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Europe
The Guardian

Lesley Stahl, Bill Whitaker and Jon Wertheim say they’ll ‘stay and fight’ at 60 Minutes

Bill Whitaker, Lesley Stahl and Jon Wertheim. Photograph: Getty ImagesView image in fullscreenBill Whitaker, Lesley Stahl and Jon Wertheim. Photograph: Getty ImagesCBSLesley Stahl, Bill Whitaker and Jon Wertheim say they’ll ‘stay and fight’ at 60 MinutesStahl and Whitaker had been wild cards after new CBS News management fired multiple people in recent weeks Lesley Stahl, Bill Whitaker and Jon Wertheim announced on Friday their decision to remain at CBS’s 60 Minutes after the tumultuous firings of several of the show’s senior correspondents and top producers. The three correspondents issued a joint statement, saying: “We have had a hard time deciding whether to stay … We don’t want to see 60 Minutes die. We have been grieving because this whole mess has wounded and damaged the broadcast. Stahl, 84, and Whitaker, 74, had remained wildcards as they had not commented on the uproar that has plagued the show since the new management of CBS News ousted correspondents Sharyn Alfonsi and Cecilia Vega and producers Tanya Simon, Draggan Mihailovich and Matthew Polevoy last Thursday as part of a total restructuring of the show. Then, on Tuesday evening, the network terminated veteran Scott Pelley, telling him in a legalistic email message that he was being fired for “cause” because of his conduct in an explosive meeting a day earlier with new executive producer Nick Bilton and the network’s managing editor, Charles Forelle. During the meeting, Pelley criticized Bari Weiss, the former opinion commentator who became the network’s editor-in-chief – an appointment which has sparked backlash among numerous CBS employees who raised concerns about impartiality. “She’s murdering 60 Minutes,” Pelley said of Weiss. “She does not love this place. She was brought in to kill it and is doing exactly that.” In Friday’s note, the trio of correspondents said they were still “deeply upset by the firings” of Simon and Mihailovich, who they described as “strong leaders who everyone respected”. “As far as we can tell – because no explanation has ever been offered – they were expelled because they fought for our 60 Minutes values and stood up to protect our independence and integrity. Newsrooms are not supposed to run like dictatorships,” they wrote. The correspondents went on to also mention Alfonsi, Vega and Pelley, as well as Polevoy and senior producer Guy Campanile, who was also fired by CBS News. “We want to express how sorry we are that these principled, fair and honest journalists were treated so shabbily, with such indecency. It’s been heartbreaking,” they wrote. Explaining their decision to stay, they said: “We feared that our returning might be construed as an endorsement of the existing power structure. That is simply, categorically not the case.

Lesley Stahl, Bill Whitaker and Jon Wertheim say they’ll ‘stay and fight’ at 60 Minutes
Europe
The Guardian

OECD predicts spate of recessions globally if Iran conflict drags into 2027

Cars and motorcycles queue for petrol in Dhaka, Bangladesh, amid concerns over a fuel shortage caused by war in the Middle East. Photograph: Suvra Kanti Das/Abaca/ShutterstockView image in fullscreenCars and motorcycles queue for petrol in Dhaka, Bangladesh, amid concerns over a fuel shortage caused by war in the Middle East. Photograph: Suvra Kanti Das/Abaca/ShutterstockOECDOECD predicts spate of recessions globally if Iran conflict drags into 2027 Policy forum lays out ‘prolonged disruption’ scenario in which world’s GDP falls to 2.1% this year from 3.4% in 2025 If the Middle East conflict drags on into next year it would hit global growth hard, driving some economies into recession and causing energy shortages, according to forecasts from the Organisation for Economic Co-operation and Development. In its latest Economic Outlook, the Paris-based club of industrialised countries lays out a “prolonged disruption” scenario, in which there is no agreement between the US and Iran until 2027. It forecasts such a scenario would reduce global GDP growth to 2.1% this year, from 3.4% in 2025, “pushing some economies into or close to recession” – with emerging economies hit hardest. Oil and gas shortages would result in “enforced rationing” of energy for businesses, while “the price of fertilisers and other affected inputs into industrial processes, such as sulphur and helium, would also rise as supply is curtailed”. It would create headaches for policymakers, who could face recession if they raised interest rates too rapidly to see off rising inflation risk as energy and food prices surge. The analysis suggests the long-running US AI boom could be at risk, too: “The significant energy price shocks or energy shortages associated with the prolonged disruption scenario would increase datacentre operating costs and constrain the supply of critical hardware used in AI systems.” This could “further reduce the capacity and incentive for AI investment, leading to notably weaker growth in those economies currently being boosted by AI-related investment and production”, it says. Donald Trump has repeatedly suggested in recent weeks that a deal with Tehran is imminent, helping to calm oil markets, but nothing has so far materialised. Talks are now suspended, with Iran refusing to take part in discussions while Israel continues attacking Hezbollah in Lebanon. The chokehold on the crucial strait of Hormuz has been squeezing international oil supplies for more than three months, driving up prices and prompting emergency measures across scores of countries. In a foreword to its twice-yearly snapshot, the OECD’s chief economist, Stefano Scarpetta, described the Iran conflict as “the dominant force shaping the global economic outlook”. In the “prolonged disruption” scenario, he said: “The consequences would be global but could prove especially severe for developing economies with limited energy reserves, higher shares of energy and food in household consumption, constrained fiscal capacity and weak social safety nets, low private savings buffers and more fragile currencies.”

OECD predicts spate of recessions globally if Iran conflict drags into 2027
Europe
The Guardian

Mamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’

Zohran Mamdani, mayor of New York, left, and Sam Levine, commissioner of the New York City department of consumer and worker protection, during an announcement on junk fees in New York on 21 January 2026. Photograph: Adam Gray/Bloomberg via Getty ImagesView image in fullscreenZohran Mamdani, mayor of New York, left, and Sam Levine, commissioner of the New York City department of consumer and worker protection, during an announcement on junk fees in New York on 21 January 2026. Photograph: Adam Gray/Bloomberg via Getty ImagesConsumedZohran MamdaniMamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’New York City’s new commissioner of consumer and worker protection is launching an “aggressive” campaign to fight junk fees and deceptive practices New York mayor Zohran Mamdani’s top consumer watchdog has one gripe about New Yorkers – he would like them to complain more. “We get about 30,000 complaints a year,” said Samuel AA Levine, New York City’s new commissioner of consumer and worker protection. “I’d really like to get the number up.” From downtown Manhattan, he has renewed a war on junk fees and deceptive subscriptions that he started in Washington DC as the Federal Trade Commission’s consumer protection director during the Biden presidency, banned hotels’ hidden charges, and cracked down on delivery companies’ “design tricks” that lower wages and predatory debt collection. Since January, his office has sued self-storage companies and won millions from Uber Eats and Amazon. June could see a new “click to cancel” rule that would make New York the first municipality in the US with a law on subscriptions that are maddeningly difficult to get out of. The United States has suffered a decades-long “epidemic of corporate lawbreaking with very few repercussions”, Levine told the Guardian in a recent interview from his office, decorated with a caustic New York Post editorial that features Levine and Mamdani eating Munchkins as they announce an $1.8m settlement with a Dunkin’ Donuts franchisee over worker violations. Critics, and corporate law firms, are raising alarms about New York’s new “aggressive enforcement posture”, warning that Levine is a local analogue to a state attorney general or the Federal Trade Commission (FTC). “Corporations that rip people off need to face consequences. I don’t think that’s radical. I think it’s common sense,” said Levine. In the broadest sense, why do you think American consumers are so unhappy right now? I think certain companies have too much power. I think small businesses have too little power. But you’ve had such lax merger enforcement over the last four decades since the Reagan administration. You look at most industries today, there are three, maybe four players. And any policy you want to get done in Washington, those players effectively have a veto over. Consumers describe feeling increasingly under attack by companies that are not acting in good faith. Wall Street and other pressures have long pushed executives to squeeze as much money as they can out of customers. What specifically do you think has changed recently?

Mamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’
North America
CNBC Finance

Lululemon cuts annual outlook, citing 'negative' media commentary and disappointing product launches

The athletic apparel retailer lowered its full-year guidance and issued a weak current-quarter outlook on Thursday as interim CEO Meghan Frank blamed "negative commentary in the media" and recent product launches that failed to wow shoppers. "We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top line performance," Frank told analysts during the company's earnings call while explaining why the company's performance declined at the end of its fiscal first quarter. "And second, not all of our product launches have met our expectations. While we've had several successful launches so far this year, we've seen others as we start Q2 not generate the anticipated guest response." When pressed on what specific negative commentary led to a decline in sales, Frank pointed to Lululemon's proxy contest with founder Chip Wilson, who was outspoken in his criticism of the brand, as well as "questions about the composition" of some of its products. "These stories have died down and subsided," said Frank. "But we have not yet seen a return to our pre-disruption ... trends." She said the company is "not sitting still" and is "moving with urgency to make the necessary adjustments to reaccelerate momentum, particularly in North America." The company's shares dropped 11% in extended trading following the report. Lululemon's stock has plunged about 40% this year as of Thursday's close. Lululemon is now expecting fiscal 2026 sales to be between $11 billion and $11.15 billion, down from a previous range of between $11.35 billion and $11.50 billion. Analysts were expecting full-year sales of $11.48 billion, according to LSEG. Lululemon also cut its earnings guidance by more than $1 per share. It's now expecting earnings per share to be between $10.95 and $11.15 for the year, down from a previous range of $12.10 to $12.30. Analysts were expecting $12.30 per share, according to LSEG. The current quarter doesn't look much better. Lululemon is expecting sales to be between $2.45 billion and $2.48 billion, below expectations of $2.60 billion, according to LSEG. It's expecting earnings per share to be between $1.76 and $1.81, well below expectations of $2.68, according to LSEG. While Lululemon's guidance failed to meet forecasts, it did beat expectations on the top and bottom lines during its fiscal first quarter, albeit on expectations that have come down significantly since the retailer last reported earnings. Here's how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: The company's reported net income for the three-month period that ended May 3 was $195 million, or $1.69 per share, compared with $314.6 million, or $2.60 per share, a year earlier. Sales rose to $2.47 billion, up about 4% from $2.37 billion a year earlier. Comparable sales grew 1%, better than expectations of 0.4%, according to LSEG.

Lululemon cuts annual outlook, citing 'negative' media commentary and disappointing product launches
North America
CNBC Economy

The May jobs report will be released Friday. Here's what to expect

The stronger-than-expected start this year for job creation could be in for a reality check when the Bureau of Labor Statistics releases the May nonfarm payrolls report Friday. Economists surveyed by Dow Jones expect the employment rolls to show that just 80,000 jobs were added during the month, which would mark a notch step down from the average of 150,000 over the prior two months, including 115,000 in April. Moreover, some prominent Wall Street voices think the month could feature some catch-up for a labor market that was teetering at this time last year, with risks to the downside for the headline number. "We're continuing to hear and see the low-hire, low-fire sentiment, which is that if you have a job, it's OK right now," said Laura Ullrich, director of economic research at Indeed Hiring Lab. "People are continuing this kind of job-hugging trend. But if you're looking for a job, it's a very hard time to find a job because hires are so low." Ullrich added that she "wouldn't be surprised" if the May number comes in at or below consensus. BLS data earlier this week showed a surprise jump in job openings for April, but the level of those quitting their jobs is at its lowest since August 2020, during the pandemic era. The consensus sees the unemployment rate holding steady at 4.3%. "From a macro point of view, we're going to see stagnation, because if people aren't leaving jobs and they're not creating new jobs, it's just a quite stagnant market," she said. Around Wall Street, expectations are muted as economists expect that mild weather and other seasonal factors helped boost the prior numbers other than in February, which saw a decline of 156,000 — the only negative month of the year. May saw a total 97,006 planned reductions, a 16% increase from April and the highest total for the month since 2020, when the Covid pandemic saw massive job cuts, according to Challenger, Gray & Christmas. The highest May prior to that was in 2009, around the nadir of the global financial crisis. Moreover, the firm said artificial intelligence-related announced job cuts totaled 38,242, the highest single-month total since Challenger began collecting the data about three years ago. Initial jobless claims last week posted their biggest total since early February. Goldman Sachs is expecting payroll gains of just 60,000, noting that "big data indicators of job growth we track slowed" during the month. Vanguard chief economist Adam Schickling is forecasting a mere 20,000 "as we expect a partial unwind from the strong [January]-April jobs numbers that were biased by unseasonably warm and dry weather." Likewise, EY-Parthenon is expecting growth of 50,000, which according to most estimates now is enough to keep the unemployment rate little changed from its current level, with perhaps a slight upside bias. "The step down reflects some payback from earlier weather-related strength and a still-cautious hiring backdrop," Gregory Daco, the firm's chief economist, said in a note. "We expect the unemployment rate to edge higher to 4.4%, consistent with a labor market where labor demand and supply have slowed in sync."

The May jobs report will be released Friday. Here's what to expect
North America
Yahoo Finance

S&P 500, Nasdaq, Dow Futures Ease After Another Record Close As AI Momentum Cushions Iran's Expanding Strikes: MRVL, AVGO, MSFT, PANW In Focus

U.S. stock futures edged lower in the overnight session on Tuesday after markets closed at yet another record high, supported by the ongoing boom in artificial intelligence. Meanwhile, tensions in the Middle East continue as the U.S. reportedly struck Iran, even as U.S. President Donald Trump has claimed that conversations with Tehran are ongoing. The Dow futures fell 0.08%, the S&P 500 futures declined 0.04%, and the Nasdaq 100 futures traded 0.10% lower as of 9.07 p.m ET. The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.05% amid ‘neutral’ sentiment at the time of writing. On Tuesday, all three U.S. benchmark indexes closed higher. The S&P 500 closed above 7,600 for the first time, while the Dow Jones index added more than 200 points to close 0.45% higher. The Nasdaq Composite was up 0.03% at close. U.S. stock markets climbed on Tuesday as growing optimism in the AI sector offset ongoing tensions in the Middle East and uncertainty over the war between Washington and Tehran. Chip companies and AI infrastructure players posted sharp gains, helping extend the momentum that has carried markets higher this year, with the S&P 500 ending in the green for the ninth straight week. “The momentum has been incredibly strong. It’s for a lot of good reasons, and a lot of optimism, as well as really strong demand around the AI investment cycles. But still we are moving into a period, sort of moving past the earning season, which has been a tremendously positive catalyst for the markets,” Meghan Shue, head of investment strategy at Wilmington Trust, told CNBC in an interview. Meanwhile, Trump said in a post on Truth Social that the U.S. and Iran deal negotiations are ongoing, dismissing reports of strained relations between the two countries. “The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today,” he said. “Where they lead, one never knows, but as I told Iran, ‘It’s time, one way or another, for you to make a Deal. You’ve been doing this for 47 years, and it cannot be allowed to go on any longer!’” he added. On the other hand, the United States military’s Central Command (CENTCOM) has reportedly carried out “self-defense” strikes on Iran’s Qeshm Island after reports of attacks on Kuwait and Bahrain. While Iran’s Islamic Revolutionary Guard Corps (IRGC) said that it had targeted American headquarters in Bahrain and a regional U.S. airbase, CENTCOM denied the claims, calling them false. In a statement posted on X, CENTCOM said, “All Iranian attacks on American forces failed. US forces remain vigilant and ready to defend against unwarranted Iranian aggression.” On Wednesday, investors will closely watch for the May ADP National Employment Report, along with fresh housing and manufacturing data. Markets will also look to the Federal Reserve’s Beige Book for insights into current economic conditions and regional business activity.

S&P 500, Nasdaq, Dow Futures Ease After Another Record Close As AI Momentum Cushions Iran's Expanding Strikes: MRVL, AVGO, MSFT, PANW In Focus
North America
CNBC Finance

Soaring stocks created 2 million new millionaires around the world last year

Soaring stock markets created nearly 2 million new millionaires around the world last year, with the ultra rich seeing the strongest growth, according to a new study. The population of global millionaires surged 7.9% to 25.3 million in 2025, according to the Capgemini World Wealth Report. Their total wealth increased by 8.7% to $98.3 trillion, marking the fastest growth in five years. At the same time, a wealth gap between millionaires and the ultra wealthy continues to widen. The increasing wealth of millionaires — defined by Capgemini as those with $1 million or more in investible assets, excluding primary home, collectibles and consumer goods — was outpaced by the growth of so-called "ultra-high-net-worth individuals (UHNWI)," or those with $30 million or more. The population of UHNWIs grew 9.4% in 2025, to 250,000, and their fortunes rose 9.7%, according to the report. UHNWIs now represent 1% of the overall millionaire population, but they hold 35% of all millionaire wealth, according to the study. Gareth Wilson, global banking industry lead at Capgemini, said one reason the ultra wealthy are outpacing millionaires is their access to higher-returning private investments. "They have access to investments and opportunities that aren't afforded even to the millionaires next door, whether it be pre-IPO investments or private markets," Wilson said. "When you look at those individuals who have investable assets at that scale, they probably have more influence in terms of access to some of the hedge funds, access to the private markets, and they're probably afforded access to some other kind of pre-IPO investments that us mere mortals probably don't even know about." Geographically, the U.S. continues to power much of the global millionaire growth. The U.S. added 730,000 new millionaires in 2025, bringing the total U.S. millionaire population to 8.73 million, according to the report. Their fortunes surged by nearly $3 trillion to $31.3 trillion. Asia also posted strong growth, with its millionaire wealth up 10.5% and millionaire population up 9.4%. While China had been the main growth engine for Asian wealth for years, Korea and Taiwan are now leading Asian wealth creation, as the Korean stock market surged 76% last year and semiconductor stocks powered Taiwanese markets higher. Asia's total millionaire population reached 8.3 million in 2025, according to the report. Europe's millionaire population grew 6.5%, while Latin America's rose 0.3% and the Middle East saw a decline of 1.4%. When it comes to their investments, the world's millionaires are increasing their holdings of stocks. They held an average of 25% of their portfolios in stocks in 2025, up from 22% in 2024 — most likely due to rising share prices. Their share of alternatives declined to 12% from 15% and their cash holdings also fell to 24% from 26%. Their holdings of fixed income increased from 18% to 20% and their real estate investments remained flat at 19%. The increased holdings of stocks and drawdowns in cash point to a continued "risk on" attitude among millionaire investors. With markets coming off three years of double-digit gains, investors are more fearful of missing out on a bull run than they are of losses. "The equities performance is encouraging the movement from lower-risk to higher-risk investments," Wilson said. "I would say we've probably seen an increase in the risk appetite, and we've also seen the high-net-worth individuals follow the money in terms of equity performance."

Soaring stocks created 2 million new millionaires around the world last year
North America
CNBC Finance

As the largest World Cup ever kicks off, health officials are focused on more than Ebola

As athletes and millions of fans gear up for the FIFA World Cup starting next week, global health officials are preparing for a high-stakes challenge of their own: protecting against infectious diseases. For the first time, the tournament will span 16 host cities across three countries — the United States, Canada and Mexico — and feature 48 teams, making it the largest World Cup in history. The event also comes amid an Ebola outbreak in Congo and Uganda that the World Health Organization has designated a "public health emergency of international concern." Despite those worries, the risk of widespread Ebola transmission during the tournament is low, infectious disease experts told CNBC. Public health departments, hospitals and other partners are also well equipped to respond to a range of potential threats — even after sweeping cuts to critical federal agencies and the U.S. exiting from the WHO under the Trump administration. "Ebola and hantavirus, I worry about a lot less," Dr. Shruti Gohil, the associate medical director for University of California, Irvine Health Epidemiology and Infection Prevention, said in an interview. "The overall likelihood of risk is not nonzero, but it's low, very low, because it is not easy to transmit person to person." Instead, experts say more contagious threats could pose greater challenges during the tournament and other large events this summer, particularly because international visitors could move through multiple venues and cities in a matter of days. Those threats include measles — one of the world's most contagious diseases — as well as respiratory viruses such as Covid-19 and influenza. The concern comes after the U.S. recorded its highest number of measles cases in decades last year, driven in part by growing vaccine hesitancy and declining immunization rates. Some experts also pointed to arboviruses spread by infected insects, such as dengue, while others highlighted heat-related and foodborne illnesses as notable risks beyond infectious diseases. Preparing for the World Cup has involved scaling up existing programs, such as wastewater monitoring, and adding new tools to track infectious disease threats. Those systems will face their first major test when the tournament kicks off on June 11, but public health officials say they are ready to take on the challenge. "Public health prides itself in being the invisible shield, but I don't want that to get lost in the actual Herculean effort it takes to have an operational invisible shield, so that people can enjoy events like the World Cup and feel safe and secure in their public health when they're here," said Dr. Theresa Tran, director for the Houston Health Department. "That's a system that I'm extraordinarily proud about … we are absolutely working so hard every single day in preparation for things like this," said Tran, who is overseeing the response in a host city. Ebola does not spread as easily as Covid and other respiratory diseases, making it less of a threat during the World Cup despite the growing outbreak, experts said. Global health authorities have confirmed more than 260 cases and are investigating 1,100 more possible infections in Congo and Uganda, according to the WHO. The current strain of Ebola, the Bundibugyo virus, is an often fatal form of the disease with no approved treatment or vaccine.

As the largest World Cup ever kicks off, health officials are focused on more than Ebola
North America
CNBC Finance

Eli Manning's private equity firm acquires licensing company for NFL Flag in bet on youth sports

RCX has about 150 employees and makes money distributing sports products such as uniforms and equipment and servicing local parks and recreation centers. Financial terms of the deal weren't disclosed. The transaction is supported by a broad investor group including other former and current athlete partners Emmitt Smith, Larry Fitzgerald and Jameis Winston. The business of youth sports is well suited for private equity. It's supported by passionate customers, steady and reliable cash flows — every sports season comes with fresh fees — and it's decentralized. This lack of cohesion has led to a myriad of mobile apps and websites used to keep track of games, pay league fees, order equipment and chat with coaches. A standard private equity playbook is to roll up a variety of smaller leagues or apps, taking cost out by eliminating backend duplication and gaining scale via a series of acquisitions. This is starting to happen in youth sports. Josh Harris and David Blitzer, two of the most prominent private equity partners in the world, started Unrivaled Sports two years ago as their youth sports rollup investment vehicle. Still, there's distrust among some powerful people that the industry would put the desires of consumers ahead of its own mandate to earn returns for stakeholders. This has led to a group of Democratic congressmen to introduce a bill specifically to prevent private equity from investing in youth sports. The "Let Kids Play Act" would ban private equity firms from investing in youth sports. U.S. Rep. Chris Deluzio of Pennsylvania and Sen. Chris Murphy of Connecticut unveiled the bicameral bill last month. The congressional leaders said in a statement that youth sports was a $40 billion industry that's currently "dominated by private equity, with the singular goal of extracting as much profit as possible from families. "As a hockey dad, I've seen how viciously these private equity companies rip families off," Murphy said in the statement. Manning said his private equity firm is different. BVG's interest in RCX is to bring more scale to their programs and increase inclusivity, he said. "It's very much more access, keeping the prices low, and just growing this," Manning said. "The fact that you're working with the professional leagues, they don't want this to be a heavy cost to kids. They want more kids playing sports, being active, being out there. So our goal is to bring in capital so they can scale that, they can expand that." Manning's reputation would likely help his point that not all private equity firms are the same. He's been a major champion of flag football, including assistant coaching his daughters' teams. His goal is to establish flag football as a high school varsity sport for both girls and boys, he said.

Eli Manning's private equity firm acquires licensing company for NFL Flag in bet on youth sports