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  • Beyoncé announces ‘Renaissance’ concert film with new trailer | CNN

    Beyoncé announces ‘Renaissance’ concert film with new trailer | CNN

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    CNN
     — 

    Beyoncé’s “Renaissance” is coming to theaters.

    The “Break My Soul” singer, who wrapped up her tour in in Kansas City on Sunday, released a trailer for the film, “Renaissance: A Film by Beyoncé.” The project will debut in theaters on Dec. 1.

    According to an official synopsis for the film, “It is about Beyoncé’s intention, hard work, involvement in every aspect of the production, her creative mind and purpose to create her legacy, and master her craft.”

    “When I am performing, I am nothing but free,” Beyoncé says in the trailer. “The goal for this tour was to create a place where everyone is free and no one is judged.”

    The trailer also shows images of Beyoncé’s family and features clips of her daughter Blue Ivy joining her onstage.

    Tickets for “Renaissance: A Film by Beyoncé” are available now.

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  • Britain’s PM seeks to rally his party ahead of an election they are tipped to lose | CNN

    Britain’s PM seeks to rally his party ahead of an election they are tipped to lose | CNN

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    London
    CNN
     — 

    Rishi Sunak will gather with members of his governing Conservative Party on Sunday for what is likely to be their final party conference before the UK’s next general election, which Sunak is currently projected to lose. 

    The Conservatives come together for their annual meeting with little good news to celebrate. The party is trailing the opposition Labour Party in the polls by a significant distance. 

    Sunak has been criticized by moderates in the party for tacking to the right on key issues like immigration and commitments to reducing carbon emissions. He is also being attacked from the party’s right for what they perceive to be an anti-conservative approach to taxation and public debt. 

    As if Sunak’s job uniting his party this week wasn’t hard enough, the Institute for Fiscal Studies, the leading economic research institute in the UK, published a report projecting that taxes will account for around 37% of national income by the next election – the highest level since World War II. 

    Party conference season is an important date fixture in the annual British political calendar. Taking place in the early fall, these jamborees are the principal forums for each party to outline its priorities for the next 12 months. 

    For the governing party, conference is typically a time when members rally around the leadership and unite against the opposition, insulated from whatever is happening in the wider world of politics. 

    This should be especially true as an election approaches. However, Sunak, who wasn’t even the Conservatives’ leader this time last year, has inherited a broken party that has been in power for so long it seems out of ideas and already preparing for the post-mortem and blame game that follows any election loss. 

    And factions on both the left and right of the party are already publicly criticising Sunak on a range of issues. 

    Examples coming into this year’s conference: 

    Former cabinet minister Priti Patel told British channel GB News on Friday that the tax burden was “unsustainable” before unfavourably comparing Sunak to tax-cutting former PM, Margaret Thatcher. 

    The Conservative-supporting Daily Mail newspaper ran a column titled: “Didn’t the Tories used to be party of tax CUTS?”

    Sunak can also expect vocal criticism from the environmental wing of his party after a significant U-turn last week on climate policy. Sunak delayed a planned moratorium on the sale new gasoline and diesel cars from 2030 to 2035 and pushed back on plans to phase out gas boilers in homes. 

    Some Conservatives who support action on the climate crisis, not least former PM Boris Johnson, criticised Sunak, saying the UK “cannot afford to falter now” or “lose our ambition.” 

    Such a direct criticism of a sitting PM by a former PM is highly unusual. What makes it particularly painful for Sunak is that Johnson is at the heart of perhaps the most crucial internal battle within the Conservative Party. 

    Greenpeace activists targeted British Prime Minister Rishi Sunak's private mansion this year.

    Johnson was forced to resign from office because of a range of scandals last summer. However, Johnson’s most loyal acolytes believe that Sunak’s decision to quit as Johnson’s finance minister was the straw that broke the camel’s back and made Johnson’s position untenable. They believe he was motivated by the opportunity to take a run at the top job himself, something Sunak denies. 

    This battle between Sunak and Johnson has created a very strange dynamic within the party. 

    Johnson, darling of the Conservative right since the Brexit referendum, is in many ways politically to the left of Sunak. However, his pragmatism over Brexit and cautious economics has led to his allies painting Sunak as a Conservative sellout.

    They also believe that Sunak’s betrayal of Johnson and apparent wish-washy centrism is what will ultimately cost the Conservative Party the next general election – ignoring the damage that Johnson did to the party and its standing in the polls through his scandal-ridden premiership. 

    Sunak has made attempts to counter these attacks by throwing red meat at Conservative MPs and voters. The U-turn on climate policies is just the most recent example. He’s made a crackdown on immigration – particularly the route across the English Channel from France in so-called small boats – a key plank of his agenda since taking office. 

    He’s been accused of sowing division over over the complex issue of trans rights in attempts to win over his own MPs and has leant into the Johnsonite position of attacking “lefty lawyers” over opposition to his plans, including those on immigration.

    Prime Minister Rishi Sunak speaking in June on his plan to

    His hard-line shift doesn’t necessarily resonate with the public, most polls show. Which is why experts believe that Sunak is doubling down on his Conservative base, which might be his only real path to retaining power at the next election. 

    “Sunak’s strategy of taking on issues like net zero and small boats is very much a ‘core vote’ strategy, aimed at securing the Conservative base,” says Will Jennings, professor of politics at the University of Southampton. 

    “This is not without risk – firstly because it’s not clear how large that core vote is without Boris Johnson, Brexit and Jeremy Corbyn (the controversial, hard-left former Labour leader) and also because voters have other concerns right now – most notably the economy,” he adds. 

    If you talk to senior Conservatives right now, there is a quiet acceptance that a loss is the most likely result of the next election. Most agree that not only does this look like a government in its death throes, but also that everyone is already thinking about who will replace Sunak after his defeat. Factions on the right and left of the party are already forming and people on both sides are already talking about how to win the battle for the soul of their party. 

    While the next election may not be a foregone conclusion, the next few months will be critical if Sunak is to start turning the polls around and make the comeback of all comebacks. All of that starts this week in Manchester: a good conference could lift the mood and rally the troops; a bad conference could be the kiss of death to any hope his party had left. 

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  • As he turns 99, Jimmy Carter’s hometown honors the former president as a global humanitarian — and a good friend | CNN Politics

    As he turns 99, Jimmy Carter’s hometown honors the former president as a global humanitarian — and a good friend | CNN Politics

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    Plains, Georgia
    CNN
     — 

    More than 14,000 people have written to Jimmy Carter for his 99th birthday.

    The wishes, posted in a digital mosaic created by The Carter Center, come from around the world: an Ohio family thanks the 39th US president for being an example of “how to live”; a Georgia resident recalls shaking his hand during his run for governor; a man sends best wishes from Switzerland.

    There are notes from Ecuador and Costa Rica, Europe and Australia and from every corner of the United States. Many thank Carter for his humanitarian service. Others – a few famous, most not – share admiration or memories of brief encounters. Some say they love him.

    The messages’ renowned recipient – with a brief exception last Saturday, during a peanut festival – has largely stayed out of the public eye since opting seven months ago to start receiving home hospice care following a series of hospital stays. Carter’s wife, Rosalynn, has dementia, the non-profit they founded announced in May.

    The couple, married for 77 years, has been spending slow days – likely among his last, their closest relatives acknowledge – together at their home in the southwest Georgia city of Plains, population: 700-ish.

    Here, the former president – who years after his White House term won a Nobel Peace Prize and launched a global charge to eradicate a painful disease – is known simply as “Mr. Jimmy.”

    And here, the small, middle-of-nowhere town Carter helped put on the map is also perhaps the center of his legacy, where hundreds of annual visitors exchange stories with residents who know him not as the former commander in chief but as the man who sat by a friend’s bedside during a difficult illness, who sent an encouraging note when a new restaurant owner’s business slowed and who regularly spoke about his faith on Sundays in his longtime church.

    “He was only president for four years. He was governor for four years. But he was a resident of Plains, Georgia, for 99,” his grandson, Jason Carter, told CNN. “And that is, fundamentally, who he is.”

    On Wednesday morning, four days before Carter’s birthday, the single-block downtown of Plains was – as it usually is – quiet. A rainstorm was slowly clearing. Tractor engines drove back and forth over the railroad tracks that separate a skinny highway from Main Street.

    A peanut wagon is pulled across Main Street in February in Plains, Georgia.

    Doris Day’s “Sentimental Journey” played over public speakers.

    Along a row of colorful brick façades, every downtown store was open for business. Among them: Plain Peanuts, where owner Bobby Salter spent more than a year in the early 2000s perfecting his peanut butter ice cream recipe.

    It’s Carter’s favorite, he says.

    Two doors down, Philip Kurland sits by the register inside the Plains Trading Post. He runs the business – with hundreds of political campaign buttons dating back to Millard Fillmore – with his wife. The pair was driving through Plains more than 30 years ago when they spotted an empty building for sale and decided to call this place home.

    Kurland had had his doubts about whether the Carters really lived in Plains, he admitted – until the former president and his wife showed up at the store to welcome them.

    Philip Kurland of the Plains Trading Post poses in February 20 in Plains.

    In the past few years, the Kurlands had reduced the store’s hours to just two days a week. But when Carter announced in February he would begin hospice care, Kurland began opening the store all seven days, he said, as a way of giving back. “I talk to people every day of the week and listen to their stories about Jimmy Carter and how they interacted,” he said. “People want to tell their stories and reminisce. And I want to be there to listen.”

    Some say they campaigned with Carter; others met him at a book signing. Still others say he helped them through hardship. Kurland, who never shies away from talking politics with customers, once asked a visitor how they thought Carter as president handled the Iranian hostage crisis.

    “The guy looked up and smiled,” Kurland recalled.

    “And he said: ‘I’m still alive.’”

    Kurland also has stories of his own, including how Carter spent an hour with him when he was laid up with a bad respiratory virus. “I remember he got my life story. I remember I was a little bit surprised because he already knew some of it. And I remember … I was happy about being sick, that I got the opportunity to really get to know the president.”

    Campaign buttons for former President Jimmy Carter and others are seen in February in Plains.

    Plains City Councilperson Eugene Edge Sr. recalled getting to know Carter when the then-future president came back to Plains from years of service in the US Navy to run his father’s peanut business.

    “I don’t know a better person,” Edge said. “He didn’t look at you differently because you were a different color, and I liked that.”

    It was that attitude, Kurland said, that helped create the culture here: “In Plains, everyone might not like each other each day, but everyone respects each other, and if you have a problem, everyone’s going to help you,” he said. “And I think a lot of that is because President Carter has set the tone.”

    Jan Williams stopped into Kurland’s store that Wednesday morning to say hello. They briefly talked about her upcoming birthday, just two days before the former president’s. Williams once taught Carter’s daughter, Amy, in school, and she traveled with them during the 1977 inauguration.

    Jan Williams, who attends church with former President Jimmy Carter and taught his daughter fourth grade, poses in front of Maranatha Baptist Church in Plains with a collection plate Carter made.

    She named her own daughter after Amy Carter in honor of the family. And when Carter came back to Plains, she would listen to him teach on Sundays at church.

    “One of the things he said at church all the time was if everybody could love the person in front of them, wouldn’t we have a happier world – instead of thinking about who they are, where are they from, what kind of life do they live?” she said. “And just show some love. And he was so good at that.”

    “We may be a small town,” she added. “But we’ve produced, in my opinion, one of the greatest Americans.”

    Keeping up with the news – and baseball

    The town, and Carter’s nearest kin, know these are likely the former president’s final days.

    But they don’t guess at how long this chapter will last: After all, the nonagenarian has already defied the odds many times, from his journey from the Plains peanut business to the White House to beating cancer in 2015 to spending so long in end-of-life care.

    “He always surprises us, so we’re not terribly surprised it’s been seven months,” The Carter Center CEO Paige Alexander told “CNN This Morning” on Friday. “But he’s surrounded by love, and that’s what counts.”

    The Jimmy Carter Presidential Library and Museum has planned birthday events this weekend, including a movie screening and a naturalization ceremony for 99 new US citizens.

    Jimmy Carter's grandson Jason Carter, center, looks Thursday at a digital mosaic of his grandfather at The Carter Center.

    Carter, meanwhile, is physically limited but stays up on the current news, including on how his favorite team – the Atlanta Braves – is doing, his grandson said. And he’s very much aware of and heartened by the tributes that have poured in over months since his hospice announcement.

    “I was not ready to deal with just sort of the everyday grief part,” Jason Carter said. “In that way, going through this publicly has been wonderful because of the support and it’s really also because we’ve had this extended time, given us the time to, on a personal level, process what’s happening, process our relationships with him and with my grandmother and really spend some really, really important time as a family together.”

    The family will gather privately to celebrate Carter’s birthday Sunday, his grandson said.

    For now, his grandparents “are at home, in love and they know who they are,” he said, “and you don’t get more from a life than they’ve gotten and they know that, and they are at peace.”

    Even after he’s gone, Jimmy Carter will “always be alive in Plains,” Kurland said. And as his next birthday approaches, neighbors here know even though they don’t see Carter out and about anymore, his life’s message still spreads.

    “He’s passing the torch, that we all need to be kinder and be more giving and caring and considerate and loving,” the shopkeeper said. “So, I don’t look at it as, one point he’ll be passing on; he’ll be passing the torch for us to be better people and do better.”

    Down the street, Bonita Hightower thinks about the former president a lot, too.

    Bonita Hightower poses in February at Bonita's Carry-Out in Plains.

    “If he came from here and he became the 39th president, I wonder what I can do. That’s how I look at it,” she said.

    While the 68-year-old has never met Carter, he’s played a big role in her life. Hightower opened a restaurant in Plains some two months before the Covid-19 pandemic shut down the world. When customer traffic slowed, she questioned her decision to open a business in the small town.

    Then, she got a call.

    It was from Carter’s staff, who shared that the couple had recently ordered a take-out meal from her restaurant – and were fans of her food. “It was like that message from President Carter was to encourage my heart,” Hightower said.

    The next year, his staff asked her to make a meal for his birthday’s party, she said.

    “That gentleman, he was our president for a moment, but then he became – I heard this, and I think I’m going to adopt it – then he became the world’s president,” she said.

    “I think he came back home so maybe somebody would get ignited.”

    Carter's hometown of Plains is seen in February from the sky.

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  • Detained WSJ reporter Evan Gershkovich’s parents describe what it was like seeing him in Russia | CNN Business

    Detained WSJ reporter Evan Gershkovich’s parents describe what it was like seeing him in Russia | CNN Business

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    New York
    CNN
     — 

    Wall Street Journal reporter Evan Gershkovich remains “defiant” six months after he was detained in Russia on spying charges, which he and the Journal strenuously deny, his mother told CNN’s Anderson Cooper Thursday night.

    “He’s smiling. He understands what’s going on,” Ella Milman said. “And I have to say, under all the circumstances, he’s doing really well.”

    Gershkovich’s parents have been able to go to Russia twice. They saw him in June and were able to talk to him, though Cooper noted he was essentially in a glass box.

    “Being there, it was like having him back,” his father, Mikhail Gershkovich, said. “Just the physical presence and his voice made you very happy.”

    Gershkovich was arrested in March during a reporting trip. The FSB, Russia’s main security service, accused him of trying to obtain state secrets — a charge Gershkovich and his employer have extensively denied.

    If convicted, he faces up to 20 years in prison.

    Gershkovich’s parents left the Soviet Union to come to the United States. Evan’s initial reporting trips in the country didn’t worry the two of them.

    “He came to Russia in 2017. Things were a lot different at the time,” Milman said.

    The family keeps in touch with Gershkovich through letters, which are up to 10 pages long and include printed pictures. His sister, Danielle Gershkovich, says they can hear his voice through his writing — fitting, Cooper noted, as he’s a print journalist.

    “It’s like sitting on the couch,” Milman said. “The only thing is that the answer comes the following week.”

    Those who want to help need to keep the focus on Evan, Danielle said, whether it’s people posting on social media or reading his reporting.

    From a young age, Gershkovich was curious and easily connected with people, Milman said.

    “He always would come home after his fancy trips and wanted to have a hamburger and buffalo wings and watch baseball and watch American football,” Milman said. “He’s an American boy who has roots in Russian culture.”

    The journalist’s detention is a source of tension between Washington and Moscow.

    “The US position remains unwavering. The charges against Evan are baseless. The Russian government locked Evan up for simply doing his job. Journalism is not a crime,” US ambassador to Russia Lynne Tracy said to reporters earlier this month.

    In September, a Moscow court refused to hear an appeal against his pre-trial detention, leaving Gershkovich behind bars. His pre-trial detention has been extended twice since his arrest, once in May and again in August. An appeal against his first pre-trial detention was also denied.

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  • US mortgage rates climb to 7.31%, hitting their highest level in nearly 23 years | CNN Business

    US mortgage rates climb to 7.31%, hitting their highest level in nearly 23 years | CNN Business

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    Washington, DC
    CNN
     — 

    US mortgage rates surged to their highest level in nearly 23 years this week as inflation pressures persisted.

    The 30-year fixed-rate mortgage averaged 7.31% in the week ending September 28, up from 7.19% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.70%.

    “The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”

    The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.

    Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign — and while a good deal of progress has been made since June 2022, when inflation hit 9.1%, Fed officials say there is still a ways to go.

    The Fed’s preferred inflation measure, the core Personal Consumption Expenditures index, is currently 4.2%, which is more than double the Fed’s target of 2%. Economists expect it to drop to 3.9% when the latest reading is released on Friday.

    This week’s mortgage rate surge followed last week’s small move higher, as investors settled in for “higher-for-longer” interest rates after last week’s Fed policy meeting, said Danielle Hale, chief economist at Realtor.com.

    Hale said the takeaway from the meeting was that the upward adjustments from the Fed haven’t ended.

    “Revised economic projections show that another rate hike this year is definitely on the table, and the expected policy rate in 2024 and 2025 was also higher than previously forecast,” she said. “Market participants are still playing catchup.”

    While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them.

    Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

    The yield on 10-year Treasuries rose from 4.3% on September 20 to 4.6% as of September 27.

    Mortgage applications continued to drop last week, according to the Mortgage Bankers Association, as mortgage rates went higher.

    “Rates over 7% and low for-sale inventory continue to create affordability challenges for prospective buyers,” said Bob Broeksmit, MBA president and CEO. “Until rates start to come back down, we anticipate housing market activity will remain slow.”

    Markets are experiencing an extraordinarily low number of homes for sale as homeowners stay put with ultra-low mortgage rates that are several percentage points lower than the current rate.

    There has been a small uptick in newly listed homes coming to market over the past few weeks, according to Realtor.com, which is seasonally atypical, said Hale.

    The first week in October tends to be an ideal week to buy a home, she said, since home prices tend to fall relative to summer highs, and fewer buyers contend for homes. Yet housing inventory remains higher than a typical week, Hale said.

    But, she added, mortgage rates will continue to be a wild card, which could make it impossible for some buyers to get in the market now.

    Even as demand is dropping, with so few homeowners selling, the market is pushing up prices as those few buyers who remain tussle over the handful of available houses, Hale said.

    This combination of higher prices and higher mortgage rates contrasts with easing rents over the past few months. This may cause would-be first-time buyers to wait for home prices and mortgage rates to stabilize and rent instead.

    “Buying a starter home is more expensive than renting in all but three major US markets [Realtor.com] studied,” said Hale, “which explains why buyer demand is likely to remain relatively low.”

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  • Fran Drescher ‘looking forward’ to talks resuming between actors’ union and  Hollywood studios next week | CNN

    Fran Drescher ‘looking forward’ to talks resuming between actors’ union and Hollywood studios next week | CNN

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    CNN
     — 

    SAG-AFTRA President Fran Drescher is gearing up to resume negotiations with the Alliance of Motion Picture and Television Producers next week.

    Talks will resume between the actors’ union and studio representatives on Monday, two and a half months after the more than 160,000 members of the guild went on strike and one week after the Writers Guild of America and the AMPTP reached a tentative contract agreement.

    “We’re happy WGA came to an agreement but one size doesn’t fit all,” Drescher told CNN on Thursday. “We look forward to resuming talks with the AMPTP.”

    SAG-AFTRA negotiators will meet with several executives from AMPTP member companies to work out new television and theatrical contracts, according to the union.

    SAG-AFTRA and the WGA have both sought contract changes related to streaming residuals and artificial intelligence. Actors are also asking for better relocation expenses for actors working out of state or country and limited long breaks between television seasons in order to give actors more stability while under contract.

    The WGA has voted to authorize its members to return to work following the tentative agreement reached this week.

    SAG-AFTRA has been on strike since July 14.

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  • 5 takeaways from America’s landmark lawsuit against Amazon | CNN Business

    5 takeaways from America’s landmark lawsuit against Amazon | CNN Business

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    Washington
    CNN
     — 

    An antitrust lawsuit from 17 states and the Federal Trade Commission this week against Amazon represents the US government’s biggest regulatory challenge yet against the e-commerce juggernaut.

    The landmark case targets Amazon’s retail platform, alleging that it’s harmed shoppers and sellers alike on a massive scale.

    Through an alleged “self-reinforcing cycle of dominance and harm,” the plaintiffs claim, Amazon has run an illegal monopoly in ways that are “paying off for Amazon, but at great cost to tens of millions of American households and hundreds of thousands of sellers.”

    In response, Amazon has argued the case is “wrong on the facts and the law” and warned that a victory for the FTC would lead to slower shipping times or higher prices, including perhaps for Amazon’s Prime subscription service.

    Here are five of the biggest highlights and takeaways from the plaintiffs’ 172-page lawsuit.

    The plaintiffs’ central claim is that Amazon has used a variety of tactics to lure shoppers and sellers onto its platform and then to trap them there, preventing other online retailers like Walmart, Target or eBay from attracting those same consumers and vendors to their own sites.

    Walmart, Target and eBay are not parties to the suit.

    Not only has that lock-in effect hurt competition between the likes of Amazon and Walmart, the lawsuit claims, but it has also given Amazon confidence it can exploit its sellers and shoppers with impunity — allowing the company to extract ever more value from them without fear those people will leave for a rival platform.

    The complaint portrays Amazon as offering a kind of Faustian bargain — first enticing sellers with the ability to access tens of millions of potential customers and drawing in shoppers with low prices and numerous Prime benefits, such as Amazon Music and Prime Video, that other e-commerce platforms can’t hope to match.

    Then, in the plaintiffs’ narrative, Amazon takes advantage of sellers’ and shoppers’ dependence by increasing platform fees; bloating its search results with advertising that sellers are forced to buy if they want any hope of reaching shoppers; requiring sellers to use Amazon’s in-house fulfillment services if they want the best seller benefits, including the coveted “Prime” badge; and punishing sellers who try to sell their goods elsewhere online at a lower price than on Amazon.

    The overall result, the plaintiffs claim, is a worse experience for Amazon users and artificially high prices for everyone, including on non-Amazon platforms.

    “There are internet-wide effects here,” FTC Chair Lina Khan told reporters on a conference call Tuesday.

    Amazon has responded that the lawsuit “reveals the Commission’s fundamental misunderstanding of retail.” Amazon’s general counsel, David Zapolsky, wrote in a blog post that the company’s pricing programs for sellers are meant to “help them offer competitive prices,” that consumers “love Prime because it’s such a great experience,” and that the claim “that we somehow force sellers to use our optional services is simply not true.”

    A big, swirling question is whether Amazon could be broken up as a result of this suit.

    Officially, the FTC is saying that talk of a breakup is premature.

    “At this stage, the complaint is really focused on the issue of liability,” Khan said at an event hosted by Bloomberg News on Tuesday, hours after the lawsuit was filed.

    If the courts find that Amazon did violate the law, then there could be a separate remedies phase to consider potential penalties.

    A breakup is not off the table. The plaintiffs’ complaint, filed in Seattle federal court, suggests that any court order to address the issue could include “structural relief,” a legal term referring to a potential breakup of Amazon.

    Khan also left open the possibility that Amazon executives could be held personally liable and added to the case if there is sufficient evidence of their responsibility for Amazon’s alleged misconduct.

    “We want to make sure that we are bringing cases against the right defendants,” Khan said in response to a question from CNN about whether the FTC considered naming specific executives in Tuesday’s case. “If we think that there is a basis for doing so, we won’t hesitate to do that.”

    Those remarks echo what Khan has said elsewhere about her willingness to name individuals in FTC enforcement actions. Just this month, the FTC added three Amazon officials to a separate consumer protection case dealing with Amazon Prime.

    An entire section of the complaint is devoted to a mysterious algorithm Amazon has developed named Project Nessie. Virtually every detail surrounding Project Nessie is heavily redacted from the complaint, but what little is revealed about the program suggests it is an “algorithmic tool” and “pricing system” that has allegedly helped Amazon “extract” an undisclosed amount of “excess profit” from Amazon shoppers.

    Amazon did not respond to CNN’s questions about Project Nessie. And Project Nessie isn’t the only matter subject to redactions in the lawsuit; black bars obscuring key business numbers, executive testimony and other evidence are strewn throughout the complaint.

    In response to public questioning about the redactions, FTC spokesperson Douglas Farrar said in a statement: “We share the frustration that much of the data and quotes by Amazon executives … is redacted,” and that “we do not believe that there are compelling reasons to keep much of this information secret from the public.”

    Farrar added that Amazon has a limited procedural window in which to file arguments for why many of the redacted details should remain sealed.

    Whether the FTC can prove in court that Amazon’s actions are illegal will hinge, to a large degree, on showing that Amazon has monopolized certain specific markets.

    The exercise is not as simple as pointing to Amazon’s sales figures or the percentage of online shopping that happens on Amazon’s platform. Instead, the plaintiffs have to show that Amazon is part of a well-defined geographic and economic market that it dominates.

    The complaint tries to define two such markets in the United States: a market the plaintiffs label as “online superstores” — essentially describing large retail websites that offer many different types of goods, with convenient search, checkout and shipping features for consumers — and a seller-focused “online marketplace services” market that grants third-party vendors access to customers, provides them with sales tools like data analytics and listing services, and a review or product ratings system, among other things.

    Expect Amazon to try to challenge how the plaintiffs draw their market boundaries. Zapolsky’s blog post argues that the plaintiffs have attempted to “gerrymander” their proposed markets to make it look like Amazon is more dominant than it is.

    Whether that argument succeeds will be up to the court, but it is clear the plaintiffs have carefully crafted their market definitions. For example, they claim that in this case, Amazon can’t be said to compete with online grocery delivery services such as FreshDirect or Instacart because of the unique and often hyper-local constraints of shipping perishable goods. The FTC also wants to exclude medium-sized or interest-specific retail sites that don’t offer a wide variety of products. Presumably this might exclude websites belonging to companies like the pet care retailer Chewy, or the electronics seller Best Buy.

    FreshDirect, Instacart, Chewy and Best Buy are not parties to the suit.

    Excluding those types of companies allows the plaintiffs to make claims such as that “Amazon’s share of the overall value of goods sold by online superstores is well above 60% — and rising.”

    Even as the lawsuit takes on some of the most important parts of Amazon’s retail business, there is much that the suit doesn’t cover.

    In recent years, critics of Amazon have lobbed a kitchen sink of antitrust allegations at the company, including that it snoops on seller data to figure out what products it should sell under its own brand; that the fact Amazon sells its own products alongside third-party sellers creates an anticompetitive conflict of interest; that Amazon has used predatory pricing to weaken rivals and to ultimately acquire them; and that Amazon wields enormous power in labor markets. Many of these observations were included as part of a 450-page congressional report that Khan helped author while working as a House Judiciary Committee staffer prior to being appointed to the FTC.

    Amazon founder Jeff Bezos has acknowledged in congressional testimony the possibility that employees may have inappropriately accessed seller data in violation of company policy, but Amazon has broadly disputed most of the other allegations.

    Virtually none of those claims, however, are reflected in this week’s lawsuit. The complaint does allege that Amazon biases its search results to rank its own products higher than those sold by third parties, but largely as a byproduct of Amazon’s main moves to protect its dominance.

    The complaint doesn’t articulate how regulators came to select some allegations and not others.

    When a reporter asked Khan to reflect on her past criticism of how narrowly courts have focused on the issue of consumer prices, in contrast to Tuesday’s Amazon suit that mentions the word “price” some 223 times, not including any redacted parts, Khan said her job was to present the case that stood the best chance of winning.

    “As enforcers, we want to both follow the facts where they take us and also look at how the law applies to the facts,” Khan said. “You want to bring the strongest case that you can.”

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  • Travis Kelce talked Taylor Swift on his podcast | CNN

    Travis Kelce talked Taylor Swift on his podcast | CNN

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    CNN
     — 

    Travis Kelce was already famous, but now he is learning what it means to be Taylor Swift-adjacent-famous.

    The new episode of his podcast, “New Heights,” which he hosts with his brother, fellow NFL football player Jason Kelce, dropped Wednesday.

    Jason Kelce introduced the TSwift of it all in the midst of some football talk by saying, “We’re here.”

    “We’ve been avoiding this subject out of respect for your personal life,” Jason Kelce, who plays for the Philadelphia Eagles said. “But now we gotta talk about it.”

    “My personal life that’s not so personal,” Travis Kelce quipped. “I did this to myself Jason. I know this.”

    Jason Kelce then brought up Swift’s recent attendance at his brother’s game to watch his Kansas City Chiefs take on the Chicago Bears in Arrowhead Stadium. The superstar singer sat in a suite alongside the matriarch of the Kelce family and it pretty much broke the internet.

    After Jason Kelce asked his brother what his life is now like, Travis Kelce said he’s on the “roller coaster of life.”

    “I noticed a few things,” Travis Kelce said. “Paparazzi at my house. S**t like that.”

    The paps are there with cameras and screaming his name he said. His brother naturally asked about his special guest at the game.

    “Shout out to Taylor for pulling up,” Travis Kelce said. “That was pretty ballsy.”

    He hailed Swift who “looked amazing” and he said his friends and family had nothing but amazing things to say about her. Not to mention that his Chiefs won the game.

    “We script it all ladies and gentleman,” he (maybe) joked. “It was impressive.”

    Kelce said he found all the attention and excitement “hysterical.”

    “It’s definitely a game I’ll remember,” he said. “That’s for damn sure.”

    The brothers covered some more ground, including the sales of Travis Kelce’s jersey exploding post the Swift appearance, how everyone including football coaches have been talking about the possible couple and even how they drove off in his convertible after the game.

    As to whether they are a couple or not we still don’t really know because Kelce chose to pass and left it as, “What’s real is that it is my personal life. I want to respect both of our lives.”

    Moving forward he will stick to talking about sports he said.

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  • PlayStation head Jim Ryan is stepping down | CNN Business

    PlayStation head Jim Ryan is stepping down | CNN Business

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    New York
    CNN
     — 

    PlayStation boss Jim Ryan is stepping down from the company, Sony announced Wednesday.

    The Sony Interactive Entertainment President and CEO will be retiring in March 2024 after 30 years in the PlayStation business.

    Sony Group Corporation president, COO and CFO Hiroki Totoki will assume the role of SIE chairman next month to “support” the transition, and will take over as interim CEO once Ryan retires.

    Ryan joined SIE in 1994 and was appointed CEO in 2019. He had previously held senior positions at the company including president of SIE Europe, head of global sales and marketing at SIE and deputy president of SIE.

    Ryan led the launch of the PlayStation 5, which the company said is PlayStation’s most successful platform.

    “I’ve found it increasingly difficult to reconcile living in Europe and working in North America,” Ryan said in a statement. “I will leave having been privileged to work on products that have touched millions of lives across the world.”

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  • Dow tumbles by more than 400 points, on pace for biggest one-day decline since March | CNN Business

    Dow tumbles by more than 400 points, on pace for biggest one-day decline since March | CNN Business

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    New York
    CNN
     — 

    Stocks tumbled Tuesday after a slew of economic data stoked fears about the US economy’s cloudy outlook and further interest rate hikes from the Federal Reserve.

    The benchmark S&P 500 index slid 1.2%, on track for its lowest close since June. The Dow Jones Industrial Average fell 416 points, or 1.2%, on pace for its biggest one-day drop since March; and the Nasdaq Composite lost 1.5%.

    The S&P 500 is hovering around the threshold that it passed to enter bull market territory earlier this summer, which represents a climb of more than 20% off its most recent low last October.

    Housing data released Tuesday morning showed that new home sales fell 8.7% in August from July, as mortgage rates edged above 7% to the highest levels in decades.

    At the same time, US home prices climbed to a record high in July, marking the sixth straight month of increases as a tight supply of homes continues to drive up prices, according to the latest Case-Shiller home prices index.

    “The Fed will see the reacceleration of house prices as a reason to keep interest rates higher for longer,” said Bill Adams, chief economist at Comerica Bank. “The Fed cannot afford to look past house prices’ influence on the cost of living.”

    Investors have been on edge since the Fed last week indicated it could hike interest rates once more this year and delay rate cuts for longer than expected. That sent yields soaring to their highest level in decades, as investors recalibrate their expectations for how long rates will stay higher.

    Oil prices gained on Tuesday after paring back their recent gains earlier. West Texas Intermediate crude futures, the US benchmark, rose to roughly $90 a barrel. Brent crude, the international benchmark, climbed to $94 a barrel.

    JPMorgan Chase CEO Jamie Dimon said Tuesday in an interview with the Times of India that he is preparing the bank’s clients for a 7% interest rate scenario, further spooking investors.

    The possibility of a government shutdown also looms over Wall Street as the fiscal year’s end on September 30 fast approaches without any spending deal.

    Moody’s warned Monday that such an event could be negative for America’s credit rating, which already saw a downgrade from Fitch earlier this year after the federal government narrowly avoided breaching the debt ceiling.

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  • 3M agrees to pay almost $10 million to settle apparent Iran sanctions violations | CNN Business

    3M agrees to pay almost $10 million to settle apparent Iran sanctions violations | CNN Business

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    CNN
     — 

    3M has agreed to pay almost $10 million to settle apparent violations of Iranian sanctions, the US Office of Foreign Assets Control said last week.

    The agency said 3M had 54 apparent violations of OFAC sanctions on Iran. It said between 2016 and 2018, a 3M subsidiary in Switzerland allegedly knowingly sold reflective license plate sheeting through a German reseller to Bonyad Taavon Naja, an entity which is under Iranian law enforcement control.

    It’s the latest of a stream of high-publicity and high-dollar settlements that 3M — which makes Post-It notes, Scotch Tape, N95 masks and other industrial products — has made this year.

    3M has not replied to a request for comment regarding last week’s settlement announcement.

    One US person employed by 3M Gulf, a subsidiary in Dubai, was “closely involved” in the sale, OFAC said.

    The alleged sales occurred after an outside due diligence report, which flagged connections to Iran’s Law Enforcement Forces.

    OFAC notes Iranian law enforcement stands accused of human rights violations both in Iran and Syria.

    The Switzerland subsidiary, known as 3M East, sent 43 shipments to the German reseller even though it knew the products would be resold to the Iranian entity, according to the OFAC.

    OFAC said senior managers at 3M Gulf “willfully violated” sanctions laws and that other employees were “reckless in their handling” of the sales.

    “These employees had reason to know that these sales would violate U.S. sanctions, but ignored ample evidence that would have alerted them to this fact,” OFAC wrote.

    3M voluntarily self-disclosed the apparent violations after discovering the sale hadn’t been authorized, according to OFAC. It said it fired or reprimanded “culpable” employees involved, hired new trade compliance counsel, revamped sanctions trainings and stopped doing business with the German reseller.

    In June, 3M agreed to pay up to $10.3 billion over 13 years to fund public water suppliers in the United States that have detected toxic “forever chemicals” in drinking water.

    3M has faced thousands of lawsuits through the last two decades over its manufacturing of products containing polyfluoroalkyl and perfluoroalkyl substances (PFAS), which have been found in hundreds of household products.

    3M said that the multi-billion-dollar settlement over PFAS is not an admission of liability.

    A few months later, in August, the company agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss.

    3M also said its earplug agreement was not an admission of liability.

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  • Rich, white communities most likely to oppose wind farms, study finds | CNN

    Rich, white communities most likely to oppose wind farms, study finds | CNN

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    CNN
     — 

    Wealthy and white communities in the US and Canada were much more likely to oppose wind energy projects, according to a new study from University of California Santa Barbara researchers.

    The study looked at more than 1,400 onshore wind projects across the US and Canada between 2000 and 2016, and analyzed the factors that made some communities more likely than others to oppose them.

    “One of the maybe more surprising findings, at least for me going into it, was that it was more likely to happen in overwhelmingly white communities,” said Leah Stokes, the study’s lead researcher and an associate professor of environmental politics at the University of California, Santa Barbara.

    Stokes added the study also found that in Canada, wealthier communities in particular were more likely to oppose the projects.

    In the US, 17% of wind projects faced significant opposition, while 18% of Canadian projects faced opposition over the 16-year period, according to the study, with rates in both countries growing over time.

    “Anti-wind opposition has only grown in the last decade, and you can see that very clearly in the trend line of the paper,” Stokes told CNN.

    “In the early periods, it really wasn’t that common,” she said, noting the study found about one in 10 projects in both countries were opposed in the early 2000s. “By the end of this period, before the Trump era, the average rate is more like one in five.”

    In the US, opposition was especially concentrated in the Northeast, comprising New England states, plus New York and New Jersey. In Canada, opposition to wind was strongest in Ontario.

    Opposition to wind energy has only been sporadically tracked and documented across the US and Canada, Stokes said, and “we really wanted to get a sense of how common this was.”

    To do so, researchers combed through thousands of newspaper articles. They cross-referenced the places where wind opposition was popping up and used a social science technique called name classification to understand geographically and demographically where it was happening.

    “This is really the first time that’s ever been done at this scale,” Stokes said.

    Notably, the research found the politics of a state didn’t necessarily predetermine how receptive or opposed communities were to wind projects. Pockets of opposition in the US were stronger in liberal Northeast states, while there is greater acceptance and a bigger wind boom in some traditionally Republican states like Texas and Oklahoma.

    “Party ID doesn’t matter for opposition” in the US, Stokes said. “You’ve got places like Texas, for example, that are building a lot of wind, and then you have places like the Northeast that are opposing a lot of wind, [who] are Democrats.”

    Stokes added, however, that there is a noticeable partisan split around wind in Ontario, Canada, because the country’s Liberal Party proposed a lot of wind projects and is associated with them.

    John Rogers, a senior energy analyst at the Union of Concerned Scientists who wasn’t involved in the study, said part of the reason opposition in the Northeast is so high could be the higher population density and comparatively less space for wind turbines.

    “If you think about the wind belt in the Midwest down to the lower Great Plains in Texas, it’s a lot of land and a lot fewer people,” Rogers said. “If you think about where wind would typically have to go in New England, it’s on ridgelines.”

    Stokes and Rogers said communities of color who are situated closer to power plants running on coal or gas can end up bearing the brunt of the choices of these white and wealthy communities who reject wind power.

    “We have coal plants, gas plants, that operate in these communities,” Stokes said. “If you stop building clean energy resources because you don’t want it, what you are doing is imposing pollution onto other people’s backyards.”

    Rogers said that while wind projects need to get buy-in from the communities they’re developing in, the study shows that white and richer communities have more power to approve or kill projects.

    “We need to be thinking about the way that energy privilege and whiteness and wealth come into decision-making,” Rogers said. “There are lots of people in lots of communities that see real value in wind power development, we shouldn’t allow whiteness or wealth to dictate how much of that gets to happen or doesn’t get to happen.”

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  • What happens if you don’t pay your student loans? | CNN Politics

    What happens if you don’t pay your student loans? | CNN Politics

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    Washington
    CNN
     — 

    Student loan payments are due in October for the first time in three-plus years – but for the next 12 months, borrowers will be able to skip payments without facing the harsh financial consequences of defaulting on their loans.

    The Biden administration is providing what it’s called an “on-ramp period” until September 30, 2024. During that time, a borrower won’t be reported as being in default to the national credit rating agencies, which can damage a person’s credit score.

    Think of it as a grace period for missed payments. But interest will still accrue, so borrowers aren’t off the hook entirely.

    Here’s what borrowers need to know:

    Any federal student loan borrower who was eligible for the pandemic-related payment pause, which took effect in March 2020, is eligible for the “on-ramp” period. That includes borrowers with federal Direct Loans, Federal Family Education Loans and Perkins Loans held by the Department of Education.

    Borrowers don’t need to apply for the benefit.

    Normally, a federal student loan becomes delinquent the first day after a payment is missed. Loan servicers will report the delinquency to the three national credit bureaus if a payment is not made within 90 days.

    A loan goes into default after a borrower fails to make a payment for at least 270 days, or about nine months, which can result in further financial consequences.

    A default can further damage your credit score, making it harder to buy a car or house. It could take years to establish good credit again. Borrowers could also see their federal tax refund or even a portion of their paycheck withheld.

    Once in default, the borrower can no longer receive deferment or forbearance and would lose eligibility for additional federal student aid. At that point, the loan holder can also take the borrower to court.

    Because the pandemic payment pause has ended, interest restarted accruing on September 1 after interest rates were effectively set to 0% for three-plus years.

    That means if a borrower misses a payment now, he or she could end up owing more debt over time due to interest.

    As interest builds up, a borrower’s loan servicer may also increase monthly payment amounts to ensure the debt is paid off on time. (This won’t happen to borrowers enrolled in income-driven plans, which calculate payments based on income and family size.)

    And unlike during the pause, a missed payment means that a borrower will miss out on a month’s worth of credit toward student loan forgiveness under certain repayment plans.

    For borrowers enrolled in the Public Service Loan Forgiveness program, for example, each month during the pause still counted toward the 120 monthly payments required to be eligible for debt forgiveness.

    Before missing a payment, it might be worth considering switching into an income-driven repayment plan that could lower monthly payments.

    A new income-driven repayment plan launched this summer, called SAVE (Saving on a Valuable Education), offers the most generous terms and will likely offer the smallest monthly payment for lower-income borrowers.

    Under SAVE, a single borrower earning $32,800 or less or a borrower with a family of four earning $67,500 or less will see their payments set at $0.

    Borrowers can apply for a new repayment plan whenever they want, for free, but should allow at least four weeks for the change to take effect.

    Borrowers who fell into default before the pandemic pause started in March 2020 can apply for the Department of Education’s “Fresh Start” program.

    If borrowers use Fresh Start to get out of default, their loans will automatically be transferred from the Department of Education’s Default Resolution Group to a loan servicer and returned to an “in repayment” status, and the default will be removed from their credit report.

    To claim these benefits, log in to myeddebt.ed.gov or call 800-621-3115. The process should take about 10 minutes, according to the Department of Education.

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  • Burgers and tacos don’t look like they do in ads. Lawsuits are trying to change that | CNN Business

    Burgers and tacos don’t look like they do in ads. Lawsuits are trying to change that | CNN Business

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    New York
    CNN
     — 

    When it comes to food advertising, what you see is rarely what you get. A flurry of recent lawsuits wants to change that.

    Over the past few years, lawyers have been bringing class action suits against fast food companies, alleging that they’re misrepresenting food in their marketing.

    Lawyers James Kelly and Anthony Russo, in particular, have been leading the charge, bringing cases against Taco Bell, Wendy’s, McDonald’s, Burger King and Arby’s. These companies use ads that don’t match up with their actual food, the suits allege.

    As evidence, the complaints feature images of food marketing alongside shots of their real-life counterparts. In the ads, burgers look tall, heaped with meat and cheese, topped with golden, rounded buns. But in the photos of burgers bought from a real fast food location, they’re flat, with meat and cheese barely peeking out of limp, white buns. Tacos are no different: In Taco Bell’s ads, Crunchwraps look hearty and plump. In photos in the lawsuit, they look flat and nearly empty. The suits are ongoing.

    “We saw a record number of food litigation lawsuits filed from 2020 to 2023, with hundreds of new suits every year,” said Tommy Tobin, a lawyer at Perkins Coie and Lecturer at UCLA Law, adding that “food litigation is a fast-growing area of law.”

    The explosion has been largely driven by the efforts of a handful of lawyers, including Russo and Kelly, said Bonnie Patten, executive director of Truth in Advertising, a nonprofit organization that focuses on protecting consumers from false advertising.

    Their cases focus on quantity, she said, essentially arguing that food in ads appears more bountiful than what customers actually get. Other lawyers, like Spencer Sheehan, focus on how food is described. Sheehan, a New York lawyer, has filed hundreds of class action suits focusing on misleading words on packaged foods — like use of the word “vanilla” on foods made with little or no actual vanilla.

    Major chains have also been targeted for how they describe food. Last year a class action suit was brought against Starbucks claiming that the chain is misleading buyers of its “Refreshers” beverages by naming them for ingredients they don’t have. The complaint states that, for example, “the Mango Dragonfruit and Mango Dragonfruit Lemonade Refreshers contain no mango,” and that in fact “all of the products are predominantly made with water, grape juice concentrate, and sugar.” Starbucks argued, among other things, that the fruits mentioned indicate a flavor rather than an ingredient.

    “The allegations in the complaint are inaccurate and without merit,” a Starbucks spokesperson said in a statement, adding, “we look forward to defending ourselves against these claims.”

    For a judge or jury to side with the plaintiffs in false advertising claims, lawyers have to successfully make the case that the ads would trick a “reasonable consumer,” Tobin, explained.

    “Under this standard, a court asks whether a reasonable consumer would be misled by the product’s marketing or labeling,” he said.

    The courts will have to draw the line between false advertising and just, well, advertising — which might be trickier than it sounds.

    Burger King, in a bid to dismiss the lawsuit against it, argued that its ads are fair.

    “Reasonable consumers viewing food advertising know” that food in ads “has been styled to make it look as appetizing as possible,” Burger King argued in a recent filing. That “innate” knowledge, plus the fact that a Whopper patty is always made with a quarter pound of beef, as promised, means that the ads are fine, according to Burger King.

    “The plaintiffs’ claims are false,” a Burger King spokesperson said in a statement about the lawsuit. “The flame-grilled beef patties portrayed in our advertising are the same patties used in the millions of Whopper sandwiches we serve to guests nationwide.” Arby’s, McDonald’s, and Taco Bell did not respond to requests for comment. Wendy’s declined to comment, citing the ongoing litigation.

    Lawsuits claim that burgers from McDonald's, Burger King and Wendy's don't look as they appear in ads.

    For Russo, that argument doesn’t cut it. He’s more concerned with what he calls the “common-sense eyeball test.” The fast food chains targeted in his suit, he said, are failing.

    “If you look at what their advertisements are showing, and you look at what on a regular basis, every consumer is getting … [there’s] a glaring disparity,” he said. “You could talk about weight … you could talk about volume, those are all the things the experts get into,” he said. But if the image is drastically different from the product, he argues, those details don’t matter.

    In the Burger King case, a judge recently agreed to punt the question of what is “reasonable” to a jury, refusing to dismiss the case in full as Burger King requested.

    Starbucks will also have to face many of the claims brought against it in the class action. “Plaintiffs have adequately alleged that a significant portion of the general consuming public could be misled by the names of the at-issue beverages,” a recent order states.

    For Patten, a reasonable consumer is an “average consumer.” The legal system, she said, often expect more from a reasonable consumer than she would from an average one.

    “Trial courts tend to have a very high opinion of who the reasonable consumer is,” she said. “And I think as a result of that, will dismiss a lot of these types of class actions, taking the position that the reasonable consumer of course knows that this type of advertising exaggerates the quality and quantity of food.”

    But Patten has heard from many complaining about this specific discrepancy, between how much food they expect due to advertising, and how much food they actually get.

    “We get it for burgers, we’ve gotten it for buckets of chicken, all sorts of different kinds of fast food,” she said.

    When it comes to allegations of false advertising, there are more egregious questions than whether a taco on the screen matches a taco in the hand. And Patten’s not convinced that class actions are the way to go — if they’re not dismissed, they often get settled, offering the defendant certain protections and giving consumers a small sum of cash, while their lawyers walk away with a larger bundle.

    But with people watching their budgets, it’s worth examining whether customers are getting as much food as they expect from major fast food chains.

    When people are “using their limited resources to purchase this, and then they’re not being provided with the quantity of food they’re expecting — that is an issue, no doubt.”

    The suits, and the attention they’ve received, can help inform the public of what to really expect, Patten said.

    They “can help educate consumers and make more savvy purchasers of their dinners,” she said. “The best defense against deceptive marketing is an educated consumer.”

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  • Want to live in London or New York? Good luck if you’re renting | CNN Business

    Want to live in London or New York? Good luck if you’re renting | CNN Business

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    London
    CNN
     — 

    In May, Viveca Chow hurriedly transferred $3,700 over her phone while standing in the lobby of a building in Queens, New York. She made the upfront payment to secure an apartment minutes after seeing it.

    It was a moment the 28-year-old lifestyle influencer — forced to leave her previous accommodation after the landlord increased her monthly rent by $1,000 — described to CNN as “dystopian.”

    Yet it is something that Chow, along with millions of renters in big cities, has come to expect as part of the fight for affordable housing. Her realtor urged her to pay the holding deposit on the spot to secure the one-bedroom unit.

    In many urban centers, an influx of workers and students after the pandemic has collided with a lack of accommodation for rent, high levels of inflation, and rising interest rates that are trapping some people in the rental market when they would otherwise be buying a home.

    Average rents in New York and Sydney grew by an inflation-busting 4.7% and 6.9% respectively in the year to August, according to real estate firm Knight Frank. While growth in rental costs in both cities has slowed compared with its pandemic peaks, average rents are still at all-time highs.

    In other places, rents are rising even faster. In London, the average annual rise in the cost of a rental property exceeded 17% in April and again last month, the biggest jumps since real estate agency Hamptons started collecting the data in 2014.

    That runaway growth far exceeds both inflation and pay raises in the United Kingdom.

    Many are struggling to meet the costs.

    According to property website Realtor.com, affordability in the New York metropolitan area deteriorated the most out of the 50 largest US metro areas in the year to July. The share of median household income in the New York area eaten up by the median rent rose from 35% to 37% in that time.

    Based on one approach, housing costs are judged affordable if they account for no more than 30% of the typical household income, Realtor.com said. This is also the benchmark used by the UK Office for National Statistics when assessing private rents.

    In London, the destination for many UK college students looking for work after graduating, renting has become “entirely unaffordable” for that cohort, said SpareRoom, the UK’s biggest room search site, in a recent analysis.

    The platform used the ONS’s measure of affordability in its study and the average graduate starting salary of £29,000 ($36,000) a year. According to SpareRoom’s latest Quarterly Rental Index, average monthly room rent reached £971 ($1,190) in the second quarter, up by almost a fifth compared with the same period in 2022.

    Barnaby Scudds is feeling the pain. The public relations executive moved to London in March after graduating last year and now pays £975 ($1,195) a month to rent a room, which gobbles up more than half of his monthly paycheck.

    “I’m paid well for the work that I do, and yet it’s still difficult,” he told CNN.

    Even at those prices, rooms get snapped up fast.

    “It is very difficult because properties come on at about six o’clock in the morning generally, and they are normally gone by six o’clock in the evening,” he said.

    A property for rent in London, seen in August.

    Matt Hutchinson, communications director at SpareRoom, told CNN that the UK’s chronic lack of supply of rental properties was to blame.

    Beyond problems afflicting most global cities, such as a proliferation of short-term rentals offered through platforms like Airbnb, the shortage of places for long-term rent in London is exacerbated by local factors.

    Since 2016, the UK government has increased taxes on purchases of second homes and cut the amount of tax landlords can claim back. Put simply, being a landlord in the UK isn’t as lucrative as it used to be.

    “[It] is a much more tight-margin experience than it was six, seven years ago. And a lot of people are just selling up and leaving the market,” Hutchinson said, adding that rising interest rates, as well as higher costs for labor and materials, had discouraged many from investing in rental properties.

    In a recent note about rental markets in 10 cities worldwide, Liam Bailey, global head of research at Knight Frank, concluded: “Affordability of housing is set to become the leading political issue within the next 12 months.”

    London’s mayor, Sadiq Khan, last month reiterated his call for rent control, urging the UK government to impose a two-year rent freeze for the capital’s 2.7 million private tenants. It is a version of a policy proposed by politicians and campaigners over the years as a way out of the affordability crisis.

    But rental caps, while instinctively appealing, are generally “a bad idea,” Nikodem Szumilo, director of the Bartlett Real Estate Institute at University College London, told CNN.

    “It benefits people who live in the rent control unit and maybe the politicians who impose the policy, but nobody else,” Szumilo said, noting that rental caps discouraged home builders from investing in new units, which in turn limited supply growth in places where demand might be rising.

    A better way, Szumilo argues, is to simply make it easier to build more homes. Tokyo, the world’s most populous city, housing more than 37 million people, has a “very deregulated market” where rents are “relatively stable,” he said.

    Lifestyle influencer Viveca Chow feels lucky to have found a rent-stabilized apartment in New York City.

    Policies that help people become homeowners — for example, offering subsidies on down payments or on mortgages for first-time buyers, as the UK government has done — are also effective, Szumilo said, because they help ease demand in the rental market.

    Still, Chow in New York is grateful for rent control.

    She and her partner live in one of the city’s coveted rent-stabilized units, which means the $3,700 they pay each month can’t increase by more than 3.75% if they renew the lease for another year. That’s below the 4.7% annual increase in rental costs in the city recorded by Knight Frank at the start of August.

    That “doesn’t necessarily mean it’s cheap,” Chow said, but the cap provides a welcome safety net after the instabilities — and indignities — of her last place.

    “We didn’t even have a kitchen, a proper kitchen. It was like a kitchen nailed to the wall. So I was like, you’re not raising $1,000 on me!”

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  • Entertainment strikes pushing toward $6 billion in losses: ‘It just gets worse each day’ | CNN

    Entertainment strikes pushing toward $6 billion in losses: ‘It just gets worse each day’ | CNN

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    CNN
     — 

    As studios and writers return to the bargaining table Wednesday, the economic impact of the months-long writers’ and actors’ strikes has surpassed a staggering $5 billion, and the pain is increasingly being felt across multiple industries, according to economists.

    In New York alone, the disruption of 11 major productions, which applied for the state’s tax credit program, has resulted in a loss of $1.3 billion and 17,000 hires in the state, according to Empire State Development.

    Across the U.S., “we are definitely moving towards $6 billion in costs, but I cannot say for certain we are there yet,” says Kevin Klowden, the Milken Institute’s chief global strategist. Klowden says major impacts are coming from a rise in evictions, which is also tied to the end of eviction moratoriums in California. Klowden said he’s also observing a lot of staffing cuts in restaurants and service firms, as well as expenditure cutbacks at studios.

    Todd Holmes, an associate professor of entertainment media management at Cal State Northridge, points to the U.S. Bureau of Labor and Statistics (BLS), which recorded a drop of 34,800 employees in the motion picture and sound recording industries between May and August.

    “There’s no doubt that a lot of that is due to the strikes,” Holmes says, adding that there could be more strike-related losses recorded in other BLS categories, including those in makeup, catering, custodial work, and other businesses that support productions. “It’s been a real mess, and it just gets worse each day as the strikes continue,” he added.

    Many job losses are from entertainment industry adjacent businesses like History for Hire, a prop shop whose owner, Pam Elyea, feels the ripple effect on those that rely on the entertainment industry.

    Elyea’s company works to dress the sets of movies, TV shows, commercials and music videos, renting out everything from sports equipment to battle gear for period pieces.

    Before the strike, she says her 33-thousand square foot warehouse was “extremely hectic” with phones ringing and a staff of 15 to 20 moving orders of props in and out.

    Now, she’s had to cut half her staff because demand is drying up. The remaining staff members switched to a California workshare program this week, where they work reduced hours, receive partial unemployment benefits, while maintaining health insurance.

    “I would have people in and out here, I would have swing guys come and pull orders,” Elyea tells CNN, looking at just a few items on carts in her warehouse awaiting pick-up. “We’d be boxing stuff, we’d be on the phones, the phone would be ringing, I would have twice the staff that I have right now. It would be extremely hectic.”

    The ongoing strike is taking an emotional toll on Elyea, who says History for Hire has been in business for forty years.

    “I’m the one who worries at night,” a choked-up Elyea tells CNN. “You don’t lay somebody off without thinking, I’m not just taking their job, they’re gonna lose their home, they’re gonna lose their apartment because nobody makes enough to, to live in Los Angeles. This is an extremely expensive city to live in. So, so you’re really impacting someone’s life.”

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  • 1 person killed and dozens injured after bus carrying students crashes on I-84 in Orange County, New York | CNN

    1 person killed and dozens injured after bus carrying students crashes on I-84 in Orange County, New York | CNN

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    CNN
     — 

    At least one person has died and dozens more were injured when a bus carrying students rolled over on Interstate 84 in Orange County, New York, about 75 miles north of New York City, authorities said.

    Roughly 45 people were injured, according to the Wawayanda Fire Company. An individual who answered the phone at the fire company did not provide further details about the severity of the injuries.

    There were “multiple serious injuries,” New York State Police said in a news release.

    The bus was carrying students from Farmingdale High School in Long Island and was headed to a music event for band camp, a spokesperson from the high school confirmed to CNN.

    The bus was on its way to Greeley, Pennsylvania, the school said in a statement.

    “We were informed that there had been an accident with Bus 1 en route to Greeley, PA for band camp,” Farmingdale High School spokesperson Jake Mendlinger told CNN. “Police and emergency responders are on the scene, as well as district administration. We will provide another update when more information becomes available.”

    Aerial pictures from CNN affiliates show a passenger bus in the woods, in the median, between the eastbound and westbound roads.

    Emergency officials can be seen at the site of the crash and a medical helicopter was also parked on the highway nearby.

    “Our thoughts and prayers go out to the victims of the bus crash and their families,” Orange County Executive Steven Neuhaus said in a statement to CNN. “I would also like to thank all of the first responders for their immediate response, service and dedication.”

    I-84 is shut down at exit 15A with detours in place, state police said, adding, “Interstate 84 westbound is expected to be closed for several hours.”

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  • WhatsApp adds rival in-app payment options in India commerce push | CNN Business

    WhatsApp adds rival in-app payment options in India commerce push | CNN Business

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    New Delhi/New York
    Reuters
     — 

    WhatsApp said on Wednesday that it will offer credit card payments and services from rival digital payment providers within its app in India, the latest bet by the Meta-owned service to boost commerce offerings in its biggest market.

    WhatsApp has more than 500 million users in India, though regulators there have capped its in-app WhatsApp Pay service to only 100 million people.

    People shopping on WhatsApp could also pay using popular services like Alphabet Inc’s Google Pay, Paytm and Walmart’s PhonePe but only after being redirected outside WhatsApp.

    Payments via those rival services -— and any others that run on India’s instant money transfer system UPI — will now be possible directly within WhatsApp, Meta said in a blog post. New in-app options for credit and debit cards will also be offered.

    The additions bolster Meta CEO Mark Zuckerberg’s plan for business messaging to become the “next major pillar” of the company’s sales growth, an agenda that has assumed greater urgency as Meta’s core ads business and metaverse project have come under pressure.

    While WhatsApp Pay users will remain capped in India, there is no such limit on the number of users permitted to transact with businesses on WhatsApp using the other methods, a Meta spokesperson said.

    With some 300 million people spending about $180 billion via India’s UPI each month, the new transaction options could serve as a powerful lure to attract businesses to pay Meta for access to WhatsApp users.

    To date, WhatsApp has limited its end-to-end shopping experiences in India to pilot programs like that with online grocery service JioMart, run by India’s richest person, billionaire Mukesh Ambani, and the metro systems in the cities of Chennai and Bengaluru.

    Moving forward, the new payment tools will be available to any company in India that uses WhatsApp’s business platform, which mainly serves large companies, according to the blog post.

    Meta is also expanding its Meta Verified subscription program to businesses globally, giving companies a mechanism to validate authenticity and elevate their content in users’ feeds, a separate blog post said.

    Monthly subscriptions will be available on Instagram and Facebook in a handful of countries to start and will expand to WhatsApp at a later date, costing $21.99 per Facebook page or Instagram account or $34.99 for both, according to the post.

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  • Temple University Acting President JoAnne Epps dies suddenly after falling ill during event | CNN

    Temple University Acting President JoAnne Epps dies suddenly after falling ill during event | CNN

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    CNN
     — 

    Temple University Acting President JoAnne Epps died suddenly Tuesday afternoon after falling ill during a university memorial service, the school said in a statement.

    She was 72.

    “While attending a memorial service at Temple for Charles L. Blockson, curator of the Blockson Collection, President Epps became ill. She was transported to Temple University Hospital, where she was pronounced dead around 3:15 p.m,” the university, which is in Philadelphia, said.

    Epps appeared to have suffered a “sudden episode during the event,” said Temple University Health System’s Daniel del Portal during a Tuesday afternoon news conference.

    She was tended to by EMS staff and transported to the hospital, where “resuscitation efforts continued but unfortunately were unsuccessful,” del Portal said.

    Epps was appointed acting president in early April, shortly after the university announced the resignation of its previous president, Jason Wingard, amid continuing concerns over campus safety and enrollment declines.

    By then, Epps had been a member of the university’s faculty for more than three decades and served in roles including the dean of the university’s law school, the executive vice president and provost, and Temple’s chief academic officer, the university said.

    And it all began with a job at the school’s book store.

    “JoAnne embodied everything that is great about Temple University, rising from working in the bookstore more than 40 years ago to the office of the president,” Ken Kaiser, Temple University’s senior vice president and chief operating officer, said during Tuesday’s news conference.

    Epps had previously shared that her first job as a teenager was at the campus bookstore. She later went on to join the university’s faculty in 1985, she has said.

    “No one was more beloved at our university than JoAnne was,” Kaiser said Tuesday. “She was a personal friend and mentor to so many of us and she pushed each of us to be the best versions of ourselves.”

    Before joining the school’s faculty, Epps served as an assistant US attorney from 1980 to 1985, according to Jacqueline C. Romero, the US Attorney for the Eastern District of Pennsylvania.

    “She was an icon in the legal community, dedicating her life to public service, the rule of law, experiential legal education, equity and diversity in the profession, and the advancement of civil rights,” Romero said in a Tuesday statement. “She was tireless and passionate about the issues she held dear.”

    “On a personal note, JoAnne was a mentor and confidante,” she added. “Today I mourn with countless women who had the pleasure of Joanne’s wise advice, mentorship, and counsel over the years.”

    In accepting the position of acting president at Temple University earlier this year, Epps wrote how much the university meant to her, sharing that her mother worked at the school as a secretary for 40 years.

    “Temple has been a part of my life for as long as I can remember,” she wrote in an April statement to the community.

    “When you see me around campus, please stop to say hello. One of my greatest pleasures is meeting and listening to Temple students, faculty, staff and alumni, hearing your stories and dreams for the future,” Epps wrote.

    In a statement posted Tuesday on social media, Pennsylvania Gov. Josh Shapiro said Epps was “a powerful force and constant ambassador for Temple University for nearly four decades.”

    “Losing her is heartbreaking for Philadelphia,” the governor said. “Lori and I are holding JoAnne’s loved ones in our hearts right now. May her memory be a blessing.”

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  • That jet the Marines lost? Taxpayers will pay $1.7 trillion for the F-35 program | CNN Politics

    That jet the Marines lost? Taxpayers will pay $1.7 trillion for the F-35 program | CNN Politics

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    A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here.



    CNN
     — 

    The military losing a fighter jet near Charleston, South Carolina, and asking the public to help find it is a plotline in which “Top Gun” (fighter jets) meets “The Hunt for Red October” (country can’t find its weapons system).

    But the larger story of the F-35 Lightning II stealth fighter is like tax dollars meet “The Blob” (unstoppable force consumes everything in its path).

    “How in the hell do you lose an F-35?” wondered Rep. Nancy Mace, the South Carolina Republican, in a post on social media that speaks for everyone who read the headline about the state-of-the-art military plane that went missing Sunday after its pilot ejected and parachuted to safety.

    “How is there not a tracking device and we’re asking the public to what, find a jet and turn it in?” she continued.

    A more general and important question could be asked of the F-35 program writ large: How in the heck can you spend so much money on a plane that doesn’t work the way it’s supposed to?

    The exact amount of money for a single aircraft like the one that went missing is somewhere around $100 million.

    The entire F-35 program is on track to cost $1.7 trillion over the lifetime of the plane. Trillion. With a “t.”

    CNN’s Oren Liebermann reported the facts of what we know about the missing aircraft on CNN on Monday:

    • The pilot ejected safely and was taken to a hospital.
    • Joint Base Charleston posted a social media plea for information from anyone who might have seen the jet or its remains.
    • The search is focused northwest of Charleston near Lakes Marion and Moultrie.

    But we’re left with so many questions, he told CNN’s Jim Sciutto.

    “Was the transponder working? If not, why wasn’t it working? Why, maybe, had it been switched off? What was the mission it was on? All of this is either under investigation or a question we haven’t gotten an answer to yet.”

    When I asked Liebermann by email how to generally explain the F-35 program, he noted it is the most expensive weapons program in US history.

    For a country that spends a good portion of its income on its military and is known to have the most advanced fighting force on Earth, that’s saying something.

    The F-35 is what’s known as a “stealth” fighter, which means it is supposed to be able to avoid detection by enemies. Maybe a little too stealth.

    But if you watch the glossy Lockheed Martin video at F35.com, the jet is also supposed to be able to communicate with rest of the military, “sharing its operational picture with the ground, sea and air assets.” The video shows the jet beaming information to the ground and satellites.

    The New York Times’ editorial board used the word “boondoggle” to describe the F-35 program in 2021. But it added that the US is essentially stuck with the program.

    Or as CNN’s Zachary Cohen wrote back in 2015, “Is the world’s most expensive weapons program worth it?” Eight years later, the question still applies.

    Many US allies – Canada, Germany, Japan and others – also buy F-35s from Lockheed.

    The F-35, as developed by Lockheed at the request of the US military, was supposed to be the jack-of-all-jets, with versions to do different jobs for the Air Force, the Navy and the Marines.

    The version that went missing over South Carolina – the F-35B – is used by the US Marine Corps and meant to be able to “land vertically like a helicopter and take-off in very short distances,” according to a fact sheet from Lockheed. Another F-35B crashed in 2018, also in South Carolina.

    The Project on Government Oversight, a nonpartisan watchdog group, has written extensively on the F-35 and its cost overruns. I asked Dan Grazier, an F-35 expert for POGO, what has gone wrong.

    It all boils down to “failure at the conceptual level,” he told me in an email.

    “The architects of the program attempted to build a single aircraft to meet multiple mission requirements for not just three separate services but also those of multiple countries,” Grazier said, noting the difference between a small and nimble fighter jet and a long-range jet.

    “When someone attempts to design a single aircraft to perform all of these roles, they have to make numerous design tradeoffs that generally results in an aircraft that can sort of do it all, but doesn’t do anything particularly well.”

    The jet has never reached its full operational capability and already needs updates and tweaks, including a new engine. “Every F-35 built until now is nothing more than a very expensive prototype,” Grazier told me.

    “All of them will have to go through an expensive retrograde process in the future when the design is complete to bring them up to something approaching full combat standards.”

    I asked a spokesperson for Lockheed Martin if the company is confident the jets perform as they should considering the taxpayer investment.

    They provided this statement:

    The global F-35 fleet has surpassed more than 721,000 cumulative flight hours and spans 17 nations and three U.S. military services. Since F-35s began flying 17 years ago, there has been one pilot fatality and less than 10 confirmed destroyed aircraft. More than 965 F-35s have been delivered and more than 430,000 sorties completed.

    Diana Maurer is director of defense capabilities and management at the Government Accountability Office, the government’s own watchdog that earlier this year described the F-35 program as “more than a decade behind schedule and $183 billion over original cost estimates.”

    She said pilots frequently report being impressed by the plane’s capabilities. But they also report not being able to fly it often enough.

    Problems getting spare parts, issues with repairs and a reliance on contractors all contribute to the F-35 having a substandard readiness and frequent groundings of the fleet.

    “There’s a variety of reasons why they can’t get these aircraft up in the air as often as they would like,” Maurer said. “And that’s really frustrating from a taxpayer perspective for something that already costs hundreds of millions of dollars a year; cost many, many multiple billions already; and will cost nearly $2 trillion over the life cycle of the program.”

    Grazier said officials at the Pentagon have acknowledged problems with the F-35 that can be applied to the design process in the future. But this is a program that evolved over successive presidencies and with a rotating cast of characters in charge both in Congress and at the Pentagon.

    The system is supposed to have safeguards against extreme cost overruns, but when those warnings were triggered in previous decades, the F-35 program was allowed to barrel forward. And here we are.

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