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President Donald Trump was geared up for a show of federal force in San Francisco, a city he’s blasted as everything wrong with liberal governance. Then conversations with some of the Bay Area’s most prominent tech leaders and the mayor changed his mind.“I got a great call from some incredible people, some friends of mine, very successful people,” Trump told reporters Thursday at the White House, specifically referencing Jensen Huang, the CEO of Nvidia, one of the world’s most valuable tech companies, and Marc Benioff, CEO of software company Salesforce.He said they told him San Francisco was working hard to reduce crime. “So we are holding off that surge, everybody. And we’re going to let them see if they can do it,” Trump said. He said he could change his mind if it “doesn’t work out.”Trump said the increased federal force had been planned for Saturday. He didn’t specify whether he was just referring to National Guard troops, which he had threatened to send in, or if he would also halt a potential ramp up of immigration enforcement. U.S. Customs and Border Protection agents arrived at a U.S. Coast Guard base near the city on Thursday morning, drawing protesters. A careful approach to Trump Outreach from billionaire CEOs clearly had a hand in the rare reprieve Trump handed a Democrat-led city. But Trump also credited Mayor Daniel Lurie, who has worked to avoid direct confrontation with the Republican president since both took office in January. Lurie has governed as an earnest and relentless cheerleader of San Francisco, and repeatedly refused to weigh in on national politics or to mention Trump’s name.Instead, he’s focused on local issues public safety, luring back business and reversing the city’s pandemic-fueled decline. When Trump said repeatedly earlier this week that he’d send the National Guard into San Francisco to quell crime, Lurie noted overall crime is down 26% compared to last year and car break-ins are at a 22-year low.“I told the mayor, I love what you’re doing, I respect it, and I respect the people that are doing it,” Trump said, referencing a phone call the two had Wednesday.An heir to the Levi Strauss fortune and anti-poverty philanthropist, Lurie is a centrist Democrat who had never held office until he ousted then-Mayor London Breed in last November’s election. He has stated no other political aspirations than to improve the city and has said that he will work with anyone who wants to do the same.“I told him the same thing I told our residents,” Lurie said at a Thursday afternoon news conference to address his call with the president. “San Francisco is on the rise. Visitors are coming back, buildings are getting leased and purchased, and workers are coming back to the office.”Lurie said he told Trump that he welcomes the city’s “continued partnership” with the Drug Enforcement Agency and other federal authorities to get illegal narcotics off the streets and contribute to San Francisco’s falling crime rates. Fentanyl has been a major scourge on the city’s streets.“But having the military and militarized immigration enforcement in our city will hinder our recovery,” Lurie said. City reacts with praise and skepticism Former U.S. House Speaker Nancy Pelosi, a San Francisco Democrat, praised Lurie on social media, saying that he “has demonstrated exceptional leadership.” Steve Kerr, Golden State Warriors head coach, called him an “absolute superstar” responsible for the good things happening in San Francisco.The office of California Gov. Gavin Newsom, a former San Francisco mayor, said on X that, “Trump, has finally, for once, listened to reason.” Newsom, for his part, has repeatedly sparred with Trump, particularly after Trump deployed the California National Guard to Los Angeles against Newsom’s wishes.But others are skeptical that Trump will keep his word. Indeed, Trump said he was giving Lurie “a chance” to turn things around and said the federal government could “take criminals out” much faster.“We cannot trust Trump,” said San Francisco Supervisor Connie Chan, a progressive who runs politically left of Lurie but has a good working relationship with the mayor.San Francisco Supervisor Jackie Fielder, who is also more politically liberal than Lurie, said in a statement that she disagrees with Lurie’s desire to coordinate more with federal law enforcement, saying that “is a dangerous invitation to a fascist administration.” CEOs make an appeal Trump said he received “four or five calls” from business leaders urging him not to send federal force and to let city leaders continue to work on reducing crime.“They’re the biggest people in the world, a lot of the high tech,” he said at the White House. “They want to do it. And I said, ‘I am so honored to let you do it. And if it doesn’t work out, we’ll do it for you very quickly.'”Benioff of Salesforce, who also owns Time magazine, told the New York Times earlier this month that he’d welcome Guard troops to help quell crime ahead of his major annual business conference. He quickly face backlash and then apologized, saying the troops weren’t needed. He confirmed to The Associated Press that he spoke to Trump but did not provide more details. Nvidia declined to comment.In announcing his decision to back off a surge, Trump did not mention other cities in the Bay Area, including Oakland, where he has also threatened to send in federal troops.Some other Democrats who have also taken a less combative approach to Trump have avoided his focus as he deploys Guard troops around the country. He has not, for example, focused on Detroit despite criticism of the city. Michigan Gov. Gretchen Whitmer has tried to engage with Trump including with White House visits. Associated Press journalist Mike Liedtke contributed. Janie Har, Associated Press
Category:
E-Commerce
The stunning indictment that led to the arrest of more than 30 people, including Miami Heat guard Terry Rozier and other NBA figures, on charges of illegal sports betting has drawn new scrutiny of the booming business of professional sports gambling across the U.S.Since widespread legalization, the multibillion-dollar industry has made it easy to place wagers on everything from the outcome of games to that of a single play with just a few taps of a cellphone. It’s just about impossible to go to a basketball, football, baseball or other pro game today or watch a matchup on TV without seeing ads for sports betting.Fans can place wagers from their stadium seats, while “Bet” tickers scroll on TV sports broadcasts. Star athletes are frequently at the center of ads promoting it all.In Thursday’s indictment, federal investigators accused Rozier and other defendants of breaking the law by exploiting private information about players to win bets on NBA games. Rozier’s lawyer, Jim Trusty, said in a statement that his client is “not a gambler” and “looks forward to winning this fight.”A separate indictment alleges Portland Trail Blazers coach Chauncey Billups and others participated in a conspiracy to fix high-stakes card games. Billups’ attorney, Chris Heywood, issued a statement denying the allegations, calling his client a “man of integrity.”Regulating sports wagering has proven to be a challenge and experts warn about the ramifications for gamblers who typically lose money. Professional leagues’ own role in promoting gambling has raised eyebrows. Here’s what we know. Explosion of legalized sports betting Sports betting is probably as old as sports itself. But in the U.S., legal gambling really took off in 2018.That’s when the Supreme Court struck down the Professional Amateur Sports Protection Act, which barred sports betting in most states. Once allowed only in Nevada, sports betting is now permitted online or in retail locations in 38 states and Washington, D.C. Missouri will become the 39th state on Dec. 1.Experts say the biggest jump has been online, through smartphone apps and platforms like DraftKings and FanDuel. Through the third quarter of this year, legal sports betting generated $10 billion in revenue, up about 19% from the same period a year ago, according to the American Gaming Association.The industry argues that legal wagering generates money for states and can deter illegal betting. Major operators point to technology they use to monitor suspicious activity. FanDuel said Thursday’s news illustrates “the stark contrast between legal and illegal betting markets.” Who benefits? There is plenty of money on the table both for those who place winning bets and the platforms that make it possible. The NBA and other pro sports leagues have also created revenue streams by partnering with sportsbooks and reaping advertising dollars.Live game stats provided by leagues are key to the sports world’s relationship with the gambling industry. When you’re able to bet what the next pitch in a baseball game is going to be, that’s because Major League Baseball is selling data to platforms “for a pretty high price,” according to Isaac Rose-Berman, whose research focuses on sports betting as a fellow at the American Institute for Boys and Men.The NBA has a partnership with Sportradar for its data rights. Sportradar, in turn, provides FanDuel Sportsbook official NBA statistics. When the deal was announced in 2022, Sportradar touted it as a way “to monetize our long-term partnership with the NBA.” How is sports betting regulated? Each state has its own regulations and tax rates for sports betting. A handful restrict where you can place bets allowing users to use mobile apps, but only while they’re physically inside a casino or within a certain radius of a stadium, for example. Others limit which betting platforms you can use or what you can bet on.“States sort of opened up a can of worms, and now some of them are starting to realize just how crazy this sports betting world sort is,” said Wayne Taylor, a professor of marketing at Southern Methodist University.An even stickier factor is when players and other team or league personnel are involved. The NFL, NBA, MLB and NHL all prohibit employees and players from betting on their own league games, although some gambling in separate areas is allowed.Legalized betting has certain security advantages in that unusual betting patterns such as large bets being placed on a random player’s performance can be immediately flagged. In some cases, sportsbooks have taken down odds on certain events to protect against manipulation.Still, experts like Taylor note that companies’ own financial interests may bring some of that into question. And across the sports market, he says the large number of players and scope of micro bet possibilities makes potential manipulation “easier to hide.” What is prop betting? A prop is a type of wager that allows gamblers to bet on whether a player will exceed a certain statistical number, such as whether a basketball player will finish over or under a certain total of points, rebounds, assists and more.This kind of bet is key to the sports betting probe announced Thursday. Investigators pointed to a March 23, 2023, game involving Rozier, then playing for the Charlotte Hornets.Rozier played the first 9 minutes and 36 seconds of that game and not only did he not return that night, citing a foot issue, but he did not play again that season. He finished with five points, four rebounds and two assists a productive opening quarter, but well below his usual total output for a full game. At the time, many bettors turned to social media to say that something shady occurred regarding prop bets involving his stats for that night.More broadly, the NBA has expressed concern about prop bets, while other sports leagues have worried about the potential for manipulation.Earlier this year, Ohio Gov. Mike DeWine urged his state’s gambling commission to ban prop bets after Major League Baseball placed two Cleveland Guardians pitchers on leave during a sports betting investigation. What are other pitfalls and social implications? Sports betting also faces criticism for opening the door to addictive gambling.“The fact that it’s normalized, the advertising is aggressive, it’s available 24/7, the micro bets all of this is adding up to tremendous increase in usage across individuals,” said Taylor, citing algorithms and other incentives betting platforms use to increase engagement.Rose-Berman notes that platforms make the most off of returning “biggest losers.” Recent research suggests that young men in low-income communities are particularly affected by financil consequences tied to sports gambling.“Upwards of 90% of sports bettors are not really going to experience significant negative impacts but it’s really concentrated among those big losers and it’s going to be devastating for them,” he said. Associated Press reporters Tim Reynolds in Miami, David Lieb in Jefferson City, Missouri, and Alan Suderman in Richmond, Virginia, contributed to this report. Wyatte Grantham-Philips, AP Business Writer
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E-Commerce
Kering released its third-quarter 2025 financial results on Thursday, showing it reduced the slump it had seen in the previous quarter. The French luxury goods house, which owns brands like Balenciaga, Gucci, and Yves Saint Laurent, reported 3.42 billion euros ($3.97 billion) in group revenue, down 5% year-over-year (YOY) compared to a 15% drop in quarter-two. It also beat Wall Streets estimate of a 9.6% decline, according to consensus estimates cited by Reuters. Kering attributed the reduced revenue YOY, in part, to a negative currency effect of 5%. Luxury is in a lull As a whole, luxury brands have struggled in recent years, with blame boomeranging between factors like changing desires among young consumers, a domino effect from the COVID-19 pandemic, and a downturn in Chinaone of luxurys biggest markets. At Kering, Gucci, specifically, was still in a lull, though it saw an improvement over quarter twos 25% drop. The brand just beat its predicted revenue of 1.32 billion euros ($1.53 billion), with 1.34 billion euros ($1.56 billion) and a 14% decline YOY, according to consensus estimates cited by CNBC. Fashion designer Demna took over as Guccis artistic director in July after a decade in the same role at Balenciaga. Yves Saint Laurent had a 4% decrease in revenue YOY, while other parts of the business saw an uptick in YOY revenue: Bottega Veneta is up 3% and Kering Eyewear is up 7%. The new boss is not especially happy with the results Kerings third-quarter performance, while representing a clear sequential improvement, remains far below that of the market, Kering CEO Luca de Meo said in a statement. This reinforces my determination to work on all dimensions of the business to return our Houses and the Group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions. De Meo, previously the chief executive of automotive giant Renault, took the helm at Kering on September 15, most of the way through quarter three. Former CEO François-Henri Pinault stayed on as chairman of the board of directors. Kerings shares (EPA: KER) were up 8.7% at close on Thursdaya high for 2025before falling over 4% during trading on Friday. The earnings report comes only a few days after Kering announced the all-cash sale of its beauty division to LOreal for 4 billion euros ($4.6 billion). That deal is expected to close in the first half of 2026 and gives LOreal ownership over the House of Creed high-end fragrance company and licenses for brands including Balenciaga, Bottega Veneta, and Gucci. Kering will receive royalty payments from LOreal. The latter has owned the beauty license for Kerings Yves Saint Laurent, since 2008.
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E-Commerce
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