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Americans will lose full Social Security benefits in 11 years, according to the program's trustees — a year later than expected 2024-05-06 20:30:46+00:00 - Full Social Security benefits are expected to run out in 2035, per the program's trustees. That's a year later than expected, and at that point, 83% of the benefits will be available. Still, the uncertain fate of the program worries retirees who rely on Social Security. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement As more Americans fear being unprepared for retirement — and rely solely on Social Security — those full benefits might not be long-lived. The latest Social Security and Medicare Board of Trustees report found that the program will only be able to pay out full benefits for the next 11 years or so. That's later than the most recent estimates. "There's a little bit more breathing room, but not enough to alter the conclusion, which is Congress must act," William Arnone, the CEO of the non-partisan National Academy of Social Insurance, told BI. According to the report, the Old-Age and Survivors Insurance Trust Fund — one of the key funds comprising Social Security benefits — will be able to pay out full benefits through 2033. When taken together with Disability Insurance Fund, benefits will start becoming "depleted" in 2035 if Congress does not act. Advertisement That doesn't mean that Social Security benefits will completely dry up by 2035. Instead, the Trustees estimate that beginning that year, 83% of benefits will be available. "This year's report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50 percent of seniors for whom Social Security is the difference between poverty and living in dignity -- any potential benefit reduction event has been pushed off from 2034 to 2035," Martin O'Malley, Commissioner of Social Security, said in a statement. The report credited a strong economy for the extra time. Related stories "More people are contributing to Social Security, thanks to strong economic policies that have yielded impressive wage growth, historic job creation, and a steady, low unemployment rate. So long as Americans across our country continue to work, Social Security can — and will — continue to pay benefits," he said. Advertisement Still, the uncertain fate of Social Security has worried many Americans, particularly the ones who are close to retirement, who fear changes to the program could put their financial security at risk. For example, one 63-year-old previously told BI that "everybody my age is a little worried right now" given the looming retirement crisis that Social Security won't solve. "It's simple math," she said. "You're talking about retiring, needing about $4,000 a month, at least, just to cover expenses. Just Social Security isn't going to cover that." There's a growing need for federal benefits to be bolstered. According to the Census Bureau's Population Survey, just over half of Americans over the age of 65 make $30,000 or less annually. Meanwhile, among the income that typical retirees do receive, just under 80% see income from Social Security. The latest estimates on Social Security also come as the US economy braces for a "peak boomer" wave of new retirees. The Alliance for Lifetime Income's Retirement Income Institute found that over 30 million boomers are set to start reaching the retirement age of 65 this year. That's the biggest group of boomers retiring yet, and, per that analysis, many will end up having to rely on Social Security benefits to stay afloat. Advertisement Meanwhile, lawmakers on both sides of the aisle have vowed to protect Social Security. While some Democrats have accused Republican lawmakers of jeopardizing the program through proposals to raise the age at which Americans can receive federal benefits, Republican leaders have been adamant that they are not pushing forth any proposals that would cut the program. "We cannot be clearer: we WILL NOT adjust or delay retirement benefits for any senior in or near retirement," GOP Rep. Kevin Hern, head of the Republican Study Committee, wrote in the committee's budget proposal for 2025. Are you feeling financially unprepared for retirement, or worried about Social Security drying up? Contact these reporters at jkaplan@businessinsider.com and asheffey@businessinsider.com.

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’ 2024-05-06 20:30:25+00:00 - WASHINGTON (AP) — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year. Medicare is the federal government’s health insurance program that covers people age 65 and older and those with severe disabilities or illnesses. It covered more than 66 million people last year, with most being 65 and older. Once the fund’s reserves become depleted, Medicare would be able to cover only 89% of costs for patients’ hospital visits, hospice care and nursing home stays or home health care that follow hospital visits. Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034. Social Security would only be able to pay 83% of benefits. Social Security Administration Commissioner Martin O’Malley called the report “a measure of good news,” but told The Associated Press that “Congress still needs to act in order to avoid what is now forecast to be, in absence of their action, a 17% cut to people’s Social Security benefits.” About 71 million people — including retirees, disabled people and children — receive Social Security benefits. President Joe Biden responded to the report by saying that “as long as I am president, I will keep strengthening Social Security and Medicare,” adding that he wants high-income taxpayers “to pay their fair share” to bolster funding for the benefit programs. Lawmakers have for years kicked Social Security and Medicare’s troubling math to the next generation. Social Security benefits were last reformed roughly 40 years ago, when the federal government raised the eligibility age for the program from 65 to 67. The eligibility age has never changed for Medicare, with people eligible for the medical coverage when they turn 65. Congressional Budget Office report ing has stated that the biggest drivers of debt rising in relation to GDP are increasing interest costs and spending for Medicare and Social Security. An aging population drives those numbers. The new report projects that Medicare’s income will be higher than last year’s because the number of covered workers and average wages will be higher. The report also notes that expenses should drop. That’s due mostly to a policy change regarding how Medicare Advantage rates are accounted for and lower-than-expected spending for inpatient hospital and home health agency services. Medicare Advantage plans are a version of the federal program run by health insurers. A March 2023 poll by The Associated Press-NORC Center for Public Affairs Research shows that most U.S. adults are opposed to proposals that would cut into Medicare or Social Security benefits, and a majority support raising taxes on the nation’s highest earners to keep Medicare running as is. The future of Social Security and Medicare has become a top political talking point as President Joe Biden and Republican former President Donald Trump both campaign for reelection this year. Biden, a Democrat, has vowed to rebuff any Republican-led efforts to cut Medicare or Social Security benefits to brace for the shortfall. He’s pitched raising taxes on people making $400,000 or more a year, to shore up Medicare. He has not offered up a plan for Social Security, however. Trump, in an interview with CNBC in March, indicated he would be open to cuts to Social Security and Medicare. The former president said “there is a lot you can do in terms of entitlements, in terms of cutting.” Nancy Altman, president of Social Security Works, an advocacy group for the social insurance program, said Monday’s report shows that “Congress should take action sooner rather than later to ensure that Social Security can pay full benefits for generations to come.” AARP CEO Jo Ann Jenkins said “ the stakes are simply too high to do nothing.” Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said “the longer Congress delays reform, the more challenging the options become, and these programs are too important to continue to let them drift toward insolvency. There are many solutions available to strengthen Social Security and Medicare, and it’s critical that Congress provide greater certainty and stability for the future.” __ Murphy reported from Indianapolis.

Slain nurse’s husband sues health care company, alleging it ignored employees’ safety concerns 2024-05-06 20:18:52+00:00 - The husband of a Connecticut visiting nurse who was killed during an appointment with a convicted rapist filed a wrongful death lawsuit Monday, alleging her employer repeatedly ignored workers’ safety concerns about treating dangerous patients. Ronald Grayson sued Elara Caring, its affiliated companies and others over the killing of his wife, Joyce Grayson, a 63-year-old mother of six who was found dead in the basement of a halfway house in Willimantic on Oct. 28. She was strangled and suffered multiple blunt force injuries, authorities said. Elara Caring, based in Dallas, Texas, denies the allegations. “For years prior to October 28, 2023, employees of Elara Caring affiliates experienced multiple, repeated instances in which they were verbally, physically and sexually harassed, assaulted, attacked, yelled at, chased, threatened, punched, kicked, grabbed and brushed up against by mentally unstable and/or violent patients of Elara Caring,” according to the lawsuit, which seeks undisclosed damages. Instead of addressing nurses’ concerns, the lawsuit alleges, the company encouraged employees to focus on increasing profitability while nurses were “chastised, shamed and gaslit, led to believe that they were overreacting.” Staff were “required to treat patients who were dangerous, mentally unstable and, frequently, unsuitable for home health care services,” the lawsuit says. The suit, filed in Middletown Superior Court, also accuses the company of failing to implement a policy allowing escorts or other staff to accompany nurses when they visit potentially dangerous clients. “Joyce Grayson’s death was entirely preventable and those who failed to protect her from a violent offender should be held accountable,” said Kelly Reardon, a lawyer for Grayson’s family. Elara Caring called the allegations “unwarranted” in a statement released Monday. The company says it provides home care for more than 60,000 patients in 17 states. Joyce Grayson had an appointment to administer medication to Michael Reese that morning. Reese, who was on probation after serving 14 years in prison for stabbing and sexually assaulting a woman in 2006 in New Haven, is charged with murder and other crimes in the nurse’s death. His lawyers have not returned messages seeking comment. Elara repeated previous comments it made saying Connecticut officials determined Reese was not a danger to the community and were responsible for monitoring and managing his activities. “Elara Caring provided services only after Connecticut’s Department of Correction, Board of Pardons and Parole, and the Judicial branch determined it was safe to put Reese back into the community,” the statement said. “Joyce Grayson was a trusted friend, colleague, and mentor. We remain devastated and angered by her loss.” The killing spurred a call for greater protections for home health care workers in Connecticut and across the country. Connecticut lawmakers are now considering a bill that would improve safety for health care workers. Grayson’s family is also asking for permission to sue the state Judicial Branch, which oversees probation, and the Department of Correction for $25 million in connection with their oversight of Reese. The Judicial Branch declined to comment and the Correction Department did not return messages. People who want to sue the state need approval of the claims commissioner’s office and the legislature. The lawsuit also names The Connection, which runs a community treatment program at the halfway house where Grayson was killed. The provider declined to comment on the lawsuit’s allegations. “The death of Joyce Grayson was a senseless crime, and The Connection continues to mourn her immeasurable loss,” it said in a statement. “We will let the legal process address the root causes of this tragedy.” Last week, the federal Occupational Safety and Health Administration proposed fining Elara Caring about $161,000 after finding the company failed to protect Grayson.

How major US stock indexes fared Monday, 5/6/2024 2024-05-06 20:18:48+00:00 - U.S. stocks closed higher on Wall Street, adding to last week’s gains. The S&P 500 climbed 1% Monday. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite added 1.2%. Treasury yields held steady in the bond market following last week’s big moves on hopes that a cooling job market could get the Federal Reserve to cut interest rates this year. Berkshire Hathaway rose after Warren Buffett’s company reported its latest quarterly results over the weekend. Freshpet jumped after reporting better results than expected. The Walt Disney Co. and Uber Technologies will also report their earnings later this week. On Monday: The S&P 500 rose 52.95 points, or 1%, to 5,180.74. The Dow Jones Industrial Average rose 176.59 points, or 0.5%, to 38,852.27. The Nasdaq composite rose 192.92 points, or 1.2%, to 16,349.25. The Russell 2000 index of smaller companies rose 24.95 points, or 1.2%, to 2,060.67. For the year: The S&P 500 is up 410.91 points, or 8.6%. The Dow is up 1,162.73 points, or 3.1%. The Nasdaq is up 1,337.89 points, or 8.9%. The Russell 2000 is up 33.60 points, or 1.7%.

Citigroup CEO Jane Fraser says low-income consumers have turned far more cautious with spending 2024-05-06 20:18:00+00:00 - Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans. Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a "K-shaped consumer." That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption. "A lot of the growth in spending has been in the last few quarters with the affluent customer," Fraser told CNBC's Sara Eisen in an interview. "We're seeing a much more cautious low-income consumer," Fraser said. "They're feeling more of the pressure of the cost of living, which has been high and increased for them. So while there is employment for them, debt servicing levels are higher than they were before." The stock market has hinged on a single question this year: When will the Federal Reserve begin to ease interest rates after a run of 11 hikes? Strong employment figures and persistent inflation in some categories have complicated the picture, pushing back expectations for when easing will begin. That means Americans must live with higher rates for credit card debt, auto loans and mortgages for longer. "I think, like everyone here, we're hoping to see the economic conditions that will allow rates to come down sooner rather than later," Fraser said. "It's hard to get a soft landing," the CEO added, using a term for when higher rates reduce inflation without triggering an economic recession. "We're hopeful, but it is always hard to get one."

Here's how to avoid getting 'hammered' on inherited individual retirement account taxes, experts say 2024-05-06 20:17:00+00:00 - Inherited individual retirement accounts can be a financial boost for heirs, but the windfall can trigger tax issues, experts say. Withdrawals from pretax inherited IRAs incur regular income taxes. Since 2020, certain heirs can no longer "stretch" retirement account distributions over their lifetime to reduce yearly taxes. Now, certain heirs, including most adult children, must deplete inherited accounts within 10 years, known as the "10-year rule." The rule applies to heirs who aren't a spouse, minor child, disabled or chronically ill. It may also apply to certain trusts. Ideally, you should smooth out your yearly tax liability "so you don't get hammered by the end of the 10th year," said individual retirement account expert and certified public accountant Ed Slott. More from Personal Finance: IRS waives mandatory withdrawals from certain inherited individual retirement accounts Your Roth 401(k) after-tax matching contribution could trigger unexpected taxes Here's what to know before withdrawing funds from inherited IRAs The IRS in 2022 proposed mandatory yearly withdrawals from inherited IRAs if the original account owner had already started distributions. However, the IRS has waived the penalty for missed required minimum distributions amid confusion — and extended that relief for 2024 in April. Slott said there's widespread confusion about the rules, but the relief only condenses the 10-year window for taxable IRA withdrawals. "They're just pushing off the inevitable," said JoAnn May, a Berwyn, Illinois-based certified financial planner at Forest Asset Management. She is also a certified public accountant. While only about 20% of May's clients have inherited IRAs, she expects more heirs to face the tax-planning issue as baby boomers age.

What Merchan’s latest gag order ruling shows about his handling of Trump’s case 2024-05-06 20:16:40+00:00 - There’s much to say about Judge Juan Merchan’s latest decision to hold Donald Trump in contempt. On Monday, the judge found that the defendant had violated a gag order in his New York criminal case for the 10th time. Of course, there’s the obvious takeaway that a typical defendant would’ve been jailed by now instead of just fined. The former president and presumptive GOP presidential nominee, on the other hand, has paradoxically been held to a lower standard. Merchan threatened jail for further violations, which isn’t so much a threat as a statement that the judge is willing to impose a penalty authorized by law. But Merchan’s ruling is the latest one immediately favoring the defense that may benefit the prosecution in the long run. Recall that prosecutors had asked Merchan last week to find that Trump had violated the gag order four more times. The judge agreed on one of the allegations, regarding a Trump statement about the jury; Merchan said the remarks raised the specter of fear for the safety of jurors and their loved ones. The judge declined to hold Trump in contempt for statements about key witnesses Michael Cohen and David Pecker. Indeed, Monday’s gag order ruling is the latest instance of Merchan not giving the prosecution everything it has asked for. On Friday, prosecutors argued that they should be able to cross-examine Trump on his then-most-recent gag order violations if he testifies. The defense argued that it would be unfair to bring that up in front of the jury. Merchan agreed, reasoning that it would be hard for the jury to look past the fact that the same judge presiding over the case had held Trump in contempt. So these two rulings are the most recent evidence that this isn’t the witch hunt Trump paints it as. So these two rulings are the most recent evidence that this isn’t the witch hunt Trump paints it as. Followers of these proceedings and of Trump’s rhetoric knew that already. But this is more than a rhetorical point for the court of public opinion. Rather, or additionally, Merchan has built a body of difference-splitting rulings that would be harder for Trump to challenge on appeal if he’s convicted of falsifying business records (he has pleaded not guilty). If, as they hope, prosecutors are in the position of defending Trump’s convictions on appeal, then they may look back approvingly on Merchan not going as far as they wanted him to at certain points. Subscribe to the Deadline: Legal Newsletter for weekly updates on the top legal stories, including news from the Supreme Court, the Donald Trump cases and more.

Forget Zendaya — I want to see what the TikTok CEO will wear at the Met Gala 2024-05-06 20:02:19+00:00 - TikTok is sponsoring the Met Gala this year, and CEO Shou Chew is expected to be there. The "ban or divest" law was just passed 2 weeks ago, and TikTok plans to fight it in court. It will be interesting to see if Chew says anything about the bill. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Celebrities like Zendaya, Jennifer Lopez, Rihanna, and Doja Cat will attend the Met Gala on Monday night, and as a human who likes beautiful things, I am excited to see what glamorous outfits they'll be wearing But I am more interested to see TikTok CEO Shou Chew — who hasn't done a public appearance or interview since the "TikTok ban" law was passed about two weeks ago. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Strong Labor Market Steadied Social Security and Medicare Funds 2024-05-06 20:00:08+00:00 - The financial health of Social Security and Medicare, two of the nation’s most crucial safety net programs, improved this year as a stronger-than-expected economy attracted more workers to the labor market. But the overall financial outlook of the popular programs remained grim. Annual reports released on Monday by trustees of the old-age and retirement programs showed that both still faced long-term shortfalls that could ultimately result in reduced retirement and medical benefits. The reports showed that the Social Security and disability insurance programs, if combined, would not have enough money to pay all of their obligations in 2035. Medicare will be unable to pay all its medical claims starting in 2036. About 70 million people receive Social Security benefits, and more than 66 million participate in Medicare. The fate of the popular programs continues to be a contentious political issue, one that is expected to intensify as the November presidential election draws near.

Jim Cramer says Howard Schultz's open letter to Starbucks is unlike anything he's seen before 2024-05-06 19:56:00+00:00 - The difficult road ahead for Club holding Starbucks took a dramatic, unexpected turn this weekend — one that Jim Cramer said he's not seen before in his four decades on Wall Street. Former Starbucks CEO Howard Schultz, who built the coffee chain into a global brand and served in the top job on three occasions, on Sunday chimed in on the company's terrible quarterly earnings report last week . In a LinkedIn post , Schultz emphasized the urgent need to revitalize the company's U.S. business, writing that its operations are "the primary reason for the company's fall from grace." Starbucks' brutal report Tuesday night triggered a nearly 16% plunge in its stock price the following day. Shares have lost an additional 1% or so in recent days. The stock is down about 24% year to date and more than 31% over the past 12 months. "Candidly, I've never seen this done," Jim said Monday on CNBC, referring to an ex-CEO authoring essentially a public letter that's critical of the current leadership and offers advice on problems. "I think he's coming from the point of view just sadness about where the franchise is," Jim said. Schultz no longer serves on Starbucks' board, having stepped down in September , but he remains a significant shareholder. Schultz handed over the reins to CEO Laxman Narasimhan in March 2023 after serving as interim chief executive for nearly a year. Schultz, whose prior stints as CEO spanned from 1986 to 2000 and then from 2008 to 2017, returned for a third time after his successor Kevin Johnson retired . In his LinkedIn post Sunday, Schultz said people inside and outside Starbucks had asked him for his thoughts on "what should be done" in light of the company's much weaker-than-expected second-quarter results. Starbucks also cut its full-year outlook after its same-store sales declined in the key markets of North America and China. It was the company's second consecutive earnings miss. Schultz's post stressed the importance of Starbucks' customers. "The stores require a maniacal focus on the customer experience, through the eyes of a merchant," Schultz wrote. "Senior leaders—including board members—need to spend more time with those who wear the green apron," he added, referring to the company's baristas. Starbucks did not immediately respond to CNBC's request for comment on Schultz's remarks. SBUX YTD mountain SBUX stock performance year-to-date. For its part, Starbucks has chalked up its disappointing second-quarter results to a number of factors — some of which were outside its control and others within it. "A deteriorating economic outlook has weighed on customer traffic," Narasimhan said during the post-earnings call. "We continue to feel the impact of a more cautious consumer," the CEO added. At the same time, elevated wait times or product unavailability during the quarter turned many customers away, management said, which hurt sales, too. Narasimhan said Starbucks is working on a plan to speed up customer service and improve its supply chain. Jim has viewed management's response to the quarter as unsatisfactory. The day after Starbucks reported, Jim was sharply critical of Narasimhan during an interview on "Squawk on the Street," later saying he was "distressed" about the situation. "Howard, like many, like us, expected a bad quarter, but we did not expect the worst quarter of the year," Jim added Monday during the Club's Morning Meeting. Schultz's decision to weigh in on the situation, while certainly unusual, does not change our calculus on our investment. We're standing pat for now, as Jim outlined in his Sunday column , believing that the depths of the fall could spark action. Following last weeks' earnings report, we downgraded our rating on Starbucks shares to 2 and cut our price target to $90 apiece. (Jim Cramer's Charitable Trust is long SBUX. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Former Starbucks CEO Howard Schultz testifies about the company's labor and union practices during a Senate Committee on Health, Education, Labor and Pensions hearing on Capitol Hill in Washington, DC, March 29, 2023. Saul Loeb | AFP | Getty Images

Elon Musk is tightening his grip on Tesla 2024-05-06 19:52:26+00:00 - Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement One of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Tom Zhu, who was previously in charge of Tesla's US plants and sales — effectively making him second in command to Elon Musk — has now been named VP of China, Electrek reports. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

One natural gas transport plan killed in New Jersey as another forges ahead 2024-05-06 19:48:31+00:00 - KEYPORT, N.J. (AP) — A major pipeline that would have moved natural gas through New Jersey and under two bays to New York has been killed, but another plan to transport liquefied gas from Pennsylvania by tanker truck is moving forward. Environmentalists who had fought both projects reacted Monday to the mixed bag they were handed on Friday when the two proposals took differing pathways with federal regulators. That was the day that Tulsa, Oklahoma-based Williams Companies, which owns a nearly 10,000-mile (16,000-kilometer) expanse of pipelines called Transco, allowed its Northeast Supply Enhancement pipeline project to end. Williams told the Federal Energy Regulatory Commission it was allowing a key construction application to expire, saying it would not seek an extension for it. The decision heartened a wide group of environmental and community groups who had fought the proposal for eight years, saying it would further the burning of fossil fuels and contribute to climate change, while also degrading air and water quality and creating safety concerns in communities along its route. Cindy Zipf, executive director of Clean Ocean Action, called the development “an extraordinary victory, a David and Goliath moment.” Using the project’s acronym, she said, “NESE has gasped its last gassy breath. It means the project has died, and we won!” In a statement to The Associated Press on Monday, Williams confirmed it is no longer pursuing a certificate from the federal agency that would allow it to continue the project. “While Williams continues to believe in the fundamentals of the Northeast Supply Enhancement project and its ability to provide a cleaner and more affordable alternative to costly heating oil for consumers, at this time, we have decided not to pursue an extension of the certificate,” it said. It would have included a gas-fired compressor station in Franklin Township, and the installation of more than 23 miles (37 kilometers) of pipeline through the Raritan and Lower New York bays en route to the Rockaway section of Queens in New York City. Also on Friday, two companies said they remain committed to their proposed project to liquefy natural gas and transport it through Pennsylvania and New Jersey. Delaware River Partners and Bradford County Real Estate Partners told the same agency that they do not intend to cancel a facility in Wyalusing, Pennsylvania, to liquefy natural gas and transport it to an export facility in Gibbstown, New Jersey, by tanker truck instead of by rail as originally proposed. Last September, federal regulators suspended authorization to transport liquefied natural gas by rail. “The last thing we need is even more dangerous methane gas extracted from Pennsylvania, shipped through our communities by truck, and exported overseas,” said Patrick Grenter, a campaign director with the Sierra Club. “This decision is unnecessary and reckless, and the Sierra Club is prepared to continue fighting this project until it is officially canceled.” The companies did not immediately respond to a request for comment Monday. But in a filing to the agency on Friday, Bradford said its Wyalusing, Pennsylvania, facility is designed to not need rail cars, and is “unimpacted” by the federal moratorium on such transport. For that reason, the company is proceeding with its plans, it wrote. ___ Follow Wayne Parry on X, formerly Twitter, at www.twitter.com/WayneParryAC

Pulitzer Prizes: 2024 Winners List 2024-05-06 19:43:32+00:00 - PUBLIC SERVICE ProPublica The Pulitzer committee honored ProPublica for the work of Joshua Kaplan, Justin Elliott, Brett Murphy, Alex Mierjeski and Kirsten Berg, citing their “groundbreaking and ambitious reporting that pierced the thick wall of secrecy surrounding the Supreme Court.” Finalists KFF Health News and Cox Media Group; The Washington Post BREAKING NEWS Staff of Lookout Santa Cruz Lookout Santa Cruz won for “its detailed and nimble community-focused coverage, over a holiday weekend, of catastrophic flooding and mudslides that displaced thousands of residents and destroyed more than 1,000 homes and businesses.” Finalists Staff of Honolulu Civil Beat; Staff of The Los Angeles Times INVESTIGATIVE REPORTING Hannah Dreier of The New York Times Ms. Dreier was honored for “a deeply reported series of stories revealing the stunning reach of migrant child labor across the United States — and the corporate and governmental failures that perpetuate it.” Finalists Staff of Bloomberg; Casey Ross and Robert Herman of Stat

The New York Times and The Washington Post Win 3 Pulitzers Each 2024-05-06 19:41:47+00:00 - The New York Times and The Washington Post received three Pulitzer Prizes each on Monday for a wide array of journalism that spanned conflict and injustice around the globe, including the plight of child migrant workers in the American Midwest, the lethal consequences of war in the Middle East and the brutal repression of dissent in Vladimir Putin’s Russia. The prize for public service, considered the most prestigious of the Pulitzers, went to ProPublica for exposing a web of questionable financial entanglements involving Justice Clarence Thomas of the U.S. Supreme Court. The series, which revealed that Justice Thomas failed to disclose lavish gifts he had received from wealthy supporters, prompted the court to issue a new ethical code of conduct. The prize for investigations went to Hannah Dreier of The Times, for an exposé of migrant child labor in the modern United States, and the governmental blunders and disregard that have allowed the illegal practice to persist. This was the second Pulitzer awarded to Ms. Dreier, who won the 2019 feature writing prize for her coverage of the criminal gang MS-13 for ProPublica.

After Barstool Sports sponsorship fizzles, Snoop Dogg brand is attached to Arizona Bowl, fo shizzle 2024-05-06 19:28:38+00:00 - TUCSON, Ariz. (AP) — Snoop Dogg is putting his name on the Arizona Bowl for what will be the first partnership between an alcohol brand and a college bowl game, the rapper and media personality announced Monday. The “Snoop Dogg Arizona Bowl Presented by Gin & Juice By Dre and Snoop” is scheduled for Dec. 28 at Arizona Stadium and will match teams from the Mountain West Conference and Mid-American Conference. Barstool, the digital media company, previously sponsored the bowl. Gin & Juice, named after Snoop’s 1994 hit, is the first product from Snoop Dogg and Dr. Dre’s new premium spirits company. “College football fans are exhausted by the constant talk around NIL, conference realignment, coach movement, transfer portal and super conferences,” Snoop Dog said in a video on social media. “So it’s time we get back to the roots of college football, what it was focused on — the colleges, the players, the competition, the community, fan experience and the pageantry. Being a fan, coach, supporter of all levels of the game, I’ve sent many players through my (Snoop Youth Football League) to colleges and the NFL, so it’s only fitting that I step up and help get this thing right.” ___ AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football

College student streaming deals: Check out discounts from Amazon, Hulu, Apple, and more 2024-05-06 19:20:34+00:00 - When you buy through our links, Business Insider may earn an affiliate commission. Learn more College is expensive, but there are fortunately a number of streaming services that offer substantial student discounts that can help give your wallet a break. Students on a budget can take advantage of several deals from popular streaming services, including film, TV, and music offerings. If you plan out your spending and snag the right discounts, you can now enjoy several streaming services without breaking the bank. To help you decide what to sign up for, we rounded up the best streaming service deals that are currently available for college students in the US. We've also compiled a list of popular streaming services that don't offer any sort of student discount so that you don't waste your time trying to find one. Verification procedures vary from service to service, with most now using third-party verification platforms like SheerID to look into your student status. Be sure to check each platform's website for full details. Amazon Prime Amazon Prime Video is introducing ads to its content beginning in 2024, requiring users to pay an extra $2.99 per month to go ad-free. Photo by Jonathan Raa/NurPhoto via Getty Images Amazon offers a discounted plan for college students called Amazon Prime Student. The program includes a six-month free trial for new members and each month after the trial costs $7.49. An individual membership to Amazon Prime costs $14.99 a month, so by claiming the student membership, you get 50% off the standard price. The student plan includes access to Prime Video where you can watch shows like "Fleabag," "Invincible," and "The Boys." Prime Video is also the home to several original films, like "Being the Ricardos" and "Air." In addition to Prime Video, student members receive fast and free shipping on millions of eligible items, discounts on services like three months of Calm for free, and more exclusive deals that are further explained in our breakdown of Amazon Prime Student. Amazon Prime Student $0.00 $7.49 Save 100% New subscribers to Amazon Prime Student can enjoy a six-month free trial and then Amazon Prime at 50% off the regular subscription price at the end of the trial. Shop at Amazon Hulu Hulu has said that it will begin cracking down on password sharing on March 16 SOPA Images/Getty Images Hulu offers their basic ad-supported plan to college students for $1.99/month until they graduate as a part of their Hulu Student Deal plan. The Hulu Basic Plan normally costs $7.99 a month, so the student discount saves you about 75%. Hulu Basic offers access to Hulu's full catalog of movies and original series. Hulu also features a big selection of network shows, including popular series like "Grey's Anatomy," "The Bachelor," and "Bob's Burgers." You'll also be able to stream Emmy Award-winning Hulu originals, like "The Handmaid's Tale," "The Great," and "The Dropout." Paramount+ Jakub Porzycki/Getty Images Similar to Hulu, Paramount+ offers their ad-supported plan to college students at a discounted rate. You can claim a 25% discount on the Essential Plan, which brings the price down to around $4.50 a month. Unlike most streaming service deals, current college students can lock in this discount for four years, even if they graduate. With Paramount_, you can watch CBS shows like "NCIS," "Criminal Minds," and "Ghosts," along with movies like "Mean Girls," "Top Gun: Maverick," and "Mission: Impossible - Dead Reckoning." This is also the streaming service where you'll find all of the "Yellowstone" prequels. The service features content from Paramount, CBS, Nickelodeon, Comedy Central, MTV, BET, and The Smithsonian Channel. The platform also includes original series like "The Good Fight" and "Star Trek: Discovery." Take a look at our full guide to original shows and movies on Paramount+ for more information about current and upcoming titles. Peacock Peacock Peacock now has a student deal that reducess the monthly cost by about two-thirds of what it normally would be. The Peacock Student Discount goes for $1.99 per month, as opposed to the standard monthly rate of $5.99. Students who continue to meet verification standards can renew their discount every year. A Peacock account comes with access to several beloved sitcoms, including "The Office," "Parks and Recreation," and "30 Rock." The streaming service also has a variety of original TV shows, like "Poker Face" and "Apples Never Fall," as well as several top-rated films, including all eight "Harry Potter" movies. Peacock is also where you'll find this year's Academy Award for Best Picture winner, "Oppenheimer." Peacock Student Discount $1.99 $5.99 Save 67% Peacock's already affordable ad-supported plan gets even cheaper thanks to this student discount. For just about $2 per month, you'll get access to Peacock's full on-demand catalog. Shop at Peacock Apple Rafael Henrique/SOPA Images/LightRocket via Getty Images Apple's student streaming plan combines subscriptions to Apple Music and Apple TV+ for just $5.99 per month. With Apple Music at a regular monthly rate of $10.99 and Apple TV+ at a rate of $9.99, this student deal is more than 70% off in total. College students are eligible for this discount for up to four years as long as they remain enrolled in school. With Apple TV+ you can stream original series like "Ted Lasso," "For All Mankind," and "The Morning Show." Apple Music allows you to stream over 75 million songs from your favorite artists without any interruptions from ads. You can also download music to supported devices for offline listening. Spotify Jonathan Raa/NurPhoto via Getty Images Spotify is another company offering an exclusive deal for college students that combines music with streaming services. You can get Spotify Premium Student for $5.99 a month after a one-month free trial. The discount also comes with Hulu's ad-supported plan thrown in, so it's a great deal. The student plan is $5 cheaper than the individual Spotify Premium plan which costs $10.99 a month. To retain access to Spotify Premium at this discounted rate, students must verify they are still enrolled in college every 12 months. The Spotify Premium Student bundle is valid for a maximum of four years and you're only eligible for it if you haven't tried Premium before. YouTube Premium YouTube wants to create AI-generated music. Getty Images YouTube Premium offers $6 off their individual plan to students, along with a one-month free trial for new customers. This streaming service doesn't offer many original movies or shows, but for a discounted rate of $7.99 a month you can watch YouTube without ads, keep videos running in the background, and use the YouTube Music Premium app. The regular individual YouTube Premium rate is $13.99, so this isn't a bad deal. Annual verifications are required to keep the student discount. Streaming services without student deals Though student discounts have become common, there are a few streaming services that don't currently offer any student deals. The following services don't have any active student discount offers: It's worth noting that Discovery+ only got rid of their student discount in June of 2023, but subscribed students were allowed to keep the discount for the remainder of their verified year. So, if you've recently started getting charged $4.99 per month, it's because your year was up. Additional streaming deals For more streaming recommendations, take a look at our guide to the best streaming services. And, if you're looking for a compact smart TV or media player ideal for watching any of these apps in a dorm or apartment, check out these home entertainment gift ideas for college students.

US brands like McDonald's and Starbucks are facing mounting backlash in the Middle East as tensions rise 2024-05-06 19:13:31+00:00 - Sales at fast-food brands took a hit again last quarter after boycotts in the Middle East. Chains from McDonald's to Starbucks are still feeling the pressure of consumers seeking alternatives. It marks the second full quarter of major American brands feeling the boycotts since Israel's invasion of Gaza. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement For the second quarter in a row, America's biggest fast-food brands continued to see their sales hit by consumer boycotts in the Middle East. McDonald's said last week that it took a sales hit from "the ongoing war in the Middle East" at restaurants in that part of the world. The effect was big enough to outweigh sales increases in Japan, Europe, and Latin America, CEO Ian Borden said on the company's first-quarter earnings call. Same-store sales in the segment, which consists of restaurants licensed to third-parties instead of company-owned locations, fell 0.2%. American brands from Domino's to the Golden Arches started to feel the effects of boycotts shortly after Israel's invasion of Gaza last October. Advertisement Some consumers in the Middle East and other parts of the world have avoided brands associated with the US, citing America's support of Israel. While sales in the Middle East represent a small percentage of overall revenue for most large brands, the hit has been persistent over the past several months. Related stories "We're not expecting to see any meaningful improvement in the impacts on that until the war is over," McDonald's CEO Chris Kempczinski said on last week's earnings call. At Starbucks, the problems in the Middle East took a toll on second-quarter international sales, CFO Rachel Ruggeri said. Comparable store sales abroad fell 6% during the coffee chain's second quarter, due in part to lower sales in the Middle East as well as in other areas of the world, such as China. Advertisement Comparable sales in North America, which fell 3%, may have also suffered because of consumers' opinions about the company and its role in the Middle East, analysts at Bank of America wrote on Monday. The analysts wrote that "a social media narrative around [Starbucks'] position on the Middle East may be the primary driver" of slower sales in the US. Many of the boycott efforts have relied on social media and technology to spread, such as an app that lets coffee drinkers find other cafes near Starbucks locations. Starbucks has previously said that the company "has never contributed to any government or military operation in any way." In January, CEO Laxman Narasimhan said that the events in the Middle East were even convincing some fair-weather customers in the US to stay away from Starbucks stores. Advertisement The boycotts also affected the latest same-store sales at Pizza Hut and KFC, both operated by Yum! Brands, the company said in an earnings call last week. Same-store sales at KFC, for instance, fell 2% during the company's first quarter. But the company also said that the effects of boycotts on its brand are starting to dissipate, CEO David Gibbs said during the call. "Time is usually the answer to most of those problems," Gibbs said.

Trump tries to downplay the danger of his stance on abortion surveillance 2024-05-06 19:12:44+00:00 - Donald Trump rarely walks back from an extreme position, but even he is trying to take back his recent anti-abortion statement in light of how terrible it sounds. In a recent Time interview, Trump was asked if he thinks states should be allowed to "monitor women's pregnancies" so they can know if they've gotten an abortion. He tried to dodge the question by saying it would be up to "the individual states" now that Roe v. Wade was overturned, then refused to say what he thought about several follow-up questions. If Trump thought this worked at the time, he no longer seems so confident that he settled the issue, taking to social media over the weekend to clarify things in a typically unclarifying way. “I never said that ’some states may choose to monitor women’s pregnancies to possibly prosecute for violating any abortion bans.’ This was made up by Democrats and the Fake News Media,” Trump posted Sunday on Truth Social. (Again, he said precisely that. You can read the transcript here.) “After 50 years, Abortion is now up to the States, where everybody, Republican and Democrat, plus all legal scholars and experts, have wanted it to be,” he said. “The people choose, and many States, like Ohio and Kansas, have chosen. Many others are in the process of choosing.” Trump is a habitual liar, so we know by now not to take his denials as fact. To state the obvious, “everybody” isn’t happy about the loss of federal abortion rights and the patchwork of anti-abortion states that emerged as a result. But Trump’s denial is undercut by the following sentence. The vague statement that “abortion is now up to the states” implies that states, during a Trump presidency, would be given free rein to institute whatever draconian anti-abortion measures they want, including pregnancy surveillance. So even if one were to argue that Trump wasn’t being suggestive with his comments — as in, saying states should monitor pregnancies — clearly he was being permissive of this — meaning officials, under a Trump administration, could monitor pregnancies. And that's what matters. Trump’s hair-splitting underscores an obvious fact about his campaign: He’s trying to reap the benefits of opposing abortion rights without facing any of the backlash. But he could have easily said that setting up a Big Brother-like surveillance of women's pregnancies to punish women who may have gotten an abortion would go too far, and he didn't. After facing some pushback, he got angry, but he still didn't say that he would not allow that. And that is all the answer you need.

Could Donald Trump really go to jail for gag order violations? 2024-05-06 19:01:00+00:00 - If Donald Trump keeps trying the patience of the judge presiding over his hush money trial, the former president could wind up back in his home New York City borough of Queens — specifically the prison on Rikers Island, experts said Monday. Judge Juan Merchan, who on Monday found that Trump once again had violated a gag order that bars him from disparaging witnesses or the jury, warned the ex-president could face jail “if necessary” for further violations. Merchan did not specify which jail. But when asked what would happen if the judge sent Trump to Rikers, Frank Dwyer the jail’s top spokesperson said, “The department would find appropriate housing.” Trump has contended that he’s the victim of a two-tiered justice system that is treating him more harshly than other individuals. But the former president's critics say it is actually the other way around — that any other criminal defendant who made the kind of public statements Trump has made would have already found themselves behind bars. The prospect of having Trump locked up while on trial is sure to elicit strong responses from both his supporters and detractors. Trump has repeatedly tried to fundraise off the prospect of being jailed, indicating that his campaign finds that evoking images of him as a political prisoner prompts strong responses from his supporters. Mike Lawlor, an associate professor of criminal justice at the University of New Haven in Connecticut, said Rikers is the likeliest destination if Merchan goes that route. What Marchan is trying to do is “end the contempt” and stop Trump from intimidating witnesses and jurors, said Lawlor, a Democrat who is a former member of the Connecticut House of Representatives. “The whole point is to separate him from his social media,” Lawlor said. “Putting him in jail would do that.” Trump would immediately be placed in protective custody for his own protection, Lawlor said, meaning he would not be permitted to mingle with the rest of the prison population. “He’d have no contact with anybody but corrections officers and members of his Secret Service detail,” Lawlor said. “The people at Rikers have lots of experience dealing with high profile prisoners, including vulnerable, elderly people like Trump." "Clearly, he would be the highest profile prisoner ever jailed in Rikers, but he wouldn’t be the only high profile prisoner in Rikers,” Lawlor said of Trump, who is 77. In fact, one of those prisoners is Trump’s former chief financial officer Allen Weisselberg, who was sentenced last month to five months at Rikers after pleading guilty to two counts of perjury during Trump’s civil fraud trial. Also, Trump would have to go through the intake process that every prisoner goes through, including the ignominy of having corrections officers making "him get on a scale and then list his actual height and weight on the public website," Lawlor said. Having Trump behind bars would not be an extra burden on his Secret Service detail, Lawlor added. “The main job of a Secret Service detail is to protect a former president from being harmed or kidnapped,” Lawlor said. “Having Trump confined to a prison setting would, in some ways, actually make their job easier.” "The larger issue" is where the Secret Service would be, given that they are armed," said Martin F. Horn, a professor emeritus at John Jay College of Criminal Justice who once served as commissioner of New York City’s correction and probation departments. Most likely, Horn said, Trump would be taken to what's called the West Facility, where there would be room enough for the ex-president and his security detail and no other inmates to contend with. Still, having to ensure the safety of a former U.S. president behind bars would be an unprecedented assignment for the Secret Service, a spokesperson for the agency told NBC News. The Secret Service does not have its own "custodial services," the spokesperson said. “Obviously, it’s uncharted territory,” Horn said. “No state prison system has had to deal with this before, and no federal prison has had to either.” There is another reason Merchan might not be keen on jailing Trump, other experts said. Being sent to an actual jail may be “what Trump wants to show grievance to his supporters,” Dave Aronberg, a state attorney for Palm Beach County, Florida, which is where Trump lives most of the time, said in a MSNBC interview with José Díaz-Balart. More likely, Merchan could give Trump a "time out" in a cell behind the New York City courtroom where he is currently on trial. Former federal prosecutor Michael Zeldin, who took part in the same interview, agreed. "Maybe an hour in one of those cells might be all that Donald Trump needs to understand the seriousness of violations of gag orders imposed by a very serious judge," Zeldin said. House arrest is also a possibility, but the judge "has wide latitude about where he could confine" Trump, Horn said. Lawlor said Merchan is unlikely to confine Trump to a gilded cage, like his apartment in Trump Tower, because he'd still have access to electronics and his aides and be able to defy the judge's orders from there. "So I don’t think he’d be confined to his Manhattan apartment," Lawlor said.

EU restates readiness to launch trade war with China over cheap imports 2024-05-06 18:58:00+00:00 - The EU has restated its readiness to launch a trade war with China over imports of cheap electric cars, steel and cheap solar and wind technology, with Ursula von der Leyen saying the bloc will “not waver” from protecting industries and jobs after a meeting with the Chinese president, Xi Jinping, on his multi-day tour of Europe. The European Commission chief said she was “convinced that if the competition is fair” from China, then Europe “will have thriving durable economies”. But she said the “imbalances” caused by state support for Chinese industry leading to cut-cost products threatened jobs in Europe, and that was “a matter of great concern”. “Europe will not waver from making tough decisions needed to protect its economy and security,” she said. Her warning came less than two hours after a cordial meeting at the Élysée Palace between the Chinese president and Emmanuel Macron, his French counterpart. 1:33 Xi and Macron call for closer Europe-China ties at Paris meeting – video In a video released before the talks between Xi and Macron, at which von der Leyen was present, Macron said the need for a Europe-China dialogue was “greater than ever … because of the international situation”. He added that coordination with China over “major crises” including Ukraine and the Middle East was “absolutely decisive”. In response, Xi said his country and the EU should strengthen their “strategic cooperation” and remain “partners” despite numerous disputes ranging from trade to human rights. “As two major world powers, China and the EU must remain partners, pursue dialogue and cooperation, deepen strategic communication, strengthen strategic mutual trust, consolidate strategic consensus and engage in strategic coordination,” the Chinese leader said at the start of the meeting. A joint press conference by Xi and Macron after talks on the first day of the visit glossed over the thorny question of trade relations between their two countries. A bottle of exclusive Louis XIII cognac was among the gifts Macron gave Xi, a nod to Beijing opening an anti-dumping investigation into French cognac. Macron praised his counterpart for his “open attitude” towards the inquiry and added France hoped its products could continue having access to the Chinese market. There was no mention of human rights issues that Beijing critics hoped Macron would raise. On Monday morning, Raphaël Glucksmann, the head of the Socialist party list for the European elections, criticised the welcome given to the Chinese leader, saying “he is not our friend …” The EU’s more robust stance on trade with China dovetails with Washington’s approach. The US treasury secretary, Janet Yellen, has warned China that Washington would not accept new industries being “decimated” by Chinese imports. Von der Leyen was blunt after the meeting but insisted China had time to change direction. She said they had an “honest and open exchange and discussion where we see eye to eye and on points where we have differences”. Together with Macron they spoke about the geopolitical situation and how the EU and China had a “shared interest in peace and security” with a strong role to play in relation to the war in Ukraine. There has been repeated talk of China acting as a peace broker although it is not expected to attend a planned peace conference in Switzerland. Von der Leyen praised Xi for the “important role” he played in “de-escalating Russia’s irresponsible nuclear threats“ and said the EU counted on China “to use all its influence on Russia” to end the war. But it appeared on Monday that tensions on the economic front show no sign of abating, with several EU investigations ongoing into China’s ability to undercut EU rivals in cars, steel, wind turbines, solar panels and medical devices. Last September, von der Leyen announced an investigation into alleged state support for Chinese electric cars, with conglomerate BYD launching an EV last year in the EU market at under €30,000 (£25,700). The competition commissioner, Margrethe Vestager, last month announced the EU would use its foreign subsidies regulation to launch an inquiry into Chinese wind turbine manufacturers. EU manufacturers have complained that not only is the price for Chinese wind turbines up to 50% lower than homegrown ones but that they are offering authorities general terms including deferred payment schemes. The EU has been arguing that it is the largest free market in the world and China is essentially abusing its economic hospitality by dumping product in Europe rather than damping down production or ramping up demand in China. Beijing argues that EU manufacturers have access to an even bigger market in China and with a global demand for green tech growing everyone can flourish together. Green tech companies have protested that while they once had a lead on producing wind turbines and solar panels they are now being put out of business by China.