Latest Developments

Europe
The Guardian

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

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

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

Federal workers experiencing ‘PTSD-like symptoms’ after unlawful firings by Trump administration

Employees walk out of the US Department of State headquarters on 11 July 2025, in Washington DC. Photograph: Anna Moneymaker/Getty ImagesView image in fullscreenEmployees walk out of the US Department of State headquarters on 11 July 2025, in Washington DC. Photograph: Anna Moneymaker/Getty ImagesBusiness Federal workers experiencing ‘PTSD-like symptoms’ after unlawful firings by Trump administrationIn survey of more than 300 fired probationary employees, 95% reported continuing mental health effects US federal workers laid off by the Trump administration say they are experiencing mental health effects, including PTSD-like symptoms, from losing their jobs, according to a new survey. More than 300 fired probationary employees were surveyed, with 95% reporting ongoing mental health effects, according to 27UNIHTED, a network of former National Institute of Health (NIH) employees. Nearly half said they were experiencing PTSD-like symptoms, and a quarter are taking new medications to manage symptoms. Survey respondents were located across 43 states and the US Virgin Islands and had worked in 12 different departments across 15 agencies, bureaus and subgroups. The employees are a tiny fraction of the more than 300,000 federal workers who were laid off or pushed to resign or retire since the start of Donald Trump’s second term. More than 25,000 workers were laid off in the middle of their probationary period, meaning they had started their positions within a year or two when they were abruptly fired. Brier Ryver worked as a park ranger at the Crystal River national wildlife refuge, Florida’s only wildlife refuge for manatees, when she was fired along with other federal probationary employees. She was in the midst of a six weeks education program teaching children when another probationary colleague was terminated. She was temporarily reinstated in March 2025 but was ultimately fired again that May. “I love that job, so I went back to it, but the instability was very apparent,” Ryver said. “Even now, still talking to people who are still reinstated, it still feels like they’re waiting for the other shoe to drop.” A federal judge ruled in September that the firing of federal probationary employees was unlawful, though the federal government was not required to reinstate terminated employees. The judge overseeing the case noted concerns that the supreme court would overrule the relief if he ordered reinstatement of the fired workers. Ryver noted the firings had set a precedent that could allow the federal government to fire employees on a whim despite civil service protections. “These unlawful terminations that should have never happened in the first place have had deep personal impacts,” Ryver said. “I still have PTSD-like symptoms in my own life that are impacting my ability to work, and although I’m in a different role now, it’s still at the back of my mind, what happened to us.” Christa Reynolds worked as a contractor for the NIH for eight years before taking a role at the agency as a program analyst.

Federal workers experiencing ‘PTSD-like symptoms’ after unlawful firings by Trump administration
North America
CNBC

Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries

Macy's posted its strongest fiscal first-quarter comparable sales performance in four years on Wednesday, as the legacy department store's turnaround continues to show progress. Led by the 200 so-called reimagined stores Macy's has upgraded, comparable sales grew 3% overall during the quarter and 1.6% at its namesake banner. At Bloomingdale's, comparable sales grew 10.2%, helped by an array of buzzy brands, a "fun factor" unique in the luxury landscape and the recent bankruptcy of rival Saks Fifth Avenue, CEO Tony Spring told CNBC in an interview. "Is the disruption in the marketplace helpful to us? Sure," he said. "Is it the primary reason we're growing? No." Spring said better-than-expected sales and profitability led the company to raise its full fiscal-year guidance after previously taking a cautious outlook. It's now expecting 2026 net sales to be between $21.5 billion and $21.75 billion, largely ahead of expectations of $21.59 billion, according to LSEG. It anticipates adjusted earnings per share will be between $2 and $2.20, up from a previous range of between $1.90 and $2.10 and well ahead of expectations of $2.07 at the middle and high end, according to LSEG. It now expects comparable sales to climb between 0.5% and 1.2% for the year, versus a previous outlook of a 0.5% drop to a 0.5% increase. Many retailers have reported strong growth during their fiscal first quarters in recent weeks due in part to higher-than-usual tax refunds. Some companies issued more cautious guidance for the current quarter over concerns less stimulus in the economy could lead to slower demand, especially as shoppers pay more for gas due to the war in the Middle East. Spring said tax refunds "definitely" helped during the first quarter, but weren't the only reason why Macy's grew. Crucially, the same trends the company saw during the first quarter have so far continued into the second, he said. "We did raise our guidance in both sales and profit for the remainder of the year to reflect the business trends that we're seeing as we start the second quarter, so pleased with the second quarter to date and the breadth of the categories that are performing," said Spring. "Don't see any significant change in the consumer approach to our categories and our business across all three of our name plates." He said the steady consumer behavior led Macy's to hike its outlook "despite the macroeconomic and geopolitical uncertainty." The company's reported net income for the three-month period that ended May 2 was $63 million, or 23 cents per share, compared with $38 million, or 13 cents per share, a year earlier. Adjusting for restructuring costs and other one-time charges, Macy's posted earnings per share of 13 cents.

Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries
North America
CNBC

As Honeywell Aerospace readies for its standalone debut, its CEO is forecasting big growth

"We have a purpose-built management team just solely focused on one strategy, one mission as opposed to disparate missions of a conglomerate," Currier told CNBC at his company's investor day. When it's officially spun off from its parent company later this month, Honeywell Aerospace will be aggressively pushing its advantages in avionics, engine control systems and a host of technologies from the nose to tail of commercial airplanes, business jets and military aircraft. As a standalone company, Honeywell Aerospace expects to generate full-year 2026 adjusted earnings before interest and taxes of $4.65 billion to $4.75 billion with free cash flow in the second half of the year of between $1 billion and $1.5 billion. By 2030 Honeywell is targeting annual earnings of at least $6.5 billion and full-year free cash flow of at least $4 billion. "The greatest growth for us is occurring in the commercial transport market and in defense and space," Currier said Wednesday. "We have opportunities where we are well positioned in our products and technologies." As a part of Honeywell International over the last several decades, the aerospace division became one of the largest manufacturers and suppliers in the commercial and business aviation markets as well as in the defense industry. From flight management systems in the cockpit to engine controls under the wing to the auxiliary power unit in the tail, its technology and components are in thousands of planes. Last year the business generated profits topping $4.2 billion with margins of 24.5%. Those results failed to impress investors, however, because they were clouded by the overall results of Honeywell, a conglomerate struggling to generate the stock returns enjoyed by the market and competing companies in the last several years. Since June 2023, Honeywell shares have gained about 20%, compared to the S&P 500's roughly 77% gains. That underperformance is a primary reason Honeywell decided in 2024 to eventually break up operations into three separate companies: Solstice Advanced Materials, Honeywell Technologies and Honeywell Aerospace. "Essentially, on the other side of the separation ... each business is positioned so well for the market it serves," Honeywell CEO Vimal Kapur told CNBC last month.

As Honeywell Aerospace readies for its standalone debut, its CEO is forecasting big growth
Europe
The Guardian

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

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

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

AI needs a 'brake pedal', warns Anthropic co-founder

Anthropic co-founder Jack Clark has called for the ability to slow progression of artificial intelligence (AI), warning the technology is nearing a point where it could develop without human input. "You want the option to be able to take your foot off the gas and put your foot on the brake", Clark told BBC Newsnight. "Right now, it's like the AI industry has a gas pedal, but it doesn't have a brake pedal." He stressed people, through government policy, need to keep control of AI systems, which will only get more powerful and have broader impacts on society. "The world needs to do some thinking and we need to eventually develop some new regulations that allow us to be confident in these systems," he said. Already, Anthropic's popular chatbot Claude is operating on code of which 80% the system wrote itself. Getting to 100% is possible within two years, Clark said, and "would have huge implications". Clark did not outline how a "brake pedal" for AI research and development could be created, but drew a parallel between AI and the oil boom and barons of the turn of the last century. "Society's response was to come up with a sensible policy and regulatory framework that gave people confidence in oil and the benefits that oil could provide to the world, and meant that you didn't have to worry about the personalities of the people leading the companies", Clark said. "That's clearly where we end up here." Yet, Anthropic this week welcomed an executive order on AI from US President Donald Trump that was relatively hands-off in its directives toward the companies. It did not require AI companies to submit to safety testing by the government, something that remains a voluntary effort. Major AI companies pursuing advances in the technology, including Anthropic, OpenAI and Google, have also not said they will pause their own research. Anthropic has grown so quickly since its founding five years ago that it is preparing to debut on the public stock market. It is poised to be one of the first public listings by a newer AI firm and one of the most valuable stock listings in history, as Anthropic's valuation is estimated by private investors to be nearly $1tn (£745bn).

AI needs a 'brake pedal', warns Anthropic co-founder
North America
CNBC

Sellers are pulling homes off the market at the fastest pace since 2020

More frustrated home sellers were giving up, right in the midst of the all-important spring market, according to new data. Nationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin, a real estate brokerage. That ties with December for the highest share of homes delisted since March 2020, when the pandemic hit and the housing market froze. Delistings in April were up 3.8% compared with March. The increase comes as higher mortgage rates, elevated gas prices and weaker consumer confidence take their toll on housing demand. Sellers are no longer in the driver's seat and aren't getting the prices they want. Atlanta saw the highest share of homes come off the market in April, with 1 in 10 delisted. San Jose, California, followed with roughly 9% pulled, then Los Angeles (7.8%), Dallas (7.8%) and Seattle (7.7%). Mortgage rates had been falling at the start of this year, with the 30-year fixed briefly touching the 5% range at the end of February, according to Mortgage News Daily. They then jumped sharply when the war with Iran started and have remained elevated since then. "Buyers know they have negotiating power, often offering under the asking price and completing inspections, but some sellers just won't budge," said Patricia Ammann, a Redfin agent, in a release. Home prices have been easing, but are still higher than they were a year ago and have even begun to strengthen more recently. "Markets that depend more heavily on traditional mortgage financing and rate-sensitive buyers are seeing prices stay relatively flat," said Selma Hepp, chief economist at Cotality, in a release. "Overall, fewer markets posted year-over-year price declines in April than in prior months, pointing to continued stabilization across the housing market." CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. Signed contracts on existing homes, so-called pending sales, did rise very slightly in April, up 1.4% from March, according to the National Association of Realtors. That is likely due to higher inventory, which was up nearly 6% from March. Listings in some parts of the country are starting to pile up, as new ones come on the market and other ones sit. Homes are sitting on the market longer, causing some buyers to simply give up as the all-important spring season draws to a close. Some homeowners who pulled their homes off the market over the past year relisted them in April, according to Redfin, hoping to take advantage of the spring market, despite higher mortgage rates. The report found 2.5% of the homes on the market in April were relistings, tied with the prior two months for the highest share since mid-2020 when there was a sudden surge in housing demand.

Sellers are pulling homes off the market at the fastest pace since 2020
North America
CNBC

CBS fires veteran correspondent Scott Pelley amid turmoil over direction of '60 Minutes'

CBS News has fired high-profile "60 Minutes" correspondent Scott Pelley amid debate about the direction of the show, which has been a mainstay of the network's television lineup for decades. "Your employment with CBS News is terminated for cause effective immediately," Nick Bilton, the new executive producer of "60 Minutes," wrote to Pelley in a letter seen by CNBC. It was not immediately clear when the letter was sent. Pelley had previously said that Bari Weiss, the editor-in-chief of CBS News, was "murdering" "60 Minutes," according to NBC News. In a statement obtained by MS Now, Pelley said the network is attempting to "curry a moment of favor with the Trump administration." Skydance and Paramount merged last year, putting new leadership in charge of CBS and other Paramount properties including the storied film studio and more nascent streaming business. Paramount Skydance Chief Executive Officer David Ellison is now trying to merge Paramount with Warner Bros. Discovery, and he needs the Trump administration's regulatory approval to complete the deal. In 2024, then-presidential candidate Donald Trump sued "60 Minutes," alleging the program deceptively edited an interview with his opponent, Kamala Harris. Paramount settled the lawsuit for $16 million, which irked some veteran "60 Minutes" employees, including Pelley. Another notable anchor, Anderson Cooper, announced he was leaving the show earlier this month. "For my part, new management has instructed me to inject falsehoods and bias into a politically sensitive story," Pelley said in his statement. "I've been told to include assertions that are unverified. To date, in every case, I have managed to ignore these instructions or refuse them." During a meeting on Monday, Pelley told Bilton he has "slender qualifications" for the role of executive producer of newsmagazine "60 Minutes," according to the NBC News report. Bilton is a former New York Times technology columnist and has made several documentaries for HBO and Netflix. Bilton replaced Tanya Simon as the show's executive producer. Simon had spent more than two decades at "60 Minutes" before being ousted last week. In contrast, Bilton has no experience running a TV news show. "The leadership of '60 Minutes' is no longer recognizable," Pelley said in his statement. "The principles I hold dear are gone, and so I must leave as well." During an interview on May 28, Bilton told CNBC that he's committed to demonstrating his hiring isn't a political maneuver. "I will prove it with the work," Bilton said. "I'm dedicated to holding people in power to account."

CBS fires veteran correspondent Scott Pelley amid turmoil over direction of '60 Minutes'
North America
CNBC

Eli Lilly's top dealmaker says don't be surprised to see more M&A that pushes Lilly into new areas

In addition to running Eli Lilly's oncology business, he's now responsible for finding the drugmaker's next opportunities as head of business development. And Lilly, now the world's largest pharmaceutical company, is hungrier than ever for deals. "The company's financial strength right now, driven mostly by the weight loss business, is so strong," Van Naarden said in an interview at the American Society of Clinical Oncology's annual meeting. "We have this really like almost generational opportunity to redeploy that capital in all of our disease areas to not only fuel growth for the company in the decades to come, but to help a lot more patients with all different kinds of diseases, and so we're executing against that strategy." Not even halfway into the year, Lilly has already announced it will spend more than $10 billion upfront and potentially up to $25 billion on eight acquisitions. For all of last year, Lilly spent about $4 billion on roughly 40 deals. Lilly's dealmaking spree continued Wednesday with an up to $1.9 billion partnership with RNA-editing company Ascidian Therapeutics to develop medicines for kidney diseases. The spending reflects an intentional shift in how Lilly approaches dealmaking now that the company is larger and more highly valued than ever before. The company's market capitalization now stands at about $1 trillion, up from $190 billion in 2021, according to data from LSEG. Lilly is the first health-care company to join the trillion-dollar club, which is dominated by tech firms. Previously, the drugmaker primarily liked to place bets on early-stage assets that were inexpensive because they were riskier. Now, it's using the windfall from its GLP-1 drugs like Mounjaro and Zepbound to pursue experimental drugs that are more likely to work – and carry larger price tags because of it. "These things are medicines," Van Naarden said in a separate interview at his Stamford, Connecticut office. "How big will they be? What's the development plan? When will they get approved? Like, I don't yet know all that. Obviously we have projections, but you can see enough to say OK, this is real, and we can underwrite paying a bigger price than we pay for some real preclinical thing. So that's been a big part of where we've been focused in addition to running the high-volume, early-stage strategy." Van Naarden said his boss, Lilly CEO Dave Ricks, approached him last fall about leading business development in addition to his main job as head of Lilly's oncology business. The company wanted to sharpen its dealmaking skills and start widening its aperture beyond the early bets where Lilly liked to focus. Lilly's planned acquisition of Centessa Pharmaceuticals, announced in March, could reach up to $7.8 billion if the company meets certain milestones for its experimental drugs for sleep disorders like narcolepsy. That would make it Lilly's second-ever largest deal behind the company's $8 billion acquisition of Loxo Oncology in 2019. Van Naarden was the chief operating officer at Loxo at the time. While large for Lilly, deals of roughly $8 billion are still small compared to agreements from other large pharmaceutical companies. It raises the question of how big Lilly could go. Van Naarden doesn't want to set arbitrary size spending limits. He says it's about how compelling the science is and how big the opportunity is for patients and for Lilly. Some of the deals announced this year fall under Lilly's current specialties of oncology, neuroscience, cardiometabolic health and immunology. Others, like Lilly's recently announced acquisitions of three vaccine companies, will take the company into new areas.

Eli Lilly's top dealmaker says don't be surprised to see more M&A that pushes Lilly into new areas