Jury selection kicks off in Elizabeth Holmes' criminal trial - CNN

San Jose (CNN Business)Jury selection began Tuesday in a San Jose federal courtroom for the long-awaited trial of Elizabeth Holmes, the former CEO and founder of Theranos.

The day kicked off what is likely to be a months-long affair under intense media scrutiny. Central to questioning of potential jurors was the concern that the frenzy around Holmes -- including multiple documentaries and podcasts on her rise and fall -- might bias those who will ultimately determine her fate.

Holmes arrived at the Robert F. Peckham Federal Building shortly before 8:30am PT wearing a blue medical mask and dark blazer. She was immediately surrounded by news media, some of whom had arrived several hours earlier to secure a seat in the courtroom.

Over the course of the day, Holmes' attorneys, federal prosecutors and Judge Edward Davila questioned potential jurors. Of the 39 juror candidates on Tuesday, 14 were excused for various reasons, including the financial strain of sitting on a jury for so long. On Wednesday, 46 new potential jurors are expected to come for questioning.

Holmes, 37, was indicted more than three years ago on multiple federal fraud and conspiracy charges over allegations she knowingly misrepresented the capabilities of her company's proprietary blood testing technology. She has pleaded not guilty and faces up to 20 years in prison.

Elizabeth Holmes, the founder and former CEO of blood testing and life sciences company Theranos, arrives for the first day of jury selection in her fraud trial, outside Federal Court in San Jose, California on August 31, 2021.

Of particular concern for Holmes and her defense is how much exposure potential jurors have had to the deluge of media coverage of her, her company, and the trial. In the company's heyday, Holmes was the subject of much fascination and media attention that glamorized her and her efforts. Her downfall hasn't dimmed that spotlight -- from documentaries, a forthcoming limited series, and a planned feature film to at least two podcasts devoted to covering the trial.

In addition to 12 jurors, there will be five alternates. The delays to the trial — due to the coronavirus pandemic and the birth of Holmes' first child — may have only complicated finding a pool of jurors who've yet to hear about Holmes or Theranos.

Judge Davila was careful in how he phrased questions to potential jurors about media coverage to avoid having respondents share details about what they've consumed about the case so as not to bias other potential jurors. Judge Davila asked them when they last read or heard something related to Holmes or Theranos, but not about the specifics of what they had read. He told potential jurors that they should disclose any controversial or strong opinions privately rather than within the group.

Potential jurors mentioned coming across news related to Theranos and Holmes everywhere from YouTube, to Reddit (r/investing), to documentaries, and NPR. But many said they felt they'd be able to remain impartial if selected. (One said he received an NPR notification about jury selection starting Tuesday. "My first thought was 'Yeah, yeah, I know,'" he said.)

One potential juror said she previously read "Bad Blood," the definitive book on the rise and downfall of Theranos by reporter John Carreyrou. She said she had assumed that indicating she'd read that book as part of a lengthy potential questionnaire would disqualify her from serving on the jury, regardless of whether she confirmed or denied being able to set any potential biases aside.

Some said they recalled hearing about the company or Holmes but couldn't pinpoint exactly what they consumed. One potential juror said she believed she'd seen "First Blood."

Defense attorneys for Elizabeth Holmes, founder of Theranos, arrive at the Robert F. Peckham Federal Building on August 31, 2021 in San Jose, California.

Ahead of jury selection, nearly 200 prospective jurors completed the 28-page-long final jury questionnaire, which asked questions about everything from their vaccination status to their knowledge of Holmes and their media consumption habits. Roughly half indicated they had consumed media concerning the case, according to a court filing last week.

The first dismissal on Tuesday was a man who said he worked as a producer at a radio station. He said the newsroom had run coverage in anticipation of jury selection. "Audio is all around me," he said, noting news, including of the trial, is hard to avoid due to his job.

Judge Davila suggested to potential jurors before a lunch break that they turn off news alerts on their phones to avoid media exposure.

Coverage of Holmes and Theranos has significantly ramped up in anticipation of the trial. Over the weekend, the court unsealed documents pertaining to Holmes' possible defense -- that she may claim she experienced a decade-long abusive relationship with her ex-boyfriend, also a former Theranos executive, who will be tried separately. (According to a court filing, he "adamantly denies" the claims.)

Potential jurors were also asked whether they had any experience with interpersonal abuse or violence. Several said they, or loved ones, had.

The pandemic, which has delayed the trial several times, is very much looming in the backdrop. Judge Davila said there were no-shows among potential jurors slated to attend today, citing some who phoned in about experiencing symptoms and were told to stay home. He said all court staff had been vaccinated and spoke of a newly installed $7 million HVAC system. "The air is completely circulated in this court room approximately every 10 minutes," he said. "I hope that provides you some comfort."

Some of the potential jurors also spoke about hardships they'd experienced during the pandemic, saying they'd hoped to take much-needed vacations that would be hindered by a months-long trial.

A number of other potential jurors not in the court room Tuesday were excused for reasons including health, childcare, financial hardship, bias, attending school, work obligations, and commute challenges. Attorneys for the prosecution and the defense have agreed to excuse any potential jurors who are unvaccinated. Nine were excused for indicating on the questionnaire that they were unvaccinated.

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Stock market news live updates: Stock futures rise as equities look to extend August gains - Yahoo Finance

Stock futures opened higher Tuesday evening, with the major equity indexes holding near all-time highs heading into the first session of September. 

Contracts on the S&P 500 rose. The index closed out a seventh straight monthly gain in August, rising nearly 3% during the month as strong earnings growth, an ongoing economic recovery and a still-accommodative Federal Reserve helped offset fresh concerns over the Delta variant's spread. Still, the Nasdaq outperformed with a monthly rise of 4%, with investors piling back into technology and growth stocks seen as benefiting from stay-in-place behavior.

Investors are entering a historically more challenging month, with September typically comprising the worst month of the year for stocks, according to an analysis from LPL Financial. And while equities are riding momentum from a seven-month winning streak, they are also extending an atypically long period without a pullback, given the S&P 500 has not had a 5% correction since last October. 

"I don't know that it's the month to stay on the sidelines, but I do expect that we'll have volatility," Michelle Connell, owner of Portia Capital Management, told Yahoo Finance. "I think maybe upside may be limited here through the end of the year, so I think it warrants sitting back and looking at what you own, reevaluating, looking at potential downside."

Others were also still cautiously upbeat about the path forward for U.S. equities. 

"We do think the continued growth of the economy and the reopening trade is going to continue," Cliff Corso, president and chief investment officer of Advisors Asset Management, told Yahoo Finance. "What we are looking at are things that are more value-oriented, and particularly so where there's an income component through dividends, because that tends to mute volatility."

"We think there's a lot of underpinnings as we look forward, despite some of the new challenges we're going to be facing, whether it be a tax debate, tapering, inflation — all those headwinds," he added. "We still have a very accommodative Fed, we still have the potential for a very big fiscal package, and so a lot of those underpinnings are still with us." 

New economic data out Wednesday and later this week is set to help provide a timelier view on the strength of the recovery and path forward for monetary policy. Wednesday morning, ADP will release its closely watched monthly private payrolls report, which is expected to show U.S. private-sector employers added back 638,000 jobs in August after a sharply disappointing 330,000 in July. 

—

6:09 p.m. ET Tuesday: Stock futures rise

Here were the main moves as the overnight session kicked off Tuesday evening: 

• S&P 500 futures (ES=F): +7.75 points (+0.17%) at 4,529.25

• Dow futures (YM=F): +51 points (+0.14%) to 35,391.00

• Nasdaq futures (NQ=F): +19 points (+0.12%) to 15,601.50

NEW YORK, NEW YORK - AUGUST 10: People walk by the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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Elizabeth Holmes trial starts as both sides grill potential jurors - CNBC

Elizabeth Holmes, the founder and former CEO of blood testing and life sciences company Theranos, arrives for the first day of jury selection in her fraud trial, outside Federal Court in San Jose, California on August 31, 2021.

Nick Otto | AFP | Getty Images

Theranos isn't exactly a household word, but many of the potential jurors questioned on Tuesday had heard of the company or its former CEO, Elizabeth Holmes on the first day of her criminal fraud case.

Nearly potential 40 jurors were questioned over seven hours, and 14 were dismissed. One said, "I don't have bias, except for I remember the defendant's penchant for turtlenecks."

Another juror, who acknowledged he had watched a "60 Minutes" documentary on Theranos, said, "I'm just glad I didn't invest in it."

Holmes, who appeared solemn, wore a black dress and jacket with a blue mask. She attempted to make eye contact with each potential juror as they walked into the courtroom.

Elizabeth Holmes in court

Source: Vicki Behringer

One potential juror, who said she had read John Carreyrou's book about the Theranos scandal, "Bad Blood", works at a healthcare-related company. She admitted to the judge "there was some amount of disappointment" after she read the book.

"There's not that many women that get to become CEOs of a high-powered company," she said.

Prosecutors and defense attorneys are trying to find a dozen impartial jurors and five alternates to sit for what's expected to be a 13-week long trial. Holmes and Sunny Balwani, her former business partner and for a time her boyfriend, each face 10 counts of wire fraud and two counts of conspiracy. Both have pleaded not guilty. Balwani will be tried separately.

Several potential jurors said they had read books, watched documentaries, or heard TED talks and podcasts on the topic. U.S. District Court Judge Edward Davila suggested that potential jurors turn off news alerts to avoid further media exposure.

One potential juror revealed he's a news producer at a radio station which he said has featured stories on the high-profile case.

"I've been avoiding the topic at work but in anticipation of jury selection they've been running stories," he said. "I'm not really sure how I can remain unbiased through the rest of the trial."

"I look at my computer and all I see is: Theranos, Theranos, Theranos," he added.

Davila joked, "I'm not going to ask you to quit your job, sir," and later asked him, "Would it break your heart severely if I excused you from this jury?"

The judge also asked potential jurors about whether they or someone they knew had experienced intimate partner violence. Five potential jurors raised their hands. Bombshell court documents unsealed on Saturday reveal Holmes, 37, plans to claim Balwani, 56, psychologically, emotionally and sexually abused her. In the unsealed filings, Balwani unequivocally denies the allegations.

"The hardest thing for prosecutors to prove here is going to be intent so the more sympathetic and the more emotionally malleable potential jurors reveal themselves to be, the more the defense will want them and the prosecution will want to get rid of them," James McGarity, jury consultant and partner at R&D Strategic Solutions said. "She really needs the sympathetic folks."

Another potential juror told defense attorneys that he had left a negative comment on Facebook when Theranos shut down. "I followed the company because I was interested in it," he recalled. "I was disappointed because I thought the company was so cool," he said. "It was disappointing."

Jury selection is expected to last two days with opening statements scheduled to begin Sept. 8.

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Apple, Google app stores face new regulation as South Korea readies payment law - CNET

Regulators increasingly want to take tech giants to task. 

Apple; Illustration by Stephen Shankland/CNET

Apple and Google are under increasing pressure from global regulators, who say the two tech giants have abused their power in mobile devices to exert control over app developers and pad their profits in the process.

On Tuesday, South Korea's National Assembly passed a bill that will force Apple and Google to loosen restrictions they impose via the Apple App Store and Google Play Store. The bill, which will become law when signed by the country's president, prevents app store operators from unreasonably delaying the approval of apps or deleting already approved ones. It also says app markets can't require the use of their in-app purchase systems, giving developers the opportunity to choose alternatives or create their own.

South Korea's moves are the latest in a campaign by regulators and lawmakers to establish limits for the tech industry. After decades of letting tech companies grow with little oversight, governments have begun grappling with torrents of misinformation and disinformation spread through social media. The tech industry has also faced a relentless barrage of complaints about its abuses of privacy and heavy-handed business practices. 

The South Korean bill focuses on in-app purchases, a topic that has attracted the attention of other lawmakers and regulators. Apple and Google exert tight control, requiring additional purchases made inside an app be processed by them. The companies argue that in-app payment systems help to control fraud while supporting app development. In return, Apple and Google have argued, app developers get an easy way to charge for subscriptions or digital items, such as fashion accessories for avatars in games.

"Just as it costs developers money to build an app, it costs us money to build and maintain an operating system and app store," a Google spokesman said in a statement about the South Korean legislation. "We'll reflect on how to comply with this law while maintaining a model that supports a high-quality operating system and app store, and we will share more in the coming weeks."

Apple, meanwhile, warned that the bill could make using their products worse. "The Telecommunications Business Act will put users who purchase digital goods from other sources at risk of fraud, undermine their privacy protections, make it difficult to manage their purchases, and features like 'Ask to Buy' and Parental Controls will become less effective," a company spokesman said.

Here's everything we know so far about legal efforts to take on Apple and Google's app stores.

It's happening in the European Union

The EU is investigating Apple in response to complaints by music app maker Spotify and others, who say the iPhone maker is stifling competition by charging as much as 30% for in-app purchases. EU Competition Commissioner Margrethe Vestager said she preliminarily agreed with Spotify's argument, adding that her team's investigation found "consumers losing out" as a result of Apple's policies. A final decision hasn't yet been issued.

The US is getting in on the action

Earlier this summer, lawmakers in the House of Representatives unveiled a series of bills designed to update the country's antitrust laws and address some of the tech industry's most controversial practices. One of the bills -- there are five in total -- would prohibit platforms from discriminating against rivals, if passed. That could apply to app stores like the ones Apple and Google run.

Read more: How new antitrust bills could hit Amazon, Apple, Facebook and Google

The Senate has also unveiled a bipartisan bill that would place new restrictions on how app stores are run. Called the Open App Markets Act, the proposed law could change the way people download programs to their phones, tablets and computers. Among its provisions: barring companies from forcing developers to use their payment systems. It would also ensure that developers can tell customers about lower pricing on other platforms. It would force companies like Apple to allow alternative ways to install apps on their devices.

Courts are making their mark too

While Apple and Google are staring down legislation and regulatory enforcement, they're also fighting high-profile court battles. Most notably, the two have locked horns with Fortnite maker Epic Games, which sued both companies in August 2020 for allegedly violating antitrust laws. 

The cases were filed after Epic quietly changed the code in its popular game, allowing players to circumvent Apple's and Google's payments systems when purchasing in-app items, including its in-game currency used for buying character accessories. In response, Apple and Google kicked Fortnite out of their app stores, saying Epic violated their rules around in-app purchases.

Epic's case against Apple was heard in a California courtroom this spring. During the trial, the iPhone maker defended different how it runs its App Store, including the guidelines Apple says developers must adhere to in order to offer their apps on the store. 

Judge Yvonne Gonzalez Rogers, who's overseeing the case, grilled Apple CEO Tim Cook during his testimony at the end of the trial, challenging what she said was lack of competition against the App Store. Epic had argued that one Apple policy is monopolistic: requiring app developers to use its payment processing service on the iPhone, with commissions of up to 30%. It appeared as though Rogers might agree. "You don't have competition for those in-app purchases," she said.

A decision is expected shortly.

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Southwest Airlines pilots union are suing the airline - Business Insider

Southwest pilots fed up with pandemic working conditions slam management for sheltering at home while they were 'crammed into hotel shuttles' and cockpits for long hours - Yahoo! Voices

A Southwest Airlines Boeing 737-800. Markus Mainka/Shutterstock

• A new lawsuit from Southwest pilots calls out discrepancies in conditions for frontline and white-collar workers.

• The suit criticizes management for protecting themselves while pilots risk their health on the job.

• While many corporate offices have allowed employees to work from home, frontline workers have fewer options.

• See more stories on Insider's business page.

Southwest pilots are suing their employer over a pandemic-related shift in pay and working conditions, and the spat hits upon the discrepancy between experiences of white-collar employees and frontline workers.

The lawsuit from the Southwest Airlines Pilots Association centers around allegations that the airline "significantly altered working conditions, rules, and pay rates for Pilots." It also specifically calls out management for protecting "themselves by closing down headquarter offices to work from home and meeting virtually."

The suit notes that "pilots, along with other front-line workers, did not have that option," and lists pilots as "amongst the most at-risk work groups immediately after first responders and healthcare employees."

In a statement to Insider, Russell McCrady, Southwest's vice president of labor relations, said, "As always, Southwest remains committed to Pilots' health and welfare and to working with SWAPA, and our other union partners, as we continue navigating the challenges presented by the ongoing pandemic.

McCrady added, "The Safety of our Employees and Customers remains paramount at all times, and Southwest has a demonstrated legacy of putting Employees first in our decisions - including maintaining our 50-year history of no Employee furloughs or layoffs throughout the pandemic."

During the pandemic, many corporate employees have been able to move entirely to remote work. Companies like Nike, LinkedIn, Bumble, Hootsuite, have even taken steps like shuttering their offices to help staff combat burnout.

But frontline workers, like pilots and flight attendants, are required to report for work in-person, due to the very nature of their jobs. The lawsuit notes that because they are "confined to the cockpit for long hours," pilots are unable to comply with social distancing guidelines from the Centers for Disease Control and Prevention. In the airline industry, flight crews have also had to contend with a spike in angry and violent outbursts from passengers.

After Spirit Airlines canceled thousands of flights earlier this month, one Spirit pilot told Insider that he thought the crisis was exacerbated by executives and flight schedulers working from home while chaos unfolded on the ground.

He said he would have preferred to see Spirit CEO Ted Christie "in an airport buying pizza and handing out blankets," instead of zooming in from his home office.

"Get him on the front lines in the airport, go out there and shake some hands … give out some flight vouchers and make this right. Not hiding at home," he told Insider.

He added that pilots and flight attendants travel every day while being exposed to thousands of passengers, but most corporate employees and flight schedulers are still working from home.

"You could take any 10 pilots and we're all pretty talented guys and gals, we could probably go down there and in a couple months we could fix this airline," he said. "None of us graduated from Wharton or Kellogg or wherever these guys went to school, but we're smart enough to know how to do things right and see a problem and fix it."

The lawsuit against Southwest sharply contrasts pilots' experiences with those of "management employees," noting that pilots have remained "on the road every day," visiting airport terminals, staying at various lodgings, and getting "crammed into hotel shuttles."

"While management employees with minor children (now no longer in schools), were able to work with their kids at home, Pilots could not and their families and children were equally put at risk of infection each time the Pilots returned home from a trip," the complaint says.

Read the original article on Business Insider

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Could Elizabeth Holmes’ Surprising Theranos Defense Work? - Slate

Jury selection for the trial of Elizabeth Holmes, founder and CEO of the disgraced blood-testing startup Theranos, began on Tuesday. Federal prosecutors have charged Holmes with multiple counts of fraud and conspiracy, alleging that she misled patients, doctors, and investors about the effectiveness of her company’s technology, which could supposedly diagnose a wide variety of medical conditions with a finger prick. Investigations by the Wall Street Journal and federal officials beginning in 2015 found that Theranos’ devices were providing inaccurate results, and that in many cases the company was using its competitors’ technology to run tests with diluted blood samples. Over the weekend, unsealed court documents revealed Holmes’ planned defense: that emotional and sexual abuse from Ramesh “Sunny” Balwani, the former president and chief operating officer of Theranos, during their romantic relationship impaired her mental state.

Holmes, 37, and Balwani, 56, worked together closely to build up Theranos and maintained a secret relationship during that time. They first met in Beijing while Holmes was attending a Mandarin language program in the summer before her first year at college, and they later formed a partnership in leading Theranos in which Holmes reportedly handled big-picture ideas and the board of directors, and Balwani oversaw partnerships and day-to-day operations. Filings indicate that she intends to accuse Balwani of controlling and manipulating her by withholding affection if she displeased him and dictating how much she could eat, what she wore, how much she could sleep, and whom she could speak to. She is also prepared to claim that he threw “sharp, hard objects” at her. Holmes’ lawyers wrote in a court document, “This pattern of abuse and coercive control continued over the approximately decade-long duration of Ms. Holmes and Mr. Balwani’s relationship, including during the period of the charged conspiracies.” Her lawyers also plan to have Mindy Mechanic, a psychologist who specializes in intimate partner abuse who evaluated Holmes, testify during the trial.

While Balwani has his own trial next year for alleged crimes committed as a Theranos executive, it is Holmes whose face, name, and voice became practically synonymous with the company. Reporting on the rise and fall of Theranos has often portrayed Holmes and Balwani as collaborators in the alleged deceptions. So Holmes’ legal strategy may come as a surprise. But could it work?

By raising these abuse allegations, Holmes is mounting what’s known as a “mental disease or defect” defense in which she’s arguing that she can’t be held responsible for her actions because of the trauma from the relationship. “If a jury finds that she has proven this, it’s essentially finding that because of a severe mental disease or defect, she was either unable to appreciate the nature of her acts or the wrongfulness of her acts,” said Miriam Baer, a professor at Brooklyn Law School who specializes in corporate and white-collar crime. The accusations against Balwani complicate what otherwise might’ve been a traditional fraud case in which the government would set out to show what Holmes knew, analyze ways in which her statements were allegedly misleading, and perhaps brings up ways in which she tried to conceal certain information. Holmes’ defense partly shifts the narrative away from fraud. “This claim of intimate partner abuse introduces a whole new narrative, and that narrative has the potential to cause the jury to question the story that they hear from the prosecution’s witnesses,” said Baer. “That means the jury is potentially going into that deliberation room unsure of what really happened, and that lack of certainty and ambiguity can’t help but benefit the defendant.”

This kind of defense is fairly unusual, particularly in corporate cases. “The classic case is an abused partner then harming or killing the abuser,” said Thomas Joo, a professor at the University of California–Davis school of law who specializes in white-collar crime and corporate governance. In order for this defense to succeed in Holmes’ case, her lawyers have to first prove that the abuse actually happened, and then show that it in fact influenced her to lie about Theranos’ technology. Joo notes that this strategy may be more effective in neutralizing allegations of misleading investors than of misleading doctors and patients. “Balwani appears to have been the finance person, and he’s not a scientist, so the idea that he manipulated her may be a stronger argument with respect to statements she made about finances, because he controlled that area,” Joo said. “With respect to the patients and doctors, the financial health of the company is not relevant. It’s really about whether the product worked or not.” Balwani initially joined Theranos in 2009 to help with its e-commerce operations after working at Microsoft and Lotus as a software engineer. He quickly rose the ranks of the company to become one of its top executives, though Holmes was clearly the face of the company in the media, and famously convinced famous figures like George Shultz to invest and serve on the board.

It’s unclear how Holmes’ defense will play out in the court room because we don’t know what and how much evidence her lawyers are planning to present regarding the alleged abuse. The strategy does have its risks, though, partly because Holmes’ lawyers have to do the extra work of proving something rather than just casting doubt on the prosecution’s arguments. “The defense is difficult to prevail on; it requires the defendant to prove it with clear and convincing evidence,” said Baer. “It’s such that it may result in a defendant deciding that he or she would be best served by testifying, which can itself open up new problems.” Indeed, defense lawyers are typically wary of having defendants take the stand because it opens their clients up to cross examination. At the same time, though, the strongest evidence that Holmes’ lawyers can introduce to prove that she was psychologically damaged due to abuse is likely her own personal testimony. “It’s always an enormous risk when a defendant testifies, but in this case, it appears that the jury will likely be very eager to hear her side of the story,” said George Demos, a former Securities and Exchange Commission enforcement attorney and adjunct professor at the UC–Davis School of Law. “The big risk for Holmes is that if she lies about anything on the stand, no matter how seemingly irrelevant, the jury will then conclude that she’s lying about the underlying charges in the case.” Demos adds that the prosecution is likely to try to poke holes in the defense’s claims about her mental state and lack of agency by examining “evidence about her control of communications, employment decisions, legal matters, and other financial decisions that would demonstrate that, in fact, she was the one in control and making the decisions, not Sunny.”

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Surging COVID-19 cases dampen U.S. consumer confidence, house prices post record gains - Reuters

By Lucia Mutikani

6 Min Read

WASHINGTON (Reuters) - U.S. consumer confidence fell to a six-month low in August as worries about soaring COVID-19 infections and higher inflation dimmed the outlook for the economy.

The survey from the Conference Board on Tuesday showed consumers less inclined to buy a home and big-ticket items like motor vehicles and major household appliances over the next six months, supporting the view that consumer spending will cool in the third quarter after two straight quarters of robust growth.

Still, more consumers planned to go on vacation, indicating a rotation in spending from goods to services was underway as economic activity continues to normalize following the upheaval caused by the coronavirus pandemic. Increased spending on services, which account for the bulk of economic activity, should keep a floor under consumer spending.

“The report does raise the warning flag that if the pandemic worsens, and given the continued unwillingness of many to get vaccinated that is a real possibility, we could see people stashing away funds just in case,” said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. “We could see growth moderate faster than expected.”

The Conference Board’s consumer confidence index dropped to a reading of 113.8 this month, the lowest since February, from 125.1 in July. Economists polled by Reuters had forecast the index falling to 124.0. The cutoff for the survey was Aug. 25, before the killing of 13 service members in Afghanistan and Hurricane Ida slammed Louisiana.

The measure, which places more emphasis on the labor market, held up well compared to other surveys. The University of Michigan’s survey of consumers showed sentiment tumbling to near decade lows in August because of rising prices for goods like food and gasoline, as well as the resurgence in COVID-19 cases that has been driven by the Delta variant of the coronavirus.

“While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead,” said Lynn Franco, senior director of economic indicators at the Conference Board in Washington.

FILE PHOTO: A "For Sale" sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, U.S. May 14, 2021. REUTERS/Karen Ducey

Consumers’ inflation expectations over the next 12 months rose to 6.8% from 6.6% last month. There are signs, however, that price pressures have peaked, with data last week showing the Federal Reserve’s preferred inflation measure posting its smallest gain in five months in July.

Wall Street’s main indexes hovered near record highs. The dollar was steady against a basket of currencies. U.S. Treasury prices were lower.

LABOR MARKET HOLDING UP

The Conference Board’s so-called labor market differential, derived from data on respondents’ views on whether jobs are plentiful or hard to get, slipped to a still-high reading of 42.8 this month from 44.1 in July, which was the highest since July 2000.

This measure closely correlates to the unemployment rate in the Labor Department’s closely watched employment report.

“It continues to send a pretty favorable signal about labor market conditions,” said Daniel Silver, an economist at JPMorgan in New York.

Nonfarm payrolls likely increased by 750,000 in August after rising 943,000 in July, according to a Reuters survey of economists. The unemployment rate is forecast falling to 5.2% from 5.4% last month.

Though fewer households intended to buy long-lasting manufactured goods such as motor vehicles and household appliances like washing machines and clothes dryers this month, more expected to travel domestically, with many intending to fly to their destinations.

Households accumulated at least $2.5 trillion in excess savings during the pandemic, laying a strong foundation for consumer spending. Gross domestic product growth estimates for the third quarter are around a 5% annualized rate. The economy grew at a 6.6% pace in the second quarter.

The Conference Board survey also showed less enthusiasm among consumers for home purchases over the next six months amid higher house prices, which are sidelining some first-time buyers from the market.

Demand for housing soared early in the pandemic as Americans sought more spacious accommodations for home offices and home schooling, but supply severely lagged, fueling house price growth. COVID-19 vaccinations have allowed some employers to recall workers to offices. Schools and universities have reopened for in-person learning.

A separate report on Tuesday showed the S&P CoreLogic Case-Shiller national home price index jumped a record 18.6% in June from a year ago after rising 16.8% in May. Economists, however, believe that house price inflation has peaked, with homes becoming less affordable especially for first-time buyers.

“Some early data suggests that the buyer frenzy experienced this spring is tapering, though many buyers still remain in the market,” said Selma Hepp, deputy chief economist at CoreLogic. “Nevertheless, less competition and more for-sale homes suggest we may be seeing the peak of home price acceleration. Going forward, home price growth may ease off but stay in the double digits through year-end.”

A third report from the Federal Housing Finance Agency (FHFA) showed its house price index rose a record 18.8% in the 12 months through June. House prices surged 17.4% in the second quarter compared to the same period in 2020. FHFA believes house prices peaked in June.

Reporting by Lucia Mutikani; Additional reporting by Evan Sully; Editing by Paul Simao and Andrea Ricci

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Theranos founder Elizabeth Holmes' claims of abuse may complicate jury selection - NBC News

SAN JOSE, California — Theranos founder Elizabeth Holmes' claims that she was abused by the company's chief operating officer, who at the time was her boyfriend, could complicate jury selection in her highly anticipated fraud trial, legal experts said.

The in-person questioning of prospective jurors, up to roughly 170, started Tuesday in federal court in San Jose.

Holmes, 37, has pleaded not guilty to defrauding Theranos investors and patients by falsely claiming that the company had developed technology to run a wide range of tests on a single drop of blood.

Known for dressing in a Steve Jobs-style black turtleneck, Holmes herself has long been an object of fascination in Silicon Valley.

The meteoric rise and spectacular fall of Theranos turned Holmes from a young billionaire to a defendant who could face years in prison if convicted.

Her lawyers have said she may make the unusual move of taking the stand in her own defense, something that most defendants choose not to do because it opens them up to cross-examination by prosecutors.

Court papers submitted more than 18 months ago and unsealed late Friday revealed that Holmes had accused former Theranos COO Ramesh "Sunny" Balwani of psychological and sexual abuse.

Holmes' lawyers said her "deference" to Balwani led her to believe allegedly false statements about parts of Theranos that he controlled, including a claim about a partnership with drugstore chain Walgreens.

The lawyers told U.S. District Judge Edward Davila, who is overseeing the case, last year that Holmes was "highly likely" to testify about these claims, court papers show.

Balwani denied allegations of abuse in a 2019 court filing. He is scheduled to be tried on fraud charges related to Theranos after the end of Holmes' trial.

Lawyers for Holmes and Balwani did not immediately return requests for comment.

Before coming to court, 200 potential jurors filled out questionnaires about their familiarity with Holmes, who has been the subject of two books, two documentaries and a podcast. Thirty-three potential jurors were excused last week, including some who admitted bias.

Christina Marinakis, a jury consultant with IMS, a provider of expert and litigation consulting services, said prosecutors and Holmes' lawyers have likely combed through potential jurors' social media posts for their views about abuse, since they generally "don't like to talk about these things in open court."

Marinakis said jurors may be reluctant to admit to a tendency to view a claim of abuse as an "excuse" for Holmes' conduct.

"They may fear they are going to be looked at as misogynists," she said.

Holmes was 18 years old when she met Balwani, who is 20 years older than her, and started living with him around three years later, according to "Bad Blood," Wall Street Journal reporter John Carreyrou's best-selling book on the Theranos saga. The book chronicles the rise and fall of the company Holmes started at age 19, concluding that she was a "manipulator" whose "moral compass was badly askew."

Tracy Farrell, a jury consultant who has worked on sexual assault cases involving clergy, said Holmes' lawyers may favor younger jurors, especially women, who might question any attempt by prosecutors to show the abuse defense as "just another con."

"It creates a kind of dissonance for women," Farrell said. "We want to believe them."

Marc Agnifilo, a New York lawyer, said Holmes' case had some parallels with that of Martin Shkreli, a former client found guilty in 2017 of bilking investors in his hedge funds.

Before his trial, Shkreli gained notoriety for hiking the price of Daraprim, a drug that treats life-threatening parasitic infections, by more than 4,000 percent in one day.

Shkreli "inspired this visceral negative reaction that was pretty challenging to keep out of the jury," Agnifilo said.

Holmes' lawyers, he said, should seek out "smart, open-minded jurors are not just going to buy into the government’s view of the facts."

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Theranos founder Elizabeth Holmes' claims of abuse may complicate jury selection - NBC News
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Surging COVID-19 cases dampen U.S. consumer confidence, house prices post record gains - Reuters

• Consumer confidence drops sharply in August
• House prices surge in June

WASHINGTON, Aug 31 (Reuters) - U.S. consumer confidence fell to a six-month low in August as worries about soaring COVID-19 infections and higher inflation dimmed the outlook for the economy.

The survey from the Conference Board on Tuesday showed consumers less inclined to buy a home and big-ticket items like motor vehicles and major household appliances over the next six months, supporting the view that consumer spending will cool in the third quarter after two straight quarters of robust growth.

Still, more consumers planned to go on vacation, indicating a rotation in spending from goods to services was underway as economic activity continues to normalize following the upheaval caused by the coronavirus pandemic. Increased spending on services, which account for the bulk of economic activity, should keep a floor under consumer spending.

"The report does raise the warning flag that if the pandemic worsens, and given the continued unwillingness of many to get vaccinated that is a real possibility, we could see people stashing away funds just in case," said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. "We could see growth moderate faster than expected."

The Conference Board's consumer confidence index dropped to a reading of 113.8 this month, the lowest since February, from 125.1 in July. Economists polled by Reuters had forecast the index falling to 124.0. The cutoff for the survey was Aug. 25, before the killing of 13 service members in Afghanistan and Hurricane Ida slammed Louisiana.

The measure, which places more emphasis on the labor market, held up well compared to other surveys. The University of Michigan's survey of consumers showed sentiment tumbling to near decade lows in August because of rising prices for goods like food and gasoline, as well as the resurgence in COVID-19 cases that has been driven by the Delta variant of the coronavirus.

"While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead," said Lynn Franco, senior director of economic indicators at the Conference Board in Washington.

Consumers' inflation expectations over the next 12 months rose to 6.8% from 6.6% last month. There are signs, however, that price pressures have peaked, with data last week showing the Federal Reserve's preferred inflation measure posting its smallest gain in five months in July. read more

Wall Street's main indexes hovered near record highs. The dollar (.DXY) was steady against a basket of currencies. U.S. Treasury prices were lower.

Consumer confidence

LABOR MARKET HOLDING UP

Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States' largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS/Mark Makela/File Photo/File Photo

The Conference Board's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, slipped to a still-high reading of 42.8 this month from 44.1 in July, which was the highest since July 2000.

This measure closely correlates to the unemployment rate in the Labor Department's closely watched employment report.

"It continues to send a pretty favorable signal about labor market conditions," said Daniel Silver, an economist at JPMorgan in New York.

Nonfarm payrolls likely increased by 750,000 in August after rising 943,000 in July, according to a Reuters survey of economists. The unemployment rate is forecast falling to 5.2% from 5.4% last month.

Though fewer households intended to buy long-lasting manufactured goods such as motor vehicles and household appliances like washing machines and clothes dryers this month, more expected to travel domestically, with many intending to fly to their destinations.

Households accumulated at least $2.5 trillion in excess savings during the pandemic, laying a strong foundation for consumer spending. Gross domestic product growth estimates for the third quarter are around a 5% annualized rate. The economy grew at a 6.6% pace in the second quarter.

The Conference Board survey also showed less enthusiasm among consumers for home purchases over the next six months amid higher house prices, which are sidelining some first-time buyers from the market.

Demand for housing soared early in the pandemic as Americans sought more spacious accommodations for home offices and home schooling, but supply severely lagged, fueling house price growth. COVID-19 vaccinations have allowed some employers to recall workers to offices. Schools and universities have reopened for in-person learning.

A separate report on Tuesday showed the S&P CoreLogic Case-Shiller national home price index jumped a record 18.6% in June from a year ago after rising 16.8% in May. Economists, however, believe that house price inflation has peaked, with homes becoming less affordable especially for first-time buyers.

"Some early data suggests that the buyer frenzy experienced this spring is tapering, though many buyers still remain in the market," said Selma Hepp, deputy chief economist at CoreLogic. "Nevertheless, less competition and more for-sale homes suggest we may be seeing the peak of home price acceleration. Going forward, home price growth may ease off but stay in the double digits through year-end."

Case Shiller

A third report from the Federal Housing Finance Agency (FHFA) showed its house price index rose a record 18.8% in the 12 months through June. House prices surged 17.4% in the second quarter compared to the same period in 2020. FHFA believes house prices peaked in June.

Reporting by Lucia Mutikani; Additional reporting by Evan Sully; Editing by Paul Simao and Andrea Ricci

Our Standards: The Thomson Reuters Trust Principles.

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Google pushes its mandatory return to office date into 2022 - The Verge

In an email to employees today, Google CEO Sundar Pichai said that even though “we are welcoming back tens of thousands of Googlers on a voluntary basis,” the company will extend its voluntary return to work policy until at least January 10th, 2022. After that date, the current plan is to have countries and locations make mandatory return to work decisions depending on local conditions.

The most recent plan shared publicly would’ve pushed Google employees back to the office at some point in September, but that won’t happen. Whenever its offices expect to have employees there in-person, Pichai reiterated that there would be a 30-day heads up first.

The letter didn’t directly cite the Delta variant, but waves of infection have again wrangled plans of several Big Tech companies as they consider when and how to have employees in offices again. In May, Pichai outlined a new hybrid schedule of three in-office days per week, but it will be several months before that is in play for many of Google’s employees.

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Elizabeth Holmes criminal fraud case starts today with jury selection - Yahoo Finance

Jury selection begins today in the criminal case against Theranos founder Elizabeth Holmes, who's accused of defrauding investors and patients through her once-hyped blood-testing startup.

Prosecutors and lawyers for Holmes will have to narrow a pool of nearly 200 prospective jurors to 12 who will decide her fate in a case that could potentially land her in federal prison for years. The dozen jurors and five alternates will sit for a closely watched trial expected to last as long as four months.

Jury selection has been a hotly contested matter in the run-up to the trial of Elizabeth Holmes, the subject of a new Yahoo Finance documentary "Valley of Hype."

Watch Yahoo Finance's new Elizabeth Holmes documentary here

Elizabeth Holmes, founder and former CEO of Theranos, leaves after motion hearing on Monday, November 4, 2019, at the U.S. District Court House inside Robert F. Peckham Federal Building in San Jose, California. (Photo by Yichuan Cao/NurPhoto via Getty Images)

Holmes’ defense attorneys have raised concerns of a media-tainted jury, given the intense coverage of her fall as one of Silicon Valley’s promising entrepreneurs. The judge overseeing the case has allowed the defense to ask jury pool members about their consumption of news from specific media outlets, as well as from specific journalists who closely covered Theranos’ demise.

The list names Wall Street Journal reporter, John Carreyrou, who in 2015 exposed that the blood-testing company couldn't run the breadth of diagnostic tests it promoted. That list also includes Carreyrou's 2018 book on the company, "Bad Blood," the HBO documentary "The Inventor," and ABC's podcast "The Dropout." 

Jurors will also be asked if they viewed a TED Talk by Theranos whistleblower Erika Cheung. The list also includes "Thicker than Water," an audio book by Tyler Shultz, another Theranos whistleblower whose grandfather, former Secretary of State George Shultz, sat on Theranos' board.

Twenty-nine jury pool members questioned before the pool was narrowed said they had consumed all or part of at least one of the works. Fifteen others indicated they had watched some or all of a program, but could not specifically identify which one. Twenty-seven said they had been exposed to other media related to Holmes.

Elizabeth Holmes, Founder and CEO of Theranos, speaks at the Clinton Global Initiative Annual Meeting, in New York City on September 29, 2015 (Photo by: Adam Jeffery/CNBC/NBCU via Getty Images)

Holmes, 37, once proclaimed the youngest female self-made billionaire, faces six counts of federal wire fraud against investors and four counts of wire fraud against patients, along with one count each of conspiracy to commit wire fraud against investors and patients.

In all, Holmes raised about $900 million for the diagnostics company. Prosecutors reference approximately $155 million in transactions in their charges that allege wire fraud against Theranos investors. Another $1.1 million is referenced in their charges alleging wire fraud against patients, based on advertisements that the company paid for to promote its tests.

A central question at trial will be whether Holmes and her ex-boyfriend and co-defendant, former Theranos president and COO, Ramesh "Sunny" Balwani, used Theranos to intentionally defraud private investors into backing the venture, and intentionally defraud patients into purchasing unreliable blood tests.

On Saturday, unsealed court documents showed Holmes may introduce expert testimony as to whether she was a victim of psychological and physical abuse in her relationship with Balwani, claims that Balwani has denied. According to the documents, Balwani’s alleged abuse included control over what she ate, how she dressed, and how long she slept, as well as monitoring her phone calls, texts, and emails, and throwing hard objects towards her.

Opening statements are scheduled for Sept. 8.

"Valley of Hype" is also streaming on YouTube

Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on Twitter @alexiskweed.

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Elizabeth Holmes criminal fraud case starts today with jury selection - Yahoo Finance
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Consumer Confidence Hits Six-Month Low in US - Bloomberg

U.S. consumer confidence dropped in August to a six-month low, suggesting concerns over the delta variant and elevated prices are weighing on Americans’ views of the economy now and in the coming months.  

The Conference Board’s index fell to 113.8 from a revised 125.1 reading in July, according to the group’s report Tuesday. Economists in a Bloomberg survey had called for a decline to 123.  

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Theranos founder Elizabeth Holmes' criminal trial begins - ABC News

Subscribe and listen to new episodes of the ABC Audio podcast, "The Dropout: Elizabeth Holmes on Trial" at the end of this article.

Jury selection for the trial of Theranos founder Elizabeth Holmes begins Tuesday in San Jose, California, following Holmes’s allegations of abuse against her former boyfriend and Theranos COO, Ramesh "Sunny" Balwani, that came out over the weekend.

Holmes is charged with wire fraud and conspiracy to commit wire fraud stemming from a "multi-million-dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients," according to the Northern District of California United States Attorney's Office.

The pair were originally charged together, but the trials were severed in January 2020 for a reason that was undisclosed until newly unsealed court documents revealed that Holmes alleged just seeing Balwani could trigger "debilitating PTSD symptoms." Her team has also signaled that Holmes will likely be testifying at the trial, which would be hindered if Balwani were present.

One filing states that Holmes and Balwani "had an abusive intimate-partner relationship" and that Balwani had "psychological" and "emotional" control over Holmes, creating a pattern of "abuse and coercive control."

The documents detail evidence that Holmes plans to introduce, including claims that Balwani controlled "what she ate, how she dressed, how much money she could spend, who she could interact with." They allege Balwani "monitored her calls, text messages and emails and was physically violent -- throwing hard, sharp objects at her, restricting her sleep and monitoring her movements."

"The defense made this argument that Elizabeth has suffered so greatly at the hands of Balwani ... and that therefore she couldn't even maintain her composure physically at the trial. That's a pretty devastating allegation to me," criminal defense attorney Caroline Polisi told ABC News’ Rebecca Jarvis on "The Dropout: Elizabeth Holmes on Trial."

ABC News reached out to Balwani and his counsel, but requests for comment were not returned.

Former Theranos CEO Elizabeth Holmes leaves after a hearing at a federal court in San Jose, CaliF., July 17, 2019.

Back in December of 2019, Holmes's team shared that they intended to introduce expert evidence from clinical psychologist Dr. Mindy Mechanic, who specializes in the psychological consequences of violence against women. Her testimony will concern the alleged abuse Holmes claims to have suffered at the hands of Balwani. Court documents show that Mechanic evaluated Holmes for 14 hours and interviewed her parents and brother.

Balwani’s lawyer Jeffrey Coopersmith has called Holmes’s allegations "salacious and inflammatory." He said the claims are "deeply offensive to Mr. Balwani, devastating personally to him." Balwani denies all allegations of abuse.

One former Theranos employee told ABC News he finds the allegations hard to believe given what he witnessed at the company. "Did I see any of the alleged abuse toward Elizabeth? No. In fact he seemed to defer to her in public," said Kevin Hunter. "And remember, when push came to shove, she fired him."

Hunter, a lab consultant who worked with Walgreens to vet Theranos technology, also said it seemed clear to him that Holmes was in charge.

"Sunny [Balwani] was a distant second ... she came up with the plans and the strategies and he helped execute them. He was the bad guy, but she ran the meetings. He rarely participated unless it had something to do with IT. ... It was clearly the Elizabeth show. There's no question about it," Hunter told Jarvis on "The Dropout: Elizabeth Holmes on Trial."

Legal experts say that the prosecution will be able to introduce evidence of Holmes’s behavior before Balwani joined the company and after leaving Theranos.

"They are really going to have to make an effort not to be perceived as victim blaming," Polisi said, adding that the prosecution needs to acknowledge the alleged abuse inflicted on Holmes, "while simultaneously really maintaining their argument that it did not negate her state of mind, that she still knew that she was misleading investors."

Elizabeth Holmes, founder and former chief executive officer of Theranos Inc., right, arrives at U.S. federal court in San Jose, Calif., May 6, 2021.

Holmes’s defense team fought to keep the documents sealed until after a jury was selected because of the anticipated media coverage, but the judge presiding over the case, United States District Judge Edward Davila, ultimately ruled it appropriate to unseal ahead of jury selection.

Approximately 200 potential jurors have filled out jury questionnaires from both the prosecution and the defense prior to selection. Both sides must agree on 12 jurors and five alternates.

Davila heavily edited the questionnaire originally proposed by the defense, cutting it nearly in half from 45 pages to 28 pages, according to court filings. Many of Davila’s changes were related to the specificity with which the defense was asking potential jurors about their media habits, court filings said.

For example, the defense originally presented potential jurors with a list of 46 different periodicals and magazines, which the judge removed.

"Rather than give them a list, I’ve taken and asked them to take the affirmative duty to inform us, what do you read? What do you watch? What do you listen to?" Davila explained in a pre-trial hearing in June.

Despite initial fears from Holmes' defense team regarding the ability to find unbiased jurors due to the extensive media coverage of Holmes, more than half of the prospective jurors who have filled out questionnaires said they have never heard of Holmes, according to the government during a pre-trial hearing.

Potential jurors will be ushered in 50 at a time, and voir dire or jury examination will be held in three separate sessions.

Theranos founder Elizabeth Holmes, eight months pregnant, enters a pretrial conference in San Jose, Calif., on June 15, 2021.

"Jury selection really is one of the most, if not the most, important parts of the trial, because it only takes one juror to get that hung jury or get a not guilty verdict," Polisi said.

"They [the defense] don't want to let anybody in who may harbor feelings of resentment or ill will toward Elizabeth Holmes just based on reporting that they've read," she said. "Their ideal person, perhaps is somebody who either A. doesn't know much about this story, which is going to be hard to find, or B, actually feels some sense of fondness towards Elizabeth Holmes or has something in common."

Many potential jurors have already been dismissed because of the amount of information they’ve consumed about Holmes. Her rise and fall captivated the country. She was the Stanford dropout who claimed to have created revolutionary blood testing technology that was poised to change the future of health care. Her company, Theranos, was once valued at nearly $10 billion, which, at the time, made her the youngest self-made female billionaire. She graced the covers of magazines, spoke at conferences and appeared on most major news outlets. But Holmes faced a massive fall from grace when insiders within the company exposed that the technology didn’t work.

It’s been more than three years since Holmes was charged with multiple counts of fraud, which could send her to prison for decades if convicted. Throughout it all, she has maintained her innocence and seemingly has been living life to the fullest.

She is married to hotel heir William "Billy" Evans, and the pair welcomed their first child, William Holmes Evans, on July 10. The announcement of her pregnancy during a pretrial hearing in March delayed her trial, which was previously delayed due to the pandemic, for the fourth time.

But now, 1,266 days since being charged, Holmes is going to trial.

Holmes and her counsel did not respond to ABC News' repeated requests for comment.

Listen to new episodes of "The Dropout: Elizabeth Holmes on Trial" HERE.

New episodes of “The Dropout” are available for free on Apple Podcasts, Spotify, Amazon Music, or wherever you listen to podcasts. Click here to find the show on your favorite app.

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Theranos founder Elizabeth Holmes' criminal trial begins - ABC News
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