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    Texas Roadhouse founder Kent Taylor dies at 65 after taking life following post Covid struggle

    A man walks past a Texas Roadhouse restaurant in Arvada, Colo.Matthew Staver | Bloomberg | Getty ImagesTexas Roadhouse founder and CEO Kent Taylor died on Thursday, the restaurant chain announced on its Facebook page. He was 65.Taylor died by suicide after a battle with post-Covid-19 related symptoms, including severe tinnitus, the family said in a company-issued statement. Tinnitus is typically described as a ringing in the ear.”After a battle with post-Covid related symptoms, including severe tinnitus, Kent Taylor took his own life this week,” the family said. “Kent battled and fought hard like the former track champion that he was, but the suffering that greatly intensified in recent days became unbearable.”Taylor’s family said that Taylor recently committed to fund a clinical study to help members of the military who suffer with tinnitus. “We will miss you, Kent. Because of you and your dream of Texas Roadhouse, we get to say we (love) our jobs every day,” the company wrote in a Facebook post on Friday.The Louisville-based restaurant company announced on Friday that President Jerry Morgan will be named CEO following Taylor’s death.”While you never expect the loss of such a visionary as Kent, our succession plan, which Kent led, gives us great confidence,” said Greg Moore, Texas Roadhouse’s lead director.Louisville Mayor Greg Fischer tweeted on Thursday that city had “lost a much loved and one-of-a-kind citizen.” “Kent’s kind and generous spirit was his constant driving force whether it was quietly helping a friend or building one of America’s great companies in @texasroadhouse,” Fisher wrote. “He was a maverick entrepreneur who embodied the values of never giving up and putting others first.”If you or someone you know are having thoughts of suicide or self harm, please contact the National Suicide Prevention Lifeline at this link or by calling 1-800-273-TALK. The hotline is open 24 hours a day, 7 days a week. More

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    These 10 retailers are in expansion mode: Here's who is opening new stores

    A Dick’s Sporting Goods storeCraig Warga | Bloomberg | Getty ImagesIn a 180-degree turn from 2020, retailers’ expansion plans are outpacing plans to close up shop so far this year.U.S. retailers have announced 3,199 store openings and 2,548 closures year-to-date, according to a tracking by Coresight Research. For comparison, the firm recorded a whopping 8,953 closures, along with 3,298 openings last year, as the Covid pandemic upended the retail industry and pushed dozens of businesses into bankruptcy.Now, though, the country is seemingly turning a corner. The rollout of the Covid vaccine keeps ramping up, another round of stimulus checks is landing in many Americans’ bank accounts, and companies are by and large predicting a strong rebound of the consumer. The National Retail Federation is forecasting retail sales in the U.S. could grow anywhere between 6.5% and 8.2% this year, with the economy accelerating at its fastest clip in two decades.The real estate market, meantime, presents an opportunity in 2021 for companies looking to grow. They will likely pay less in rent and have more flexible lease terms. A glut of vacancies has left landlords more desperate to fill space and sign deals they wouldn’t have ever considered pre-pandemic.”Most retailers that survived Covid’s early days are now looking to refill their new store opening programs,” said Bill Read, executive vice president for Retail Specialists, a brokerage firm based in the Southeast. “Demand for new stores is very robust right now. Playing catch up has everyone in a hurry up.”Here are 10 of the retailers that have store openings planned for this year.Ulta BeautyShoppers line up outside of Ulta Beauty before the 6am opening on Black Friday.Aimee Dilger | LightRocket | Getty ImagesMarket cap: $18.13 billion12-month stock performance: Up 119%Ulta Beauty is planning to open about 40 net new stores in 2021. The retailer has earmarked roughly $70 million for store openings and remodels this year. Its plans call for 11 locations to be remodeled and 10 to be relocated.When the Covid pandemic hit, store openings that were slated for 2020 were postponed, Ulta’s management team told analysts during a conference call in early March. And as a result, many of the openings now planned for 2021 are expected to happen during the first quarter, it said. Beginning in the second half of this year, Ulta is also rolling out a smaller version of its store in more than 100 Target locations.”We continue to be optimistic and positive about the outlook of physical retail, and we’ll continue to find terrific locations across the country,” Ulta President David Kimbell said. “We see plenty of growth ahead of us.” Kimbell is set to replace current Ulta CEO Mary Dillon, when she steps down in June.SephoraPeople stand by a Sephora store inside The Mall at the Hudson Yards on December 01, 2020 in New York City.Noam Galai | Getty ImagesLVMH-owned Sephora says it plans to open more than 60 freestanding stores this year, the majority of which won’t be in malls. Separately, the beauty business is on track to open some 200 pint-sized shops within Kohl’s locations this fall, which will ramp up to more than 850 sites by 2023.Its store strategy is focused on reducing its exposure to suburban malls and getting closer to customers in other ways. As it moves into Kohl’s, it’s ending a years-long relationship with the department store chain J.C. Penney.Make-up sales have been walloped during the pandemic, with more consumers embracing a low-maintenance and casual lifestyle, but Sephora is betting that demand for cosmetics will come back strong. Burlington StoresBurlington Coat Factory storeJohn Greim | Getty ImagesMarket cap: $20.38 billion12-month stock performance: Up 135%Burlington Stores is plotting 75 net new stores for 2021. The off-price retailer’s plans include opening about 100 new locations, while closing or relocating 25. During a call with analysts in March, management said it had shifted 18 store openings planned for 2020 into this year due to the pandemic.About a third of this year’s openings will be a smaller-format Burlington is piloting. These will be about 25,000 square feet versus the typical 50,000 to 80,000 square feet. The company has said its goal for these locations is to keep inventory levels down and cut costs. “When you have less in-store inventory, you need less physical space,” Chief Executive Michael O’Sullivan said. “This has significant economic benefits … increasing the pool of potential real estate sites, and providing the opportunity to open profitable stores in more locations around the United States.”AmazonInside Amazon’s first Amazon Fresh grocery store in Los Angeles.AmazonMarket cap: $1.531 trillion12-month stock performance: Up 63%Amazon is quietly opening more Amazon Fresh grocery stores, according to a recent Bloomberg report. Amazon Fresh debuted in Los Angeles in September. The Bloomberg report said the eleventh such store opened earlier this month, and Amazon is working on at least two dozen more. A spokesperson didn’t immediately respond to CNBC’s request for comment on the report.Amazon, which also owns the high-end Whole Foods grocery chain, sees an opportunity to take over vacant real estate in order to plant itself much closer to customers. Bloomberg reported some of the Fresh shops are filling empty Toys R Us locations, for example. Hundreds went dark after the toy chain filed for bankruptcy in September 2017. The Fresh stores range from 25,000 square feet to 45,000 square feet, Bloomberg said.It’s not just Amazon looking to grow, either. Grocery remains a competitive category, from the low-end to the high-end: Aldi, Lidl, Sprouts Farmers Market and Trader Joe’s have all announced store openings this year, as well. Dollar General, which also sells groceries, plans to open 1,000 stores, including some with its Popshelf label. FableticsActress Kate HudsonStefanie Keenan | Getty Images Entertainment | Getty ImagesPrivately held Fabletics is planning to open two dozen new stores in the United States this year, which will bring its tally to 74 by year-end.The athletic apparel brand for women (and recently men) is also planning to open stores internationally for the first time, in London and Berlin. Some stores will have tech feature like a leggings fit tool and on-site demos of the Hydrow rowing machine. Fabletics has partnered with the at-home fitness equipment maker to market its products in stores and online, and to be the exclusive apparel provider for Hydrow’s trainers.”One of the things that we’re looking for when we open up a location is … what’s the current density of members that we have within a drive of that store,” Fabletics CEO and co-founder Adam Goldenberg said in an interview. “We like using the retail store as a place to interact with our members and put on cool events.”American Eagle’s Aerie and OfflineMatthew Mitchell, center, talks with customers as Sierra Phillips adjusts a denim display at the American Eagle/Aerie store at Easton Town Center in Columbus, Ohio on May 15, 2020.Andrew Spear | The Washington Post | Getty ImagesMarket cap: $5 billion12-month stock performance: Up 224%American Eagle has seen huge momentum with its Aerie lingerie and loungewear brand for teens and young women, which has helped boost its business overall, especially during the pandemic. The company expects it will open roughly 60 Aerie locations this year, including 25 to 30 Offline by Aerie shops. Offline is a new athleisure brand the company debuted last summer.”We’re very excited about the malls,” Chief Executive Jay Schottenstein said during an earnings conference call in early March. “This is probably the best opportunity for us to pick up new locations that we’re being offered … at affordable rents for us.”Aerie’s growth rate has been outpacing that of American Eagle. During the fourth quarter, Aerie sales spiked 25% to $337 million from a year ago, while American Eagle revenue fell 9% to $943 million.Dick’s Sporting GoodsKayaks are displayed outside of a Dick’s Sporting Goods Inc. store in West Nyack, New York.Craig Warga | Bloomberg | Getty ImagesMarket cap: $7.22 billion12-month stock performance: Up 333%Dick’s Sporting Goods is planning to open six new namesake stores this year, as well as six locations that will test fresh concepts. In the coming weeks, for example, it’s slated to open a first-of-its-kind experience-heavy location in Rochester, New York, called House of Sport, which will feature a track and field outside as well as an indoor climbing wall.Dick’s Sporting Goods has a little more than 850 locations today, according to its website. Along with its off-mall sporting goods stores, the retailer operates Golf Galaxy and Field & Stream.”We’ve been very selective in picking our target for new stores, and the economics have been very good,” Chief Financial Officer Lee Belitsky said during an earnings conference call in early March. “We’re not discouraged from opening new stores in any way, but we do want to continue to be selective.”TJXThe reflection of shoppers are seen in a window at a TJ Maxx store in Peoria, Illinois.Daniel Acker | Bloomberg | Getty ImagesMarket cap: $80 billion12-month stock performance: Up 60%TJX is planning to open 122 net new stores this year, which would bring its total by the end of the fiscal year to almost 4,700 locations. TJX’s portfolio of brands includes the discount chains TJ Maxx, Marshalls, HomeGoods and HomeSense. Like a number of its peers, the company sees an opportunity to land good real estate at a decent price, thanks to industry disruption.”With the increase in store closures by some retailers, we are in an excellent position to open new stores in some of our target markets,” Chief Executive Ernie Herrman told analysts in late February. “Further, we see additional opportunities to relocate existing stores to more desirable locations and to seek out more favorable terms when leases expire.”While off-price chains like TJ Maxx and Marshalls have suffered during the pandemic due to their lack of a web presence, analysts predict these businesses could see a strong rebound as Americans look to refresh their wardrobes and head back to stores to shop, especially around key moments like back-to-school.Five BelowShoppers place purchases into vehicle outside a Five Below store in Bloomington, Illinois, on Wednesday, July 25, 2018.Daniel Acker | Bloomberg | Getty ImagesMarket cap: $11 billion12-month stock performance: Up 276%Five Below is planning to open between 170 and 180 new stores in 2021. Ninety to 100 of those should come in the first half of the year. The company has said its ultimate goal is to reach more than 2,500 locations nationwide. It has more than 1,000 stores today, according to its website.”We’re back to playing offense,” Chief Executive Joel Anderson said in January during a virtual ICR conference. “We feel great that we’ve got the store engine going again.”And as it opens new locations and remodels old ones, Five Below is also testing a prototype in the back of some stores where it hosts esports events, which have grown to be popular among the tween and teen consumers that it targets. It’s partnered with Nerd Street Gamers, a national network of esports facilities and competitive gamer events, to operate the spaces.Gap’s Old Navy, AthletaSource: AthletaMarket cap: $11.62 billion12-month stock performance: Up 284%Gap Inc. is planning to open 30 to 40 new Old Navy stores, along with 20 to 30 Athleta locations, this year. The company is pegging its growth on these two brands, which have seen stronger demand from consumers in recent years. while its namesake Gap label and Banana Republic have struggled because of their reliance on workwear. The company is on track to simultaneously close about 100 Gap and Banana Republic stores globally, this year, including 75 in North America.”Our discussions with landlords have progressed quite well, and we are making quick and effective progress on our real estate goals,” Chief Financial Officer Katrina O’Connell told analysts in early March.Gap is predicting it will bounce back to sales growth in 2021, hopeful that customers will soon return to its stores and spend more money on apparel as they resume some social activities. It also it getting ready to launch a highly anticipated apparel line with the singer Kanye West. More

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    Brazil Covid variant detected in New York resident for the first time, Cuomo says

    Nurses talk in front of the 28 de Agosto Hospital in Manaus, Amazon State, Brazil, on January 14, 2021, amid the novel coronavirus, COVID-19, pandemic.MICHAEL DANTAS | AFP | Getty ImagesGov. Andrew Cuomo said on Saturday that a more contagious Covid-19 variant, originally identified in Brazilian travelers, has now reached New York.The strain was detected by scientists at Mount Sinai hospital in New York City and verified by the Department of Health’s Wadsworth Center Laboratories. The center collects about 90 random samples each day for genomic sequencing and has sequenced more than 8,200 samples statewide.The patient with the Brazil variant is a Brooklyn resident in their 90s with no travel history, according to a press release.”The detection of the Brazilian variant here in New York further underscores the importance of taking all the appropriate steps to continue to protect your health,” Cuomo said. The governor urged New Yorkers to continue wearing masks, avoid crowds and get a vaccine when eligible.The Brazil strain, called P.1, was first identified in four travelers from Brazil who were tested during a screening in Tokyo, Japan, according to the Centers for Disease Control and Prevention.The P.1 variant was discovered in the U.S. at the end of January. The CDC has since reported 48 cases nationwide. The strain has a set of additional mutations that could impact its ability to be recognized by antibodies.There’s evidence the variant is more contagious and has the potential to reduce vaccine effectiveness. Researchers at the University of Oxford recently released non-peer reviewed data suggesting it could be less resistant to vaccines. However, additional research is needed.Cuomo’s announcement comes as daily cases increase in New York and 20 other states. Death rates and hospitalization rates are on the decline in New York as vaccine distribution accelerates. More

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    With media deals complete, NFL eyes over $100 million per year for its data rights

    New York Giants wide receiver Sterling Shepard (87) catches a pass in front of Pittsburgh Steelers strong safety Terrell Edmunds (34) and linebacker Devin Bush (55) during the first half at MetLife Stadium.Vincent Carchietta | USA TODAY SportsAbout 30 minutes after the National Football League announced its new 11-year media rights deal this week, New England Patriots owner Robert Kraft praised his commissioner Roger Goodell.Kraft, the chairman of the league’s media committee, had plenty of reasons to compliment Goodell. He just delivered NFL team owners more than $100 billion in media rights fees. Kraft was so thrilled he said working with Goodell on this negotiation was “one of the most enjoyable experiences of my professional career.”Kraft added: “He treats his position as being the custodian of the league’s long-term best interest. When coupled with his unique strategic business acumen, we’re able to get outcomes like this one. We are very fortunate to have him as our commissioner.”Goodell has locked in a decade of NFL labor peace and TV deals. Now, he’ll oversee the league’s data rights which fuel sports betting. The NFL could seek over $100 million per year for its new data rights agreement according to people familiar with the situation.The people said the NFL would try to align its new data rights deal with media deals. The individuals spoke with CNBC on condition of anonymity due to privacy concerns. One of the people said the NFL could even seek up to $250 million, as its data rights continue to lead U.S. sports betting hauls.The NFL currently has a data agreement with Sportradar and has equity in the firm dating back to 2015. Terms of that deal are undisclosed but the parties are currently in talks to extend the agreement, the people said.Sportradar is a data and integrity company that gathers sports data like live play-by-plays and operates the NFL’s next generation stats using Amazon technology. The firm has deals with sports gambling companies to provide data used to set betting odds. Sportradar is using the SPAC, or special purpose acquisition company, route to enter the public market.The company also extended its deal with the National Basketball Association last October. Under its previous deal, it paid the NBA about $41 million per year. Chicago-based Stats Perform is also one of the more notable data firms.The NFL did not make an official available to discuss the matter and Sportradar declined to comment.As for the broader media rights deal that was inked on Thursday, here’s what stands out: In this photo illustration a Amazon Prime Video logo displayed on a smartphone.Mateusz Slodkowski | SOPA Images | LightRocket via Getty ImagesAmazon video ads could increase with NFLNetworks who had the NFL’s Thursday package won’t entirely lose out on the game entirely, as the two teams playing in the game will have the contest available on broadcast and Amazon will need to pay for production costs.That can get expensive, but Amazon’s video ads will benefit. In a note to clients, Morgan Stanley analysts wrote that Amazon’s video ads are the fastest-growing part of the company’s roughly $20 billion ad revenue. And now that it has football exclusively, rates could increase. The tech company trails only Google and Facebook for digital advertising market share.”The Amazon deal is particularly interesting as it shows how important live sports content is in the streaming wars,” Bill Wise, CEO of advertising software company Mediaocean, told CNBC via email. “It also demonstrates Amazon’s continued foray into advertising and, with that, its unique capabilities to close the loop across screens and all the way down to purchase.””For advertisers, the imperative is clear,” added Wise. “You have to be thinking omnichannel and marketing your brands consistently across screens to connect with fragmented audiences.”Disney gets access to Super Bowl moneyWith Disney once again in the rotation to broadcast Super Bowls, it will now be able to capitalize on the highest-viewed U.S. sporting event and the money that comes with it.Ad spots for the 2021 Super Bowl were around $5.5 million per ad. For the 2020 game, Fox pulled in more than $400 million from Super Bowl spots. Once it’s time for Disney in 2026, that rate could surpass $7 million per slot. Disney will also have a Super Bowl in 2030 as part of its $2.7 billion per year agreement.The NFL’s Covid-19 Super Bowl in February attracted 96.4 million viewers watching the Tampa Bay Buccaneers beat the Kansas City Chiefs, 31-9. Though NFL viewership has declined, the game remains a draw for marketers.”Linear TV is still a mainstay on brand advertising budgets and the Super Bowl offers reach like no other event in the world,” said Wise.A FOX Sports TV camera operator during the week 5 NFL game between the Atlanta Falcons and the Carolina Panthers at Mercedes-Benz Stadium on October 11, 2020 in Atlanta, Georgia.David J. Griffin | Icon Sportswire | Getty ImagesFox could see impacts after cutting TNFHad Fox kept the Thursday package, it might’ve paid close to $3 billion total for NFL rights if you count the $660 million per year it currently spends for the TNF package. Advertising data firm MediaRadar estimates Fox’s 2020 NFL games generated approximately $2 billion in national advertising most of which comes from its Sunday afternoon games.”It’s the weakest of the packages,” longtime television executive Neal Pilson said of TNF. “Not a surprise that none of the networks wanted it and it’s not a surprise that Amazon stepped up to take it.”But unloading NFL rights comes with a cost for Fox. Dropping TNF could impact the network’s retransmission fees from distributors and Fox station affiliates in 2024, who may push to pay less without the NFL on Thursdays.Said Morgan Stanley: “Our assumption is Fox’s existing retransmission contracts will not be affected by losing this content. Clearly, once these agreements are finalized and Fox enters negotiations with MVPDs and Fox station affiliates for new distribution contracts there may be a cost to shedding TNF.”But one of the interesting parts of the new rights deal is the network’s FoxBet gambling asset becomes an official sportsbook of the league, “if, and when, the NFL approves official sportsbook operators for its officially licensed intellectual property,” according to a Fox Sports press release.It puts Fox in prime position to capitalize on popular NFL wagers as the league continues to explore the sports betting space and helping network partners, too. And once the NFL organizes its role in sports gambling, Kraft’s praise of Goodell should only intensify as more revenue will roll in.”We’re going to find ways which we engage fans through legalized sports betting,” Goodell said of assisting media companies with gambling. “But we’ve retained those rights and we’re going to look to see where those opportunities lie and how we’ll be working with our network partners. But we fully expect that they’ll be engaged in all of our activities going forward.” More

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    Covid cases are rising in 21 states as health officials warn against reopening too quickly

    A U.S. Army soldier from the 2nd Armored Brigade Combat Team, 1st Infantry Division, immunizes Jacklina Mendez with the COVID-19 vaccine at the Miami Dade College North Campus on March 09, 2021 in North Miami, Florida.Joe Raedle | Getty ImagesEven as the pace of vaccinations accelerates in the U.S., Covid-19 cases are increasing in 21 states and highly infectious variants are spreading as governors relax restrictions on businesses like restaurants, bars and gyms.Public health officials warn that while roughly 2.5 million people nationwide are receiving shots every day, infection levels have plateaued this month and some states have failed to reduce the number of daily cases.The 7-day moving average of new infections plateaued at 54,666 as of Friday after declining for weeks, according to a CNBC analysis of data from Johns Hopkins University.More than 541,000 people in the U.S. have died of the disease.White House Chief Medical Advisor Dr. Anthony Fauci warned during a briefing on Friday that the country should not declare victory until the level of infection is “much, much lower.” Centers for Disease Control and Prevention Director Rochelle Walensky has also urged states not to reopen too quickly and undermine progress the country is making against the pandemic.Knyckolas Davis (L) and Matthew Bettencourt celebrate Davis’s 35th birthday with friends at Rizzo’s Bar & Inn in Wrigleyville as coronavirus disease (COVID-19) restrictions are relaxed in Chicago, Illinois, U.S., March 6, 2021.Eileen T. Meslar | Reuters”The concern is that throughout the country, there are a number of state, city, regions that are pulling back on some of the mitigation methods that we’ve been talking about: the withdrawal of mask mandates, the pulling back to essentially non-public health measures being implemented,” Fauci said at the briefing.”So it is unfortunate but not surprising to me that you are seeing increases in number of cases per day in areas — cities, states, or regions — even though vaccines are being distributed at a pretty good clip of 2 to 3 million per day,” Fauci added. “That could be overcome if certain areas pull back prematurely on the mitigation and public health measures that we all talk about.”Infections are rising in the following states: Alabama; Connecticut; Hawaii; Idaho; Illinois; Maine; Maryland; Massachusetts; Michigan; Minnesota; Missouri; Montana; New Hampshire; New Jersey; New York; North Dakota; Pennsylvania; Rhode Island; Virginia; Washington; and West Virginia.The highly contagious variant first identified in the U.K. likely accounts for up to 30% of Covid infections in the U.S. Health officials say the variant could become dominant by the end of this month or in early April.The variant is seen as the cause of Europe’s third coronavirus wave. Several countries including France and Italy have imposed new lockdown measures to mitigate virus spread as cases surge. More

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    England collapse to series defeat to India with 36-run loss in fifth T20I decider

    AHMEDABAD, INDIA – MARCH 20: Shardul Thakur of India celebrates the wicket of Jonny Bairstow of England, caught by Suryakumar Yadav during the 5th T20 International between India and England at Narendra Modi Stadium on March 20, 2021 in Ahmedabad, India.Surjeet Yadav | Getty Images Sport | Getty ImagesEngland collapsed to a 36-run defeat to India in the decisive fifth T20 international in Ahmedabad, seeing the home side clinch a 3-2 series win.India posted a massive score of 224-2 from their 20 overs after again being inserted by Eoin Morgan and, though Dawid Malan (68 off 46 balls) and Jos Buttler (52 off 34) both fired in a century stand for the second wicket, England ultimately collapsed to 188-8 in reply.On undoubtedly the best batting surface of the series, India were aggressive from the outset, with new opening pair Rohit Sharma (64 off 34 balls) and Virat Kohli (80no off 52) putting on 94, scoring at a rate of greater than 10 an over.Both went through to fine fifties, while Suryakumar Yadav (32 off 17) and Hardik Pandya (39no off 17) pitched in with quickfire cameos late on – the former’s innings only ended by a stunning relay boundary catch from Chris Jordan.Jason Roy (0) departed to the second ball of the England run-chase, clean-bowled by Bhuvneswhar Kumar (2-15), who later returned to claim the key wicket of Buttler in a 13th over that cost just three runs and turned the game in India’s favor.Buttler’s dismissal was the first of seven wickets to fall for 44 runs as England stumbled their way to a series defeat.Morgan earlier was successful for a fourth time at the toss and, despite losing Thursday’s fourth T20 when chasing and faced with a belting batting track, the England skipper had no hesitation in again asking India to bat first.But a change at the top of the order for India had the desired effect. With the out-of-form KL Rahul dropped, Kohli moved himself up to open with Rohit, who was back to his blistering best in the powerplay.Rohit gave warning to both his intent and his fine form as he cracked two boundaries through the covers off Jofra Archer’s second over and then launched Adil Rashid (1-31) over the deep midwicket fence in the third.That was one of five maximums in Rohit’s stunning knock as India smashed 60 from the six-over powerplay and he raced through to a 30-ball half-century.Ben Stokes (1-26) provided the all-important breakthrough for England, deceiving Rohit for pace with a cutter that clattered into his stumps. But any hopes that the wicket would stall the Indian innings were soon dispelled when Suryakumar – fresh from firing fifty in his maiden T20I innings – blasted back-to-back sixes off Rashid in the next over and then took Jordan for three boundaries in succession in the 12th.Jordan would take his revenge with a ridiculous boundary catch to see the back of Suryakumar not long after, sprinting round on the deep midwicket fence to take an effortless one-handed catch before then relaying it to the watching (and laughing in astonishment) Jason Roy as Jordan’s momentum took him over the rope.Read more stories from Sky SportsPeter Lorimer dies aged 74Raphinha seals the points for LeedsSolskjaer insists Pogba ‘cares’ about Man UtdKohli, happy to play second fiddle up to this point – having faced only 31 deliveries by the end of the 14th over – then put his foot on the throttle along with Pandya at the back-end of the Indian innings.The pair put on 78 in the final six overs, with Kohli cruising to a 28th T20I fifty and Pandya, who has struggled against the short ball during the series, this time feasting on anything banged in halfway down – the allrounder sending two such deliveries from Jordan the distance in the 19th over.AHMEDABAD, INDIA – MARCH 20: Shardul Thakur of India (C) celebrates the wicket of Chris Jordan of England with Virat Kohli during the 5th T20 International between India and England at Narendra Modi Stadium on March 20, 2021 in Ahmedabad, India.Surjeet Yadav | Getty Images Sport | Getty ImagesChasing such a stiff target, England’s innings got off to the worst possible start as Roy was sent packing second ball by Bhuvneshwar, bowled when looking for the big swing to the deep midwicket boundary.Malan, his place in this England side under pressure, came out swinging and plundered 14 runs from three balls in Pandya’s second over.Buttler, meanwhile, found Rahul Chahar to his liking, smashing the legspinner for three of his four sixes as he and Malan fired 62 from the powerplay on their way to a fine century stand.Malan raced through to a 33-ball fifty, while Buttler brought up a half-century of his own off 30 deliveries, though he then holed out at wide long-off in Bhuvneshwar’s 13th over.That proved to be the turning point in the game, with Jonny Bairstow (7), Morgan (1) and Ben Stokes (14) all dismissed cheaply as the required rate drastically climbed, with Malan one of three to fall to Shardul Thakur (3-45). More

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    Boat shows are back and drawing big crowds amid robust demand

    Queen of the Show from the Orlando Boat Show.Source: Marine Industry Association of Central Florida (MIACF)Boat shows are back!For both new and avid boaters, boat shows are one of the main ways customers engage with the boat market. Last year, many events were canceled by the pandemic and organizers turned to online platforms instead. But in-person events are staging a revival, giving showgoers a chance to scope out a variety of boat types, sizes, brands and additional gear. As the boat shows return, organizers are finding they are drawing larger-than-expected crowds. The trend may reflect the strong demand for boats that the industry has seen over the past year. In 2020, sales of boat, marine products and services reached a 13-year peak of $47 billion, as people flocked to the water to safely enjoy the outdoors.The Orlando Boat Show held an in-person indoor event early this month after a year-long hiatus due to Covid concerns. The event, which hosted 21 dealers and more than 70 manufacturers, drew the largest crowds it’s seen in a decade. Attendance was up 66% from 2019’s event, according to a press release.David Ray, executive director of Marine Industry Association of Central Florida, the event’s organizer, said the group was stunned at the success as it expected a drop of 20% to 25% from 2019.”This was the best show we’ve ever had,” said Glenn Adams, the yacht and ship broker of Boat Max USA, who attended the event. “We expected smaller attendance as our first show in more than a year in an indoor exhibit space, yet this was not the case.”The event boasted a selection of over 500 boats and the sales from the event exceeded dealers’ expectations, Ray said. He wouldn’t disclose specific sales data.According to DiscoverBoating.com, 15 shows are slated to run this year, with only two being virtual, including the Seattle Boat Show.The Seattle Boat Show was held in January with 218 business partners. The four-day online event was structured with live and prerecorded seminars relating to boating and fishing. Usually their in-person shows would feature over 1,000 boats, whereas their virtual event could only show about 600.More than 5,200 households paid to attend the online show. By comparison, the 2020 in-person event drew more than 45,000 people. George Harris, president and CEO of Northwest Marine Trade Association, the event’s organizer, said virtual events will never replace the experience of an in-person boat show.”A boat is such an emotional purchase for people. They want to see it, they want to touch it, they want to smell it,” Harris said in an interview. He said he is hopeful they can hold an in-person event next year.The National Marine Manufacturer’s Association, the largest producer of boat shows in the country, canceled its winter and spring shows this year due to the pandemic. However, they held most of their shows last year before Covid hit in March, the association’s spokeswoman Sarah Salvatori told CNBC in an email. Boat show season is typically in the fall and winter to prepare boaters for peak boating season in the warmer months of spring and summer.In a research note, Jefferies analyst Randal Konik said recent channel checks have shown the consumer appetite for boats remains high. Dealers are making commitments to purchase inventory and web traffic trends are still growing faster than before the pandemic. More

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    The Fed can fight inflation, but it may come at the cost of future growth

    Gas prices are displayed at a Speedway gas station on March 03, 2021 in Martinez, California.Justin Sullivan | Getty ImagesOne of the main reasons Federal Reserve officials don’t fear inflation these days is the belief that they have tools to deploy should it become a problem.Those tools, however, come with a cost, and can be deadly to the kinds of economic growth periods the U.S. is experiencing.Hiking interest rates is the most common way the Fed controls inflation. It’s not the only weapon in the central bank’s arsenal, with adjustments to asset purchases and strong policy guidance also at its disposal, but it is the most potent.It’s also a very effective way of stopping a growing economy in its tracks.The late Rudi Dornbusch, a noted MIT economist, once said that none of the expansions in the second half of the 20th century “died in bed of old age. Every one was murdered by the Federal Reserve.”In the first part of the 21st century, worries are growing that the central bank might become the culprit again, particularly if the Fed’s easy policy approach spurs the kind of inflation that might force it to step on the brake abruptly in the future.”The Fed made clear this week that it still has no plans to raise interest rates within the next three years. But that apparently rests on the belief that the strongest economic growth in nearly 40 years will generate almost no lasting inflationary pressure, which we suspect is a view that will eventually be proven wrong,” Andrew Hunter, senior U.S. economist at Capital Economics, said in a note Friday.As it pledged to keep short-term borrowing rates anchored near zero and its monthly bond purchases humming at a minimum $120 billion a month, the Fed also raised its gross domestic product outlook for 2021 to 6.5%, which would be the highest yearly growth rate since 1984. The Fed also ratcheted up its inflation projection to a still rather mundane 2.2%, but higher than the economy has seen since the central bank started targeting a specific rate a decade ago.It may work out, but it’s a risk, because if it doesn’t work and inflation does get going, the bigger question is, what are you going to do to shut it down.Jim Paulsenchief investment strategistCompeting factorsMost economists and market experts think the Fed’s low-inflation bet is a safe one – for now.A litany of factors is keeping inflation in check. Among them are the inherently disinflationary pressures of a technology-led economy, a jobs market that continues to see nearly 10 million fewer employed Americans than a decade ago, and demographic trends that suggest a longer-term limit to productivity and price pressures.”Those are pretty powerful forces, and I’d bet they win,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “It may work out, but it’s a risk, because if it doesn’t work and inflation does get going, the bigger question is, what are you going to do to shut it down. You say you’ve got policy. What exactly is that going to be?”The inflationary forces are pretty powerful in their own right.An economy that the Atlanta Fed is tracking to grow 5.7% in the first quarter has just gotten a $1.9 trillion stimulus jolt from Congress. Another package could be coming later this year in the form of an infrastructure bill that Goldman Sachs estimates could run to $4 trillion. Combine that with everything the Fed is doing plus substantial global supply chain issues causing a shortage of some goods and it becomes a recipe for inflation that, while delayed, could still pack a punch in 2022 and beyond.The most daunting example of what happens when the Fed has to step in to stop inflation comes from the 1980s.Runaway inflation began in the U.S. in the mid ’70s, with the pace of consumer price increases topping out at 13.5% in 1980. Then-Fed Chairman Paul Volcker was tasked with taming the inflation beast, and did so through a series of interest rate hikes that dragged the economy into a recession and made him one of the most unpopular public figures in America.Zoom In IconArrows pointing outwardsOf course, the U.S. came out pretty good on the other side, with a powerful growth spurt that lasted from late -1982 through the decade.But the dynamics of the current landscape, in which the economic damage from the Covid-19 pandemic has been felt most acutely by lower earners and minorities, make this dance with inflation an especially dangerous one.”If you have to prematurely abort this recovery because we’re going to have a kneejerk stop, we’re going to end up hurting most of the people that these policies were enacted to help the most,” Paulsen said. “It will be those same disenfranchised lower-comp less-skilled areas that get hit hardest in the next recession.”The bond market has been flashing warning signs about possible inflation for much of 2021. Treasury yields, particularly at the longer maturities, have surged to pre-pandemic levels.Federal Reserve Chairman Jerome PowellKevin Lamarque | ReutersThat action in turn has raised the question of whether the Fed again could become a victim of its own forecasting errors. The Jerome Powell-led Fed already has had to backtrack twice on sweeping proclamations about long-term policy intentions.”Is it really going to be all temporary?”In late-2018, Powell’s statements that the Fed would continue raising rates and shrinking its balance sheet with no end in sight was met with a history-making Christmas Eve stock market selloff. In late 2019, Powell said the Fed was done cutting rates for the foreseeable future, only to have to backtrack a few months later when the Covid crisis hit.”What happens if the healing of the economy is more robust than even the revised projections from the Fed?” said Quincy Krosby, chief market strategist at Prudential Financial. “The question for the market is always, is it really going to be all temporary?'”Krosby compared the Powell Fed to the Alan Greenspan version. Greenspan steered the U.S. through the “Great Moderation” of the 1990s and became known as “The Maestro.” However, that reputation became tarnished the following decade when the excesses of the subprime mortgage boom triggered wild risk-taking on Wall Street that led to the Great Recession.Powell is staking his reputation on a staunch position that the Fed will not raise rates until inflation rises at least above 2% and the economy achieves full, inclusive employment, and will not use a timeline for when it will tighten.”They called Alan Greenspan ‘The Maestro’ until he wasn’t,” Krosby said. Powell “is telling you there’s no timeline. The market is telling you it does not believe it.”To be sure, the market has been through what Krosby described as “squalls” before. Bond investors can be fickle, and if they sense rates rising, they’ll sell first and ask questions later.Michael Hartnett, the chief market strategist at Bank of America, pointed to multiple other bond market jolts through the decades, with only the 1987 episode in the weeks before the Oct. 19 Black Monday stock market crash having “major negative spillover effects.”He doesn’t expect the 2021 selling to have a major impact either, though he cautions that things could change when the Fed finally does pivot.”Most [selloffs] are associated with a strong economy and rate hikes from the Fed or were a rebound coming out of a recession,” Hartnett wrote. “These episodes underscore low risks today, but rising risks when the Fed finally capitulates and starts hiking.”Hartnett added that the market should trust Powell when he says policy is on hold.”The economic recovery today is still in early stages and troublesome inflation is at least a year away,” he said. “The Fed is not even close to hiking rates.” More