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    'Luca' is 'sweet' and joyful, even if it doesn't quite live up to Pixar's greatest hits, critics say

    In this articleDISJacob Tremblay and Jack Dylan Grazer voice Luca and Alberto in Disney’s latest Pixar film “Luca.”DisneyPixar has extended its streak of critically acclaimed animated features with “Luca.”The 24th film from Disney’s Academy Award-winning studio arrives on the company’s streaming service on Friday.The movie centers on two young sea monsters, Luca and Alberto, who venture to a human town along the Italian Riviera for the first time. When they dry off on land, their scales disappear and they can pass for human boys. While hiding their identities, the boys meet a human girl named Giulia, who befriends them and ropes them into the town’s annual triathlon competition — biking, swimming and pasta-eating.”Luca” is visually stunning but has a hard time living up to the standards set by previous Pixar masterpieces such as “Inside Out,” “Wall-E” or “Finding Nemo.” While heartwarming and well-told, its story is a simple fish-out-of-water tale — literally — that lacks the punch of Pixar’s more ambitious projects.”There are worse things a family summer movie can be than sweet, kind, and affirming of interspecies friendship in all its forms,” wrote Dana Stevens in her review of the film for Slate. “But after the high-concept ambition of Pixar films like ‘Inside Out,’ ‘Coco,’ ‘Soul,’ and even ‘Toy Story 4,’ ‘Luca,’ for all its pictorial loveliness and standout voice work, feels slightly underwhelming.”Still, “Luca” dazzles when compared with other Disney alternatives, hence the 91% “Fresh” rating on Rotten Tomatoes from 88 reviews. It may not be Pixar’s best, but it’s certainly a good film, critics say.Director Enrico Casarosa is a 20-year Pixar veteran, having served as a story artist on “Ratatouille,” “Up” and the first two Cars movies. He directed the 2011 short “La Luna,” which was released in theaters with “Brave,” but “Luca” is his feature film directorial debut.Here’s what critics thought of “Luca” ahead of its debut:Justin Chang, Los Angeles Times”For their part, the animators at Pixar have imagined that world with customary ingenuity and bright-hued splendor, which makes it something of a shame that most audiences will have to watch the movie on Disney+,” Justin Chang wrote in his review of “Luca” for The Los Angeles Times.He noted the film will play at the El Capitan Theatre in Hollywood for a limited time and is likely to be eligible for Oscar contention in 2022.”Luca” uses the dichotomy between Roberto and Luca’s human forms and their sea creature forms for comedy.”A splash of water will temporarily restore Luca and Alberto (or parts of them) to their underwater forms — a shapeshifting conceit that allows for a lot of deftly timed, seamlessly visualized slapstick mischief,” Chang said.Like other critics, Chang noted that “Luca” seems modest when compared with the previous, more lofty Pixar tales.However, “‘Luca’ is big in all the ways that count; it’s the screens that got small,” he said.Read the full review from The Los Angeles Times.Jacob Tremblay and Jack Dylan Grazer voice Luca and Alberto in Disney’s latest Pixar film “Luca.”DisneyAlonso Duralde, The WrapAlonso Duralde, a reviewer for The Wrap, praised “Luca” screenwriters Jesse Andrews (“Me, Earl and the Dying Girl”) and Mike Jones (“Soul”) for hitting classic Pixar story beats.There are wild moments of physical comedy and a memorable animal sidekick, a cat named Machiavelli, who has the same mustache as his owner.”The narrative feels fresh, unfolding organically over the course of the summer and never feeling overly reliant on whether or not the boys win the big race,” Duralde wrote. “The writers certainly nail the big emotions of the piece, from a shocking betrayal to a series of satisfying, sentimental (get out your handkerchiefs) story beats that wrap up the film.”Read the full review from The Wrap.Richard Lawson, Vanity FairDirector Casarosa has been adamant in interviews that all of the relationships in “Luca” are platonic, but that hasn’t stopped critics from noticing the potential for Pixar’s latest film to appeal to LGBTQ audiences.”Luca and Alberto share an intense, defining, and world-cracking-open bond, but must hide who they really are in the presence of judgmental, fearful others,” Richard Lawson wrote in his review of the film for Vanity Fair. “That outline holds an obvious potential for queer allegory, and indeed many Pixar fans tracking the film’s development quickly labeled ‘Luca’ as the studio’s ‘gay movie’ — a coming-out story to be placed on Pixar’s mantle alongside its meditations on grief, artistic expression, loneliness, Ayn Rand-ian objectivism, and parenting.”Lawson noted that Disney has not had a solid track record with LGBTQ storytelling. “Cruella” sidelined a queer character in clothing boutique owner Artie, and the live-action remake of “Beauty and the Beast” had an embarrassingly trivial “gay moment” in the form of LeFou dancing with an unnamed man just before the credits roll.Marvel’s “Eternals” promises to feature an LGBTQ character near the foreground of the story, but “until then we’ll have to settle for half-hearted innuendos,” Lawson said.”Aside from who it may or may not represent, the film is a nice introduction to summer in its intoxicating wash of blues and greens and oranges, the way it conjures up the heady momentum of youth, the thrilling rush of life’s pages turning,” he said. “‘Luca’ does well in that regard, though will perhaps be more memorable for what it might have been than for what it actually is.”Read the full review from Vanity Fair.Jacob Tremblay and Jack Dylan Grazer voice Luca and Alberto in Disney’s latest Pixar film “Luca.”DisneyKatie Walsh, Tribune News Service”‘Luca’ … is another one of Pixar’s wondrous and warm creations; a fantastical tale that’s deeply rooted in human emotion and quandary,” wrote Katie Walsh in her review of the film for Tribune News Service. “Though it would have been delightful on the big screen, at home, kids and parents alike will enjoy this fishy tale of tolerance.”In the film, the humans fear the sea monsters, and the sea monsters fear the humans, aka land monsters. This fear comes from a lack of understanding, as neither species has met the other.”It’s the tried-and-true story of what it means to be different, and what it means to be afraid because others fear you for being different,” she wrote. “Sea monsters, nationality, race, sexuality, gender, it could be anything, but what matters is who you stand with and who you stand up for.”Read the full review from Tribune News Service.Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Rotten Tomatoes. More

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    Financial advisors shrug off Fed's inflation, interest rate forecasts

    The Marriner S. Eccles Federal Reserve building in Washington.Stefani Reynolds/Bloomberg via Getty ImagesThe Federal Reserve’s new forecasts on interest rates and inflation don’t amount to much for investors and consumers, especially in the short term, according to financial advisors on CNBC’s FA Council.The Fed on Wednesday sped up its timeframe for raising interest rates from current rock-bottom levels. Rate hikes may start in 2023; the Fed said in March it didn’t expect an increase until at least 2024.It also sharply raised its inflation projections for the year, to 3.4% from its prior 2.4% estimate.”None of this really impacts what people are going to be doing the next six months,” said Lee Baker, a certified financial planner and owner of Apex Financial Services in Atlanta, of clients’ financial plans.”For most clients, candidly, it’s not that big a deal,” he said.Interest ratesThe Fed generally raises interest rates to cool an overheating economy. Officials continue to believe the current upward pressure on consumer prices is temporary.The central bank cut interest rates in the early days of the Covid pandemic to near zero.More from FA Playbook:Advisors pivot to cryptocurrencies as clients express interestPost-pandemic, advisors change how they interact with clientsCan financial advisors meet the growing demand for their services?Clients who’ve been thinking of buying a home or refinancing an existing mortgage may wish to do so while interest rates remain low, advisors said.”I think clients are somewhat shocked interest rates may increase so soon,” said Winnie Sun, co-founder and managing partner of Sun Group Wealth Partners in Irvine, California. “Certainly for mortgages, refinancing, that’s a concern.”InflationSome advisors disputed the Fed’s notion of inflation being a temporary feature of the economy.Even before the Fed’s Wednesday meeting, Ivory Johnson was positioning clients’ long-term portfolios with larger allocations to commodities, real estate investment trusts, basic materials and energy stocks, which generally fare well as consumer prices rise.”If we have inflation, I buy things that do well when there’s inflation,” said Johnson, CFP, founder of Delancey Wealth Management, based in Washington. “I’m not emotional about it.”[Just like] if it’s 80 degrees outside, I’ll put on flip flops and a t-shirt,” he added. “If inflation is indeed transitory the market will let us know and I’ll rotate.”Federal Reserve Chairman Jerome Powell during a House Financial Services Committee hearing on Dec. 2, 2020 in Washington.Pool | Getty Images News | Getty ImagesOther advisors agreed with the Fed’s notion of rising prices being short-lived rather than a mainstay, however.Cost pressures like supply-chain issues and pent-up demand from consumers who’ve spent much of the last 15 months indoors are likely to wane, Baker said.”There are things we’re paying significantly more for,” he said. “But broad-based lingering inflation, I just don’t see it.”Any inflation impact should be at least somewhat blunted for seniors collecting Social Security payments, Baker said. Rising consumer costs helped push the latest estimate for next year’s Social Security cost-of-living adjustment to over 5%.Of course, the Fed could pivot on interest rates, depending on the trajectory of the U.S. economy.Investors shouldn’t go all-in on inflation bets like commodities, REITs and Treasury inflation-protected securities given the uncertainty, according to Douglas Boneparth, CFP, president and founder of Bone Fide Wealth in New York.They’d be better suited with a more measured approach, he said.”Understand that if you get that trade wrong, it’ll have an impact on your portfolio,” Boneparth said.”It’s just so uncertain,” he added of the Fed forecasts. “I can’t wrap my head around one year from now, let alone two years from now.”Anything could happen.” More

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    Biden administration to spend $3.2 billion on antiviral pills for Covid

    President Joe Biden speaks in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Monday, March 29, 2021.Stefani Reynolds | Bloomberg | Getty ImagesThe U.S. is investing $3.2 billion to advance the development of antiviral pills to treat Covid-19 and other viruses that have pandemic potential, the Biden administration announced Thursday.The new program – called the Antiviral Program for Pandemics – is a “whole-of-government effort” that will speed up clinical trials of promising drug candidates and develop next-generation treatments for Covid and other viruses that could cause future pandemics, White House chief medical advisor Dr. Anthony Fauci said during a news conference.As part of the plan, the National Institutes of Health will “evaluate, prioritize and advance” antiviral candidates to phase two clinical trials and “guide candidates along development paths,” according to a separate announcement from the administration.Vaccines remain “the centerpiece” of the U.S. arsenal against Covid, who is also director of the National Institute of Allergy and Infectious Diseases, told reporters during a White House briefing on the coronavirus pandemic. “Antivirals can and are an important complement to existing vaccines, especially for people with certain conditions that might put them at a greater risk” or are immunosuppressed, he added.While vaccines have been highly effective in driving down infections in the U.S., officials say the nation still needs more treatments for people who do get infected with the virus and for those whose immune systems don’t respond well to vaccines.A number of treatments for Covid are in development and could be distributed in the U.S. by the end of the year. Pfizer, for example, began in March an early stage clinical trial testing an experimental oral drug to treat Covid at the first sign of illness.The drug is part of a class of medicines called protease inhibitors and works by inhibiting an enzyme that the virus needs to replicate in human cells. Protease inhibitors are used to treat other viral pathogens such as HIV and hepatitis C.The Biden administration’s plan provides more than $300 million for research and lab support, nearly $1 billion for preclinical and clinical evaluation, and nearly $700 million for development and manufacturing through the NIAID and Biomedical Advanced Research and Development Authority.CNBC Health & Science Read CNBC’s latest global coverage of the Covid pandemic:The fast-spreading delta Covid variant could have different symptoms, experts sayCosta Rica rejects delivery of China’s Sinovac Covid-19 vaccine, says it is not effective enough  Africa sees 44% spike in new Covid infections, 20% increase in deaths  WHO says delta Covid variant has now spread to 80 countries, and it keeps mutating Additionally, the plan allocates up to $1.2 billion to support the creation of drug discovery groups that will target coronaviruses and potentially other viruses.”The remarkable and rapid development of vaccines and testing technology has shown how agile scientific discovery can be when we combine the resources of public agencies, private entities, and our nation’s most brilliant and creative minds,” NIH Director Dr. Francis S. Collins, said in a statement.”We will leverage these same strengths as we construct a platform for the discovery and development of effective antivirals that will help us defeat COVID-19 and better prepare us for potential future viral pathogens,” he added. More

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    How we chose America’s Top States for Business in 2021

    ConceptCafe | iStock | Getty ImagesHow intense is the battle between the states for business and jobs?Even a global pandemic, a wrenching economic downturn, and a year of social upheaval could not slow it down. If anything, the competition has grown. And it has taken on multiple new dimensions, from the rise of remote work to a new corporate consciousness.As the recovery gains steam, America’s Top States for Business is back to determine which states are best positioned to prevail.Our formula for rating the states, which we have used since 2007, is designed to adapt to changing realities — even the seismic changes of the past year.We start with 10 broad categories of competitiveness. States can earn a maximum of 2,500 points across our 10 categories. The states with the most points are America’s Top States for Business.We assign a weight to each category based on how hard the states are pushing it in their economic development marketing. We determine that by analyzing every state’s economic development web site. If, for example, more states are pitching their low business costs, Cost of Doing Business carries more possible points.With the global economy still shaky, Cost of Doing Business is this year’s heaviest weighted category. That follows several years in which Workforce was king. Economic uncertainty may also have helped raise the profile of Access to Capital as companies clamored for the resources to stay afloat. And it is hard to recall a time when infrastructure has been so central to competitiveness, not to mention the national debate. So, the Infrastructure category carries more weight in this year’s study than ever before.New focus on health care, inclusivenessBut even our flexible formula has its limits, which 2021 put to the test.This year, to ensure that we are measuring the states accurately, we put them through more paces than ever before, including an unprecedented 85 metrics across our 10 categories. But adapting Top States to the new realities involves more than just numbers.The pandemic has changed the way we view health care. And the new, national focus on racial and social justice has led to unprecedented demands from corporations for inclusiveness in the locations where they choose to do business. To capture these new realities, we decided to reimagine the category we formerly called Quality of Life.The new category, Life, Health and Inclusion, still looks at traditional quality of life measures like crime rates, health care and environmental quality. Now, we also look more closely at health-care resources and the states’ progress in ending the pandemic. In addition to the state economic development websites we review annually to weight the categories, this year we reviewed special Covid-19 resource pages that many states established. We also pay greater attention than ever to equity and inclusion — not only in this category, but throughout the study.CNBC’s Top States for Business is not an opinion survey. We gather empirical data on the states’ performance in each metric, using the most recent figures available. Data specifically related to the coronavirus covers the period through May 2021.In addition to their point totals, states receive a letter grade in each category to measure their performance relative to the competition. Grading is scaled, with the high score equal to 100% and the low score equal to 50%. However, each state’s overall ranking, as well as its ranking within each category, is based solely on the number of points scored.Here are this year’s categories and weightings, and an explanation of each:Cost of Doing Business (400 points – 16%)At a time of unprecedented economic uncertainty, cost has returned to the forefront of competitiveness. We measure the strength of each state’s business tax climate, as well as tax burdens for various types of businesses and facilities. We also measure wage and utility costs, as well as the cost of office and industrial space. And we consider incentives and tax breaks that states offer to reduce business costs, with special emphasis on incentives targeted toward development in disadvantaged communities.Infrastructure (375 points – 15%)The pandemic has sparked a worldwide reevaluation of supply chains, as well as where and how we work and travel. We measure the vitality of each state’s transportation system by the value and volume of goods shipped by air, waterways, roads and rail. We look at the condition of highways and bridges, and the availability of air travel. We consider access to markets by measuring the population within 500 miles of each state. With the rise of remote work, we consider the quality, availability, and price of broadband service in each state. We rate each state’s utility infrastructure, including the condition of drinking water and wastewater systems, and the reliability of the electrical grid. We measure each state’s sustainability in the face of climate change. And we consider the availability of sites for expansion and development.Life, Health and Inclusion (375 points – 15%)Combine an era of enhanced social consciousness with a growing worker shortage, and it explains why, now more than ever, companies are demanding that states offer a welcoming and inclusive environment for employees. At the same time, the pandemic has put a new spotlight on health and health-care resources. These new dimensions of quality of life led us to reimagine and rename this important category for 2021. We continue to rate the states on livability factors like per capita crime rates, health care and environmental quality. Because of the new focus from businesses, we have expanded our measures of inclusiveness, looking more deeply at protections against discrimination, as well as at voting rights and current efforts to expand or restrict access to the polls, based on legislation enacted as of June 1, 2021. As the nation seeks to move past the pandemic, we look at Covid-19 vaccination rates, and we consider public health and hospital resources to deal with the lingering effects of the pandemic as well as potential future crises.Workforce (325 points – 13%)Even as millions of Americans remain out of work due to the pandemic, companies report they are having difficulty finding qualified workers. So, states are aggressively touting the quality of their workforces. We measure the educational attainment of each state’s working-age population, as well as which states are attracting college-educated workers and which states are losing them. With skilled workers in particular demand, we consider each state’s concentration of science, technology, engineering and math (STEM) workers. We measure worker productivity based on economic output per job. We look at union membership and right to work laws. And we measure the availability of workers, as well as the diversity of each state’s workforce.Economy (250 points – 10%)Particularly in uncertain times, companies are seeking states with stable finances and solid economies. We examine the strength of each state’s recovery by looking at economic growth and job growth over the past year. We measure each state’s fiscal condition by looking at its credit ratings and outlook, its overall budget picture including spending, revenue and reserves, as well as pension obligations. We rate the health of the residential real estate market. Because a diverse economy is important in any environment, we consider the number of major corporations headquartered in each state.Business Friendliness (200 points – 8%)As companies seek to emerge from the crisis, they are following the path of least resistance. That includes a legal and regulatory framework that does not overburden business. We measure each state’s lawsuit and liability climates, regulatory regimes covering areas such as trade and labor, as well as overall bureaucracy.Access to Capital (175 points – 7%)The abrupt shutdown of much of the economy left businesses of all sizes scrambling for capital, and states doing what they could to help. As a result, access to capital, which in prior years was mentioned by only a handful of capital-rich states, is now a feature of almost every state’s marketing and thus is a bigger factor in our rankings than in the past. We measure the maximum amount of state-funded Covid-related grants, loans, and loan guarantees. We also consider federal aid through the U.S. Small Business Administration Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) by state. Beyond Covid-19, we consider overall venture capital investments, as well as traditional bank lending by state with an emphasis on loans to small businesses.Technology & Innovation (175 points – 7%)Truly competitive states prize innovation, nurture new ideas, and have the resources to support them. We measure the states based on results, including the number of patents issued per capita, as well as health, science and agriculture research grants. We measure the vitality of each state’s technology ecosystem based on people, companies, and investment.Education (150 points – 6%)Not only do companies want to draw from an educated pool of workers, but they also want to offer their employees a great place to raise a family. Higher education institutions offer companies a source to recruit new talent, as well as a partner in research and development. We consider the number of higher education institutions in each state as well as long-term trends in state support for higher education. We also consider historically Black colleges and universities (HBCUs), which companies are increasingly seeking to partner with. We look at multiple measures of K-12 education including test scores, class size and spending. We also look at life-long learning opportunities in each state.Cost of Living (75 points – 3%)With increasing concerns about potential inflation, companies and workers are seeking states where prices are stable and daily living is affordable. The cost of living helps drive the cost of doing business. From housing to food and energy, wages go further when the cost of living is low. We measure the states based on an index of costs for basic items.Our SourcesOur rankings are based primarily on publicly available data. Most of the information comes from federal government databases. In the cases where government statistics are not available, we seek neutral and/or ideologically diverse data sources. In addition to the sources listed below, we use data from every state’s primary economic development arm, state statutes, and the most recent Comprehensive Annual Financial Report (CAFR) issued by each state. •                  ACT, Inc.•                  American Lung Association•                  Association of American Railroads•                  ATTOM Data Solutions•                  Brennan Center for Justice•                  BroadbandNow Research•                  U.S. Bureau of Economic Analysis•                  U.S. Bureau of Labor Statistics•                  CNBC Quantitative and Data Services•                  U.S. Census Bureau•                  Center for Election Innovation and Research•                  U.S. Centers for Disease Control and Prevention•                  Center for Regional Economic Competitiveness•                  U.S. Chamber Institute for Legal Reform•                  Climate Central•                  The College Board•                  CoStar Group•                  Council for Community and Economic Research (C2ER)•                  U.S. Department of Agriculture•                  U.S. Department of Commerce•                  U.S. Department of Education•                  U.S. Department of Energy•                  U.S. Department of Housing and Urban Development•                  U.S. Department of Justice•                  Education Week Research Center•                  Election Law Journal: Rules, Politics, and Policy•                  U.S. Environmental Protection Agency•                  Federal Aviation Administration•                  Federal Highway Administration•                  Federal Housing Finance Agency•                  Fraser Institute•                  Freedom for All Americans•                  U.S. Geological Survey•                  George Mason University•                  Institute for Health Metrics Evaluation•                  Milken Institute•                  Moody’s Investors Service•                  National Conference of State Legislatures•                  National Education Association•                  National Institutes of Health•                  National Right to Work Legal Defense Foundation•                  National Science Foundation•                  National Venture Capital Association•                  The Pew Charitable Trusts•                  S&P Dow Jones Indices•                  State Higher Education Executive Officers•                  Tax Foundation•                  U.S. Patent and Trademark Office•                  U.S. Small Business Administration•                  U.S. Surface Transportation Board•                  United Health Foundation•                  Verisk Analytics More

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    Christian Eriksen: Denmark midfielder to be fitted with heart-starting device following cardiac arrest

    COPENHAGEN, DENMARK – JUNE 12: Christian Eriksen of Denmark gestures during the UEFA EURO 2020 Group B match between Denmark and Finland at Parken Stadium on June 12, 2021 in Copenhagen, Denmark.Lars Ronbog | FrontzoneSport | Getty ImagesChristian Eriksen will be fitted with a heart-starting device (ICD) after suffering a cardiac arrest during Euro 2020, Denmark team doctor Morten Boesen has confirmed.The 29-year-old was given CPR on the pitch at the Parken Stadium in Copenhagen after collapsing during the first half of his side’s 1-0 Group B defeat by Finland on Saturday evening.Speaking after the match, Boesen said Eriksen was “gone”, but swift treatment on the field of play and by hospital staff meant the Inter Milan midfielder was stabilised, and he was later able to send his greetings to team-mates.Providing an update on Thursday morning, Boesen said: “After Christian has been through different heart examinations it has been decided that he should have an ICD (heart starter). This device is necessary after a cardiac attack due to rhythm disturbances.”Christian has accepted the solution and the plan has moreover been confirmed by specialists nationally and internationally who all recommend the same treatment.”We encourage everybody to give Christian and his family peace and privacy the following time.”Eriksen’s former Ajax team-mate Daley Blind, who is representing the Netherlands at Euro 2020, had an ICD fitted after being diagnosed with a heart condition in 2019.Blind spent three years with Eriksen at Ajax from 2010 to 2013 and revealed he considered missing his country’s opening game of the tournament after Saturday’s incident.He broke down in tears after being substituted midway through the second half of the Netherlands’ 3-2 win over Ukraine on Sunday.Read more stories from Sky SportsSpurs talks for Fonseca break down, Gattuso new candidateFury: Wilder would KO Joshua in the first round!Tearful Ramos ‘surprised’ Real withdrew offer as he bids farewellWhat is an ICD?According to the British Heart Foundation, an Implantable Cardioverter Defibrillator (ICD) is a small device that can treat people with dangerously abnormal heart rhythms.It sends electrical pulses to regulate these rhythms, especially those that could be dangerous and cause a cardiac arrest.If an ICD notices a dangerous heart rhythm it can deliver one or more of the following treatments:Pacing – a series of low-voltage electrical impulses (paced beats) at a fast rate to try and correct the heart rhythm.Cardioversion – one or more small electric shocks to try and restore the heart to a normal rhythm.Defibrillation – one or more larger electric shocks to try and restore the heart to a normal rhythm.Eriksen thankful for support: ‘I’m fine under the circumstances’On Tuesday, Eriksen addressed the public for the first time since his collapse by expressing his thanks for the goodwill messages he has received.Posting on Instagram, he said: “Hello everyone. Big thanks for your sweet and amazing greetings and messages from all around the world. It means a lot to me and my family.”I’m fine – under the circumstances. I still have to go through some examinations at the hospital, but I feel okay.”Now, I will cheer on the boys on the Denmark team in the next matches. Play for all of Denmark. Best, Christian.”Denmark’s players escort Denmark’s midfielder Christian Eriksen (C) as he is evacuated after collapsing on the pitch during the UEFA EURO 2020 Group B football match between Denmark and Finland at the Parken Stadium in Copenhagen on June 12, 2021.Friedemann Vogel | AFP | Getty Images More

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    JPMorgan is buying UK robo-advisor Nutmeg to boost overseas retail banking expansion

    In this articleJPMSign for J.P. Morgan on 7th March 2020 in London, United Kingdom. JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York.Mike Kemp | Getty ImagesLONDON — JPMorgan Chase said Thursday it has agreed to buy British online investment management platform Nutmeg for an undisclosed sum.The U.S. banking giant said the deal, which is still subject to regulatory approval, would complement its plans to launch a standalone digital bank brand in the U.K. later this year.With more than £3.5 billion ($4.9 billion) in assets under management, Nutmeg is one of the U.K.’s largest robo-advisors. The company offers a range of investment accounts, including ISAs, pensions and general investment accounts. Rivals include the likes of Wealthsimple, Moneyfarm and Moneybox.JPMorgan CEO Jamie Dimon said last year that he would be “much more aggressive” in searching for acquisitions to help the biggest U.S. bank by assets add capabilities. He may have been motivated by the deals that rival Morgan Stanley has made in recent years – spending $20 billion to snap up E-Trade and Eaton Vance.Dimon has also talked about girding JPMorgan against both fintech players like PayPal and Big Tech firms including Alphabet.By striking out a digital-first effort in the U.K., the bank can expand outside the U.S., where it has an extensive network of physical branches and leading positions across retail and institutional businesses. Those efforts could eventually be applied beyond the U.K., the bank has said previously.”We are building Chase in the U.K. from scratch using the very latest technology and putting the customer’s experience at the heart of our offering, principles that Nutmeg shares with us,” Sanoke Viswanathan, CEO of international consumer at JPMorgan, said in the statement.”We look forward to positioning their award winning products alongside our own, and continuing to support their innovative work in retail wealth management.”The deal comes months after the two companies announced a partnership that allowed the fintech firm to offer ETFs created with help from JPMorgan, the biggest U.S. bank by assets.This isn’t the first time JPMorgan has bought a fintech firm after initially partnering with it. In December, JPMorgan said it was acquiring 55ip, a Boston-based start-up that helps financial advisors automate the construction of tax-efficient portfolios.Nutmeg CEO Neil Alexander said customers should “expect the same level of transparency, convenience and service that helped make us a leading digital wealth manager in the U.K.”Britain is home to an increasingly crowded retail banking market, with challengers like Revolut, Monzo and Starling gaining a following thanks to their digital-only checking accounts. The U.K.’s fintech market is thought to be one of the world’s largest, attracting $4.1 billion in venture capital funding last year, according to industry body Innovate Finance.Instead of using investment technology already developed in the U.S., the bank opted instead to purchase the 10-year old start-up. That’s because the U.K. and Europe have different regulatory requirements, the companies said. JPMorgan’s U.S.-based automated investing service You Invest has garnered about $50 billion in assets, Dimon revealed this week.JPMorgan Securities acted as JPMorgan’s financial advisor for the transaction, while Freshfields Bruckhaus Deringer served as legal counsel. Nutmeg was advised by Arma Partners as financial advisor and Taylor Wessing as legal counsel.Prior to the takeover agreement, Nutmeg had raised a total of more than $150 million from investors including Goldman Sachs and British venture capital firm Balderton Capital. More

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    Constellation Brands invests in Bryan Cranston and Aaron Paul's mezcal

    In this articleSTZAaron Paul and Bryan Cranston attend 2020 Big Game Big Give at Star Island on February 01, 2020 in Miami, Florida.Bobby Metelus | Getty ImagesCorona brewer Constellation Brands announced Thursday that it has taken a minority stake in Dos Hombres, the mezcal brand started by Breaking Bad stars Bryan Cranston and Aaron Paul.Financial terms of the deal were not disclosed, but these transactions can be very lucrative for celebrities who start their own alcohol brands, leaning on the strength of their name recognition. In 2017, Diageo reportedly bought Casamigos, the tequila brand started by George Clooney and his friend Rande Gerber, for $1 billion. Ryan Reynolds’ Aviation Gin sold for $610 million last year, also to Diageo.Cranston and Paul launched Dos Hombres two years ago. The mezcal will still be independently owned after the deal. Constellation made the investment through its venture capital arm.”Our goal is to make strategic, minority investments in high potential brands in growing categories, and the U.S. mezcal market continues to show great potential,” Constellation Ventures Vice President Jennifer Evans said in a statement. “We’re excited to further invest in the category with a great team and brand that we feel has a lot of growth runway.”Last year, the mezcal category grew 14%, according to data from industry tracker IWSR. The ultra-premium segment, which Dos Hombres belongs to, is the fastest growing part of the category. A 750-milliliter bottle of Dos Hombres sells for about $65.Shares of Constellation were flat in premarket trading. The company’s stock has risen nearly 7% this year, giving it a market value of about $45 billion. More

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    Ford says second quarter earnings will 'surpass expectations'

    In this articleFFord CEO Jim Farley at the company’s new Rouge Electric Vehicle Center on May 18, 2021 ahead of remarks from President Joe Biden.Michael Wayland / CNBCDETROIT – Ford Motor on Thursday said its adjusted pretax earnings for the second quarter will “surpass its expectations” and be significantly better than a year ago, while net income will be “substantially lower” than the same period last year.The company released the broad guidance ahead of a presentation by Ford CEO Jim Farley at Deutsche Bank’s global automotive industry conference Thursday afternoon.”The improvement in automotive is being driven by lower-than-anticipated costs and favorable market factors,” the company said in a press release. “Additionally, higher vehicle auction values are benefitting Ford Credit.”Shares of the automaker were up by about 3% ahead of the markets opening Thursday.Ford said Farley will tell conference attendees that the automaker is seeing improvement in its automotive business since providing full-year operating guidance on April 28, despite continuing uncertainty about supplies of semiconductor chips, which are used in infotainment and other systems needed to build cars.Ford previously said it expected to lose about 50% of its planned second-quarter production due to the shortage, up from 17% in the first quarter.In April, Ford forecasted its full-year adjusted pretax profit to be between $5.5 billion and $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor issue. Adjusted free cash flow for the full year was projected to be $500 million to $1.5 billion.The first half of the year has been better than many expected for automakers such as Ford. Supply constraints due to the parts problem have led to higher vehicle prices and profits.Ford said net income for the second quarter is expected to be substantially lower than a year ago, when results included a $3.5 billion gain in an investment in its self-driving Argo AI unit with Volkswagen. The company reported a net profit of $1.1 billion during the second quarter of last year.Ford’s comments come a day after General Motors said it expects adjusted pretax earnings of $8.5 billion to $9.5 billion during the first half of the year, up from an estimated $5.5 billion. More