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Brands like Chick-Fil-A and Geico are being accused of violating 1980s privacy law the VPPA. Broadcasters have long been wary of running afoul of a 1988 privacy law called the Video Privacy Protection Act that went into effect after the video rental history of then-Supreme Court nominee Judge Robert Bork was leaked to a newspaper. Since November last year, brands as diverse as Hallmark, Folgers, Mattel, Chick-Fil-A, General Mills, Mars, La-Z-Boy, Geico, and Fossil have faced lawsuits accusing them of VPPA violations. But these dismissals don't completely neutralize the threat of VPPA lawsuits. At least 70 VPPA class action lawsuits have been filed in the past year, according to Bloomberg Law.
Persons: Chick, Robert Bork, VPPA, Mills, General Mills, Scott Ferrell, FloSports, Smucker, Keith Carroll, Rebeka Rodriguez, Melissa Fox, Eversheds Sutherland, Labaton Sucharow, Corepower, Garthwaite, Fox, Julie Rubash Organizations: ., Broadcasters, Hallmark, Mattel, Pacific, Hulu, Bloomberg Law, Meta, Protection Law, Facebook, AMC, Us, GameStop, Disney, United States, Court, Southern, of Locations: Mars, California, Virginia, of New York
Mitchell & Ness, the lifestyle clothing brand known for its throwback and vintage jerseys and apparel that was acquired by Fanatics last year, has hired Nike executive Eli Kumekpor as its new CEO. Kumekpor, who most recently served as the global vice president and general manager of Jordan Brand's men's business, will replace former CEO Kevin Wulff, who joined Fanatics when Mitchell & Ness was acquired and is now retiring. Established in 1904 in Philadelphia, Mitchell & Ness makes and sells vintage jerseys and apparel collections for nearly every major sports league. "How do you take the old and make it new and fresh again," he said, referencing some of the things that Jordan Brand has done around its extensive catalog of beloved sneakers. "Nostalgia means a lot of different things to different consumer groups, so we want to make sure we're keeping the brand premium."
Persons: Ness, Eli Kumekpor, Kumekpor, Jordan Brand's, Kevin Wulff, Mitchell, Jay, Lebron James, Kevin Hart, Kevin Durant, Michael Rubin, Jordan Brand Organizations: Nike, CNBC, Mitchell, NHL, MLB, AstraZeneca, Technologies Locations: Philadelphia, Mitchell
Large US tech companies face new EU regulations
  + stars: | 2023-08-25 | by ( Brian Fung | ) edition.cnn.com   time to read: +10 min
Although the European Union’s Digital Services Act (DSA) passed last year, companies have had until now to prepare for its enforcement. Friday marks the arrival of a key compliance deadline — after which tech platforms with more than 45 million EU users will have to meet the obligations laid out in the law. But the list finalized in April includes the most powerful tech companies in the world, and, for those firms, violations can be expensive. The DSA permits EU officials to issue fines worth up to 6% of a very large platform’s global annual revenue. In a statement, a Microsoft spokesperson told CNN the DSA deadline “is an important milestone in the fight against illegal content online.
Persons: , TikTok, “ We’ve, , Nick Clegg, Meta, Snap, Apple, Pinterest, Robert Grosvenor, Alvarez, ” Grosvenor, Thierry Breton, Breton, X, Agustin Reyna, Court’s, ” TikTok Organizations: CNN, Amazon, Apple, Google, Meta, Microsoft, Union’s Digital Services, EU, DSA, Companies, Facebook, European Commission, X Locations: Europe, London, , BEUC
The company forecast Consumer Group growth of 7% to 8% for the financial year ending July 2024. "The Consumer Group guidance for FY24 is lighter than expected," Morningstar analyst Julie Sharma said. Intuit's main products include QuickBooks, TurboTax, Credit Karma, and Mailchimp among others, that serve more than 100 million customers by managing a wide range of accounting services. "We were expecting slightly better Credit Karma results," said Sharma, adding it appears that challenges regarding loans were worse than she expected. The company expects annual revenue between $15.89 billion and $16.11 billion, compared with market estimate of $15.99 billion.
Persons: Morningstar, Julie Sharma, Sharma, Jaspreet Singh, Shailesh Organizations: Intuit, Wall, Consumer, Consumer Group, Thomson Locations: TurboTax, View , California, Bengaluru
Apple is now backing a California right-to-repair bill, a major shift in the company's attitude toward the movement and a potential boon for the environment, according to a letter obtained by CNBC. California Senate Bill 244 would require manufacturers such as Apple to allow customers to fix their broken or damaged devices. I'm grateful for their engagement on this issue and for leading among their peers when it comes to supporting access to repair," Eggman told CNBC. We create our products to last and, if they ever need to be repaired, Apple customers have a growing range of safe, high-quality repair options," Apple said in a statement to CNBC. Apple left the door open to supporting further expansion of right-to-repair in the letter to Eggman.
Persons: Tim Cook, Bill, Sen, Susan Talamantes Eggman, Eggman, David Stammerjohan, Stammerjohan, Apple, , Kif Leswing Organizations: Apple, CNBC ., CNBC, TechCrunch, Apple's, Service Locations: Mumbai, India, California, CNBC . California, New York
Verizon senior vice president of consumer marketing Nina Bibby is set to leave the company. Her impending departure comes months after that of former Verizon CMO Diego Scotti. Verizon's senior vice president of consumer marketing Nina Bibby has decided to leave the business to return to the UK from the US, a spokesperson for the company confirmed. Chief strategy officer and executive vice president Rima Qureshi stepped in to lead the centarl marketing team on an interim basis. Read the full email from Frank Boulben, chief revenue officer for Verizon Consumer Group, about Nina Bibby's departure below:Team -Nina Bibby, SVP of Consumer Marketing, has decided to return to the UK with her family and will be leaving Verizon.
Persons: Nina Bibby, Verizon's, Bibby, Arturo Picicci, Frank Boulben, ., Diego, Rima Qureshi, Hans Vestberg, Nina Bibby's, Nina, Frank Organizations: Verizon, Verizon CMO Diego Scotti . Telecommunications, LinkedIn, Verizon Consumer Group, . Bibby, O2, Virgin Media, Street Journal, Verizon Wireless, Mobile, Consumer Marketing, Revenue Locations: Boulben
Hawaiian Electric has known for years that extreme weather was becoming a bigger danger, but the company did little to strengthen its equipment and failed to adopt emergency plans used elsewhere, like being prepared to cut off power to prevent fires. Before the wildfire on Maui erupted on Aug. 8, killing more than 100 people, many parts of Hawaiian Electric’s operations were showing signs of stress — and state lawmakers, consumer groups and county officials were saying that the company needed to make big changes. In 2019, Hawaiian Electric itself started citing the risk of fires. The company said that year that it was studying how utilities in California were dealing with similar threats. Two years later, in a report about Hurricane Lane in 2018, the Maui County government warned of the potential that “aboveground power lines that fail, short or are low-hanging can cause fire ignition (sparks) that could start a wildfire, particularly in windy or stormy conditions.”
Organizations: Electric, Hurricane Locations: Maui, California
Exor’s Philips bet looks well-timed
  + stars: | 2023-08-14 | by ( ) www.reuters.com   time to read: +2 min
The Agnelli family’s investment company on Monday said it bought a 15% stake in the toothbrushes-to-defibrillators group for 2.6 billion euros ($2.8 billion). Philips’ shares are down some 62% since the peak in April 2021, and it now looks much cheaper than the sum of its parts. Based on peer multiples, its diagnostics business could be worth 14 times 2024 EBITDA, while its connected care unit, which helps hospitals manage patient data, might be valued at 18.5 times EBITDA. Lastly, throw in the consumer division, which makes toasters and TVs, and could fetch 12 times EBITDA. Using Refinitiv forecasts, that would imply a total enterprise value of 33 billion euros, and equity of some 24 billion euros, after taking off debt and 2.4 billion euros for legal costs estimated by Bernstein analysts.
Persons: John Elkann, Agnelli, Philips ’, EBITDA, Bernstein, Roy Jakobs, Philips, Karen Kwok, Bain, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Koninklijke Philips, U.S . Department of Justice, Philips, Twitter, FC Barcelona’s, Messi, Siemens, Thomson
Regulating artificial intelligence has been a hot topic in Washington in recent months, with lawmakers holding hearings and news conferences and the White House announcing voluntary A.I. But a closer look at the activity raises questions about how meaningful the actions are in setting policies around the rapidly evolving technology. The United States is only at the beginning of what is likely to be a long and difficult path toward the creation of A.I. While there have been hearings, meetings with top tech executives at the White House and speeches to introduce A.I. “This is still early days, and no one knows what a law will look like yet,” said Chris Lewis, president of the consumer group Public Knowledge, which has called for the creation of an independent agency to regulate A.I.
Persons: , Chris Lewis Organizations: White House, White Locations: Washington, United States
British retail sales beat expectations in June
  + stars: | 2023-07-21 | by ( David Milliken | ) www.reuters.com   time to read: +2 min
LONDON, July 21 (Reuters) - British retail sales rose more than expected in June, boosted by unusually hot weather and a rebound in food sales after a dip the month before when public holidays disrupted normal spending patterns, official figures showed on Friday. Retail sales volumes in June were 0.7% higher than in May, the Office for National Statistics said, a bigger increase than the 0.2% forecast by economists in a Reuters poll. Sales volumes were 1.0% lower than a year earlier, beating economists' forecasts for a 1.5% decline. "Retail sales grew strongly, with food sales bouncing back from the effects of the extra bank holiday, partly helped by good weather, and department stores and furniture shops also having a strong month," ONS chief economist Grant Fitzner said. The ONS data showed a 7.8% annual rise in the value of retail sales excluding fuel.
Persons: Grant Fitzner, King Charles ', Sterling, David Milliken, Kate Holton, Andrew Heavens Organizations: National Statistics, U.S, Industry, British Retail Consortium, Thomson
says supermarket prices have risen 25.8% in two yearsSome prices have jumped by as much as 175%, consumer group saysRetailers say they have absorbed cost increasesLONDON, July 17 (Reuters) - British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped by as much as 175% since 2021. found that supermarket prices rose by 25.8% between June 2021 and June 2023. Food prices have been driven up by increased costs for animal feed, fertiliser and fuel as well as energy and labour. While the UK government has raised concerns about soaring food prices it has said it was not considering imposing price caps.
Persons: Phil Noble, Jeremy Hunt, Helen Dickinson, James Davey, David Goodman Organizations: REUTERS, Tesco, Asda, Waitrose, Markets Authority, CMA, British Retail Consortium, Thomson Locations: Altrincham, Britain, British, Morrisons, Aldi, Europe, Hungary
Reuters reported last month that the cancer research arm of the World Health Organization (WHO), known as the International Agency for Research on Cancer (IARC), was set to make that declaration on July 14, according to two sources with knowledge of the process. The designation as "possibly carcinogenic to humans" will provide an incentive to fund more rigorous research into the safety question, toxicology and cancer experts say. "We have been pushing for an IARC review for many years now." But no action was taken until 2022, after aspartame was again nominated for review by CSPI and Melnick in 2019. The research body has said "new evidence" prompted its aspartame review, without giving any details.
Persons: Andy Smith, Smith, Coke, Peter Lurie, Lurie, James Huff, Ron Melnick, CSPI, There's, Samuel Cohen, Erik Millstone, Millstone, Jennifer Rigby, Michele Gershberg, Catherine Evans Organizations: Reuters, World Health Organization, WHO, International Agency for Research, Cancer, MRC, Unit, University of Cambridge, Cola's, Regulators, for Science, Joint Food and Agriculture Organization, U.S . National Institutes of Health, University of Nebraska Medical Center, University of Paris, Britain's University of Sussex, Thomson Locations: United States, U.S, France
Washington CNN —In less than 48 hours, Meta’s Twitter rival Threads has surpassed 70 million sign-ups, upended the social media landscape and appears to have rattled Twitter enough that it is now threatening legal action against Meta. By promoting Threads through Instagram, and by sharing Instagram user data with Threads to let people instantly recreate their social networks, Meta has significantly greased the onboarding process. The issue isn’t limited to the realm of social media. Rather than viewing it through the lens of a social media market, one helpful way to look at the issue is from the perspective of the advertising market, he said. That could lead to further antitrust scrutiny for Meta even if the question about competition in social media is ambiguous.
Persons: Elon, Meta, Mark Zuckerberg, , Instagram, Musk, ” Reddit, Alexis Ohanian, Ohanian, Agustin Reyna, Reyna, Adam Mosseri, Geoffrey Manne, ” Manne, Zuckerberg, Manne, Jeff Blattner, Mosseri, Charlotte Slaiman, Organizations: Washington CNN, Meta, Twitter, EU, Google, Center for Law Locations: Europe, Brussels, Portland , Oregon, Washington
June 30 (Reuters) - The U.S. government on Friday revised its guidance for its Medicare drug price negotiation process, allowing drug companies to publicly discuss the talks, but did not make major changes likely to convince drugmakers to end their suits seeking to halt the program. In September, the U.S. Centers for Medicare and Medicaid Services (CMS) will select 10 of the Medicare program's costliest prescription medicines and negotiate price cuts to go into effect for 2026. That guidance precluded drug makers from talking about the negotiations and required them to eventually destroy data received from CMS. Industry group the Pharmaceutical Research and Manufacturers of America (PhRMA) made an additional claim that the price negotiation program violates the U.S. Constitution's Eight Amendment, which protects against excessive fines. The Biden administration's drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for the drugs most costly to Medicare.
Persons: drugmakers, Joe Biden, Chiquita Brooks, LaSure, Bristol Myers, Merck, PhRMA, Tahir Amin, Amin, Michael Erman, Mark Potter, Nick Zieminski Organizations: U.S, U.S . Centers, Medicare, Medicaid Services, Merck & Co, Bristol Myers Squibb, U.S . Chamber of Commerce, CMS, Merck, Bristol, Industry, Pharmaceutical Research, Manufacturers of America, Reuters, Initiative for Medicines, Biden, Thomson Locations: U.S
UK airlines should face stricter rules over cancellations and giving refunds, a consumer group says. says 2.3 million people in the UK weren't refunded for flights they couldn't take in the pandemic. But the US just fined British Airways $1.1 million for delaying refunds since the pandemic. is calling for stricter regulation of airlines operating in the UK and stronger fines against them, saying airlines have engaged in 'unlawful' behavior for 20 years. However, in the US BA was fined $1.1 million for unpaid refunds during the pandemic after its Transportation Department received 1,200 complaints about BA delaying refunds, per the release.
Persons: fining, Rocio Concha, Concha Organizations: British Airways, Civil Aviation Authority, CAA, Transportation Department, UK's Department, Transport Locations: EasyJet
BRUSSELS, June 28 (Reuters) - Businesses and Big Tech on Wednesday criticised European Union data rules agreed between EU countries and lawmakers, saying they could hinder data flow and contractual freedom, while a pan-European consumer group said they did little for Europeans. The Data Act, agreed on Tuesday, sets out rights and obligations for how Big Tech and companies use European consumer and corporate data, focusing on that generated in smart devices, machinery and consumer products. Revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance have led to EU concerns about data transfers. Tech lobbying group Computer & Communications Industry Association (CCIA) said the new rules disadvantage Big Tech -labelled as large online platforms under separate newly adopted EU tech legislation - and hence limits consumers' choice. The European Consumer Organisation (BEUC) lamented the agreement as a missed opportunity to do more for users.
Persons: Edward Snowden, Cecilia Bonefeld, Dahl, CCIA, Ursula Pachl, Foo Yun Chee, Alex Richardson Organizations: Big Tech, European Union, EU, Airbus, Google, Nokia, Qualcomm, Philips, SAP, Siemens, Sony, Tech, Computer & Communications Industry Association, Digital Markets, European Consumer Organisation, Thomson Locations: BRUSSELS, EU
The Inform Consumers Act, a new law that aims to curb organized retail theft and the sale of counterfeit and harmful products on online platforms, takes effect Tuesday as more retailers blame theft as a reason for lower profits. They claim organized crime groups steal merchandise from stores and then resell it on online marketplaces, typically at a lower amount than the sticker price. Many experts say organized retail theft has grown alongside the rise of online shopping, which boomed during the Covid pandemic and became the primary way consumers shopped. In the first quarter of 2023, e-commerce in the U.S. accounted for 15.1% of total retail sales, and reached $272.6 billion, a 7.8% jump from the year-ago period. "Under INFORM, online marketplaces can no longer turn a blind eye to criminal actors using their platforms to sell stolen and counterfeit goods.
Persons: Jan Schakowsky, Gus Bilirakis, They've, it's, Lisa LaBruno Organizations: eBay, Reps, Federal Trade Commission, Retail Industry, Association, CNBC, FTC Locations: U.S
June 12 (Reuters) - Verizon Communications (VZ.N) is searching for a new finance chief and looking for potential candidates to later succeed CEO Hans Vestberg, the Wall Street Journal reported on Monday citing people familiar with the matter. The company had reshuffled its senior leadership roles in March and appointed Tony Skiadas to replace former Chief Financial Officer Matt Ellis while naming Sowmyanarayan Sampath as the CEO of Verizon Consumer Group. Verizon did not immediately respond to a Reuters request for comment. The company is working with executive recruiting and advisory firm Spencer Stuart, the report added. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Hans Vestberg, Tony Skiadas, Matt Ellis, Sampath, Vestberg, Spencer Stuart, Chavi Mehta, Krishna Chandra Organizations: Verizon Communications, Wall Street, Verizon Consumer Group, Verizon, Thomson Locations: Bengaluru
BRUSSELS, June 8 (Reuters) - Meta Platforms' (META.O) Instagram, Alphabet's (GOOGL.O) YouTube, TikTok and Twitter could face regulatory action after European consumer group BEUC complained to the European Commission and consumer authorities that the online platforms allegedly facilitate the misleading promotion of crypto assets. U.S. regulators suing crypto platforms Coinbase COIN.O and Binance, along with last year's collapse of FTX, have sparked concerns over consumer protection related to crypto assets such as bitcoin and ether. It urged the Consumer Protection Cooperation Network to require the online platforms to adopt stricter advertising policies on crypto and take measures to prevent influencers from misleading consumers. The group called on European consumer authorities to cooperate with European Supervisory Authorities for financial services to ensure the platforms adapt their advertising policies to prevent the misleading promotion of crypto. "This is why we are turning to the authorities in charge of protecting consumers to ensure Instagram, YouTube, TikTok and Twitter fulfil their duty to protect consumers against crypto scams and false promises," she said.
Persons: BEUC, Monique Goyens, Foo Yun Chee, Lisa Shumaker Organizations: YouTube, Twitter, European Commission, European Union, Consumer Protection Cooperation Network, Commission, European, Authorities, Crypto, Consumer, Thomson Locations: BRUSSELS, Denmark, France, Greece, Italy, Lithuania, Portugal, Slovakia, Spain
Big food manufacturers like Kraft Heinz (KHC.O) and Unilever (ULVR.L) are ratcheting down the price rises they have been inflicting onto supermarket chains. If food retailers can convince cash-strapped customers to skimp less and pay more, their profit margins will finally start growing. Last week, the country’s food retailers opened negotiations on prices with manufacturers like Coca-Cola (KO.N) and Unilever as food inflation surged to over 15% in March. Food manufacturers can certainly do more. Meanwhile, food inflation remained high at 19.1% in April versus 19.2% in March.
Europe's largest listed company LVMH (LVMH.PA) produced stellar sales as China rebounded sharply after COVID restrictions ended. The robust corporate margins on show in the first quarter are seen coming under pressure later in the year. Based on Refinitiv I/B/E/S estimates, STOXX 600 companies are expected to report net profit margins of 11.4% in the first quarter, up from 10.2% in the last quarter of 2022. But margins are seen declining to 10.5% in the third quarter, according to Refinitiv estimates. But there has not been a wave of companies revising earnings forecasts down, providing a cushion for European equities.
Europe's largest listed company LVMH (LVMH.PA) produced stellar sales as China rebounded sharply after COVID restrictions ended. The robust corporate margins on show in the first quarter are seen coming under pressure later in the year. Based on Refinitiv I/B/E/S estimates, STOXX 600 companies are expected to report net profit margins of 11.4% in the first quarter, up from 10.2% in the last quarter of 2022. But margins are seen declining to 10.5% in the third quarter, according to Refinitiv estimates. But there has not been a wave of companies revising earnings forecasts down, providing a cushion for European equities.
Wood Group shares sink after Apollo abandons 1.7 bln pound bid
  + stars: | 2023-05-15 | by ( ) www.reuters.com   time to read: +2 min
The shares initially fell by as much as 40% after private equity firm Apollo said it would not go ahead with an offer following an exploratory bid last month. Representatives for Wood and Apollo declined to comment further. Under UK takeover rules, Apollo cannot launch a takeover offer for Wood for the next six months, except with the company's agreement or in the event that a rival bidder swoops in. The news comes just days after British consumer group The Hut Group (THG) (THG.L) ended takeover discussions with Apollo after concluding that a preliminary bid by the fund was based on "inadequate valuations". Last week, Wood released its first-quarter earnings, which saw the group reiterate its 2023 outlook with performance expected to be weighted to the second half of the year.
Italy's industry minister has called a crisis meeting to address the soaring price of pasta, Reuters reported. Pasta prices jumped 16.3% in April, while broader Italian inflation came in at 8.8%. The comparable increase in Italy's harmonized index of consumer prices, a weighted average of Italian goods and services, measured a provisional 8.8% in April. But Coldiretti, an Italian agriculture group, said soaring pasta prices represented an "anomaly that needs clarification," given the price of a key ingredient, durum wheat, fell 30% in the year, per local publication Ansa. The National Consumer Union said until speculation on wheat prices was defined as an "unfair practice," the price of pasta may stay elevated, per Ansa.
Consumer groups and President Joe Biden are aghast that carriers have effectively charged families more to sit together. No airline explicitly imposes a "family seating fee," but consumer advocates have complained for years about how that's exactly what's happening. Airlines for America, an industry lobbying arm that counts the big four, America, Delta, Southwest, and United, among its members, previously pointed out that none of its members explicitly charge a family seating fee. This is a March 24, 2023 screenshot of the Department of Transportation's dashboard of airline family seating policies. Sen. Ed Markey of Massachusetts is working with a trio of other Senate Democrats, including Senate Majority Leader Chuck Schumer, on separate legislation on just family seating.
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