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New Jersey Democrat targets Sen. Menendez's access to classified information — and Trump's 2024-03-28 09:00:00+00:00 - WASHINGTON — Now charged with 18 federal counts, embattled Sen. Bob Menendez, D-N.J., faces a mounting pressure campaign from his colleagues in Congress. Rep. Mikie Sherrill, D-N.J., will announce legislation Friday that would prohibit people charged with certain crimes from receiving classified information, implicitly targeting Menendez, who was charged with bribery, conspiring with foreign governments and other counts. If approved by Congress, the bill — titled the Guarding the United States Against Reckless Disclosures Act, or GUARD Act for short — would apply to any federal official or candidate charged with compromising U.S. national security, acting as a foreign agent, obstructing an official proceeding or unlawfully retaining classified national defense information, according to a copy first shared with NBC News. The bill could also apply to former President Donald Trump. In addition to members of Congress, Sherrill’s legislation would cover the president, the vice president, candidates for federal office who receive classified information, members of the military and employees of the Transportation Security Administration and the U.S. Postal Service. Trump, who has been charged with mishandling classified information and with obstructing Congress’ certification of the 2020 presidential election results, will soon begin to receive intelligence briefings, as is customary for presidential nominees to ensure a smooth transition of power. It’s one of the reasons Sherrill is introducing the legislation now. “We have a former president who has shown a long history of disclosing secrets to adversaries, trying to hide and destroy information, not being clear on what he’s held and is now under indictment for these infractions,” Sherrill said in an interview Wednesday. “And yet our intelligence community is supposed to start briefing him? “This legislation seeks to remedy that and make sure that people who are under indictment cannot have access to state secrets,” she added. Trump and Menendez have pleaded not guilty, and neither has yet gone to trial. But Sherrill, a former federal prosecutor and Navy pilot, believes neither man should have access to classified information in the meantime. Sherrill called on Menendez to resign hours after he was initially indicted in September and accused of taking lavish gifts in exchange for using his influence as the chair of the powerful Foreign Relations Committee at the time. Menendez stepped down as chair in the fall but has rejected calls to resign from Congress from more than half of his Democratic Senate colleagues and the entire New Jersey House delegation, except for his son, Democratic Rep. Robert Menendez Jr. “It has long been a concern of mine about keeping access to classified information from people who seem willing to give away state secrets or undermine our national security,” Sherrill said. “So of course when Menendez was charged with acting as a foreign agent — how someone like that could have access to classified information when he has already misused it in such a powerful position is mind-boggling to me.” Her bill would allow majority votes in the House and the Senate to override it and allow access to sensitive information case by case. Menendez’s most vocal critic, Sen. John Fetterman, D-Pa., introduced his own resolution to strip him of his committee assignments and ban him from receiving classified information after he continued to attend briefings on sensitive national security matters. But that legislation hasn’t gone anywhere. Senate Majority Leader Chuck Schumer, D-N.Y., described Menendez’s legal woes as “serious allegations” but has declined to call on him to step down. Sherrill said she didn’t discuss her effort with Fetterman. Despite growing criticism and increased scrutiny, Menendez announced this month that he would run for re-election as an independent if he is exonerated. He is scheduled to go on trial in May, and the independent filing deadline is June 4. “At a time like this, when we have a former president like Trump trying to call into question a lot of the institutions of our government, a lot of our values, it’s very important that we have leaders in office that people can have faith in,” Sherrill said. “I don’t think you can argue that anyone can have faith in Menendez, who has used his office to enrich himself, who has put his interests, in a very Trump-like way, quite frankly, ahead of the interests of the nation,” she said.
‘Neighbourhood restaurants’ – really? These Instagrammable imposters are nothing of the sort | Lauren O'Neill 2024-03-28 09:00:00+00:00 - What makes a neighbourhood restaurant? The phrase itself is evocative, bringing to mind the types of local trattorias or ocakbaşları or tavernas that punters return to regularly. The definition might vary from person to person, but surely a neighbourhood restaurant is defined by some combination of its longevity in the community, an accessible feel and affordable prices. Over the past six months, though, I have seen the “neighbourhood restaurant” label deployed constantly in PR emails previewing a very different sort of establishment. The aim, I imagine, is to evoke a sense of cosiness and community – but there’s something off about it. These self-proclaimed neighbourhood restaurants usually feel something like this: the walls are white, wines are “low-intervention” (meaning natural), and the branding is jaunty and Instagram-scroll friendly. “Seasonal ingredients” and “modern European” dishes abound. You might expect a neighbourhood restaurant by definition to respond to the specific needs of its neighbourhood, but a lot of these places actually tend to be pretty identikit, informed above all else by a more ambient, social media-aware aesthetic. These clean, neat spaces recall the journalist Kyle Chayka’s concept of AirSpace, or, as he puts it, “the strangely frictionless geography created by digital platforms, in which you could move between places without … leaving the bubble of the generic aesthetic”. In London, these so-called neighbourhood spots spring up in areas like Islington or Hackney, or any other place with a high concentration of upwardly mobile digital natives. These are consumers who snap photos of expensive pastries and hunt down dishes hyped up online, for whom food is yet another aspect of a curated, postable lifestyle. As someone who has, in her time, queued 45 minutes for a falafel sandwich seen online, I am admittedly part of the crowd whose tastes these places are designed to appeal to. I don’t mind saying that some of what I enjoy is governed by what I see on my phone: I like pretty plates of crudo and thick slices of terrine that look lovely in a photo. Nor do I begrudge a savvy restaurant using the world’s biggest marketing platforms to its advantage (unless the food is rubbish). At the same time, neighbourhood restaurant rankles as a marketing term because it feels like it is often used by the kind of restaurants that often don’t have an awful lot to do with their local communities. There is a likely reason behind the recent use of the term. Within food media there is a growing, but long overdue, appreciation of the food of migrant and working-class communities, hitherto overlooked by some in the mainstream. As a result of this emphasis on diversity, readers and diners have a sharper understanding of the roles restaurants play in their communities. As far as I can see, then, “neighbourhood restaurant” can be deployed pretty cynically, to detract from the accusations of gentrification that are now frequently – and usually correctly – levelled at flashy new restaurant openings in areas where wealth disparities are high, and longstanding local communities continue to be priced out. But you can’t simply declare yourself a neighbourhood restaurant in a press release or social media bio and make it so. It is surely a status that is earned. Actual neighbourhood restaurants – examples quickly plucked from my own recent dining experiences include east London’s brilliant Al Kahf, the jovial Bar D4100 in Nunhead, south-east London, or Kebabish in the Birmingham suburb of Moseley – rarely claim to be as such. They just are, because they’re placed to appeal to a wide range of punters and to serve them with a mix of affordability, local knowledge, quality and a welcoming atmosphere. Lots of these restaurants integrate seamlessly because they’ve been started by local people – for instance, Dinner for One Hundred, the family business behind Bar D4100, started life in the founders’ mum’s garden during lockdown – or because they’ve made an effort to be a genuine part of the community, like east London’s Dusty Knuckle bakeries, whose youth programmes give jobs to young people in those areas looking for a new start. A high-profile example of the way in which some “neighbourhood restaurants” are said to fall short of this standard is Straker’s, the chef Thomas Straker’s eponymous restaurant, which opened on Notting Hill’s Golborne Road in 2022. The restaurant is described on its own website as “serving a neighbourhood vibe” (a main will set you back about £30); but in July 2023, when Straker posted a photo of the restaurant’s on-shift kitchen staff, they were all white and male. Considering the venue in west London is on a street known for its Portuguese and Moroccan immigrant communities, the image was called out as tone-deaf. Critics asked why there had not been more of an effort to compile a staff team that was representative of the area. Speaking to the Evening Standard, Straker said that while his business “can always be better”, he found some social media users’ insinuation that he and his chefs all looked the same “incredibly offensive to the point where … actually they should apologise”. In the same interview, the restaurateur said he had changed his hiring practices since the photo was taken. Straker’s isn’t the only restaurant accused of just plonking itself down without considering the context. The growing practice is a symptom of our increasingly siloed cities, as gentrification rages on, and community spaces continue to close due to a lack of funding. There are, then, some labels that require responsibility: if you want the kudos of calling yourself a neighbourhood restaurant, the least you can do is actually act like one.
NXP Breaks Through Integration Barriers for Software-Defined Vehicle Development with Open S32 CoreRide Platform - NXP Semiconductors (NASDAQ:NXPI) 2024-03-28 08:56:00+00:00 - Loading... Loading... Industry-first platform combines processing, vehicle networking and system power management with integrated software to address the complexity, scalability, cost-efficiency and development efforts required for next-generation vehicles NXP collaborates with market-leading software and tier-1 suppliers to provide an easy-to-use vehicle integration platform that maximizes system performance NXP also introduces S32N family of vehicle super-integration processors offering best-in-class real-time performance that enables S32 CoreRide central compute solutions, empowering OEMs with efficient and flexible processing choices EINDHOVEN, The Netherlands, March 28, 2024 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. NXPI, the worldwide leader in automotive processing, breaks through the integration barriers for next-generation software-defined vehicle (SDV) development with the introduction of its S32 CoreRide platform. The new industry-first vehicle software platform greatly simplifies complex vehicle architecture development and cuts costs for automakers and tier-1 suppliers. The S32 CoreRide platform brings together NXP's established S32 compute, networking, system power management and ready-to-deploy software from the company's extensive software partner ecosystem. The company is also unveiling its first S32 CoreRide solution for central compute based on NXP's new S32N family of vehicle super-integration processors. It offers safe and scalable combinations of real-time and applications processing as well as vehicle networking. The rise of SDVs introduces promising yet challenging paths forward. A new software-defined approach is imminent as upgradable features and new revenue streams are in demand across vehicle fleets. The proliferation of hardware-defined variants across different vehicle classes has become impractical to maintain in the modern vehicle architecture development flow. S32 CoreRide platform: integration and consolidation NXP's S32 CoreRide platform represents the next milestone in overcoming the software and hardware integration challenges blocking fast adoption of SDVs. Automakers have struggled to move functions from the traditional multi-ECU to zoned or centralized processing due to software and architectural inconsistencies. The new platform integrates NXP's broad hardware portfolio with software from the world's leading automotive experts across a comprehensive ecosystem, including Accenture ESR Labs, ArcherMind, Blackberry QNX, Elektrobit, ETAS, Green Hills Software, Sonatus, Synopsys, TTTech Auto, Vector Informatik GmbH, and Wind River as well as tier-1 suppliers like Valeo. Leveraging the scalable S32 compute in the S32 CoreRide platform, OEMs can consolidate ECUs and develop flexible architectures, from domain to zonal to centralized, that scale across vehicle classes and generations. The platform provides the ability to isolate vehicle functions, helping to ensure freedom from interference between each application and dynamically re-allocate resources so applications do not degrade in performance as they evolve over time. This level of integration and flexibility advances carmakers and tier-1 suppliers to the next point in their development since they can now utilize the S32 CoreRide platform to put more focus on differentiation and the creation of application software for new business models. "The automotive industry's shift to software-defined vehicles presents unprecedented levels of disruption," said Henri Ardevol, executive vice president and general manager, automotive embedded systems at NXP. "In the last decade, many industries have successfully adopted faster innovation cycles and effectively achieved higher performance at lower cost through tight integration of silicon and software. With NXP's S32 CoreRide platform, automakers can now radically transform their approach to SDV development by adopting a much faster, open development path." First S32 CoreRide solutions for central compute based on new S32N family NXP also introduces its first solutions in the S32 CoreRide platform: the central compute solution based on the new S32N family of vehicle super-integration processors, advanced vehicle networking, system power management, and pre-integrated software from the S32 CoreRide open partner ecosystem. The central compute solution allows automakers to safely and easily integrate many cross-vehicle functions running in isolation-ready execution environments enabled by the S32N family's automotive-grade hardware isolation capabilities. The scalable S32N family, purpose-built for the highest level of automotive functional safety, offers multiple combinations of real-time and applications processing cores to meet a wide range of automakers' central compute needs. All S32N devices integrate an advanced hardware security engine and multi-port TSN Ethernet switch and CAN hub, with some also supporting Ethernet packet acceleration, AI/ML acceleration, and cost-effective, inter-compute PCI Express services. The S32 CoreRide central compute solution is optimized to meet the network bandwidth, power delivery requirements and targets ISO 26262 ASIL D functional safety requirements. It can unlock the benefits of SDVs by providing vehicle data intelligence for streamlining deployment and monetization of enhanced capabilities and new services over a vehicle's lifetime. Learn more about the central compute solution and the new S32N family. Ecosystem voices Gerd Schäfer, CTO at Accenture ESR Labs "Accenture ESR Labs and NXP have a long history of close collaboration. We've been using NXP's technologies for an extensive period and our partnership ensures we achieve the best possible performance required for our embedded software projects to be successful. We are looking forward to explore the wide possibilities of the new S32 CoreRide platform and to significantly ease SDV development, together" Xiaodong Zou, EVP of engineering at ArcherMind "ArcherMind warmly welcomes the arrival of NXP's S32 CoreRide platform. A common foundation for the creation of software-defined vehicles radically simplifies integration and allows us to focus on solving the software developers pain points with our FusionWise middleware software solution, adding value for our customers and their end customers." Grant Courville, VP of product and strategy at BlackBerry QNX "As the automotive industry moves towards fully software-defined vehicles, the importance of close collaboration between software and silicon vendors becomes even more critical. We are excited to deepen our partnership with NXP and the open S32 CoreRide platform to address this evolution and deliver integrated hardware and software solutions that meet the current and future needs of the industry." Mike Robertson, managing director at Elektrobit "This is excellent news for OEMs and tier-1 suppliers making the transition towards software-defined mobility. Tight integration of Elektrobit's safe and secure product portfolio including EB tresos, EB corbos and EB zoneo into NXP's scalable open S32 CoreRide platform fast tracks development as it allows for early prototyping up to production readiness. NXP's and Elektrobit's joint offering results in faster time-to-market, reduced integration complexity and cost." Nigel Tracey, VP RTA Solutions at ETAS "Automotive customers need a solid hardware and software foundation that enables them to deliver software defined vehicle innovations to market. ETAS is pleased to be a partner in NXP's open S32 CoreRide platform ecosystem, that brings together leading technologies to provide this foundation. The combination of the broad range of devices offered by NXP's S32 hardware and device driver portfolio with ETAS's high-performance, low-overhead, safe and secure AUTOSAR Classic, Adaptive and hypervisor software, provides a highly scalable solution for use across a wide variety of ECU classes delivering vehicle core functions. With many years of successful NXP and ETAS teamwork, we are looking forward to future journeys with both existing and new customers on the S32 CoreRide platform." Dan Mender, VP business development at Green Hills Software "Green Hills is pleased to be an essential integration partner with NXP, offering automotive OEMs and tier-1 suppliers the broadest portfolio of safety and security-certified software solutions in the industry, integrated and optimized for NXP's S32 CoreRide platform. Our production-proven RTOSes, virtualization services and advanced development tools enable customers to elevate their use of the S32 CoreRide platform by enabling ECU consolidation, accelerating complex system development and reducing cost and time to market for the core vehicle functions of mixed-criticality multi-core SDV architectures." Jeffrey Chou, co-founder and CEO at Sonatus "Sonatus is fully committed to the S32 CoreRide platform, building on our proven history of delivering tight integration with NXP silicon solutions in mass production for automotive. The Sonatus Vehicle Platform, which accelerates the shift to software-defined vehicles, is performance-optimized for a range of NXP solutions to deliver scalability, flexibility, and speed time-to-market. We are proud to be in production with leading OEMs with the S32G vehicle processor and are actively integrating with the new S32N family to enable the future of automotive architectures." Tom De Schutter, VP of engineering, system design group at Synopsys "For 10 years Synopsys and NXP have collaborated through a joint Center of Excellence, providing virtual prototypes validated by NXP. Our longstanding support for the NXP S32 automotive processing platform now includes the newly announced S32 CoreRide platform. This collaboration enables automotive companies with our Synopsys Virtualizer Development Kit for NXP S32N to accelerate their software development and test through the deployment of ECUs and vehicle digital twins of the electronics." Dr. Stefan Poledna, CTO and co-founder at TTTech Auto "The coming generations of super high performance SoCs with NXP's open S32 CoreRide platform will fuel and drive the SDV transition. We will provide our Modular MotionWise platform to enable a much faster and more robust integration of the increasingly complex SDV software. This includes standard QM software as well as safety critical software up to ASIL D. This simplification of mixed criticality software integration will enable developers to deliver customer relevant functions much faster." Geoffrey Bouquot, CTO and senior vice president strategy at Valeo Group "Valeo's 30 years in software development for vehicles led us to be a key innovation partner for global automotive OEMs and keep us pushing the excellence to an affordable safer, smarter and more sustainable mobility. Collaborating with NXP and joining the S32 CoreRide platform reinforces Valeo's position in the software-defined vehicle global ecosystem. We are proud to be part of this journey and we are thrilled to work together to deliver the best-in-class solutions and a premium software application experience to our customers." Dr. Matthias Traub, director product line embedded software and systems at Vector Informatik GmbH "A software-defined vehicle relies on efficient platform-building and fast integration. These can be achieved through pre-configuration and automated workflows in a personalized software factory. We at Vector have the necessary tools, embedded software and know-how to fully support NXP's initiative. This close collaboration will ensure the seamless pre-integration of our Base Layer on NXP's S32 CoreRide platform to simplify the development process on customer side. By shifting the integration process, OEM's and tier-1 suppliers can concentrate on their specific application, saving time and resources." Amit Ronen, Chief Customer Officer at Wind River "Wind River has been a software innovator and pioneer in mission-critical systems that require the highest levels of security, safety, and reliability. With NXP's S32 CoreRide platform, we will bring our expertise in tooling, services, and productization, as well as our experience consolidating multiple mixed-criticality workloads on multi-core SoCs, to NXP's expandable automotive platform. Together with NXP, we look forward to further advancing software-defined vehicle development in order to deliver cost efficiencies and drastically reduce time to market for our customers." Loading... Loading... Availability NXP is engaged with automakers and Tier 1s today with initial offerings of the S32 CoreRide platform. Production vehicles leveraging S32 CoreRide capabilities are in development today. First production vehicles are expected to ramp up in 2027. Additional links: About NXP Semiconductors NXP Semiconductors N.V. NXPI brings together bright minds to create breakthrough technologies that make the connected world better, safer and more secure. As a world leader in secure connectivity solutions for embedded applications, NXP is pushing boundaries in the automotive, industrial & IoT, mobile, and communication infrastructure markets while delivering solutions that advance a more sustainable future. Built on more than 60 years of combined experience and expertise, the company has approximately 34,200 team members in more than 30 countries and posted revenue of $13.28 billion in 2023. Find out more at www.nxp.com. NXP and the NXP logo are trademarks of NXP B.V. All other product or service names are the property of their respective owners. All rights reserved. © 2024 NXP B.V For more information, please contact: Americas & Europe Greater China / Asia Andrea Lempart Ming Yue Tel: +49 175 610 695 1 Tel: +86 21 2205 2690 Email: andrea.lempart@nxp.com Email: ming.yue@nxp.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17fb3c02-b519-4ed0-9d07-a076c11bd961 NXP-Corp NXP-Auto
UAE Considers 10-Year 'Golden' Business License To Boost Foreign Investment: Here's What It Means - Alibaba Gr Holding (NYSE:BABA) 2024-03-28 08:52:00+00:00 - Loading... Loading... In a bid to enhance business activities and increase government revenues, the United Arab Emirates (UAE) is contemplating the introduction of long-term business licenses, including 10-year “golden” licenses. What Happened: The UAE is considering the implementation of new regulations for trade licenses, including the issuance of five-year “silver” licenses and 10-year “golden” licenses, reported Gulf News on Monday. These measures are intended to stimulate business continuity and promote economic growth in line with the “We are the UAE 2031” vision. The proposal was discussed during the inaugural 2024 Economic Integration Committee meeting, chaired by Abdulla bin Touq Al Marri, the Minister of Economy. The committee also reviewed the progress in implementing the outcomes of its first 2024 meeting in February. Bin Touq underscored the crucial role of the Economic Integration Committee in enhancing the UAE’s business environment competitiveness. The committee has proposed policies and recommendations to expedite business processes, increase the country’s appeal to investors and talents, and establish a comprehensive database of companies using cutting-edge technologies. See Also: Trump’s Niece Says Ex-President ‘Faces Better Chance’ Of Being A Convicted Criminal Before 2024 Election: ‘That Will Prove Extremely Detrimental’ Why It Matters: The UAE’s move to introduce long-term business licenses follows several strategic initiatives aimed at bolstering its economy and global influence. In March, the UAE struck a $5.5 billion deal with Hungary to revamp a Budapest neighborhood into a Dubai-style hub. This move is part of the UAE’s efforts to expand its global footprint and diversify its investment portfolio. Earlier in February, Alibaba Group initiated partnerships with local companies in Saudi Arabia and the UAE as China strengthened its relations with the Gulf region. This development underscores the growing economic ties between the UAE and global players. Moreover, the UAE has been positioning itself as a leader in AI regulation. OpenAI’s CEO, Sam Altman, proposed the UAE as a potential “regulatory sandbox” for experimenting with AI technologies. This highlights the UAE’s commitment to fostering a business-friendly environment and embracing cutting-edge technologies. Read Next: Scaramucci Warns Of Trump’s Intent To Expand Executive Powers If Reelected Image via Shutterstock Engineered by Benzinga Neuro, Edited by Pooja Rajkumari The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
UBS chief's surprise return to the Swiss banking giant bagged him a $15.9 million paycheck 2024-03-28 08:27:00+00:00 - Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse. The bank announced in late March that Ermotti would return for a second spell as CEO, replacing Ralph Hamers from April 5 last year, as UBS undertook the mammoth task of integrating Credit Suisse's business. Ermotti's previous tenure ran from 2011 to 2020. Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS' annual report published on Thursday. The figures total base and variable compensation. In total, the bank's executive board picked up a 140.3 million Swiss franc pay package in 2023, a significant increase from the previous year's 106.9 million francs. Bonuses paid to employees at the new combined bank totaled $4.5 billion, UBS revealed, the majority of which was paid in cash. This marked a 14% reduction compared with the aggregate 2022 pool of $5.3 billion for the combined entities, as UBS looks to cut costs as part of its integration of Credit Suisse. The bank last month reported a second consecutive quarterly loss on the back of integration costs, but continued to deliver strong underlying operating profits. UBS shares have gained more than 52% since Ermotti took the reins on April 5, 2023.
CNBC Daily Open: Focus turns to key inflation data 2024-03-28 08:26:00+00:00 - A shopper in the seasonal aisle of a Target store on Black Friday in Chicago, Illinois, US, on Friday, Nov. 25, 2022. US retailers are bracing for a slower-than-normal Black Friday as high inflation and sagging consumer sentiment erode Americans demand for material goods. Photographer: Christopher Dilts/Bloomberg via Getty Images This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . Japan stocks retreat Japan's Nikkei 225 and Topix fell Thursday as the yen weakened against the U.S. dollar. Australian stocks hit a fresh high, whille Hong Kong's Hang Seng and mainland China's CSI 300 also gained. Overnight, U.S. stocks rallied as the S&P 500 rose 0.86% to close at a record, while the Dow gained 1.22%. The Nasdaq Composite added 0.51% with the major averages set to end the first quarter on a strong note. Xi on China tech progress Chinese President Xi Jinping told Dutch Prime Minister Mark Rutte that no force can stop China's tech advance. Beijing has "legitimate development rights," he said, according to Xinhua News Agency. Separately, Xi also told U.S. executives that bilateral ties can have a "brighter future" and vowed to improve the business environment. Yellen on China dumping U.S. Treasury Secretary Janet Yellen warned that China is dumping its surplus of solar panels and EVs on global markets, distorting market prices. She added Beijing's actions are likely to hurt U.S. green manufacturing firms. Yellen said she will pressure China on these practices during her upcoming trip to the country. Baltimore port crisis Global ocean carriers are putting U.S. companies on the hook for urgent cargo pickup as a result of the Port of Baltimore bridge collapse. The next few days could prove crucial in diverting trade away from the port, logistics executives told CNBC, after a container ship collided into the Francis Scott Key Bridge early Tuesday. [PRO] Is it time to hedge? Investors anxious over a market decline should hedge their positions to limit risk in financial assets, according to fund managers. "So I do think it's time to hedge if you're in an index or you're in specific companies that have done extremely well this year or even last year," said David Neuhauser, the founder and chief investment officer of Livermore Partners.
China lifts heavy tariffs on Australian wine as ties improve 2024-03-28 08:18:29+00:00 - HONG KONG (AP) — China on Thursday said it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries. China’s Ministry of Commerce said the decision will take effect Friday. China imposed tariffs on Australian wine in 2020 during a diplomatic feud over Australia’s support for a global inquiry into the origins of COVID-19. The duties on Australian wine skyrocketed above 200%. Australian wine producers took a heavy hit from the tariffs, as China was Australia’s top wine export destination. The Australian government welcomed the decision, saying in a statement that the tariffs were lifted at a “critical time for the Australian wine industry.” He Yadong, a spokesperson for China’s Ministry of Commerce, said China and Australia are “each other’s important trade partners.” “We are willing to work with Australia to resolve each other’s concerns through dialogue and consultation and jointly promote the stable and healthy development of bilateral economic and trade relations,” He said. The trade in 2019, before the tariffs were in place, was worth 1.1 billion Australian dollars ($710 million) a year to the local economy. Australian Prime Minister Anthony Albanese said the level of trade would likely increase when restrictions were scrapped. “We reckon that the resumption of trade, which we think is imminent, will see an even higher amount because that’s what we’ve seen with other products that have been resumed,” he said during a visit to a winery located in Australia’s Hunter Valley wine region on Thursday before the lifting of tariffs was announced. “China wants good high-quality wine and Australia produces it.” China imposed a raft of sanctions on Australian goods in 2020 during the most recent nadir in the bilateral relationship. It is estimated that the tariffs cost the Australian economy 20 billion Australian dollars ($13 billion). The trade barriers were widely regarded as punishment for the previous Australian government passing laws that ban covert foreign interference in domestic politics, for barring Chinese-owned telecommunications giant Huawei from rolling out Australia’s 5G network due to security concerns and for calling for an independent investigation of the COVID-19 pandemic. China was also angered by Australia’s deepening security ties with the United States, notably the AUKUS agreement that also includes Britain and will provide Australia with submarines powered by U.S. nuclear technology. Most of the tariffs have since been lifted as the relationship thawed. Relations have steadily improved after the change in the Australian government, with Albanese visiting Beijing last November. In April, Australia suspended a complaint to the WTO in a bid to reopen the Chinese market to Australian barley, which was one of the products targeted by the tariffs, in what was widely seen as an attempt by the new Australian government to repair relations with Beijing. The Australian government also halted another WTO dispute with China over sanctions on Australian wine in exchange for China’s review of the tariffs. ___ Smith reported from Sydney.
Ex-Apple leader says iPhone maker is in a 'battle for the soul' as it goes up against the DOJ 2024-03-28 08:05:01+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 A former Apple employee said the iPhone maker's battle with the DOJ over anti-trust accusations threatens its core identity. "This is a battle for the soul of Apple," Michael Gartenberg, once the senior director of the tech giant's worldwide product marketing team, told the Wall Street Journal. "Governments around the world are trying to take apart Apple's DNA strand by strand." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Gartenberg's comments come after the US Department of Justice sued Apple, accusing it of engaging in anti-competitive practices to crowd out the smartphone market. The DOJ pointed to everything from janky iPhone-Android messaging to limited third-party smartwatch compatibility with the iPhone as evidence for the company's alleged misconduct. It's the latest addition to Apple's woes following a nearly $2 billion fine from the EU over its App Store policies and declining iPhone sales in China. Advertisement In a statement to Business Insider, Gartenberg said that Apple has always tried to present itself as a company that prioritizes customers, whereas the DOJ sees the company as putting shareholders first. Apple didn't immediately respond to a request for comment from Business Insider before publication. Related stories Before leaving the company, Gartenberg, according to the WSJ, worked under Phil Schiller — the ex-senior vice president of the worldwide marketing team who appears to have played a key role in defending Apple's perceived anti-competitive tactics. In 2016, Schiller forwarded an email to CEO Tim Cook that "moving iMessage to Android will hurt us more than help us." The DOJ cited the exchange in its suit as evidence of illegal behavior. Advertisement Since stepping down from his executive role in 2020, Schiller, now an "Apple Fellow" who oversees the App Store, appears to keep defending Apple's business practices. In 2021, Schiller was a key witness in Epic Games' antitrust lawsuit against Apple. The gaming company sued the iPhone maker, claiming it engaged in anticompetitive behavior and illegally maintained a monopoly through its App Store practices. For example, Apple barred games like Fortnite from being sold in third-party app marketplaces. In court, Schiller argued that barring apps from being available from outside marketplaces was primarily a security concern. In late January, however, the company was forced to allow people access to rival app stores on the iPhone in Europe to comply with the Digital Markets Act, known as DMA. In response, Schiller said in February that he still believes Apple needs to do whatever it takes to keep its products safe. Advertisement "I have no qualms in saying that our goal is going to always be to make the App Store the safest, best place for users to get apps," Schiller told Fast Company in February. "I think users— and the whole developer ecosystem—have benefited from that work that we've done together with them," he added. "And we're going to keep doing that."
Top Chinese official says green, high tech development key as nation seeks to spur economy 2024-03-28 07:50:55+00:00 - BOAO, China (AP) — China is committed to reforms that will upgrade the technological level of its largely manufacturing-based economy and exploit green technologies expected to drive around $1.4 trillion in annual revenues, a senior Communist Party official said Thursday. “We sincerely welcome all countries to board the express train of China’s development and join hands to realize world modernization featuring peaceful development, mutually beneficial cooperation and common prosperity,” Zhao Leiji, who heads China’s rubber stamp congress and sits on the party’s all-powerful Politburo Standing Committee, was quoted as telling business people and other leaders attending the Boao Forum for Asia. The gathering in Boao, held on China’s island island province of Hainan on the South China Sea, is the latest venue for efforts by Beijing to reassure foreign investors rattled by policies that have raised uncertainties for foreign businesses, geopolitical tensions, and an economic slowdown. Zhao told the forum that China’s economy will be good in the long term, the Foreign Ministry cited him as saying. “The fundamentals have not changed,” he was quoted as saying. China is the world’s second largest economy after the U.S. and has excelled in areas such as electric vehicles, solar and wind power, and high-speed trains. But it remains heavily dependent on highly-polluting coal to power its industries. The government has set a goal for this year of China’s energy consumption per unit of GDP by 2.5% as part of its efforts to reduce carbon emissions and transition to a greener economy. “We are speeding up efforts to promote green and low-carbon economic and social development, and will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060,” said Zhao, who ranks third in the party hierarchy and has a strong background in managing state industries that make up about a quarter of the economy and help maintain the party’s overwhelming influence over economic, political and cultural life. China’s leaders have set an ambitious target of around 5% economic growth this year despite a slowdown that has been accentuated by troubles in the property sector and the lingering effects of strict anti-virus measures during the pandemic that disrupted travel, logistics, manufacturing and other industries. Zhao also touched on geopolitical topics, saying, “China calls on all countries to transcend the old mentality of bloc confrontation and zero-sum games and practice genuine multilateralism to jointly build an open world economy.” That reflects Communist Party leader-for-life Xi Jinping’s aspirations to make China a leading player in international affairs by challenging the power and credibility of the U.S. and its Western allies. China has backed Russia in its invasion of Ukraine and threatens various of its neighbors in East Asia, including the self-governing island democracy of Taiwan, a close U.S. ally, that it claims as its own territory to be annexed by force if necessary. But its top leaders have also reiterated China’s intention to keep its economy open for business. On Wednesday, Xi met with American business leaders in Beijing and emphasized mutually beneficial economic ties, despite U.S. tariffs on imports from China and efforts to cut off access to advanced and sensitive technologies, especially those with military applications. “Sino-U.S. relations are one of the most important bilateral relations in the world. Whether China and the United States cooperate or confront each other has a bearing on the well-being of the two peoples and the future and destiny of mankind,” Xi was cited as saying by China’s official Xinhua News Agency. ___ Follow AP’s coverage of China at https://apnews.com/hub/china
Cruises are heading to different ports because of the Baltimore bridge collapse, and Carnival says it's only taking a little loss 2024-03-28 07:25:47+00:00 - The Baltimore bridge collapse will have a small impact on Carnival's bottom line. Carnival secured a temporary home port in Norfolk, Virginia, to minimize operational changes. Royal Caribbean and American Cruise Line's operations may also be affected. 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 Tuesday's Baltimore bridge collapse may marginally affect the world's largest cruise company. All vessel traffic has been halted at Baltimore's port, stopping both containerships and cruise ships. Josh Weinstein, the CEO of Carnival, addressed the incident at the start of Wednesday's earnings call, thanking emergency services and the Coast Guard. Noting the "fluid" situation, he said the port closure's impact was not factored into full-year guidance or the earnings presentation, which covered the three months ending February 29. Related stories "We expect the situation to have less than a $10 million impact on a full-year guidance," Weinstein said. Advertisement The company said it secured a temporary home port in Norfolk, Virginia, for as long as needed, which should minimize operational changes. One of its cruises, the Carnival Legend, departed on Sunday for a seven-day round trip from the Baltimore port and will return instead to Norfolk. Its passengers will be bussed back to Baltimore, Weinstein said. Without factoring in the collapse, Carnival's adjusted earnings before interest, tax, depreciation, and amortization for 2024 are expected to be $5.63 billion, according to its earnings release. Carnival stock fell about 3% at 10:20 a.m. in New York after the earnings call before paring losses. Competitors Royal Caribbean and Norwegian Cruise Line were up around 3% and 6% respectively at closing. Other cruise companies that sail out of Baltimore are similarly adjusting their plans. Advertisement The second-largest cruise operator, Royal Caribbean, has about 30 cruises out of Baltimore scheduled for the rest of this year. One left Baltimore on Saturday, with plans to return on April 4. The company is working on "alternatives" for that ship and others slated to sail out of the port, per the Washington Post. American Cruise Line also frequents the Baltimore port on East Coast itineraries — its American Glory cruise is set to sail next week. The company has over 30 cruises scheduled from the Baltimore port for the rest of 2024. The Baltimore port is the 17th-largest in the US, and the bridge collapse has left six construction workers presumed dead. While the cruise industry has adapted swiftly and does not expect the collapse to affect its bottom line significantly, the port closure is expected to hit the auto industry especially hard.
As Relations Thaw, China Lifts Tariffs on Australian Wine 2024-03-28 07:24:00+00:00 - In a sign of easing tensions between Australia and China, China said Thursday it will lift the tariffs it placed on Australian wine more than three years ago. The tariffs, which were first imposed in 2020 amid a nasty diplomatic spat between Australia and China, had all but vaporized the country’s biggest overseas market, worth 1.2 billion Australian dollars or around $800 million at its peak. Australian winemakers faced desperate hardship and were stuck with a surfeit of big-bodied red wines. The decision to lift the tariffs was announced by China’s Ministry of Commerce. In a statement, Australian Prime Minister Anthony Albanese said he welcomed the decision, and that the outcome came “at a critical time for the Australian wine industry.” He added: “We will continue to press for all remaining trade impediments affecting Australian exports to be removed.” As of last August, Australia had the equivalent of 859 Olympic swimming pools of wine in storage, according to a report from Rabo Bank. “That’s going to take some time to be depleted,” said Lee McLean, the chief executive of Australian Grape & Wine Inc. “And China is not going to solve that on its own.”
China's Xi tells U.S. CEOs that bilateral relations can have a 'brighter future' 2024-03-28 07:17:00+00:00 - China's President Xi Jinping speaks at an event held by the National Committee on US-China Relations and the US-China Business Council on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 15, 2023. Carlos Barria | Afp | Getty Images BEIJING — Chinese President Xi Jinping told U.S. executives on Wednesday that bilateral relations can improve, and pledged that Beijing would keep working to improve the business environment. "Over the past couple of years, the China-U.S. relationship experienced some setbacks and serious challenges, from which lessons should be learned," an official English-language readout of Xi's remarks said. "The relationship cannot go back to the old days, but it can embrace a brighter future." "China and the United States should help rather than hinder each other's development, both in traditional areas such as trade and agriculture, and in emerging areas such as climate change and artificial intelligence," the readout said. Blackstone Chairman and CEO Stephen Schwarzman, Qualcomm President and CEO Cristiano Amon, National Committee on U.S.-China Relations Board of Directors Chair Evan G. Greenberg, Harvard's John F. Kennedy School of Government Founding Dean Graham Allison and President of the U.S.-China Business Council Craig Allen were among the attendees, according to the readout. The U.S.-China Business Council said in a press release that it "was honored to be invited to and participate in the dialogue with President Xi to discuss our concerns over the decline in trade, investment, and business confidence, as well as our desire to help improve engagement and commercial exchange between our two countries." watch now The council said it emphasized the need for China to increase the role of consumption in the economy. China set a target of around 5% growth this year. Authorities have made boosting industrial development a priority, while pushing forward with efforts to support consumption. In the Chinese side's readout, Xi described China's economy as "sound and sustainable," and pushed back on some forecasts that the country would soon "peak." China's foreign minister and top diplomat Wang Yi, National Development and Reform Commission Chair Zheng Shanjie and Minister of Commerce Wang Wentao also attended the meeting, according to state media footage. FedEx confirmed its president, Rajesh Subramaniam, was among those who met with Xi on Wednesday. Blackstone and Qualcomm did not respond to CNBC requests for comment. The National Committee on U.S.-China Relations did not provide a statement. "I commend [Xi's] personal engagement in the U.S.-China relationship, including a meeting like this. Engagement is how relationships are built and knowledge is shared," the committee's chair Greenberg said in remarks broadcast by Chinese state television. Greenberg is also chairman and CEO of insurance company Chubb . Working on foreign business conditions
It’s a bittersweet Easter for chocolate lovers and African cocoa farmers but big brands see profits 2024-03-28 07:08:13+00:00 - ACCRA, Ghana (AP) — Shoppers may get a bitter surprise in their Easter baskets this year. Chocolate eggs and bunnies are more expensive than ever as changing climate patterns eat into global cocoa supplies and the earnings of farmers in West Africa. About three-quarters of the world’s cocoa — the main ingredient in chocolate — are produced on cacao trees in Ghana, Ivory Coast, Nigeria and Cameroon. But dusty seasonal winds from the Sahara were severe in recent months, blocking out the sunlight needed for bean pods to grow. The season prior, heavy rainfall spread a rotting disease. A farmer opens a Cocoa pod in Divo, West-Central Ivory Coast, November 19, 2023. (AP Photo/Sophie Garcia) With exports from the Ivory Coast, the world’s top producer, down by a third in recent months, the global price of cocoa has risen sharply. Cocoa futures have already doubled this year, trading at a record high of more than $10,000 per metric ton in New York on Tuesday after rising more than 60% the previous year. Farmers who harvest cacao beans say the increases aren’t enough to cover their lower yields and higher production costs. Yet the high Easter demand for chocolate carries a potential treat for big confectionery companies. Major global makers in Europe and the United States have more than passed on the rise in cocoa prices to consumers. Net profit margins at The Hershey Company increased to 16.7% in 2023 from 15.8% in 2022. Mondelez International, which owns the Toblerone and Cadbury brands, reported a jump to 13.8% in 2023 from 8.6% the year before. “It is likely consumers will see a price spike on chocolate candy this Easter,” Wells Fargo said in a report this month. Niaz Mardan moves a tray of luxury handmade Belgian chocolates at Sandrine a chocolate shop in south west London, Thursday, March 21, 2024. (AP Photo/Kirsty Wigglesworth) Luxury handmade Belgian Chocolates are seen displayed at Sandrine a chocolate shop owned by Niaz Mardan, in south west London, Thursday, March 21, 2024. (AP Photo/Kirsty Wigglesworth) Mondelez said it raised chocolate prices up to 15% last year and would consider additional price hikes to help meet 2024 revenue growth forecasts. “Pricing is clearly a key component of this plan,” Chief Financial Officer Luca Zaramella said in January. “Its contribution will be a little bit less than we have seen in 2023, but it is higher than an average year.” Hershey’s also raised prices on its products last year and has not ruled out making further increases. “Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business,” Hershey Chairman, President and CEO Michele Buck said during a conference call with investors last month. Consumer groups are keeping track. In the United Kingdom, British consumer research and services company Which? found that chocolate Easter eggs and bunnies from popular brands like Lindt and Toblerone cost about 50% more this year. It said some candy eggs were smaller, too. Cocoa beans dry in Divo, West-Central Ivory Coast, November 19, 2023. (AP Photo/Sophie Garcia) Cocoa is traded on a regulated, global market. Farmers sell to local dealers or processing plants, who then sell cocoa products to global chocolate companies. Prices are set up to a year in advance. Many farmers blame climate change for their poor crops. Cacao trees only grow close to the equator and are especially sensitive to changes in weather. “The harmattan was severe at the time the pods were supposed to develop,” Fiifi Boafo, a spokesperson at the Ghana Cocoa Board, said, referring to the cool trade winds that carry enough dust to block out the sunlight needed for the trees to flower and produce beans. Months of rain also are being blamed for black pod disease, a fungal infection that thrives in cooler, wet and cloudy weather, and causes pods to rot and harden. “While we have a good price today, that’s not it. The cacao hasn’t even produced any (fruit),” Eloi Gnakomene, a cacao farmer in Ivory Coast, said last month. “People say that we’ve had a bit, but those living over that way, they’ve had nothing.” Cocoa pods hang on a tree in Divo, West-Central Ivory Coast, November 19, 2023. (AP Photo/Sophie Garcia) Luxury handmade Belgian Chocolates are seen displayed at Sandrine a chocolate shop owned by Niaz Mardan, in south west London, Thursday, March 21, 2024.(AP Photo/Kirsty Wigglesworth) Opanin Kofi Tutu, a cacoa farmer in the eastern Ghana town of Suhum, said the shortfall in production coupled with higher fertilizer costs are making it difficult to survive. “The exchange rate to the dollar is killing us,” he said. Chocolate isn’t even one of the traditions Tutu associates with Easter. “I am looking forward to my wife’s kotomir and plantain, not chocolates,” he said, referring to a local sauce prepared with cocoyam leaves. To help increase production, authorities are promoting education on farming methods that might mitigate the effects of climate change, such as the use of irrigation systems. The president of Ghana also has promised to step in to help farmers get a better deal. “With the current trend of the world cocoa price, cocoa farmers can be sure that I will do right by them in the next cocoa season,” President Nana Addo Dankwa Akufo-Addo said last month. Cocoa pods hang on a tree in Divo, West-Central Ivory Coast, November 19, 2023. (AP Photo/Sophie Garcia) The National Retail Federation, an American trade association, expects spending this Easter to remain high by historical standards despite rising candy prices. Its latest survey showed that consumers were expected to spend $3.1 billion on chocolate eggs and bunnies and other sweets this Easter, down from $3.3 billion a year ago. In Switzerland, home to the world’s biggest consumers of chocolate per capita, domestic consumption melted slightly last year, falling by 1% to 10.9kg per person, according to industry association Chocosuisse. It linked the dip to the rise in retail chocolate prices. The nation’s signature chocolate maker, Lindt & Sprüngli, reported increased profitability, with margins rising to 15.6% from 15% a year earlier. “Lindt & Sprüngli Group’s business model once again proved to be very successful in the financial year 2023,” it said in a statement this month, noting that prices increases accounted for most of the growth. Yet some smaller businesses that sell chocolate are finding it hard to keep up with the spike in cocoa prices while their sales decline. Niaz Mardan wraps a luxury handmade Belgian chocolate Easter egg at Sandrine a chocolate shop in south west London, Thursday, March 21, 2024. (AP Photo/Kirsty Wigglesworth) Sandrine Chocolates, a shop in London that sells handmade Belgian chocolates, is struggling to survive after decades in business. The owner, Niaz Mardan, said the U.K.'s cost-of-living crisis and weak economy leave people worrying more about food than luxury chocolate, especially when cheaper alternatives were available at big grocery stores. She has let go of her two employees and relies on sales at Easter and Christmas to stay afloat. “Many, many times, I thought to close the shop, but because I love the shop, I don’t want to close it,” Mardan, 57, said. “But there is no profit at all.” ___ Donati reported from Dakar, Senegal. AP journalists Courtney Bonnell in London, Damian J. Troise in New York and Jamey Keaten in Geneva contributed reporting.
Blow for Sunak as revised figures confirm UK did go into recession last year 2024-03-28 07:02:00+00:00 - Official figures have confirmed that the UK economy went into recession at the end of last year, after the latest estimate found it contracted in the last two quarters of 2023. In a blow to the government’s economic standing, the Office for National Statistics (ONS) said the economy, as measured by gross domestic product, shrank by 0.3% in the last three months of the year, unrevised from an earlier estimate. It followed a contraction of 0.1% in the third quarter of 2023, confirming a technical recession – two consecutive quarters of negative growth. As he prepares for a general election, Rishi Sunak has been seeking to reassure Tory MPs that the economy is turning around, after business surveys showed a recovery in private sector activity in the first few months of the year. Some previous recessions have been revised away or downgraded to be less severe than first believed. The “double-dip” recession initially recorded by the ONS in 2011 during the tenure of the then chancellor, George Osborne, was eventually found not to have happened. However, the ONS said all three sectors – services, production and construction – showed falling output in the final quarter of 2023 and a deeper recession was prevented only by a rise in government spending. Services declined by a milder 0.1% compared with a 0.2% fall in the first estimate, but without making a difference to the overall decline in the wider economy, the ONS said. Britain’s trade declined and household consumption also fell despite a fall in inflation towards the end of 2023. The ONS said retail sales had the largest monthly fall in December since January 2021 when Covid-19 pandemic restrictions were in place. Ashley Webb, a UK economist at the consultancy Capital Economics, said: “The UK’s mild technical recession at the end of last year was as mild as previously thought and the economic recovery is probably already under way.” He said the firm’s forecast for the economic recovery in 2024 and 2025 was that it would be stronger than the Bank of England expects. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The firm has predicted that inflation will fall further than the Bank of England expects and “interest rates to be cut faster and further than current market pricing suggests”. The shadow chancellor, Rachel Reeves, said the ONS figures showed that Rishi Sunak had “broken his promise to grow the economy and left Britain in recession with working people paying the price. The Conservatives cannot claim that their plan is working or that they have turned the corner on more than 14 years of economic failure.” Jeremy Hunt said last year was “tough” after interest rates remained high to bring down inflation, “but we can see our plan is working”. The chancellor added: “Inflation has fallen decisively from over 11% to 3.4%, the economy grew in January and real wages have increased for eight months in a row. Our cuts to national insurance will boost growth by rewarding work and putting over £900 a year back into the average earner’s pocket.”
Airbnb host increased price by 39% after booking 2024-03-28 07:00:00+00:00 - My daughter used my credit card to book a five-month stay using Airbnb after taking up an internship in Toronto. After the host accepted the booking, she got an email saying the price for the overall stay had increased by £4,000 – a further 39%. Panicked, and unable to afford the extra sum, she cancelled. Airbnb has taken a £1,962 fee, plus a further £682 for cleaning and taxes. As my daughter cancelled immediately, it is extremely unlikely that a booking was lost. Airbnb is endlessly quoting T&Cs and says it has asked the host to return the money, but he won’t. It feels as if it has assisted this man to perpetuate what looks like a scam. JS, by email I am amazed Airbnb didn’t sort this out in your favour before I became involved. A request for an extra 39% payment after the booking had been made – seriously? Happily, the company has now refunded you in full. It told you that you should have declined the host’s request for the extra sum. It would then have been up to the host to decide whether to go ahead at the original price, or to cancel. You have to wonder who at the company came up with the T&Cs that allowed such a request to stand, but all’s well that ends well. I hope your daughter enjoys Toronto. We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number. Submission and publication of all letters is subject to our terms and conditions.
The ship that crashed into the Baltimore bridge carried 764 tons of hazardous material, and some containers have been breached, NTSB says 2024-03-28 06:30:33+00:00 - At least 56 containers of hazmat goods were on board the Dali when it crashed, the NTSB said. Some of the containers were "significantly breached" and some are in the water, officials said. The 984-foot ship is still caught under the debris of Baltimore's biggest bridge, which collapsed on Tuesday. 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 The 984-foot container vessel that crashed into the Francis Scott Key Bridge was carrying at least 56 containers of hazardous material, some of which have fallen into the water, the National Transportation Safety Board said. The board's chair, Jennifer Homendy, told reporters on Wednesday that officials boarded the Singapore-flagged Dali for an inspection on Tuesday evening. A senior NTSB hazmat investigator identified the 56 hazardous containers while observing the cargo and manifest, Homendy said. "That's 764 tons of hazardous materials. Mostly corrosives, flammables, and some miscellaneous hazardous materials," said the board chief. Advertisement Some containers held "class 9" materials, which may include lithium-ion batteries, she said. Homendy added that she saw that some hazardous material containers were "breached significantly" and several had fallen into the Patapsco River, but did not have "an exact number." Officials have also "seen sheen on the waterway," she added. NTSB officials said the exact kinds of hazardous materials on the Dali have yet to be identified, and could not speak to the risks posed to the public. Advertisement When asked whether people should be concerned about the "sheen" on the river, Homendy said the transportation safety agency had referred the information to other federal and state authorities. Related stories The Environmental Protection Agency and the Maryland Department of the Environment did not immediately respond to requests for comment sent outside regular business hours by Business Insider. BI also contacted two organizations researching water quality in the area, the Chesapeake Research Consortium and Blue Water Baltimore. "It's a massive undertaking for an investigation," Homendy said, adding that the total probe into the ship's malfunctions could take 12 to 24 months. Advertisement The Dali lost power on Tuesday morning and crashed into Baltimore's Key Bridge, causing its span to collapse. Six construction workers who were on the bridge have died or are presumed dead, with four bodies still unrecovered. The vessel has a gross tonnage of 95,000 tons, meaning the containers carrying hazardous materials would have taken up a small fraction of its total carrying capacity. While the Key Bridge's collapse has not been declared a chemical-related emergency as of Wednesday evening, hazardous materials will likely complicate the city's clean-up process. "It's a pretty dangerous situation in that area, and we can't go in there," Homendy said. Advertisement A recent major disaster, when a train carrying toxic chemicals derailed in East Palestine, Ohi,o in February 2023, still affects residents more than a year after the event. Delays in freeing up the Patapsco River also threaten major economic consequences. The Port of Baltimore — the ninth busiest US port for international cargo and a major hub for the automotive industry — is closed to vessels until further notice as wreckage blocks the waterway. The loss of the bridge itself is likely to become a pain point for Baltimore commuters since 11.3 million vehicles plied the Key Bridge annually. It was also the only land transport route for hazardous materials, posing another complication for local industries. Authorities are still investigating how the Dali lost power as it tried to navigate under the Key Bridge. Advertisement The Maritime and Port Authority of Singapore said on Wednesday that the ship had passed two foreign port inspections, one in June and another in September.
Surge of new oil and gas activity threatens to wreck Paris climate goals 2024-03-28 06:00:00+00:00 - The world’s fossil-fuel producers are on track to nearly quadruple the amount of extracted oil and gas from newly approved projects by the end of this decade, with the US leading the way in a surge of activity that threatens to blow apart agreed climate goals, a new report has found. There can be no new oil and gas infrastructure if the planet is to avoid careering past 1.5C (2.7F) of global heating, above pre-industrial times, the International Energy Agency (IEA) has previously stated. Breaching this warming threshold, agreed to by governments in the Paris climate agreement, will see ever worsening effects such as heatwaves, floods, drought and more, scientists have warned. But since the IEA’s declaration in 2021, countries and major fossil fuel companies have forged ahead with a glut of new oil and gas activity. At least 20bn barrels of oil equivalent of new oil and gas has been discovered for future drilling since this point, according to the new report by Global Energy Monitor, a San Francisco-based NGO. Last year, at least 20 oil and gas fields were readied and approved for extraction following discovery, sanctioning the removal of 8bn barrels of oil equivalent. By the end of this decade, the report found, the fossil-fuel industry aims to sanction nearly four times this amount – 31bn barrels of oil equivalent – across 64 additional new oil and gas fields. The US, which has produced more crude oil than any country has ever done in history for the past six years in a row, led the way in new oil and gas projects in 2022 and 2023, the report found. Guyana was second, with countries in the Americas accounting for 40% of all new oil sanctioned in the past two years. The failure to even slightly slow down the hunt for new oil and gas risks a fatal blow to already slender hopes of the world remaining below 1.5C, a limit that scientists expect will be surpassed within a decade. It comes as major oil and gas companies miss or water down their own targets to cut planet-heating emissions. At a recent industry conference in Texas, the boss of Saudi Aramco, the world’s largest oil company, said people “should abandon the fantasy” of phasing out oil and gas. “Despite the constant and clear warnings that no new oil and gas fields are compatible with 1.5C, the industry continues to discover and sanction new projects,” said Scott Zimmerman, project manager of the global oil and gas extraction tracker at Global Energy Monitor. “It’s disappointing. It shows a lack of supply-side commitment to climate goals.” Already operating oil and gas infrastructure will be enough to push the world beyond 1.5C and the extra activity planned will only further raise the global temperature. A total of 45 projects have been fully sanctioned, with 16 billion barrels of oil equivalent, since the 2021 IEA report, according to the new report, which is almost certainly an undercount of coming emissions as it doesn’t include ‘unconventional’ extraction, such as fracking. While the US has maintained its heavyweight status in oil and gas with the new discoveries, fresh areas of the globe are now being focused on by fossil fuel producers for new production, with South America and Africa becoming hotspots for upcoming projects. Of the 22 countries with significant oil and gas discoveries in the past two years, four – Cyprus, Guyana, Namibia and Zimbabwe – accounted for more than a third of discoveries, despite having produced little or no oil and gas until recently. The Shahini gas field in Iran – reportedly containing 623bn cubic meters of gas – is the largest single discovery of the past two years, followed by TotalEnergies’ Venus project in Namibia. The Kodiak project in Alaska, overseen by Pantheon Resources, is the third largest new potential oil and gas field. “Oil and gas producers have given all kinds of reasons for continuing to discover and develop new fields, but none of these hold water,” said Zimmerman. “The science is clear: no new oil and gas fields, or the planet gets pushed past what it can handle.”
China’s latest EV is a ‘connected’ car from smart phone and electronics maker Xiaomi 2024-03-28 05:40:12+00:00 - BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars. The tech company will start taking orders for the SU7, a sporty four-door sedan, following a launch event with founder Lei Jun in Beijing on Thursday evening. Analysts think it will be priced in the 300,000 yuan ($40,000) range. Government subsides have helped make China the world’s largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry’s sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto giants. Lei is not bashful about that challenge, saying at an unveiling of the SU7 in December that Beijing-based Xiaomi aims to become one of the world’s top five automakers in the next 15 to 20 years. “I believe that one day, Xiaomi EVs will be a familiar sight on roads around the world,” he was quoted as saying in a company news release. Xiaomi, founded in 2010, is entering an overcrowded market that analysts expect will undergo a shakeout in coming years, with weaker startups falling by the wayside. The combined share of EVs and hybrids in China’s auto sales is likely to reach 42% to 45% this year, up from 36% in 2023, according to Fitch Ratings. But the agency said in a December report that the competition could put pressure on automakers’ short-term market share and profitability. Known for its affordable smartphones, smart TVs and other devices, Xiaomi aims to capitalize on that technology by connecting its cars with its phones and home appliances in what it calls a “Human x Car x Home” ecosystem. Tu Le, the founder of the Sino Auto Insights consultancy, said that Xiaomi is trying to close the loop by adding transportation to a product mix already integrated into its customers’ personal and professional lives. “The ability to seamlessly be a continuous part of someone’s life is the holy grail for tech companies,” he said in an emailed response. “You probably don’t know anyone in Beijing that doesn’t have at least one Xiaomi product, be it a mobile phone, computer, TV, (air) purifier, or tablet.” As a newcomer to automaking, the company is making an educated guess that it can design and develop a car that will sell, he said. Given the sluggish Chinese economy and an ongoing EV price war, he predicted it would take a year or two to see if Xiaomi can adapt to correct any missteps and succeed. “They are a technology company, so that’s their advantage but they need to reconcile that with drinking through a fire hose to learn how to be a tech company that builds cars,” Le said. CreditSights, a financial research firm, said it expects Xiaomi’s EV division to sell 60,000 vehicles in its first year and lose money for its first two years because of high marketing and promotion costs. Chinese automakers trying to expand abroad face political headwinds. The EU is investigating Chinese subsidies to determine if they give made-in-China EVs an unfair market advantage overseas. The U.S. announced an investigation last month into Chinese-made connected cars that it says could gather sensitive information about their drivers. “China is determined to dominate the future of the auto market, including by using unfair practices,” President Joe Biden said when the U.S. investigation was announced. “China’s policies could flood our market with its vehicles, posing risks to our national security. I’m not going to let that happen on my watch.’′ China pushed back this week, filing a World Trade Organization complaint that alleges that U.S. subsides for electric vehicles discriminate against Chinese products. The U.S. Defense Department put Xiaomi on a blacklist in 2021 over alleged links to China’s military, but removed it a few months later after the company denied the links and sued the U.S. government.
A fight to protect the dignity of Michelangelo’s David raises questions about freedom of expression 2024-03-28 05:32:19+00:00 - FLORENCE, Italy (AP) — Michelangelo’s David has been a towering figure in Italian culture since its completion in 1504. But in the current era of the quick buck, curators worry the marble statue’s religious and political significance is being diminished by the thousands of refrigerator magnets and other souvenirs sold around Florence focusing on David’s genitalia. The Galleria dell’Accademia’s director, Cecilie Hollberg, has positioned herself as David’s defender since her arrival at the museum in 2015, taking swift aim at those profiteering from his image, often in ways she finds “debasing.” Michelangelo’s 16th century statue of David is seen on display at the Accademia gallery, in Florence, central Italy, Monday, March 18, 2024. (AP Photo/Andrew Medichini) In that way, she is a bit of a David herself against the Goliath of unfettered capitalism with its army of street vendors and souvenir shop operators hawking aprons of the statue’s nude figure, T-shirts of it engaged in obscene gestures, and ubiquitous figurines, often in Pop Art neon. At Hollberg’s behest, the state’s attorney office in Florence has launched a series of court cases invoking Italy’s landmark cultural heritage code, which protects artistic treasures from disparaging and unauthorized commercial use. The Accademia has won hundreds of thousands of euros (dollars) in damages since 2017, Hollberg said. “There was great joy throughout all the world for this truly unique victory that we managed to achieve, and questions and queries from all over about how we did it, to ask advice on how to move,” she told The Associated Press. Legal action has followed to protect masterpieces at other museums, not without debate, including Leonardo’s “Vitruvian Man,” Donatello’s David and Botticelli’s “Birth of Venus.” People walk past a shop selling souvenirs of Michelangelo's 16th century statue of David, in downtown Florence, central Italy, Monday, March 18, 2024. (AP Photo/Andrew Medichini) A detail of Michelangelo's 16th century statue of David is seen on display at the Accademia gallery, in Florence, central Italy, Monday, March 18, 2024. (AP Photo/Andrew Medichini) The decisions challenge a widely held practice that intellectual property rights are protected for a specified period before entering the public domain — the artist’s lifetime plus 70 years, according to the Berne Convention signed by more than 180 countries including Italy. More broadly, the decisions raise the question of whether institutions should be the arbiters of taste, and to what extent freedom of expression is being limited. “It raises not just legal issues, but also philosophical issues. What does cultural patrimony mean? How much of a stranglehold do you want to give institutions over ideas and images that are in the public domain?’’ said Thomas C. Danziger, an art market lawyer based in New York. He pointed to Andy Warhol’s famous series inspired by Leonardo’s “Last Supper.” “Are you going to prevent artists like Warhol from creating what is a derivative work?’’ Danziger asked. “Many people would view this as a land grab by the Italian courts to control and monetize artworks in the public domain that were never intended to be charged for.” People walk past a shop selling souvenirs of Michelangelo’s 16th century statue of David, in downtown Florence, central Italy, Monday, March 18, 2024. (AP Photo/Andrew Medichini) Italy’s cultural code is unusual in its scope, essentially extending in perpetuity the author’s copyright to the museum or institution that owns it. The Vatican has similar legislative protections on its masterpieces, and seeks remedies through its court system for any unauthorized reproduction, including for commercial use and for damaging the dignity of the work, a spokesman said. Elsewhere in Europe, Greece has a similar law, adopted in 2020, which requires a permit to use images of historic sites or artifacts for commercial use, and forbids the use of images that “alter” or “offend” the monuments in any way. France’s Louvre museum, home to some oft-replicated masterpieces like the “Mona Lisa” and Venus de Milo, notes that its collection mostly dates from before 1848, which puts them in the public domain under French law. Court cases have debated whether Italy’s law violates a 2019 European Union directive stating that any artwork no longer protected by copyright falls into the public domain, meaning that “everybody should be free to make, use and share copies of that work.” Cecilie Holberg, the German director of the Accademia gallery walks past Michelangelo’s 16th century statue of David on display at the Accademia gallery, in Florence, central Italy, Monday, March 18, 2024.(AP Photo/Andrew Medichini) The EU Commission has not addressed the issue, but a spokesman told the AP that it is currently checking “conformity of the national laws implementing the copyright directive” and would look at whether Italy’s cultural heritage code interferes with its application. Hollberg won her first case against ticket scalpers using David’s image to sell marked-up entrance packages outside the Accademia’s doors. She also has targeted GQ Italia for imposing a model’s face on David’s body, and luxury fashion brand Longchamp’s cheeky Florence edition of its trademark “Le Pliage” bag featuring David’s more intimate details. Longchamp noted the depiction was “not without irony” and said the bag was “an opportunity to express with amused lightness the creative force that has always animated this wonderful city.’' No matter how many lawsuits Hollberg has initiated — she won’t say how many — the proliferation of David likenesses continues. “I am sorry that there is so much ignorance and so little respect in the use of a work that for centuries has been praised for its beauty, for its purity, for its meanings, its symbols, to make products in bad taste, out of plastic,” Hollberg said. Based on Hollberg’s success and fortified by improved search engine technology, the private entity that is custodian of Florence’s landmark Cathedral has started going after commercial enterprises using the famed dome for unauthorized, and sometimes denigrating, purposes — including men’s and women’s underwear. So far, cease-and-desist letters have been enough to win compliance without turning to the courts, adding an extra half a million euros ($541,600) a year to revenues topping 30 million euros ($32 million), Luca Bagnoli, president of the Opera di Santa Maria del Fiore, told the AP. “We are generally in favor of the freedom of artistic expression,’’ Bagnoli said. “When it comes to reinterpreted copies, it becomes a little more difficult to understand where artistic freedom ends and our image rights begin.” Italy’s cultural heritage code in its current form has been on the books since 2004, and while Hollberg’s cases were not the first, they have represented an acceleration, experts said. Souvenirs of Michelangelo’s 16th century statue of David are seen on sale among other souvenirs in a shop in downtown Florence, central Italy, Monday, March 18, 2024. (AP Photo/Andrew Medichini) The jurisprudence is still being tested. A court in Venice ordered Germany’s Ravensburger jigsaw puzzle maker to stop using the image of “Vitruvian Man” in the first case to involve a company outside Italy. The ruling implicitly rejected Ravensburger’s argument that the law was incompatible with the EU directive on copyright, lawyers said. Experts say the aggressive stance could backfire, discouraging the licensing of Italy’s artworks, a source of revenue, while also limiting the reproduction of masterpieces that serve as cultural ambassadors. “There is a risk for Italy, because you can select a work of art that is not covered by this legislation,’’ said Vittorio Cerulli Irelli, an intellectual property lawyer at Trevisan & Cuonzo in Rome. “In many instances, it is the same for you to use Leonardo’s painting which is in the U.K. or Leonardo’s painting which is in Italy. You just go for the easiest choice.” ___ Associated Press writers Nicholas Paphitis in Athens, Greece, and Thomas Adamson in Paris contributed to this report.
US journalist marks a year in a Russian prison as courts keep extending his time behind bars 2024-03-28 05:21:47+00:00 - For Evan Gershkovich, the dozen appearances in Moscow’s courts over the past year have fallen into a pattern. Guards take the American journalist from the notorious Lefortovo Prison in a van for the short drive to the courthouse. He’s led in handcuffs to a defendants’ cage in front of a judge for yet another hearing about his pretrial detention on espionage charges. The proceedings are always closed. His appeals are always rejected, and his time behind bars is always extended. Then it’s back to Lefortovo. Gershkovich was arrested a year ago Friday while on a reporting trip for The Wall Street Journal to the Ural Mountains city of Yekaterinburg. The Federal Security Service, or FSB, alleges he was acting on U.S. orders to collect state secrets but provided no evidence to support the accusation, which he, the Journal and the U.S. government deny. Washington designated him as wrongfully detained. The periodic court hearings give Gershkovich’s family, friends and U.S. officials a glimpse of him, and for the 32-year-old journalist, it’s a break from his otherwise largely monotonous prison routine. “It’s always a mixed feeling. I’m happy to see him and that he’s doing well, but it’s a reminder that he is not with us. We want him at home,” Gershkovich’s mother, Ella Milman, told The Associated Press. Although Gershkovich is often seen smiling in the brief appearances in open court, friends and family say he finds it hard to face a wall of cameras pointing at him as if he were an animal in a zoo. Ahead of the most recent one on Tuesday, Milman was particularly interested to see him. She was waiting, she said, for “a big reveal” — Gershkovich’s cellmate had given him a haircut. But the hearing itself offered no new revelations on his case: He was ordered to remain behind bars pending trial at least until June 30 — the fifth extension of his detention. When Gershkovich was arrested a year ago — the first U.S. journalist taken into custody on espionage charges since Nicholas Daniloff in 1986 at the height of the Cold War — it came as a shock, even though Russia had enacted increasingly repressive laws on freedom of speech after the invasion of Ukraine. “He was accredited by the Russian Foreign Ministry. There was nothing to suggest that this was going to happen,” said Emma Tucker, the Journal’s editor-in-chief. The son of Soviet emigres who settled in New Jersey, Gershkovich moved to Russia in 2017 to work for The Moscow Times newspaper before being hired by the Journal in 2022. “He absolutely loved it,” Milman said of her son’s life in Moscow. He threw himself into work and became close friends with other reporters. They spent evenings, weekends and holidays together — at traditional Russian saunas, cycling around Moscow or having barbecues in the countryside. Those friends are now among the most vocal advocates for his release. “For us, it’s got to the level where if we can see Evan smiling in the courtroom — that stuff that brings us a lot of happiness. It’s reassuring that he’s still not been broken by it,” said Washington Post correspondent Francesca Ebel. His supporters say that is remarkable, given that Gershkovich is being held in Lefortovo, a notorious czarist-era prison used during Josef Stalin’s purges, when executions were carried out in its basement. Gershkovich is not allowed phone calls and wakes up “every morning to the same gray prison wall. ... To think that he’s been doing that every day for the past year is just horrible,” said his friend, Polina Ivanova of the Financial Times. He’s allowed out of his cell for a hour a day to exercise. He spends the rest of his time largely reading books in English and Russian and writing letters to friends and family who try to make sure he stays up to date with current affairs and gossip. That includes following his favorite English soccer team, Arsenal, which is having one of its best seasons, even though scores usually get to him about two weeks late. Gershkovich can see only limited highlights on Russian TV but is kept up to date by his friend, Pjotr Sauer of the British newspaper, the Guardian. “He is very happy about how Arsenal is playing but obviously upset he can’t see it for himself,” Sauer said. Mikhail Gershkovich writes his son about chess strategy because his cellmate doesn’t like the game. They also discuss artificial intelligence because “he wants to be current when he comes back,” his father said. No one knows when that might be. The Biden administration is seeking the release of Gershkovich, who faces 20 years in prison. Russia’s Foreign Ministry has said it would consider a prisoner swap — but only after a verdict in his trial, which has not yet begun. U.S. Ambassador Lynne Tracy, who was in court again Tuesday for his latest hearing, said the charges against Gershkovich “are fiction” and that Russia is “using American citizens as pawns to achieve political ends.” Since invading Ukraine, Russian authorities have detained several U.S. nationals and other Westerners, seemingly bolstering that idea. President Vladimir Putin has said he believed a deal can be reached to free Gershkovich, hinting he would be open to swapping him for a Russian national in Germany who fits the description of Vadim Krasikov. He is serving a life sentence for the 2019 killing in Berlin of a Georgian citizen of Chechen descent. U.S. officials made an offer to swap Gershkovich last year that was rejected by Russia, and the Biden administration has not made public any possible deals since then. Shortly after Russia invaded Ukraine, Gershkovich wrote on X, formerly Twitter, that “reporting on Russia is now also a regular practice of watching people you know get locked away for years.” Fluent in Russian, Gershkovich knew the risks and, after his arrest, knew “right from the very start that this was going to take a long time,” Ebel said. The Journal’s Tucker said she is “optimistic that 2024 will be the year Evan is freed but I’m also realistic,” noting that any negotiations for a swap are taking place against a “very febrile” backdrop. That includes tensions with the West over the war in Ukraine, the recent attack on a Moscow concert hall and the U.S. presidential election. Friends and family say Gershkovich is relying on his sense of humor to get through the days. Tracy said outside court Tuesday that he has displayed “remarkable resilience and strength in the face of this grim situation.” From behind bars, he has organized presents for friends on their birthdays as well as sending flowers to important women in his life for International Women’s Day earlier this month. “He is telling people not to freak out,” said Milman, noting that her son is a source of great pride for the family. But as he enters his second year of detention, the strain on them is showing. Every day, Milman said, “I wake up and look at the clock.” “I think about if his lunchtime has passed, and his bedtime,” she said. “It’s very hard. It’s taking a toll.”