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☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ McDonald's raises China bet, bucking Western firms' derisking trend
▼ + stars: | 2023-12-04 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +4 min

[1/5] A woman sits on a swing attached to a giant sign of McDonald's, outside its themed exhibition in Beijing, China December 4, 2023. One advantage for McDonald’s: its majority partner in the China business, CITIC, provides top-level political cover, said Jason Yu, greater China managing director of market research firm Kantar Worldpanel. McDonald's China, Carlyle Group and CITIC declined to comment. Other consumer-facing U.S. firms, including Starbucks (SBUX.O), Apple (AAPL.O), Coach owner Tapestry (TPR.N) and sportswear giant Nike (NKE.N), have remained similarly dedicated to the China market. Although the McDonald's China menu would be familiar to U.S. consumers, there are nods to local tastes, including taro pie, rather than apple.

Persons: Tingshu Wang, McDonald's, Jason Yu, Kantar, Yu, Carlyle, Wallace, Greg, Euromonitor, Ben Cavender, Casey, Kane Wu, Deborah Sophia, Gerry Doyle Organizations: REUTERS, Rights, Group, Carlyle Group, Starbucks, Apple, Nike, Research, Investment, China Market Research, Casey Hall, Thomson Locations: Beijing, China, U.S, Hong Kong, Macau, Yum China, Russia, Shanghai, Bengaluru

☆ A major CEO backer of the remote office model concedes one big work from home failure
▼ + stars: | 2023-12-03 | by ( Deborah Kong | ) www.cnbc.com time to read: +4 min

Sallie Krawcheck, CEO of Ellevest, an investment and financial literacy platform for women, has been a vocal advocate for remote work. The various benefits — lower fixed costs, a larger talent pool, and added flexibility for women and under-represented groups — factor into why Ellevest has remained fully remote since the pandemic. Not many people do it, and you can't run into each other at the coffee machine when you're on Zoom," Krawcheck said. Goldman Sachs CEO David Solomon has referred to remote work as "an aberration." Meta , which vocally embraced fully remote work, now has many employees back three days a week.

Persons: It's, Sallie Krawcheck, Ellevest, Krawcheck, Merrill Lynch, Jamie Dimon, Dimon, Goldman Sachs, David Solomon, Sam Altman, Nicholas Bloom, Covid, Bloom Organizations: Amazon, Google, CNBC Workforce, Citigroup, Wall, Cisco, Microsoft, Stanford Locations: New York City

WASHINGTON (AP) — The newest group of Kennedy Center honorees, including comedian Billy Crystal and actor Queen Latifah, are being feted Sunday night at a star-studded event commemorating their lifetime achievement in arts and entertainment. Opera singer Renée Fleming, music star Barry Gibb and prolific hitmaker Dionne Warwick also are being honored at the black-tie gala. Bill Cosby received both honors, but they were rescinded in 2018 following his sexual assault conviction, which later was overturned. Along with his late brothers Robin and Maurice, the trio launched a nearly unmatched string of hits that defined a generation of music. Fleming sang the national anthem while Latifah performed “America the Beautiful.”

Persons: Billy Crystal, Queen Latifah, Renée Fleming, Barry Gibb, Dionne Warwick, Kennedy, Deborah F, Rutter, “, Jodie Dallas, ”, Harry Met Sally, Bride ”, Crystal, Mark Twain, David Letterman, Steve Martin, Lorne Michaels, Lily Tomlin, Carol Burnett, Neil Simon, Bill Cosby, Burt Bacharach, Hal David, Bacharach, ” Fleming, Barack Obama, England’s Royal Academy of Music . Gibb, Robin, Maurice, Latifah, Dana Owens, Fleming Organizations: WASHINGTON, Kennedy Center, of, England’s Royal Academy of Music, Bee Locations: “, Warwick, Chicago, America

☆ How to Donate to Charity, Get a Tax Break and Have Income for Life
▼ + stars: | 2023-12-01 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

Illustration: Jarred BriggsTax breaks for charitable donations come in many flavors, and this year Congress has a new one for seniors called an IRA charitable gift annuity. It allows older owners of traditional IRAs to donate account funds to a charity and get tax breaks plus income payments for life. Brian and Deborah Smith of Park City, Utah, plan to try this option next year. That’s when Deborah Smith turns 73 and has to begin required withdrawals from her traditional IRA. She will donate $53,000 of her $550,000 account to the Episcopal church where the couple is active and Deborah serves on the board.

Persons: Jarred, Brian, Deborah Smith, That’s, Deborah Organizations: Episcopal Locations: Park City , Utah

☆ Little food, a beating and lice: What freed Israeli hostages are saying about being held by Hamas
▼ + stars: | 2023-12-01 | by ( Rachel Clarke | ) edition.cnn.com time to read: +11 min

The details below have been compiled from comments by freed hostages to their families, their carers and sometimes to reporters. Under the terms of the deal between Israel and Hamas, most of those released are women, children and foreign workers. Ruth Munder, a released Israeli hostage, walks with an Israeli soldier shortly after her arrival in Israel on November 24. Emily Hand told her father that they always had breakfast and sometimes lunch or an evening meal. Emily Hand said she was not hit and her father said he believed harsh voices were enough to make her do what was wanted.

Persons: –, It’s, Adina Moshe, Eyal Nouri, “, ” Moshe, Nouri, keener, ” Nouri, Yocheved, Emily, Thomas Hand, Hand, “ It’s, ”, Hila Rotem, Raaya Rotem, ” Hand, “ She’d, Hila, bedclothes, Ruth Munder, Eitan Yahalomi, Deborah Cohen, Omer Lubaton Granot, ” Granot, Lifshitz, Grandmother Ruth Munder, Israel’s vise, ” Munder, ” Adina Moshe, Emily Hand, she’s, Uthai Saengnuan, Eitan, Yair Rotem, it’s, Yar Rotem, ” Chumpron Jirachart, Manee Jirachart, I’ve, Elma Avraham, Hagai Levine, ” Eitan Yahalomi, Efrat Bron, Harlev, ” Bron, ” Israel, CNN’s Rachel Clarke, Joseph Ataman, Wolf Blitzer, Kate Bolduan, Bianna Golodryga, Jessie Gretener, Poppy Harlow, Jacqueline Howard, Lauren Izso, Ed Lavandera, Phil Mattingly, Kocha OIarn, Clarissa Ward Organizations: CNN, Rotem, United Nations ’ Office, Humanitarian Affairs, BFMTV, Israel’s, UN, Sourasky Medical, Israeli Defense Forces, Schneider Children’s Medical Center of Israel Locations: Israel, Palestinian, Gaza, Tel Aviv, Atlanta

REUTERS/Mike Segar/File Photo Acquire Licensing RightsDec 1 (Reuters) - Retailers like Amazon.com and Foot Locker are signaling optimism for holiday season sales after stronger-than-expected figures during Black Friday and Cyber Monday, as heavy discounts lured budget-strained customers on the peak U.S. shopping days. Early estimates on holiday shopping have been encouraging to some investors after retailers sounded cautious notes in the lead-up to the season. "We know we're buying for wallet share with a value-conscious consumer this holiday season. Deep discounts have been a key feature heading into this year's holiday shopping season and holiday discounts could get even bigger in December, according to some retail executives. Kohl's (KSS.N) CEO Tom Kingsbury said last week the company was "coming out on holiday very aggressively in terms of promotions."

Persons: Mike Segar, Jimmy Lee, we've, Mary Dillon, Tom Kingsbury, Cos, Jason Benowitz, Deborah Sophia, Juby Babu, Pooja Desai Organizations: REUTERS, Adobe Analytics, National Retail Federation, Wealth Consulting, Amazon, Black, BofA, Walmart, Abercrombie, Fitch, American Eagle Outfitters, Roosevelt, Thomson Locations: Robbinsville , New Jersey, U.S, Bengaluru

☆ Freed Israeli hostages tell families of beatings and death threats
▼ + stars: | 2023-11-29 | by ( Howard Goller | ) www.reuters.com time to read: +6 min

Danny Brom, director of METIV: The Israel Psychotrauma Center, said some will need medical treatment but others will not. Since the latest round of releases began on Friday, with Israel releasing some jailed Palestinians in exchange, the freed hostages have been kept away from the media. Most of the 240 hostages that Israel says were seized on Oct. 7 are still in captivity. Hamas portrays the treatment of hostages as humane, and says it has treated the hostages in accordance with Islamic teachings to preserve their lives and wellbeing. Officials at Israeli hospitals say hostages experienced poor nutritional health, and many with chronic diseases were denied medical treatment, causing serious health problems.

Persons: Gal Goldstein, Danny Brom, Brom, Deborah Cohen, France's, Eitan Yahalomi, Thomas Hand, Emily Hand, Hand's, Emily, Yair Rotem, Hila Rotem Shoshani, Raaya, Merav Mor Raviv, Keren Munder, Ohad, Ruth, Elma Avraham, Tali Amano, Ahal Besorai, Alma, Noam, Besorai, Adva Adar, Yaffa Adar, Daniel Aloni, Emilia, Daniel, Howard Goller, Timothy Organizations: Hamas, Schneider Children's Medical, Israel Psychotrauma Center, CNN, Israel's, Reuters, Timothy Heritage, Thomson Locations: Gaza, Palestinian, Israel, JERUSALEM, pita, Israeli

☆ US Thanksgiving weekend sales hit record $38 bln on big discounts - report
▼ + stars: | 2023-11-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Shoppers crowd a Walmart store ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. Online consumer spending jumped 7.8% during Cyber Week, or the five days from Thanksgiving through Cyber Monday, according to data from Adobe Analytics, outstripping initial expectations for a 5.4% rise. But blockbuster deals rolled out from Thanksgiving Day through Cyber Monday helped spread the holiday cheer for bargain-hunters. Sales on Cyber Monday jumped a better-than-expected 9.6% to a record $12.4 billion, as shoppers clicked "buy" on Hot Wheels toys, PlayStation 5, smart watches and kitchen appliances. Reuters GraphicsAdobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.

Persons: Kamil Krzaczynski, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, Adobe Digital, Graphics Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

Nov 28 (Reuters) - Spending online on Cyber Monday is set to exceed $12 billion, a record, as bargain hunters snap up deals on items including Barbie dolls, Lego sets, headphones and smart watches, according to preliminary estimates from Adobe Digital Insights. The estimate projects U.S. shoppers will spend $12 billion-$12.4 billion on Cyber Monday, the biggest U.S. online shopping day. At the top end, this would represent an 9.7% increase compared to the $11.3 billion spent on Cyber Monday last year. Walmart, eager to capture market share, slashed prices on Sunday night, joining the trend of retailers' early discounts on major shopping days. On Monday, Walmart stepped up discounts on some clothing to 60%, up from the 50% it offered on Black Friday.

Persons: Barbie, Nancy Tengler, Eduardo Munoz, Matthew Katz, Charles Sizemore, Sizemore, Siddharth Cavale, Deborah Sophia, Aishwarya Venogupal, Ananya Mariam Rajesh, David Gregorio, Nick Zieminski, Matthew Lewis, Lincoln Organizations: Adobe Digital, Retailers, Adobe Analytics, Investments, Shoppers, Workers, REUTERS, SSA & Company, Walmart, Sizemore Capital Management, Target, Graphics, Insider Intelligence, Thomson Locations: Scottsdale , Arizona, United States, Robbinsville Township, New Jersey, U.S, New York, Bengaluru

☆ US Thanksgiving weekend sales hit record on big discounts, online boost
▼ + stars: | 2023-11-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

More than 200 million shoppers tapped into promotions both in-store and online during the Thanksgiving weekend, the National Retail Federation (NRF) said on Tuesday. That was a jump from the 196 million shoppers seen last year and trumped the trade association's estimates of 182 million. Online shoppers rose 3.1% to 134.2 million, making up for a slight dip in the number of customers who visited brick-and-mortar stores. The weekend saw about 121.4 million in-store shoppers, down from 122.7 million in 2022, according to the retail body. Adobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.

Persons: Kamil Krzaczynski, Matthew Shay, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, National Retail Federation, Shoppers, Adobe Digital, Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

Spending online on Cyber Monday is set to reach as much as $12.4 billion, according to Adobe Digital Insights, which tracks data through Adobe's Experience Cloud service for e-commerce platforms. Last-minute shoppers on Monday could spend $4 billion between 6 p.m. and 11 p.m. EST alone, it said. Other firms use different measurements to gauge purchases on Cyber Monday, the biggest online shopping day of the year in the United States. Salesforce, which tracks data flowing through its Commerce Cloud e-commerce service, said online sales on Cyber Monday were up by 4% by 4 p.m. EST, hitting $7 billion by late afternoon. Walmart, eager to capture market share, slashed prices on Sunday night, joining the trend of retailers' early discounts on major shopping days.

Persons: Salesforce, Eduardo Munoz, Brian Yacktman, Charles Sizemore, Sizemore, Siddharth Cavale, Deborah Sophia, Aishwarya Venogupal, Ananya Mariam Rajesh, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: Adobe Digital, Adobe, Commerce, Shoppers, Workers, REUTERS, YCG Investments, Nike, Black, Sizemore Capital Management, Walmart, Amazon, Graphics, Insider Intelligence, Thomson Locations: United States, Robbinsville Township, New Jersey, U.S, New York, Bengaluru

NEW YORK, Nov 27 (Reuters) - A record amount of price-pinched holiday shoppers are expected to use buy now, pay later services for Cyber Monday to relieve stress on their wallets, according to Adobe Analytics. [1/2]A worker sorts products during Cyber Monday at the Amazon's fulfillment center in Robbinsville, New Jersey, U.S., November 27, 2023. The buy now, pay later firm saw a 29% increase in orders placed by U.S. shoppers on Black Friday, with some of the most popular items being personal electronics, televisions and kitchen appliances. It's become really, really, really popular," said Dan Dolev, an analyst at Mizuho Securities. Average basket sizes for buy now, pay later orders on Black Friday declined 32% compared to last year, according to a report from Quantum Metric, a sign that shoppers aren't making as big of purchases this year.

Persons: Klarna, BNPL, Mike Segar, It's, Dan Dolev, Arriana McLymore, Deborah Sophia, Juveria Tabassum, Aurora Ellis Organizations: Adobe Analytics, Shoppers, REUTERS, Mizuho Securities, Black, Thomson Locations: Robbinsville , New Jersey, U.S, New York City, Bengaluru

☆ Deal-hunters fuel $12 billion Cyber Monday shopping spree
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Eduardo Munoz Acquire Licensing RightsNov 27 (Reuters) - After a busy holiday shopping weekend, discount seekers are expected to spend between a record $12 billion and $12.4 billion on beauty products, electronics, toys and apparel on Cyber Monday, according to Adobe Analytics. Heavy online traffic and transactions could add up to a boost in sales by U.S. shoppers of 5.4% or more, according to Adobe. Shoppers spent $10.3 billion in the weekend leading up to Cyber Monday, up 7.7% from last year as retailers offered more discounts compared to last year. More merchandise was being discounted in the weekend leading up to Cyber Monday, according to a report from LSEG. Walmart (WMT.N) , eager to capture market share, slashed prices on Sunday night, joining the trend of retailers' early discounts on major shopping days.

Persons: Eduardo Munoz, Vivek Pandya, Pandya, TJ Maxx, Jharonne Martis, LSEG, Rob Garf, Garf, Vanessa O'Connell, Deborah Sophia, Arriana, David Gregorio, Nick Zieminski Organizations: Workers, REUTERS, Adobe Analytics, U.S, Adobe, Shoppers, Adobe Digital, Walmart, Reuters, Costco, Commerce, Insider Intelligence, Thomson Locations: Robbinsville Township, New Jersey, U.S, Salesforce, Ross

People who claimed the power to control nature and the energy resources around them saw the environment as a tool to be used for progress, historians say. Over hundreds of years, that impulse has remade the planet's climate, too — and brought its inhabitants to the brink of catastrophe. Tapping nature for its resources drove progress and productivity for some, but it's also been a major driver of emissions and environmental degradation. By the mid-19th century, steam power was adopted in manufacturing, cotton mills, steam ships and locomotives around the world, turning coal into a global trade. Centuries later, the United Kingdom has nearly weaned itself off coal, with weeks or months at a stretch where the national grid gets no coal power.

Persons: ”, Luis Zambrano, it's, Anya Zilberstein, ” Zilberstein, Vera S, Candiani, Jan Golinski, “, ” Golinski, Deborah Coen, Andreas Malm, Barak, it’s, J.R, McNeill, ” McNeill, Victor Seow, Elizabeth Chatterjee, “ Indira Gandhi, Chatterjee, Joshua Howe, Howe, Yale's Coen, —, ” Howe, Fredrik Albritton Jonsson, Jonsson Organizations: National University Autónoma, Concordia University, Mexico City —, America, Princeton, University of New, Yale, Lund University, Tel Aviv University, Laboratory, Global, Project, Energy, Georgetown University, Communist, University of Chicago, Reed College, . Environmental Protection Agency, U.S, AP Locations: Nations, Mexico, Lake Texcoco, Montreal, Spanish, University of New Hampshire, Maui, Britain, Sweden, ”, India, Egypt, Nigeria, Ottoman Empire, United Kingdom, Cumbria, England, Wales, Scotland, China, Japan, U.S, Europe, United States, British, Portland , Oregon

☆ US Cyber Monday online sales set to cross $12 billion as big discounts lure shoppers - report
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Boxes ready to be delivered are seen during Cyber Monday at the Amazon fulfilment centre in Robbinsville Township in New Jersey, U.S., November 28, 2022. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNov 27 (Reuters) - U.S. shoppers looking for steep discounts are set to boost Cyber Monday online sales to a record $12 billion to $12.4 billion, splurging on products like Barbie dolls and headphones, data from Adobe Analytics showed. The midpoint of the range represents a jump of nearly 8%, better than Adobe's initial forecast of a 6.1% rise to $12 billion, easing concerns of a lackluster 2023 holiday shopping season. Salesforce also predicted Cyber Monday online sales would grow in the high-single-digit percentage range, both globally and in the United States. Reporting by Juby Babu and Deborah Sophia in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Eduardo Munoz, Barbie, Salesforce, Juby Babu, Deborah Sophia, Pooja Desai Organizations: REUTERS, Adobe Analytics, Thomson Locations: Robbinsville Township, New Jersey, U.S, United States, Bengaluru

☆ Formerly Philip Morris-backed foundation severs ties with nicotine industry
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 27 (Reuters) - A research foundation originally set up by Philip Morris International (PMI) (PM.N) will no longer accept any funding from the nicotine industry as it seeks to win credibility with tobacco control advocates, its CEO said. The foundation will now rebrand and find new funders from outside of the industry, Cliff Douglas said in an interview. Douglas, a long-time tobacco control advocate who joined the foundation in October, said he wants to see it re-established as a credible actor in ending smoking. Douglas pointed to a number of tobacco control advocates who have sounded positive about the foundation's new direction. The World Health Organisation says vapes, for example, are harmful to health.

Persons: Philip Morris, Cliff Douglas, Douglas, Deborah Arnott, Yolonda Richardson, Emma Rumney, Kirsten Donovan Organizations: Philip Morris International, PMI, Campaign, Tobacco, World Health, Thomson

☆ After a lifetime together, surviving spouses like Jimmy Carter can be vulnerable in grief
▼ + stars: | 2023-11-27 | by ( Brenda Goodman | ) edition.cnn.com time to read: +7 min

CNN —At age 99, former President Jimmy Carter has been many things: humanitarian, Sunday school teacher, woodworker, naval lieutenant, father, husband. “Rosalynn was my equal partner in everything I ever accomplished,” Carter said in a statement released by the Carter Center on November 19. The Carter Center and members of the Carter family declined to give any further updates on his condition. However, grief can be extraordinarily stressful physically and emotionally for the surviving spouse, although it’s always a highly personal experience. Dawn Carr, a gerontologist who studies grief in older age at Florida State University.

Persons: Jimmy Carter, Carter’s, Rosalynn, Jason, Rosalynn Carter, “ Rosalynn, ” Carter, “, ” Rosalynn Carter, Carter, He’s, it’s, ” Jason Carter, CNN’s Jake Tapper, – it’s, ”, Deborah Carr, Dawn Carr, Carr, Dr, Sanjay Gupta, Boston University’s Carr, that’s, ” Carr Organizations: CNN, Emory University, Carter Center, Boston University, Florida State University, Sunday School, Maranatha Baptist Church, Boston, “, CNN Health Locations: Atlanta, Plains , Georgia

☆ Health Experts Decry New Zealand's Scrapping of World-First Tobacco Ban
▼ + stars: | 2023-11-27 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

LONDON (Reuters) - Health and tobacco campaigners said on Monday that New Zealand's plan to repeal laws that would ban tobacco sales for future generations threatened lives and put international efforts to curb smoking at risk. A ban on smoking for future generations was subsequently proposed in the United Kingdom, with other countries also considering similar rules. "This is major loss for public health, and a huge win for the tobacco industry – whose profits will be boosted at the expense of Kiwi lives," said Boyd Swinburn, co-chair of Health Coalition Aotearoa in New Zealand. Incoming Finance Minister Nicola Willis told New Zealand's Newshub Nation that the former government's measures would have significantly reduced tax revenues. Deborah Arnott, chief executive of UK health charity ASH, said that smoking costs public finances nearly double tobacco tax revenues.

Persons: Jan, Boyd Swinburn, Sarah Jackson, Nicola Willis, Deborah Arnott, ASH, Emma Rumney, Ed Osmond Organizations: Labour, Health Coalition Aotearoa, New Zealand's Department, University College London Tobacco and Alcohol Research, Incoming, New Locations: United Kingdom, New Zealand, England

These deals help banks meet capital requirements more efficiently, allowing them to keep lucrative businesses that would otherwise become unprofitable. Investors in these deals include lightly-regulated entities like hedge funds, shifting risk to the shadow banking sector. Credit risk transfer is another tool for them to pursue after the Fed’s clarification on what is allowed, said Cory Wishengrad, head of fixed income at Guggenheim Securities. That means Merchants sold the riskiest tranche of the loan portfolio, maximizing the capital relief it could get on it. Whether U.S. regulators will allow such insurance deals to qualify for capital relief is still untested, Staudinger said.

Persons: Morgan Stanley, Blackstone, Jill Cetina, Jon, Claude Zucconi, Zucconi, Michael Barr, Barr, Banks, Missy Dolski, Sam Graziano, Graziano, Cory Wishengrad, Jed Miller, Taft, Morgan Stanley's, Morgan, Deborah Staudinger, Hogan Lovells, Staudinger, Shankar Ramakrishnan, Paritosh Bansal, Nick Zieminski Organizations: Blackstone Group, JPMorgan Chase, Merchants Bank of Indiana, US Bancorp, Investors, JPMorgan, Merchants Bank, Federal Reserve, Varde Partners, Financial, Guggenheim Securities, U.S . Bank, Fed, Reuters, Merchants, Thomson Locations: U.S, Wickersham, Europe, Indiana

[1/6] People load up their newly purchased items from Best Buy on Black Friday in Wheaton-Glenmont, Maryland, U.S., November 24, 2023. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. And the rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Leah Millis, Cowen, David Klink, Theresa Forsberg, Michael Brown, Kearney, Jeff Gennette, Jimmy Lee, there's, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, ”, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: REUTERS, Shoppers, Huntington Private Bank, Walmart, Target, National Retail Federation, Garden, Insider Intelligence, Macy's, Adobe Analytics, Wealth Consulting, Amazon, Adobe, Nordstrom, “, Saks, Puma, Israel Football Association, IFA, Thomson Locations: Wheaton, Glenmont , Maryland, U.S, RALEIGH, N.C, New Milford , Connecticut, Paramus , New Jersey, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. The rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Cowen, David Klink, ”, Barbara Kahn, Theresa Forsberg, Michael Brown, Kearney, Jimmy Lee, Leah Millis, there's, Jeff Gennette, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry, Leslie Adler Organizations: Shoppers, Huntington Private Bank, Walmart, Target, Ross Stores, The Wharton School, University of Pennsylvania, “, National Retail Federation, Garden, Insider Intelligence, Adobe Analytics, Adobe, Wealth Consulting, Amazon, REUTERS, Nordstrom, Saks, Protesters, Puma, Israel Football Association, Thomson Locations: RALEIGH, N.C, U.S, New Milford , Connecticut, Paramus , New Jersey, Wheaton, Glenmont , Maryland, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

☆ The Best Black Cake, a West Indian Delight, Starts at Home
▼ + stars: | 2023-11-24 | by ( Ramin Ganeshram | ) www.nytimes.com time to read: +2 min

Alternatively called rum cake, fruit cake or great cake, this dessert most likely came to the Caribbean in the 18th century with English and Irish colonizers, who substituted local rum for whiskey in their traditional Christmas fruitcake. At some point, burnt sugar syrup was added, turning the cake almost black. It has been a West Indian holiday staple, as well as the go-to wedding cake, for centuries. The recipe for black cake is so storied it has even inspired a best-selling novel that has been adapted into a series on Hulu. Black cake baking is a cottage industry in the West Indies that continues among Caribbean immigrants worldwide.

Persons: —, citron, prunes, ”, Deborah Charles, “ Organizations: Hulu Locations: Caribbean, West Indian, West Indies

☆ Dana Schutz Is Seriously Funny. Tracey Emin Is Seriously Honest
▼ + stars: | 2023-11-23 | by ( Deborah Solomon | More About Deborah Solomon | ) www.nytimes.com time to read: +2 min

This is not to say that her paintings all have the same enviable unity. Schutz attempts something similar in “The Gathering,” which can be read as an allegory of the art world. Nice sentiment, but when the man is a woman her reach for excellence can leave her stretched to death. The seven large-scale sculptures in the show, by the way, also abound with narrative incident, but lack the cleareyed vigor of the paintings. **Tracey Emin, the British artist and brand name, seems like the opposite of Dana Schutz.

Persons: Schutz, Gustave, Schutz’s, Courbet, “, ogle, Robert Browning, Tracey Emin, Dana Schutz, Emin Locations: British

☆ Lowe's sees steeper drop in annual sales as DIY demand stumbles
▼ + stars: | 2023-11-21 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual same-store sales than previously expected, as inflation-hit consumers cut spending on home-improvement projects, hitting the company's key do-it-yourself (DIY) business segment. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending" particularly in categories including appliances, home decor, kitchen and bath where customers even postponed some purchases, CEO Marvin Ellison said. Average spending at Lowe's - particularly on big-ticket items - was under pressure in the quarter, resulting in a 7.4% drop in same-store sales while analysts expected a 5% decline, according to LSEG IBES data. Meanwhile, larger rival Home Depot's (HD.N) bigger customer base of "Pro-customers" like builders and contractors helped the retailer ride out the weakness in DIY spending and beat expectations for quarterly results. It expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Ellison, John Tomlinson, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Bengaluru

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