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Burden on NBA to find wrongdoing by Clippers, Kawhi Leonard

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NEW YORK — It will be up to the NBA to prove wrongdoing during its investigation of potential salary cap circumvention by the LA Clippers, owner Steve Ballmer and star Kawhi Leonard, league commissioner Adam Silver said Wednesday.

“The burden is on the league if we’re going to discipline a team, an owner, a player or any constituent members of the league,” Silver said during his annual news conference at the conclusion of the league’s board of governors meetings in midtown Manhattan. “I think as with any process that requires a fundamental sense of fairness, the burden should be on the party that is, in essence, bringing those charges.”

Silver said the league needs to look “at the totality of the evidence” rather than just “mere appearance.”

“Just by the way those words read, I think as a matter of fundamental fairness, I would be reluctant to act if there was sort of a mere appearance of impropriety. … I think that the goal of a full investigation is to find out if there really was impropriety. Also, in a public-facing sport, the public at times reaches conclusions that later turn out to be completely false. I’d want anybody else in the situation Mr. Ballmer is in now, or Kawhi Leonard for that matter, to be treated the same way I would want to be treated if people were making allegations against me.”

The league has already begun an investigation into whether Ballmer and the Clippers violated league rules because Leonard accepted a $28 million endorsement for a “no-show job” from Aspiration, a now-bankrupt green banking company in which Ballmer had invested.

The allegations first came out last week when an unnamed employee who purportedly worked for Aspiration told podcaster Pablo Torre that the payment to Leonard “was to circumvent the salary cap.”

Sources told ESPN that while there will be a thorough investigation of the matter by New York-based law firm Wachtell, Lipton, Rosen & Katz, there is no set deadline to find a conclusion.

There has been a healthy amount of debate about whether any decision by Silver — who reaffirmed Wednesday that he has “very broad powers in these situations” — would be dictated by whether the Clippers would have to prove their innocence, or whether the burden of proof was instead on the NBA to find wrongdoing.

Silver made it clear it will be the latter.

“I’ve been around the league long enough in different permutations of allegations and accusations that I’m a big believer in due process and fairness, and we need to now let the investigation run its course,” Silver said.

Silver also said that’s the opinion of Ballmer’s fellow owners.

“At least what’s being said to me is a reservation of judgment,” Silver said. “I think people recognize that that’s what you have a league office for. That’s what you have a commissioner for — someone who is independent of the teams. On one hand, of course, I work collectively for the 30 governors, but I have an independent obligation to be the steward of the brand and the integrity of this league.

“At least what those governors have said directly to me. To the extent we have had discussions [with the board of governors] — they’ve been limited — we communicated to them that we engaged Wachtell to do this investigation. And maybe I cut off any further conversations and said, ‘Let’s all withhold judgment, let’s do this investigation and then we will come back to you in terms of our findings.'”

Silver also hit upon a few other league topics:

ALL-STAR GAME FORMAT: Silver said the goal is to have the new All-Star Game format in place by the start of the regular season. He did confirm it will be shifting to a three-team format featuring 16 American players and eight international players at February’s All-Star Game in Los Angeles.

Silver said it is a priority to get the players engaged in the league’s marquee event.

“I think in the case of the NBA, this is what I’m trying to convey, particularly to younger players, is that All-Star is a big deal,” Silver said. “There’s been great traditions out there. People have great memories of these All-Star Games. It’s part of the fabric of this league, the excitement that comes from it and the engagement from our players.”

EUROPEAN LEAGUE: Silver said that discussions about the various things that will go into potentially creating an NBA-run league in Europe continue and that many different parts of the league office are involved in those talks.

Silver said he and deputy commissioner Mark Tatum traveled to Europe to meet with different stakeholders this summer. Silver also said discussions with the EuroLeague, the biggest league in Europe today, remain ongoing after his news conference earlier this year with FIBA secretary general Andreas Zagklis — who has openly feuded with the EuroLeague in the past.

Silver went on to say that the impression that the NBA is putting domestic expansion ahead of creating a European league is “not the case.”

“I see them as completely different entities,” Silver said, adding that there was no new news to report on the topic, though it again came up at the board meeting.

“Part of the difficulty in potentially assessing it is a sense of long-term value of the league, and a little bit maybe it’s a high-class problem, but as with some of the recent jumps in franchise valuations, that sort of creates some confusion in the marketplace about how you might even price an expansion franchise,” he said.

“I’ll only say it’s something that we continue to actively look at.”

BEASLEY INVESTIGATION: Silver declined to say whether there are any limitations on Malik Beasley‘s availability while the NBA conducts its own investigation into gambling allegations against the free agent guard.

“I’ll only say there that the investigation is ongoing,” Silver said. “As I understand it, there’s still a federal investigation that’s ongoing of Malik Beasley as well. We will address whatever is presented to us in his case.”

Merck scraps £1bn expansion in the UK over lack of state investment

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Faarea Masud, Rachel Clun and Simon JackBusiness reporters

Getty Images Blue gloved hands in a lab picking up vials of clear liquidGetty Images

US pharmaceutical giant Merck is scrapping the planned £1bn expansion of its UK operations, saying the government is not investing enough in the sector.

The multi-national business, known as MSD in Europe, said it would move its life sciences research to the US and cut more than 100 UK jobs, blaming successive governments for undervaluing innovative medicines.

A spokesperson for the government defended its investments in science and research, but acknowledged there was “more work to do”.

Pharmaceutical companies have been refocusing on American investments following pressure from US President Donald Trump, including threats of sky-high tariffs on drug imports.

MSD had already begun construction on its site in London’s King’s Cross which was due to be completed by 2027, but said it no longer planned to occupy it.

The company will also vacate its laboratories in the London Bioscience Innovation Centre and the Francis Crick Institute by the end of the year, which will lead to 125 job losses.

A spokesperson for the drug company said the decision “reflects the challenges of the UK not making meaningful progress towards addressing the lack of investment in the life science industry and the overall undervaluation of innovative medicines and vaccines by successive UK governments”.

Richard Torbett, chief executive of the Association of the British Pharmaceutical Industry, said the decision was “an incredible blow”.

“We’ve really got to see it as a wake up call to try and understand what is driving companies to make these difficult decisions and what can we do to turn that round,” he told the BBC’s Wake Up To Money programme.

“The lack of competitiveness of the UK is the big thing that’s driven the decision,” he added.

“We’ve got great strengths in this country – we’ve got fantastic academic institutions, good infrastructure, amazing medical research charities – but we’ve got systematic under-investment in the products that come out of the end of innovation.”

MSD is the latest pharmaceutical company to abandon or reduce investment plans in the UK.

In January, AstraZeneca walked away from plans to invest £450m in expanding a vaccine manufacturing plant in Merseyside earlier this year, blaming reduced government support.

The UK boss of another pharmaceutical giant warned last month that NHS patients would lose access to cutting-edged treatments because Britain was “largely uninvestable”.

Norvartis’s Johan Kahlstrom said the company had “already been unable to launch several medicines” in the country due to the “declining competitiveness” of the UK market.

Industry sources told the BBC the industry had been attracting major funding in the hub around Kings Cross focused on the intersection between life sciences and AI.

They pushed back on claims that the decision was linked to ongoing negotiations over drug prices, in which industry has been lobbying hard for the NHS to approve more and pay more for medicines.

The current pricing regime was set and agreed to by drug companies in 2023 – less than 18 months ago.

Since then, drug companies have come under pressure from the Trump administration to lower drug prices for US customers and to invest more in the US – affecting their ability to invest elsewhere.

In an August interview with CNBC, Trump suggested that tariffs on pharmaceuticals imported to the US could reach up to 250%.

The threat followed an executive order signed by the president in May aimed at reducing drug prices for American consumers.

Dr David Roblin, chief executive of London-based biotechnology company Relation Therapeutics, told the BBC that the fundamentals that drove MSD to invest in the UK in the first place had not changed.

“The academic environment in the UK continues to produce innovative ideas and people to run with those ideas, which attracts foreign investment,” he said.

“The environment to do research is still outstanding: we’ve got great academics, the NHS does provide a research platform, for example the UK Biobank is proving to be a real attractor for companies like mine,” he said.

What has changed, Dr Roblin said, was the political landscape in the US which big pharma has to respond to, “because the US remains the largest market for pharmaceuticals on earth,” he added.

A spokesperson for the Department of Industry, Science and Technology said: “The UK has become the most attractive place to invest in the world, but we know there is more work to do.

“We recognise that this will be concerning news for MSD employees and the government stands ready to support those affected.”

Trump calls conservative activist Charlie Kirk a ‘martyr for truth and freedom’

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President Trump on Wednesday night said that he was “filled with grief and anger” at the fatal shooting of conservative activist Charlie Kirk at a Utah college campus, and called Kirk a “martyr for truth and freedom.”

Trump, in a Wednesday night video posted online, also vowed to “find each and every one of those who contributed to this atrocity and to other political violence.”

“He fought for liberty, democracy, justice, and the American people,” Trump said in the video. “He’s a martyr for truth and freedom, and there’s never been anyone who was so respected by youth. Charlie was also a man of deep, deep faith. And we take comfort in the knowledge that he is now at peace with God in heaven.”

Kirk, the 31-year-old co-founder of Turning Point USA, was struck by a gunshot to the neck during a Wednesday appearance at Utah Valley University, according to video footage from the event. Kirk appeared to be targeted in the attack; police said only a single shot was fired.

A “person of interest” is in custody, Utah Gov. Spencer Cox (R) said at a press conference. FBI Director Kash Patel later said a “subject” was released after questioning.

Trump announced the death of one of his biggest allies on social media earlier in the day.

In his Wednesday night video message, Trump said his prayers were with Kirk’s wife, Erica, his two young children, and his entire family, adding that it was a “dark moment for America.”

Trump called out the dangers of political disagreements, while also blaming the “radical left” for the “rhetoric that is directly responsible for the terrorism that we’re seeing in our country today.”

“It’s a long past time for all Americans and the media to confront the fact that violence and murder are the tragic consequences of demonizing those with whom you disagree day after day, year after year, in the most hateful and despicable way possible,” Trump said.

Lawmakers from both sides of the aisle and right-wing pundits mourned Kirk and condemned the political violence. And shouting broke out on the House floor after Speaker Mike Johnson (R-La.) held a moment of prayer.

The assassination of the conservative activist sent a shockwave through the American conservative movement, with Kirk’s sudden and public death eliciting emotional reactions from some of the country’s most prominent figures on the right. 

“An assassin tried to silence him with a bullet, but he failed, because, together, we will ensure that his voice, his message, and his legacy will live on for countless generations to come,” Trump said in his video message. “Today, because of this heinous act, Charlie’s voice has become bigger and grander than ever before. And it’s not even close.”

US consumer finances stay robust even as jobs data cloud economic outlook, bankers say

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NEW YORK (Reuters) -U.S. consumers remain in good financial health and there are little signs of credit quality deterioration, according to the nation’s top banking executives, despite data showing the job market is cooling off.

Leaders from Bank of America, Citigroup and Wells Fargo told investors this week that consumers were continuing to spend money and mostly pay their debts on time.

“Despite what you may read in terms of softening, we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer side,” Wells Fargo CFO Mike Santomassimo told investors at a conference on Tuesday.

Citigroup’s CFO Mark Mason said consumer spending is up and delinquencies, especially on the credit card portfolio, are under control.

“On the consumer side, we continue to see spend up particularly in our branded card portfolio,” he said. “We aren’t seeing any abnormal signs around delinquencies with our card customers.”

Even mid-sized banks reported strong credit quality for consumers.

“We still see credit quality as being quite strong, said Brantley Standridge, Senior Vice President, Consumer and Regional Banking at Huntington.

“A number of our consumer-focused businesses like our auto finance business have had very strong summer months. We also see payments data that would say that our payments activity through debit has slowed slightly but is still looking very good.”

The comments came a day after Bank of America’s Chief Financial Officer Alastair Borthwick said at the same conference that consumer finances remain healthy as credit card spending accelerates and fewer borrowers have longer-term delinquencies.

“The consumer at this point appears to be … resilient, doing well and in a good position, and that’s reflected in our asset quality numbers,” he said.

BofA’s consumer net charge-offs of $1.1 billion decreased $60 million in the second quarter versus the first quarter, driven by lower credit card losses.

Banks will start reporting their third-quarter earnings in October.

The optimistic forecasts from bankers came as latest data showed the U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, suggesting job growth was already stalling before President Donald Trump‘s aggressive import tariffs.

Americans grew notably less sanguine about the job market in August amid a notable rise in concerns about the ability to get new employment in the event of a job loss, New York Federal Reserve’s Survey of Consumer Expectations showed.

Keely Hodgkinson eyes world gold after ‘most challenging year’

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To that extent, Hodgkinson views everything which could follow as a bonus.

The challenges of the past year have provided a sense of freedom rarely granted to Olympic champions – and which she is unlikely to have felt since her most recent visit to Tokyo thrust her into the spotlight.

She has taken the opportunity to rebuild solid foundations, with her increased strength reflected in personal bests in the gym, and says she has emerged as determined as ever.

Hodgkinson is expected to meet M11 Track Club training partner Georgia Hunter Bell in the 800m final on 21 September, following the Olympic 1500m bronze medallist’s decision to switch events after running the third-fastest time this season.

“We’re really hoping for some big things out there. It would be amazing for the M11 group if we could do a one-two, and I definitely think we’re capable of doing that,” Hodgkinson said.

“This year has definitely given me a sense of slowing down and enjoying the process, being grateful that I can run and, when I can, [making sure] I’m going to enjoy everything, give it everything and probably complain a bit less,” she joked.

“I just want to enjoy it, because there was definitely a period of time that I didn’t think I was going to be here.”

House passes defense policy bill with proposal to repeal AUMF

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Related video: Poland Airspace Violation Sparks NATO FRENZY Toward Russia – 12:30 Report

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