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World Bank’s Banga wants to make gains in tackling the effects of climate change, poverty and war 2024-04-18 20:00:45+00:00 - WASHINGTON (AP) — There was no shortage of stressors to the global economy when Ajay Banga took charge at the World Bank almost a year ago: inflation eating at nations drowning in debt, a once-in-a-generation pandemic, climate disasters and Russia’s invasion of Ukraine. Factor in the Israel-Hamas war and rising tensions between powerful nations, and today’s agenda is even fuller as the World Bank and the International Monetary Fund hold their spring meetings in Washington this week. “The world’s intertwined challenges of poverty — which clearly we have seen great setbacks over the past few years — combined with fragility and conflict and violence, combined with climate change, is coming into a perfect storm,” Banga said in an interview with The Associated Press. “We need to put all of our efforts into this.” Banga highlighted new initiatives being announced at the meetings, including plans to provide 300 million people in Africa with electricity by 2030 and 1.5 billion people worldwide with health care access over the same time frame. He stressed the bank’s role in financing climate projects and renewing its focus on major cross-border projects that can affect large numbers of people, especially as member nations increasingly compete in trade and isolationism is on the rise. Banga took over after David Malpass resigned as the bank’s president last June following a backlash when Malpass appeared to cast doubt on the science that says the burning of fossil fuels causes global warming. Malpass apologized and said he had misspoken. President Joe Biden, who nominated Banga, said upon Banga’s approval by the bank’s board that the ex-Mastercard CEO “would help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.” Now Banga is under pressure to deliver on putting climate at the forefront, while climate activists and advocates for developing nations have their own ideas about how to proceed. Simon Stiell, the U.N. climate secretary, said recently that climate finance needs to include decision-making between developed and developing countries as a way to build a financial system “fit for the 21st century.” Banga said developing nations “feel like they weren’t the ones who created this situation — their energy consumption is still small in proportion to many developed nations.” But under the World Bank model, because countries vote on many issues based on an allocated share of stocks in the bank, smaller countries are often limited in decision-making on issues that affect them most. “There are a whole series of things the World Bank is doing to be a hand on countries’ backs, rather than trying to force feed them into situations” that are unfavorable to smaller nations, he said. The bank is the world’s largest financier of climate projects in developing countries, delivering $38.6 billion in the 2023 budget year. Another challenge is dealing with powerful shareholders, namely the U.S. and China, as trade tensions have risen. “I think we can find spaces where the potential for geopolitics and national security fears don’t interfere with what we want to do with development,” he said, pointing to the new project to expand health care services to people with limited access. He also cited World Bank funding for a project with the African Development Bank that will give electricity access — a “basic human right” — to more than 300 million people in 2030. “There are 1.1 billion young people in the Global South who are going to become ready for jobs in the next decade,“ Banga said. ”It’s hard to get people productive if you don’t give them access to electricity.” Current conflicts around the world are pushing the bank to the forefront for recovery efforts. A World Bank and U.N. report this month said the cost of the destruction from the Israel-Hamas war had reached roughly $18.5 billion, equivalent to 97% of the combined gross domestic product of the West Bank and Gaza in 2022. Tens of thousands of people have died in the war, which has destroyed housing, commercial areas, water treatment plants, schools, highways and hospitals. “While we can help in the short term with money for humanitarian aid, which we’ve done,” Banga said, “the problem is currently getting it into Gaza.” He said the World Bank has assembled a group of Palestinians, Israelis, Americans and Europeans to try to figure out what the bank can do in bringing together investments after the war ends. “The World Bank is going to have to play a role in the shorter term, but also on medium-term and longer-term issues,” he said. __ AP Science Writer Seth Borenstein contributed to this report.
Netflix Added More Than 9 Million Subscribers in First Quarter 2024-04-18 20:00:13+00:00 - Netflix added 9.3 million subscribers in the first quarter of 2024, it announced on Thursday, outperforming analysts’ expectations and solidifying its status as the entertainment industry’s dominant streaming company. It also generated $2.3 billion in net income and its revenue was $9.3 billion, 15 percent higher compared with the same time last year. Netflix now has almost 270 million subscribers around the world. The streaming giant said its quarter was buoyed by audience interest in series such as “Griselda,” “3 Body Problem” and “Avatar: The Last Airbender.” Its ad-tier business, which is now a year old and offers subscribers a lower-priced option, grew 65 percent from last quarter. The company said that in the markets where the ad tier was available, 40 percent of new sign-ups chose that option. Cracking down on password sharing among households also buoyed the company’s quarterly numbers.
Coyotes officially leaving Arizona for Salt Lake City following approval of sale to Utah Jazz owners 2024-04-18 19:51:04+00:00 - TEMPE, Ariz. (AP) — The Arizona Coyotes are officially headed to Salt Lake City. The NHL Board of Governors voted unanimously Thursday to approve a $1.2 billion sale from Alex Meruelo to Utah Jazz owners Ryan and Ashley Smith, clearing the way for the franchise’s move to Utah next season. The deal includes a provision for Arizona to get an expansion team if a new arena is built within the next five years. The deal will be facilitated through the NHL, with $200 million going to league owners as a relocation fee. “We expressed our interest publicly with the NHL,” Ryan Smith told The Associated Press. “It’s probably been two years where we’ve said, ‘Hey, look, we really believe Utah can be an incredible hockey town.’ You look at all the demographics, we were just talking about the Olympics and you think about the Olympics coming back. It all kind of made sense.” Smith will take over the franchise’s hockey operations and Meruelo will maintain his business operations in Arizona in an effort to secure and develop a tract of land for a new arena in north Phoenix. Meruelo also retains ownership of the Tucson Roadrunners, the franchise’s AHL affiliate, and hopes to move them to Mullett Arena, the Coyotes’ temporary home shared with Arizona State University the past two seasons. He plans to pay back the $1 billion once an expansion team is approved. “The NHL’s belief in Arizona has never wavered,” NHL Commissioner Gary Bettman said in a statement. “We thank Alex Meruelo for his commitment to the franchise and Arizona, and we fully support his ongoing efforts to secure a new home in the desert for the Coyotes. We also want to acknowledge the loyal hockey fans of Arizona, who have supported their team with dedication for nearly three decades while growing the game.” Meruelo will retain the Coyotes’ name, logo and trademark, so Smith’s group will have to rename the team. The team will play at Delta Center, home of the Jazz, until a new arena can be built. “We’ll start with Utah on the jersey and we’ll figure out the logo and everything else, and what it is that we are, but that’s a one-way door,” Smith said. “You’ve got to do it once. And with this timeline, I think both the league feels better and we feel better to just run the process and then we’ll drop it when we drop it.” Arizona Coyotes fans stay in their seats long after the team’s NHL hockey game against the Edmonton Oilers on Wednesday, April 17, 2024, in Tempe, Ariz. (AP Photo/Ross D. Franklin) The sale ends the Coyotes’ long-running bid to find a permanent home. The franchise shared an arena with the NBA’s Phoenix Suns after relocating from Winnipeg, moved to Glendale and ended up at Mullett Arena when the city of Glendale backed out of a lease agreement. Meruelo had been adamant about not wanting to sell the team despite receiving numerous offers since buying the team in 2019. When an auction for the land in north Phoenix got pushed back to June, the Coyotes had no guarantee a deal for a new arena would go through. With the NHL and players’ association hesitant for the Coyotes to play at 5,000-seat Mullett Arena for a third season, Meruelo opted to sell the team, his focus shifting to the new arena and expansion team. “I agree with Commissioner Gary Bettman and the National Hockey League, that it is simply unfair to continue to have our players, coaches, hockey front office, and the NHL teams they compete against, spend several more years playing in an arena that is not suited for NHL hockey,” Meruelo said in a statement. “But this is not the end for NHL hockey in Arizona. I have negotiated the right to reactivate the team within the next five years, and have retained ownership of the beloved Coyotes name, brand and logo. I remain committed to this community and to building a first-class sports arena and entertainment district without seeking financial support from the public.” The Coyotes played their final game in Arizona on Wednesday night, a 5-2 win over the playoff-bound Edmonton Oilers. The players celebrated on the ice with team personnel and a few handed their sticks over the glass to fans, who chanted “We love you Coy-otes!” “It’s tough to take it all in,” Coyotes rookie forward Logan Cooley said. “A lot of noise, a lot of personal stuff and obviously the organization, you hear you’re going one spot then you’re going to the next spot. We’ve done a good job in this locker room focusing on keeping out the noise and getting better as a team, striving to be the team we want to be one day.” Officials from Salt Lake City and the city’s 2034 Olympic bid supported Smith’s attempt to bring hockey to Utah, giving the state two major professional franchises. Arizona Coyotes fans sit in their seats long after the team’s NHL hockey game against the Edmonton Oilers ended, Wednesday, April 17, 2024, in Tempe, Ariz. (AP Photo/Ross D. Franklin) “This announcement is about more than bringing an NHL team to Salt Lake City — it’s a defining moment in our trajectory, becoming a catalyst for a positive vision that integrates community, connection, and more possibilities for families, residents, and visitors to experience our capital city,” Salt Lake City Mayor Erin Mendenhall said in a statement. “I’m thankful for the close partnership with Ryan & Ashley Smith, and the entire SEG team. This is the beginning of a new era that will generate exciting opportunities for our communities, amplify pride and unlock new potential in our downtown core.” ___ AP Hockey Writer Stephen Whyno contributed to this story. ___ AP NHL: https://www.apnews.com/hub/NHL
Trump sleeping at trial? Gesturing at a juror? Why it's a bad look 2024-04-18 19:49:22+00:00 - Jury selection in the Manhattan criminal case against Donald Trump started off slowly, but has since picked up some steam, with multiple jurors seated after day 2 For some lawyers, the jury selection process is the most important stage of the trial. For others it’s a waste of time, an exercise in astrology, and they would take the first 12 people who walk through the door. But no matter how hard his lawyers try, Trump could lose this jury before they are even seated. The process is an opportunity for defendants to examine and test the peers who might judge him. Jury selection in criminal cases is conducted with the defendant present in the courtroom. The voir dire process in New York state courts involves a blend of questionnaires and lawyer questioning. While defendants don't get to address potential jurors directly, the process is an opportunity for defendants to examine and test the peers who might judge him. But the examination works both ways. The potential jurors are examining the defendant as well. From the moment they walk into the courtroom for jury duty, citizens are watching the defendant. They watch when defendants scribble on notepads. They watch when defendants confer with their lawyers. They watch just to see if the defendant “looks” guilty — whatever that means. And that’s just with the typical defendant. When the defendant is Donald Trump, all eyes are on the former president, at all times. It started during voir dire and will continue through the trial. Our jury system is based on the assumption that people, regardless of their educational background or social status, can judge the credibility of witnesses and evidence. On some level, society must believe humans are hardwired for lie detection, or else juries could not work. Jurors are therefore expected to pass judgment, whether or not the defendant testifies. For better (or probably for worse), body language can become an important part of this assessment. Perception can become reality, with life-altering results. And that’s where Trump has to be very careful — if he can. If he misbehaves at the defense table, the jury will be able to see it happen. Already on Monday, the first day of the trial, court reporters noted that Trump’s eyes appeared closed for portions of the proceeding. Whether or not Trump was sleeping is, in some respects, irrelevant. If he nods off, or appears to nod off, the jury will notice. On Tuesday, New York state Judge Juan Merchan openly admonished Trump for “muttering” and “gesturing” at a juror in the courtroom. It was unclear what was said, but his behavior was obvious enough to have caught the judge’s eye. And that means everyone else saw it, too. If Trump appears bored, angry or impatient, jurors notice. When he mumbles under his breath, they notice. None of these things are good, either. Trump has built a reputation as a showman. He is an outsized presence, physically and rhetorically. Performance art, especially cocky or aggressive behavior, serves Trump well at his rallies and in front of the camera. But in my experience, juries don’t usually appreciate it. Criminal defense attorneys can get really frustrated with their clients during trial. After all, the lawyer has prepped the witnesses and memorized the evidence. All the client has to do is sit there and look “not guilty.” It’s easier said than done, though. The ideal criminal defendant would sit ramrod straight, take notes from time to time and maintain an expression of respectful curiosity. Most criminal defendants are not ideal defendants. And when defendants misbehave, juries punish. Charles Manson infamously misbehaved throughout his own murder trial. It did not end well for him. New York organized crime boss John "Teflon Don" Gotti was a masterful manipulator of the criminal justice system — and a notoriously bad defendant during his 1992 trial for, among other things, murder and racketeering. The judge finally threatened to have the mafioso finish the trial watching a video feed from his cell. Gotti was eventually convicted and died in prison in 2002. In fairness, a trial for a criminal defendant can alternate between long periods of boredom, punctuated by moments of terror, and the generalized anxiety that gradually accelerates as the case moves inexorably to verdict. It’s unreasonable to expect someone on trial to sit there politely as the prosecution parades witness after witness before a jury to say bad things about him. It’s likely impossible in the case of Trump. While the judge may rein in his more extreme behavior, the head shakings, closed eyes and frowns might pass without reprimand from the bench. But the jury will notice. They will judge him for his conduct at the defense table. And if the misbehavior continues, they may hold it against him.
U.S. Mortgage Rates Jump Above 7% for the First Time This Year 2024-04-18 19:46:36+00:00 - Mortgage rates rose above 7 percent for the first time this year, crossing a symbolically concerning threshold that threatens to keep millions of potential home buyers and sellers on the sidelines of a U.S. housing market that is increasingly showing signs of slowing. The average rate on 30-year mortgages, the most popular home loan in the United States, rose to 7.1 percent this week, Freddie Mac reported on Thursday, the highest since November. Mortgage rates reached a recent high of nearly 8 percent late last year — a level not seen since 2000. As mortgage rates have risen in recent months, making homeownership costlier for buyers, potential sellers who may feel locked into lower rates on their existing loans have been keeping their houses off the market, in effect pushing prices higher, too. Combined, the forces have fed into a broader feeling of frustration about the economy, at a time when inflation has remained hotter than expected. “Potential home buyers are deciding whether to buy before rates rise even more, or hold off in hopes of decreases later in the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “It remains unclear how many home buyers can withstand increasing rates in the future.”
Mortgage rates are now at the highest level of the year, and could still climb 2024-04-18 19:35:00+00:00 - The average rate on the popular 30-year fixed mortgage crossed over 7% on April 1, according to Mortgage News Daily, and it just kept going. It now sits right around 7.5%, the highest level since mid-November of last year. Rates hit their highest level in a few decades last October, causing home sales to grind to a halt. Builders jumped to buy down rates for their customers and managed to do better than existing home sellers. Rates then fell through mid-January to the mid-6% range and held there into February, causing a surge in home sales. But then they began rising again. "By mid-February, a pick-up in inflation reset expectations, putting mortgage rates back on an upward trend, and more recent data and comments from Fed Chair [Jerome] Powell have only underscored inflation concerns," said Danielle Hale, chief economist for Realtor.com. "Sales data over the next few months is likely to reflect the impact of now-higher mortgage rates."
Kennedy family members’ Biden endorsement is a blow to RFK Jr. 2024-04-18 19:33:52+00:00 - Robert F. Kennedy Jr.’s presidential ambition may have gained him national attention — especially given the threat that some Democrats believe he poses to President Joe Biden’s re-election — but it certainly has not endeared him to all of his family. On Thursday, 15 Kennedy family members — including six of RFK Jr.’s 10 siblings — publicly endorsed Biden during a campaign event with the president in Philadelphia. On Thursday, 15 Kennedy family members — including six of RFK Jr.’s 10 siblings — publicly endorsed Biden during a campaign event with the president in Philadelphia. The endorsement is not surprising. Most members of the political dynasty have not just kept Kennedy’s campaign at arm’s length, but also have actively opposed it. (Family members had also publicly criticized Kennedy’s conspiratorial takes on vaccines well before he launched his presidential bid.) The day Kennedy announced that he would run as an independent after initially running as a Democrat, four of his siblings denounced his third-party candidacy, calling it “perilous” for the country.“Bobby might share the same name as our father, but he does not share the same values, vision or judgment,” they wrote in a statement. Joseph Kennedy III, a former member of Congress who now serves as Biden’s special envoy to Northern Ireland, told NBC News that the family’s endorsement of Biden brought up “challenging” feelings, yet “it’s something we believe has to be done.” RFK Jr.’s campaign does seem to have legs in unexpected corners, though how much understanding some of his supporters have about his qualifications is questionable. Ahead of the Kennedy family members’ endorsement of Biden, his campaign announced that he had gained ballot access in Michigan through a nomination from the Natural Law Party. Party chairman Doug Dern called Kennedy — who has never served in elected office and is known for his affinity for conspiracy theories — “the most qualified candidate in the modern-day history of America.”
Trussonomic lessons: what can be learned from former PM’s book? 2024-04-18 19:26:00+00:00 - Raw free-market economics is missing in action. Somewhere between its 1980s ascendancy and today, the media, politicians, civil service and even the corporate mainstream abandoned small government and low taxes. At the heart of Liz Truss’s new book, Ten Years to Save the West, the former prime minister reckons this is the reason for Britain’s economic drift, alongside “unelected technocrats” overruling the “wishes of the people”. The UK’s main economic institutions – the Treasury, Bank of England and the Office for Budget Responsibility (a “three-headed hydra”) – come under fire for standing in the way of her project, launched not with an election mandate but a Tory party selection process. However, could there be other lessons from Truss’s 49 days in power – measurable in the shelf life of a lettuce – unacknowledged in a book with more pages? Bond market meltdown “There was no word of warning about any likely issues with the bond markets, and no one mentioned the issues surrounding liability-driven investments.” The trouble is, this does not appear to be entirely true. Truss’s own economic advisers warned her that markets could crash if her policy changes were not handled with care. Weeks before the mini-budget her team presented her with a paper that said: “The markets are nervous about the UK and about policy options. If immediate economic policy announcements are handled badly then a market crash is possible.” Pensions crisis Truss could more reasonably claim ignorance over liability-driven investments (LDIs). The Financial Times had sounded the alarm two months earlier, but it still remained a relatively obscure corner of the pensions market. But to blame LDIs puts the cart before the horse. “It really was a tinderbox waiting for a spark – and the market upheaval provided it,” writes Truss. But what triggered that market upheaval? Government bond yields had been climbing in the summer of 2022 as the world’s leading central banks raised interest rates to combat soaring inflation after the Russian invasion of Ukraine. But the mini-budget triggered a far more extreme jump in the UK, in a development labelled the “moron premium” by City economists. Over four days, long-dated government bond yields rose by more than the annual increase in 23 of the past 27 years, in a “doom loop” as the financial crisis started to feed on itself before the Bank of England stepped in. View image in fullscreen Copies of Truss’s book on sale in a branch of Waterstones in London. Photograph: Leon Neal/Getty Images Smaller than furlough? Truss argues “there had not been a major market reaction against recent spending commitments, including the furlough scheme, which had cost £70bn. In the greater scheme of things, the mini-budget’s effect on government borrowing was relatively small.” However, furlough came in a very different context. First, Truss had already committed to an energy price guarantee that could have cost as much as £200bn over 18 months. Her £45bn in tax cuts added to this already vast borrowing commitment. Second, furlough came as the world’s largest central banks were buying billions of pounds in government bonds – keeping borrowing costs low. With inflation rising, those factors had kicked into reverse. The anti-growth coalition Furlough had been generally well received for preventing the biggest economic collapse in 300 years from becoming far worse by permanently scarring the economy. By contrast, economists thought tax cuts directed at the rich would have a minimal impact on growth. And this was not the view of the OBR (it had not been asked to give one); but of Goldman Sachs and Bank of America. Alongside criticism from the International Monetary Fund and President Joe Biden, Truss says “it became clear we were not just challenging UK economic orthodoxy, this groupthink extended to the leading powers of the west”. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The Bank of England In a book railing against short-termism and institutions, Truss reveals she thought about abolishing the OBR and sacking the Bank of England’s governor, Andrew Bailey, but concluded such a “declaration of war on the economic establishment” would have taken time she did not have. Her criticism of the central bank is, though, topsy-turvy in places. In one chapter she writes: “Central banks from the Federal Reserve to the Bank of England colluded with spendthrift governments, allowing money-printing to pay for the largesse.” But later she complains that turning off the printing press contributed to her downfall, as it drove up borrowing costs, and grumbles that the bank perhaps did not collude with her enough. Truss is at least right that markets thought the bank was behind the curve with its interest rate stance. But it had made clear months earlier that it would begin reversing its quantitative easing programme by selling government bonds from September 2022. Most economists do not buy that this was the primary contributor to the market meltdown after the mini-budget. It certainly did not help. But then why throw caution to the wind with a radical budget against this backdrop? City bankers blamed the unexpectedly large tax cuts in the mini-budget, particularly plans to scrap the 45p additional rate of income tax, alongside a wider undermining of the UK’s institutional framework: sacking the Treasury permanent secretary, Tom Scholar, sidelining the OBR, and challenging the Bank’s independence. The Bank may have “presided over the drift of economic policy in Britain for 30 years”, but Truss still craved its endorsement. “Given the lukewarm nature of their public statements, which implicitly accepted the criticisms made by our opponents, it is unsurprising that the markets were unconvinced,” she writes. Threadneedle Street is also castigated for having “deliberately cast us adrift” by refusing to issue a full assessment of the economic effects of the mini-budget. However, the Bank has no formal role in reviewing tax and spending decisions – a function left to the OBR, which Truss had sidelined – and normally passes minimal comment on them. It would also have been a challenge when, according to Bailey, it was cut out of the loop and left “blindsided” by her mini-budget plans. The Office for Budget Responsibility Britain has grown to “defer to the revered cult of the technocrat”, Truss writes, with the OBR and the Treasury the pinnacle in a Whitehall establishment full of leftwing “quangocrats” reliant on flawed economic models. Truss may have valid criticism of the OBR’s forecasting record. It has been consistently wrong. But usually because it has been over optimistic. However, the main tax and spending constraints are not set by the OBR but by parliament – to which it is accountable. After the OBR’s establishment under George Osborne, Truss says the agency “developed a life of its own and now essentially sets fiscal policy”. “I’m not aware of any other Treasury anywhere in the world with such a rigid and inflexible arrangement.” Her chancellor, Kwasi Kwarteng, could have changed the fiscal rules dictating how much Britain can borrow – a scorecard the OBR is only responsible for marking, not setting. After all, the UK’s fiscal rules have been changed more frequently than in almost any other advanced economy. But this did not happen.
Rep. Ilhan Omar's daughter among students suspended by Barnard College for refusing to leave pro-Gaza encampment 2024-04-18 19:09:00+00:00 - Rep. Ilhan Omar’s daughter said she was suspended Thursday by Barnard College after refusing to leave an encampment set up on campus in support of Gaza. Isra Hirsi, 21, said she received notice that she and at least two other students were suspended for “standing in solidarity with Palestinians facing a genocide,” Hirsi wrote on X, the social media platform formerly known as Twitter. Isra Hirsi, the daughter of Rep. Ilhan Omar of Minnesota, is arrested Thursday. Kelsea Petersen / NBC News Hirsi, an organizer with a student group that advocates for Palestinians, said this was her first time being punished as a student activist in her three years at the New York City school. "Those of us in Gaza Solidarity Encampment will not be intimidated,” she wrote. The suspension and protests underscore tensions that have been growing on campuses at universities across the U.S. since the start of the Israel-Hamas conflict last fall. Barnard said it had temporarily suspended some Columbia and Barnard students who refused multiple written and verbal requests to leave an unauthorized tent encampment on Columbia’s South Lawn on Thursday morning. There are more than 100 people occupying the area, Columbia University’s president, Nemat “Minouche” Shafik, said in a memo to police. "I have determined that the encampment and related disruptions pose a clear and present danger to the substantial functioning of the University," the memo said. Shafik said the demonstrators were trespassing, refusing to disperse and damaging campus property, among other violations. "Columbia is committed to allowing members of our community to engage in political expression — within established rules and with respect for the safety of all," the memo said. Barnard did not say how many students were suspended or confirm that Hirsi was among them. It did not say how long the suspension would last but said it would continue to suspend students who stay. “Now and always, we prioritize our students’ learning and living in an inclusive environment free from harassment,” the school said in a memo about the suspensions. Hirsi could not be immediately reached for comment. Some students refused to leave an unauthorized encampment at Columbia. Isabella Farfan / NBC News At least three people were arrested Thursday during protests at Columbia University. Kelsea Petersen / NBC News Omar did not immediately respond to requests for comment. The Democrat, who represents Minnesota, is a Somali refugee who made history as one of the first two Muslim American women elected to Congress. On Wednesday, Omar questioned Shafik about protests on campus during a congressional hearing in which Shafik strongly denounced antisemitism. Omar told Shafik she was "appalled" to learn that Columbia suspended six students this month for their involvement in a pro-Palestinian panel event on campus. “There has been a recent attack on the democratic rights of students across the country," Omar said. Tensions over free speech have erupted on some U.S. college campuses since the war between Hamas and Israel started in October. This week, the University of Southern California canceled a Muslim student's valedictorian speech out of security concerns. Last week, a University of California, Berkeley, professor confronted a Muslim student during a dinner for graduating law students. In a statement Thursday, Shafik said she authorized police to clear the encampment “out of an abundance of concern” for safety on campus. The New York Police Department said it has so far arrested three people at the encampment, ages 26, 30 and 35. Pro-Israel and pro-Palestinian protesters in Morningside Heights in upper Manhattan on Thursday. Isabella Farfan / NBC News By late Thursday afternoon, police had disassembled the original tent encampment, but protesters were beginning to build a new one on an adjacent lawn.
Trader Joe's pulls fresh basil from shelves in 29 states after salmonella outbreak 2024-04-18 18:39:00+00:00 - Is this tote bag the new Stanley mug? Is this tote bag the new Stanley mug? 01:45 Trader Joe's has pulled Infinite Herbs-branded basil from its shelves in 29 states after a salmonella outbreak has left 12 people sickened. The organic basil was sold in 2.5-ounce clamshell-style plastic containers, according to a Wednesday statement from the Centers for Disease Control and Prevention. The health organization said people who bought the basil shouldn't eat it, but should instead throw it out or return it to Trader Joe's. Trader Joe's has pulled basil sold in 29 states from its shelves after a dozen people fell ill from salmonella. FDA Seven of the 12 people who were sickened after eating the basil had bought or likely bought the product at Trader Joe's, according to the statement. Meanwhile, the U.S. Food and Drug Administration said Wednesday that the people who have fallen ill are spread across seven states: Florida, Georgia, Minnesota, Missouri, New Jersey, Rhode Island and Wisconsin. One person has been hospitalized, the agencies added. Salmonella poisoning can cause serious illness, especially in young children, the elderly and those with weakened immune systems. Symptoms of infection usually occur within 12 hours to three days after eating contaminated food, and include diarrhea, fever and abdominal cramps. In a statement posted to its website, Infinite Herbs CEO Grego Berliavsky said the company has voluntarily recalled some 2.5-ounce packages of fresh organic basil sold between February 1 through April 6 with UPC 8 18042 02147 7 because of the potential it could be contaminated with salmonella. "I am heartbroken at the thought that any item we sold may have caused illness or discomfort," Berliavsky wrote. The label from the basil sold at Trader Joe's that has been linked to a multi-state outbreak of salmonella. FDA The basil has been pulled from Trader Joe's stores in 29 states as well as Washington, D.C., and should no longer be available for sale. The states impacted are: Alabama Connecticut Delaware Florida Georgia Illinois Indiana Iowa Kansas Kentucky Maine Maryland Massachusetts Michigan Minnesota Missouri Nebraska New Hampshire New Jersey New York North Carolina Ohio Pennsylvannia Rhode Island South Carolina Tennessee Virginia Vermont Wisconsin Trader Joe's said in a statement that people who purchased the basil may return it to the store for a refund. Customers can also call Trader Joe's at (626) 599-3817 or email customer service here.
Two sons of world’s richest man Bernard Arnault join him on board of LVMH 2024-04-18 18:39:00+00:00 - Two sons of the world’s richest man, Bernard Arnault, have joined the board of LVMH after a shareholder vote, further cementing the family’s control of the French luxury goods company. The pair joined their elder siblings on the board of directors of the company, which houses brands such as Dior and Louis Vuitton, meaning four of Bernard Arnault’s five children now sit on the board. Alexandre, 31, is the executive vice-president of Tiffany, while Frédéric, 29, is the CEO of Swiss luxury watchmaker Tag Heuer. The Forbes magazine currently lists Bernard Arnault, and his family, as the world’s richest person, with a fortune of $214bn (£172bn), ahead of Amazon founder Jeff Bezos and Elon Musk, who heads Tesla and X. Each son got a vote of more than 93% at the shareholder meeting, with the results coming as no surprise. The Arnault family group holds 48.6% of LVMH’s capital and 64.3% of the votes, a fact Arnault acknowledged shortly ahead of the proceedings. “I’ve got the majority of votes, so …” he said. Two other children from a previous marriage, Delphine, 49, and Antoine, 46, are already board members, but the youngest sibling, Jean, 26, still has to wait his turn. “He has time, he’s young,” said the 75-year-old founder. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion LVMH (Moët Hennessy Louis Vuitton) also nominated Wei Sun Christianson to succeed Antonio Belloni, the group’s number two, who announced his departure at the end of March. Christianson, who joins from American investment bank Morgan Stanley, is “a great expert on business in China”, said Arnault, stressing the value of the country’s market. “The group has a strong presence in China, so it’s important to have precise views on what’s happening,” he added.
There should be no rush to replay Hipgnosis’s noisy stock market experiment | Nils Pratley 2024-04-18 18:23:00+00:00 - So ends a stock market experiment that is unlikely to be repeated in a hurry: Hipgnosis Songs Fund, the music royalties company with songs by the likes of Beyoncé, Blondie and Chic, is to be sold to a US fund for less than its starting price in 2018 of 100p. The immediate point is that 93p a share, or £1.1bn, is a lot better than shareholders were looking at in recent months. The price went as low as 60p during the company’s bust-up with its own investment adviser, a suspension of dividends (unforgivable for a fund designed to turn royalties into income) and a writedown in the value of assets after a tortuous debate about valuation methodologies. Those shareholders voted last year against “continuation”, in the lingo of investment trusts, which amounted to an order to the board to find a new strategy and establish some hard value. Robert Naylor came in as chair last November and has found a credible buyer in the form of Concord Chorus, a fund ultimately backed by state pension money in Michigan; the same US fund last year bought Round Hill Music, the only other UK-listed royalty fund. For Hipgnosis investors, 93p doesn’t represent Good Times, to pick on one song in the portfolio, but nor is it a reason to (Le) Freak out. It’s a smidgeon above the revised asset value; on the other hand, the asset value may increase by a notch or two by the time the deal completes. There is also an entertaining subplot whereby the fund is inviting its investment adviser – a firm majority-owned by Blackstone but with Hipgnosis pioneer Merck Mercuriadis on lead vocals – to go quietly by terminating its management contract, to allow an extra $25m (£20m) to flow to shareholders. We’ll wait to see how that request is received given the past toxicity of the relationship. But the longer-term point demonstrated by Hipgnosis’s entertaining life as a FTSE 250 stock is that this type of “alternative” asset is ill-suited to public markets. As soon as interest rates started to rise, the share price wobbled. Then came the kerfuffle over valuation techniques in an illiquid market for back catalogues, plus the tensions with Blackstone and Mercuriadis. And it all happened within the context of an industry-wide lack of transparency over the price at which catalogues are bought and sold. In the circumstances, Naylor is surely spot on when he says the fund would have to undergo “substantial financial and governance changes” to improve its share price materially under its own steam, and that the alternatives “carry significant risks, uncertainties and limitations”. You bet: in an investment trust sector where discounts to published asset values are already the norm, you don’t want to add complications on top. Selling up at 93p is reasonable. Shareholders with a combined stake of 29% have already backed the decision. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The shame is that the basic idea had appeal: a broad and constantly refreshed portfolio of music rights should be able to provide a stable source of income. But pension money, with its multi-decade investment horizons, looks a more natural owner, away from public markets. Hipgnosis was just too noisy.
Thames Water nationalisation plan could move bulk of £15bn debt to state 2024-04-18 18:11:00+00:00 - Thames Water could be renationalised, with the bulk of its £15.6bn debt added to the public purse, under radical plans being considered by the government, the Guardian can reveal. The blueprint, codenamed Project Timber, is being drawn up in Whitehall and would turn Britain’s biggest water company into a publicly owned arm’s-length body. Some lenders to its core operating company could lose up to 40% of their money under the plans. The contingency planning, which is at an advanced stage, reflects the deep concern in Whitehall about the state of a company that has become a symbol of the failure of privatisation in public utilities. It had no debt when it was taken out of public ownership in 1989. One of the UK’s biggest nationalisations in more than a decade would pull Thames’ vast liabilities into the government’s debt figures. A new arm’s-length public corporation would be formed to hold the water monopoly, modelled on the company that built the £18.8bn Crossrail project. The company serves 16 million customers in the London and Thames valley regions, but its finances have been left threadbare after previous shareholders siphoned out billions of pounds of dividends and it was hit with hefty fines for pollution and leaks. Its parent company, Kemble, recently defaulted on its debt and Thames has said it has enough money in its operating company to last for 15 months. Renationalisation would be deeply damaging for the government during an election year, reversing the privatisation carried out by Margaret Thatcher’s administration. Still, with Thames’ crisis likely to run beyond the expected autumn election, it may be a new Labour government that is faced with the challenge of salvaging the water monopoly. The blueprint is being led by the Department for Environment, Food and Rural Affairs (Defra) and the Treasury. The plans for a special administration of Thames are based on the assumption that Kemble is wiped out and its lenders, who are owed about £3bn, are not recompensed from the public purse. Some bondholders for the operating company – which sits within a regulatory ringfence – may also see the value of their loans cut by as much as 35%-40%, according to figures that underpin the potential nationalisation and have been seen by the Guardian. In April, the Guardian revealed Thames’ plans to further tap bond markets, even amid acute concerns among existing bondholders about the write downs they may be forced to make on their existing loans to the company’s operating arm. However, the lenders likely to bear the most pain under renationalisation would be the smaller share of creditors to Thames, known as category B bondholders, who hold about £1.6bn of Thames’ operating company debt. The vast majority of category A bondholders, who are owed about £13bn, would face a smaller “haircut” of about 5%-10% under a central scenario, although this could rise to 25% in a more extreme scenario. These figures are slightly more severe than some industry estimates from bondholders seen by the Guardian; in these B bondholders would lose about 30% of their money in a worst-case scenario and category A lenders would be forced to take 5% haircuts. Shareholders in Thames, which include the funds giants USS and Omers, would have their entire investment in Thames wiped out under the renationalisation plans. However, forcing lenders to bear financial pain would be highly controversial, given Thames’ creditors include some of the world’s biggest asset managers, which lent to the company on the assumption that their investment carried the same gold-plated risk rating as government debt. Whitehall and the regulator, Ofwat, were still optimistic that a nationalisation may be avoided, sources said. While public corporations are known as arm’s-length bodies, the move would ultimately allow the government far greater control and scrutiny of Thames’ day-to-day operations, sources said, speeding up its reform and return to the private sector. The company could be broken up into a “London Water” company to serve the capital and a “Thames Valley” firm to look after the rest. Water industry bosses questioned by MPs over Thames Water finances – watch live Still, the level of control assumed by the government will be a key factor in determining how the Office for National Statistics (ONS) judges it should be accounted for within the national debt. Thames has about £19bn of assets, ranging from 20,000 miles of water pipes to reservoirs and sewage treatment works, as well as its £15.6bn debt pile. Whether or not liabilities land on the government’s balance sheet often depends on the level of control it exerts over it. In 2014 the £30bn debt at the track and station owner, Network Rail, was added to the public purse after it was reclassified as a public body by the ONS. However, in 2017 housing associations’ £66bn debt was reclassified as private after the then communities secretary, Sajid Javid, relinquished “just enough” control. Sources at Ofwat are confident Thames’ operating company will be an attractive prospect for private sector investors once its parent company is wiped out, and a new plan for its finances and governance is secured. If the company can convince Ofwat with its new turnaround plan and business plan, due within days, it might yet be able to hike consumers’ bills by nearly 40%. Ofwat is due to rule on that business plan at its 23 May board meeting. It is understood Thames could also face some leniency on fines for its failure to meet performance targets if it is renationalised, given the problems of fining a state-owned body. Ofwat has the ability to censure Thames in three ways: via fines which put the money straight into the public purse, by rebates to consumers, or by securing undertakings. With much of its assets buried underground, Thames and the regulator have struggled to get to grips with the true state of its ageing infrastructure. Thames has increased its claims in recent years about the poor condition of its underlying assets as its financial struggles have become plain. Ofwat, meanwhile, has sought to gather its own intelligence on the state of Thames’ assets, and believes the company’s challenges are similar to those of other water operators who are not making the same financial claims regarding their business plans. A Defra spokesperson said: “As a responsible government, we prepare for a range of scenarios across our regulated industries – including water – as the public would expect.” A spokesperson for Thames Water referred the Guardian to its 28 March statement and said the talks with Ofwat and other stakeholders were ongoing. “Thames Water intends to pursue all options to secure the required equity investment from new or existing shareholders,” the statement said. A spokesperson for Ofwat declined to comment.
Coventry Building Society makes £780m offer for Co-operative Bank 2024-04-18 17:18:00+00:00 - Coventry Building Society has tentatively offered £780m to buy the Co-operative Bank from its hedge fund owners, in what could be the latest in a string of takeovers among UK lenders. The offer follows nearly four months of exclusive talks between the two lenders, which began in December. If a deal is completed, it would create a new high street challenger with almost 5 million customers and an £89bn balance sheet However, there are likely to be weeks of negotiation ahead before a deal can be finalised and both groups have stressed that there was still “no certainty at this stage” that a takeover would take place. The “non-binding” offer signals that enough due diligence has been done over the last three months to convince the management of Coventry, and the Co-operative Bank’s hedge fund owners, that a deal could be in their best interests. “We have a very successful history, and we believe this could be the basis of a very successful future – with membership, great value and great service at its heart,” Coventry Building Society’s chief executive, Steve Hughes, said. “The Co-operative Bank is a financially stable, profitable organisation with a shared heritage and products and services that complement our own … we’re confident that we have the people, capability and the financial strength to bring both organisations together successfully over a number of years.” The two sides will now continue talks, and said that they were “working together to enter into definitive agreements in due course”. “A further announcement will be made as appropriate,” they added. The prospective deal adds to a wave of consolidation among UK lenders, and follows Barclays’ purchase of Tesco Bank in February for £700m, and Nationwide Building Society’s £2.9bn takeover of rival Virgin Money, which was agreed in March. But, like its fellow building society Nationwide, Coventry has decided not to give its members a vote on the potential deal, saying it is not required under the Building Societies Act. “In coming to this decision, the board has been informed by member surveys and focus groups, which clearly signalled their priorities as maintaining our value proposition and service quality,” Coventry said. The Co-operative Bank has been fielding takeover offers since at least 2020, when it was approached by the New York-based private equity firm Cerberus Capital Management, which offered a mere £270m. But its owners – Silver Point Capital, GoldenTree, Anchorage Capital, JC Flowers and Bain Capital Credit, Cyrus Capital and the fund manager Invesco – have been more open to a deal since the bank returned to profit in 2021, which has helped improve its potential price tag. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The bank traces its origins to the 1872 establishment of the Co-operative Wholesale Society, the body that would become the Co-operative Group, and provided financial services to the wider co-operative movement in Britain, in which member-owned businesses worked for the common good. However, it ran into trouble when a £1.5bn hole was discovered in its accounts after its disastrous takeover of the Britannia Building Society in 2009. The problem resulted in the bank separating from the Co-operative Group and being rescued by the consortium of hedge funds, which took full control in 2017. Its reputation also suffered after its former chair, the ex-Labour councillor and Methodist church minister Paul Flowers – nicknamed the “Crystal Methodist” – pleaded guilty to possession of cocaine, crystal meth and ketamine in 2014. But the lender managed to revive its fortunes, returning to profit for the first time in a decade, just in time for its 150th anniversary in 2022.
Russia’s war in Ukraine remains barrier to growth, says IMF chief 2024-04-18 17:11:00+00:00 - Russia’s war with Ukraine is stoking geopolitical tensions and damaging the recovery prospects of the global economy, the head of the International Monetary Fund has warned. Kristalina Georgieva urged an end to the two-year conflict, saying it was both a human tragedy and a barrier to growth. As G7 finance ministers said they were looking at ways of using the almost $300bn (£240bn) of seized Russian assets to help Ukraine, the IMF managing director said support for Kyiv remained “steady and firm”. Georgieva said Ukraine would need $42bn of financial support this year. The G7 group of leading developed countries said it would “continue working on all possible avenues by which immobilised Russian sovereign assets could be made use of to support Ukraine, consistent with international law and our respective legal systems”. The communique released after the meeting in Washington also hinted at tougher sanctions against Iran following last weekend’s missile and drone attack on Israel. “We will ensure close coordination of any future measure to diminish Iran’s ability to acquire, produce, or transfer weapons to support its destabilising regional activities,” the G7 said. Most of the seized Russian assets are being held in Europe, and the European Central Bank is concerned that outright seizure would result in tit-for-tat retaliation from Moscow and may contravene international law. One idea being pursued is to pull forward the interest payments on frozen Russian assets – estimated at between €3bn to €5bn (£2.6bn to £4.3bn) a year – so that they can be used as collateral for loans or bonds to support Ukraine. The UK chancellor, Jeremy Hunt, said the G7 had reluctantly concluded that the war in Ukraine was not going to end any time soon and would require a longer term commitment. Georgieva said the sooner the conflicts in Ukraine and in Gaza ended the better it would be for the global economy. “The war in Ukraine is a tragedy for its people. Having men, women and children killed and wounded is a daily occurrence. We need to end this war for their sake and for the sake of the world economy,” she said. Six months of fighting between Israel and Hamas had meant Gaza’s economy had been “wiped out”, Georgieva said. “Eighty per cent of it is gone. The West Bank has also been impacted.” Speaking at a press conference at the IMF’s spring meeting, Georgieva said: “The world has grappled with multiple shocks – the pandemic, a cost of living crisis, war and conflict, and climate disasters. The twenties has already been a turbulent decade.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Countries had acted to mitigate the impact of the shocks of the past four years, but it was now time to rebuild buffers, the IMF chief said. “Fiscal restraint is becoming more important. Countries must rebuild their fiscal resilience to be ready for the next shock.” The IMF’s world economic outlook released this week showed the US economy was on course to grow more than three times as rapidly as the eurozone this year – 2.7% increase in gross domestic product against 0.8%. Georgieva said there were three factors that explained the disparity. First, the US was better at harnessing innovation so that new ideas could be turned into successful businesses. There was still “work to be done” to unleash innovation in Europe, Georgieva said, citing the costs of patents in Europe compared with in the US. Second, migration. While the record number of people coming into the US across its southern borders has become a big political issue, Georgieva said its economy was benefitting from “abundant” labour coming into the country. “It creates a domestic political problem, and not everyone who crosses the border adds positively to the economy,” she said. “But that labour supply also gives to the US another comparative advantage; wages are not pushing up, because there is no strong pressure because of a lack of labour on wage growth.” Third, was that the US had benefitted from more favourable energy prices than Europe, where natural gas prices soared after Russia’s invasion of Ukraine in 2022, Georgieva said.
Netflix blows past earnings estimates as subscribers jump 16% 2024-04-18 16:56:00+00:00 - A couple sits in front of a television with the Netflix logo on it. LOS ANGELES — Netflix will no longer provide quarterly membership numbers or average revenue per user starting next year, the company said Thursday as it reported earnings that beat on the top and bottom lines. Total memberships rose 16% in the first quarter, reaching 269.6 million, well above the 264.2 million Wall Street had expected. However, the quarter marks one of the last glimpses investors will get of the company's subscriber base going forward. "As we've noted in previous letters, we're focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction," the company said in its quarterly letter to shareholders. "In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential." Netflix said now that it is generating substantial profit and free cash flow — as well as developing new revenue streams like advertising and a password-sharing crackdown — its membership numbers are not the only factor in the company's growth. It said the metric lost significance after it started to offer multiple price points for memberships. The company said it would still announce "major subscriber milestones as we cross them." Netflix also noted that it expects paid net additions to be lower in the second quarter compared to the first quarter "due to typical seasonality." Its second-quarter revenue forecast of $9.49 billion was just shy of Wall Street's estimate of $9.54 billion Shares of the company fell around 4% in extended trading. Here are Netflix's first-quarter results: Earnings per share: $5.28 vs. $4.52 expected by LSEG Revenue: $9.37 billion vs. $9.28 billion expected by LSEG Total memberships: 269.6 million vs. 264.2 million expected, according to Street Account Netflix reported first-quarter net income of $2.33 billion, or $5.28 per share, versus $1.30 billion, or $2.88 per share, in the prior-year period. The company posted revenue of $9.37 billion for the quarter, up from $8.16 billion in the year-ago quarter. The streaming company is navigating its transformation from targeting subscriber growth to focusing on profit, as it uses price hikes, a crackdown on password sharing and an ad-supported tier to boost revenue. Investors are looking for signs that these efforts are still boosting Netflix and seeking more details about the company's foray into video games. Netflix could also provide more insight into its partnership with TKO Group Holdings to bring WWE to the platform. The company has teased that it would like to expand its live sports offerings. "We're in the very early days of developing our live programming and I would look at this as an expansion of the types of content we offer, the way we expanded to film and unscripted and animation and most recently games," said co-CEO Ted Sarandos during Thursday's earnings call. "We believe that these kind of event cultural moments like the Jake Paul and Mike Tyson fight are just that kind of television, and we want to be part of winning over those moments with our members as well, so that for me is the excitement part of this." As of Thursday morning, the company's stock was up 27% year to date and around 85% over the last 12 months.
Biden imposes new sanctions on Iran after drone and missile attack on Israel 2024-04-18 16:39:00+00:00 - The Biden administration on Thursday announced new sanctions on Iran targeting its missile and drone program after its attack on Israel last weekend. President Joe Biden said in a statement that the sanctions speak to the commitment he and fellow leaders of the Group of Seven leading industrialized nations made to collectively ramp up economic pressure on the Iranian government. Biden also noted that U.S. allies were issuing additional sanctions and measures in an effort to curtail Iran’s destabilizing military programs. The United Kingdom on Thursday announced sanctions against Iranian military figures and organizations, and European Union leaders also said earlier this week that they would increase sanctions against Iran. “Let it be clear to all those who enable or support Iran’s attacks: The United States is committed to Israel’s security,” Biden said. “We are committed to the security of our personnel and partners in the region. And we will not hesitate to take all necessary action to hold you accountable.” The Treasury Department on Thursday said the U.S. is targeting 16 individuals and two entities enabling Iran’s drone production, including engine types that powered the unmanned aerial vehicles used in the attack over the weekend. “Today, in coordination with the United Kingdom and in consultation with partners and allies, we are taking swift and decisive action to respond to Iran’s unprecedented attack on Israel," Treasury Secretary Janet Yellen said in a statement. "We’re using Treasury’s economic tools to degrade and disrupt key aspects of Iran’s malign activity, including its UAV program and the revenue the regime generates to support its terrorism. We will continue to deploy our sanctions authority to counter Iran with further actions in the days and weeks ahead." Iran has said it launched its attack against Israel in response to the Israeli bombing of its consular building in Syria, which killed two of Tehran’s military generals and five officers. Israeli Prime Minister Benjamin Netanyahu said Israel will respond to Iran’s retaliatory strikes amid calls from leaders in Western countries, including Biden, to exercise restraint.
Google fires 28 employees after protest against contract with Israeli government 2024-04-18 16:27:00+00:00 - Protests across the U.S. call for Gaza cease-fire Protests across the U.S. call for Gaza cease-fire Protests across the U.S. call for Gaza cease-fire Google has fired more than two dozen employees following protests against the company's cloud-computing contract with the Israeli government. The workers were terminated after a company investigation determined they were involved in protests on Tuesday inside the tech giant's offices in New York and Sunnyvale, California, Chris Rackow, Google's vice president for global security, stated in a companywide email. "Their behavior was unacceptable, extremely disruptive, and made co-workers feel threatened," he wrote. "Physically impeding other employees' work and preventing them from accessing our facilities is a clear violation of our policies, and completely unacceptable behavior. After refusing multiple requests to leave the premises, law enforcement was engaged to remove them to ensure office safety," a Google spokesperson emailed CBS MoneyWatch. Nine demonstrators were arrested, according to No Tech for Apartheid, the organization behind the protests, which No Tech contends were peaceful. Demonstrators entered an office used by Google Cloud CEO Thomas Kurian, according to a post on social media by the group. "Google workers have the right to peacefully protest about terms and conditions of our labor. These firings were clearly retaliatory," No Tech said in a statement. The protests came against Project Nimbus, a $1.2 billion joint contract with Amazon to provide the Israeli government with AI and cloud services. In its statement, No Tech cited a recent Time Magazine report that found Google had built custom tools for Israel's Ministry of Defense, and contracts with the Israeli Occupation Forces. "Google Cloud supports numerous governments around the world in countries where we operate, including the Israeli government, with our generally available cloud computing services. This work is not directed at highly sensitive, classified or military workloads relevant to weapons or intelligence services," according to a Google spokesperson.
Salmonella outbreak prompts Trader Joe's to recall herbs sold in 29 states 2024-04-18 16:17:00+00:00 - Trader Joe’s has recalled packaged herbs linked to a multistate salmonella outbreak, the grocery chain announced this week. The product, Infinite Herbs organic basil, was sold in 2.5-ounce clamshell containers from Feb. 1 to April 6 in 29 states as well as in Washington, D.C., Trader Joe’s said on Wednesday. There have been 12 reports in seven states of people infected with salmonella, an organism that can cause serious or fatal illness, according to federal officials. One person was hospitalized. “Seven of eight cases with information available reported exposure to fresh organic basil purchased from Trader Joe’s before becoming ill,” the Food and Drug Administration said on its website, adding that “traceback data” it had collected determined that Florida-based Infinite Herbs, LLC, had supplied the basil to Trader Joe’s. Grego Berliavsky, the head of Infinite Herbs, said Wednesday that the company had voluntarily recalled the product. “I am heartbroken at the thought that any item we sold may have caused illness or discomfort,” he said in a statement. “We simply will not rest until we can once again be confident in the safety of this product.” Berliavsky added that customers should check their freezers for the basil. “Fresh basil naturally wilts and expires after five to seven days, so we are confident that the recalled basil is no longer available for sale,” he wrote. “However, if you have food in your freezer that includes Infinite Herbs organic basil purchased between February 1 and April 6, do not consume it.” The basil had been sourced from a single farm, which is no longer in production, according to Berliavsky. “We are working with the farmer to conduct an internal investigation of the food safety practices. Through this investigation, our goal is to determine the cause of this recall and apply measures to prevent it from happening again,” he wrote. Symptoms of salmonella include diarrhea, fever and stomach cramps, according to the Centers for Disease Control and Prevention. The symptoms usually start 6 hours to 6 days after infection, and while most people recover within a week without antibiotics, some may need medical treatment. The CDC says that children younger than 5, adults 65 and older and individuals with weakened immune systems are more likely to get serious salmonella infections, but anyone who has severe diarrhea, bloody stools, a fever higher than 102 degrees or prolonged vomiting may need antibiotics or to be hospitalized. Salmonella causes about 1.35 million infections, 26,500 hospitalizations and 420 deaths in the United States every year, according to the CDC. But official counts are likely an underestimate because most people recover without seeking medical help or without a confirmed diagnosis, said Barbara Kowalcyk, an associate professor of exercise and nutrition sciences at the George Washington University Milken Institute School of Public Health. Infections come from a variety of sources, including consuming contaminated food and water or touching infected animals and their environments. In rare cases, salmonella or its toxins can enter the bloodstream, causing serious illnesses, death or long-term conditions like arthritis, Kowalcyk said. "One of the things in food safety that we try to do is make people aware that it's not just this bad tummy ache," she said. "There are other health implications." Salmonella is not visible and cannot be smelled or tasted, Kowalcyk said. Trader Joe’s instructed customers to discard the packaged basil or to return it for a full refund. The FDA said infections have been reported in Florida, Georgia, Minnesota, Missouri, New Jersey, Rhode Island and Wisconsin; the product was also distributed in Alabama, Connecticut, Washington, D.C., Delaware, Iowa, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maryland, Maine, Michigan, North Carolina, Nebraska, New Hampshire, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Vermont. The news comes a month after another large Trader Joe’s recall involving potential salmonella contamination. In March, the grocer recalled cashews sold in 16 states. No illnesses were reported in that instance. Earlier in March, Trader Joe’s recalled steamed chicken soup dumplings that federal officials said were potentially contaminated with “hard plastic from a permanent marker pen.”
Countdown Is On for the Bitcoin ‘Halving’ 2024-04-18 16:11:55+00:00 - Cryptocurrency enthusiasts have eagerly anticipated the third week of April, counting down the days until a potentially crucial moment in Bitcoin’s development called “the halving.” Essentially, the halving is a scheduled reduction in the number of new Bitcoin that go into circulation. As the supply falls, some analysts anticipate that the digital currency’s price will soar. These reductions happen every four years or so. But this year’s halving has drawn especially enthusiastic attention as the crypto industry rebounds from years of falling prices and corporate implosions. In recent months, Bitcoin’s price has surged to record highs, reaching $73,000 in March. Much of that increase was driven by the approval of new financial products tied to Bitcoin, which spurred billions of dollars in new investment. Crypto investors are hoping that the halving will create a similar effect, causing Bitcoin’s price to climb further.