(NEW YORK) — Facebook will implement new tools to increase transparency and safety for users following Tuesday’s explosive whistleblower hearing, Facebook Vice President of Global Affairs Nick Clegg said Sunday.
“We will, of course, seek to make ourselves ever more transparent so people can hold us to account,” Clegg told ABC This Week anchor George Stephanopoulos.
“We understand that with success comes responsibility, comes criticism, comes scrutiny, comes responsibility, and that’s why we’re the first Silicon Valley company to set up an independent oversight board that independently adjudicates on these difficult content decisions,” Clegg added.
Facebook whistleblower and former employee Frances Haugen testified before a Senate subcommittee last week, accusing the social media giant of ignoring evidence that its content is harmful to young users and dangerous to democracy.
“I saw Facebook repeatedly encounter conflicts between its own profits and our safety. Facebook consistently resolved these conflicts in favor of its own profits,” Haugen told senators. “The result has been more division, more harm, more lies, more threats and more combat.”
Facebook CEO Mark Zuckerberg denied Haugen’s claims in a statement following her scathing testimony. “At the most basic level, I think most of us just don’t recognize the false picture of the company that is being painted,” Zuckerberg said.
Clegg said Facebook is working on giving users more control, acknowledging that they want to see “more friends, less politics.”
During Tuesday’s hearing, Sen. Richard Blumenthal, D-Conn., said Facebook is “facing a Big Tobacco moment, a moment of reckoning.”
Clegg called the comparison “extremely misleading.”
“We can move on beyond the slogans, the soundbites, the simplistic charcuteries and actually look at solutions and, of course, regulations,” Clegg said.
Stephanopoulos also pressed Clegg on Facebook’s efforts to create a safer environment for kids and teens.
“You also say Facebook’s job is to mitigate the harm and amplify the good on social media. But even researchers and — critics — say you can be devoting more resources to positive interventions for teens. Is Facebook prepared to do more on that?” Stephanopoulos asked.
“Yes, we are,” Clegg responded. “We’re now going to not only provide those new parental tools but we’re going to introduce new measures … [if our] systems see that a teen is dwelling on content that may be correlated with something that’s not good for their well-being, we would nudge them to look at other content.”
He went on, “We’re also going to introduce new tools, what we call ‘take a break,’ to really kind of urge teens to take a break from using Instagram if they appear to be doing so, you know, for long periods of time.”
Clegg defended Facebook’s algorithm, which prioritizes the content users see first and was a target of Haugen’s testimony. Haugen claimed Facebook’s algorithm incites misinformation and violence.
Stephanopoulos asked why the company does not just remove the algorithm altogether and display content chronologically. Clegg said that would make things worse.
“If you were just to sort of across the board remove the algorithm, the first thing that would happen is that people would see more, not less, hate speech, more, not less, information, more, not less, harmful content,” Clegg said. “Why? Because those algorithmic systems precisely are designed like a great sort of giant spam filter to identify and deprecate and downgrade bad content.”
(NEW YORK) — In 2005, when music producer and engineer Elliot Scheiner was working with the Foo Fighters on “In Your Honor,” he had the rock group sit in an Acura TL parked outside the studio.
“We’d finish a mix and go out to the car to listen,” Scheiner, an eight-time Grammy winner, told ABC News. “We listened to the album for two weeks in the car. We’d come back, make changes and go back to the car. We mixed these records based on the Acura.”
The Foo Fighters were immediately captivated by the TL’s immersive, crisp and precise sound system Schenier helped design with a team of Panasonic engineers.
“Dave [Grohl] went out and bought a car, he thought it was so amazing. [Eagles guitarist] Joe Walsh bought one too,” Schneier recalled. “All the artists felt [the system] was the most unbelievable representation of what they do.”
Automakers — even mainstream ones — have increasingly turned their attention to high-end, premium audio systems to attract buyers.
Scheiner, 74, continues to work closely with Panasonic on Acura’s exclusive ELS Studio system. The most advanced ELS system, Studio 3D, now boasts 16 channels, 16 speakers and 710 watts, a powerful upgrade from the TL’s seven speaker, 5.1 system. For Acura’s second-generation TLX sedan, Twin Telford subwoofers were added to dramatically reduce and eliminate extraneous rattles and vibrations and guarantee accurate playback in the sedan’s 17 speakers.
“When you put a speaker in the car, it sounds completely different,” Panasonic engineer Mark Ziembe told ABC News. “The car changes it, makes it colored. We’re trying to get rid of that car sound.”
Techniques like dynamic enhancement, motion control and equalization are applied in the tuning process to make sure an Acura “sounds more like a studio,” Ziembe said.
“We want people who buy these cars to be intimate with the artists,” Ziembe said. “We want people to get into their car and have it be a sanctuary.”
Cadillac decided to team up with AKG, an acoustics engineering and manufacturing company, on the revamped Escalade SUV.
“We really wanted to take Cadillac and the audio system to the next level and be different, be unique,” Chris Lata, the engineering group manager for the Cadillac Escalade, told ABC News. “It was a global search and we had a lot of different proposals. AKG is a Grammy winning studio.”
The AKG Studio Reference System in the Escalade comes with 36 speakers and 28 channels that provide a rich, acoustic environment for passengers. Lata said finding where to strategically place and integrate the speakers — the A pillar, headliner, doors — was a challenge in the massive Escalade.
“We worked very closely with AKG on the tuning … there were lots of tweaking, listening evaluations, tests with the windows down, at highway speeds,” he said. “Speakers had to get in the places and locations that give the best studio experience and immersive feel.”
He went on, “When you get into an Escalade and listen to the AKG system, it’s almost like you’re hearing the music differently for the first time. We’ve recreated the live experience as if you’re sitting there at the studio or stadium.”
Brian Moody, executive publisher of Autotrader, said automakers are concentrating on premium audio systems to stand out among audiophiles and consumers who are spending more hours of the day inside their vehicles.
“When you hear the music the way the artist intended — the subtlety, breathiness, crunchiness — it’s a huge enhancement in your everyday life,” he told ABC News. “In the modern world of cars it’s no longer enough to say I have cooled seats and leather and a sunroof. Automakers are taking audio more seriously. Premium systems become more about branding and exclusivity.”
These systems may even matter more than a vehicle’s performance stats or latest tech gadgetry, Moody argued.
“Millennials don’t care that a car has a V8 engine,” he said. “My 18-year-old son is way more interested in a car’s sound quality than ride quality.”
Tim Gunkel, a sound and acoustics development engineer at Mercedes-Benz, said he’s seeing more young people seek out premium audio systems over engine size in their luxury vehicles. Mercedes is currently the only automaker to offer a 4D high performance stereo system where “you can actually feel the music, can feel the impact of the bass, when sitting in the seat,” he told ABC News.
The 4D surround system, developed in partnership with renowned German audio company Burmester, took five years to engineer and is only offered in Mercedes’ flagship S-Class sedan. The state-of-the-art system features 31 high-performance loudspeakers, eight additional exciters and a system output of 1,750 watts — allowing the driver and passengers to perceive the rhythms of the music through the entire body and not just the ears.
“Burmester is connected to a lot of famous Berlin musicians and music producers,” Gunkel noted. “Our customers tell us they like the audio system so much they go to the car to listen to their music.”
British automaker McLaren first partnered with venerable Bowers & Wilkins, also based in the U.K., in 2015 for the 570S supercar. McLaren’s audio engineers had to create a perfect audio system for its discerning customers while also factoring in the supercars’ sonorous turbocharged V8 engines.
“At higher speeds, you’re hearing a lot of noise from external sources,” Matthew Dryden, McLaren’s senior engineer for audio systems, told ABC News. “The system adjusts the bass frequencies to counteract the wind and tire noise … the audio sounds the same but the user doesn’t notice.”
The tweeters in McLarens showcase Nautilus diffusers — spiraling channels that dissipate reflected sound waves — and every speaker seamlessly assimilates into the supercars’ sleek, modern cabin. McLaren also chose Aramid Fibre, a high-end loudspeaker technology known for its robust nature, responsiveness and tonal qualities, in its Speedtail hypercar and GT.
“More and more consumers expect a vehicle’s audio to match up to what they have at their house,” said Dryden. “We want our customers to go on long journeys and enjoy the audio experience.”
Karl Brauer, executive analyst at iSeeCars.com and a self-described audiophile, said a small but growing subset of consumers is willing to pay thousands of dollars more for higher quality, dynamic systems. The best way to test a vehicle’s audio system? Put away the cellphone and plug in a USB to get that raw, unadulterated experience, according to Brauer.
“The number of speakers in cars has become a bullet point in marketing material,” he told ABC News. “Don’t be fooled by the specs — you have to listen to the quality of the system. And execution of the hardware is even more important than the hardware.”
For lawyer Greg Kovacevich, the ELS Studio system in his Acura TSX helps him tune out and survive his long commute home in Southern California traffic.
“I am sitting like cattle most of the time and I want good sound and a comfortable seat to enjoy myself,” he told ABC News. “Premium sound is far more important to me than super tight handling or even fuel efficiency.”
Kovacevich said he has sampled various audio systems made by other automakers but keeps coming back to Acura, with plans to soon buy the new TLX.
“The system is designed so well … Elliot is amazing. The only place I listen to music is in the car,” he said.
(NEW YORK) — The stock market has been a roller coaster ride in recent weeks, with wild swings from day to day at times.
The major indices have also hit record after record this year as the as the economy roared back from pandemic lows and the government flooded the economy with stimulus cash.
The S&P 500 and Nasdaq Composite indices, for instance, closed at record-highs last month, besting highs that were only just set earlier in the year, and the Dow Jones Industrial Average of 30 large company stocks closed at a record-high a month prior. Despite a pandemic-battered economy, the S&P 500 and tech-heavy Nasdaq are both up approximately 30% compared to the same period a year ago, and the Dow is up more than 20%.
The trends have left some experts wondering whether the ground underlying the rapid growth of the market, fueled in part by a new crop of retail investors, is solid, or if there is a bubble building.
Risks abound, from the debt ceiling crisis to inflation fears and even China’s Evergrande saga, which have led to daily swings.
But even as markets have fallen on news, the newfangled hashtags like #BuyTheDip (which encourages market participants to buy rather than sell during these down periods) and #DiamondHands (encouraging investors to hold onto assets rather than sell) often trend on Twitter in tandem with the fear-ridden headlines. Even the Fed has warned of vulnerabilities associated with the “increased risk appetite” demonstrated by retail investor exuberance seen in the “‘meme stock’ episode.”
While the pandemic’s abrupt disruption to American life is another reminder that it’s impossible to predict the future, historical patterns and the precariousness of present market conditions have some economists warning that current growth rates may be unsustainable, especially amid inflation worries and potential tightening by the Fed of monetary policy.
Here’s what we know and don’t about the market landscape:
Key overvaluation indicator at highest level since the Dotcom bubble
One measure often used by economists to predict a potential asset price bubble is the cyclically adjusted price-to-earnings (CAPE) ratio, developed by economist and Yale University professor Robert Shiller. The measure looks at firms’ inflation-adjusted real earnings per share over a 10-year period to indicate possible over- or under-valuations.
Itay Goldstein, a professor of finance and economics at the University of Pennsylvania’s Wharton School of Business, told ABC News that the measure is essentially used as “an indication for whether the stock price is too high or not.”
When Shiller first published his research in 2000, he pointed to how high stock prices were at that point relative to the fundamentals that should underly their prices. His book, “Irrational Exuberance” appeared in March 2000, highlighting how psychological factors can produce speculative bubbles and as it appeared, the tech-heavy NASDAQ Composite index began a 78% drop and the broader U.S. stock market took a 64% fall.
Presently, the CAPE Ratio hovers at around 37, its highest level since the 2000-2002 Dotcom crash — higher now than the 30 it reached before the Black Tuesday crash in October 1929 that triggered the Great Depression. The historical mean is 16.8.
There have been criticisms of CAPE. Jeremy Siegel, a professor of finance at the University of Pennsylvania’s Wharton School of Business, has argued in research that changes in accounting standards cause the earnings data to be biased downwards and thus the CAPE to be biased upwards. Others noted that the CAPE uses past earnings, but what investors are interested in is future earnings.
“You basically see that it’s now still in historically high levels,” Goldstein said of the CAPE Ratio. “If you go back in history, it was higher than that only around 2000 before the big crash of the Dotcom bubble, it wasn’t even at that high a level in 2008 before the big financial crisis.” In May 2008, before stocks started falling, the CAPE was 23.70.
“It’s been high for a long time, and there was this crash last year when COVID started and then it climbed back up very quickly and continued to climb since then,” he added. “It’s hard to predict what will happen, but certainly it could be that the level is too high and there could be some correction.”
Fears of overvaluation are not new, especially in the tech sector where the value of certain traditional fundamentals or research and development may be harder to quantify. Many tech companies are not earning profits now, but people are investing based on the hope that they will earn in the future. A measure such as CAPE that uses past earnings will not be useful for evaluating these companies.
Tech sector and risk appetite
Many market watchers, for example, have been ringing alarm bells surrounding the sky-high growth of Tesla stock in recent years — arguing that its value does not align with its production output and fundamentals. On paper, the argument seems valid: Tesla’s market cap, some $775 billion, is larger than the next five largest automakers combined.
Yet some with so-called #DiamondHands who have been able to ignore this have seen themselves become “Teslanairres” in recent years as the electric vehicle maker’s stock value continues to climb.
Tesla aside, overvaluation estimates for the stock market as a whole is “speculative,” Goldstein said.
“People can tell sort of an economic story that will justify — my overall feeling is that it’s too high and it’s hard to justify that based on fundamentals,” Goldstein said, referring to the market as a whole.
While he stresses it is ultimately difficult to know for sure whether stock prices are creeping towards a bubble, Goldstein said that, “The indicators that we see, I think give us some reason to be worried that stock prices might be too high.”
The Federal Reserve also warned off rising asset prices being vulnerable to “significant declines should risk appetite fall,” in its semi-annual Financial Stability Report released in May, noting that “prices are high compared with expected cash flows.”
Fed Governor Lael Brainard pinned increased appetite for risk and rising valuations in part on retail investors, referencing “the ‘meme stock’ episode” in a statement accompanying the report.
“Valuations across a range of asset classes have continued to rise from levels that were already elevated late last year. Equity indices are setting new highs, equity prices relative to forecasts of earnings are near the top of their historical distribution, and the appetite for risk has increased broadly, as the ‘meme stock’ episode demonstrated,” Brainard said.
The increased appetite for risk has also been seen in the bond market, Brainard added. “The combination of stretched valuations with very high levels of corporate indebtedness bear watching because of the potential to amplify the effects of a re-pricing event,” he said.
Unique market conditions and inflation woes
When COVID-19 upended the economy in the spring of 2020, unemployment levels in the U.S. reached highs not seen since the Great Depression as lockdown orders forced businesses to shutter. In the midst of the crisis, the stock market fell sharply in March (when it had been at record highs) — but then rallied back to reach new highs within months.
Much of the pandemic stock markets gains can be pinned in part to aggressive monetary policy by the Federal Reserve in response to the pandemic, some economists say. The Fed pulled out all of the stops, slashing the target for overnight interest rates to almost zero, buying massive amounts of Treasury and mortgage-backed securities, encouraging bank lending and taking other steps to sustain the flow of credit.
“What the Fed has done is it reacted to a public health crisis,” Philip Schnaebl, a professor in finance and asset management at New York University’s Stern School of Business told ABC News.
“Now, the economy looks much stronger, obviously there’s still risks with [the] delta [variant] and what’s happening in emerging markets and so on,” Schnaebl, who is also a research associate in corporate finance at the National Bureau of Economic Research, added, “But employment growth has been pretty strong, it looks like the public health crisis is not as severe as it used to be.”
If the Fed starts tapering its purchases of securities — which it signaled after its Sept. 22 meeting that it would likely start doing soon — and when it looks to start raising interest rates, many economists are bracing for what this could mean for the stock market. The Fed has been buying Treasury securities and mortgage-backed securities each month starting in March 2020. Tapering means the Fed would slow its purchase of these assets.
Ending these pandemic-era policies would “lead to slow deflation of stock prices,” Schnaebl said.
The Fed said it found concerns that a change in monetary policy, especially if the economic outlook hasn’t improved, could lead to a “correction for risky assets,” according to the investors , academics and more it surveyed as part of its market intelligence gathering for its Financial Stability report.
“Contacts observed that valuations of many assets have derived significant support from low discount rates and therefore may be susceptible to a spike in yields, especially if unaccompanied by an improvement in the economic outlook,” the report said.
Overall, Schnaebl said he thinks the Fed has its “eye on the ball” and will be able to respond to stock market dangers that could spill over into the economy as a whole.
One possible wrench in the Fed’s machine, however, would be if inflation takes hold and the central bank could no longer implement expansionary policy. Data from the consumer price index has stoked inflation fears, though the Fed has largely said that it should be temporary due to labor and supply chains issues as the economy emerges from the COVID-19 shock.
Historically, the stock market has served Main Street in the long run
Retail investors have pumped billions into the stock market in 2021, with some economists linking this to the rise of investing apps and pandemic stimulus funds that were distributed at the height of stay-at-home orders.
Ultimately, Stern’s Schnaebl says it is hard to tell until after the fact if stocks are overvalued and a crash looms.
“There can be a lot of volatility in the short run, that’s why the stock market is risky,” he said.
“I’m less concerned about the stock market just on its own, sort of falling,” he added. “I’m concerned about the health crisis and if that worsens, I think it would show up in the stock market.”
A sudden drop in stock prices “would be bad, not necessarily because the stock market crashed, but probably because something else happened which made the stock market crash and that’s not good news for the economy.”
While price corrections can be scary for investors, they can also be viewed as a part of how equity markets work when prices adjust to reflect longer-term values.
Goldstein notes that asset “prices are just high, they are high across the board, across multiple assets.” He sees a “significant likelihood” that stock prices will fall. The trigger for this could be monetary policy tightening, news coming out of China like Evergrande’s threat to destabilize the international financial system, or some other factor.
“People are looking for where to put to put their money and make a decent return,” Goldstein said of the new excitement in the stock market. “With all this in place, I think you have a combination of factors that contribute to high prices, and there could be a trigger that could come from different places that will eventually start the drop.”
Even if economic outlooks in the labor market and beyond are positive outside of stock prices, Goldstein notes a sudden drop would impact the real economy as firms “become more cautious” by spending and investing less.
Many major Wall Street players are feeling the uncertainty. Over three-quarters of respondents to a CNBC Delivering Alpha investor survey say now is the time to be very conservative in the stock market when asked what kind of market risk they are willing to accept for themselves and their clients. Respondents include some 400 chief investment officers, equity strategists, portfolio managers and contributors to the financial news outlet.
Schnaebl noted that if a drop were to happen, “The question is why does it happen, and usually these things don’t come out of the blue.”
“I tend to think of the stock market in many ways is a reflection of what’s going on in the economy rather than this is independent entity which is driving other things,” he added, noting that if the a drop were sparked by the worsening of the virus it would be a blow to the economy as a whole that’s reflected in the stock market versus not the other way around.
Still, the stock market has historically been a useful vehicle for those with #DiamondHands looking to save over the long term.
“For investors — especially people saving for retirement and thinking about where to put their money so they can have a safer time in 10 to 30 years from now — historically, the stock market has been a good place,” Schnaebl said.
“My advice to everyday investors would be two things: first of all, diversify,” Schnaebl said, “And second of all, invest for the long run.”
(NEW YORK) — Google is cracking down on ads that deny climate change science after advertisers and digital creators complained about them running alongside their own content.
The company also said it’s no longer going to allow content with false claims about climate change to be monetized, and that the new policy also applies to YouTube, likely part of a larger effort to curb the spread of misinformation.
The move, announced in a company blogpost late Thursday, comes amid mounting public pressure on the private sector to take action on climate change.
It also comes in the wake of a recent report from a United Nations panel — U.N. Secretary-General António Guterres called it a “code red for humanity” — that warned of dire consequences should immediate action not be taken to reduce greenhouse gas emissions.
“Advertisers simply don’t want their ads to appear next to this content,” the blogpost stated. “And publishers and creators don’t want ads promoting these claims to appear on their pages or videos.”
The new monetization policy for advertisers, publishers and YouTube creators will “prohibit ads for, and monetization of, content that contradicts well-established scientific consensus around the existence and causes of climate change,” the blogpost added.
This includes content that refers to climate change as a hoax or a scam, claims that deny that long-term trends show the global climate is warming, and claims that deny that greenhouse gas emissions or human activity contribute to climate change, according to the company.
“When evaluating content against this new policy, we’ll look carefully at the context in which claims are made, differentiating between content that states a false claim as fact, versus content that reports on or discusses that claim,” the blogpost added. “We will also continue to allow ads and monetization on other climate-related topics, including public debates on climate policy, the varying impacts of climate change, new research and more.”
Google said it consulted experts who have contributed to the UN Intergovernmental Panel on Climate Change Assessment Reports when creating the new policy.
Consumers and shareholders have been putting more pressure on firms to address climate change as scientists and activists ring alarm bells. “Industry” accounted for a whopping 23% of greenhouse gas emissions in 2019, according to the U.S. Environmental Protection Agency, behind only transportation (29%) and electricity production (25%) — data many advocates have said highlights the need for large-scale industry changes rather than the onus to tackle climate change falling on individuals.
Climate activist organizations welcomed Google’s new policy, but highlighted that there’s still much more to do.
“Good news but nowhere near good enough,” Greenpeace said in Tweet responding to the Google news. “It’s time to take the microphone away from big polluters and their slick propaganda, and get on with the real climate action that we so desperately need.”
(WASHINGTON) — Hiring in the U.S. fell far below expectations last month, with employers adding just 194,000 jobs versus the expected 500,000, the Department of Labor said Friday.
The unemployment rate dipped slightly to 4.8%, the DOL added, but the latest hiring data comes after dismal job growth seen in August as well. Some 366,000 jobs were added in August, according to revised data released on Friday, and over a million jobs were added in July.
The more-contagious delta variant’s impact on the recovery is likely reflected in the disappointing figures, as the labor market still finds itself at the mercy of the virus. The unemployment rate still remains elevated compared to the pre-pandemic 3.5% seen in February 2020.
Notable job gains last month occurred in the hard-hit leisure and hospitality industry, which added some 74,000 jobs. Employment in leisure and hospitality is still down by some 1.6 million jobs, or 9.4%, compared to data before the COVID-19 shock.
Job growth in September was also seen in professional and business services (where hiring rose by some 60,000), retail trade (which saw an increase of 56,000 jobs), and transportation and warehousing (which gained 47,000 jobs).
Some labor economists say that despite the disappointing top line numbers in the latest employment report, there is still reason to have optimism about the recovery going forward.
“Despite the weak growth in September, today’s report is a glimpse in the rearview mirror,” Daniel Zhao, a senior economist at hiring site Glassdoor, said in a commentary shared with ABC News on Friday. “With the Delta variant wave receding, the worst of the Delta wave may be behind us.”
Disparities in the pandemic’s impact is still reflected in the latest data. The unemployment rate for white workers was 4.2% last month compared to 7.9% for Black workers and 6.3% for Hispanic workers.
Zhao also noted that the latest report from the Labor Market is the first to reflect the expiration of federal enhanced unemployment benefits, yet the unemployment rate fell only slightly to 4.8%.
“The decelerating jobs growth in September is likely to disappoint employers and policymakers that hoped the expiration of enhanced UI benefits would push Americans back into the labor force,” he said. “Ultimately, the September report will not be the final word in the debate over the impact of UI benefits.”
“As we head into the fall, the resumption of school reopenings and expiration of UI benefits may push some workers back into the labor force, but red-hot labor demand is likely to keep labor shortages top of mind for employers,” Zhao added.
The demand for labor is reflected in part in the rise in wages seen in recent months. In September, hourly earnings for all employees rose by 19 cents to some $30.85, and average hourly earnings for production and nonsupervisory employees rose by 14 cents to $26.15.
Meanwhile, approximately 13.2% of workers teleworked last month due to the pandemic, the DOL said, reflecting a trend that economists predict is likely here to stay even when the virus threat recedes.
(WASHINGTON) — United Airlines expects travel to surge in December as more people look to get away for the holidays.
“We’re seeing a lot of pent-up demand in our data and are offering a December schedule that centers on the two things people want most for the holidays: warm sunshine and fresh snow,” Ankit Gupta, vice president of network planning and scheduling at United, said in a press release.
To meet the demand, United plans to fly 3,500 daily domestic flights in the last month of the year — making it the airline’s largest schedule since the start of the pandemic. In comparison, United flew just 649 flights in a single day in April 2020.
“We know families and friends are eager to reunite this holiday season, which is why we’re thrilled to add new flights that will help them connect and celebrate together,” Gupta said.
In December, United will begin offering new direct flights to Las Vegas and Phoenix from Cleveland, and to Orlando from Indianapolis. United will offer up to 195 daily flights to 12 destinations in Florida this winter, the most flights to the state in company history. The carrier will also have 66 daily flights to over a dozen ski destinations across the U.S. in its schedule.
The airline expects the busiest travel days for the Thanksgiving holiday to be Wednesday, Nov. 24 and Sunday, Nov. 28. United said popular days for winter holiday travel are expected to be Thursday, Dec. 23 and Sunday, Jan. 2.
If you’re looking to travel over the holidays and have not booked yet, experts say now is the time.
“We expect that prices will remain relatively low until about Halloween, so that’s kind of the day where if you know you get to Halloween, that’s when you should definitely book if you haven’t booked yet,” Adit Damodaran, an economist at Hopper, said in an interview with ABC News. “Because after Halloween, we’re expecting prices for Thanksgiving to start rising about 40% for domestic and international flights for Christmas.”
After Halloween, Hopper said travelers should expect domestic fares to spike 40% leading up to Thanksgiving week, and an additional 25% for any last-minute flights.
(WASHINGTON) — Americans will soon be seeing new, empowering faces on some U.S. quarters.
On Wednesday, the United States Mint announced its quarter designs for 2022, which feature five trailblazing American women.
The five women featured are Anna May Wong, the first Chinese American film star in Hollywood; Dr. Sally Ride, the first American woman to soar into space; award-winning writer and civil rights activist Maya Angelou; Wilma Mankiller, the first woman elected principal chief of the Cherokee Nation and an activist for Native American and women’s rights; and Nina Otero-Warren, a leader in New Mexico’s suffrage movement and the first female superintendent of Santa Fe public schools.
“These inspiring coin designs tell the stories of five extraordinary women whose contributions are indelibly etched in American culture,” the United States Mint’s acting director, Alison L. Doone, said in a statement.
The designs are part of the American Women Quarters Program, a four year program featuring coins with reverse (tails) designs of women who have made their mark in American history.
For each year until 2025, the Mint will issue five quarters honoring individuals with a wide range of accomplishments and fields, including suffrage, civil rights, abolition, government, humanities, science, space and the arts.
“Generations to come will look at coins bearing these designs and be reminded of what can be accomplished with vision, determination and a desire to improve opportunities for all,” Doone said.
(NEW YORK) — As Americans continue to cook, do laundry and use more electricity at home amid the pandemic, utility bill prices are predicted to rise this winter.
Ken Gurny, a homeowner in New York told Good Morning America their family has tried to conserve energy since the pandemic sent their utility bill sky high.
But even as residents work to lower electricity consumption, the cost to heat homes is going up.
The National Energy Assistance Directors Association predicts gas bills in the U.S. could rise up to 30% this winter.
“Going forward this year, there are no signs of these prices coming down,” executive director Mark Wolfe told GMA.
The Natural Gas Association of America told GMA in a statement that while it does not expect shortages, “natural gas market prices are higher due to the economic recovery, strong natural gas demand from last winter, and slower than anticipated production.”
From January to March last winter, the Gurney family said they paid roughly $2,300 to heat their home which means this year, that number could go up by $700 for a total of $3,000 in the same time period.
Beyond putting on a sweater inside and lowering the thermostat, there are other savings strategies to consider.
A smart thermostat like the Nest lets people program a lowered temperature at specific times of day via a smartphone app. The company estimates it saves users 10-12% on heating costs each year.
Amazon has entered the market with its Alexa-compatible smart thermostat due on the market in November.
The U.S. Energy Department suggests a simpler fix: Swap out an old, dirty filter on the furnace to save between 5 to 15% on a heating bill.
The Natural Gas Association suggests: “if customers have trouble paying their natural gas bills, there are programs that can help.”
Wolfe said the Low Income Home Energy Assistance Program is a “federal program that helps people pay their energy bills, they have enough money to do so — but it’s not just for poor people, a family can have to $40,000 a year and still qualify.”
Additionally, experts suggest heat loss can be prevented by checking for cold spots with a thermal gun. Point the device at the ceiling, wall and doors to see where weatherstripping could help, replace insulation or patch up cracks.
More heating and cooling units will also run off electricity rather than gas or oil, providing greater energy efficiency and serving as better options for the environment.
(SAN JOSE, Calif.) — A juror was excused from Elizabeth Holmes’ trial Wednesday, citing religious beliefs.
“I am a Buddhist, and so I practice for compassion, you know, for loving and forgiveness,” juror No. 4 told U.S. District Judge Edward Davila.
She told the court that she had become anxious anticipating how Holmes would be “punished by the government” if she were to find Holmes guilty.
“I keep thinking about this every day,” she added. She was excused per prosecution’s request; the defense did not object.
The alternate juror slated to replace juror No. 4, however, also expressed anxiety. “She’s so young,” the alternate told Davila, referring to Holmes.
“It’s my first time in this situation and it’s her future,” she said. “I don’t know if I’m 100% ready to participate in something like this.”
Davila elaborated on how the process would work, and how jurors would have no part in Holmes’ sentencing — adding that “punishment” should not be at all considered as the jury deliberates. Neither lawyers objected to her remaining on the jury, and the judge ruled she was fit to take juror No. 4’s place. She took the place of juror No. 4 Wednesday morning.
Now that juror No. 4 is excused, there are 15 jurors remaining: 12 active and three alternates.
Wednesday marked only the 12th day of Holmes’ trial — which was previously delayed multiple times due to the COVID-19 pandemic and Holmes’ pregnancy. Davila expects the trial will conclude in December, but the schedule is already delayed a day, due to a false alarm coronavirus scare amongst the jury in the trial’s first week.
Holmes founded Theranos in 2003 and claimed the company was developing blood testing technology that could perform hundreds of blood tests using only a few drops of blood. Holmes and former Theranos COO Ramesh “Sunny” Balwani, also Holmes’ ex-boyfriend, face a dozen charges of wire fraud and conspiracy to commit wire fraud in connection with what prosecutors call a multi-million-dollar scheme to defraud investors and patients.
Originally, the pair were to be tried together, but in December of 2019, the trials were severed due to allegations of abuse by Balwani against Holmes, which Balwani has denied.
Both this week and last, jurors heard from former Theranos lab director Dr. Adam Rosendorff, who claims he warned Holmes about Theranos device failings. He told the court he attempted to delay the company’s Walgreens launch, pleading with a “nervous” Holmes, who went forward nonetheless. In cross-examination, defense attorney Lance Wade attempted to discredit Rosendorff.
(NEW YORK) — Owen Diaz, the former Tesla employee who sued the electric car company over allegations of racism, is opening up about his experience.
“[Tesla] decided not to follow through, they decided to kill investigations,” Diaz said on “Good Morning America” Wednesday. “Tesla, as a company, as a whole, needs to wake up. You know you can’t keep treating workers like this.”
Diaz was hired as a contract elevator operator at Tesla’s factory in Fremont, California. He worked there from June 2015 to July 2016. Diaz claimed fellow workers called him the “n-word,” was told to “go back to Africa” and saw racist and derogatory images in the factory’s bathroom stalls.
Diaz said he complained to Tesla about his treatment but his supervisors failed to stop the abuse. He left the company four years ago, filing a lawsuit in October 2017 that claimed “Tesla’s progressive image was a facade papering over its regressive, demeaning treatment of African-American employees.”
Now, after receiving one of the largest awards in a racial harassment case in the history of the United States, Diaz said he feels justice was served. A San Francisco federal jury awarded him $137 million on Monday.
“It’s God’s justice that this happened, you know, and allowed me to talk for people who can’t talk for themselves. A lot of people are living paycheck to paycheck to paycheck. They have to take choose to either take the abuse that these billion-dollar companies are putting out or feed their families,” Diaz said.
Mr. Diaz’s attorney, Lawrence Organ of the California Civil Rights Law Group, spoke to “Good Morning America” as well and said the verdict “makes Tesla take notice of these horrid conditions, and hopefully it will make them change and make other companies change and realize, racist conduct has no place in the workplace.”
In an internal email to employees, Valerie Capers Workman, Tesla’s vice president of people, said Tesla of 2015 and 2016 “is not the same as the Tesla of today.” Tesla published Workman’s email in a blog post on its website following the verdict.
“While we strongly believe that these facts don’t justify the verdict reached by the jury in San Francisco, we do recognize that in 2015 and 2016, we were not perfect. We’re still not perfect. But we have come a long way from 5 years ago,” Workman said in her email.
Tesla had responded to Diaz’s complaints of harassment by firing two contractors and suspending a third contractor, according to Workman.
This is not the first time Tesla faced claims of a hostile, racist work environment. The company had to contend in court with similar lawsuits, including a class-action civil rights lawsuit filed in 2017 in Alameda County Superior Court. That case is still pending.
In August, a court ruled that Tesla must pay a million-dollar fine in the case of Melvin Berry, a former black employee, who was allegedly subjected for years to racial insults from his colleagues. Tesla has denied all claims.
Tesla employees are bound by mandatory arbitration contracts when they start their jobs, preventing them from suing the company. Diaz was a contract worker.
Diaz said he knows that his case is “bigger than him.”
“This is not really about me. This is about a verdict that a jury made to let Tesla know that they’re being put on notice to clean up their factories,” he said.
