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Gold prices are at an all-time high—but experts like Warren Buffett don't always recommend investing 2024-04-01 20:43:00+00:00 - Bitcoin and stocks aren't the only assets hitting all-time highs. If you want to buy an ounce of gold, it will currently cost you more than ever, at more than $2,250 an ounce. That puts it up about 38% from its last low point in 2022. And even though gold prices are at an all-time high, many market watchers are still taking a shine to it. While the current economic scenario has been good for stocks, it's been "even more bullish for gold," Tim Hayes, chief global investment strategist at Ned Davis Research wrote in a recent note. But even with a favorable outlook, gold should play a very different role in your portfolio than stocks or bonds, investing experts say. Because it tends to move in different ways than more traditional investments, gold may be an appropriate way to diversify for some investors — but don't make it a major building block of your portfolio. Billionaire investor and Berkshire Hathaway chairman Warren Buffett is known to avoid it for a reason. Why gold is up and could continue to rise Different investors cite different reasons for owning gold. For one, it has a reputation to maintain or increase in value during periods of inflation, though that track record is spotty. For another, it's considered a store of value should paper money become significantly devalued — after all, gold has been considered currency for millennia. It's also generally expected to hold up in so-called "risk off" markets, when investors tend to flee from riskier fare, like stocks, into perceived safe-haven assets, including gold and bonds. That means investors tend to pick up more gold in the lead-up to and during recessions and bear markets. That makes the recent uptrend in gold a little bit strange, says Ford O'Neill, co-portfolio manager at the Fidelity Strategic Real Return Fund, a mutual fund strategy focused on shielding investors from inflation risk. "It's been anything but [a risk off market] since October of last year," he says. "I would argue we've had what I would call an 'everything rally,' where obviously quite a few assets have done quite well." Essentially, he says, gold is doing well because investors are boosting the price of just about everything, from stocks to bonds to cryptocurrency. In addition to a rising tide, a weakening U.S. dollar and falling bond rates have boosted gold prices of late, says Hayes. At lower rates, bonds and cash accounts "have less of a competitive advantage" over gold, he tells CNBC Make It. And with the Federal Reserve projected to begin cutting interest rates this year, the outlook for gold is growing rosier. The lower interest rates go, the lower the opportunity cost for investors to hold gold, which pays no interest. "We continue to be bullish on gold," says Hayes. What to know before buying gold If you want to add gold to your portfolio, the easiest way is to buy an ETF which tracks the price of the yellow stuff. Doing so allows you to track gold's performance relative to the rest of your portfolio and keeps you from having to shell out big bucks to own physical gold. But whether you hold it in your brokerage account or stash coins and bars in your safe, gold is an asset that doesn't produce anything. That's why the world's most famous long-term investor never touches the stuff. In his 2011 letter to shareholders, Buffett pointed out that for the price of acquiring all the world's gold, an investor could buy all of the cropland in the U.S. with enough money leftover to buy ExxonMobil 16 times over. Come back a century later, and one of those options will have delivered a bounty of crops and ample dividends. The other would still be a large quantity of gold. Over the past 15 years, an ETF tracking the spot price of gold has returned an annualized 5.5% compared with a 15.3% return in the S&P 500. As for inflation, gold's record is a mixed bag. Despite steady inflation since 1988, gold has submitted a negative return in 18 calendar years, including 2021 and 2022 — years with particularly high inflation.
The Cut's viral 'case' for marrying an older man sets a trap for women 2024-04-01 20:34:47+00:00 - Marriage is having a moment in American discourse. TikTok videos extol the virtues of being a stay-at-home wife and mother who also feeds chickens, makes sourdough bread and has five children. Magazines and newspapers are filled with articles and columns exhorting people to just suck it up and marry. Or even offer up marriage as the solution to the inequality in our nation. And these stories are focused on women, because it’s young women who are more likely to opt out of marriage and it’s older women who are divorcing their husbands. The “just get married” discourse feels like a tightening rope around women who are already seeing their rights reversed through the rollback of Roe. Recently, an essay published in New York Magazine’s The Cut even argued for marriage as a feminist reclamation. Marriage, as the author described it, is a protectorate, wherein she is taken care of and pampered. It truly sounds nice given the level of exhaustion American women are experiencing, after carrying the weight of cognitive and domestic labor, and doing the work of the social safety net. But it’s worth pointing out that gilded cages are still cages. The “just get married” discourse feels like a tightening rope around women who are already seeing their rights reversed through the rollback of Roe. Women who saw the vast lack of a social safety net during the pandemic and saw America take back whatever advances we made that helped families, while rolling out the war machine. Women are dying because we don’t have choices. Still, the answer that is shouted back at us is “just marry.” But marriage has never been a safe space for women. And any argument that marriage provides comfort and equality under the benevolent protectorship of a husband isn’t borne out by the history of marriage — or the reality of it. Even now, with all of its supposed advantages, marriage can be a trap for women, who are more likely than men to experience physical and emotional abuse in marriage. And nearly 20% of marriages involve violence. In 2021, 34% of female murder victims were killed by their intimate partner, compared to only 6% of male murder victims. Marriage as an institution has been more about keeping some people out and locking others in. Founded on the laws of coverture, historically in marriage a woman’s identity was subsumed under her husband. But, of course, this relative safety of the marital relationship was only afforded to wealthy women. Poor people, the enslaved, queer or disabled people have been historically excluded from the benefits of marriage. Enslaved women, often forced into marriage, only kept those relationships at the whims of their enslavers, and were subject to sexual and racial violence as a result. Today, mass incarceration that targets Black men makes keeping a marriage together harder. Additionally, staying together as a family becomes difficult when the child welfare system targets Black families. And for centuries, until 1967, when the Loving v. Virginia Supreme Court ruling legalized interracial marriage, marriage was a means of policing racial purity. Also, it wasn’t until 2014, when the Supreme Court ruled in Obergefell v. Hodges, that gay marriage was made equal in the United States. People who are disabled were excluded from marriage because historically they were often institutionalized. Today, people who are disabled are often barred from the institution of marriage because they can lose access to life-saving benefits. And you don’t have to look too far back in American history to see how wives were viewed under the law. It wasn’t until 1993 that marital rape was finally outlawed in all 50 states. In response to these statistics, critics often accuse women of simply choosing to marry the wrong person. As if you can choose your way out of systemic inequality and an institution that was founded on the fundamental loss of personhood. In sum, marriage never has been, nor ever will be, a form of freedom. It’s tempting, in a world beleaguered by a pandemic, where women still earn less than men, and where there is no affordable childcare, to see marriage as an appealing way of opting out of the ceaseless grind of capitalism. Better to work for a man who loves you rather than "the man," the logic goes. But it’s an upsetting logic, presuming that marriage is still the work of a woman, rather than a partnership of equals. Plus, that logic doesn’t parse. All it does is economically isolate women. A wife is far more likely to be abused by her husband than a stranger, and stay-at-home moms are more likely to be depressed and anxious. Freedom isn’t found under the guardianship of a marriage, it’s found when we are seen as equal partners and given equal opportunities to earn money and control our bodies and our destinies. In “The Second Sex,” Simone de Beauvoir argued that marriage is premised on a man treating a woman as a person enslaved while making her feel like a queen. She also notes, “It is more comfortable to endure blind bondage than to work for one’s liberation; the dead, too, are better suited to the earth than the living.” Beauvoir’s words feel like a face slap from the past, reminding modern women how long we’ve been struggling to be free from the unpaid labor of marriage and how much farther we have to go. Freedom isn’t found under the guardianship of a marriage, it’s found when we are seen as equal partners and given equal opportunities to earn money and control our bodies and our destinies. Partnership, when executed with mutual respect, can be amazing. But marriage as an institution has never been about a woman’s freedom. And it won’t be until we have full equality.
Abortion and marijuana will be on the ballot this year in a key swing state 2024-04-01 20:31:07+00:00 - Florida voters will have the chance to vote on abortion and recreational marijuana this November. The measures would enshrine abortion access and recreational marijuana use into the state constitution. The court also allowed Gov. Ron DeSantis' 6-week abortion ban to go into effect. NEW LOOK 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 Florida voters will now have the chance to decide for themselves if they want abortion rights and recreational marijuana enshrined in the state constitution. The state's Supreme Court, which has a conservative majority, ruled that the two measures could appear on the ballot this November. The first ballot measure would add the right to abortion into the state constitution, mandating that no law can "prohibit, penalize, delay, or restrict" abortion before the fetus is viable outside the womb. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
The best cell phone plans in 2024 2024-04-01 20:24:53+00:00 - When you buy through our links, Business Insider may earn an affiliate commission. Learn more The best cell phone plans offer enough data for your needs. Beyond that, a plan can also include perks and features that are relevant to you, whether it's a discount for a streaming service, a discounted separate plan for a connected device, or international features. But remember, an ideal plan becomes useless if the carrier that offers it doesn't cover your area well. After carefully researching and considering the best cell phone plans from major carriers and budget providers, we've concluded that Verizon's Unlimited Plus plan is the best overall. It offers the most data with the best overall coverage at an unmatched value, especially with more lines on the plan. The best budget option among major carriers is T-Mobile's Essentials plan, which includes a generous amount of premium data for a lower monthly bill that will mean big savings in the long term. Advertisement Our top picks for the best cell phone plans Best overall: Verizon Unlimited Plus - See at Verizon Best budget plan: T-Mobile Essentials - See at T-Mobile Best true budget plan: Mint Mobile plans - See at Mint Mobile Best international plan: Verizon Unlimited Ultimate - See at Verizon
Medicaid expansion coverage enrollment in North Carolina now above 400,000 2024-04-01 20:24:27+00:00 - RALEIGH, N.C. (AP) — Enrollment in North Carolina’s new Medicaid coverage for low-income adults has surpassed 400,000 in the expansion program’s first four months, Gov. Roy Cooper announced on Monday. The full health benefits coverage for some adults ages 19-64 who earn too much to qualify for traditional Medicaid began on Dec. 1, roughly two months after lawmakers completed their last step to implement a deal available through the 2010 federal Affordable Care Act. Nearly 273,000 people, most of whom had been receiving Medicaid for family-planning coverage alone, were covered on the first day of enrollment. Since then, North Carolina has enrolled an average of more than 1,000 people a day — a rate that Cooper’s office says outpaces other states that have expanded Medicaid. “This milestone and the speed at which we’ve reached it shows just how lifechanging Medicaid expansion is for our state and we will continue to get more eligible North Carolinians enrolled,” Cooper said in a news release. Cooper’s Department of Health and Human Services projects that the state’s enrollment under expansion will reach 600,000 within two years. DHHS is working with an array of health organizations and nonprofits to recruit more enrollees. Many enrollees are young adults or disproportionately live in rural communities, according to the news release, which added that expansion recipients already have benefited from over 700,000 prescriptions and generated more than $11 million in dental service claims. “People aren’t just getting covered, they’re getting care,” DHHS Secretary Kody Kinsley said in a video on social media. Since becoming governor in 2017, Cooper, a Democrat, lobbied hard for the Republican-controlled General Assembly to accept expansion. The legislature and Cooper enacted an expansion law in March 2023, but a separate state budget law also had to be approved. The federal government pays 90% of the cost of expansion, with the remainder paid by an increased assessment on hospitals. Enrollment also means North Carolina is poised to receive a $1.8 billion bonus over two years from the federal government. DHHS told lawmakers last month that it had already distributed $198 million of that money to nearly 50 government, health, education or nonprofit initiatives.
GOP politicians like Ron DeSantis are trying to ban lab-grown meat, comparing it to bugs and claiming threats to ranches 2024-04-01 20:23:01+00:00 - Startups have spent years trying to develop meat from cells in a lab instead of slaughtering animals. But some Republican state legislators are trying to ban lab-grown meat. The bills say that lab-grown meat threatens existing industries, such as cattle ranching. NEW LOOK 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 Republican politicians in some states have a new target: meat raised in a lab instead of via animals. At least seven states have considered bills so far in 2024 that would prohibit the distribution or sale of lab-grown meat, the Financial Times reported on Sunday. In each case, Republicans are leading the charge. One of the most prominent examples is Florida, where Gov. Ron DeSantis has expressed opposition to lab-grown meat. Related stories Both houses of the state legislature passed a bill in February that would ban sales of lab-grown meat, though it's not clear whether DeSantis will sign the measure into law, the Times reported. DeSantis' office did not reply to a request for comment from Business Insider. Advertisement Other states, such as Arizona and Tennessee, are considering similar bills. Some of the legislation says that lab-grown meat — also known as cultured meat — threatens states' current agricultural economies. A version of the Arizona proposal from February, for instance, repeatedly mentions that state's cattle ranching industry. "The production and sale of lab-grown, cell-cultured animal product threatens to harm Arizona's trust land beneficiaries and the highest and best use of state trust land, which includes leasing state trust lands to ranchers for livestock grazing to fund public schools and other public institutions," part of the bill reads. If passed, the legislation would create a civil penalty of up to $25,000 for selling or producing lab-grown meat in Arizona. Other legislators have made more opaque attacks on lab-grown meat. Tennessee state Rep. Bud Hulsey said at a hearing in March that proponents of lab-grown meat "would probably like to eat bugs with Bill Gates," according to the Times. Lab-grown meat relies on cells from commonly consumed animals in the US, such as chicken, beef, and fish. Advertisement For years, lab-grown meat startups have been promising meat without the need to slaughter animals. In the US, two major contenders in the field are Upside Foods and Good Meat, the lab-grown meat division of Eat Just, the company known for its mung bean-based scrambled egg mixture. But despite hundreds of millions of dollars in funding — including from big names like Gates and Jeff Bezos — lab-grown meat startups don't appear to be ready to start mass sales of their products. Last year, for example, Upside Foods partnered with a single San Francisco restaurant to serve its lab-grown chicken. Some experts told The Counter in 2021 that mass production of lab-grown meat is essentially impossible for the startups using their current approach, which involves growing meat cells in large containers called bioreactors. The technology has long been used to cultivate small batches of cells in the medical world — to produce vaccines, for instance — but it's tough to produce the much larger quantities of cells that burgers or boxes of chicken nuggets would require, the experts said.
Florida Supreme Court allows 6-week abortion ban to take effect, but voters will have the final say 2024-04-01 20:21:00+00:00 - In a pair of significant decisions, the Florida Supreme Court ruled Monday to uphold a 15-week ban on abortion in the state, while also allowing a proposed amendment that would enshrine abortion protections in the state constitution to appear on the November ballot. The conservative-leaning court's decision on the 15-week ban also means that a six-week abortion ban, with exceptions for rape, incest and the life of the mother, that Gov. Ron DeSantis signed into law last year will take effect. But the bench's ruling to allow the constitutional amendment to appear on the ballot this fall means voters will have a chance in just seven months to undo those restrictions. Republicans have made multiple moves over the nearly two years since the U.S Supreme Court overturned Roe v. Wade to restrict access to abortion. In 2022, Gov. Ron DeSantis, a Republican, signed a 15-week abortion ban passed by the GOP-controlled Legislature that was almost immediately challenged in court. Then, in April 2023, just weeks before he announced his presidential campaign, he signed a six-week ban, which was also immediately challenged. In reviewing the initial challenge to the 15-week ban, the state Supreme Court had said the six-week ban would remain blocked until the court ruled on the 15-week proposal. In its ruling on the bans on Monday, the court’s justices wrote in a majority opinion, that, “Consistent with longstanding principles of judicial deference to legislative enactments, we conclude there is no basis under the Privacy Clause to invalidate” the 15-week statute. They added that Planned Parenthood, the plaintiff in the case, “cannot overcome the presumption of constitutionality and is unable to demonstrate beyond a reasonable doubt that the 15-week ban is unconstitutional.” As a result, the justices concluded, the “six-week ban will take effect in thirty days.” At the same time, their ruling on the proposed amendment will allow Florida voters to effectively decide whether to keep the six-week ban in effect. Faith Halstead chants along with other protesters and activists near the Florida State Capitol on April 3, 2023. Octavio Jones for The Washington Post via Getty Images In allowing the proposed amendment to appear in November, the justices embraced a straightforward interpretation of their responsibility under the law in approving ballot measures: Making sure the proposed language isn’t confusing, unclear or misleading and making sure it doesn’t cover more than one subject. “We approve the proposed amendment for placement on the ballot,” the court’s justices wrote in their opinion. They added that the intention of the measure's sponsors was clear and that opponents' philosophical disagreement with didn't merit it being struck from the ballot. "That the proposed amendment’s principal goal and chief purpose is to limit government interference with abortion is plainly stated in terms that clearly and unambiguously reflect the text of the proposed amendment. And the broad sweep of this proposed amendment is obvious in the language of the summary," they wrote. "Denying this requires a flight from reality." Reproductive rights groups simultaneously slammed the decision on the ban and lauded the decision on the ballot measure — while highlighting that the disparate rulings significantly raise the stakes of the November election. “The stakes for protecting reproductive freedom in Florida have never been higher. With a near-total abortion ban set to go into effect in 30 days, essential health care will be pushed out of the hands of millions because of this Florida Supreme Court decision. But Floridians have the opportunity to fight back against this Republican law that strips them of their bodily autonomy just like voters have in every other abortion ballot initiative across the country," Jessica Mackler, the president of EMILYs List, a national Democratic group that supports pro-abortion rights women running for office, said in a statement. Conversely, anti-abortion groups celebrated the ban ruling and slammed the ballot measure, while also noting the conflicting decisions raise the stakes of the November election. Florida Voice for the Unborn Executive Director Andrew Shirvell said his group was "profoundly disappointed in the Florida Supreme Court" for allowing the ballot measure to advance, while calling the decision paving the way for the six-week ban to stand a "silver lining in an otherwise dark day for Florida’s unborn children.” Monday's decision on the proposed amendment had been the last major obstacle in the red-leaning state in the path for the measure to appear on the ballot this fall. Under Florida law, the measure will have to receive the support of 60% of voters in November — not a simple majority — to pass. Reproductive rights groups had surpassed the required number of valid signatures in the state needed for the measure, which state officials have already announced as "Amendment 4," to appear on the general election ballot. But under Florida law, the state Supreme Court must review the proposed language of any citizen-initiated constitutional amendment before it can formally advance. The proposed amendment would bar restrictions on abortion before fetal viability, considered to be at about the 24th week of pregnancy. That means it would invalidate the six-week ban. It would also include exceptions past that point for “the patient’s health, as determined by the patient’s healthcare provider.” Allowing the measure to appear in November could also have political consequences: Putting the decision to expand access to abortion in the hands of voters could help drive turnout in Florida among Democrats, as well as independents and Republicans who strongly support reproductive rights. That could boost the prospects of Democrats up and down the ballot in the state, where key races for president and U.S. Senate this year are likely to be closely decided. Underscoring that possibility, President Joe Biden's re-election campaign, in a memo released moments after the decisions came down, said it sees the state as winnable, largely because the issue of abortion rights has been such a strong issue for Democrats. "Abortion rights will be front and center in Florida this election cycle," Julie Chávez Rodríguez, Biden’s campaign manager, wrote in the memo. The effort by pro-abortion-rights groups in Florida to place the ballot measure is one of at least 11 across the U.S. seeking to put abortion rights directly in the hands of voters in 2024. Advocates on both sides of the issue had long viewed the state Supreme Court’s review of the proposed amendment as conservatives’ best chance to stop the measure from appearing, mostly due to the court’s ideological makeup: Five of the seven justices on the court were appointed by Republican Gov. Ron DeSantis, a fierce opponent of abortion. The court's review was aided by a robust challenge from anti-abortion conservatives in Florida, including Republican state Attorney General Ashley Moody, who contended that the ballot language was designed to mislead voters. Moody’s challenge specifically urged the court to prevent the question from appearing on the ballot altogether. She slammed the measure as an effort designed to “hoodwink” voters because abortion-rights supporters and opponents have different opinions on the definition of fetal viability. Despite its ideological make-up, the conservative court’s justices signaled during opening arguments last month that they were likely to let the amendment appear. And despite doling out tough questions to the attorneys representing Floridians Protecting Freedom, the abortion rights group leading the ballot effort, the judges were even harsher in their commentary to attorneys for the state. “It’s pretty obvious that this is an aggressive, comprehensive approach to dealing with this issue,” Chief Justice Carlos Muñiz said at one point, shooting down an argument that the ballot language was confusing. “The people of Florida aren’t stupid. They can figure out what this says.” The court's deadline to approve or reject the proposed language was Monday.
Refinery fire leaves two employees injured in the Texas Panhandle 2024-04-01 20:19:17+00:00 - BORGER, Texas (AP) — Two employees of Phillips 66 were injured in a fire at one of the oil company’s refineries in the Texas Panhandle on Monday, according to the company. The fire began about 11:20 a.m. and was extinguished by 1 p.m. after emergency management officials and the Borger Fire Department were notified, according to a statement by Phillips spokesperson Al Ortiz. “The situation has been stabilized, and all personnel have been accounted for,” according to the statement. “The refinery continues to operate. The cause of the incident is under investigation.” The injured employees were taken to a hospital, but their condition has not been released. The extent of the fire has also not be disclosed. Borger Emergency Management Director Jason Whisler referred questions to Phillips 66. Fire Marshal Jason Pender did not immediately return a phone call for comment. Borger is northeast of Amarillo and about 320 miles (515 kilometers) northwest of Dallas.
Fani Willis disqualification saga continues, even as Trump’s Georgia case moves ahead 2024-04-01 20:18:35+00:00 - The Georgia prosecution against Donald Trump and others was back in court last week, with a hearing about pretrial legal issues in the election interference case. That might have given the impression that the saga over District Attorney Fani Willis’ potential disqualification is settled. But it’s still possible that Willis and her office get kicked off the case. We were reminded of that Friday, with the filing of a defense appeal in the matter. Recall that Judge Scott McAfee essentially split the difference last month, when he said that Willis could stay on the case if special prosecutor Nathan Wade, with whom she had a romantic relationship, stepped down. That’s what happened. But McAfee also allowed the defense to appeal his order. Now we wait on whether the state appeals court will decide to take it up; the court has 45 days from Friday. As last week’s hearing shows, the case will move forward in the meantime, but with this crucial issue hanging over it. In their application for appeal, Trump and his co-defendants approvingly cited McAfee’s criticism of Willis and Wade. But they argued that the judge drew the wrong legal conclusions from the damning facts that he found. If the state appeals court agrees, then Willis and her office are off the case. It’s possible that the court takes up the issue, given the apparent murkiness on the state law surrounding disqualification. That would, of course, cast further doubt over when — and even whether — the election subversion case goes to trial in Fulton County. There’s no trial date as it is. So, for those keeping tabs on all four of Trump’s criminal cases, this uncertainty emphasizes the apparent certainty that Trump’s New York hush money case, set for April 15, will be his first to go to trial. And with the wild cards of U.S. District Judge Aileen Cannon’s offbeat handling of the classified documents case and the Supreme Court’s pending immunity review in the federal election-related case, it also highlights that, if the New York case in fact goes first, it’s still an open question as to which case, if any, goes second. 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.
Court approves 3M settlement over ‘forever chemicals’ in public drinking water systems 2024-04-01 20:17:19+00:00 - Chemical manufacturer 3M will begin payments starting in the third quarter to many U.S. public drinking water systems as part of a multi-billion-dollar settlement over contamination with potentially harmful compounds used in firefighting foam and several consumer products, the company said. St. Paul, Minnesota-based 3M announced Monday that last year’s lawsuit settlement received final approval from the U.S. District Court in Charleston, South Carolina. The agreement called for payouts through 2036. Depending on what additional contamination is found, the amount paid out will range from $10.5 billion to $12.5 billion. “This is yet another important step forward for 3M as we continue to deliver on our priorities. The final approval of this settlement and continued progress toward exiting all PFAS manufacturing by the end of 2025 will further our efforts to reduce risk and uncertainty as we move forward,” 3M’s chairman and CEO, Mike Roman, said in a news release. The deal compensates water providers for pollution with per- and polyfluorinated substances, known collectively as PFAS — a broad class of chemicals used in nonstick, water- and grease-resistant products such as clothing and cookware. PFAS have been described as “forever chemicals” because they don’t degrade naturally in the environment. They’ve been linked to a variety of health problems, including liver and immune-system damage and some cancers. The compounds have been detected at varying levels in drinking water nationwide. The Environmental Protection Agency in March 2023 proposed strict limits on two common types, PFOA and PFOS, and said it wanted to regulate four others. Water providers would be responsible for monitoring their systems for the chemicals. The 3M settlement first announced in June came in a lawsuit by Stuart, Florida, one of about 300 communities that had filed similar suits against companies that produced firefighting foam or the PFAS it contained. The payment will help cover the costs of filtering PFAS from systems. Some of the settlement money will help additional water systems test for contamination from PFAS, said Scott Summy, one of the lead attorneys for those suing 3M and other manufacturers. They have until June 2026 to apply for compensation if contamination is found. “That’s great news for American citizens who drink from that water,” Summy said. “It’ll help rid our public drinking water systems of PFAS, and that’s the most important thing about the settlement.” Also, last June, DuPont de Nemours Inc. and spinoffs Chemours Co. and Corteva Inc. reached a $1.18 billion deal to resolve PFAS complaints by about 300 drinking water providers. Several states, airports, firefighter training facilities and private well owners also have sued.
The best 50-inch TVs of 2024 2024-04-01 20:11:30+00:00 - When you buy through our links, Business Insider may earn an affiliate commission. Learn more While big-screen TVs get a lot of attention, some spaces aren't large enough to fit a massive display. If you have a smaller living room or are shopping for a secondary TV to set up in a bedroom, a 50-inch display is a great option. Though there are fewer midrange and high-end models to choose from at this size, the best 50-inch TVs still offer a reliable viewing experience, and they're often a lot more affordable than their larger counterparts. Our top pick is the LG C3, one of the few OLED TVs you can buy in under 55 inches. When it comes to premium performance on smaller screens, this model is an outlier since it delivers top-notch contrast and perfect black levels in a compact form factor. But if you want a budget-friendly set, we recommend the Hisense U6H, which manages to pack in features like quantum dots and local dimming that are missing on competing 50-inch sets in this price range. Below, you can find all our picks for the best 50-inch TVs, including an entry-level LED display for casual viewing and a QLED designed with gaming in mind. Note: LCD-based TVs (including LED and QLED models) are usually sold in a 50-inch screen size, while OLED TVs are sold in a slightly smaller 48-inch size. For that reason, we've included a 48-inch OLED in this guide. Advertisement Our top picks for the best 50-inch TVs Best overall: LG C3 - See at Amazon Best budget: Hisense U6H - See at Best Buy Best entry-level: TCL S4 - See at Amazon Best midrange for gaming: Vizio MQX - See at Amazon Advertisement Best overall LG 48-inch C3 OLED 4K TV The LG C3 is one of the few OLED TVs you can buy in sizes under 55 inches, and it delivers a big upgrade in image quality compared to most competing 48-to-50-inch displays. Shop at Amazon Shop at Walmart Shop at Best Buy What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. One of the few OLEDs available in a smaller size Check mark icon A check mark. It indicates a confirmation of your intended interaction. Infinite contrast ratio Check mark icon A check mark. It indicates a confirmation of your intended interaction. Wide viewing angles What we don’t like con icon Two crossed lines that form an 'X'. Pricey for its size con icon Two crossed lines that form an 'X'. Doesn't use quantum dots Specifics Panel type: OLED Evo, 120Hz OLED Evo, 120Hz Backlight: N/A N/A HDR formats: Dolby Vision, HDR10, HLG Dolby Vision, HDR10, HLG Smart TV OS: WebOS The 48-inch LG C3 is the ideal TV for people who want a smaller display that doesn't skimp on picture quality. It uses an OLED panel, which is rare for TVs smaller than 55 inches, and this type of screen gives it key benefits over the LED and QLED sets that round out the rest of our guide. The C3 offers all the benefits that OLED screens are known for, including pixel-level contrast control and wide viewing angles. On other types of displays, black levels can look elevated when you watch TV with the lights off, and colors and contrast can distort if you sit to the side of the panel. But on the C3, black levels disappear into a dark room without any blooming around bright objects, and picture quality remains consistent even if you're off-center from the display. The C3's peak brightness of around 800 nits is very respectable, especially compared to other displays you can find in the 48-to-50-inch class. Though Sony and Samsung sell brighter OLED TVs that use quantum dot filters, those models are only available in larger sizes. Simply put, there are few TVs this small that look this good. In fact, there's only one other OLED that's sold in 48 inches, the Sony A90K, and the C3 delivers very similar image quality for around $400 less. Outside picture performance, the C3 offers solid smart TV streaming via LG's webOS platform. The interface isn't our favorite, but it still provides reliable access to all of the best streaming services, along with built-in support for Alexa voice control. The C3 is equipped well for the latest consoles, too, with a 120Hz refresh rate that can support smooth gaming on a PS5 and Xbox Series X. However, unlike Samsung's OLED TVs (only available in larger sizes), the C3 does not support a 144Hz refresh rate when paired with a PC. At a typical sale price of just under $1,000, the C3 is pricey for a 48-inch TV, but the jump in picture quality you get over our other picks is substantial. Advertisement Best budget Hisense 50-inch U6H QLED 4K TV Though a 2022 model, the 50-inch U6H is still one of the best TVs in this size. It has features like quantum dots and local dimming to provide better color and contrast performance than most displays in its price range. Shop at Best Buy What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Quantum dots for wide color gamut Check mark icon A check mark. It indicates a confirmation of your intended interaction. Local dimming for enhanced contrast control What we don’t like con icon Two crossed lines that form an 'X'. 60Hz panel limits gaming performance con icon Two crossed lines that form an 'X'. Viewing angles are mediocre Specifics Panel type: QLED, 60Hz QLED, 60Hz Backlight: LED with local dimming LED with local dimming HDR formats: HDR10, HDR10+, Dolby Vision, HLG HDR10, HDR10+, Dolby Vision, HLG Smart TV OS: Google TV Hisense's U6H is the 2022 version of its newer U6K QLED, our pick for the best TV you can get on a budget in larger sizes. But while the U6K isn't sold in 50 inches, you can still find the older U6H in this size, and it remains a great option for the money. Like the U6K, the U6H uses a QLED panel with quantum dots to produce a wide color gamut and a solid peak brightness of about 600 nits. It also has local dimming to help control the TV's contrast, enabling it to brighten and darken across specific areas. However, unlike the newer U6K, this model uses regular-sized LEDs instead of Mini LEDs in its backlight, so it has fewer zones to work with. This makes the U6H more prone to halos around bright objects on dark backgrounds. Still, for the money, there are few 50-inch TVs that can achieve this level of image quality. Most competing models at this price are missing local dimming entirely and many lack quantum dots as well, so they're limited to a more narrow range of colors. However, the U6H can't avoid other common pitfalls of TVs in this class. Most notably, it has subpar viewing angles, so contrast and colors fade if you sit off-center from the display. It's also limited to a 60Hz refresh rate, so you can't get high frame rate support when paired with a console or PC. The standard model comes with Google TV built-in and a Google Assistant voice remote but there's also a variation sold exclusively through Amazon, called the U6HF, that uses the Fire TV interface and Alexa instead. We prefer the Google TV model since the Fire TV option has a more limited menu system with fewer picture calibration options, but the Amazon edition is easier to find in stock and is often on sale for a bit less than its Google counterpart. Advertisement Best entry-level TCL 50-inch S4 LED 4K TV TCL's S4 can't match the picture performance of pricier displays, but it's an affordable 4K display that's ideal for buyers who just want a basic smart TV for casual viewing. Shop at Amazon Shop at Walmart Shop at Best Buy What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Inexpensive Check mark icon A check mark. It indicates a confirmation of your intended interaction. Models with Google Assistant, Alexa, or Roku voice control What we don’t like con icon Two crossed lines that form an 'X'. Limited brightness con icon Two crossed lines that form an 'X'. Lacks wide color support con icon Two crossed lines that form an 'X'. Narrow viewing angles Specifics Panel type: LED, 60Hz LED, 60Hz Backlight: Direc-lit LED Direc-lit LED HDR formats: HDR10, Dolby Vision, HLG HDR10, Dolby Vision, HLG Smart TV platform: Fire TV, Google TV, and Roku variants available The TCL S4 is the best 50-inch TV for buyers who want an affordable display meant for casual viewing. This entry-level model lacks advanced picture quality features, but it's an inexpensive option for basic smart TV needs. The S4 uses a regular LED panel without quantum dots or local dimming. This means it can't produce a wide color gamut, and it can't control its light output across different segments of its screen. As a result, black levels will veer toward gray or slightly blue when watching movies in a dark room, and HDR movies and shows won't play with the same peak brightness and color accuracy as they would on a QLED or OLED TV. And like most TVs in this class, viewing angles are poor, so colors will look faded if you sit to the side of the screen. All those cons might make it sound like the S4 is a bad TV, but that's not really the case. It's just that this isn't a model geared toward videophiles, home theater buyers, or serious games. It cuts costs to offer the bare necessities for a decent image at an affordable price, and in that sense, it's a worthwhile set. This is a display meant for people who want a cheap but reliable 50-inch TV that gets the job done but nothing more. The S4 is available in Roku TV, Fire TV, or Google TV variants, so you can choose which smart TV interface you like best. We like Roku for its simple navigation, but the Fire and Google options have the benefits of built-in support for Alexa or Google Assistant, respectively. Advertisement Best midrange for gaming Vizio 50-inch MQX QLED 4K TV The 50-inch Vizio MQX is built with gaming in mind. It has a higher refresh rate than most competing sets this size, which can offer smoother gameplay when paired with a PS5, Xbox Series X, or PC. Shop at Amazon Shop at Walmart Shop at B&H Photo What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. 4K/120Hz or 1080p/240Hz refresh rate for smooth gaming Check mark icon A check mark. It indicates a confirmation of your intended interaction. Decent HDR brightness What we don’t like con icon Two crossed lines that form an 'X'. Low number of dimming zones leads to blooming con icon Two crossed lines that form an 'X'. Poor viewing angles Specifics Panel type: QLED, 4K/120Hz or 1080p/240Hz QLED, 4K/120Hz or 1080p/240Hz Backlight: LED with local dimming LED with local dimming HDR formats: HDR10, HDR10+, Dolby Vision, HLG HDR10, HDR10+, Dolby Vision, HLG Smart TV OS: SmartCast Vizio's MQX is designed with gaming in mind. This midrange TV is one of the few 50-inch QLED models available that supports a 120Hz refresh rate in 4K, and it can even support up to 240Hz if you game in 1080p on a computer. This enables a smooth experience when you play games with frame rates higher than 60 frames per second on a PS5, Xbox Series X, or PC. The TV also uses a QLED panel with wide color support and local dimming to help control contrast and black levels. However, the display only uses 16 dimming zones, which is low and can cause more noticeable blooming (halos around bright objects) than you'd see on QLEDs with more zones or on OLED TVs with pixel-level contrast. At a peak of around 400 to 500 nits, the MQX's brightness is decent for a TV in this class but a bit under the minimum of 600 nits that we recommend for entry-level high dynamic range performance. If you're buying a 50-inch TV with HDR movie-watching in mind, we think you're better off with the Hisense U6H since it can get a little brighter and has double the number of dimming zones. However, the U6H only has a 60Hz refresh rate, so the MQX has a clear edge when it comes to gaming. Both TVs have subpar viewing angles, so neither has a big advantage there. Advertisement How we pick 50-inch TVs To choose the best 50-inch TVs, we use a combination of testing and research bolstered by more than a decade's worth of expertise covering the home entertainment product industry. When we test TVs, we usually evaluate 65-inch models since most brands consider that their flagship size. However, if a specific TV model is offered in multiple sizes, that model's overall performance usually remains similar across sizes 50 inches and larger. For example, a 48-inch LG C3 OLED and a 65-inch C3 OLED have the same basic specs and capabilities. The only notable difference is the size of the screen. However, the best 50-inch TVs that have local dimming, like the Hisense U6H and Vizio QMX, use fewer dimming zones in their smaller variations versus larger options. This results in differences in brightness and contrast when comparing a 50-inch model to another size. Sometimes, there are bigger variations in features and design across sizes, so we note those instances when they pop up. When evaluating TVs, we consider factors like clarity/sharpness, contrast, peak HDR brightness, color gamut, off-angle viewing, refresh rate, smart TV interface, and general value for the money. We use an X-Rite iDisplay Plus colorimeter to assess brightness when we review a TV and use test patterns on the Spears & Munsil UHD HDR Benchmark 4K Blu-ray disc to check other objective image elements. We also watch plenty of real-world content on every TV we test and get a feel for what it's like to use a TV on a day-to-day basis. We play several key scenes from movies and TV shows to examine local dimming, HDR performance, upscaling, and more. Sources include Blu-ray discs, streaming services, and live TV in various levels of quality, from standard definition to 4K. Advertisement 50-inch TV FAQs Most 50-inch TVs range in price from $200 to $1,000. Vizio Advertisement Is 50 inches a good size for a TV? The best 50-inch TVs are a good option for buyers who need a compact display for a smaller room, but the selection of midrange and high-end TVs offered in this size is limited compared to what you'd find when shopping for a 55- or 65-inch TV. For instance, many of the best OLED TVs are only available in 55, 65, and 77 inches. Likewise, several of our favorite QLED TVs from brands like Hisense and TCL, like the U7K and QM8, are not available in 50 inches. However, there are a few high-end exceptions, like our top pick in this guide, the LG C3, which is one of the few OLED TVs made in smaller sizes. But generally speaking, most 50-inch TVs are built with entry-level and lower-midrange performance in mind. If you want a larger selection of mid-tier and premium display models to choose from, check out our guides focusing on larger TVs: Advertisement How much should a 50-inch TV cost? The best 50-inch TVs will set you back between $200 to $1,000, depending on what type of display you buy. Entry-level LED models from value-friendly brands like TCL, Hisense, and Vizio can be found for around $200 to $250. These options are good for casual viewing but often lack advanced features like quantum dots and local dimming. Lower-midrange QLED sets range from $300 to $550, and these options will deliver better color, higher contrast, and brighter panels. However, many of our favorite upper-midrange QLED models are not available in 50 inches. Likewise, high-end 50-inch TVs are hard to come by, but you can find a couple of OLED models, like the LG C3, and top-tier QLED models, like the Samsung QN90C, in this size for around $1,000 to $1,200. Advertisement Is 4K worth it on a 50-inch TV? Though the benefits of 4K resolution are best appreciated on larger TV sets, 50 inches is still big enough to make 4K worthwhile, especially if you plan to sit close to your display. However, the debate about whether 4K is worth it on a TV this size has mostly become a moot point since major brands no longer sell 50-inch HDTVs. Most HDTV models are now restricted to 43 inches and under. If you're buying a 50-inch or larger TV in 2024, 4K is the standard. For more 4K display recommendations available in multiple sizes, check out our guide to the best 4K TVs.
Here's the state of the AI trade after a great first-quarter run for many of our portfolio stocks 2024-04-01 20:06:00+00:00 - As the second quarter begins, we're taking stock of the AI trade. While returns in 2024 have been strong, we think there is still room to run. Two reasons are behind our conviction: artificial intelligence adoption remains in the early innings, and companies are still researching and figuring out the potential use cases of AI and how to make money on them. Jefferies said a note this week that 2024 is a transition year from "dreaming of gen AI's potential" in 2023 to this year's implementation and monetization, and a look ahead to creating new products that can ramp up in 2025. The analysts said Microsoft and Amazon are best positioned for enterprise adoption, and Meta Platforms and Alphabet are uniquely geared to serve consumer needs. In their view, Microsoft, thanks to its investment in ChatGPT startup OpenAI, is the clear leader given its positioning on the infrastructure side with its Azure cloud and its early move into product offerings with Copilot AI assistants. Alphabet, on the other hand, was designated as the "most underrated," by the Jefferies analysts, a designation we agree with despite our decision to trim some shares Monday morning. Microsoft leads There's no denying Microsoft's execution, which paved the way for generative AI to go mainstream and the company to then make money from the emerging technology. It has been unmatched. Microsoft was quick to realize the power of OpenAI, making its initial investment in 2019 and subsequent ones in 2021 and 2023 . OpenAI's ChatGPT launched in late 2022 and went viral shortly after that — launching the current wave of investor interest in AI and the companies whose stocks can benefit from it. MSFT 5Y mountain Microsoft 5 years Google is not out As for Alphabet, there are still concerns about the company's ability to maintain Search dominance and management's ability to effectively execute following a series of missteps that have understandably led to some skepticism regarding its ability to lead in AI. However, we think it's wrong to count the Google parent out. Alphabet may have messed up by letting Microsoft leap ahead on generative AI, but the company has years of experience in artificial intelligence research. Much of what we are seeing today, with products like Google's Gemini and ChatGPT, wouldn't be possible without the research conducted by Alphabet over the past decade. In fact, the transformer architecture , on which ChatGPT was built, was developed by Google researchers and introduced in 2017. Google is also rapidly pushing into the cloud and has a treasure trove of consumer data that will prove crucial to refining its models and AI products over time. GOOGL 5Y mountain Alphabet 5 years Given a roughly 15% rebound since the stock bottomed in the beginning of March, we had to let some go. However, considering the combination of data, talent, and financial firepower at Alphabet's disposal, we think it would be wrong to remove all exposure, especially at less than 23 times 2024 earnings estimates. Thus, our decision, conveyed in Monday morning's trade, to keep 545 shares of Alphabet following the trim. The stock went on to make a 52-week high on the first day of April. We should also acknowledge the recent news that Apple may be looking to tap Google as a partner for its own AI ambitions. Though Apple has certainly implemented forms of artificial intelligence into its products over the years, it has yet to announce any major update in terms of working in the new form of generative AI. A partnership with Alphabet would certainly prove positive for both companies. Whether they do decide to partner with Alphabet or keep development in-house, remains to be seen, however, we do expect to hear something regarding generative AI when Apple hosts its annual Worldwide Developers Conference in June. Alphabet's Gemini Nano seems like a viable option for Apple given it's designed to be used for on-device tasks, meaning it doesn't rely on sending data back to the cloud, a data handling practice Apple has leveraged in the past to help to ensure user privacy. Apple notes for example that "Face ID data doesn't leave your device and is never backed up to iCloud or anywhere else." That's different from Siri. Those queries do go back to the cloud and then render on the device rather seamlessly. It's the reason Face ID can work without a mobile or internet connection and Siri can't. Amazon hedges its bets Turning to Amazon, the latest update on the company's AI ambitions came last week with the announcement of a $2.75 billion investment into AI startup Anthropic, the largest investment to date by the e-commerce and cloud computing heavyweight. That alone should tell you just how big these companies are betting that generative AI will indeed be transformative — on par with smartphones or the internet itself. Back in September, Amazon put $1.25 billion into Anthropic, bringing its total committed to $4 billion. Anthropic is the company behind the highly regarded Claude large language model (LLM). As reported by the CNBC tech team , the latest edition, Claude 3 "outperformed OpenAI's GPT-4 and Google's Gemini Ultra on industry benchmark tests, such as undergraduate-level knowledge, graduate-level reasoning, and basic mathematics." Notably, Amazon isn't relying on Anthropic for its generative AI ambitions, if anything, the investment seems like a way to diversify or hedge its bet on its own LLM, codename Olympus, which is expected to debut later this year. The combination of cost optimization on the e-commerce side, a rebound in cloud spending in IT budgets, and the potential for new revenue streams resulting from generative AI, point to further upside ahead. That's not even to mention what Amazon is doing to increase streaming revenues , in the form of more ad-supported Prime Video and sports rights, and its push into health care, highlighted by its recent announcement of same-day delivery on medications for common conditions. AMZN 5Y mountain Amazon 5 years Amazon is the most expensive of the mega caps at 43 times 2024 earnings. Amazon has never been "cheap" based on earnings, but the current valuation is a fairly steep discount to the 62 times five-year historical average. Looking out to 2025 earnings estimates, Amazon's valuation drops to 33 times. The analysts at Jefferies called Amazon out for its position in the enterprise, a call we fully understand given the company's public cloud leadership. However, given its dominance in e-commerce and all the data it can glean from consumer shopping habits, we must acknowledge the massive consumer opportunity the company also has when it comes to generative AI implementation. Amazon shares hit a 52-week high on the first day of April. Meta plays to strengths Meta Platforms is a consumer AI play. The company's focus on cost-cutting where it can along with AI investments where appropriate have been paying off massively for the stock. Not only is user engagement up but the implementation of AI is resulting in an increased return on investment (ROI) for advertisers. Moreover, Meta's decision to make its LLaMa models open-source should help with the implementation of new tools over time. It may not be as clear or direct as the monetization at Microsoft, but Meta Platforms is benefiting financially from its AI efforts. META 5Y mountain Meta Platforms 5 years At just over 24 times 2024 earnings estimates, we think Meta has plenty of upside left given its ability to drive best-in-class advertiser ROI and management's hyperfocus on keeping costs in check. As for TikTok, though we think Meta can win regardless of what happens to the Chinese-owned short video platform in the U.S. market, anything that reduces usage of ByteDance's TikTok should provide a direct boost to Facebook and Instagram Reels engagement. That's especially true in an election year. Despite the issues politicians may or may not have with Meta's family of apps, the offering remains the best possible way to reach potential voters. (Jim Cramer's Charitable Trust is long MSFT, GOOGL, AMZN, AAPL, META. 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. Morning traffic outside Meta headquarters, in Mountain View, California, U.S. November 9, 2022. Peter Dasilva | Reuters
Ukrainian forces low on just about everything they need shut down a large Russian mechanized assault in a telling front-line fight 2024-04-01 20:05:41+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Ukrainian forces in a priority section of the front line near Avdiivka appear to have defeated a large Russian mechanized assault involving tanks and fighting vehicles over the weekend. The apparent win is a promising indicator that troops can repel future Russian offensives this year, war experts say, despite currently scraping the bottom of the barrel on ammunition and other war supplies. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. On March 30, Ukrainian troops outside occupied Avdiivka fought off a Russian battalion-sized mechanized assault, the Institute for the Study of War, a Washington-based think tank, said. ISW cited a Ukrainian serviceman who, on March 31, said that elements of Russia's 6th Tank Regiment sent 36 tanks and 12 BMP infantry fighting vehicles into a battle on the front line near Tonenke, a village east of Avdiivka. Advertisement The serviceman said Ukraine destroyed 12 tanks and eight IVFs. Footage shared by Ukraine showed some of the assault, including Russian tanks being destroyed by anti-tank guided missiles, according to open-source intelligence accounts on social media. On Saturday, Russian forces attempted a sizeable armored assault west of Tonenke, Donetsk Oblast. They ran directly into a Ukrainian ATGM free fire zone led by the 25th Airborne Brigade, losing multiple armored vehicles. pic.twitter.com/bLz5Y9Kuzy — OSINTtechnical (@Osinttechnical) April 1, 2024 "This appears to be the first report of any elements of the 90th Tank Division participating in assaults following the Russian seizure of Avdiivka," ISW said in its latest update. It added that the assault appeared to have failed, "suggesting that elements of Russia's uncommitted operational reserve near Avdiivka may be too degraded or otherwise unable to lead further Russian advances westward in the short term." Related stories A photo posted on social media by open-source information accounts, what appears to be a screenshot from drone footage, showed the supposed aftermath of the assault, with destroyed tanks scattered across the battlefield. Advertisement The scale of the recent assault is significant, ISW explained, as Russia hasn't launched an assault this large since it began efforts to take Avdiivka last October. At that time, Russia was losing vehicles at astonishing rates — almost 50 tanks and over 100 armored vehicles just from October 19-20. The fighting around Avdiivka continued well into the winter and new year, and Ukraine's defenses became overwhelmed. In February 2024, it lost ground, retreating from the war-torn town. In the aftermath, experts attributed Ukraine's withdrawal to their depleted ammo and supplies due to dwindling aid from Western countries. In the US, officials and leaders, like President Joe Biden, blamed inaction in a deeply divided Congress for the loss of Avdiivka, calling on lawmakers to "urgently pass the national security supplemental funding bill to resupply Ukrainian forces." Soldiers on the Armored Infantry Vehicle 2 (BMP-2). The road to the city, the outskirts of Avdiivka on February 14, 2024 in Avdiivka district, Ukraine. Vlada Liberova/Libkos/Getty Images The situation has only gotten more dire since then, as Republicans in the House have been unable to reach a consensus on passing more aid. Just Sunday, House Speaker Mike Johnson suggested in an interview on Fox News that a vote on an assistance package was next after Congress got back from Easter recess. Advertisement As Ukraine's forces fell back from Avdiivka, Russia pushed forward, exploiting weak or limited Ukrainian defenses for gains. Ukraine had successfully built fixed defenses in other areas, but areas around Avdiivka were underprepared. Ukraine has managed to strengthen some positions, but it continues to grapple with a lack of key supplies, ammunition in particular. The recent win may have come at a cost for Ukraine, ISW noted, saying that "Ukrainian forces may have had to expend a significant amount of material to defend against the Russian assault." It said that were this the case, it would highlight "Russia's ability to conduct assaults that force Ukraine to expend outsized portions of its already limited material and manpower reserves to defend against." Nonetheless, it is telling about what Ukraine could accomplish if adequately armed. Advertisement According to ISW, Ukraine's ability to repel a large Russian mechanized force, "particularly near Avdiivka where Ukrainian forces have been forced to quickly withdraw to new, defensive positions following the loss of the settlement" while running low on ammo and troops, "suggests that Ukrainian forces can achieve significant battlefield effects if they are properly equipped."
Trump’s Christian nationalist shtick could hurt him bigly 2024-04-01 20:01:37+00:00 - Sen. Raphael Warnock, the Georgia Democrat and senior pastor at Atlanta’s iconic Ebenezer Baptist Church, knows a thing or two about Scripture. That’s why I found his warning about Donald Trump’s recent Christian nationalist shtick noteworthy. Trump has been leaning into portraying himself as a Christ-like figure. On Easter, he even shared an article on social media claiming that he had, in a supernatural miracle, been “sent by God and blessed by God” as the “Chosen One.” The former president also has begun to hawk $60 Trump-endorsed Bibles embossed with the American flag, a choice that Warnock condemned during an interview with CNN on Sunday. “The Bible does not need Donald Trump’s endorsement, and Jesus, in the very last week of his life, chased the money changers out of the temple, those who would take sacred things and use them as cheap relics to be sold in the marketplace,” he said. Warnock also offered a warning: Donald Trump is doing what he’s always done, and this time it’s a risky bet because the folks who buy those Bibles might actually open them up, where it says things like, ‘Thou shalt not lie. Thou shalt not bear false witness,’ where it warns about wolves dressed up in sheep’s clothing. I think you ought to be careful. This is risky business for somebody like Donald Trump. Black religious leaders have been quick to condemn Trump’s manipulative use of the Bible before. And the past week has been no different, with the Revs. Al Sharpton and William Barber joining Warnock in offering criticism. And that speaks to how Trump has deepened existing fractures within the evangelical faith in ways that stand to harm him politically. In February, I wrote about the longtime tradition of Black churchgoers and faith leaders rejecting the type of white Christian nationalism espoused by the MAGA movement. (I recently discussed this with Bishop Barber, by the way, and trust me when I say you should stay tuned for the interview.) It strains credulity to think that Trump will win over a sizable portion of Black evangelicals by selling them a form of Christianity singularly focused on him. The same can be said for Latino evangelicals, whose support Trump has already put at risk with his racist immigration rhetoric. And NBC News reported that Asian Americans have become increasingly nonreligious, a trend that could be linked to the rise in Christian nationalism. As Dheepa Sundaram, an assistant professor of religious studies at the University of Denver, told NBC News: I think the growing hold of Christian nationalist views, particularly among political leadership, has probably put off a lot of folks that don’t hold political positions that align with that view. I’m wondering if positions on abortion, positions on immigration, positions on social programs have all sort of had a chilling effect. Taking all that into account, the people who seem most likely to find Trump’s recent shtick appealing are white evangelicals, a group that already backs him enthusiastically ... for the most part. But as pastor and social activist Doug Pagitt explained in a recent interview with Chris Hayes, even this group showed signs of moving away from Trump in 2020 — and could do so even more if he continues associating the Bible with his cruel and selfish political agenda. All of these are reasons for Trump’s campaign to craft nuanced messaging that might appeal to a broad range of religious voters without offending them. But that’s not happening. Instead, the campaign has chosen a ham-handed approach: wrapping the candidate in Scripture and leaning into pro-Trump idolatry. The former president has already earned condemnation from churchgoers. And at this rate, there may be more in store.
Ex-Trump aide Hope Hicks expected to testify in former president's New York criminal trial 2024-04-01 19:58:00+00:00 - Former White House communications director Hope Hicks is expected to be a witness for the prosecution when the falsifying business records case against Donald Trump goes to trial in New York this month, a source with direct knowledge of the situation told NBC News on Monday. Hicks met for several hours last year with the Manhattan prosecutors who brought the case. They allege that the former president falsified records relating to a hush money payment his then-lawyer Michael Cohen made to adult film star Stormy Daniels in the final weeks of the 2016 presidential campaign. At that time, Hicks was Trump’s campaign press secretary. Her possible testimony at the criminal trial, which is scheduled to begin April 15, was first reported by The New York Times. Hope Hicks with Donald Trump in Las Vegas in 2020. Mandel Ngan / AFP via Getty Images file An attorney for Hicks said in 2019 that she'd been unaware of the hush money payment until it became public. But an FBI agent who'd been investigating Cohen said in an affidavit for Cohen's federal criminal case that he believed Hicks was involved in the negotiations aimed at preventing Daniels from going public with her claim that she'd had a sexual encounter with Trump in 2006. Trump has denied sleeping with Daniels, whose real name is Stephanie Clifford. The affidavit noted that the negotiations began in earnest after Trump's campaign was reeling from the release of the "Access Hollywood" tape on Oct. 7, 2016. In that video from 2005, Trump could be heard saying in a hot mic moment that he can grope women without their consent because "when you’re a star, they let you do it. You can do anything." “I have learned that in the days following the Access Hollywood video, Cohen exchanged a series of calls, text messages and emails with Keith Davidson, who was then Clifford's attorney, David Pecker and Dylan Howard of American Media Inc., the publisher of the National Enquirer, Trump, and Hope Hicks, who was then press secretary for Trump’s presidential campaign,” the FBI agent wrote in the affidavit. "Based on the timing of these calls, and the content of the text messages and emails, I believe that at least some of these communications concerned the need to prevent Clifford from going public, particularly in the wake of the Access Hollywood story," the affidavit said. Court records indicate Hicks called Cohen at 7:20 p.m. on Oct. 8, 2016 — the first time she had called him in weeks — and that Trump joined the call seconds later. The conversation lasted four minutes. Hicks and Cohen spoke privately after Trump left the call and, after that, Cohen phoned Pecker, the president of AMI, according to court records. Moments after that conversation ended, Cohen received a phone call from Howard, the chief content officer at AMI, the court records indicated. Cohen then called Hicks and spoke again with Pecker. At 8:03 p.m., according to the unsealed federal court documents, Cohen called Trump. They spoke for eight minutes. The court records also have Trump and Cohen speaking twice on Oct. 26, the day Cohen wired $130,000 to an escrow account that would eventually be sent to Daniels’ attorney as payment for an agreement to secure her silence. Hicks told the Democratic-controlled House Judiciary Committee in 2019 that she was not involved with the hush money discussions, and she told the FBI that she did not "to the best of her recollection" become aware of Daniels' allegations until early November 2016. After the Democratic chair of the committee questioned the "apparent inconsistencies" in Hicks' testimony following the 2019 unsealing of the FBI affidavit, Hicks' lawyer Robert Trout said in a statement, “Reports claiming that Ms. Hicks was involved in conversations about ‘hush-money’ payments on Oct. 8, 2016, or knew that payments were being discussed, are simply wrong.” “Ms. Hicks stands by her truthful testimony that she first became aware of this issue in early November 2016, as the result of press inquiries," the attorney said. Cohen and Daniels are expected to be key witnesses for the case being brought by Manhattan District Attorney Alvin Bragg's office. Trump has pleaded not guilty.
4 reasons Private College 529 Plan is a wise investment for your child's future 2024-04-01 19:57:36+00:00 - Savvy parents and grandparents are investing in higher education for their kids. Private College 529 Plan locks in today's tuition rates, saving big on future costs and giving flexibility with school choice. Contributions are secure with the same federal tax benefits as any 529 plan. What is the best gift you can give your children or grandchildren? While they may argue it's the hottest toy or technology on the market, forward-thinking parents and grandparents know that a good education will benefit their children's lives well into the future. LaShanda A. has been saving for her nine-year-old daughter's higher education since kindergarten for just that reason. "My parents grew up in a time when Black people were denied access to many educational opportunities. They always told my brother and me that education is the one thing people can't take away from you — once you have it, it's yours," she said. "For the career choices that my wife and I made, higher education was very important," said former banker Ben S., adding that he wants his three boys — ages 10, 12, and 14 — to have the same opportunities. Both LaShanda and Ben have been saving for their children's higher education using Private College 529 Plan. Here's why it might be the perfect fit for your family too. 1. You can lock in current tuition rates to protect against tuition inflation Ben was drawn to Private College 529 Plan to help him hedge against tuition inflation, given tuition for private colleges in the US has increased 38% over the past decade, according to data from the College Board. Most state 529 plans are essentially investment accounts, so growth is tied to the markets, but there can also be market loss. Private College 529 Plan allows you to prepay for a portion of tuition now, securing current tuition rates and potentially saving thousands of dollars in the long run. Private College 529 Plan — graph assumptions* LaShanda agreed that the certainty of knowing how much her daughter's tuition would cost was the number one factor in choosing this plan. "No one knows what tuition rates will be in 12 years," she said, adding that the peace of mind is better than any ROI. 2. Your child will be able to look at colleges across the country Unlike 529 prepaid plans offered by a handful of states, which can have residency requirements or limit use to in-state schools, you can open a Private College 529 account from any state and use your prepaid tuition at nearly 300 private colleges across the country. The colleges in the plan range from large research universities to small liberal arts schools, including household names like Stanford, MIT, and Princeton. With so many colleges in the plan, there are options for every academic interest. And when you save in the plan, you don't need to pick a school; you're saving for all of them. "There's a good mix of top-tier schools in the network," Ben said. "My oldest is starting to get interested in colleges, and a lot of the schools he's excited about are on the list." LaShanda shared that seeing her alma mater, Spelman College, on the list of participants confirmed this was the right investment approach for them. "I know if Spelman is partnering with someone, then it's a reputable company," she said, hoping her daughter will also choose to attend Spelman. 3. You can save in a way that works for you while setting your child up for financial freedom Private College 529 Plan offers many ways to contribute based on your financial situation, from one-time lump sums to recurring deposits over multiple years. LaShanda loves how easy it was to set a savings target and schedule monthly deposits to hit the mark by the time her daughter graduates high school. She and her husband both graduated debt-free, and they're determined to provide the same for their daughter by prepaying her entire tuition. It's their way of giving her a head start in life, allowing them to concentrate on their future plans. "We have plans to retire when she goes off to college," LaShanda said. "We'll know that this is taken care of, and we can use our money for other things at that point." Plus, there are plenty of tax benefits that can make investing in Private College 529 Plan a smart move for your kids and yourself. It's a great way to shield your investment growth from taxes: While you can't deduct contributions from your federal taxes, you don't have to pay annual taxes on earnings and withdrawals remain tax-free as long as they are used on qualified educational expenses. If you live in one of these nine tax-parity states, you can save in any 529 plan and still get state tax benefits: Arizona, Arkansas, Kansas, Maine, Minnesota, Missouri, Montana, Ohio, and Pennsylvania. Private College 529 Plan can also be a powerful tool for grandparents and families thinking about estate planning — contributions are considered an exclusion gift, so they are exempt from federal estate tax, qualify for the annual gift tax exclusion, and can be superfunded — meaning you can combine 5 years of annual exclusions into one gift — to dramatically reduce the taxable value of your estate. And new this year, distributions from 529 plans owned by family other than parents are not reported on the FAFSA. This means grandparents in particular can have a major impact on their grandchildren's college savings. 4. You have flexibility with your savings You may have ideas about where your children or grandchildren will go to college, but it's impossible to know for sure. Luckily, even if your kids don't end up going to a school participating in Private College 529 Plan, there are plenty of other ways you can invest the money toward your family's future. For instance, you can easily change the beneficiary to a different family member. Ben, who has accounts for each of his three children, explained that if his eldest attends a partner school, he'd allocate funds from all three accounts. Moreover, your prepaid tuition is guaranteed for 30 years, so it could even be held for the next generation. You can also roll your funds into another 529 plan or take a refund. And starting this year, unused funds in a 529 plan can be rolled into a Roth IRA for the beneficiary's retirement. "I think it's the best of both worlds — we can lock in the tuition, but my daughter also has flexibility," LaShanda said. Learn more about setting your child up for success with Private College 529 Plan. Rollovers to other 529 plans, refunds, and Roth IRA rollovers are subject to Private College 529 Plan refund value which is calculated as total contributions adjusted for net investment returns subject to a maximum annual increase of 2% per year or a maximum loss of 2% per year (0% loss after July 1st, 2024), compounded annually. *Family opens a Private College 529 Plan account for their 8-year-old child and contributes one lump sum with tuition increases of 4% per year. When you save with Private College 529 Plan, you purchase tuition at then-current rates for each college in the plan. This post was created by Insider Studios with Private College 529 Plan.
Israel clears way to shutter Al Jazeera. Netanyahu says ‘terror channel’ airs incitement 2024-04-01 19:55:47+00:00 - JERUSALEM (AP) — Prime Minister Benjamin Netanyahu on Monday vowed to shut down Al Jazeera’s operations in Israel, calling it a “terror channel” that spreads incitement, after parliament passed a law clearing the way for the closure. Netanyahu’s pledge escalated Israel’s long-running feud against Al Jazeera but also threatened to heighten tensions with Qatar, which owns the channel, at a time when the Doha government is playing a key role in mediation efforts to halt the war in Gaza. Neither Qatar nor the broadcaster immediately commented. Israel has long had a rocky relationship with Al Jazeera, accusing it of unfair bias against Israel. Relations took a major downturn nearly two years ago when Al Jazeera correspondent Shireen Abu Akleh was killed during an Israeli military raid in the occupied West Bank. The Palestinian-American journalist was well-known across the Arab world for her critical coverage of Israel, and the channel accused Israel of intentionally killing her. Israel denied the charge, saying she was likely killed by Israeli fire in what appeared to be an accidental shooting. Those relations further deteriorated following the outbreak of Israel’s war against Hamas on Oct. 7, when the militant group carried out a cross-border attack in southern Israel that killed 1,200 people and took 250 others hostage. In December, an Israeli strike killed an Al Jazeera cameraman as he reported on the war in southern Gaza. The channel’s bureau chief in Gaza, Wael Dahdouh, was injured in the same attack. The network also blamed Israel for killing Dahdouh’s son in a strike in January. Hamza Dahdouh was working for Al Jazeera when the strike hit a car he was traveling, it reported. The army later said that Hamza Dahdouh was a member of Islamic Jihad, a militant group that joined the Oct. 7 attack with Hamas. Wael Dahdouh’s wife, daughter and another son were killed along with his grandson in another Israeli strike last October. The channel broadcast images of Dahdouh entering the hospital and giving way to grief as he peered over the body of his dead son. Israel has not said who the target of that strike was. Al Jazeera is one of the few international media outlets to remain in Gaza throughout the war, broadcasting bloody scenes of airstrikes and overcrowded hospitals and accusing Israel of massacres. Israel accuses Al Jazeera of collaborating with Hamas. “Al Jazeera harmed Israel’s security, actively participated in the Oct. 7 massacre, and incited against Israeli soldiers. It is time to remove the bullhorn of Hamas from our country,” Netanyahu said on X, formerly Twitter. He said he planned on acting immediately under the authorities of the newly passed law. “The terror channel Al Jazeera will no longer broadcast from Israel,” he said. Al Jazeera has been closed or blocked by other Mideast governments, including Saudi Arabia, Jordan, the United Arab Emirates and Bahrain. Egypt has banned Al Jazeera since 2013. It launched the crackdown after the 2013 military overthrow of an elected but divisive government dominated by the Muslim Brotherhood group. Egypt considers the Brotherhood a terrorist group and accused both Qatar and Al Jazeera of supporting it. In Washington, State Department spokesman Matthew Miller said the U.S. does not always agree with Al Jazeera’s coverage, but respects its work. “We support the independent free press anywhere in the world,” he said. “And much of what we know about what has happened in Gaza is because of reporters who are there doing their jobs, including reporters from Al Jazeera.” Israel has in the past threatened to shutter Al Jazeera but never did so. Monday’s law did not immediately close the station but it authorizes officials to do so after consultations and approval from legal and security officials. Any order would be valid only through July 31 or the end of the war in Gaza. Israel’s communications minister, Shlomo Karhi, said he intended to move forward with the closure. He said Al Jazeera has been acting as a “propaganda arm of Hamas” by “encouraging armed struggle against Israel.” “It is impossible to tolerate a media outlet, with press credentials from the Government Press Office and offices in Israel, would act from within against us, certainly during wartime,” he said. His office said the order would seek to block the channel’s broadcasts in Israel and prevent it from operating in the country. The order would not apply to the West Bank or Gaza. Al Jazeera’s local bureau chief, Walid Al-Omari, said late Monday that the station had not heard from Israeli authorities. “But it’s clear it’s a question of time and they will take the decision within days,” he told The Associated Press. But punishing the channel could be risky. Qatar has been acting as a chief mediator between Israel and Hamas. It helped broker and sponsor a weeklong cease-fire in November, and has been hosting weeks of on-and-off talks aimed at brokering another pause in fighting. By targeting Al Jazeera, Israel could be trying to push Qatar to put additional pressure on Hamas to make concessions. Netanyahu has in the past accused Qatar of not doing enough. But it also risks alienating Qatar, a wealthy energy-rich Gulf state that is one of the few countries with influence over Hamas. Israel has come under heavy criticism from press-freedom groups during the war. The Committee to Protect Journalists says 90 Palestinian journalists have been killed in the war, in addition to two Israeli journalists. Israel also has barred international journalists from entering Gaza independently to cover the war. The army has allowed small groups of journalists to enter Gaza on brief, highly controlled visits under military escort. Hagar Shechter, an attorney with the Association for Civil Rights in Israel, said the law violates “the right for free speech, freedom of the press, freedom of occupation, and undermines separation of powers.” She added that the group plans to file a petition with Israel’s Supreme Court against the law. Oren Persico, a staff writer at the Seventh Eye, an independent media watchdog website in Israel, said the law was a watered-down version of legislation sought by the country’s far-right national security minister, Itamar Ben-Gvir, due to pushback from legal experts. The closure needs an expert opinion from a top security official deeming the network “harming Israel’s security.” The order would then need Cabinet or parliamentary approval, and further approval from the courts. Persico said most worrying was that other media, including Israeli outlets, could also be in the line of fire. “What’s important here isn’t Al Jazeera, it’s about the authority that the government has to shut down media, it’s a slippery slope,” he said. ___ AP correspondents Melanie Lidman and Jack Jeffery contributed reporting.
Cargo ship’s owner and manager seek to limit legal liability for deadly bridge disaster in Baltimore 2024-04-01 19:29:53+00:00 - The owner and manager of a cargo ship that rammed into Baltimore’s Francis Scott Key Bridge before the span collapsed last week filed a court petition Monday seeking to limit their legal liability for the deadly disaster. The companies’ “limitation of liability” petition is a routine but important procedure for cases litigated under U.S. maritime law. A federal court in Maryland ultimately decides who is responsible — and how much they owe — for what could become one of the costliest catastrophes of its kind. Singapore-based Grace Ocean Private Ltd. owns the Dali, the vessel that lost power before it slammed into the bridge early last Tuesday. Synergy Marine Pte Ltd., also based in Singapore, is the ship’s manager. Their joint filing seeks to cap the companies’ liability at roughly $43.6 million. It estimates that the vessel itself is valued at up to $90 million and was owed over $1.1 million in income from freight. The estimate also deducts two major expenses: at least $28 million in repair costs and at least $19.5 million in salvage costs. The companies filed under a pre-Civil War provision of an 1851 maritime law that allows them to seek to limit their liability to the value of the vessel’s remains after a casualty. It’s a mechanism that has been employed as a defense in many of the most notable maritime disasters, said James Mercante, a New York City-based attorney with over 30 years of experience in maritime law. “This is the first step in the process,” Mercante said. “Now all claims must be filed in this proceeding.” Cases like this typically take years to completely resolve, said Martin Davies, director of Tulane University Law School’s Maritime Law Center. “Although it’s a humongous case with a very unusual set of circumstances, I don’t think it’s going to be that complicated in legal terms,” he said. “All aspects of the law are very clear here, so I think the thing that will take the time here is the facts. What exactly went wrong? What could have been done?” A report from credit rating agency Morningstar DBRS predicts the bridge collapse could become the most expensive marine insured loss in history, surpassing the record of about $1.5 billion held by the 2012 shipwreck of the Costa Concordia cruise ship off Italy. Morningstar DBRS estimates total insured losses for the Baltimore disaster could be $2 billion to $4 billion. Eight people were working on the highway bridge — a 1.6-mile (2.6-kilometer) span over the Patapsco River — when it collapsed. Two were rescued. The bodies of two more were recovered. Four remain missing and are presumed dead. The wreckage closed the Port of Baltimore, a major shipping port, potentially costing the area’s economy hundreds of millions of dollars in lost labor income alone over the next month. Experts say the cost to rebuild the collapsed bridge could be at least $400 million or as much as twice that, though much will depend on the new design. The amount of money families can generally be awarded for wrongful death claims in maritime law cases is subject to several factors, including how much money the person would have likely provided in financial support to their family if they had not died. Generally, wrongful death damages may also include things such as funeral expenses and the “loss of nurture,” which is essentially the monetary value assigned to whatever moral, spiritual or practical guidance the victim would have been able to provide to their children. ___ Associated Press writer Stefanie Dazio in Los Angeles contributed to this report.
Collapse of NBA, NHL arena deal prompts recriminations, allegations of impropriety in Virginia 2024-04-01 19:22:54+00:00 - RICHMOND, Va. (AP) — The majority owner of the Washington Wizards and Capitals, Ted Leonsis, told a crowd in December he had “goosebumps” at the thought of moving his NBA and NHL teams from Washington to Virginia, “if all goes as planned.” It did not. Leonsis’ handshake deal with Republican Gov. Glenn Youngkin to relocate the teams to a taxpayer-backed arena in Alexandria collapsed Wednesday, weeks after a bumpy slog of a defeat in the Virginia General Assembly. Leonsis, apparently not willing to wait for a second shot in Virginia, reemerged in Washington, which had offered his Monumental Sports & Entertainment a more than half-billion-dollar arena deal to stay. The demise of the project, a top priority for Youngkin, set off an extraordinary round of bitter recriminations among Virginia officials and companies that were parties to the deal, including allegations of possible impropriety and slander. It also sparked fears about impacts to the state’s future economic development prospects. “We made mistakes. I know the governor made mistakes. Monumental made mistakes. JBG made mistakes. And I’m sure the General Assembly made mistakes,” Alexandria Mayor Justin Wilson said of the key players. The outpouring of blame began when Alexandria announced the negotiations were over Wednesday, in a statement that expressed disappointment in “what occurred between the Governor and General Assembly.” Democratic leaders of the General Assembly blamed Youngkin. “He mismanaged the process,” said Senate Majority Leader Scott Surovell, who had agreed to sponsor legislation underpinning the deal. The legislation called for a quasi-governmental entity to issue bonds to finance most of the project, repaid through a mix of projected tax revenues recaptured from the development. Surovell’s bill never made it out of his own chamber — due to opposition from one of his colleagues, powerful budget committee chairwoman L. Louise Lucas — even though a companion bill passed the House of Delegates. House Speaker Don Scott faulted the governor for bringing the Legislature into the conversation too late in the game. Youngkin told The Associated Press in an interview he believed “politics and personal agendas” in the Senate had derailed what he’s called the single largest economic development deal in Virginia’s history. Leonsis, in a news conference with D.C. Mayor Muriel Bowser, took a couple of jabs at Virginia. Meanwhile, JBG SMITH, a real estate company and partner to the deal as the proposed developer, unleashed. In a statement, JBG CEO Matt Kelly questioned the motives of key Senate leaders including Lucas, who had stymied the legislation and gleefullycelebrated itsdemise on social media. Specifically, JBG questioned whether the arena was blocked as part of a “scheme” to benefit a competing developer, Comstock, that had been pushing for a northern Virginia casino. Kelly’s statement did so without mentioning any lawmaker or company by name, but while including enough context to make the criticism understood to people following the matter closely. Kelly said the deal was derailed due to “partisan politics.” Without offering proof, he also suggested the outcome was influenced by “special interests and potential pay-to-play influences within the Virginia legislature.” There was, in fact, an 11th-hour pitch to combine the casino and arena, Surovell said. But it was just one of a number of suggestions he made over the course of the session to try to salvage the arena deal, he said. Lucas said on social media that “the incompetent losers behind the effort are out telling lies and conspiracy theories” instead of admitting their own failure. Comstock CEO Chris Clemente told AP the idea of pairing the casino with the arena had been bandied about by lawmakers of both parties. He rejected the notion that there was any kind of coordinated attempt to hold off the initial arena deal in favor of an arena-casino pairing, calling JBG’s statement “slanderous” and “ridiculous.” Wilson, the mayor, said in an interview that Richmond’s opaque legislative process erodes confidence. He cited the work of political consultant Ben Tribbett, who is paid by both Lucas and by Comstock, as creating an appearance of impropriety that casts doubt on whether the Legislature was acting in the public interest. “I find the whole thing unseemly,” he said. Tribbett said that it’s not unusual for a consulting business to advise many kinds of clients, and that each of his clients’ interests are kept confidential. “If you’re an architect, it’s not a conflict to work on multiple buildings. And if you’re a political consultant, it’s not a conflict to work with multiple political clients,” Tribbett said. A number of other factors contributed to the Alexandria project’s demise, according to interviews with lawmakers and others close to the deal-making, who for months described the talks as chaotic, or worse. Youngkin never enjoyed vocal support from Republican legislators, who mostly kept their heads down as the deal imploded. The project also faced well-organized local opposition. Alexandria’s economic development director, Stephanie Landrum, said the failure to close the deal because of what she sees as politics will cause other prospective businesses looking to come to the commonwealth to question whether to come to Virginia. But Greg LeRoy, executive director of incentives watchdog Good Jobs First, said it’s laughable to think that turning away a sports team seeking public financing will hurt the state’s business climate. “Other regions would kill for a business climate like northern Virginia’s,” said LeRoy, whose organization opposed the deal. Youngkin said Virginia deserved better than the way things panned out, but he understood why Leonsis moved on. “Eventually you’ve got to go negotiate something else. And, boy, did D.C. provide him with a remarkable alternative,” he said.
Railroad CSX adding new freight route on Tuesday to avoid Port of Baltimore after bridge collapse 2024-04-01 19:04:00+00:00 - CSX is starting a new dedicated freight rail service between Baltimore and New York for its clients on Tuesday to help mitigate the trade disruption as a result of the closure of the Port of Baltimore after the cargo vessel Dali collided with the Francis Scott Key Bridge leading to its collapse on March 26. Baltimore-bound rail freight which was diverted to the Port of New York and New Jersey will use this new CSX service, the freight railroad tells CNBC. Freight destined for the Port of Baltimore as exports will also use this new service to get to the Port of New York. The amount of freight being moved on the new line is not being disclosed for now, a CSX spokeswoman said. CSX is currently in an earnings quiet period. The railroad explained in an email to CNBC that strategic partnerships with steamship lines allow it to transport freight between New York and Baltimore, using its established international sales network. The new service "will help to manage the traffic flow that would typically transit through the Port of Baltimore," the CSX spokeswoman said in a statement to CNBC, though she stressed that the situation at the port is fluid. "While the timeline for resuming freight operations at the Port of Baltimore remains uncertain, we are in constant communication with our customers, providing timely updates on the status of their shipments. CSX is fully dedicated to meeting our customers' transportation needs during this challenging period." MSC, the world's largest ocean carrier, told shipping clients last week "passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months." Several major ocean carriers have told their shipping clients that once cargo reaches diversion ports, it will be the responsibility of the individual customers to make transportation arrangements. In addition to rail service for the Baltimore freight that is being diverted on current vessels and now going to the Port of New York/ New Jersey, there are 10 vessels not counting the Dali that are stuck at the Port of Baltimore — including three bulk carriers, one vehicle carrier, three logistics naval vessels, two general cargo ships and one oil chemical tanker — which may ultimately need alternative freight options, including rail. "The system is adjusting now and it is signaling it will last a while," said Aaron Roth, retired Coast Guard captain and Chertoff Group principal. "The magnitude of the event is still being assessed."