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☆ Rupert Murdoch steps down as chairman of Fox and News Corp.
▼ + stars: | 2023-09-21 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

Rupert Murdoch is stepping down as chairman of the board of both Fox Corp. and News Corp. , the companies said Thursday. Lachlan Murdoch, one of his sons, will become sole chairman of News Corp. and will continue as Fox Corp.'s executive chair and CEO. At the time, Fox had opposed having the elder Murdoch — as well as other top Fox executives — appearing in person, citing his age. Since July 2022, Murdoch had worked from his home in Montana rather than going into Fox or News Corp. offices, according to a securities filing. News Corp. owns newspapers The Wall Street Journal and New York Post, among other publications, while Fox is the parent company of right-leaning TV networks Fox News and Fox Business.

Persons: Rupert Murdoch, Murdoch, Lachlan Murdoch, –, Joe Biden, Donald Trump, Murdoch's, Fox, Murdoch —, —, Fox wouldn't, Tucker Carlson, Marvin Davis, Michael Wolff's, Read, Lachlan Organizations: Fox Corp, News Corp, Voting Systems, Fox News, Fox, Wall Street, New, New York Post, Fox Business, News, Century Fox, Fox News Channel, Disney Locations: Dominion, Delaware, Montana, New York, Australian, Adelaide, Australia, Britain, U.S, cahoots

NEW YORK (AP) — Rupert Murdoch, the 92-year-old Australian media magnate whose creation of Fox News made him a force in American politics, is stepping down as leader of both Fox's parent company and his News Corp. media holdings. Fox said Thursday that Murdoch would become chairman emeritus of both companies, effective at board meetings in November. Stock in Fox Corp., while positive this year, began to decline early in 2022, due in part to lawsuits and investor anxiety over the loss of viewers to smaller media outlets. While Murdoch never ran for political office, politicians in the United States and Britain anxiously sought his approval. Murdoch dismissed them as isolated instances that were “largely political because we're conservative.”Shares of News Corp. and Fox rose Thursday in early trading.

Persons: — Rupert Murdoch, Fox, Murdoch, Lachlan, Lachlan Murdoch, Rupert Murdoch, Tucker Carlson, Michael Wolff, ”, Paolo Pescatore, ” Murdoch, James, Elisabeth, Prudence, Donald Trump, Wolff, Trump, Ron DeSantis, DeSantis, Britain's, Roger Ailes, Bill O'Reilly, ___, Kelvin Chan, Jill Lawless Organizations: Fox News, News Corp, Fox Corp, Fox, ABC, CBS, NBC, Street Journal, New York, Walt Disney Co, Marvel, Geographic, Channel, CNN, MSNBC, Stock, “, Foresight, HBO, Forbes, Florida Gov, Sky, Sunday Times, Sun Locations: Adelaide, Australia, United States, Britain, Sky, London

☆ Rupert Murdoch completes the real-life 'Succession' story. Here's how his son Lachlan rose to the top.
▼ + stars: | 2023-09-21 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

Rupert Murdoch announced he is stepping down as the leader of Fox and News Corp.His elder son, Lachlan, will take over both companies, ending a decades-long family drama. She quit the family business years ago. AdvertisementAdvertisementThat left Lachlan and James, who have passed the title of successor between the two of them over the decades. For much of the 2000s and 2010s, it seemed as if James would eventually take over the family business. AdvertisementAdvertisementMeanwhile, Murdoch's favorite son, Lachlan, has been a Roman Roy-esque wild card, with the same right-wing politics as the "Succession" character.

Persons: Rupert Murdoch, Lachlan, HBO's, Lachlan Murdoch, Murdoch, —, Logan Roy, I'm, Murdoch's, Michael Wolff, — Elisabeth, James —, Murdoch didn't, Jonathan Mahler, Jim Rutenberg, Elisabeth, Siobhan Roy, James, Kendall Roy, Wolff, Kendall, Roman Roy, Fair's Gabriel Sherman, Lachlan weren't, Sherman Organizations: Fox, News Corp, Service, Fox Corp, Fox News, Street, New, New York Post, Fair, New York Times, Wall, Century Fox, latter's, New York Magazine Locations: Wall, Silicon, New York, Roman, Australia

☆ Rupert Murdoch has become a 'frothing-at-the-mouth' enemy of Donald Trump and often wishes for his death, new Michael Wolff book claims
▼ + stars: | 2023-09-20 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Rupert Murdoch has become a "frothing-at-the-mouth" enemy of Donald Trump, according to a new book. The Guardian obtained a copy of Michael Wolff's "The Fall: The End of Fox News and the Murdoch Dynasty"Wolff claims in the book that Murdoch often fantasizes about the former president's death. Author Michael Wolff wrote in "The Fall: The End of Fox News and the Murdoch Dynasty" that Murdoch has in recent times become a "frothing-at-the-mouth" enemy of Trump, per The Guardian's reporting on it. According to Wolff's book, Murdoch's anger has now escalated to the point where he has become fixated on the former president's demise. Wolff claims that Murdoch has made statements like: "'We would all be better off …?'

Persons: Rupert Murdoch, Donald Trump, Michael Wolff's, Murdoch, Wolff, Michael Wolff, Joe Biden's, Murdoch's, Trump Organizations: Guardian, Fox News, Service, Street, Trump, New York Post, Trump White, CNN Business, News Corp Locations: Wall, Silicon, Trump, Arizona, Wolff's

☆ Tucker Carlson says Ron DeSantis did not kick his dog
▼ + stars: | 2023-09-20 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

A new book claims that Ron DeSantis pushed — and possibly kicked — Tucker Carlson's dog under a table. "DeSantis pushed the dog under the table. The book also claims that Carlson came away from the meeting believing that DeSantis was a "fascist." Asked about the claims, DeSantis campaign spokesman Andrew Romeo also issued a strong denial. "Some will say or write anything to attack Ron DeSantis because they know he presents a threat to their worldview."

Persons: Ron DeSantis, — Tucker Carlson's, Carlson, Tucker Carlson's, Michael Wolff's, Murdoch, Ron, Casey DeSantis, Susie, DeSantis, Andrew Romeo, Romeo, Wolff, Donald Trump's Organizations: Service, Caucus, Florida Governor, Fox News, York Magazine, Wolff's, Trump Locations: Wall, Silicon, DeSantis, Boca Grande , Florida

☆ A New Dispute Arises Over a 15-Year-Old Formula 1 Title
▼ + stars: | 2023-09-20 | by ( Victor Mather | More About Victor Mather | ) www.nytimes.com time to read: +1 min

Felipe Massa, the Brazilian racing driver, believes he lost the Formula 1 championship unfairly, and now he plans to ask a British court to have the result overturned. The twist is that the title he is seeking is from 2008. Massa lost the championship that year by a single point, but a scandal about a possibly deliberate crash in one race and revelations that have come in the ensuing years have prompted him to seek a reversal. “I am the champion, and I feel that.”But many in the sport are uncomfortable re-examining such an old case. “If everybody were to open up situations, then the sport would be in disarray,” Toto Wolff, the current head of the Mercedes team, told reporters over the weekend.

Persons: Felipe Massa, Massa, “, ”, ” Toto Wolff Organizations: Associated Press, Mercedes Locations: Brazilian, “

☆ He Dissected Trump. Now Michael Wolff Performs an Autopsy on Fox News.
▼ + stars: | 2023-09-19 | by ( A.O. Scott | More About A.O. Scott | ) www.nytimes.com time to read: +1 min

A story of chaotic corporate stewardship and generational conflict unfolds in the shadow of a looming actuarial certainty. A gritty reboot of “The Mary Tyler Moore Show,” you might say. In Wolff’s view, playing the saga for laughs is a risky choice: “To treat the Fox phenomenon and the Murdoch family as a cultural confection ripe for comedy,” he writes, “may be dangerously close to liberal sacrilege.”Maybe. You could also argue that laughing at Fox News — and at Donald J. Trump, the subject of Wolff’s recent best-selling trilogy and a major offstage character in “The Fall” — has been a cherished liberal pastime for years. Not that Wolff, who likes to play peekaboo with his own ideological leanings, has anything but contempt for a media mainstream (The Times very much included) that he sees as imprisoned by soggy left-leaning sentiments.

Persons: Murdoch, Michael Wolff Michael Wolff’s, Rupert Murdoch, Wolff, ”, “, The Mary Tyler Moore, Donald J, Trump, —, soggy Organizations: Fox News

☆ Wolff says F1 risks disarray if Massa succeeds in title bid
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

Sept 19 (Reuters) - Formula One risks disarray in the unlikely event of Felipe Massa winning a threatened legal claim for the 2008 world championship, according to Mercedes team boss Toto Wolff. The Brazilian lost that title by a point to Britain's Lewis Hamilton, then at McLaren and now at Mercedes and a seven-time world champion. "I don't think he has a case, to be honest," Wolff told reporters at the latest edition of the Singapore Grand Prix last weekend. "For me this is like watching a telenovela or soap opera playing out in front of me," added the Austrian. Wolff had said earlier that Massa's case was sure to set a precedent and Mercedes were watching "with curiosity".

Persons: Felipe Massa, Mercedes, Toto Wolff, Britain's Lewis Hamilton, Wolff, Massa, Wolff's, I'm, Hamilton, Max Verstappen, Michael Masi, Alan Baldwin, Ken Ferris Organizations: Ferrari, Massa, McLaren, Mercedes, Singapore, Prix, Austrian, Thomson Locations: Singapore, Abu Dhabi, London

☆ Michael Wolff’s juicy book on Fox News is set to hit shelves. Here’s why readers should be cautious when diving into it
▼ + stars: | 2023-09-19 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

In the forthcoming book, a copy of which CNN obtained in advance of its release, Wolff makes a number of shocking and explosive claims. Suzanne Scott feared she would lose her job as chief executive of Fox News amid the Dominion lawsuit, he reports. And Fox sources tell me that Wolff made no attempt to fact check his book with either Fox News or its parent company, Fox Corporation. With Fox News, where an author might be basing major claims using less-than-reliable sources, the risks are more pronounced, making such reporting efforts even more paramount. Fox News, for its part, is choosing not to respond to the specific claims Wolff makes in the book.

Persons: Michael Wolff, Murdoch, ”, Wolff, Rupert Murdoch, Sean Hannity, Suzanne Scott, Critics, Walter Isaacson, Elon Musk, Isaacson, Musk, Bret Baier, Jesse Watters, “, ” Wolff, Murdoch’s, ‘ Organizations: CNN, Fox News, Dominion, Elon, Eastern, Musk, Washington Post, Fox Corporation Locations: Manhattan’s Greenwich, Russian, Crimea

☆ Lionel Messi: Inter Miami loses as Argentinian superstar rested
▼ + stars: | 2023-09-17 | by ( Issy Ronald | Jacob Lev | ) edition.cnn.com time to read: +2 min

CNN —Since Lionel Messi’s arrival at Inter Miami, the club has experienced a turnaround in its fortunes, going unbeaten in 11 games after a nine-game winless streak. But that all changed on Saturday as Inter Miami sunk to a 5-2 defeat against Atlanta United, after taking to the field without Messi who was rested for the first time since signing for the club in July. Inter Miami scored first following a superb Leonardo Campana goal in the 25th minute, as he controlled the ball with his chest, chipped it over a defender, and volleyed it into the net. Inter Miami conceded five goals, including an own goal. “Honestly, I told the players, there are a lot of things out there in the atmosphere and everything seems to be about Inter Miami,” he said, according to ESPN.

Persons: Lionel Messi’s, Messi, Leonardo Campana, Tristan Muyumba, Brooks Lennon, Campana, Giorgos Giakoumakis, Tyler Wolff, Geoff Burke, CNN’s Don Riddell, “, Gonzalo Pineda, ” Organizations: CNN, Inter Miami, Atlanta United, USA, Network, Reuters, Mercedes, Benz, ESPN, “, ” Inter Miami’s, Toronto FC, D.C, United, Audi Field Locations: Miami, Atlanta, Fort Lauderdale , Florida, Washington

☆ Mercedes watching Massa case with interest, says Wolff
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Former Ferrari driver Massa lost that title by a point to Lewis Hamilton, now at Mercedes and a seven-time world champion. The Brazilian, 42, says an alleged "conspiracy" denied him the title because the sport's leaders knew the 2008 Singapore Grand Prix was manipulated but took no action until a year later. Wolff suggested that outcome could also be challenged if Massa were to succeed with his case. "The FIA commented on the 2021 race with a clear statement so that's why we are looking at it with interest," he said. The governing FIA said in March 2022 after an enquiry that "the results of the 2021 Abu Dhabi Grand Prix and the FIA Formula One World Championship are valid, final and cannot now be changed."

Persons: Felipe Massa, Edgar Su, Felipe Massa's, Toto Wolff, Massa, Lewis Hamilton, Nelson Piquet, Fernando Alonso, Wolff, Hamilton, Max Verstappen, Michael Masi . Wolff, Alan Baldwin, Ken Ferris Organizations: Singapore, Circuit, Rights, Ferrari, Mercedes, Renault, FIA, Abu, Prix, Thomson Locations: Singapore, Rights SINGAPORE, Abu Dhabi, London

☆ FIA issues written warning to Red Bull's Marko for Perez comments
▼ + stars: | 2023-09-15 | by ( Tom Westbrook | ) www.reuters.com time to read: +2 min

Marko, 80, apologised last week after referring to Perez as a "South American" who was less focused than dominant Red Bull team mate Max Verstappen or the team's now-retired champion Sebastian Vettel. "We can confirm that Helmut Marko has received a written warning and been reminded of his responsibilities as a public figure in motor sport in line with the FIA Code of Ethics," said an FIA spokesman at the Singapore Grand Prix. Perez said on Thursday he had accepted a personal apology from Marko, whose comments continued to provoke a strong reaction in the paddock. It was not the first time Marko had referred to Perez as a South American, although the Mexican comes from Guadalajara which is geographically in North America. "I'm Italian so I know that sometimes we have been facing the same comments," said Alfa Romeo's Alessandro Alunni Bravi.

Persons: Gilles Villeneuve, Sergio Perez, Helmut Marko, Evan Buhler, Marko, Perez, Max Verstappen, Sebastian Vettel, Mercedes, Toto Wolff, hasn't, Lewis Hamilton, McLaren, Zak Brown, Verstappen, Alessandro Alunni Bravi, Alan Baldwin, Ken Ferris Organizations: Prix, Grand Prix REUTERS, Rights, Red Bull, FIA, Singapore, Formula One, Mexican, One, Thomson Locations: Montreal, Canada, Rights SINGAPORE, Austrian, Mexican, Guadalajara, North America, Mexico, South America, London

☆ Verstappen hits back at Wolff over 'Wikipedia' comment
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

Wolff made his comments after this month's Italian Grand Prix, where Mercedes were beaten by both Ferraris as well as the two Red Bulls. Asked at the Singapore Grand Prix for his reaction, Verstappen said he was not disappointed. Verstappen, who is 145 points clear of team mate Sergio Perez in the championship and set for a third title well before the end of the season, suggested Wolff should focus on his own team. "We knew that we just had to work harder, try to be better and try to get to that level. Hamilton is currently fourth in the standings, 200 points behind Verstappen.

Persons: Max Verstappen, Jennifer Lorenzini, Toto Wolff, Wolff, Mercedes, Verstappen, Sergio Perez, Lewis Hamilton, Hamilton, George Russell, Bull, Alan Baldwin, Toby Davis Organizations: Prix, Autodromo Nazionale Monza, Prix REUTERS, Rights, Mercedes Formula, Ferraris, Red Bulls, Singapore, Thomson Locations: Monza, Italy, Rights SINGAPORE, Austrian, London

☆ An Unexpected Hotbed of Y.A. Authors: Utah
▼ + stars: | 2023-09-03 | by ( ) www.nytimes.com time to read: +1 min

American book-reading habits have been in decline for decades, but you wouldn’t know it from sitting in on a young-adult literature class held last winter at Brigham Young University. The professor, Chris Crowe, arrived to the classroom with a box full of books. When he announced they were free for the taking, some two dozen students rushed to the table. There were reminders that the class was taking place at “the Lord’s university,” as B.Y.U. And the discussion, which that day focused on “Make Lemonade,” Virginia Euwer Wolff’s verse novel about two teenagers living in poverty, came to a familiar head.

Persons: Chris Crowe, of Jesus Christ, S.E ., Laurie Halse Anderson, Virginia Euwer Organizations: Brigham Young University, ”, of Jesus, S.E Locations: S.E . Hinton, Virginia

In the second quarter ended July 30, Lululemon's North America sales rose 11% as its affluent customer base picked up more of its workout gear and crossbody bags. Sales in China, which accounted for roughly 12% of overall revenue, increased 61% thanks to resilient demand following the easing of pandemic curbs. Lululemon said inventories increased 14% in the second quarter, below the roughly 20% growth forecast in June. The company's gross margins increased 230 basis points to 58.8% in the second quarter. It expects annual profit between $12.02 and $12.17 per share.

Persons: Andrew Kelly, Lululemon, Calvin McDonald, Rachel Wolff, Granth, Maju Samuel Organizations: REUTERS, North, Lululemon's, Nike, Thomson Locations: Manhattan , New York, U.S, Lululemon's North America, United States, China, Bengaluru

☆ Hamilton set to race into his 40s with Mercedes
▼ + stars: | 2023-08-31 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

SummaryCompanies Hamilton staying at Mercedes in 2024 and 2025New contract will see him race into his 40sUnchanged lineup with RussellMONZA, Italy, Aug 31 (Reuters) - Seven times Formula One world champion Lewis Hamilton said he had never been hungrier to win after agreeing a new deal to race on with Mercedes until the end of 2025, and into his 40s. That would put Hamilton on a level with Red Bull's dominant double world champion Max Verstappen as the highest-paid drivers. MOST SUCCESSFULHamilton last won a race in 2021, with Red Bull and Verstappen in 2022 ending Mercedes's record run of eight successive constructors' world titles. The team are second in the current standings but a mighty 285 points behind Red Bull, who have won every race. Russell joined the Mercedes lineup last season as replacement for Valtteri Bottas and took his first victory in Brazil -- the last time Red Bull were beaten.

Persons: Hamilton, Russell MONZA, Lewis Hamilton, Mercedes, Briton George Russell, Max Verstappen, We've, we've, Red Bull, isn't, Russell, Valtteri Bottas, Toto Wolff, Lewis, it's energising, Wolff, Alan Baldwin, Ken Ferris Organizations: Mercedes, Briton, Prix, Hamilton, McLaren, Thomson Locations: Italy, Hamilton, Brazil

☆ Prosecutors want to know how drunk Rudy Giuliani was when he was advising Trump on overturning the 2020 election
▼ + stars: | 2023-08-29 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +3 min

Prosecutors want to know how intoxicated Rudy Giuliani was during and after the 2020 election. They also want to know if Trump knew that Giuliani was drunk when he was advising the former president. An aide testified that Giuliani was "intoxicated" on Election Night 2020 but Giuliani said he was only drinking Diet Coke. Investigators have also asked witnesses if Trump gossiped about Giuliani's drinking, and if the former president ever said Giuliani's drinking habits affected his judgment. One Trump aide, Jason Miller, previously said Giuliani was drunk at the White House's 2020 election night party.

Persons: Rudy Giuliani, Trump, Giuliani, Coke, Jack Smith, Donald Trump, Jason Miller, Miller, Donald J, Carol Leonnig, Philip Rucker, Michael Wolff Organizations: Service, Washington, Department, Trump Locations: Wall, Silicon, York, Georgia

☆ Mercedes lick wounds after worst result yet in 2023
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

The eight points scored marked the first time this season that Mercedes had failed to take at least double figures from a weekend. "I think we stayed out catastrophically too long (in the first stint)," Wolff told Sky Sports television. "I'd rather have a fast race car and a mediocre result even if it hurts," said Wolff. The situation is never one person or one department... that was absolutely subpar from all of us and that includes me. Writing by Alan Baldwin in London, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Max Verstappen, Yves Herman Acquire, Toto Wolff, George Russell, Lewis Hamilton, Mercedes, Russell, Wolff, Lando Norris, George, Max, Lewis, Ferrari's Carlos, Sainz, It's, Alan Baldwin, Pritha Sarkar Organizations: Prix, Hamilton, Sky Sports, Briton, McLaren, Thomson Locations: Zandvoort, Netherlands, ZANDVOORT, London

☆ Verstappen takes Dutch GP pole for third straight year
▼ + stars: | 2023-08-26 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

The outcome left Red Bull's runaway championship leader perfectly placed for a record-equalling ninth successive win on Sunday, with his team chasing a 14th straight victory. Norris, fastest when the session was halted with four minutes remaining after Charles Leclerc crashed his Ferrari, ended up second. Verstappen's time of one minute 10.567 seconds on a drying track was 0.537 faster than Norris could manage. FINAL SESSIONThe pole was Verstappen's eighth in 13 races this season and 28th of his career. New Zealander Liam Lawson, making his F1 debut as replacement for the injured Daniel Ricciardo at Red Bull-owned AlphaTauri, qualified in last place.

Persons: Norris, Russell, Max Verstappen, McLaren's Lando Norris, Charles Leclerc, Max, George Russell, Mercedes, Alex Albon, Williams, Fernando Alonso, Aston Martin, Ferrari's Carlos Sainz, Sebastian Vettel, Red Bull, Bull's Sergio Perez, Verstappen's, Logan Sargeant, Albon, Sargeant, Leclerc, Lewis Hamilton, Toto Wolff, Hamilton, Aston, Lance, AlphaTauri's Yuki Tsunoda, Tsunoda, Lewis, Wolff, Sainz, McLaren's Oscar Piastri, Ferrari, Liam Lawson, Daniel Ricciardo, Red, Alan Baldwin, Hugh Lawson, David Holmes Organizations: McLaren, Williams, Prix, Zandvoort, Ferrari, Briton, U.S, Verstappen, New, Red Bull, Thomson Locations: London

☆ Abercrombie & Fitch raises sales forecast as new clothing styles attract shoppers
▼ + stars: | 2023-08-23 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. Revenue from the Abercrombie brand rose 26% in the quarter, while that from Hollister recorded its first growth, with an 8% rise, following a decline in the past five quarters. Abercrombie now expects fiscal 2023 net sales to rise around 10%, compared with its prior forecast range of 2% to 4% growth. Its per-share profit of $1.10, for the three months ended July 29, crushed estimates of 17 cents, according to Refinitiv IBES data. Reporting by Deborah Sophia in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Abercrombie, Fran Horowitz, Rachel Wolff, They've, Wolff, Hollister, Deborah Sophia, Shweta Agarwal Organizations: Abercrombie, Fitch, REUTERS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Verstappen chasing record-equalling ninth win in a row
▼ + stars: | 2023-08-23 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

The 25-year-old Red Bull driver can count on a capacity crowd cheering him all the way as he returns home more dominant than ever. Red Bull are meanwhile chasing a 14th successive win, and 13th of this season, with the run dating back to Abu Dhabi last year. "I'm excited to get going with the second half of the season now and what better way to start than in the Netherlands," said Verstappen. "There is no change to the team’s strategy or objectives, only a change in some personnel as outlined before the break. Zandvoort is an exciting fresh start for all of us and I’m sure everyone at the team is ready for the challenge."

Persons: Max Verstappen, Sebastian Vettel's, Sergio Perez, Bull, Abu Dhabi, Germany's Vettel, Red Bull, Aston Martin, Ferrari, Charles Leclerc, Fred Vasseur, Frenchman, Robert Shwartzman, Carlos Sainz's, Mercedes, Toto Wolff, Lewis Hamilton, George Russell, Szafnauer, Bruno Famin, Alan Baldwin, Pritha Sarkar Organizations: Mercedes, Ferrari, McLaren, Red Bulls, Monegasque, Zandvoort, Aston, Renault, Thomson Locations: Zandvoort, Abu, Netherlands, Belgium, Monza, Austrian, London

☆ Bond investors show confidence in Schwab after cost-cutting
▼ + stars: | 2023-08-23 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. The announcement led to a 5% fall in Schwab shares on Tuesday but did not hurt investor appetite for its new bonds. "The strong response shows bond investors, at least in the near term, have gotten over their worries about the credit fundamentals of top-tier regional banks after the banking crisis in March," said Richard Wolff, head of U.S. syndicate at Societe Generale (SOGN.PA). Schwab's bond trade also drew attention as new investment grade bond supply this month has so far been lower than expected. Counting Schwab's $2.35 billion in bonds, investment-grade bond volume sits at just $3.45 billion for the week and $67.1 billion so far in August, according to Informa Global Markets data.

Persons: Charles Schwab, Brendan McDermid, Schwab, Richard Wolff, Dan Krieter, Brian Mulberry, David Del Vecchio, Natalie Trevithick, Matt Tracy, Nupur Anand, Shankar Ramakrishnan, Sonali Paul Organizations: REUTERS, Societe Generale, BMO Capital, Zacks Investment Management, Federal Home Loan Bank, Payden, Informa, Thomson Locations: New York, U.S, Los Angeles

☆ Macy's results beat estimates, maintains forecasts on weak consumer spending
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The R.H. Macy and Co.flagship department store is seen in midtown New York, New York, U.S. November 11, 2015. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - Macy's (M.N) kept its annual forecasts unchanged even though its second-quarter sales and profit beat market expectations on Tuesday as the upscale department store chain expects consumer spending to stay under pressure. It reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. "Despite beating profit and sales expectations, Macy’s earnings show that discretionary demand remains constrained as shoppers allocate more of their budgets to everyday necessities," Insider Intelligence analyst Rachel Wolff said. Comparable sales for Macy's-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop, according to Refinitiv data.

Persons: Macy, Brendan McDermid, Macy's, Gross, Rachel Wolff, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Target, Insider, Thomson Locations: New York , New York, U.S, Bengaluru

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

☆ Opinion | Analyze This: Donald Trump’s Thoughts and Speech
▼ + stars: | 2023-08-16 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Donald Trump’s Way of Speaking Defies All Logic,” by Michael Wolff (Opinion guest essay, Aug. 6):Mr. Wolff argues persuasively that much of what Donald Trump says can be chalked up to illogical and thus legally inconsequential blather and bluster. Except that is true only when one evaluates the former president’s pronouncements individually. Thus, the route to defeating Mr. Trump’s “my words are meaningless” defense is to assemble them into their coherent and sinisterly subversive whole meaning. To the Editor:Michael Wolff’s depiction of Donald Trump’s language and thinking as disordered rings true after years of hearing and reading the former president’s communications. His speech on the Ellipse on Jan. 6 contains a number of examples of indirect language.

Persons: Donald Trump’s, Michael Wolff, Wolff, persuasively, Donald Trump, Trump, Trump’s, Richard Sclove Amherst, Michael Wolff’s Locations: Mass

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