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☆ Nike's use of noncompetes threatens to stifle hiring at rivals and startup sneaker brands
  + stars: | 2023-03-10 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +7 min
President Biden and the FTC want to get rid of noncompete agreements. Some former Nike workers remain subject to them. The same could be said of sportswear workers in Portland, Oregon. The same day Biden spoke to the nation, at least three former Nike workers were waiting for their noncompete agreements to end, according to a search of LinkedIn profiles. In sportswear, noncompetes have historically been used to guard industry secrets, which brands fight to protect.
☆ Big Companies Seeing Tax Benefits From Law Change Some of Them Fought
  + stars: | 2023-03-08 | by ( Richard Rubin | Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +6 min
Those companies now qualify for a bigger tax break for exports because of the way the research-deduction change alters their tax calculations. Photo: Dado Ruvic/REUTERSModerna saw that tax break jump to a 7.4 percentage-point benefit on its tax rate from 4.8 points in 2021, even as its cash tax payments rose. The change requiring companies to spread out research deductions was part of the 2017 tax law, and it was designed to partly offset the revenue loss from cutting corporate tax rates. PREVIEWAt the same time, the smaller research deduction means many companies can get a bigger advantage from the export tax break. The size of the FDII tax break is based in part on how much income a company has.
☆ U.S. power use to slide in 2023 on slower economic growth
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: +2 min
EIA projected power demand will slide from a record 4,048 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,065 billion kWh in 2024 as economic growth ramps up. That compares with an eight-year low of 3,856 billion kWh in 2020 when the coronavirus pandemic depressed demand. EIA projected 2023 power sales would ease to 1,476 billion kWh for residential consumers, 1,378 billion kWh for commercial customers, and 998 billion kWh for the industrial sector. That compares with all-time highs of 1,521 billion kWh for residential consumers in 2022, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. The EIA projected 2023 gas sales would slide to 13.06 billion cubic feet per day (bcfd) for residential consumers, 9.41 bcfd for commercial customers, 22.56 bcfd for industrial customers and 32.51 bcfd for power generation.
☆ Rupert Murdoch testified that Fox News hosts lied about the 2020 election. Here's why it wasn't a misstep.
  + stars: | 2023-03-06 | by ( Jacob Shamsian | ) www.businessinsider.com   time to read: +8 min
Rupert Murdoch admitted Fox News hosts endorsed falsehoods about the 2020 election. Murdoch chairs Fox Corporation, which argues it isn't responsible for claims made on subsidiary Fox News. Here was the chair of Fox Corporation, a 91-year-old mogul atop a conservative media empire, admitting to lies that damaged democracy. When asked by Dominion's lawyers in a January deposition whether he thought Fox hosts were truthful about the election, Murdoch was candid. Fox Corporation also manages subsidiaries like Fox Sports, a large number of local TV stations, TMZ, Tubi, and a blockchain company.
☆ Schumer, Jeffries pressure Murdoch, Fox News over Trump's false election fraud claims
  + stars: | 2023-03-01 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +6 min
Trump has repeatedly spread false claims that the election was stolen from him. Earlier this week, Dominion filed court papers that revealed parts of the testimony from Murdoch and other top Fox Corp leadership. In his deposition, Murdoch acknowledged that some of Fox's top TV hosts endorsed false election fraud claims. When Murdoch was asked if he was "now aware that Fox endorsed at times this false notion of a stolen election," Murdoch responded, "Not Fox, no. Fox News has consistently denied that it knowingly made false claims about the election.
☆ Rupert Murdoch admits Fox News hosts 'endorsed' election lies and wanted to make Trump a 'non-person' after January 6 riot
  + stars: | 2023-02-28 | by ( Jacob Shamsian | ) www.businessinsider.com   time to read: +8 min
Rupert Murdoch conceded in a deposition that Fox News hosts pushed falsehoods about the 2020 election. Fox Corporation, which Murdoch leads, argues it isn't liable in Dominion's lawsuit anyway. At the same time, Murdoch denied that Fox Corporation itself endorsed these false claims. Dominion sued Fox News Network along with its parent company, Fox Corporation, in March 2021, also including Bartiromo, Pirro, and Dobbs as defendants. According to the filing, Rupert Murdoch said in his deposition he took care to strike a tone that wouldn't antagonize Trump.
☆ Oil futures slip 1% on worries about more U.S. interest rate hikes
  + stars: | 2023-02-27 | by ( Scott Disavino | Thomson Reuters | Covers The North American Power | ) www.reuters.com   time to read: +3 min
Losses were limited by oil supply concerns after Russia halted exports to Poland via a key pipeline. That positive economic data helped global stock markets to rebound, yet shares remained near six-week lows as investors braced for interest rate hikes in the United States and Europe. Adding to global oil demand worries, rising Sino-U.S. tensions hammered equity markets in China and Hong Kong while investors awaited policy signals from the upcoming National People's Congress. On Monday, Russian oil pipeline monopoly Transneft said it started pumping oil from Kazakhstan to Germany via Poland through the Druzhba pipeline, while halting deliveries to Poland. Russia announced plans this month to cut oil exports from its western ports by up to 25% in March versus February, exceeding previously mooted production cuts of 5%.
☆ Rupert Murdoch says some Fox News anchors 'endorsed' false election fraud claims in Dominion case
  + stars: | 2023-02-27 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +4 min
Fox Corp. Chairman Rupert Murdoch said some anchors of the company's TV networks parroted false fraud claims in the months following the 2020 election, according to new court papers out Monday. In new filings as part of Dominion Voting Systems' $1.6 billion defamation lawsuit against Fox and its networks, Murdoch said he doubted the election fraud claims being aired on Fox News and Fox Business Network. Murdoch also acknowledged that Fox's TV hosts endorsed the false election fraud claims. In unveiled question and answers from Murdoch's deposition, when Murdoch was asked if he was "now aware that Fox endorsed at times this false notion of a stolen election," Murdoch responded, "Not Fox, no. Dominion sued Fox and its right-wing cable networks, Fox News and Fox Business, arguing the networks and its personalities made false claims that its voting machines rigged the results of the 2020 election.
☆ Sen. Rick Scott Exempts Social Security, Medicare From Rescue America Plan
  + stars: | 2023-02-18 | by ( Siobhan Hughes | ) www.wsj.com   time to read: 1 min
Sen. Rick Scott defended his plan in an opinion piece published on Friday. WASHINGTON—Sen. Rick Scott (R., Fla.) said he will exempt Social Security, Medicare and veterans programs from his plan to sunset all federal legislation in five years, bowing to criticism from Democrats as well as fellow Republicans over the proposal. Under Mr. Scott’s revised Rescue America plan, those entitlement programs as well as national security and other essential services would no longer face regular requirements to have Congress reapprove them. The proposals were initially unveiled when Mr. Scott was the head of his party’s Senate campaign committee and became a political lightning rod even as many fellow Republicans distanced themselves from the document.
☆ Republican U.S. Senator Rick Scott drops plan to cut Social Security, Medicare
  + stars: | 2023-02-17 | by ( David Morgan | ) www.reuters.com   time to read: +4 min
"Let me say one more time: There is no agenda on the part of Senate Republicans to revisit Medicare or Social Security. Scott's move also came a day after Republican former President Donald Trump urged him to support Social Security and Medicare in a posting on his Truth Social media platform. "Be careful, Rick, and most importantly, fight for Social Security and Medicare. It also said: "Note to President Biden, Sen. Schumer, and Sen. McConnell – As you know, this was never intended to apply to Social Security, Medicare, or the US Navy." The White House said the newly revamped Scott plan should not be taken at face value.
☆ After being attacked by both Democrats and the GOP, Rick Scott edits his plan to sunset all federal laws every 5 years. He now wants to make exceptions for Social Security, Medicare, and the military.
  + stars: | 2023-02-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
He edited the plan on Friday to say he "never intended" to include Social Security, Medicare, and the military. Chuck Schumer and Mitch McConnell, clarifying that the five-year rule was "never intended" to apply to Social Security, Medicare, and the Navy. Scott's plan has drawn criticism from both Democrats and Republicans who have vowed to preserve Social Security and Medicare. That was the Rick Scott plan," McConnell told Kentucky radio host Terry Meiners. He also wants to make any potential cuts to Medicare and Social Security subject to a two-thirds vote from Congress.
☆ U.S. LNG producers poised to leapfrog rivals with three new projects
  + stars: | 2023-02-16 | by ( Scott Disavino | Thomson Reuters | Covers The North American Power | ) www.reuters.com   time to read: +4 min
After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.
☆ Republican senators want Mitch McConnell and Rick Scott to stop their 'petty bickering': 'Can't we all just get along?'
  + stars: | 2023-02-14 | by ( Bryan Metzger | ) www.businessinsider.com   time to read: +5 min
Mitch McConnell and Rick Scott are feuding over the Florida Republican's "12 point plan" yet again. "I don't think we need petty bickering within the Republican conference," said Sen. Cruz of Texas. Andrew Caballero-Reynolds/AFP via Getty Images"They're good at that," observed Republican Sen. Mike Braun of Indiana, referring to Biden's use of the plan. mused Republican Sen. Mike Lee of Utah on Twitter over the weekend. "If you want to go out and say that you want to change Social Security and Medicare, go right ahead," said Hawley.
☆ Know what's in your ETFs: Balloon incidents put focus on aerospace and defense stocks
  + stars: | 2023-02-13 | by ( Jesse Pound | ) www.cnbc.com   time to read: +4 min
The flurry of unidentified objects that have been shot down over North America this month could bring yet another boost to aerospace and defense stocks, but investors looking to use ETFs should be aware of some key differences between the largest funds. While defense stocks have outperformed the broader market over the past year, in part due to the war in Ukraine, the latest shoot downs don't appear to have significantly moved the sector. The biggest fund on the market is the iShares U.S. Aerospace & Defense ETF (ITA) , with about $5 billion in assets under management. Another market-cap weighted fund is the Invesco Aerospace & Defense ETF (PPA) . The third fund on the market is the SPDR S & P Aerospace & Defense ETF (XAR) .
☆ Mitch McConnell slams Rick Scott's plan to sunset Social Security and Medicare, calling it 'a bad idea'
  + stars: | 2023-02-10 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Florida Sen. Rick Scott continues to back his plan to sunset federal programs like Social Security and Medicare every five years. Mitch McConnell slammed the idea, saying on Kentucky radio that it's "the Scott plan. That's not a Republican plan." I'll defend Social Security and Medicare." "I've never ever said I would reduce Medicare or Social Security benefits.
☆ Biden doubles down on needling Republicans over proposed Social Security and Medicare cuts: 'I'm your nightmare'
  + stars: | 2023-02-09 | by ( Kimberly Leonard | Warren Rojas | ) www.businessinsider.com   time to read: +11 min
"I guess I shouldn't say any more," he said, "but particularly on Social Security and Medicare." Rubio, who is in the rumored mix for the 2024 GOP nomination, said anybody who supports slashing Social Security or Medicare is delusional. "You have to listen to what the president said the last couple of years about protecting and fighting for Medicare and Social Security." "I've never ever said I would reduce Medicare or Social Security benefits. As for Social Security, its trust funds are expected to be insolvent by 2035, which would trigger 20% in cuts across the board.
☆ Republicans called Biden a 'liar' for saying some of them wanted to sunset Social Security and Medicare. But there are several examples of lawmakers supporting cuts or weakening programs.
  + stars: | 2023-02-09 | by ( Kelsey Vlamis | ) www.businessinsider.com   time to read: +6 min
Speaker Kevin McCarthy has said cuts to Social Security and Medicare are off the table. House Speaker Kevin McCarthy has insisted that cuts to Medicare and Social Security are off the table. But there are several examples of Republicans suggesting cutting or weakening Social Security, Medicare, and Medicaid. "I want to save Social Security," Johnson said, according to local WKOW. It also involved decreasing Social Security benefits over time and for higher-earning retirees, as well as increasing Medicare premiums for some.
☆ Here are Credit Suisse's favorite stocks for February
  + stars: | 2023-02-09 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +4 min
Credit Suisse refreshed its "top of the crop" stock picks for February, as the market tries to build on its strong start to the year. Despite the uncertain market backdrop, Credit Suisse highlighted several stocks it thinks can outperform going forward. Credit Suisse has a price target of $27 per share, implying upside of 18.2%. Credit Suisse also sees strong gains for software stock ServiceNow, with the bank's price target of $575 implying upside of more than 20%. Credit Suisse set its target price for shares at $830, implying a 15.2% upside from Tuesday's close.
☆ U.S. power use to slide in 2023 from record high on weaker economic activity
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +2 min
The statistical arm of the U.S. Department of Energy projected power demand will slide from a record 4,045 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,063 billion kWh in 2024 as economic growth ramps up. That compares with an eight-year low of 3,856 billion kWh in 2020 when the coronavirus pandemic depressed demand. The EIA projected 2023 power sales would ease to 1,475 billion kWh for residential consumers, 1,373 billion kWh for commercial customers, and 1,001 billion kWh for the industrial sector. That compares with all-time highs of 1,516 billion kWh for residential consumers in 2022, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. Natural gas' share of power generation would hold at 39% in 2023, the same as 2022, before sliding to 37% in 2024, the EIA said.
☆ U.S. natgas output to hit record high in 2023, demand to fall
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +2 min
EIA projected dry gas production will rise to 100.27 billion cubic feet per day (bcfd) in 2023 and 101.68 bcfd in 2024 from a record 98.09 bcfd in 2022. The agency also projected domestic gas consumption would fall to 87.04 bcfd in 2023 and 86.10 bcfd in 2024 from a record 88.63 bcfd in 2022. But EIA's latest projections for 2023 were higher than its February 2022 forecasts of 97.97 bcfd for supply and 83.85 bcfd for demand. The agency forecast average U.S. liquefied natural gas (LNG) exports would reach 11.78 bcfd in 2023 and 12.59 bcfd in 2024, up from a record 10.63 bcfd in 2022. That 2023 forecast was lower than the 12.06 bcfd EIA forecast in January due to the delayed restart of the Freeport LNG export plant in Texas.
☆ Mexico Pacific to sell LNG from Sonora export plant to Exxon Mobil
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +1 min
Feb 7 (Reuters) - Mexico Pacific said on Tuesday that a unit of Exxon Mobil Corp (XOM.N) had agreed to buy liquefied natural gas from the Mexican company's proposed Saguaro Energia LNG export plant in Sonora state. Mexico Pacific also said ExxonMobil has an option for 1 MTPA from Train 3 at the plant. One MTPA of LNG is about the same as 0.13 billion cubic feet per day of natural gas. The proposed three-train Saguaro Energia LNG facility is designed to produce about 14.1 MTPA of LNG from natural gas sourced from the Permian Basin in Texas and New Mexico. "We look forward to working with Mexico Pacific to continue growing ExxonMobil's LNG portfolio and deliver Permian natural gas to global markets," said Peter Clarke, senior vice president of LNG for ExxonMobil Upstream Co.
☆ Credit Suisse upgrades Lockheed Martin, says earnings growth is poised to accelerate
  + stars: | 2023-02-07 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +1 min
Lockheed Martin can return to growth this year as the outlook for the defense sector strengthens, providing a "meaningful" opportunity for earnings to surprise to the upside, according to Credit Suisse. Deuschle also raised his target price to $510 from $427, which implies shares could rise 11% from the stock's closing price on Monday. Lower volumes of its anti-missile system THAAD also could weigh on growth as could the possibility of reduced defense department budgets. Still, Credit Suisse anticipates a growth could be more bullish than what the company's latest guidance suggests, given its backlog and the possibility of supply chain improvements. Deuschle said that based on past earnings data patterns, the company's 11% backlog growth in 2022 foreshadows revenue growth in 2023.
☆ Freeport to restart liquefaction train at Texas LNG export plant this week
  + stars: | 2023-02-03 | by ( ) www.reuters.com   time to read: +2 min
Feb 3 (Reuters) - Freeport LNG, the second-biggest U.S. liquefied natural gas (LNG) exporter, said on Friday it plans to restart one of three liquefaction trains at its long-idled Texas export plant this week. Liquefaction trains turn natural gas into LNG for export. In a filing with Texas environmental regulators, Freeport said it "anticipates the purge and restart of Liquefaction Train 3 will begin on Feb. 3 with Trains 2 and 1 following sequentially." The Freeport plant shut after a fire in June 2022. Despite the planned Freeport restart, however, U.S. gas futures fell about 3% to a 25-month low on Friday due to forecasts for milder weather in February.
☆ Trump's political ascent was fueled by Southern Republicans. Now they're his main 2024 opponents
  + stars: | 2023-01-28 | by ( John L. Dorman | ) www.businessinsider.com   time to read: +10 min
REUTERS/Randall HillIn the pivotal 2016 South Carolina primary, Trump won the contest — beating Bush, Rubio, and Cruz in their own Southern backyard. AP Photo/Richard Drew, FileTrump is no longer a Washington outsiderIn 2016, Trump was a novelty to many Republican voters. And in recent months, DeSantis has increasingly eclipsed Trump as the top presidential choice among GOP primary voters. Haley and Scott could potentially be competitors to win the 2024 GOP presidential nomination. By the time the Florida GOP primary was held, Jeb Bush had already suspended his campaign, humbled by his fourth-place showing in South Carolina.
☆ Former Fox News employee sues network, alleging Roger Ailes sexually abused her
  + stars: | 2023-01-27 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Chloe Atkins | ) www.nbcnews.com   time to read: +4 min
A former Fox News employee sued the network Wednesday, alleging that the late Fox News chairman and CEO Roger Ailes sexually abused her for years. Ailes allegedly made it clear that if she tried to speak out or stop the abuse, Luhn would experience “severe personal humiliation and career ruin,” according to the suit. Luhn says in the suit that in 2011 she sent a letter to Fox’s general counsel detailing Ailes’ abuse. The suit says the network withheld over 30% of the payment for taxes. The sexual abuse that she suffered while working at Fox News was some of the worst imaginable,” said Luhn’s attorney, Barbara Whiten Balliette, a partner at Reid Collins & Tsai LLP.
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