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☆ Gap to Conduct Layoffs, Cutting 1,800 Corporate Jobs
▼ + stars: | 2023-04-27 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap’s latest round of cuts is expected to result in $300 million in annualized savings. Photo: Mario Tama/Getty ImagesGap Inc. said it is eliminating 1,800 jobs as part of a broad restructuring aimed at making the company more nimble and less bureaucratic. The job cuts are expected to result in $300 million in annualized savings as part of a plan outlined in March, the company said Thursday. The positions being eliminated are mainly at its San Francisco and New York headquarters as well as some senior field roles.

☆ California's reappearing phantom lake could remain for two years in the Central Valley
▼ + stars: | 2023-04-26 | by ( Emma Newburger | ) www.cnbc.com time to read: +4 min

An aerial view of a home (C) surrounded by floodwaters in the reemerging Tulare Lake, in California’s Central Valley, on April 14, 2023 in Corcoran, California. Mario Tama | Getty Images News | Getty ImagesSatellite images taken over the past several weeks show a dramatic resurrection of Tulare Lake in California's Central Valley and the flooding that could remain for as long as two years across previously arid farmland. This week, a heat wave could prompt widespread snow melt in the mountains and threaten the small farming communities already dealing with the resurrected Tulare Lake. Satellite imagery shows a large swath of farmland before water filled the Tulare Basin. Planet LabsSatellite images show miles of flooding after California's Tulare Lake returns.

CNN —Harry Belafonte, the dashing singer, actor and activist who became an indispensable supporter of the civil rights movement, has died, his publicist Ken Sunshine told CNN. Bettmann Archive/Getty Images Belafonte, left, plays a school principal in a scene from the film "See How They Run" in 1952. Bettmann Archive/Getty Images Belafonte poses with the Emmy Award he won in 1960 for the musical special "Tonight With Belafonte." Fred Sabine/NBCU/Getty Images Belafonte and other recipients of Albert Einstein Commemorative Awards display their medallions after being honored in 1972. He is survived by his wife Pamela, his children Adrienne Belafonte Biesemeyer, Shari Belafonte, Gina Belafonte, David Belafonte, two stepchildren Sarah Frank and Lindsey Frank and eight grandchildren.

☆ The demise of BuzzFeed News marks the end of an era for digital media
▼ + stars: | 2023-04-21 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

BuzzFeed News, the digital news outlet that harnessed the power of social media to take the internet by storm, is shuttering. Back then, BuzzFeed was the envy of media and its employees the cool kids of the industry. Lists and quizzes saturated social media feeds and dominated the internet. As the dinosaurs of the social media era get their lunch eaten by newcomers such as TikTok, so are the outlets that previously wielded those same platforms as their superpowers. BuzzFeed News gave BuzzFeed writ large prestige that the other content companies of the bygone era (ViralNova, Distractify, etc.)

☆ Rite Aid Seeks Direction as Pressure Mounts
▼ + stars: | 2023-04-19 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Rite Aid has said it aims to keep cutting expenses through 2024 by ramping up store closures and shrinking its workforce. Photo: Mario Tama/Getty ImagesRite Aid Corp.’s cash reserves are dwindling, a lawsuit is looming and sales are slowing ahead of the drugstore chain’s fourth-quarter earnings on Thursday. Meanwhile, investors are waiting for the company to name a permanent chief executive to chart a path to growth as demand wanes for Covid-19 booster shots and testing services.

☆ JPMorgan is asking senior managers to be in the office five days a week. Here's the latest on return-to-office mandates.
▼ + stars: | 2023-04-16 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: JPMorgan is asking senior managers to be in the office five days a week. The company told senior managers this week that they "have to be visible on the floor" in a memo asking managing directors to be in the office five days a week. Last month, Disney told employees they were expected to be back to the office four days a week. And Amazon said it wants all employees back in the office at least three days a week by next month, setting off both internal opposition and support, and a scramble to get office space ready. A dozen former Kittyhawk employees told Insider that Kittyhawk found itself torn between the conflicting visions and shifting priorities of its billionaire founder and his handpicked CEO.

☆ DeSantis says Florida won't help extradite Trump even though it's required by US Constitution
▼ + stars: | 2023-03-31 | by ( Kimberly Leonard | Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

DeSantis pledged Florida wouldn't be involved in an extradition to New York, given that Trump lives in Palm Beach. Ron DeSantis of Florida pledged Thursday that state officials would not help extradite former President Donald Trump from Florida to New York in a charged political attack on the prosecutor, following the first-ever indictment of a former president. The Florida extradition statute describes two ways of extraditing people from Florida to another state where they face criminal charges. The governor's only role is making sure the demand meets all the legal requirements before ordering the extradition, legal experts told Insider. He could also delegate and let another member of the Florida executive branch sign off on Hochul's extradition demand.

☆ The digital media rollup dream is dead for the moment — now it's all about core brand strength
▼ + stars: | 2023-03-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

What's happening in the digital media space echoes trends from the biggest media companies, including Netflix , Disney and Warner Bros. The rollup dream's rise and fallFrom late 2018 to early 2022, the digital media industry had a shared goal. First, digital media companies needed more scale to compete with Facebook and Google for digital advertising dollars. Large legacy media companies such as Disney and Comcast 's NBCUniversal invested hundreds of millions in digital media in the early and mid-2010s. "The digital media rollup has proven successful only when assets are thoughtfully combined with an eye toward consumers," Goldberg said.

☆ The three-day LA school strike is over. But get used to short, disruptive strikes like it
▼ + stars: | 2023-03-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

But technically, this was a strike to protest the school district’s labor practices, not over the state of the contract negotiations. Most of those short strikes started with both strikers and management knowing the length of the strike at the start. Los Angeles school workers and supporters rally in Los Angeles State Historic Park on the last day of a three-day strike this past week. Sometimes the union waging the strike doesn’t have the option, at least not at that time, to have an open-ended strike. Workers on strike sometimes receive strike benefits but they’re not eligible for unemployment benefits from their state.

☆ Goldman Sachs just told us the banking crisis makes it more pessimistic about the economy - and other recession signals are blaring too
▼ + stars: | 2023-03-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

The bank crisis that started with Silicon Valley Bank last Friday continues to unfold with what feels like to-the-minute developments. First Republic Bank branch on Park Avenue in New York City. In light of the bank runs, bank failures, and bank stock volatility, those odds are now at 35%, strategists said Thursday, citing "increased near-term uncertainty" surrounding the effects of small bank stress. Silicon Valley Bank and Signature Bank marked the second and third largest bank failures in history, respectively, behind only Washington Mutual in 2008. She explained why you should be prepared for more interest-rate volatility as fears of a financial crisis rise.

☆ Unfairly swept up in Wednesday's sell-off, these stocks now look more attractive
▼ + stars: | 2023-03-15 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

Another Club stock with defensive characteristics is Procter & Gamble (PG). The three companies have very little economic sensitivity, and our overarching reasons for owning them haven't changed: Eli Lilly for its innovative drug pipeline, J & J for its sterling balance sheet and upcoming breakup and Humana for the growth fueled by its retooled Medicare Advantage offering. Plus, their stocks have largely been out of favor in 2023, especially the drugmakers in Eli Lilly and J & J; shares of both companies are down more than 10% year to date. META 1Y mountain Meta Platforms (META) stock performance over the past 12 months. Meta shares rallied into the close, climbing 1.9%, to nearly $198 apiece.

☆ Silicon Valley Bank seizure leaves a massive hole — and a large opportunity — in the world of climate finance
▼ + stars: | 2023-03-15 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +7 min

"Nobody understands startups as well as Silicon Valley Bank and how to lend to them," says Zachary Bogue, a long-time tech investor and cofounder of DCVC. "Silicon Valley Bank understood that even though we may have only had $10,000 or so in deposits at the time, we had a lot of potential," Clerico told CNBC. "That early investment in our relationship paid off," Clerico told CNBC. In this, the bank "was a climate bank pioneer," said Steph Speirs, co-founder and CEO of Solstice Power Technologies, which has built a technology to help connect people to community solar projects. But it will take some time, and delays can be costly in the fight against climate change," Bhatraju told CNBC.

☆ EPA cracks down on 'forever chemicals' in tap water: What PFAS are, where they are, and why they're harmful
▼ + stars: | 2023-03-14 | by ( Morgan Mcfall-Johnsen | Jessica Orwig | ) www.businessinsider.com time to read: +9 min

The US Environmental Protection Agency just released a proposal for enforceable standards for six PFAS compounds in drinking water. The new EPA proposal would set the threshold for those two substances at 4 nanograms per liter of drinking water. It also proposes a "hazard index" to set a limit on the combined quantity of four other PFAS in drinking water: PFNA, GenX, PFBS, and PFHxS. Communities across the US have especially high PFAS contamination in their drinking water, often due to a nearby industrial or military facility. "You can't just regulate in drinking water, without addressing the other side," Sunderland said, adding that you have to "turn off the source."

☆ Oil and gas industry could slash methane emissions by 75% with barely a hit to income, says IEA
▼ + stars: | 2023-02-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

The Biden administration pledged to cut methane emissions from oil and gas production today. In California, 35,000 oil and gas wells sit idle, many of which are unplugged and could leak methane gas. For the oil and gas industry, fixing methane emissions mostly comes down to finding and repairing leaks. More than 150 countries have signed on to the Global Methane Pledge launched at the COP 26 conference in 2021 to address methane emissions. Those signatories represent 55% of anthropogenic methane emissions and 45% of methane emissions from the fossil fuel industry.

Police officers involved in the deaths have become an intense focus of investigation, protest, and media coverage. Despite being at the heart of some of the most defining incidents in modern policing, most of the officers involved continue to live their lives under the radar. Insider's review of 72 cops involved in two dozen of the most notorious police killings of the past 30 years shows the many different paths officers have taken. There's no nationwide view into what happens to officers involved in egregious incidents of violence. In rare cases, cops involved in these killings have tried to publicly rehabilitate their image rather than seek out anonymity.

☆ Economists still worry recession could be on the way. But here's how a soft landing may still be possible
▼ + stars: | 2023-02-16 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

"We are still on the path to lower inflation rates," House said. Economists said they still expect a recession following the new January inflation data. But the Federal Reserve lacks tools to prompt that area to cool off, he said. The new data shows slowing disinflation, he said, while the Federal Reserve will probably have to hold rates higher for longer. A 'Goldilocks scenario' could bring a soft landingThere is still hope, however, that the central bank may execute a so-called "soft landing," according to House.

Bored Ape Yacht Club was not the biggest crypto phenomenon, but it was one of the top beneficiaries of celebrity hype. The Bored Apes — a computer-generated collection of 10,000 cartoons — were being presented as a status symbol, membership in an exclusive club. Yuga sued Ripps for trademark infringement, and argues that his maligning of the Yuga apes is nothing more than a profiteering tactic. Hickman, who is Black, thought the Bored Apes looked like stereotypical portrayals of Black people as stupid or lazy. He said he thought this would be obvious to most people the second they saw an image of a Bored Ape.

☆ Fact Check-Video of scaffolding collapse on high-rise building was captured in Tama, Tokyo, not Turkey or Syria during Feb. 6 earthquake
▼ + stars: | 2023-02-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Footage of scaffolding peeling off the side of a high-rise building has been posted online next to a claim that it shows an incident during the Feb. 6, 2023, Turkey-Syria earthquake. However, the video was captured at least seven years ago in Tama, Tokyo. One Facebook user (here and archived: here) uploaded the recording alongside information about the quake which has killed more than 5,000 people (here and here)However, the video is unrelated to the 2023 earthquakes. Geolocation on Google Maps shows the video was captured in the Japanese city of Tama, Tokyo (bit.ly/3RCYrY8). The video is unrelated to the Turkey-Syria earthquake as it is at least seven years old and was recorded in Tama, Tokyo.

☆ Wall Street's biggest firms are warning their clients not to trust the stock market rally with trouble still on the way for the US economy and corporate earnings
▼ + stars: | 2023-02-07 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Stocks have responded positively, with the S&P 500 rising as much as 9.3% since the start of the year. "An improvement in US and global macro data has lifted the S&P 500 by 8% YTD and leads us to lift our 3-month S&P 500 target to 4000 (from 3600). Morgan StanleyMike Wilson, the bank's chief US equity strategist, has been warning of downside in the S&P 500 to fall for weeks now. In other words, this earnings recession is not priced, in our view." Wilson had the most accurate price target for the S&P 500 in 2022 among major Wall Street Strategists.

MONTEREY PARK, Calif. — Hundreds of mourners gathered Wednesday night at a vigil outside the Star Ballroom Dance Studio in Monterey Park, a typically quiet Los Angeles suburb now home to one of the worst tragedies in the county's history. "I'm honestly at a loss for words," said Andy Luu, who was born in Monterey Park. People participate in a community candlelight vigil at the Star Ballroom Dance Studio in Monterey Park, Calif., on Wednesday. Vice President Kamala Harris walks to lay flowers at the memorial outside the Star Ballroom Dance Studio, in Monterey Park, Calif., on Wednesday. Los Angeles artist Noah Reich helped build the altars for the Monterey Park victims.

☆ P&G's uneventful quarter and guidance overshadows compelling execution in a tough environment
▼ + stars: | 2023-01-19 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Club holding Procter & Gamble (PG) reported fiscal second-quarter results largely in line with expectations before the opening bell Wednesday. During the December quarter, management returned roughly $4.2 billion to investors via $2 billion share repurchases and another $2.2 billion via dividends. Guidance Management raised their fiscal year 2023 sales guidance, now expecting sales to be in a range of down 1% to in-line. On the bottom line, management reaffirmed EPS guidance to be in line to up 4% versus fiscal 2022 earnings of $5.81 per share, better than the 0.3% growth the Street has been modeling. We made a table (see above) of the reported numbers versus estimates and how each line item compares to the year-ago quarter and the prior fiscal quarter.

More than 40 million egg-laying hens have been culled in the U.S. alone, causing the price of eggs nationwide to skyrocket, Lorenzoni said. Months earlier, the “bird flu” outbreak drove the cost of turkey meat to record highs. Poultry can become infected through direct exposure to wild birds but more likely from fecal matter that contaminates the ground around farms or yards. Many migrating birds are not sickened by bird flu, which means it’s not well understood just how widespread it is in the wild, Lorenzoni added. The sun can, for instance, naturally disinfect surfaces while gloomier days help viral particles survive on surfaces contaminated by infected bird poop, Lorenzoni said.

☆ ExxonMobil's secret projections of the climate crisis were astonishingly accurate, and a legal expert says that's 'a stick of dynamite' for the oil giant's court battles
▼ + stars: | 2023-01-12 | by ( Morgan Mcfall-Johnsen | Paola Rosa-Aquino | ) www.businessinsider.com time to read: +8 min

ExxonMobil scientists knew about the coming climate crisis in precise detail, a Harvard study found. The analysis is "dynamite" for an array of lawsuits against ExxonMobil, legal experts told Insider. A growing wave of 'unassailable' evidence suggests Exxon lied about what it knewDespite having accurate predictions about global warming, the oil giant denied it would happen. That's exactly the track global warming is on right now. Those "stranded assets" are now a real possibility, due to global climate goals outlined in the Paris Agreement.

Northern California braced for more downpours as southern and central regions of the state got a break Wednesday from torrential rains and prepared for another strong system just days away. At least 17 people have died since late last week in these California storms that show few signs of slowing up. Josh Edelson / AFP - Getty ImagesThe heaviest rains Wednesday were expected to fall on northern and coastal regions of the state. A major system is forecast to hit almost all of coastal California, from the Oregon border to Los Angeles late Friday afternoon or evening. Santa Cruz County has been told to brace for between 3 to 6 inches of rain Friday, Saturday and Sunday, according to Hart.

☆ Some flight attendants have their attendance tracked by a game-like 'point system' that they say values efficiency over health
▼ + stars: | 2023-01-05 | by ( Hannah Towey | Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

During a year marked by labor strikes and protests, flight attendants and rail workers told Insider that these points-based attendance policies create an industry culture that values efficiency over employee health and well-being. But workers say the point systems form the foundation of punitive attendance policies that force them to work while sick or dangerously fatigued. At American Airlines, flight attendants have pushed back on the system for years. "I don't think you'd speak to one flight attendant who thinks the point system is necessarily fair, or balanced," Anthony Cataldo, an American Airlines flight attendant of 33 years, told Insider. So we're on call 24 hours a day, seven days a week, 365 days a year," a BNSF railway conductor of over a decade told Insider.

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