More stories

  • in

    Chelsea and Manchester City to leave European Super League

    LONDON, ENGLAND – APRIL 20: Fans hold banners opposing Chelsea signing up for the newly proposed European Super League ahead of the Premier League match between Chelsea and Brighton & Hove Albion at Stamford Bridge on April 20, 2021 in London, England.Chloe Knott – Danehouse | Getty Images Sport | Getty ImagesChelsea and Manchester City will leave the proposed Super League.Chelsea, whose fans protested against the planned breakaway league outside Stamford Bridge ahead of Tuesday’s Premier League match against Brighton, are understood to have changed their mind because of the overwhelming negative worldwide reaction.The club felt it was in danger of overshadowing all the good work they have been doing in the community on the pandemic, fighting racism and antisemitism.According to Sky Sports’ Kaveh Solhekol, the “totally negative reaction to ESL plans was in danger of totally overshadowing all the good work the club does in the community.LONDON, ENGLAND – APRIL 20: Fans gather outside of the stadium in protest of Chelsea signing up for the newly proposed European Super League ahead of the Premier League match between Chelsea and Brighton & Hove Albion at Stamford Bridge on April 20, 2021 in London, England.Chloe Knott – Danehouse | Getty Images Sport | Getty Images”Chelsea made a last-minute decision last week to join the ESL. They now regret the decision and accept it was a mistake. They felt they had to ‘jump on the train because it was leaving the station’. Turned out it was a train to nowhere.”City have also told organizers that they do not wish to be a part of the Super League.The competition’s announcement on Sunday, made by 12 founding clubs – including Manchester United, City, Liverpool, Chelsea, Arsenal and Tottenham from the Premier League – was met with widespread criticism.Read more stories from Sky SportsWoodward resigns as Man Utd executive vice-chairmanPep urges European Super League owners to explain decisionOther 14 PL clubs ‘vigorously reject’ Super League plansPrime Minister Boris Johnson vowed to “thwart” the competition, likening it to a “cartel”, while the other 14 Premier League clubs rejected the proposal and UEFA threatened potential sanctions on the rebel group.Sky Sports News reported on Tuesday that splits were emerging among the breakaway sides – despite one board member, speaking on the condition of anonymity, insisting “they will not back down”.Analysis: ‘They just got it wrong’Sky Sports’ Graeme Souness:”On the face of it, obviously it is great news. It’s a domino effect and hopefully that’s the end of it.”They totally misunderstood the British passion and long family connections of supporting a football club.”They just got it wrong.”14 Premier League clubs reject Super League proposalsThe 14 Premier League clubs not involved in the new European Super League “unanimously and vigorously” rejected plans for the breakaway competition on Tuesday afternoon.The Premier League met without Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham to discuss the newly-announced competition at a virtual meeting.The two-and-a-half-hour meeting, chaired by Premier League CEO Richard Masters, explored ways to collectively respond to the proposals.LONDON, ENGLAND – APRIL 17: Kevin De Bruyne of Manchester City and Ngolo Kante of Chelsea battle for the ball during the Semi Final of the Emirates FA Cup match between Manchester City and Chelsea FC at Wembley Stadium on April 17, 2021 in London, England.Matt McNulty – Manchester City | Manchester City FC | Getty ImagesA Premier League statement read: “The Premier League, alongside The FA, met with clubs today to discuss the immediate implications of the Super League proposal.”The 14 clubs at the meeting unanimously and vigorously rejected the plans for the competition. The Premier League is considering all actions available to prevent it from progressing, as well as holding those Shareholders involved to account under its rules.”The Premier League would like to thank supporters and all stakeholders for the support they have shown this week on this significant issue. The reaction proves just how much our open pyramid and football community means to people.” More

  • in

    EU regulator finds possible blood clot link with J&J vaccine, but says benefits outweigh risks

    In this articleJNJA box of Johnson & Johnson’s Janssen COVID-19 vaccine doses are pictured at Grubb’s Pharmacy on Capitol Hill on Monday, April 12, 2021.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesLONDON — The European Medicines Agency said Tuesday the Johnson & Johnson Covid-19 vaccine has possible links to rare blood clot incidents, but reiterated that its benefits still outweighed the risks.”(The) EMA’s safety committee (PRAC) concluded that a warning about unusual blood clots with low blood platelets should be added to the product information for COVID-19 Vaccine Janssen,” the agency said in a press release.”Healthcare professionals and people who will receive the vaccine should be aware of the possibility of very rare cases of blood clots combined with low levels of blood platelets occurring within three weeks of vaccination.”The EMA researched all available evidence, it said, including eight reports from the U.S. of serious cases of unusual blood clots — one of which had a fatal outcome. More than 7 million people had received the vaccine in the United States as of April 7, it said.The U.S. Food and Drug Administration earlier this month advised states to suspend the use of J&J’s shot “out of an abundance of caution.” As a result, the pharmaceutical firm decided to delay the rollout of its vaccine in Europe while regulators assessed any risks. On Tuesday, the company confirmed that it would resume shipments to the bloc after the EMA’s review. The EMA already said last week that while reviewing the latest details, it was still of the view that the benefits of the vaccine outweighed the risks.The J&J shot, which only requires one does, was initially greenlit in the European Union on March 11. It now remains to be seen how the different countries will interpret the latest guidance from the EMA. France has already indicated it will only use the vaccine on people aged above 55.”COVID-19 is associated with a risk of hospitalisation and death. The reported combination of blood clots and low blood platelets is very rare, and the overall benefits of COVID-19 Vaccine Janssen in preventing COVID-19 outweigh the risks of side effects,” the EMA said on Tuesday, using the name of J&J’s Belgian unit.This is not the first issue with blood clots and a Covid-19 vaccine.More than a dozen European countries suspended the use of the AstraZeneca shot in March after some people who received the shot reported unusual incidents with blood clots, 18 of which were fatal.The EMA reviewed the cases and also said the vaccine was safe and should be used in the fight against the coronavirus.Nonetheless, a few days later, the EMA also said there was a “possible link to very rare cases of unusual blood clots with low blood platelets” and this should therefore be listed as “very rare side effects” for the AstraZeneca vaccine.Some countries adjusted the rollout of this vaccine, deciding to administer it only to people above 60 years of age, and Denmark went further by completely stopping its use.So far, there have been more than 103 million doses administered in the EU, according to data from the European Centre for Disease Prevention and Control.Correction: The U.S. Food and Drug Administration earlier this month advised states to suspend the use of J&J’s shot. An earlier version mischaracterized the move. More

  • in

    Congressional investigation launched into Emergent BioSolutions' federal vaccine contracts

    In this articleEBSThe Emergent BioSolutions plant, a manufacturing partner for Johnson & Johnson’s Covid-19 vaccine, in Baltimore, Maryland, on April 9, 2021.Saul Loeb | AFP | Getty ImagesTop House Democrats have launched an investigation into whether Emergent Biosolutions, which recently botched 15 million doses of Covid-19 vaccine, won the federal contract to make the shots based on its cozy relationship with a top former Trump administration official.Reps. Carolyn B. Maloney, of New York, chairwoman of the House Committee on Oversight and Reform, and James E. Clyburn, of South Carolina, chairman of the Select Subcommittee on the Coronavirus Crisis, sent a joint letter to Emergent Solutions’ CEO, Robert G. Kramer, and executive chairman, Fuad El-Hibri, to request that they testify before the coronavirus subcommittee.”Specifically, we are investigating reports that Emergent received multi-million-dollar contracts to manufacture coronavirus vaccines despite a long, documented history of inadequately trained staff and quality control issues,” the lawmakers wrote.The committees are specifically looking at the role Dr. Robert Kadlec, a former consultant to Emergent and Trump’s assistant secretary for preparedness and response, played in helping the company win the contract. They asked the company to turn over a slew of documents, including all of its federal contracts since 2015, all communication with Kadlec as well as information on audits and inspections of its facilities, drug pricing and executive compensation, among other things.”Emergent received $628 million in June 2020 to establish the primary U.S. facility for manufacturing vaccines developed by Johnson & Johnson and AstraZeneca,” the lawmakers wrote in a letter sent Monday to Kramer and El-Hibri. Kadlec “appears to have pushed for this award despite indications that Emergent did not have the ability to reliably fulfill the contract.”According to the letter, an FDA inspection of the Baltimore plant in April 2020 revealed that Emergent did not have the necessary personnel to produce a coronavirus vaccine. Another inspection, in June, found that Emergent’s plan for producing desperately needed coronavirus vaccines was inadequate due to poorly trained staff and quality control problems.Despite Emergent falling short on federal inspections, the Trump administration paid $628 million to the company in June to manufacture coronavirus vaccines.Reports later emerged that indicated quality control issues at Emergent’s Baltimore plant.”During the manufacturing process, your company contaminated millions of doses of Johnson & Johnson’s one-shot coronavirus vaccine with ingredients from the AstraZeneca vaccine,” the lawmakers wrote.Emergent was forced to destroy up to 15 million tainted doses of the Johnson & Johnson vaccine, and another 62 million doses remained in limbo until it could be determined that they were not affected by the mix-up, they said, citing reporting by The New York Times.Emergent’s Baltimore plant wasn’t approved by the Food and Drug Administration, so none of the doses produced at that site were ever distributed or made their way into Americans’ arms.”We are concerned by the costs to taxpayers and the potential impact on our nation’s vaccination efforts caused by Emergent’s failed attempts to manufacture these vaccines,” the lawmakers wrote.The lawmakers also said they are looking at Emergent’s role as the nation’s sole provider of anthrax vaccine in the Strategic National Stockpile.”Emergent has raised the government purchasing price of the anthrax vaccine by 800% since acquiring the drug in 1998. As a result, through most of the last decade, nearly half of the SNS’s budget has been spent purchasing Emergent’s anthrax vaccine,” the representatives wrote.According to the letter, after Kadlec was confirmed in the Trump administration, Emergent received millions of dollars in federal contracts from his agency, including contracts for the stockpile “that were awarded without competitive bidding.”Emergent encouraged oversight of the stockpile to be transferred from the Centers for DiseaseControl and Prevention to the Office of the Assistant Secretary of Preparedness and Response, under Kadlec’s control, according to the letter.Until 2015, Kadlec provided consulting services to Emergent through his company, RPK Consulting. Kadlec was confirmed to lead the office, which is within the Department of Health and Human Services, in 2017.Kramer and El-Hibri were asked to testify before the subcommittee on May 19 at 10:30 a.m. ET. More

  • in

    Kobe Bryant's estate may be quietly planning to launch its own brand

    In this articleNKEKobe Bryant and his daughter Gianna Bryant attend a basketball game between the Los Angeles Lakers and the Atlanta Hawks at Staples Center on November 17, 2019 in Los Angeles, California.Allen Berezovsky | Getty ImagesWhile Kobe Bryant’s estate may have parted ways with Nike, big plans may be in the works for the brand.According to intellectual property attorney Josh Gerben, an analysis of the legal filings on behalf of the basketball legend’s estate show that more than 13 trademarks have been filed since May 2020.On Monday, Complex Magazine first reported that Nike’s contract with the estate ended last Tuesday, and a new agreement had not been signed.”The filings would suggest Vanessa [Bryant] is building an IP portfolio for a new brand launch,” Gerben told CNBC.Some of the latest filings include trademark applications for the following: Play Gigi’s Way, Mamba and Mambacita, Baby Mambas and Mamba League. Gianna, or “Gigi,” was the name of Bryant’s daughter who died in the tragic Jan. 26, 2020 crash. Her nickname was Mambacita.A spokesperson for the estate did not respond to CNBC’s request for comment.The filings show that the trademarks are intended to be used for everything from clothing, gym wear, loungewear and footwear. Gerben said these were filed under “intent to use,” which usually means an underlying business may be being planned.This pending trademark was filed by Kobe Bryant LLC in February. It shows a circle with a snake biting the left side of the circle.Source: US Trademark and Patent OfficeIt’s not just trademarks that the estate is actively working on. The Mamba Sports Academy, where Bryant and eight others were travelling to on the day of the crash, has since been rebranded as the Sports Academy, retiring the word “Mamba.””It was a mutual agreement, made in accordance with the wishes of his estate,” the academy said in a statement when the change happened in May.”Vanessa — or the estate — is going through and relatively methodically trying to protect the brand around Kobe and his daughter,” said Gerben.The last trademark that Kobe Inc. filed before his death was for “Mambacita” on Dec. 30, 2019, which was just a few weeks before the crash. The most recent filing, “Play Gigi’s Way,” was dated March 10.This isn’t the first time it has been suggested Kobe may have been looking to start his own company.On Dec. 29, 2020, Shervin Pishevar, an entrepreneur who co-founded Virgin’s Hyperloop, tweeted that he and Bryant had met and discussed potentially starting his own sneaker company, which would have been called Mamba.Nike produced nearly 20 sneakers with Bryant over the course of the 18-year partnership. However, the language in the contract allows Nike to continue to sell Kobe Bryant shoes that were in the works prior to the deal’s termination on April 13, according to a person familiar with the Nike deal. Product launches are being planned over the next couple of months, in addition to a May release pegged to Bryant’s induction into the Hall of Fame.”Kobe Bryant was an important part of Nike’s deep connection to consumers. He pushed us and made everyone around him better. Though our contractual relationship has ended, he remains a deeply loved member of the Nike family,” the brand said in a statement on Monday.Bryant first signed with the Swoosh in 2003, after starting his career as an Adidas endorser. In April 2016, he struck a five-year deal that took him through last Tuesday. BMO Capital Markets analysts have pegged the value of Kobe’s Nike business at about $250 million, but other analysts say that number may be high.On Monday, Vanessa Bryant posted on her Instagram Stories, assuring fans that despite leaving Nike, her hope is to allow Kobe’s fans get to wear his products for years to come, US Magazine reported. “I will continue to fight for that,” she said in the post. “Kobe’s products sell out in seconds. That says everything.”According to a person familiar with the situation, Vanessa Bryant was at odds with Nike over the company limiting the availability of Bryant’s products after his death.BallerShoes DB, a database that tracks sneakers, said that more than 100 players wore Bryant’s signature shoes during the 2019-20 season, making it the most popular shoe choice by players. Yet Bryant’s sneakers don’t seem to hold the same appeal for consumers as those from Michael Jordan or LeBron James.Matt Powell, a senior industry advisor at NPD Group, said Kobe Bryant shoes are much more important brand in China than in the U.S. in recent years.”It’s not a significant loss for Nike,” he said. More

  • in

    Unemployment benefits cut short for more than 300,000 during pandemic, study says

    Outdoor dining tents under constructions in Arlington, Virginia, on Feb. 5, 2021.Liu Jie/Xinhua via GettyMore than 300,000 Americans lost unemployment benefits prematurely during the Covid pandemic, according to a study published Tuesday by the California Policy Lab.That’s due to a way many states account for unemployed workers, which has understated the severity of the recession, the analysis said.State unemployment systems have an automatic mechanism that pays additional aid to the long-term unemployed during periods of mass joblessness.These Extended Benefits programs can pay up to 20 extra weeks of aid, on top of the typical six months of regular state benefits.’Exposed flaws’But a faulty design has led 33 states to end their Extended Benefits programs since the fall of 2020, even as long-term unemployment continued to spike, according to the report.Nearly 315,000 people lost benefits as a result, according to a conservative estimate in the analysis.”The pandemic has exposed flaws in how these triggers are currently designed, which have led to the removal of automatic aid in many states when their workers are experiencing rising unemployment durations,” said Alex Bell, Thomas Hedin, Geoffrey Schnorr and Till von Wachter, who co-authored the report.More from Personal Finance:Workers are a year into collecting unemployment. It’s causing problemsHere’s who could still be waiting and eligible for a $1,400 stimulus checkConsumer watchdog issues policy to strengthen eviction moratoriumStates automatically pay extended aid based on the “insured unemployment rate.” (Some states use an alternative measure.)The IUR is the share of a state’s labor force collecting unemployment benefits. It differs from a state’s unemployment rate.Most states offer Extended Benefits when the insured unemployment rate exceeds 5%. All states but South Dakota paid these benefits at some point during the pandemic.Insured unemployment rateHowever, the insured unemployment rate only counts Americans receiving regular state unemployment insurance.It doesn’t count long-term unemployed workers getting aid via extensions, like the Extended Benefits program or any federal programs created by the CARES Act. That means it can “overstate improvements in labor market conditions,” the co-authors wrote.As a result, many states’ insured unemployment rates have fallen below the 5% threshold, ending Extended Benefits in those areas.In states like Alabama, Maryland, Minnesota, Ohio, South Carolina and Virginia, a large share of people (roughly 20% to 30% of all workers collecting unemployment benefits) lost aid once the programs ended, according to the California Policy Lab.Just 16 states were still paying those benefits as of March 27, according to the U.S. Department of Labor.However, terminating extended aid in this manner is counterintuitive during high periods of long-term unemployment, the report authors claimed.About 1 in 4 unemployed workers in March had been jobless for at least a year, according to the Bureau of Labor Statistics. “While several unique aspects of the Covid-19 crisis have exacerbated the issue — including high rates of long-term unemployment, higher propensity for the unemployed to claim benefits and a high utilization of extended benefit programs — this design issue hinders the ability of the UI program to respond to any severe downturn,” they wrote.However, some who were kicked off Extended Benefits may have since been able to collect aid through temporary federal programs. The American Rescue Plan extended aid through Labor Day.Officials in Michigan, which ended its Extended Benefits program on Saturday, said that’s likely the case for its residents.”Fortunately, with the federal extensions that were implemented on March 27, claimants who were on the Extended Benefits program most likely will be able to receive benefits through other federal programs such as Pandemic Emergency Unemployment Compensation or Pandemic Unemployment Assistance,” Liza Estlund Olson, acting director of the Michigan Unemployment Insurance Agency, said.About 613,000 of the roughly 17 million people collecting unemployment benefits were doing so via Extended Benefits at the end of March, according to the Labor Department. More

  • in

    Stocks making the biggest moves midday: Kansas City Southern, Altria, IBM & more

    In this articleANMOKSUKansas City Southern (KSC) Railway locomotives idle on a fuel pad before pulling freight trains from Knoche Yard in Kansas City, Missouri.Luke Sharrett | Bloomberg | Getty ImagesCheck out the companies making headlines in midday trading. Johnson & Johnson — Shares of the pharmaceutical giant rose 2.5% after the company reported earnings and revenue that beat Wall Street’s expectations. The company posted an adjusted EPS of $2.59, versus $2.34 expected, according to Refinitiv. JNJ also reported $100 million in first-quarter sales of its Covid-19 vaccine that’s on hold in the U.S. while federal health regulators investigate a rare blood-clotting issue.IBM — Shares of IBM jumped more than 4% to hit a new 52-week high after the company beat top and bottom line estimates during the first quarter. IBM earned $1.77 per share excluding items on $17.73 billion in revenue. Analysts were expecting $1.63 per share on $17.35 billion in revenue, according to estimates from Refinitiv. Strength in the cloud-computing division helped pushed quarterly sales growth to the best reading in more than two years.Kansas City Southern — The railroad stock soared 16% in midday trading after Canadian National Railway offered to buy Kansas City Southern at $325 per share in cash and stock. That bid represented a higher offering compared to a prior $275 per share from Canadian Pacific. United Airlines — United shares fell about 9% after the company said it lost $7.50 per share for the first quarter, larger than the loss of $7.08 that analysts were anticipating. The airline’s sales figures were also slightly softer than what analysts were expecting amid higher fuel costs and reduced demand from the Covid-19 pandemic. The stock is down 13% for the month.Altria — The tobacco stock fell about 5% on the heels of a report from The Wall Street Journal that U.S. regulators are planning to limit the amount of nicotine in cigarettes. Shares of British-American Tobacco, which trades in London, fell more than 4%. Shares of Philip Morris bucked the trend, however, rising 2.8%.AutoNation — Shares of the auto retailer dropped more than 3% in midday trading amid a broader market sell-off. The downtick came despite the company earning an adjusted $2.79 per share for its latest quarter, far above the consensus estimate of $1.87. Its sales figures topped estimates as well. Same-store sales were up 27% from a year earlier.– CNBC’s Jesse Pound, Pippa Stevens, and Yun Li contributed reporting.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

  • in

    Boeing raises mandatory retirement age for CEO Calhoun by 5 years, CFO to retire

    Dave Calhoun, Chairman of BoeingAdam Jeffery | CNBCBoeing on Tuesday said it is raising the mandatory retirement age of its 64-year-old CEO from 65 to 70 as the company continues face challenges from the coronavirus pandemic, production issues and the aftermath of two crashes of its best-selling plane.Boeing’s CFO Greg Smith will retire in July, the manufacturer said. Boeing said it is conducting a search for his replacement.”Under Dave’s strong leadership, Boeing has effectively navigated one of the most challenging and complex periods in its long history,” Boeing’s Chairman Larry Kellner said in a press release. “Given the substantial progress Boeing has made under Dave’s leadership, as well as the continuity necessary to thrive in our long-cycle industry, the Board has determined that it is in the best interests of the company and its stakeholders to allow the Board and Dave the flexibility for him to continue in his role beyond the company’s standard retirement age.”This is breaking news. Check back for updates. More

  • in

    Covid cases, vaccinations remain elevated as U.S. nears Biden's 200 million goal

    A group of teenagers serving as ‘Covid-19 Student Ambassadors’ joined Governor Gretchen Whitmer to receive a dose of the Pfizer Covid vaccine at Ford Field during an event to promote and encourage Michigan residents to go and get their vaccines on April 6, 2021 in Detroit, Michigan.Matthew Hatcher | Getty ImagesThe United States is maintaining a pace of 3 million reported vaccinations per day, as the country marches toward President Joe Biden’s goal of 200 million shots given in his first 100 days as president.More than 195 million shots have been reported administered since Biden’s inauguration, with 11 days remaining in the 100-day period.The Biden administration had initially announced a target of 100 million shots during that period — reached after 58 days of the presidency. Biden announced the new goal on March 25, at which point the country had ramped up the vaccination campaign to 2.5 million shots per day and was already on pace to hit the 200 million mark.At the current vaccination pace, the final tally of shots given during Biden’s first 100 days would land closer to 230 million.Zoom In IconArrows pointing outwardsOn Monday, Biden announced that all U.S. adults are now eligible to receive a Covid vaccine.U.S. vaccine shots administeredWith 2.2 million vaccinations reported administered Monday, the U.S. is now averaging 3.1 million reported shots per day over the past week, according to Centers for Disease Control and Prevention data.Zoom In IconArrows pointing outwardsThe pause on the use of the Johnson & Johnson vaccine remains in place. The single-shot vaccine has made up 7.9 million of the 212 million total shots administered to date, according to the CDC, and is responsible for about 9% of Americans who are fully vaccinated.U.S. share of the population vaccinatedAbout 40% of the U.S. population has received at least one dose of a Covid vaccine, and 26% is fully vaccinated.Zoom In IconArrows pointing outwardsCDC data shows that more than half of those 18 years and older, and 80% of those 65 and older, are at least partially vaccinated.U.S. Covid casesThe U.S. is reporting about 67,100 daily new infections, based on a seven-day average of data reported by Johns Hopkins University. That figure is far below the nation’s winter peak, when average daily case counts topped 250,000 per day, but more in line with numbers seen during last summer’s surge.Zoom In IconArrows pointing outwardsAverage daily case counts are on the rise in 19 states and Washington, D.C.U.S. Covid deathsThe seven-day average of daily Covid-19 deaths in the U.S. is 714, and the nationwide death toll has surpassed 567,600 since the start of the pandemic.Daily Covid deaths have been trending downward from the pandemic’s peak winter levels in recent months.Zoom In IconArrows pointing outwards More