in orbit. "For decades, discoveries in space have been positively...
    BP's Deepwater Horizon rig burns in April 2010 following an explosion that led to the worst oil spill in US history.Associated Press This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. Campaigners have urged governments to intervene after oil companies were accused of misleading the public about their commitment to reducing carbon emissions. Oil and gas companies including Britain’s Shell and BP were urged to “stop their deception” this week as the US House committee on oversight and reform released documents showing that oil industry executives privately downplayed their public messages on efforts to tackle the climate crisis. The memo claimed that internal BP documents highlighted how carbon capture and storage (CCS)—a nascent technology that involves inserting CO2 emissions into underground rock formations—could “enable the full use of fossil fuels across the energy transition and beyond.” Congressional investigators also unearthed an internal Shell email discussing carbon capture, utilization, and storage (CCUS) in which an executive said: “We want to be careful to not talk about CCUS as prolonging the life of oil, gas or fossil fuels writ large.”...
    The 'tentative' deal President Joe Biden brokered between US freight rail companies and unions in the hopes of avoiding a massive economic disruption is at risk of collapsing, spelling trouble for the embattled president on the eve of the midterm elections. Though the deal agreed to raise rail employees' salaries by 24 percent over five years and gave up to $11,000 in bonuses, union leaders said it remains 'intentionally' vague about sick leave and other days off.  Organizer for Railroad Workers United, Ron Kaminkow, said the average rail worker felt 'a lot of anger, confusion and hostility' towards the deal.  The average rail worker put it more bluntly: 'Workers are pissed off and this time we actually have a lot of leverage,' said one locomotive engineer, according to The Hill, 'I know I'm not going to accept anything less than what we deserve.' Rail workers are scheduled to vote on the deal this Thursday, but if just one of the 12 railroad unions votes against the deal thousands of workers could go on strike and bring commerce to a halt across North...
    USGS A 4.4-magnitude earthquake and 4.3 aftershock hit Santa Rosa with no injuries, reminding Bay Area residents to bolt homes to foundations and take other quake-safety steps the U.S. Geological Survey regularly urges.         Gaming companies New poll shows Proposition 27, which would allow mobile and online sports betting in California, with only 34% support, a major blow to companies like Draft Kings that have spent $150 million pushing it.       Firefighters Weekend rain helped clear smoke and reduce the risk of wildfires in Northern California. But temperatures are expected to heat up again, and fire risk isn’t truly over until repeated storms come, usually in November.  
    In May 2020, Intel went shopping. And he went to Israel. A tech company in particular is valued for what it has done and continues to do, but also for what it knows. Moovit, the urban mobility app offered almost everywhere in the world, was a mine of data. With 6 billion pieces of anonymized data, it has the largest motion repository on the planet. One that brings together information from public and private companies, operators or shared mobility companies. In 2017, Intel also acquired another Israel-based technology company. Mobileye is part of an American company dedicated to developing self-driving cars and improving the intelligence of older models. They wanted to fully enter the race for the autonomous car, which, at the time, was already being led by Elon Musk with Tesla. With the acquisition of Movie, the two companies were expected to create synergies. A common reason to take Intel to the next level. It’s not clear how they’re going to do that. Steps have been taken from today. Movid will become the visible face of Mobileye’s self-driving cars,...
    by J.D. Davidson   Ohio businesses can get up to $25,000 from the state to cover the costs of apprenticeship training dating back to 2020, according to the Ohio Department of Job and Family Services. The money comes from a federal grant the Ohio Department of Job and Family Services received in 2020 to expand apprenticeships, Gov. Mike DeWine announced recently as part of National Workforce Development month. “As our economy grows and more companies choose to expand in Ohio, good-paying jobs in the skilled trades will continue to grow,” DeWine said. “Apprenticeships provide a proven path to success for those Ohioans looking to build their careers.” Ohio employers with registered apprentices in their workforces can apply for the grants to receive reimbursement of up to $2,500 per apprentice for up to 10 apprentices to help cover the cost of training and tool allowances. All applicants must have both a state ID and a federally registered apprenticeship ID. “Program sponsors and employers know that apprenticeships are an excellent way to build a skilled and highly motivated workforce,” said Matt...
    New York City Mayor Eric Adams speaks to attendees while they take part in the New York Democrats for Election Night Watch Party with Governor Kathy Hochul and Lieutenant Governor Antonio Delgado during New York primary election 2022 in New York, U.S., June 28, 2022.Eduardo Munoz | Reuters At a private dinner Wednesday at New York's swanky Le Pavillon, New York City Mayor Eric Adams called on tech executives to keep their companies in the city, even as industry leaders raise concerns to city officials of soaring rents and violent crimes. Over entrees of steak, halibut or pasta and copious amounts of wine, Adams made an "impassioned plea for tech executives to stay and invest in New York," said one attendee. He told the more than two dozen tech leaders who were there: "New York City needs and wants technology companies," said another attendee, adding that city officials want tech companies to "help grow the economy of this city." Adams' spokesman Fabien Levy confirmed the mayor spoke to the tech executives, but said: "Mayor Adams wasn't there for dinner." "While...
    PayPal is cutting off its business relationship with the Phoenix Suns in light of an investigation into team owner Robert Sarver’s conduct. Earlier this week, Phoenix Suns and Mercury owner Robert Sarver was suspended by the NBA for one year and fined $10 million following an investigation into his workplace conduct going back over a decade that focused on sexual harassment and a tone of misogyny and racism. Many perceived that punishment to be incredibly light given the context of the report’s findings. Here is a good summation of what is inside the report from Zach Lowe on ESPN’s The Jump: Zach Lowe with some excellent perspective on Robert Sarver on NBA Today. @ZachLowe_NBA pic.twitter.com/Yn1rwIu1WZ — Malika Andrews (@malika_andrews) September 13, 2022 The NBA went about as far as it could with the suspension. The financial hit is the maximum the NBA can fine Sarver per its bylaws. Many hoped, given what the report found, that the punishment on a suspension would look more like the NBA’s ban of Donald Sterling, former Clippers owner who was banned for life...