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What’s happening with Macy’s? Stock down, earnings and sales data delayed, employee accused of fraudulent accounting
The department store chain said on Monday that it is investigating an employee who allegedly concealed tens of millions of dollars in expenses. Here’s what to know. Macy’s is grappling with the fallout from an internal investigation into an employee who allegedly concealed $132 million to $154 million in expenses over several years. The individual, tasked with managing small-package delivery expense accounting, made fraudulent accounting entries that masked the discrepancies, the retail chain said in a press release Monday.
Published: 2024-11-25 18:18:00
The Texas Railroad Commission’s name is a smoke screen for what it actually does
The commission hasn’t regulated the railways in decades. Instead, it oversees the state’s vast oil and gas industry. The name of the Texas oil and gas regulatory agency—unlike its peers in other states—has nothing to do with fossil fuels or natural resources. The Railroad Commission of Texas hasn’t had anything to do with railroads for almost two decades and, for advocates of government transparency, the agency’s name is not just a harmless misnomer—it’s a smoke screen that helps shield the Railroad Commission from public scrutiny and prevents voters from understanding the nature and extent of the elected commissioners’ power.
Published: 2024-11-25 18:15:00
Cassava Sciences update: SAVA stock price collapses after much-criticized Alzheimer’s drug flops
Shares in the pharmaceutical company fell a staggering 85% on Monday after it reported disappointing Phase 3 results, but its problems started way before that. In March, pharmaceutical company Cassava Sciences made headlines for a report by the Food and Drug Administration (FDA) that cast doubt on the positive trial results of its novel Alzheimer’s drug, simufilam.
Published: 2024-11-25 17:31:00
Nvidia’s new AI model Fugatto can generate music and audio
What makes it different from other AI technologies is its ability to take in and modify existing audio—for example, by taking a line played on a piano and transforming it into a line sung by a human voice. Nvidia on Monday showed a new artificial intelligence model for generating music and audio that can modify voices and generate novel sounds — technology aimed at the producers of music, films and video games.
Published: 2024-11-25 17:30:00
How America’s $36 trillion in national debt could rain on Trump’s bold plans for the U.S economy
Trump’s team insists he can make the math work. Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them.Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do.Not only is the federal debt at roughly $36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security.The higher cost of servicing the debt gives Trump less room to maneuver with the federal budget as he seeks income tax cuts. It’s also a political challenge because higher interest rates have made it costlier for many Americans to buy a home or new automobile. And the issue of high costs helped Trump reclaim the presidency in November’s election.“It’s clear the current amount of debt is putting upward pressure on interest rates, including mortgage rates for instance,” said Shai Akabas, executive director of the economic policy program at the Bipartisan Policy Center. “The cost of housing and groceries is going to be increasingly felt by households in a way that are going to adversely affect our economic prospects in the future.”Akabas stressed that the debt service is already starting to crowd out government spending on basic needs such as infrastructure and education. About 1 in 5 dollars spent by the government are now repaying investors for borrowed money, instead of enabling investments in future economic growth.It’s an issue on Trump’s radar. In his statement on choosing billionaire investor Scott Bessent to be his treasury secretary, the Republican president-elect said Bessent would “help curb the unsustainable path of Federal Debt.”The debt service costs along with the higher total debt complicate Trump’s efforts to renew his 2017 tax cuts, much of which are set to expire after next year. The higher debt from those tax cuts could push interest rates higher, making debt service even costlier and minimizing any benefits the tax cuts could produce for growth.“Clearly, it’s irresponsible to run back the same tax cuts after the deficit has tripled,” said Brian Riedl, a senior fellow at the Manhattan Institute and a former Republican congressional aide. “Even congressional Republicans behind the scenes are looking for ways to scale down the president’s ambitions.”Democrats and many economists say Trump’s income tax cuts disproportionately benefit the wealthy, which deprives the government of revenues needed for programs for the middle class and poor.“The president-elect’s tax policy ideas will increase the deficit because they will decrease taxes for those with the highest ability to pay, such as the corporations whose tax rate he’s proposed reducing even further to 15%,” said Jessica Fulton, vice president of policy at the Joint Center for Political and Economic Studies, a Washington-based think tank that deals with issues facing communities of color.Trump’s team insists he can make the math work.“The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail, including lowering prices. He will deliver,” said Karoline Leavitt, the Trump transition spokeswoman.When Trump was last in the White House in 2020, the federal government was spending $345 billion annually to service the national debt. It was possible to run up the national debt with tax cuts and pandemic aid because the average interest rate was low, such that repayment costs were manageable even as debt levels climbed.Congressional Budget Office projections indicate that debt service costs next year could exceed $1 trillion. That’s more than projected spending on defense. The total is also greater than nondefense spending on infrastructure, food aid and other programs under the direction of Congress.What fueled the increased cost of servicing the debt has been higher interest rates. In April 2020, when the government was borrowing trillions of dollars to address the pandemic, the yield on 10-year Treasury notes fell as low as 0.6%. They’re now 4.4%, having increasing since September as investors expect Trump to add several trillions of dollars onto projected deficits with his income tax cuts.Democratic President Joe Biden can point to strong economic growth and successfully avoiding a recession as the Federal Reserve sought to bring down inflation. Still, deficits ran at unusually high levels during his term. That’s due in part to his own initiatives to boost manufacturing and address climate change, and to the legacy of Trump’s previous tax cuts.People in Trump’s orbit, as well as Republican lawmakers, are already scouting out ways to reduce government spending in order to minimize the debt and bring down interest rates. They have attacked Biden for the deficits and inflation, setting the stage for whether they can persuade Trump to take action.Elon Musk and Vivek Ramaswamy, the wealthy businessmen leading Trump’s efforts to cut government costs, have proposed that the incoming administration should simply refuse to spend some of the money approved by Congress. It’s an idea that Trump has also backed, but one that would likely provoke challenges in court as it would undermine congressional authority.Russell Vought, the White House budget director during Trump’s first term and Trump’s choice to lead it again, put out an alternative proposed budget for 2023 with more than $11 trillion in spending cuts over 10 years in order to potentially generate a surplus.Michael Faulkender, a finance professor who served in Trump’s Treasury Department, told a congressional committee in March that all the energy and environmental components of Biden’s Inflation Reduction Act from 2022 should be repealed to reduce deficits.Trump has also talked up tariffs on imports to generate revenues and reduce deficits, while some Republican lawmakers such as House Budget Committee Chairman Jodey Arrington, R-Texas, have discussed adding work requirements to trim Medicaid expenses.The White House was last pressured by high rates to address debt service costs roughly three decades ago during the start of Democrat Bill Clinton’s presidency. Higher yields on the 10-year Treasury notes led Clinton and Congress to reach an agreement on deficit reduction, ultimately producing a budget surplus starting in 1998.Clinton political adviser James Carville joked at the time about how bond investors pushing up borrowing rates for the U.S. government could humble the commander in chief.“I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter,” Carville said. “But now I would like to come back as the bond market. You can intimidate everybody.”
Published: 2024-11-25 15:31:26
The UN is holding its 5th meeting on the global plastic crisis. Can negotiators finally make a treaty happen?
The production and use of plastics globally is set to reach 736 million tons by 2040, up 70% from 2020. Negotiators gathered in Busan, South Korea, on Monday in a final push to create a treaty to address the global crisis of plastic pollution.It’s the fifth time the world’s nations convene to craft a legally binding plastic pollution accord. In addition to the national delegations, representatives from the plastics industry, scientists and environmentalists have come to shape how the world tackles the surging problem.“We must end plastic pollution before plastic pollution ends us,” Kim Wansup, South Korea’s minister of environment, said during the opening session.The planet is “choking on plastic,” according to the United Nations. It’s polluting lakes, rivers, oceans and people’s bodies.“Don’t kick the can, or the plastic bottle, down the road,” U.N. Environment Programme Executive Director Inger Andersen said in a message to negotiators.This “is an issue about the intergenerational justice of those generations that will come after us and be living with all this garbage. We can solve this and we must get it done in Busan,” she said in an interview.The previous four global meetings have revealed sharp differences in goals and interests. This week’s talks go through Saturday.Led by Norway and Rwanda, 66 countries plus the European Union say they want to address the total amount of plastic on Earth by controlling design, production, consumption and where plastic ends up. The delegation from the hard-hit island nation of Micronesia helped lead an effort to call more attention to “unsustainable” plastic production, called the Bridge to Busan. Island nations are grappling with vast amounts of other countries’ plastic waste washing up on their shores.“We think it’s the heart of the treaty, to go upstream and to get to the problem at its source,” said Dennis Clare, legal advisor and plastics negotiator for Micronesia. “There’s a tagline, ‘You can’t recycle your way out of this problem.'”Some plastic-producing and oil and gas countries, including Saudi Arabia, disagree. They vigorously oppose any limits on plastic manufacturing. Most plastic is made from fossil fuels. Saudi Arabia is the world’s largest exporter of primary polypropylene, a common type of plastic, accounting for an estimated 17% of exports last year, according to the Plastics Industry Association.China, the United States and Germany led the global plastics trade by exports and imports in 2023, the association said.The plastics industry has been advocating for a treaty focused on redesigning plastic products, recycling and reuse, sometimes referred to as “circularity.” Chris Jahn, International Council of Chemical Associations secretariat, said negotiators should focus on ending plastic waste in the environment, not plastic production, to get a deal. Many countries won’t join a treaty if it includes production caps, he said.To continue to progress and grow as a global economy, there are going to be more plastics, Jahn added.“So we should strive then to keep those plastics in the economy and out of the environment,” Jahn said.The United States delegation at first said countries should develop their own plans to act, a position viewed as favoring industry. It changed its position this summer, saying the U.S. is open to considering global targets for reductions in plastic production.Environmental groups accused the U.S. of backtracking as negotiations approached.Center for Coalfield Justice executive director Sarah Martik said the United States is standing on the sidelines rather than leading, putting “their thumb on the scale throughout the entirety of the negotiations.” She hopes this does not derail other countries’ ambition.The U.S. Environmental Protection Agency released a national strategy to prevent plastic pollution Thursday, but Martik said she thinks too many of the measures are voluntary to make a difference.Democratic U.S. Sen. Jeff Merkley, of Oregon, said it’s a mistake for the United States to settle for the lowest common denominator proposals, just to get some kind of agreement.Luis Vayas Valdivieso, the committee chair from Ecuador, recently proposed text for sections where he thinks the delegations could agree.The production and use of plastics globally is set to reach 736 million tons by 2040, up 70% from 2020, without policy changes, according to the intergovernmental Organisation for Economic Co-operation and Development.Research published in Science this month found it is still possible to nearly end plastic pollution. The policies that make the most difference are: mandating new products be made with 40% post-consumer recycled plastic; limiting new plastic production to 2020 levels; investing significantly in plastic waste management, such as landfills and waste collection services and implementing a small fee on plastic packaging.The treaty is the only way to solve plastic pollution at this scale, said Douglas McCauley, professor at UC Santa Barbara and UC Berkeley. McCauley co-led the research.Margaret Spring, chief conservation and science officer for Monterey Bay Aquarium, said plastic pollution used to be considered largely a waste problem. Now it is widely viewed as an existential crisis that must be addressed, said Spring, who represents the International Science Council at the negotiations.“I’ve never seen people’s understanding of this issue move as fast, given how complex the topic is,” she said. “It gives me hope that we can actually start moving the dial.”
Published: 2024-11-25 15:07:37
The Wegovy shortage is causing thousands to turn to copies. What will the FDA do about it?
Patients who cannot afford Wegovy or have struggled to find it have been turning to often-cheaper compounded versions sold by pharmacies. More than 200,000 prescriptions for copies of Novo Nordisk’s weight-loss drug Wegovy are getting filled by U.S. patients each month, an industry group told the U.S. drugs regulator in a letter, saying it should consider their role in alleviating the obesity drug supply crunch before barring them.
Published: 2024-11-25 14:16:57
Charlotte airport workers strike as Thanksgiving travel begins. Here’s why
Hundreds of workers are expected to walk off the job. Service workers at Charlotte Douglas International Airport have gone on strike during a busy week of Thanksgiving travel to protest what they say are unlivable wages.Employees of ABM and Prospect Airport Services cast ballots Friday to authorize the work stoppage in North Carolina, which a spokesperson said began Monday morning.Officials with Service Employees International Union announced the impending strike in a statement early Monday, saying the workers would demand “an end to poverty wages and respect on the job during the holiday travel season.”ABM and Prospect Airport Services contract with American Airlines to provide services including cleaning airplane interiors, removing trash, and escorting passengers in wheelchairs.Workers say they previously raised the alarm about their growing inability to afford basic necessities, including food and housing. They described living paycheck to paycheck, unable to cover expenses like car repairs while performing jobs that keep countless planes running on schedule.“We’re on strike today because this is our last resort. We can’t keep living like this,” ABM cabin cleaner Priscilla Hoyle said in a statement. “We’re taking action because our families can’t survive.”Several hundred workers were expected to walk off the job and continue the work stoppage throughout Monday.Most of them earn between $12.50 and $19 an hour, which is well below the living wage for a single person with no children in the Charlotte area, union officials said.Charlotte Douglas International Airport officials have said this holiday travel season is expected to be the busiest on record, with an estimated 1.02 million passengers departing the airport between last Thursday and the Monday after Thanksgiving.In addition to walking off the job, striking workers plan to hold a late-morning rally and a “Strikesgiving” lunch “in place of the Thanksgiving meal that many of the workers won’t be able to afford later this week,” union officials said.“Airport service workers make holiday travel possible by keeping airports safe, clean, and running,” the union said. “Despite their critical role in the profits that major corporations enjoy, many airport service workers must work two to three jobs to make ends meet.”ABM said it would take steps to minimize disruptions from any demonstrations.“At ABM, we appreciate the hard work our team members put in every day to support our clients and help keep spaces clean and people healthy,” the company said in a statement last week.Prospect Airport Services said last week that the company recognizes the seriousness of the potential for a strike during the busy holiday travel season.
Published: 2024-11-25 14:03:26
72,000 pounds of chicken and meat products are being recalled ahead of Thanksgiving due to a deadly Listeria outbreak
The USDA says a nationwide recall of ready-to-eat poultry, pork, and lamb products has been significantly expanded. Here’s the latest. With just a few days to go until Thanksgiving, another food recall is causing concern for consumers before they sit down at the table on Thursday. Over 72,000 pounds of poultry and other meat products have been recalled due to fears of Listeria monocytogenes contamination. Unfortunately, one illness linked to this recall has already resulted in death. Here’s what you need to know about the Listeria outbreak:
Published: 2024-11-25 13:05:00
How Trump could fast-track oil and gas production on day one
Much of Trump’s proposed plans for drilling and LNG would require time to move through Congress. Donald Trump’s transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas (LNG) projects and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans.
Published: 2024-11-25 13:01:53
‘Wicked’ vs. ‘Gladiator II’ box office sales: Did ‘Glicked’ live up to the opening weekend hype?
The double-feature formula that propelled last year’s ‘Barbie’ and ‘Oppenheimer’ was put to the test again with a mashup between Broadway and ancient Rome. Last year, Warner Bros.’s Barbie and Universal’s Oppenheimer revitalized the box office with their same-day openings, raking in $162 million and $82 million at the domestic box office, respectively. A cultural phenomenon, dubbed “Barbenheimer,” was created.
Published: 2024-11-25 12:37:00
9 CEOs tell ‘Modern CEO’ what they’re thankful for
As Thanksgiving approaches, leaders reflect on the people, pets, places, and technologies that inspire them. Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.
Published: 2024-11-25 12:00:00
My company boycotted Kleenex—and got it to clean up how it makes tissues
In a new book, Auden Schendler talks about his time at Aspen Skiing Company and how they convinced Kimberly-Clark to use more sustainable materials. One day in the early part of my career at Aspen Skiing Company, I was sitting at my desk and the phone rang. It was a group called Forest Ethics (I’d never heard of it), which was working with Greenpeace on a boycott of Kimberly-Clark. “Would you ban Kleenex?” the person on the line wanted to know.
Published: 2024-11-25 11:30:00
Canva predicts design will lean even more into analog aesthetics in 2025
AI’s on the rise, and so is its visual counterpoint. While we don’t know what design trends will end up defining 2025, if Canva user data is any indicator, the year could see an increase in design that’s dynamic and fun, and that mixes high-tech capabilities with good old analog design treatments.The design software company’s latest design trend report forecasts the visual elements and aesthetics it predicts will be big in 2025, based in part on some of the platform’s fastest-rising search terms. Considering the platform’s broad reach—it has over 170 million users that span non-designers to Fortune 500 companies—search data from the company offers a look at how design trends go mainstream.
Published: 2024-11-25 11:00:00
How Scale became the go-to company for AI training
The company works with giants like OpenAI and Meta—and has paid out hundreds of millions of dollars to freelance trainers in just the past year. For the large language models (LLMs) that power apps like ChatGPT, Anthopic’s Claude, and Google’s Gemini to be good conversational partners and assistants, they need to be trained by humans with plenty of examples of appropriate answers.
Published: 2024-11-25 11:00:00
ChatGPT was tasked with designing a website. The result was as manipulative as you’d expect
In a new study, researchers found that ChatGPT creates websites full of deceptive patterns. Generative AI is increasingly being used in all aspects of design, from graphic design to web design. OpenAI’s own research suggests humans believe web and digital interface designers are “100% exposed” to their jobs being automated by ChatGPT. And one industry analysis suggests 83% of creatives and designers have already integrated AI into their working practices.
Published: 2024-11-25 10:45:00
It’s costing businesses $2 billion per day. This is how leaders can curb incivility in the workplace
Actionable practices leaders can use to thwart the threat of extinction from a workplace culture of incivility. “Sticks and stones may break my bones, but words will never hurt me.” Do you remember this familiar adage that we were taught in elementary school? How did that work out during recess? I don’t know about you, but for me, recess was one of the most treacherous times during the school day. For 45 minutes, we had a reprieve from the structure of the classroom and we could roam out of earshot of our teachers. Some of the most vicious words were spewed in almost a whisper, low enough not to catch the attention of our teacher but loud enough to deliver a verbal knockout punch to the intended recipient and onlookers.
Published: 2024-11-25 10:30:00
Building a sustainable home could get more expensive under Trump
The United States is making progress on mass timber and other sustainable building practices, but Trump’s proposed tariffs could derail those efforts. Mass timber construction—which uses factory-made, engineered wood boards and beams as structural and exterior components—has exploded in recent years, exemplified by buildings like Ascent, a high-rise in Milwaukee, and the new terminal at the Portland Airport. Industry group Woodworks predicts 20% growth in new projects. And passive house design, the ultra-energy efficient methodology of building with exemplary insulation, has also exploded, with numerous examples of homes, hospitals, high-rises, and even affordable housing built according to the standard. But this progress is at risk with a new Trump administration coming into power next year. Proposed tariffs by the incoming Trump administration may increase the prices of many items at the store. But for architects and advocates working on more efficient and sustainable buildings, there’s fear that tariffs could impact specific materials and machines that are key to their work.
Published: 2024-11-25 10:30:00
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