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The commissioner has confirmed one of the NFL’s worst-kept secrets.

Roger Goodell, who appeared on CNBC, said Sunday Ticket will be leaving DirecTV after the 2022 season.

Speaking through TheAthletic.com’s Daniel Kaplan, Goodell said Sunday Ticket will end with a streaming service and that a The decision will be made this fall.

CNBC recently reported that Apple, Disney and Amazon have all made bids for the out-of-market viewing package, with the three corporate giants awaiting the NFL’s next move.

As CNBC also reports, the deals between the NFL and CBS/Fox prevent the DirecTV successor from significantly lowering the $300-a-year price tag for the package. This protects the companies that have paid big bucks for the opportunity to offer games at the local partners that are available in a certain area.

It also doesn’t do any favors for fans/consumers who want to watch the games they want to watch. At this point, however, most fans/consumers would be happy to pay the price to have an effective and reliable internet-based option for watching the games that are not televised in the areas where they live.

Despite all the progress the league has made in recent years, Sunday Ticket continues to lag behind. Apparently that will be over by next year.

As long as you have an effective and reliable high speed internet service. If not, I’m sorry but I’m afraid you won’t be able to ride.

The City of Montreal is beginning a consultation process aimed at creating a “recreational tourism hub” in Lachine Bay to accommodate fishing, swimming and water sports.

The selected concept will be presented in winter 2023.

Finally, the sector located between the Musée de Lachine and the Quai de la 34e Avenue will include a water sports offer. The city also wants to promote cultural development.

“Citizens shared with us their desire for swimming, water sports, fishing and conservation. Rich in these ideas, we continue to work to develop, clarify and realize this vision,” said Maja Vodanovic, Mayor of Lachine District.

In parallel with this collaborative approach, aimed at creating a plan for the development of the sector, the City of Montreal will prepare plans and specifications for the development of the spaces in its jurisdiction in the fall.

Various projects are already underway in the industry. In June 2021, the city embarked on a Pier 34 redevelopment project that would allow for the pursuit of various activities, including fishing.

In July 2020, Montreal also closed the Lachine Marina with the aim of turning the place into a “riverside park”. The decision had led to a legal battle with the Association of Boaters of the Lachine Marina, who ran the site at the time. However, it gave up the fight in April 2021.

It’s usually best to anticipate bad news. That appears to be the artificial intelligence lender’s approach upstart (UPST -20.15%) after releasing some preliminary second quarter earnings numbers ahead of schedule and urging investors to brace for results that will be well below expectations.

Upstart’s shares are down more than 17% in after-hours trading following the news. Is the stock a buy now that it’s trading near all-time lows?

What happened

Upstart expects revenue of about $228 million for the second quarter, far short of the $295 million to $305 million the company originally forecast. Additionally, Upstart told investors to expect a contribution margin of around 47%, which is up from the 45% it had forecast.

The company now expects a loss of between $27 million and $31 million. Previously, Upstart had expected to either break even or report a loss of up to $4 million. As Dave Girouard, CEO of Upstart, said in a statement:

Our sales were negatively impacted by two factors in roughly equal measure. First, our market’s funding is constrained, largely due to macro concerns among lenders and capital market participants. Second, during the second quarter, we took action to convert loans into cash on our balance sheet, which negatively impacted our earnings in a rapidly rising interest rate environment.

Upstart originates personal and auto loans believing it can better assess borrower credit quality than traditional methods Fair Isaacs FICO scoring. It then sells the majority of these loans to bulk loan buyers or institutional investors, who often securitize the loans. Upstart is doing this to take the loans off its balance sheet and continue to fund startups.

With the economy appearing headed for recession and interest rates rising aggressively, investors are much less willing to invest in and accept upstart credit — particularly those from borrowers at the lower end of the credit spectrum. Your funding costs have risen and borrowers are more likely to default in a weak economy.

By converting loans into cash, Upstart appears to have suffered a loss on loans it had held on its balance sheet, which startled investors when the company released the information in its first-quarter earnings report. Analysts and investors want Upstart to operate a capital-poor operation and not assume actual credit risk from borrowers.

Meanwhile, Upstart CFO Sanjay Datta said Upstart’s operated loans, held by banks and credit union partners, are still performing well and delivering returns that meet or exceed expectations. For non-bank credit investors, Datta said the 2018 and 2020 vintages have fared significantly better, while the 2021 vintages are within 1% of the company’s loss expectations.

“We believe our models are well matched to economic conditions and are currently targeting returns in excess of 10 percent,” Datta said.

Image Credit: Upstart.

Is Upstart stock a buy?

While fintech stock, which was trading at $390 at one point last year, has fallen below $28, I’d avoid buying shares of Upstart right now. No one is sure how long the funding issues will last, and even if they are resolved, investors will likely demand higher yields, which will slow overall issuance.

Investors won’t be willing to take on Upstart-funded loans to borrowers with weaker credit ratings anytime soon, which has allowed Upstart to really ramp up lending volume in recent quarters. All of this should result in much lower issuance this year than investors were expecting, and therefore lower earnings.

In addition, Upstart must prove its basic thesis that it can better underwrite loans. Sure, its previous legacy loans have done well, but these were forgiven when the government pumped big bucks into the economy and largely propped up borrowers. Loans held by credit unions and banking partners are likely to be made primarily to higher-quality borrowers.

I would like to see how old loans for 2021 and those issued this year hold up in the current environment. Until then, I’ll stay away from the stock.

Bram Berkowitz does not hold any of the shares mentioned. The Motley Fool has positions in and recommends Upstart Holdings, Inc. The Motley Fool recommends Fair Isaac. The Motley Fool has a disclosure policy.

The sale of alcoholic beverages around the stadiums and in some gatherings of fans will only be allowed during limited time slots during the FIFA World Cup in Qatar, where alcohol consumption is strictly regulated, according to multiple sources.

• Also read: Qatar: the World Cup of shame

• Also read: Soccer: a Canadian rating that could be very profitable

The terms are still being discussed, sources linked to the organization of the event told AFP.

But it should not be possible to buy beer inside stadiums. It should only be allowed around sports arenas, before and after games.

The FIFA website also promises “beers, champagnes, wines and spirits” in VIP areas.

Fans should be able to purchase beer at outdoor gatherings of FIFA supporters during limited time slots. These are to be built in Al Bidda Park, in the center of the capital Doha, and will offer space for around 40,000 people.

The other entertainment areas planned for the estimated 1.2 million visitors will not all serve alcohol, according to a June 2 document from Qatar’s Supreme Organizing Committee seen by AFP.

Alcoholic beverages would be served at the Doha Golf Club with a capacity of 15,000-20,000 but quite remotely, in an area near the InterContinental Beach & Spa hotel with a capacity of 10,000 or at a beach in the West Bay area.

The sale of alcohol will only be allowed between 10 p.m. and 1 a.m., multiple sources claimed, without giving details on the fan zones. FIFA and the Supreme Organizing Committee of the World Cup, which promised announcements “in good time”, had not immediately commented.

Earlier this year, a source close to the organization told AFP that the price of beer at outdoor gatherings of supporters would be around 6 euros ($8) (compared to the 12 ($16) average in hotels). It has not been made official.

Upon request, FIFA and the Supreme Committee did not immediately comment.

Access to alcoholic beverages during the Mondial-2022 from November 21 to December 18 has been questioned since the tournament was awarded to Qatar, a conservative Muslim country, in 2010.

The consumption of alcohol in public places is prohibited. Visitors are not allowed to bring it into the country, they only have access to it in certain hotel bars and restaurants.

Non-Muslim expatriates can buy them in a special shop that requires a special permit.

Alcohol regulations in football stadiums vary from country to country. During the 2014 World Cup, Brazil lifted the ban on consumption in its enclosures at the request of FIFA.

A Social Security Administration office in San Francisco.

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The clock is ticking when it comes to implementing changes to prop up Social Security coffers that won’t be able to pay full benefits 13 years from now.

Potential voters are aware of the program’s problems, according to a survey by Social Security Works and Data for Progress in June.

To this point, 64% of the 1,335 survey respondents are “very concerned” that the program will run out of funds to cover the full benefits for future generations. Meanwhile, 20% said they were “somewhat concerned” and 10% said they were “just a little concerned”, while the remaining 6% were not at all concerned.

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The survey follows the release of the annual Social Security Trustee’s Report last month, which projects the program can only pay 80% of benefits in 2035 if no changes are made by then.

To shore up the program, lawmakers generally have a choice between raising taxes, cutting benefits, or a combination of both.

Democrats have proposed some bills that would make benefits more generous, primarily by raising payroll taxes. Republicans have balked at the idea of ​​tax increases.

The new poll attempted to gauge how Americans might feel about some of the ideas put forward.

Protection against inflation is at the top of the wish list

Consumer prices have risen to a record level not seen in four decades.

It is therefore not surprising that a proposal to increase Social Security benefits for all beneficiaries to keep them in line with the rising cost of living received the highest support, with 83% of respondents saying in favor, 10% against and 8% not don’t know (answers have been rounded).

Similarly, respondents strongly agreed with the idea that benefits increase with the cost of living.

The poll found that 84% of respondents were in favor, while 8% were against and 8% didn’t know.

Certainly, the adjustment of the cost of living in social security already takes place every year.

But while those annual changes are measured by a subset of the consumer price index — known as the CPI for urban wage-earners and office workers, or CPI-W — Democrats have called for a switch to a different index.

This measurement — the Consumer Price Index for the Elderly, or CPI-E — some say better measures the costs that older Americans pay.

However, some research indicates that the CPI-E would not necessarily result in a larger annual increase in performance. According to the Center for Retirement Research at Boston College, the two indices had virtually identical average annual increases from 2002 through 2021.

More payroll taxes for people who make $400,000

A proposal by Rep. John Larson, D-Conn., seeks to reapply Social Security taxes to individuals with incomes of $400,000 and above.

Currently, those taxes — 6.2% paid by both workers and employers — only apply to wages up to $147,000 from 2022.

These higher taxes would be used to fund performance upgrades.

Rep. John Larson, D-Conn., and other lawmakers discuss the Social Security 2100 Act, which would include increased minimum benefits, on Capitol Hill on Oct. 26, 2021.

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76% of survey participants supported these changes, while 14% opposed them. The remaining 10% were undecided.

Notably, Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., have proposed another bill that would reapply Social Security taxes on income over $250,000, among other tax increases.

“We support expansion without cuts, and there are many different ways to expand,” said Nancy Altman, president of Social Security Works. “Given the retirement income crisis, we need to expand quite significantly.”

Higher performance and other suggestions

Not surprisingly, the idea of ​​increasing benefits across the board for all beneficiaries also received strong support, at 77%. At the same time, 15% rejected the idea and 8% were undecided.

The poll also assessed people’s willingness to embrace other changes Democrats are proposing, including setting the minimum benefit at 25% above the poverty line, improving benefits for widows and widowers, and ensuring that teachers, firefighters and police officers do not lose their benefits taxes cut due to social security weren’t always withheld from their paychecks.

While these and other measures to increase welfare benefits also drew strong support, it remains to be seen what mix of changes politicians from both sides of the aisle can agree on.

In particular, the social security reform cannot be pushed through with a one-party majority. Both parties must sign off on any changes that come into effect.

Another recent survey by the University of Maryland Public Consultation Program gave respondents a policy simulation where they could see the trade-offs of how certain changes affected the program.

According to the results, respondents tended to spread their choices across some revenue increases and some budget cuts. Most haven’t exhausted one side or the other.

However, as with this survey, respondents also strongly supported raising the Social Security tax again for wages over $400,000.

The euro is hurtling toward parity with the US dollar for the first time in its early years. Investors are betting things could get much worse for the common currency.

The descent is adding to the eurozone’s inflation woes and complicating the European Central Bank’s plans to roll back its pandemic stimulus. It is also having a major impact on US investors and companies with operations on the continent as the value of their overseas earnings falls in dollar terms.

The euro traded at $1.0099 on Friday, putting it within striking distance of parity, or the same as the dollar. A day earlier, it settled at $1.0162, its lowest close since December 2002.

The European common currency has fallen more than 10% this year as the European economy faces an energy crisis sparked by Russia’s war in Ukraine that threatens to push the bloc into recession.

If the euro falls below the dollar, it could force European officials to reassess the pace of their rate hikes.

Photo: Grassani/Fotogramma/Zuma Press

The European Central Bank is increasing pressure on the currency by lagging behind the US Federal Reserve’s aggressive plans to raise interest rates, which have pushed the dollar higher against its peers.

Reaching parity will not trigger any specific consequences for the markets or the economy. But a euro worth less than a US dollar symbolizes the different economic fortunes on either side of the Atlantic and could force European officials to reassess how aggressively to raise interest rates.

For much of this year, traders and strategists have been betting on the possibility of parity, even though it was a long way off. But fears of rising natural gas prices drove the euro below $1.035 this week, a low last seen in 2017, and eliminated automated trades set up around that level.

James Athey, investment director at Abrdn, said he expects the euro to fall to around 97 cents to the US dollar and sees even bigger falls than possible in the near term.

“I’m not ruling out the idea that it could trade below 90” European cents per US dollar, he said.

Analysts at Deutsche Bank estimate that the euro could fall to between 95 and 99 cents per US dollar after breaking through parity. Their analysis examined how the currency pair has historically responded to factors such as interest rate hikes or previous periods of economic and market stress.

“A break below parity would signal that the market is pricing in an impending eurozone recession and a major negative impact on trading conditions from the energy crisis,” said George Saravelos, global head of foreign exchange research at Deutsche Bank.

The slide in the euro will impact the global economy, corporate earnings and consumer wallets. For Americans traveling abroad this summer, a weak euro means their dollars can go further. But for US companies, a weak euro can be a headache, making it harder to compete in export markets. Companies in the S&P 500 generate about 14% of their sales in Europe, FactSet data shows.

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The effects are particularly acute for the eurozone. A weaker euro increases inflationary pressures in Europe by making imports – especially important commodities – more expensive. And unlike in the past, the weaker euro is not expected to give the bloc’s makers a big boost by making it more attractive to export abroad.

“In theory, it helps the exporter side of the equation, like Germany, but they have supply chain issues and gas supply issues,” said Brad Bechtel, global head of foreign exchange at Jefferies.

Germany this week reported its first trade deficit since 1991. Exports from Europe’s manufacturing powerhouse fell in May despite the euro’s weakness.

A weaker euro can make euro-denominated assets – like stocks – less attractive. The benchmark index, the Stoxx Europe 600, is down 15% this year, less than the 19% drop in the S&P 500. But on a dollar basis, it has fallen further than the US index.

“On the sidelines, it just makes European investment less desirable,” Mr Athey said. “As a vote of confidence, if there were an international prize for an economy, it would be its currency. This tends to be a flashing red flag for foreign investors.”

Not all investors and strategists are convinced that the euro could fall below parity. Viraj Patel, a global macro strategist at Vanda Research, said he sees parity as the bottom of the euro round.

“Which brings us to 95 [cents] or levels like this is really a major crisis in Europe,” he said, noting that he believes the continent’s energy problems have already been priced into the euro’s decline.

A dip below parity is a “problem for the ECB,” he said, and could change the central bank’s timeline for monetary tightening. Nevertheless, he said: “I would not buy the euro now.”

Corrections & Enhancements
The graphic accompanying this article shows how much one euro is worth in US dollars. An earlier version of the chart stated that it showed how much euros a US dollar is worth. (Corrected on July 8th).

Write to Chelsey Dulaney at [email protected] and to Caitlin McCabe at [email protected]

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Goaltender Ville Husso will play next season for the Detroit Red Wings, who picked him up Friday from the St. Louis Blues for their 73rd overall pick in the 2022 Entry Draft.

Husso, 27, who is eligible for full free agency, is also expected to sign a three-year deal averaging $4.75 million a year, according to the Sportsnet network.

He will therefore try to revive the Wings, who have been excluded from the playoffs for the past six campaigns. The Finn went 25-7-6 with 2.56 goals against average and 0.919 percent save percentage last season, sharing the job with Jordan Binnington in goal.

However, he struggled more in the playoffs, where the Blues lost to the Colorado Avalanche in the second round. He won two of his seven decisions and maintained a rate of 3.67 GAA and .890.

Four goalies marched in front of the Wings cage in Detroit in 2021-2022, including Alex Nedeljkovic, who played a total of 59 games.

Eetu Luostarinen said yes to the Panthers

The Florida Panthers on Friday signed forward Eetu Luostarinen to a two-year deal eligible for restricted free agent status.

The value of the agreement was not specified. The 23-year-old Finn completed his pact to join the National Hockey League this year.

Luostarinen helped Team Florida lead the standings in 2021-22, recording nine goals and 17 assists for 26 points in 78 games. He added two points in 10 playoff games.

“Eetu is a selfless, dependable and intelligent hockey player who plays consistently night after night,” Panthers general manager Bill Zito said in a statement. We are delighted to have him back in our squad.”

The 2019 World Championship gold medalist was acquired in a trade with Vincent Trocheck of the Carolina Hurricanes on February 24, 2020.

Visitors walk past a Ford Escape Titanium at the Shanghai Auto Show in Shanghai, April 17, 2019.

Greg Baker| AFP | Getty Images

DETROIT – Ford Motor joined rival General Motors in China in reporting its worst quarterly sales since the start of the coronavirus pandemic, amid a resurgence of Covid-19 cases in the country and ongoing global supply chain problems.

Ford said it sold 120,000 vehicles in the second quarter, down about 22% from a year earlier and the worst sales in Greater China since fewer than 89,000 units were sold in the first quarter of 2020, as government-imposed Covid restrictions slowed it down brought the country’s production to a standstill.

In a release late Thursday, Ford said June sales improved exponentially as restrictions eased, as total sales topped 50,000 units, up 3% year-on-year and 38% month-on-month.

“The resurgence of the pandemic in recent months has challenged us to overcome supply chain and logistics obstacles to position Ford for second-half growth,” said Anning Chen, president and CEO of Ford China, in a statement.

But there may still be challenges ahead. The daily number of Covid cases in mainland China, including those without symptoms, has risen from a handful of cases to around 200 or 300 new cases in the past few days. According to Ting Lu, chief China economist at Nomura, the number of cities restricting local movement due to Covid has more than doubled in a week to 11 on Monday, up from five a week earlier.

GM on Wednesday reported a 35.5% fall in its sales in China in the second quarter to 484,200 vehicles, the lowest sales since 461,700 vehicles in the first quarter of 2020.

– CNBC’s Evelyn Cheng contributed to this report.