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The most significant player in the space, Dick's Sporting Goods, controls an estimated 14.2% of the market, the most by a single company. Dick's Sporting Goods was founded in 1948 by 18-year-old Dick Stack who had just $300 in his pocket when he opened his first store. In the 1990s, the company expanded its offerings to include more sports, outdoor equipment, apparel and footwear, and by 1996, there were 50 Dick's Sporting Goods stores. While Dick's Sporting Goods was expanding, its archrival Sports Authority was on the verge of collapse. Dick's Sporting Goods' momentum continued well into 2021 as the company set new records.
NEW YORK, Feb 7 (Reuters) - Goldman Sachs Asset Management said Tuesday it had closed a $5.2 billion direct private markets fund that invests in high-growth businesses. The West Street Global Growth Partners fund attracted $3.7 billion from institutional and high net worth investors, as well as commitments from Goldman Sachs Group Inc (GS.N) and its employees. Goldman Sachs Asset Management oversees more than $2 trillion in assets. Last year it closed a $9.7 billion private-equity fund, its largest since 2007, that seeks to invest in companies with an enterprise value of about $750 million to $2 billion. The latest fund is managed by its growth equity business division led by Darren Cohen in New York, Nishi Somaiya in London and Stephanie Hui in Hong Kong.
‘American Pain’ Review: Entrepreneurs of an Epidemic
  + stars: | 2023-02-03 | by ( John Anderson | ) www.wsj.com   time to read: +1 min
A Wild West story set in the Sunshine State, “American Pain” uses the outrages of Chris and Jeff George —identical twins and the most entrepreneurial of Florida’s “pill mill” operators of the late 2000s—to frame the most tragic aspects of the opioid epidemic. Mr. Foster has an advantage in the fact that the Georges were already convicted and that they and their cohort have served their sentences (with the exception of Jeff George, who is interviewed by phone from prison). No one involved in their South Florida Pain Clinic—or its alias, American Pain—has any reservations about revealing details of the audacious business model on which the Georges built their operation, which federal investigators say was allowed to thrive thanks to a network of complicit doctors, suppliers and manufacturers. Transcripts of FBI phone taps reveal a laissez-faire attitude toward the costs of opioid addiction. “People have always overdosed,” says one George twin; “you’d have to be an idiot to get hit by a train,” says another, after a carload of customers was crushed just after leaving the clinic.
Big Oil mega-deals would put investors on the spot
  + stars: | 2023-02-02 | by ( George Hay | ) www.reuters.com   time to read: +5 min
So are Shell (SHEL.L), BP (BP.L) and TotalEnergies (TTEF.PA), but investors value U.S. oil majors way higher than European ones. $473 billion Exxon and $331 billion Chevron trade at 6 times expected EBITDA for 2023, twice the average of $210 billion Shell, $154 billion Total and $109 billion BP. One reason why is that as oil prices have soared, American drillers look more attractive than European ones that are also pressing into potentially lower-return renewable energy. Imagine Chevron or Exxon acquired BP for $170 billion, factoring in a 30% premium to its market capitalisation, plus debt. Any cross-border deal would see Chevron’s Mike Wirth or Exxon’s Darren Woods take a big bet on continuing high oil prices, and also attract political heat.
Brisbane, Australia CNN —Authorities scanning a remote Australian highway for a tiny missing radioactive capsule have found it by the roadside, after a challenging search likened to trying to find a needle in a haystack. Search teams found the missing capsule not far from the Rio Tinto mine, suggesting it fell off the truck soon after departure. On Thursday it would start its journey south again – this time to a health department facility in Perth. Department of Fire and Emergency Services/APRadiation Services WA says radioactive substances are transported throughout Western Australia on a daily basis without any issues. A member of the Incident Management Team coordinates the search for a radioactive capsule lost in transit.
The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon said it incurred a $1.3 billion hit to its fourth quarter earnings from a European Union windfall tax that began in the final quarter and from asset impairments. Slapping new taxes on oil earnings "has the opposite effect of what you are trying to achieve," she said, adding it would discourage new oil and gas production. Adjusted fourth quarter per share profit was $3.09 per share, below the $3.32 per share forecast by Zacks Financial.
Exxon Mobil posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Windfall profit taxes are "unlawful and bad policy," countered Mikells. Its results come ahead of what are expected to be strong earnings from Shell on Thursday and from BP and TotalEnergies next week.
The company reported an adjusted $2.12 per share on $43.11 billion in revenue. United Parcel Service – Shares of UPS rose 1.9% after the company reported earnings that beat analyst expectations. The company reported earnings of $3.86 per share, well below a Refinitiv consensus estimate of $4.06 per share. The company reported $3.63 in adjusted earnings per share on $5.17 billion of revenue. Wall Street analysts were expected $2.93 in earnings per share on $4.58 billion of revenue, according to StreetAccount.
Big oil can be lean and not mean
  + stars: | 2023-01-31 | by ( Robert Cyran | ) www.reuters.com   time to read: +3 min
The $460 billion firm said on Tuesday that it earned $13 billion in the fourth quarter, while Chevron said last week it earned over $6 billion. Oil demand growth has peaked, and may start to decline soon, according to BP’s 2023 Energy Outlook released on Monday. It’s conceivable both could have more cash than debt at the end of the year if the price of oil rises. Big oil can be lean, but not mean. The oil company retired $7.2 billion of debt in 2022.
"Overall earnings and cash flow were up pretty significantly year on year," Exxon Chief Financial Officer Kathryn Mikells told Reuters. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021. Part of it is explained by rising costs in the Permian, with inflation in the double digits, amid "really, really hot" demand for equipments and services, he said. Exxon's results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week.
CNN —Ford is boosting production of its popular Mustang Mach-E electric SUV and dropping its sticker price weeks after Tesla dropped prices of its vehicles. it has since been joined in the electric Ford lineup by the workhorse Ford F-150 Lightning. Tesla announced price cuts of as much as 20% on its electric vehicles earlier this month, after raising prices in 2022. Ford announced last summer that it was increasing production of the Mach-E as it added capacity for more battery production. Customers who complete the transaction for their Mach-E after today’s announcement will pay the new lower price, Ford said.
[1/2] A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit TessierJan 25 (Reuters) - Former U.S. President Donald Trump's potential return to Meta Platform's (META.O) Facebook and Instagram is unlikely to change how advertisers spend money with the world's second-largest digital ad company, ad agency executives said. In a blog post on Wednesday announcing Trump's reinstatement, Meta said he will face "heightened penalties for repeat offenses." Trump's reinstatement, however, reinforces long-standing concerns about how social media platforms can ensure that ads don't appear next to content that marketers consider unsuitable, D'Altorio said. Ad spending on Twitter slumped in the last two months of 2022, according to Standard Media Index, which measures ad spending based on data from ad agencies.
It followed a 3.9% rise in December and stayed above the central bank's 2% target for an eighth straight month, data showed on Friday. "These readings point squarely at a further, large increase in inflation at the national level this month," said Darren Tay, Japan economist at Capital Economics. Government measures to lower energy bills will kick in next month and bring inflation down by about 1% point," he said. The BOJ kept monetary policy ultra-loose this month but raised its inflation forecasts in fresh quarterly projections, as companies continued to pass on higher raw material costs to households. Kuroda, whose term will end in April, has stressed the need to keep monetary policy ultra-loose until wages rise more, changing the recent cost-push inflation into inflation driven by robust domestic demand.
An Amazon warehouse worker told the BBC the company's robots are treated better than human staff. Around 300 of the 1,000 workers at an Amazon warehouse in the UK began a strike over pay Wednesday. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyA striking Amazon warehouse worker has said the company treats its robots better than its human staff. "I wish we were treated like robots because the robots are treated better than us," Darren Westwood, who works at an Amazon warehouse in Coventry, UK, told BBC Breakfast in an interview that aired Wednesday. A spokesperson for Amazon told Insider that a "tiny proportion" of its workforce was involved in the industrial action, adding that the company was "proud to offer competitive pay."
London CNN —UK car manufacturing hit a 66-year low in 2022, as the closure of two plants, a global shortage of semiconductors and the effect of Covid lockdowns in China on auto supply chains crippled output. “The relationship between the UK and the EU, especially as you electrify, is still fundamental to the success of UK car manufacturing,” he said. UK factories made a record 234,066 electric vehicles in 2022, almost a third of all UK car production. Aston Martin and Jaguar Land Rover, owned by India’s Tata Motors (TTM), are also positive about the prospects for electric vehicle manufacturing in the United Kingdom. “Our continued investment in our UK facilities … will herald an exciting new era of electric car production in the UK,” the company said.
REUTERS/Brendan McDermid./File Photo/File PhotoLONDON, Jan 25 (Reuters) - Amazon (AMZN.O) workers at a warehouse in central England will walk out on Wednesday in a months-long wrangle over pay, marking the first time the U.S. tech giant's operations in Britain have faced strike action. About 300 employees in Coventry are expected to take part in the industrial action, according to the trade union GMB. Amazon increased starting pay by 50 pence to a minimum of between 10.50 and 11.45 pounds ($12.95 to $14.12) per hour last year. The country's minimum wage, which is currently 9.50 pounds an hour, is set to rise to 10.42 in April. Amazon, which employs thousands of workers across its 30 warehouses in the UK, had then responded to say its pay was competitive.
Who makes America's semi-trucks
  + stars: | 2023-01-25 | by ( Robert Ferris | Magdalena Petrova | Darren Geeter | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWho makes America's semi-trucksNearly every product Americans touch is carried at some point by a truck. Daimler Trucks is the biggest, through its Freightliner brand. Daimler has about 40 percent market share. Upstarts are boldly promising to deliver electric semi trucks and autonomous driving systems. But some industry analysts say there is not a clear business models for a lot of these innovations yet in long haul trucking.
As with castmates Michelle Yeoh, nominated for best actress, and Ke Huy Quan, nominated for best supporting actor, Stephanie Hsu’s name drew particular applause during her category’s announcement. Notably, after Campion became just the third woman to ever win best director at last year’s ceremony, not a single female director was nominated this time around. Overall, the lesbian power-trip flick made a lesser showing than the Daniels’ queer kung-fu film. But its six nominations included spots in the evening’s biggest categories, including best picture, best cinematography, best original screenplay and, predictably, best actress. But an Oscar for best actor would be the ultimate prize in what has been a victorious comeback tour for the former heartthrob, following his decadelong, virtual exodus from Hollywood.
The great apes do not have spoken language, but they share many gestures. Can humans like you understand those gestures too? Watch this short video and test your ability to read chimpanzee body language.
Between '97 and '02, HBO released TV series like "Sex and the City," "The Wire," and "The Sopranos." Counterprogram, counterprogram, counterprogramFrom its very inception in the early 1970s, HBO executives came to believe that if HBO was to thrive in the long-run, it would have to focus on doing things differently than the big three commercial TV networks: ABC, CBS, and NBC. When HBO executives sent the first episode of "The Sopranos" to a focus group, it scored horribly. The screening was attended by the film's cast, HBO executives, and a collection of Russian dignitaries. Anybody could watch a new TV series from the comfort of their home, and the actors starring in new TV shows were rarely famous.
Some professors say students are using new tech to pass off AI-generated content as their own. Some professors say students are using OpenAI's buzzy chatbot, ChatGPT, to pass off AI-generated content as their own. The issue has led to professors considering creative ways to stamp out the use of AI in colleges. Blue books and oral exams"I'm perplexed about how to handle AI going forward," Aumann told Insider. Bartel agreed that students could get away with using AI very easily.
J.B. Hunt Expects Freight-Demand Volatility to Ease This Year
  + stars: | 2023-01-20 | by ( Paul Page | ) www.wsj.com   time to read: +3 min
Trucking and logistics giant J.B. Hunt Transport Services Inc. expects freight demand to regain traction in the coming months as the pandemic-driven upheaval in supply chains fades and companies return to more conventional ordering cycles. “We have had good signals from our customers about Q2 starting up back to a more normalized or having a more normal environment,” J.B. Hunt President Shelley Simpson said in an earnings conference call Wednesday. “Demand for intermodal capacity was seasonally weaker than normal, as peak season activity leading up to the holidays was absent this year,” Darren Field, president of intermodal at J.B. Hunt, said in the earnings call. He said volumes weakened sequentially during the fourth quarter, with volumes up 4% in October before falling 3% in November and 5% in December. The steepest revenue decline came in J.B. Hunt’s Integrated Capacity Solutions unit, which matches freight loads to trucks.
[1/3] A woman walks past a Boeing logo at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 28, 2021. REUTERS/Aly SongDUBLIN, Jan 17 (Reuters) - The world's two largest planemakers defended themselves on Tuesday following criticism over delivery delays, with a Boeing (BA.N) executive saying increasing production after COVID-19 lockdowns was "not as easy as an on/off switch." Aircraft leasing firms have used a major industry conference to hammer manufacturers over delays. Air Lease (AL.N) executive chairman Steven Udvar-Hazy said they had "grossly misjudged" output, while one of Airbus' largest customers, AerCap (AER.N), called the European firm's production targets "very ambitious". To help remove the bottlenecks, Airbus has placed over 100 procurement specialists into its indirect suppliers to help them achieve the rates in the supply chain that the jetmaker requires to ramp up production, Pearman-Wright added.
Two philosopher professors said they caught their students submitting essays written by ChatGPT. If students don't confess to using the program, professors say it can be hard to prove. Antony Aumann, a religious studies and philosophy professor at Fordham University, told Insider he had caught two students submitting essays written by ChatGPT. When the chatbot said it was 99% sure the essays were written by ChatGPT, he forwarded the results to the students. Christopher Bartel, a professor of philosophy at Appalachian State University, said that while the grammar in AI-generated essays is almost perfect, the substance tends to lack detail.
"The economy grew a little in November with increases in telecommunications and computer programming helping to push the economy forward. Pubs and bars also did well as people went out to watch World Cup games," ONS statistician Darren Morgan said. The ONS said December's GDP would need to drop by about 0.5% for fourth-quarter growth to be negative when rounded to one decimal place, assuming no other revisions. Finance minister Jeremy Hunt said after the GDP data that "the most important help we can give is to stick to the plan to halve inflation this year so we get the economy growing again". Reporting by David Milliken and Andy Bruce; editing by Sarah Young and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.
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