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Killing of insurance CEO reveals simmering anger at US health system

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The “brazen and targeted” killing of health insurance executive Brian Thompson, CEO of UnitedHealthcare, outside a New York hotel this week shocked America. The reaction to the crime also exposed a simmering rage against a trillion-dollar industry.
“Prior authorisation” does not seem like a phrase that would generate much passion.
But on a hot day this past July, more than 100 people gathered outside the Minnesota headquarters of UnitedHealthcare to protest against the insurance firm’s policies and denial of patient claims.
“Prior authorisation” allows companies to review suggested treatments before agreeing to pay for them.
Eleven people were arrested for blocking a road during the protest.
Police records indicate they came from around the country, including Maine, New York, Texas and West Virginia, to the rally organised by the People’s Action Institute.
Unai Montes-Irueste, media strategy director of the Chicago-based advocacy group, said those protesting had personal experience with denied claims and other problems with the healthcare system.
What we know about NYC killing of healthcare executive
Who was Brian Thompson?
“They are denied care, then they have to go through an appeals process that’s incredibly difficult to win,” he told the BBC.
The latent anger felt by many Americans at the healthcare system – a dizzying array of providers, for profit and not-for-profit companies, insurance giants, and government programmes – burst into the open following the apparent targeted killing of Thompson in New York City on Wednesday.
Thompson was the CEO of UnitedHealthcare, the insurance unit of health services provider UnitedHealth Group. The company is the largest insurer in the US.
Police are still on the hunt for the suspected killer, whose motivation is unknown, but authorities have revealed messages written on shell casings found at the scene.
The words “deny”, “defend”, and “depose” were discovered on the casings, which investigators believe could refer to tactics which critics say insurance companies use to avoid payouts and to increase profits.

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A billion laser points helped bring Notre Dame back to life

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After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.

The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.

“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”

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Inflation was the cause, not the result, of the ‘hot’ labor market, research shows

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Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.

The Great Resignation was in full swing.

That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.

But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.

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The Container Store files for bankruptcy

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The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.

The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.

The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.

“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”

Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.

The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.

The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.

The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.

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