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Read previewLaxman Narasimhan is stepping down as CEO of Starbucks, just 17 months after he assumed the role in March 2023, the coffee giant announced on Tuesday. Chipotle CEO Brian Niccol will take over in September, with current CFO Rachel Ruggeri serving as interim CEO until then. Narasimhan's time at the head of the company had been tainted by falling sales, union clashes, and activist investors. Its former CEO keeps attacking the companyHoward Schultz, who led Starbucks for over 23 years, is not afraid to share his views on company management. In Starbucks' press release addressing the leadership change, Schultz didn't acknowledge Narasimhan's time at the company.
Persons: , Laxman, Chipotle, Brian Niccol, Rachel Ruggeri, Laxman Narasimhan, William Blair, Sharon Zackfia, Narasimhan, Chris O'Cull, Elliott, Paul Singer, Elliott Management, Howard Schultz, Stephen Brashear, Getty Howard Schultz, Schultz, Schultz didn't Organizations: Service, Starbucks, Business, Narasimhan's, Elliott Management, CNBC, Getty, Street, The Workers United, Financial Times, Pride Locations: China, Palestine
Under Armour apparel is displayed at a Dick's Sporting Goods store on May 16, 2024 in Petaluma, California. Under Armour on Thursday said sales are falling across its business, but the athletic apparel retailer posted better fiscal first-quarter results than feared, sending its stock surging in early trading. Under Armour previously expected full-year earnings of 2 cents to 5 cents per share, and adjusted earnings between 18 cents and 21 cents per share. The athletic apparel company is in the midst of a broad restructuring plan as it fights to regain relevance, reverse a sales slump and boost profits. Apparel revenue fell 8%, footwear sales dropped 15% and accessories revenue slid 5%.
Persons: Armour, It's, Stephanie Linnartz, Kevin Plank, Plank, Eric Liedtke, Eric, , William Blair, Armour's Organizations: Sporting Goods, LSEG, Marriott, Armour's, Apparel, Adidas, UA Locations: Petaluma , California, North America
The data also points a spotlight on the economic platform of Vice President Kamala Harris, who is poised to accept the Democratic presidential nomination this month amid signs of a slowing economy. But her economic views are less defined, maintaining broad references to strengthening the middle class, even as her record investigating Wall Street and her farther-left 2019 primary campaign platform have executives and investors on edge. According to those close to Harris, advisers and administration officials, Harris’ economic views were described as “pragmatic,” “centrist,” and even “pro-business,” with a goal of leveraging private-sector friendships for better outcomes at the ground level. Personnel as policyHarris has two staffers who manage economic and domestic policy issues, and she was briefed by staff on the most recent jobs data. “He is as close to Harris and the second gentleman as almost anyone in the administration,” said an official close to Harris.
Persons: Harris, Kamala Harris, , Mike Pyle, Don Graves, David Turk, Wally Adeyemo, Janet Yellen, Pyle, Brian Deese, Rohini Kosoglu –, Brian Nelson, Nelson’s, Nelson, “ That’s, Jason Furman, Barack Obama, Rohit Chopra, Massachusetts Sen, Elizabeth Warren, Biden, Vermont Sen, Bernie Sanders, , , she’s, Tom Vilsack, Vilsack, Ray McGuire, Lazard, Blair Effron, Jamie Dimon, “ She’s, Lina Khan, Harris “, Lina Organizations: CNN, Biden, Federal Reserve, Democratic, National Security Council, National Economic Council, , Commerce, Energy, Consumer Financial, Bureau, Vermont, Democratic Party, White, Commerce Department, Department of Agriculture, Wall Street, Centerview Partners, JPMorgan Chase, Naval Observatory, Meta, Target, Citigroup, eBay, Federal Trade Commission Locations: Massachusetts, Columbus , Ohio, Syracuse , New York, Georgia, Central America, Columbia, California
Roasters and coffee experts are also signaling that prices could remain higher for longer, as factors like climate change reduce the coffee global supply. Climate change drives prices up“Coffee is more sensitive to changes in temperature than many other crops,” said Michael Hoffmann, professor emeritus at Cornell University’s College of Agriculture and Life Sciences. “Climate change is getting worse. According to Delany, coffee prices are typically between 100 to 140 cents, but have stayed consistently above that range for the past three years. “There’s a drum beat in the background that is climate change, and that is causing problems,” he said.
Persons: CNN —, Tomas Edelmann, , Hamburgo, Miranda, Ryan Delany, there’s, Michael Hoffmann, , Brazil sneezes, Delany, Arabica, ” Neil Rosser, Lavazza, Miranda Edelmann, Giuseppe Lavazza, Nestle, Sharon Zackfia, William Blair, Rosser, ” Delany, you’re Organizations: CNN, Coffee, International Coffee Organization, United Nations, Coffee Trading Academy, Cornell University’s College of Agriculture, Life Sciences, US Department of Agriculture, Commodities, Financial Times, Nestle Locations: Chiapas, Mexico, Brazil, Arabica, Vietnam, Ukraine, Red
Dexcom shares sank more than 40% on Friday and headed for their worst day ever after the diabetes management company reported disappointing revenue for the second quarter and offered weak guidance. The stock fell $45.38 to $62.47 as of early afternoon, wiping out about $18 billion in market cap. Prior to Friday, the biggest drop came in September 2017, when the shares plunged 33% in a day. Dexcom held its stock market debut in 2005. With Friday's selloff, Dexcom shares are down almost 50% for the year, while the S&P 500 is up 15%.
Persons: Dexcom, Kevin Sayer, we've, Sayer, JPMorgan's Robbie Marcus, Marcus, Jereme Sylvain, Sylvain, William Blair, Leerink, Stelo, Friday's Organizations: JPMorgan, U.S . Food, Drug Administration
Klaus Vedfelt | Getty ImagesFor most retirees, Social Security benefits is a major source of income. In 2024, almost 68 million Americans will receive a per month Social Security benefit, totaling about $1.5 trillion in benefits paid during the year. How to get your Social Security benefit estimateTo help workers of all ages gauge their benefits, the Social Security Administration provides detailed statements. "The closer someone is to age 62, the more accurate it is," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. What to watch out forOne important reason to check Social Security benefit statements is to make sure there are not any errors in your earnings history.
Persons: Klaus Vedfelt, aren't, NIRS, Tyler Bond, Bond, Joe Elsasser, it's, Elsasser, Kamala Harris, Jim Blair, Blair Organizations: Social Security, National Institute on Retirement Security, Security, Social, Workers, Social Security Administration, Finance, Trump, Premier Social Security Consulting
U.S. Vice President and Democratic presidential candidate Kamala Harris arrives to boards Air Force Two at Joint Base Andrews in Maryland, U.S. on July 24, 2024. Vice President Kamala Harris' allies on Wall Street huddled on a private Zoom call Wednesday to strategize how to defeat former President Donald Trump, according to people familiar with the matter. The call featured dozens of major financiers backing Harris, and lasted over an hour. Those who spoke to CNBC did so anonymously in order to speak freely about private matters. "We need to raise a ton of money," said someone on the call, describing the first portion of the conversation.
Persons: Kamala Harris, Donald Trump, Harris, Marc Lasry, Blair Effron, Ray McGuire, Robert Rubin, Tony Coles, Paul, Weiss, Brad Karp, Robert Wolf, Brian Mathis, Jon Henes, Joe Biden, Rufus Gifford Organizations: Democratic, Air Force, Joint Base Andrews, Avenue Capital, Centerview Partners, Lazard, C, Advisory, CNBC Locations: Maryland, U.S
That improvement in the bioprocessing end market is super important because it has been a huge overhang for Danaher shares, and the life sciences space in general. We were concerned about the bioprocessing market after rival Sartorius cut its guidance last week. The management team has effectively navigated the bioprocessing slowdown better than others and kept expectations managed — a big reason we've stuck by the stock during a difficult few quarters. Based on these strong results and the improving bioprocessing market, we are raising our price target to $295 from $280 and reiterating our 1 rating. All three operating segments are expected to post sales decline rates in the low single digits.
Persons: Sartorius, Rainer Blair, Danaher, Blair, Beckman Coulter, Jim Cramer's, Jim Cramer, Jim, Igor Golovnov Organizations: Club, Revenue, LSEG, Management, Diagnostics, Leica, Beckman Coulter Diagnostics, Cepheid, CNBC, Getty Locations: bioprocessing, Danaher, U.S, Europe, China, Bioprocessing
United Parcel Service — The package delivery company plunged more than 12%, hitting a new 52-week low, after posting a miss on both top and bottom lines in the second quarter. Pentair beat expectations for the second quarter, posting earnings of $1.22 per share, excluding items, compared to the FactSet consensus estimate of $1.14 per share. NXP Semiconductors posted adjusted earnings of $3.20 per share, which was below the LSEG consensus estimate of $3.21 per share. Inter Parfums — The stock jumped more than 6% after the fragrance manufacturer posted record net sales for the second quarter. The regional bank earned $1.28 per share, above the consensus estimate of $1.10 a share from analysts polled by LSEG.
Persons: LSEG, MSCI, FactSet, Pentair, Danaher, Rainer Blair, Sherwin, Williams, Lockheed Martin, , Alex Harring, Yun Li, Hakyung Kim Organizations: Spotify, United Parcel Service, UPS, Revenue, NXP, Crown Holdings, Inter, Comcast —, LSEG, General Motors, Buick, GE Aerospace, Lockheed, Comcast, CNBC Locations: U.S, Michigan
General Motors — The auto stock jumped 4.6% after General Motors easily topped second-quarter estimates. The aerospace company posted second-quarter earnings of $6.85 per share on revenues of $18.12 billion. NXP Semiconductors — Shares dropped 7% after NXP Semiconductors reported second-quarter earnings that missed estimates. Danaher — The life sciences stock jumped 6% after Danaher posted second-quarter earnings and revenue that exceeded expectations. Zions Bancorporation — Shares gained 3% after Zions Bancorp posted second-quarter earnings that exceeded expectations.
Persons: General Motors, Lockheed Martin, LSEG, Danaher, Rainer Blair, Zions, CNBC's Hakyung Kim, Jesse Pound Organizations: Technology, Spotify Technology, General, General Motors, GM, Lockheed, Cola, NXP Semiconductors, United Parcel Service, UPS, Holdings, Crown Holdings, Zions Bancorp, LSEG, GE Aerospace, Comcast —, Comcast Locations: China
While the triggers for stock market crashes vary, the ultimate outcome is always the same: the market recovers. Here's a summary of eight of the most notable stock market crashes in history, their causes, and their fallout. Stock market crash FAQWhat happens when a stock market crashes? Numerous things can cause a stock market to crash, including:PanicNatural or man-made disastersEconomic crisesSpeculationCan a stock market crash be prevented? Unlike a bear market, stock market corrections are often short and usually work themselves out.
Persons: It's, Terry Marsh, Here's, Stocks, Carola Frydman, J.P, Morgan, , Blair Hull, Alan Greenspan, Marc Chandler, Marsh, weren't, Tyler Muir, Thai bhat, Paula Bronstein, Stringer, Chandler, chipmaker, WebVan.com, Muir, The, Lehman Brothers, NICHOLAS ROBERTS, homebuyers, Bear, Lehman, Fannie Mae, Freddie Mac, Dodd, Frank Wall, Europe —, Italy — Organizations: Federal Reserve System, SEC, FDIC, Haas School of Business, University of California, Federal Reserve, United Copper Company, UCC, Kellogg School of Management, Northwestern University, Federal, System, Dow Jones, Gross, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Dow, Nasdaq, Chicago, Black, Bannockburn Global Forex, UCLA Anderson School of Management, Getty, Asia, International Monetary Fund, chipmaker Qualcomm, The Sarbanes, Oxley, Investors, Financial, Bear Stearns, Lehman Brothers, Nikkei, US, Asset, Frank Wall Street Reform, Consumer, Consumer Financial, Dow Jones Industrial, Center, Budget, Stock, Corrections Locations: University of California Berkeley, AFP, Iran, Bannockburn, Japan, Thai, Asia, Thailand, Malaysia, Indonesia, South Korea, COVID, China, Europe, Italy, Chevron
Here are Friday's biggest calls on Wall Street: UBS upgrades Accenture to buy from neutral UBS said the IT services company has AI optionality. UBS upgrades Wolverine World Wide to buy from neutral UBS said it sees sales growth and margin upside for the footwear manufacturer. JPMorgan reiterates Netflix as overweight JPMorgan said it's sticking with its overweight on Netflix following Thursday's earnings report. Bank of America reiterates Amazon as buy Bank of America said it's sticking with its buy rating following Amazon's Prime Day. UBS upgrades Ameren to buy from neutral UBS upgraded the electric services company and said regulatory risks are "overly discounted."
Persons: Morgan Stanley, Oppenheimer, William Blair, it's, Needham, Coinbase, Wedbush, it's bullish, Barclays downgrades Molson Coors, Cantor Fitzgerald, Cantor, Evercore, JPMorgan, Buck, Melius Organizations: UBS, Accenture, JPMorgan, Netflix, Revenue, Bank of America, 3Q, Nvidia, Meta, NASDAQ, Trump, Vance, Big Tech, Choice, Barclays downgrades, Barclays, TAP, Apple, Services, Broadcom, Broadcom's, Consumer, Hasbro Locations: China, Coinbase
Synovus CEO Kevin Blair on Q2 earnings beat
  + stars: | 2024-07-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSynovus CEO Kevin Blair on Q2 earnings beatSynovus CEO Kevin Blair joins 'Money Movers' to discuss whether the industry is weathering the storm from the current rate regime, how Synovus would benefit in policy from a Republican administration, and when loan demand begins to come back.
Persons: Kevin Blair Organizations: Republican
Bank of America reiterates Nvidia as buy Bank of America said it's sticking with its buy rating on Nvidia and that investors should "focus on fundamentals." "We are initiating on Frontier with a Buy rating and $33 PT." BMO upgrades Allstate to outperform from market perform BMO said it sees growth potential for the insurance company. " Morgan Stanley reiterates Taiwan Semiconductor as overweight Morgan Stanley said it's sticking with its overweight rating following the company's earnings report. " "We initiate coverage of Impinj with an Overweight rating and $205 price target."
Persons: Wolfe, Mizuho, it's, Goldman Sachs, Goldman, Baird, Morgan Stanley, Wells, TD Cowen, Redburn, William Blair, , Roth MKM, Roth, TSMC, JPMorgan, Chipotle, Cantor Fitzgerald, Cantor Organizations: Exxon, ExxonMobil, Bank of America, Nvidia, Apple, UBS, Frontier, Mizuho, Citi, Vans, BMO, Allstate, Deutsche, Meta, Paris, Palo Alto Networks, Palo, AMC, 3Q, Taiwan Semiconductor, JPMorgan, CMG Locations: Palo Alto
At a February event, Vance raised concerns about Alphabet and Meta Platforms , saying that the technology behemoths have hurt tech innovation and pose potential risks to democracy. Trump would completely delegate the tech policy agenda to anyone given his personal interest in that space," Gallant wrote. "But we believe Sen. Vance would be a very important voice — perhaps decisive on some matters — in view of experience in the tech sector ... and of tech policy." Cryptocurrencies Many Wall Street analysts also expect Vance to maintain a favorable stance toward digital assets under a Trump White House. These stocks should fare well given Trump's favorable view toward digital assets, Boltansky said.
Persons: Donald Trump, Trump, J.D, Vance, Peter Thiel, Stifel's Brian Gardner, Sen, Vance's, it's, Research's Blair Levin, Isaac Boltansky, Boltansky, TD Cowen's Paul Gallant, Lina Khan, Pres, Gallant, Raymond James, Ed Mills, Cryptocurrencies, Elizabeth Warren, Stifel's Gardner, Wolfe Research's Tobin Marcus Organizations: Ohio, Yale Law School, Republican Party, GOP, Technology, Twitter, Federal Trade, Street, Trump White House, Trump, Banking, Visa, Mastercard, U.S, Republican Locations: Washington
In this part, Lee and Carter also go to the Camera family farm, where one of the murders happened in 1975. Agent Carter is satisfied and believes the arrest will allow the murdered families to have justice. AdvertisementLee and another FBI agent, Agent Browning (Michelle Choi-Lee), go to her mother Ruth's house to bring Ruth in for questioning, given Cobble's comments before his death. NEONUnderwood, who plays Agent Carter, gives a quietly devastating performance in his final scene in the film. "It would be something else: prequel or another movie in the universe of 'Longlegs,' or something very unexpected."
Persons: , it's, Maika Monroe, Lee Harker, Agent Carter, Blair Underwood, Lee, she's, smartly, Nicolas Cage's, Osgood Perkins, Here's, Perkins, Young Lee, Monroe, Carter's, Ruby, Longlegs, Dale Ferdinand Cobble, Cobble, Ruth, Alicia Witt, Carter, Carrie Ann Camera, Carrie Ann, Kiernan Shipka, admonishing, Carrie Ann's, Browning, Michelle Choi, Ruth monologuing, dollmaker, he'd, Lee —, doesn't, Perkins —, he's, I'm, Witt, Underwood, Perkins hadn't, Oz …, There's Organizations: Service, Business, FBI, BI
Anant Ambani fiancée Radhika Merchant pose for a photo on the red carpet during their sangeet ceremony at Jio World Centre in Mumbai. All eyes are on this weekend's mega wedding in India, where the youngest son of Asia's wealthiest man prepares to tie the knot with his long-time sweetheart after months of lavish pre-wedding celebrations. Indian tycoon Mukesh Ambani — the country's richest man and the billionaire chairman of Indian conglomerate Reliance Industries — is throwing a three-day wedding bash for his son that kicks off on Friday. The groom is his 29-year-old son Anant Ambani and 29-year-old Radhika Merchant, the daughter of Viren Merchant, owner of Encore Healthcare. The Ambani family has stayed mum about the star-studded guest list, but multiple media reports have said 16-time Grammy award winner Adele could be one of the main performers.
Persons: Anant Ambani, Radhika Merchant, Mukesh Ambani, Viren Merchant, Ambani, Adele, Drake, Mike Tyson, Kim Kardashian, Ram Nath Kovind, Boris Johnson, Tony Blair, Mark Tucker, Jay Lee, Morgan Stanley's Michael Grimes, Gianni Infantino Organizations: Reliance Industries, Encore Healthcare, Wall Street, CNBC, Business, HSBC Holdings, Samsung Electronics Co, FIFA Locations: Mumbai, India, Hollywood, Bandra
Attendees dressed the part, streaming past photographers in custom sarees, lehengas and kurtas at an event that may set forthcoming trends in Indian wedding fashion. A lavish affairThe Ambani family has remained tight-lipped about proceedings in the build-up to Friday’s wedding, though rumors about the guest list and the identity of star performers have swirled in recent weeks. The celebrated couturier produced bespoke outfits for various members of the Ambani family throughout the month-long wedding celebrations. Sujit Jaiswal/AFP/Getty ImagesIt is not known precisely how much money the Ambani family has spent on the pair’s wedding celebrations. The weekend schedule concludes seven months of build-up to what has been described India’s wedding of year.
Persons: Anant Ambani, Radhika Merchant, Kim, Khloé Kardashian, Nick Jonas, Priyanka Chopra, Tony Blair, Rajinikanth, Sanjay Dutt, Ram Nath Kovind, Anant’s, Mukesh, John Cena, Francis Mascarenhas, Law Roach, Cherie Blair, Nick Jonas sparkled, sequins, Jonas, Prabal Gurung, Khloé, Nita Ambani, “ reimagine, Abu Jani Sandeep Khosla, Vijay Kumar, Monika Maurya, Ambani, Manish Malhotra, , Justin Bieber, haldi, Viren, Shaila Merchant, Anat Ambani, Mukesh Ambani, Nita, Sujit Jaiswal, Devanshi Zaveri, Jenica Kothari, It’s, , , Mark Zuckerberg, Bill Gates, Ivanka Trump, Rihanna, Pitbull, Isha, Anand Piramal Organizations: CNN, British, team, Reliance Industries, Forbes, Reuters Former British, Reuters International, New York Fashion, Brown University, Reliance, Encore Healthcare, Backstreet Boys, Beyoncé Locations: Mumbai, Varanasi, India’s Uttar Pradesh, AFP, , Antilia, Europe
TD Cowen raised its price target on Netflix, calling for 13% upside for the stock. JPMorgan analyst Rachel Vatnsdal was similarly bullish with her $42 price target, while Morgan Stanley analyst Tejas Savant set a price target of $44. The analyst also raised his price target to $42 from $37, indicating a potential 3% upside from the stock's Monday afternoon close. — Lisa Kailai Han 5:44 a.m.: TD Cowen lifts Netflix price target ahead of second-quarter earnings announcement TD Cowen expects more gains ahead for Netflix . NFLX YTD mountain NFLX year to date — Lisa Kailai Han 5:44 a.m.: KeyBanc hikes Nvidia price target The good times for Nvidia are not over yet, according to KeyBanc.
Persons: TD Cowen, KeyBanc, Morgan Stanley, Bank of America Michael Ryskin, Ryskin, Rachel Vatnsdal, Tejas Savant, Morgan Stanley's Savant, William Blair, Stifel, Lisa Kailai Han, Wells, Donald Fandetti, Fandetti, — Lisa Kailai Han, Grayson, Daniel Lungo, Piper Sandler, Scott Siefers, BAC's NII, Siefers, JPMorgan Chase, Cowen, John Blackledge, Blackledge, John Vinh, Fred Imbert Organizations: CNBC, Netflix, Nvidia, Wall, Tempus, Nasdaq, JPMorgan, Bank of America, Precision Oncology, Needham, American Express, Devon Energy, of America, Citigroup, Blackwell, Wolfe Research, UBS Locations: Devon, Williston, Netflix's, Monday's, 2H24, GB200
Wall Street analysts are bullish on recently launched health-care technology stock Tempus AI . By combining a patient's molecular, clinical, and imaging data with its AI platform, Tempus delivers personalized therapy decisions," he wrote. Tempus AI debuted at the Nasdaq on June 14, closing at $40 after pricing its initial public offering at $37. Last month, investment management firm SoftBank announced it had invested about $200 million in Tempus AI before its Nasdaq listing. Since its debut, Tempus AI stock has slipped 10% from its IPO price.
Persons: Michael Ryskin, SoftBank, America's Ryskin, Ryskin, JPMorgan's Rachel Vatnsdal, William Blair, Morgan Stanley, Tejas Savant, TD Cowen, Dan Brennan Organizations: Bank of America, Tempus, Nasdaq, America's, Precision Oncology, Loop Capital Locations: Stifel, Needham
Wall Street’s game theoryAs more leading Democrats say privately that President Biden should withdraw from the presidential race, some of the party’s most prominent backers on Wall Street spent the holiday weekend debating what to do next. If they favor calling for him to step back, they discussed what their next moves should be. Wall Street is taking a different approach than Hollywood. (Many are also reportedly irate at Jeffrey Katzenberg, Biden’s campaign co-chair.) And many donors want to maintain their influence within the Democratic Party.
Persons: Biden, Larry Fink, BlackRock, Robert Rubin, Jon Gray, Blackstone, Peter Orszag, Lazard, Blair Effron, Robert Wolf, Barack Obama —, DealBook, Reed Hastings, Barry Diller, Rob Reiner, Abigail Disney, Jeffrey Katzenberg Organizations: Wall, Treasury, Centerview Partners, UBS, Hollywood, Netflix, IAC, Democratic Party
British Prime Minister Keir Starmer delivers his speech outside Downing Street 10, following the results of the election, in London, Britain, July 5, 2024. Britain's new Prime Minister Keir Starmer said on Saturday he would scrap a controversial plan to fly thousands of asylum seekers from Britain to Rwanda in his first major policy announcement since winning a landslide election victory. But no one was sent to Rwanda under the plan because of years of legal challenges. At his first press conference since becoming prime minister, Starmer said that the Rwanda policy would be scrapped because only about 1% of asylum seekers would have been removed and it would have failed to act as a deterrent. "The Rwanda scheme was dead and buried before it started.
Persons: Keir Starmer, Starmer, It's, I'm, Tony Blair Organizations: British, Downing, Conservative Locations: London, Britain, Rwanda, East, British, Downing
London CNN —The Labour Party has won a landslide victory in the UK general election, sweeping into power after 14 years of Conservative rule on the back of a wave of public disillusionment. Addressing the nation from outside 10 Downing Street for the first time as prime minister, Starmer had one overarching message: Change starts now. There were high-profile casualties, with the short-lived former Prime Minister Liz Truss and several cabinet ministers being booted out by voters. Conservative leader and, as of Friday morning, former Prime Minister Rishi Sunak took responsibility for the electoral wipeout, apologizing to voters in his farewell address. Leaving the palace as the newly minted prime minister, he then headed straight to Downing Street.
Persons: Keir Starmer, King Charles III, Starmer, , Liz Truss, Rishi Sunak, Sunak, , Akshata Murty, Nigel Farage, Donald Trump, Farage, Sinn Féin, Clodagh Kilcoyne, Rachel Reeves, Angela Rayner, David Lammy, Yvette Cooper, Jeremy Corbyn, Yui Mok, Tony Blair, Starmer –, , Israel “, David Cameron, Brexit –, Boris Johnson Organizations: London CNN, Labour Party, Conservative Party, Labour, Conservative, Downing, British, Conservatives, Liberal, Lib Dems, Reform UK, Green Party, Scottish National Party, Irish, Democratic Unionist Party, DUP, Reuters Government, Home, Tories, European Union Locations: British, United Kingdom, Buckingham, Scotland, Northern Ireland, Ireland, Westminster, Starmer, Gaza, Britain, Europe, United States, Ukraine
Outgoing Conservative Prime Minister Rishi Sunak speaks to the media as he leaves 10 Downing Street following Labour's landslide election victory on July 5, 2024 in London, England. Leon Neal | Getty Images News | Getty ImagesLONDON - Outgoing UK Prime Minister Rishi Sunak on Friday said he will step down as the leader of the Conservative Party after the opposition Labour Party secured a landslide victory in Thursday's nationwide election. Sunak announced he will step down as the leader of the Conservative Party as soon as the formal arrangements for selecting his successor are in place. The Conservative Party suffered its lowest result, in terms of seats, in its post-war history. Keir Starmer's Labour Party won its second-largest majority after former Prime Minister Tony Blair's 179-seat majority in 1997.
Persons: Rishi Sunak, Leon Neal, Sunak, King Charles III, Keir Starmer's, Tony Blair's, Grant Shapps, Penny Mordaunt Organizations: Conservative, Getty, Conservative Party, Labour Party, Downing, Labour, Keir Starmer's Labour Party, Northallerton, Commons Locations: London, England, Thursday's, Downing, United Kingdom, Richmond
The British Labour Party has won its largest majority since the founding of the party over a century ago, securing at least 412 of the House of Commons’s 650 seats. And in an age of populism and polarization, it has done so on a moderate, centrist platform. There is no clear sign that British voters are any more enthusiastic than voters anywhere else for the socially liberal, fiscally conservative politics that this incarnation of the Labour Party represents. The Conservative Party has been reduced to 121 seats, with two seats left to declare, the worst defeat in its 190-year history. It lost vote share not only to Labour and the centrist, pro-European Liberal Democrats, but also to the hard-right, anti-immigrant Reform U.K., led by Nigel Farage, an ally of Donald Trump.
Persons: Labour —, Keir Starmer, Bill Clinton, Tony Blair, Nigel Farage, Donald Trump Organizations: British Labour Party, Labour, Crown, Labour Party, Conservative Party, European Liberal Democrats, U.K
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