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3 Dividend Stocks to Buy if You Believe Inflation is Coming Back 2023-08-05 - Key Points Despite trending lower for the past year, inflation is likely to make a comeback. Fastenal: The company has a boring business model that is absolutely beautiful for dividend investors. Mondelez: Revenue and earnings show that the company is able to pass along higher prices. Xcel Energy: Rising oil prices will make this utility stock a solid play for the rest of 2023 and beyond. 5 stocks we like better than Fastenal We don’t know how much relief most Americans are feeling from the effects of inflation, particularly at the grocery store. But we live in a data-driven world, and the data says that inflation is retreating on a year-over-year basis. Still, inflation is growing above the Federal Reserve’s preferred target rate of 2%. And the core rate of inflation is much higher than that. Not to be a downer, but many economists – and a little bit of common sense – suggest that inflation is likely to go back up. And, like your golf score, this is a time when higher is not better. That means now is a good time to check in with your portfolio. Did you rotate too much into risk-on-growth stocks? Do you have enough dividend stocks? If you’re looking to mitigate some of your risks, there are still some excellent opportunities. These dividend payers not only have a reputation of increasing their dividends on an annual basis but they are also expected to have earnings growth in 2023 and 2024. That means you’ll get some capital gains to go along with those regular dividend payments. This Company is Helping America Rebuild its Infrastructure Fastenal Company NASDAQ: FAST is a wholesale distributor of many of the products needed by industrial and construction companies. The products aren’t exciting, but they’re essential. And as you can see in the company’s balance sheet, it holds its own in good economic times and bad. However, you would expect the company to get a lift as infrastructure spending hits the economy. Sure enough, FAST stock is up about 20% in 2023, and there are likely more gains ahead. Having said that, the stock is above the analysts’ price targets and near the upper end of its 52-week price range. Analysts have been slow to weigh in on the stock after the company missed on its quarterly earnings in July. But this isn’t a bad stock to wait on, and while you do, you can collect a dividend that currently pays out $1.40 per share annually and has been increasing for 24 consecutive years. America’s Snacking Habits Remain Inflation-Proof Mondelez International, Inc. NASDAQ: MDLZ is perhaps best known as the company behind the Oreo cookie brand. But that’s just one of the brands in the company’s large portfolio of snack foods and beverage products. As the company’s most recent earnings report shows, Americans continue to pay for their favorite creature comforts. Mondelez reported earnings per share of 76 cents on revenue of $8.51 billion. Both of those numbers were higher than in the same quarter the prior year. The company’s dividend is solid with a 2.05% yield and a $1.54 payout on an annual basis. But many investors are noticing that the company has boosted its dividend by 60% in the last two years. And that’s on top of the 15% share price gain in MDLZ stock in the past 12 months. A Solid Choice for Higher Oil Prices Energy stocks are a good choice for investors who believe higher inflation is coming, and Xcel Energy, Inc. NASDAQ: XCEL is a solid choice. When the price of oil rises, it has a lagging effect on the rest of the economy. Rising oil prices increase producer prices, particularly transportation costs. Companies, in turn, attempt to pass along as much of those costs as they can to consumers in the form of higher prices. Xcel Energy is one of the nation’s largest electric utilities. It’s also one of the leading natural gas utilities. After spiking to over $9 in August 2022, the price of natural gas has come down significantly. So has XCEL stock, down 17% in the last 12 months. But with oil and natural gas prices expected to soar, now is a good time to snag some shares of Xcel Energy stock which is down 2.5% in the 30 days ending August 3, 2023. The 12% 12-month gain may not excite you, but the stock also has a solid dividend that has a 3.39% yield. Plus, the company has raised its dividend in each of the last 20 years. Before you consider Fastenal, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fastenal wasn't on the list. While Fastenal currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Influencer faces charges of inciting riot after New York giveaway causes chaos 2023-08-05 - Social media influencer Kai Cenat is facing charges of inciting a riot and promoting an unlawful gathering in New York City after the online streamer drew thousands of his followers – many of them teenagers – with promises of giving away electronics, including a new PlayStation. The gathering produced chaos, with dozens of people arrested – some jumping atop vehicles, hurling bottles and throwing punches. Cenat was released early Saturday from police custody after being issued a desk appearance ticket, which officers issue to require a suspect to appear in court to answer charges. A police spokesperson said Cenat is scheduled for court on 18 August. The mayhem in New York City’s Union Square Friday afternoon put further focus on the hold social media influencers have on the people who follow and fawn over them. “Our children cannot be raised by social media,” Mayor Eric Adams said Saturday during a press briefing on an unrelated crime. Police said they arrested 65 people, including 30 juveniles. Several people were injured, including some with bloodied faces. At least four people were taken away in ambulances. Cenat, 21, is a video creator with 6.5 million followers on the platform Twitch, where he regularly livestreams. He also boasts 4 million subscribers on YouTube, where he posts videos about daily life and comedy, with titles ranging from “Fake Hibachi Chef Prank!” to his most recent offering, “I Rented Us Girlfriends In Japan!” His 299 YouTube videos have amassed more than 276m views among them. In December, Cenat won the title of streamer of the year at the 12th annual Streamy Awards.
‘Metal box heated from the inside’: food truck workers’ battle against heat 2023-08-05 - As tortillas warm on the grill at Los Pookies – an Albuquerque, New Mexico-based food truck best known for its birria tacos – a swamp cooler blasts cool air and extractor fans try their best to suck the heat out of the metal trailer. But when temperatures in New Mexico hit the 100s in early July, owner Luis Dominguez says, the fans didn’t feel like enough: so he completely removed the food truck’s front window. Unlike air conditioning, swamp coolers, which use fans and water to create chilly air, actually perform better with increased circulation. Dominguez hoped taking out the window and opening the trailer’s back door would let in more fresh air and improve ventilation for his staff. “We’ve done everything we can,” said Dominguez. When his employees have a moment between customers, they step out of the food truck and gulp down bottles of water and Pedialyte. But, “it is very hot in the food truck. We have the grill going, the fryers going and it is metal walls all the way around. So it’s basically like a little oven.” In the three-and-a-half years that Los Pookies has been open, Dominguez says, all of the summers have been hot. But he can’t remember one this bad. As this July came to an end, the World Meteorological Association declared it the hottest month ever recorded on Earth. In the American south-west, the city of Phoenix, Arizona, recorded a 31-day stretch of temperatures over 110F and temperatures in Death Valley peaked at 128F, just shy of the national park’s 1913 record. In New Mexico, the extreme heat was compounded by the delayed arrival of the state’s typical summer monsoon season – without the afternoon rains, there was nothing to cut the midday heat. For food truck owners in the desert south-west, beating the record temperatures has required creativity and persistence. Like other industries facing a reckoning over the heat, New Mexico’s food truck fans and customers are wondering what the future holds. But staff and employees are more resolute – despite the discomfort, they’re convinced the industry will persevere. “Food trucks are going to be food trucks,” said Jae Stulock, owner of the Asian fusion food truck Umami Moto. That doesn’t mean it’s easy: outside, “it might be 105 degrees”, he said, but “inside, the truck is about 115 to, I think we’ve recorded 122 degrees”. Those temperatures are extreme for one hour and even worse on busy days when the truck is parked at breweries for 10 hours. But that’s just the nature of the industry. “Food trucks are essentially a metal box,” said Basit Gauba, owner of two New Mexico-based food trucks: Tikka Spice, which specializes in South Asian street food, and Stackers, which is known for its green chile cheeseburgers. “A metal box that’s heated from the inside on a summer day. So it gets pretty hot.” Food trucks are essentially a metal box ... that’s heated from the inside on a summer day. So it gets pretty hot Basit Gauba Tikka Spice is lucky to have air-conditioning, says Gauba, but with the exhaust vents running and the window open to take customers’ orders, it doesn’t always help. Plus, operating the air-conditioning requires a certain amount of power that not all pop-up sites can offer. If the truck is parked at a brewery they might be able to turn it on, but few parks have adequate hook-ups. Instead, his staff has taken to wearing cooling towels around their necks and turning off any equipment that they can when they’re not cooking. “The only thing we can’t turn off is our fryers,” said Gauba. “But as far as grills and charbroilers and stoves, if we’re not using it, we’ll have it off. That helps out a lot.” When everything’s up and running, though, the heat can impact the function of that equipment. “If the sun is shining on the passenger side of the truck, that’s where our refrigeration is, so the refrigeration is fighting that heat. And that pulls more power from the generator. And the generator can only handle so much,” said Stulock. When it shuts off, there’s no way to keep anything cold anymore. The breweries that Tikka Spice and other food trucks park outside of some days have taken to giving the staff pails of ice chips, which they ladle into a mobile swamp cooler to lower the temperature inside the truck even more than the A/C can. “It melts pretty quick,” says Gauba, “but then it gives you a cooler, fresher air.” Those partnerships with breweries – and other pop-up sites – are essential, Dominguez said. Brewery employees made sure his staff were well-supplied with cold water when temperatures were at their highest and invited them into the air-conditioned spaces during their breaks. If temperatures get hotter in the coming years, Stulock says he’s considering asking his brewery partners to build shade covers for the trucks. Those partners also keep customers coming out despite the heat: after they stand in line for their food, customers can retreat inside for a cold drink. But even then, Stulock says, the heat makes business hard: “Attendance goes down dramatically. People just don’t come out.” When they do, it’s usually at night, when the food truck has been outside for hours and staff are getting tired. We have the grill going, the fryers going and it is metal walls all the way around. So it’s basically like a little oven Luis Dominguez Gauba and his wife have recently opened two brick-and-mortar restaurants and they know staff prefer shifts at the air-conditioned spaces. So they’ve started offering higher rates to employees who work the food truck – that way they get paid more for what can be a more uncomfortable shift in the peak summer heat. This summer, Gauba found himself looking to other parts of the world for inspiration. As immigrants from Pakistan, Gauba and his wife found themselves reflecting on the night markets popular across much of the Middle East and Asia where, he said, people do everything they can to avoid being outside in the middle of the day. Even in the US, Gauba noticed other food trucks in cities like Phoenix and San Antonio, Texas, shifting their hours later and later in the day. “I think that’s going to be the future if it keeps going this way,” Gauba said. “If it does get hotter, we’ll have to really change how we operate.” Although it’s been a more difficult summer, Dominguez doesn’t think the changing climate means the end of the industry. For many small business owners, especially immigrant and working class families, food trucks are a path toward opening their own restaurants and other ventures. People who work in food trucks “have a really, really strong work ethic”, says Dominguez. “We don’t care if it’s 200 degrees outside or negative 30, we’ll be out selling, we have to, just because that’s how we make ends meet.”
UK offshore wind at ‘tipping point’ as funding crisis threatens industry 2023-08-05 - Britain faces being left with no hope of meeting its crucial climate crisis goals and losing its status as a world leader in offshore wind energy without an urgent overhaul of government support, ministers are being warned. The sudden halting of one of the country’s biggest offshore windfarm projects last month could signal a “tipping point” in the construction of new sites unless ministers intervene, a number of senior energy industry figures told the Observer. They warn that a swathe of new projects, which Britain is relying on to meet key climate targets, could also become economically unviable under the existing regime. While the industry has been hit by huge price inflationary pressures, it warns that the government has failed to adjust the scheme that guarantees the price it is paid for energy. “If the government doesn’t do something, there’s a very real risk that, come September, just before party conferences, the story won’t just be about getting rid of the ‘green crap’ – it’ll be about failing to deliver on the projects they’ve already said that they wanted,” said one industry insider. Offshore wind developers have experienced soaring construction costs as inflation has raged. At the same time, the government has been trying to hold down electricity prices through the contract for difference (CfD) scheme designed to provide investors with certainty over new projects. For the latest bidding round, which concludes in September, the government set a maximum price of £44 per megawatt hour based on 2012 prices – similar to the previous round that took place before many of the inflationary pressures hit. Alarm over the mismatch has been increased by the decision of Swedish energy company Vattenfall to stop work on the multibillion-pound Norfolk Boreas windfarm, designed to power the equivalent of 1.5m British homes. It said the project was no longer profitable. Grant Shapps, the energy secretary, was confronted over the issue during a Downing Street gathering last week. Offshore wind is key to government climate targets. It is committed to decarbonising the electricity system by 2035 and achieving net zero by 2050. It is banking on a near-quadrupling of offshore wind from about 14 gigawatts to 50 gigawatts by 2030. Jan Matthiesen, head of offshore wind at the Carbon Trust thinktank, said: “The UK offshore wind industry is at a tipping point. The maximum prices set are now too low. Last month, we saw Vattenfall withdraw from the Norfolk Boreas windfarm. This may be the first of many if bold and swift action is not taken.” Adam Berman, a deputy director of Energy UK, the trade association for the energy industry, said: “To put it simply, if we have any hope of reaching the ambitious targets that the government has set, we cannot afford more major projects to delay or to stop altogether.” He added: “If we fail to put in place a financially sustainable regime, we do run the risk of underdelivering. We are running the risk of the first CfD round that might actually not procure a major offshore wind project.” skip past newsletter promotion Sign up to First Edition Free daily newsletter Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning 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 Ana Musat, executive director of policy at RenewableUK, said that even with a modest increase in the maximum price of offshore wind energy, it would still remain a cheap energy source. “It’s a perfect storm of factors changing, difficult economic circumstances and still having this really narrow focus on driving down prices,” she said. Shapps increased the subsidy pot for new renewables projects by £22m last week in an attempt to tackle concerns. Tom Glover, UK country chair for the renewables company RWE, said the increase was “at least a step in the right direction”, but added: “It seems unlikely that the additional funding will materially change the dial on procurement volumes. Given the UK’s ambitious renewables targets, it is essential that the CfD process maximises every opportunity to deploy clean, affordable and reliable green energy.” Officials signalled this weekend that the government could intervene. “The contracts for difference scheme, which has helped secure this huge progress in offshore wind, is designed to protect generators against price fluctuations, and compares favourably to other international schemes,” said a Department for Energy Security and Net Zero spokesperson. They added: “The move to annual auctions was introduced in response to calls from industry and is set to bolster further investment and increase developer confidence in the sector every year. However, we understand there are supply chain pressures for the sector globally, not just in the UK, and we are listening to the sector’s concerns.”
‘One step at a time’: entrepreneur buys stairwell in London to help startups 2023-08-05 - An entrepreneur who woke up homeless in a stairwell at the age of 15 with his first business idea has spent £25,000 on a disused stairwell to provide a rent-free space in London for small businesses to fulfil their dreams. Simon Squibb, who retired at 40 after selling Fluid, his marketing agency, to PricewaterhouseCoopers, hopes the stairwell in Twickenham, south-west London, will provide a showcase for owners of small businesses. “When I saw the staircase for sale, there was something about it that really spoke to me,” he said. “Not everyone can afford an elevator to do an elevator pitch.” The staircase, which has seven landings and was full of rubbish, fire extinguishers and old bicycles when sold, was put on the market for £20,000. Squibb, 49, is hoping to get permission from the local council to turn it into a pop-up shop, office or “live-work space” that entrepreneurs can use – potentially for up to a month at a time – free of charge. “The whole ‘buy property, rent it out’ thing is hurting society and I’m not going to contribute to that,” he said. “If I can, I’d like to say to someone: ‘Have it for a month, live there rent-free and launch your business – and then, if it takes off, you can afford to get a proper shop or an online store.’ That would be amazing.” He said the fact that a stairwell could be sold for £25,000 was indicative of the way the property market had become “out of control”, adding that since buying the property at auction 48 hours before, he had already been offered £50,000 for it. Property developers have also contacted him to tell him that, with the right planning permission, it could be developed and sold for £500,000. Simon Squibb and his son Aidan outside the property he bought at auction this week. Photograph: Simon Squibb Squibb, who runs HelpBnk, a community of 75,000 entrepreneurs who help each other for free, said he was not interested in developing the stairwell in order to sell it: “I don’t want to contribute to increasing the prices of rent and housing for people. I don’t think it’s net-positive for society. I want to create something – a symbol – that if you’ve got a dream, you can just start it.” Ideas for pop-up shops on the staircase include a temporary art gallery, a clothes shop – with rails on each landing – and a garden centre as the stairwell is enclosed in glass. “There’s all sorts of amazing ideas flooding in, and I would use my large social media following to promote people’s dreams,” he said. There was something symbolic about using a stairwell to take your first step in business, he said. “Coming up with the idea, figuring out how to raise money for it, getting your first client – it’s all about taking one step at a time.” He got his first idea for a business while sleeping rough in a stairwell in Cambridge after his father died and he was made homeless at 15. “I thought: I can’t live like this. I need to do something. And then I thought: OK, all the people around here have got big messy gardens; I’ll see if they want me to take care of their garden to make some money. And that’s what I did.” If he was not granted planning permission to convert the staircase into a space for pop-up shops, he said he would use it as a place for entrepreneurs to network or try to get his investment. “One idea I’m playing around with is: someone starts at the bottom of the stairs and pitches their idea to me and if, by the top of the stairs, I like it, I fund their business.” At the very least, he said he hoped he would be allowed to put a desk on the landing and use it as an office space himself. “I own a £2m mansion not too far away, but I think I actually prefer the staircase. It’s the potential of what it can do to help other people. It really excites me.” He noted that Google and Amazon started in garages. “I think a staircase is just as good.”
Oligarchs fret about their assets as UK fights to keep tabs on their spending 2023-08-05 - It is hurricane season in the Caribbean and the billionaire owner of Le Grand Bleu, one of the largest superyachts ever to sail the seven seas, is losing sleep over it. The 113-metre-long vessel belongs to Eugene Shvidler, a Russian-born oil tycoon who was sanctioned by the UK last year, due in part to his long association with Roman Abramovich, himself accused of enjoying a cosy relationship with Vladimir Putin. Le Grand Bleu, which Shvidler acquired from Abramovich, the former owner of Chelsea FC, has graced some of the world’s most glamorous ports over the years and is valued at nearly £80m. Tourists once complained it was blocking views of the Statue of Liberty when it was moored in New York. Now the vessel languishes in an industrial shipyard in Ponce, Puerto Rico, where its twin helipads and gleaming white curves offer stark contrast to nearby rusting warehouses. In a hearing last month at London’s high court, Shvidler launched an effort to have the sanctions on him declared unlawful, accusing the government of oppressive treatment and significant errors in its decision making. A judgment is expected soon. In his witness statements, Shvidler cited the yacht’s jeopardy extensively. About 47 members of crew had had to be let go, including 10 British citizens, because they could not be paid without potentially breaching sanctions, lawyers said. A freeze on Shvidler’s sizeable assets – he is said to be worth about £1.3bn – means the remaining skeleton crew have been left waiting for payment and lack the equipment required to sail out of port, should a hurricane make that necessary. As jarring as such complaints may sound when set against those of the Ukrainian people, whose plight sanctions are designed to alleviate, the tussle between Shvidler and the UK government offers new insight into a curious process: the world of sanctions enforcement. Eugene Shvidler, right, with Roman Abramovich, from whom he acquired Le Grand Bleu. Photograph: Nick Potts/PA The Treasury’s enforcer For a sanctioned oligarch to do their weekly shop, let alone maintain a superyacht, they require permission from a little-known enclave of the Treasury, the Office of Financial Sanctions Implementation (OFSI). Its remit covers everything from Libyan militias to the Iranian and North Korean nuclear programmes. Since Putin’s tanks rolled into Ukraine, the OFSI’s staff have become desk-bound combatants in Europe’s largest land conflict since the second world war, responsible for enforcing sanctions against 1,600 people targeted as part of international efforts to heap pressure on the Kremlin. An unglamorous but increasingly time-consuming part of their duty is the operation of a licensing system that is, in theory at least, simple. When an individual is “designated” and goes on to the UK’s sanctions list, their funds are frozen but they can apply for licences to make payments for reasons such as living expenses – food, rent, utility bills or medicine. They fill out a form and in return receive a licence that can be presented to their bank, which in turn rubber-stamps transactions that it would otherwise be obliged to block. There are also “extraordinary” situations in which transactions can be permitted, such as for humanitarian reasons or to prevent loss of life. One such exemption covers Shvidler’s licence to keep his boat afloat. The OFSI also issues general licences, offering blanket permission for expenses such as legal fees or to fulfil prior contractual obligations. Now it is coming under fire on two fronts, from campaigners on one side and lawyers for sanctioned oligarchs on the other. The former complain that the OFSI is granting sanctioned individuals far too much leeway to deploy frozen funds for what could be deemed questionable purposes. Lawyers, on the other hand, say that some of their sanctioned clients are facing unfair and intolerable hardship, unable to pay for basic living expenses. Petr Aven, right, with his business partner Mikhail Fridman. Photograph: REUTERS/Alamy The lawyers’ complaint “Every time my client went to Waitrose to buy food for the kids, I had to write to OFSI notifying them he’d breached sanctions and committed a criminal offence,” one veteran sanctions lawyer said. “If you were to comply with the law, you’d starve to death. The system is broken: they just cannot cope.” On this issue, opposing factions find some common ground. The OFSI is, they say, stretched to breaking point and, at times, struggles to function. Before the war, the office employed 40 staff, but has since expanded to more than 140. However, the headcount increase has not kept pace with the mountain of work piling up. In the year before the Ukraine war, the government received 11 licence applications related to Russian sanctions and approved nine. It has since been inundated with more than 1,000 licence requests, approving 82. The volume of frozen assets under the Russian sanctions regime has ballooned, from £44.5m in September 2021 to £18.4bn in December 2022. During the course of Shvidler’s suit against the Foreign Office, the government admitted that an “exponential” increase in licence applications had led to long delays. Lawyers spoke of young and inexperienced staff recruited from industries such as the travel sector, of interminable delays and basic spelling errors. Such issues can lead pernickety banks to refuse payment requests – or sometimes embolden tricksy debtors to refuse to settle up, disingenuously citing the risk of breaching sanctions law. One lawyer pointed to a job advert recently posted by the OFSI, advertising for a new head of “sanctions guidance”, with a salary range starting at £50,000. The role was based in either London or the Treasury’s Darlington campus, with a salary bump for working in the capital. “You’d struggle to get anyone decent at that level,” he said. “Big law firms pay trainees more than that.” Too much leeway? The flip side of the coin, however, is that the OFSI has granted licences that test the boundaries of what most people would consider necessary living expenses. “I’ve always advised my clients that, frankly, you shouldn’t be applying for the florist or the yoga teacher,” said a second lawyer with several sanctioned individuals in his client book. But some licences have allowed for more expensive services. Petr Aven – the former head of Russia’s largest private bank, Alfa-Bank JSC, who is worth an estimated $5.5bn – is fighting a court battle to unfreeze £1.5m of funds held in two companies that he has previously used to manage his UK properties and pay his children’s private school fees. The National Crime Agency (NCA) had secured an asset freezing order on the companies, alleging they had breached sanctions by making a £200,000 payment to two car dealers and a £160,000 transaction allegedly intended to conceal the sale of a Bentley. However, the NCA had failed to tell the court, when applying for the freeze order, that the OFSI had granted Aven a licence to access the funds. Westminster magistrates court ruled last year that the money could be used for the benefit of Aven’s family and is still considering whether the accounts can be unfrozen entirely. Aven’s business associate Mikhail Fridman obtained a licence to pay 19 members of staff, including drivers, private chefs, housekeepers and maintenance staff, according to a report in the New York Times, which said the total cost had reached £300,000 in the first year of the war. The Observer approached Fridman for comment. I knew virtually noting about sanctions law before February 2022. Since then it’s been 90% of my life London sanctions lawyer The government has since acknowledged that one example was particularly egregious. Last year, the OFSI granted a licence to Yevgeny Prigozhin – head of the Wagner Group, the brutal private army that was accused of perpetrating atrocities in Ukraine before a very public falling-out with Putin, which ended in an apparent coup attempt. Prigozhin was given leave to hire lawyers to sue a British journalist for defamation. The resulting outcry ultimately led the government to close a loophole that allowed the lawsuit, restricting legal licences so they could not include such actions. Concerns remain about the overall licensing framework. Sanctioned individuals may apply for licences allowing them to spend up to £60,000 a month, or £720,000 a year, to cover their “basic needs”. The OFSI also provides for sanctioned people to pay their lawyers up to £500,000 every six months, or £1m if the work began before sanctions were imposed. That is 45 times the cap in the US. Barristers can also be paid up to £1,500 an hour – 15 times the rate allowed in the US. That sort of cash buys you the best. Shvidler was represented in court by Lord (David) Anderson, who spent six years advising the government on terrorism legislation and earlier this year published a review for the Home Office of the Investigatory Powers Act. Little wonder that a cottage industry has sprung up within the London legal profession. When Putin’s invasion began, some of the larger law firms in effect fired their Russian clients, leaving this fees bonanza to smaller outfits. “I knew virtually nothing about sanctions law before February 2022,” said a senior figure at one such firm. “Since then it’s been 90% of my life.” Yevgeny Prigozhin, head of the Wagner group, was given a licence to sue a British journalist Photograph: Sergei Ilnitsky/AFP/Getty Images Campaigners’ concern The campaign group Spotlight on Corruption has raised concerns that blanket “general” licences are being issued too easily, as a way for hard-pressed staff at the OFSI to reduce their backlog. The group also raised concern that the UK’s relatively permissive regime is partly geared towards ensuring the continued flow of fees to the legal sector, which was accustomed to a regular income before the war from Russians using the London courts to play out personal and corporate battles. Susan Hawley, executive director of Spotlight on Corruption, said the licences for legal fees put the UK “at serious odds” with allies such as the US. “There is a real risk that the government’s general licence – or ‘free pass’ – for the legal sector encourages UK lawyers to adopt a ‘business as usual’ approach and keep profiting from working for clients sanctioned in relation to Russia’s war in Ukraine,” she said. Quick Guide Oligarchs' sanctioned assets Show Rich pickings: top seized assets since the invasion of Ukraine Since the invasion of Ukraine, the British government has frozen more than £18bn of assets from people it says are linked to the Kremlin, ranging from yachts and private jets to cold hard cash. The US, EU and other territories around the world have taken similar steps, as part of a co-ordinated international effort to turn the screw on Vladimir Putin by targeting oligarchs. The British government is now weighing laws that could see some of these assets not just frozen but seized and even sold to help pay for the eventual reconstruction of Ukraine. The EU has looked at imposing a levy on frozen assets for the same purpose, while members of Congress in the US have proposed parallel measures. Here are some of the most eye-catching assets that were frozen in the early days of the war. Others sailed or flew out of the reach of the authorities just in time. Asset: A villa in Cap d’Antibes (pictured) Estimated value: £100m Owner: Roman Abramovich Roman Abramovich had more than £5.4bn of his assets frozen in Jersey last April, while 12 luxury properties were seized by the French government. They included his sprawling Château de la Croë villa complex in Cap d’Antibes in the south of France, once the holiday home of King Edward VIII. The US has not sanctioned Abramovich but issued freezing orders against two of his jets. Neither aircraft were in the US at the time. Two of his superyachts, the £750m Eclipse the £458m Solaris, hurriedly left Europe before any attempt by EU countries to seize them and have been seen in Turkish waters. Asset: The world’s largest superyacht and two helicopters Estimated value: £460m Owner: Alisher Usmanov and family The German authorities seized the $600m (£458m) Dilbar superyacht while it was undergoing repairs in Hamburg last year. They concluded that the vessel was owned by the sister of sanctioned oligarch Alisher Usmanov. Meanwhile, the French authorities froze ownership of two helicopters linked to Usmanov, worth a combined $26m, according to Forbes. A spokesperson for the tycoon reportedly said at the time that the aircraft did not belong to Usmanov but to a family trust. Two jets linked to Usmanov flew out of Europe before they could be impounded, a Guardian investigation established last year. He also owns the £48m Beechwood House in Highgate, London, and the 16th-century Sutton Place estate in Surrey. Asset: Two private jets and a superyacht Estimated value: £120m Owner: Eugene Shvidler Roman Abramovich associate Eugene Shvidler complained of “oppressive treatment” by the UK during a legal challenge to sanctions against him. He cited, among other things, the seizure of two private jets - a $45m (£34m) Bombardier Global 6500 jet impounded at Farnborough airport and a $13m (£9.8m) Cessna Citation Latitude jet seized at Biggin Hill. His yacht, Le Grand Bleu, is stuck in Ponce, Puerto Rico, due to restrictions on his ability to pay crew and maintenance costs. Asset: Planes, yachts and helicopters Estimated value: Unknown Owners: Igor Sechin, Suleiman Kerimov, Viktor Vekselberg, and Viktor Medvedchuk Between them, this quartet have reportedly had a fleet of aircraft and vessels frozen. They include Kerimov’s $300m yacht, the Amadea, seized in the US, and the Tango, a $90m yacht belonging to Vekselberg, which was detained in Spain. A helicopter and private jet belonging to Viktor Medvedchuk, who was considered Putin’s chosen puppet leader in Ukraine, were handed over to the country’s armed forces. Photograph: Pool BENAINOUS/Gamma-Rapho Was this helpful? Thank you for your feedback. “We urgently need a full independent review to ensure that the UK’s licensing regime is not creating perverse incentives for sanctioned oligarchs to run down their frozen assets, including in legal fees or so-called ‘basic needs.’” The OFSI’s own annual review suggests it does take the prosperity of British business sectors, such as the legal profession, into account. Licences, it states, are issued “to protect individual and UK business needs which in turn underpin strong, sustainable and balanced growth”. A government spokesperson said the unit strongly rejected the notion that the legal licence regime was deliberately permissive in order to benefit the London legal sector. They said licences were “strictly monitored, with a breach resulting in financial penalties or criminal prosecution”, adding: “These applications are closely scrutinised and frequently rejected.”
What Apple did to Nokia, Tesla is now doing to the motor industry | John Naughton 2023-08-05 - An intriguing news item dropped into my inbox this week. It said that in the first quarter of this year, an electric vehicle (EV) had become the biggest-selling car in the world, outselling the Toyota Corolla. I know, I know, dear reader: you think this is non-news of the “Small earthquake in Chile, not many dead” variety. But to those of us condemned to follow the tech industry, three things are significant about it: the vanquished car was a Corolla, the EV was a Tesla (the Model Y hatchback), and the runner-up is made by Toyota. The poor Corolla gets a lot of disdainful looks from petrolheads, who tell rude jokes about it and view the vehicle as bland, unimaginative and boring. Normal people, however, have consistently regarded it as one of the best compact cars available, with good fuel economy, impressive reliability and excellent luggage capacity. And they have backed that judgment with their wallets for many years. So on the sales front, the Corolla was no pushover. Despite that, it was overtaken by, of all things, a Tesla. When Elon Musk and his co-founders embarked on making cars in 2004-5, their first product was the Roadster – an expensive premium sports car (based on a Lotus Elite chassis) that was aimed at wealthy early adopters (AKA Silicon Valley geeks) with more money than sense. From the beginning, though, Musk – with characteristic bravado – insisted that the company’s long-term strategic goal was to create affordable mass-market electric vehicles – mainstream cars, including saloons and affordable compacts. At the time, many of us (including this columnist) found that pretty hubristic. So did the automobile industry as a whole, reacting with incredulity or scepticism, or both. After all, this was a huge global industry dominated by the likes of Toyota, VW, Hyundai/Kia, Ford, General Motors, Porsche, Mercedes and BMW – corporations that had mastered the difficult art of making these complex products on a huge scale, and had been doing it for half a century or more. Sure, Tesla might have a future making exotic, expensive, specialised cars – like Jaguar in the old days, maybe. But as a mass-manufacturer of cars that ordinary people would buy? Give us a break. And yet here we are. In crude terms, an electric vehicle is essentially a giant skateboard – think of it as software with wheels Funnily enough, news of the Corolla being eclipsed triggered memories of another news item – one that emerged in the summer of 2007. It was that Apple, then a small but plucky computer manufacturer, had developed a phone! The response of the global mobile phone industry (comprising manufacturers and telecoms networks) was amused incredulity. Sure (the reaction went), Steve Jobs’s iPhone seemed smart and innovative – a handheld computer with an internet connection that could also make voice calls. But the device didn’t have a proper keyboard and you couldn’t even replace the battery! Besides, the idea that a computer company with no experience of mobiles could break into a huge industry dominated by companies such as Nokia – which built great kit and knew what it was doing – was fanciful. Well, we know how that story played out. Most of the 5bn or so mobile phones in use around the world now are smartphones based on the iPhone model: handheld computers with an internet connection that can also make voice calls. Of course, it didn’t happen overnight. Among other things, the smartphone revolution wouldn’t have been possible without ubiquitous mobile broadband and the construction of the global infrastructure of colossal datacentres that make cloud computing possible. But, for good or ill, it happened. Hindsight is famously the only exact science, so it’s easy to mock incumbent industries for fudging the future. And history never repeats itself exactly. But there are some interesting similarities emerging between the tech and automobile industries in this area. Nokia, for example, was a great company, but it was founded on the idea that it was the hardware of a phone that mattered most, with software coming a poor second. The iPhone/smartphone model had it the other way round. Toyota, in its turn, was (and still is) a great company. After all, it invented “the Lean Machine” – the way all internal combustion engine (ICE) cars are manufactured today. And modern ICE cars are governed by software to some extent. But you can’t make an EV just by taking out the engine and replacing it with an electric motor and a battery in place of the fuel tank: you have to rethink the entire concept, much as Apple re-envisioned the mobile phone. In crude terms, an EV is essentially a giant skateboard: the battery is the board, with motors and wheels on the four corners, and the whole machine is orchestrated by networked computers. Think of it as software with wheels. Which of course then raises the question: is Toyota the new Nokia? The answer is up to Toyota. I just popped in to a dealer to see its first real EV: the bZ4X. It’s an SUV and ugly in the way all SUVs are. But at least it’s a skateboard. And cheaper than a Tesla. What I’ve been reading Stagnating empire “Britain is a developing country.” Brusquely realistic diagnosis by Sam Bowman on Substack. Machine learning “An ‘Oppenheimer Moment’ for the Progenitors of AI” is an interesting essay in Noema by Nathan Gardels on the film in relation to current worries about AI. Land of the not so free “The Rise and Fall of Neoliberalism” is a wide-ranging review-essay by Louis Menand in the New Yorker.
How to watch WWE Summerslam live stream: Roman Reigns battles cousin Jey Uso for Tribal Chief title 2023-08-05 - When you buy through our links, Insider may earn an affiliate commission. Learn more. Summerslam is racing into Detroit's Ford Field on August 5. This annual premium live event is one of WWE's pillars, with the world's biggest wrestling company taglining it as the summer's biggest party. If you're seeking guidance on how to watch Summerslam 2023, we'll show you exactly where, how, and how much. Peacock is the best option in the United States, offering the cheapest Summerslam live stream. Those living elsewhere can use a VPN if your local options aren't as desirable. Some match highlights include Roman Reigns vs. Jey Uso in a Tribal Combat match for the WWE Undisputed Universal Championship. The winner of this battle between bloodline cousins will be named Tribal Chief of the legendary Anoa'i Samoan wrestling family. We'll also see Seth "Freakin" Rollins vs. Finn Balor for the WWE World Heavyweight Championship, Cody Rhodes vs. Brock Lesnar, and more. How to watch WWE Summerslam live streams from anywhere You can use a VPN to watch Summerslam live if you don't live in a country with cable access or streaming plans that include WWE Network events. Peacock in the United States is the best option; just note you'll need to use a US-bound zip code and payment method. If that won't work for you, Binge in Australia will also stream Summerslam, and you can try it free for 14 days. Canada's Sportsnet is another standalone streaming option accessible from anywhere with a VPN. Don't have one? Give ExpressVPN a try. It's the best VPN we've tested, and many Insider staffers have used it for years. It's great for streaming from international sources and also strengthens your online security. ExpressVPN is on sale for a great offer right now. You can save 49% on the usual price and get three months for free. ExpressVPN offers a 30-day money-back guarantee, no questions asked. ExpressVPN Plan With its consistent performance, reliable security, and expansive global streaming features, ExpressVPN is the best VPN out there, excelling in every spec and offering many advanced features that makes it exceptional. Better yet, you can save up to 49% and get an extra three months for free today. How to watch WWE Summerslam with a VPN Sign up for a VPN if you don't have one. if you don't have one. Install it on the device you're using to watch Summerslam. Turn it on and set it to a US location. Go to: Peacock . Sign up for an account with a US zip code and payment method; you can also try Binge for 14 days free (via an Australian VPN connection). . Sign up for an account with a US zip code and payment method; you can also try Binge for 14 days free (via an Australian VPN connection). You can watch the event in a browser or via the Peacock app on various devices. When: August 5, 8 p.m. ET / August 6, 1 a.m. BST / August 6, 2 a.m. CEST / August 6, 10 a.m. AEST. How to watch WWE Summerslam live streams in the US WWE's premium live events (the newly preferred term for its pay-per-view events) stream live exclusively on NBC Peacock in the United States. Those in the US have it easy—head to Peacock and subscribe, with monthly plans starting at just $5.99. This fee will get you ad-supported access to all live and on-demand content, including WWE Summerslam 2023. Peacock also has a vast backlog of WWE shows and events dating back to classic wrestling periods like the "Attitude Era" and "Golden Era." Peacock Premium (Monthly Plan) Peacock is a streaming service featuring NBCUniversal TV shows, movies, original series, live sports, and news programs. Prices start at just $5.99 a month on one-month deals, with further discounts available on annual plans. How to watch WWE Summerslam in the UK TNT Sports Box Office will show Summerslam in the UK via providers Sky, Virgin Media, and BT TV. To be clear, you won't be able to watch it via the standalone TNT Sports Box Office streaming service. And though Peacock is now available on Sky and NOW in the UK, you won't find WWE content there—it's exclusive to TNT Sports. If you're purchasing the event through cable, it'll cost you a one-time charge of £19.95 on top of any other subscription costs. Most cable companies in the UK require you to order PPV events directly on your set-top box, so consult the FAQs at the TNT Sports website to learn how to subscribe through your provider of choice. How to watch WWE Summerslam in Canada Summerslam will stream over the WWE Network via Sportsnet in Canada. The channel is available on all major cable providers, but if you've cut the cord, you can subscribe to the standalone streaming component Sportsnet Now separately for the same cost (CAD$14.99 monthly). You'll gain access to this live event and other WWE content this way, but note that its library for older WWE content is minimal compared to Peacock in the US. How to watch WWE Summerslam in Australia Binge is the primary destination for Summerslam in Australia. Binge starts at AUD$10 per month, and new subscribers can start with a 14-day free trial. WWE Summerslam match card Ahead, we list a schedule of all the matches taking place at Summerslam in Detroit, MI. The premium live event starts promptly at 6:30 p.m. Eastern on Saturday, August 5. Roman Reigns (c) vs. Jey Uso Tribal Combat Match (Undisputed WWE Universal Championship) Seth "Freakin" Rollins (c) vs. Finn Balor (World Heavyweight Championship) Cody Rhodes vs. Brock Lesnar Asuka (c) vs. Bianca Belair vs. Charlotte Flair (Triple Threat WWE Women's Championship) Ricochet vs. Logan Paul Gunther (c) vs. Drew Mcintyre (Intercontinental Championship) Ronda Rousey vs. Shayna Baszler MMA Rules Match Summerslam Battle Royale Note: The use of VPNs is illegal in certain countries, and using VPNs to access region-locked streaming content might constitute a breach of the terms of use for certain services. Insider does not endorse or condone the illegal use of VPNs.
Researchers in Alaska rescued a walrus too young to be away from his mother. Now, his treatment plan includes 24/7 care and cuddles. 2023-08-05 - An Alaskan wildlife center rescued a one-month-old, 200-pound Pacific walrus calf this week. The young animal has been prescribed round-the-clock cuddles from staff to simulate maternal closeness. He has also already accepted a bottle and will likely acclimate well to his new human caretakers, staff reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy A Pacific walrus calf — just one month old — found himself far away from home and his mom after he arrived at an Alaskan wildlife center. Now, to make sure the young calf grows up strong and healthy, his new caretakers have prescribed him round-the-clock care and cuddles. The young calf has already accepted a bottle and will likely acclimate well to human care, staff reported. Kaiti Grant/Alaska SeaLife Center The walrus calf was first rescued in northern Alaska on Aug. 1 after workers on the coast spotted him all alone, four miles inland from the Beaufort Sea, the Alaska SeaLife Center reported in a press release. Staff brought the 200-pound calf to their center and discovered he was suffering from malnutrition, dehydration, and a potential infection. While he'll be receiving 24-7 medical care at the center, the staff are also prioritizing cuddles with the young calf in order to simulate maternal closeness. Cuddles are essential to his health as the creatures typically don't leave their mother's side for their first two years, according to the Center. "It isn't often that we're able to admit a walrus calf, but every time we do, we learn more about the species and how to care for them," Jane Belovarac, Alaska SeaLife Center Wildlife Response Curator, wrote in the press release. The young calf is around one month old and weighs 200 pounds. Kaiti Grant/Alaska SeaLife Center As of August 5, a spokesperson for the Alaska SeaLife Center told Insider that the calf has already taken a bottle and continues to eat well.
Mega Millions jackpot lottery climbs to $1.55 billion and could end up being the largest in its history 2023-08-05 - The Mega Millions jackpot may be the game's largest prize ever at an estimated $1.55 billion. The next drawing will take place at 11 p.m. ET on Tuesday in Atlanta, Georgia. The previous record was set by a 2018 winner who won $1.537 billion. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy If someone scores the jackpot in Tuesday's Mega Millions drawing, they could be walking away with the game's largest winnings to date. The burgeoning jackpot is estimated to top $1.55 billion, according to a Mega Millions press release. The prize comes with a $757.2 million cash option. The previous record was set by a 2018 winner in South Carolina, who won $1.537 billion. The Mega Millions company brags that it is the only lottery game to have awarded four jackpots surpassing $1 billion. Powerball, the other big US lottery, has seen three wins surpass $1 billion, though one of those surpassed $2 billion. "With enthusiastic players across the country, many of whom are newcomers to the game, it is indeed likely that there will be a record Mega Millions jackpot," the press release said. "However, we won't know for sure until we get closer to Tuesday's drawing; at this level, jackpots are hard to predict with complete accuracy." Drawings for the game take place at 11 p.m. ET on Tuesdays and Fridays in Atlanta. The Mega Millions hype comes weeks after someone snagged a luxurious $1.08 billion Powerball jackpot. The pot expanded again and again after there were 38 consecutive draws with no jackpot winner. While the odds of winning the lottery may be fewer than getting struck by lightning, people keep coming back for more.
Video shows Trump supporters crashing a Mike Pence campaign event: 'Why didn't you uphold the Constitution?' 2023-08-05 - Trump supporters confronted Mike Pence at a presidential campaign event, calling him a "traitor." Trump just pleaded not guilty in the 2020 election case, his third arraignment of the year. Pence, lagging behind in GOP polls, still tried to win over the MAGA supporters during the event. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Supporters of former President Donald Trump crashed a presidential campaign event for former Vice President Mike Pence on Friday. Pence was met by a group of about 10 Trump supporters armed with signs and flags as he arrived at a town hall in Londonderry, New Hampshire, NBC News reported. "There's the sellout! There's the traitor!" the group jeered as Pence got out of the car. Video of the incident showed a handful of people wearing Trump and MAGA merchandise yelling at Pence in a parking lot. "Why'd you sell out the people? Why didn't you uphold the Constitution?" one person could be heard saying in the brief clip. "I upheld the Constitution," Pence called behind his shoulder. "Read it." Even as they hurled their jeers — albeit tamer than the ones Pence endured during the Capitol riot when members of the mob called for his execution — the former vice president still tried to win them over. "I know the people in this movement, whether they support me or not, are the best people in this country," Pence said later in the event while motioning to the protesters, NBC reported. Trump — who just pleaded not guilty in the 2020 election interference case, which was his third arraignment of this year — continues to lead the Republican primary polls. Pence remains in the single digits.
The safest place for some species of Florida coral is now on land as water temperatures off the coast exceed 100 degrees, researchers say 2023-08-05 - Water temperatures in the Florida Keys hit 101 degrees late last month, causing rapid coral death. Now, researchers are scrambling to bring surviving species to land to preserve them in the event of even higher temperatures. While coral make up less than 1% of all ocean life, a quarter of marine species rely on them to live. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy In late July, water temperatures in the Florida Keys hit a startling 101 degrees — the typical temperature for a hot tub. The rise was so extreme, researchers say, that it killed some coral reefs in the Florida Keys almost immediately. "The coral didn't even have a chance to bleach, it just died," Bailey Thomasson, a staff member at the Coral Restoration Foundation, told The New York Times. "It just felt like, 'Oh my God, we're in the apocalypse.'" On an average day in July, water temperatures off the Florida coast in the Eastern Gulf of Mexico sit in the high 80s. This summer's drastic spike not only impacted coral but also put other marine life at risk, experts told NPR last month. Thomasson and her fellow researchers are now mobilizing to collect two samples from every genetic individual coral, bringing them to land in order to protect their species. "God forbid everything dies in the water, we still have not lost those individuals," Jennifer Moore, a researcher who is leading the effort to collect the coral, told the Times. While coral makes up less than 1% of life in the ocean, more than a quarter of all marine life depends on them. This makes them critical to the health of marine ecosystems.
Clarence Thomas purchased his luxury RV with the help of a wealthy former healthcare executive: NYT 2023-08-05 - Supreme Court Justice Clarence Thomas purchased a $267,000 RV with the help of a wealthy friend. Thomas received a loan from Anthony Welters, a former executive at UnitedHealthCare, The New York Times reported. Welters, who is a big-time Democratic donor, would not say how much money he lent Thomas. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy When he fulfilled a dream by purchasing a luxury recreational vehicle, Supreme Court Justice Clarence Thomas received financial help from a surprising source, The New York Times reported Saturday: a healthcare executive who would go on, with his wife, to donate hundreds of thousands of dollars to former President Barack Obama. In 1999, Thomas, who was appointed to the nation's highest court eight years earlier, paid $267,230 for a Prevost Marathon RV, according to a title for the vehicle obtained by the Times. In the years since, Thomas has used the 40-foot behemoth to tour the country and visit luxury resorts. In remarks to the Supreme Court Historical Society, Thomas said he and his wife, Ginni — a right-wing activist who worked to overturn the 2020 election — visited 23 states in the RV just over the summer of 2018. But Thomas has never disclosed the fact that the vehicle was financed, in part, by Anthony Welters, a former executive at UnitedHealthCare who worked alongside Thomas in the Reagan administration. Welters' wife, Beatrice, served as an ambassador under Obama, to whom the couple donated between $200,000 and $500,000 during the 2008 presidential campaign and another $100,000 for his 2009 inauguration. The revelation comes after reporting from ProPublica showing that Thomas has accepted gifts valued at hundreds of thousands of dollars from another friend, Republican donor Harlan Crow. A spokesperson for the Supreme Court did not immediately respond to a request for comment. In a statement to the Times, Welters said he had provided Thomas a loan so he could buy the RV. He also provided a copy of a "lien release," which shows the loan was "satisfied," he told the Times. But Welters refused to say how much money he had lent the Supreme Court justice, nor on what terms. And while he said the loan was satisfied, that does not necessarily mean it was paid off, raising questions about whether it should have been disclosed as a gift. The revelation comes amid a push to impose new ethics requirements on Supreme Court justices. "They should adopt the same code of ethics as every other federal judge in America," Sen. Dick Durbin, an Illinois Democrat who has sponsored new ethics legislation, said last month. "The disclosures that have come out recently... really compel us to do something for the sake of the court." Have a news tip? Email this reporter: cdavis@insider.com
A Texas judge ruled abortions are legal when pregnancies threaten the health of the mother, siding with women who sued over being denied care. Within hours, the state blocked the ruling. 2023-08-05 - A judge sided with women who were denied abortions in the first case of its kind since Roe v. Wade's overturn. The Texas judge ruled abortions are legal in dangerous pregnancies or cases of fetal anomalies. The state immediately appealed the judge's decision, blocking her injunction. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy A Texas judge ruled in favor of women who had been denied abortions amid medically dangerous pregnancies. Then, the state of Texas stepped in, effectively blocking the judge's ruling through an appeal. The case was the nation's first instance of women suing a state over access to abortions since the overturn of Roe v. Wade. US District Judge Jessica Mangrum of Travis County found that abortions are legal in dangerous medical emergencies, such as a diagnosis of a fatal fetal complication, and that doctors can't be prosecuted when they use "good faith judgment" to provide an abortion in such circumstances, according to the Austin American-Statesman. "Today's ruling alleviates months of confusion around what conditions qualify as medical emergencies under Texas' abortion bans, giving doctors permission to use their own medical judgment in determining when abortion care is needed," the Center for Reproductive Rights, which filed the lawsuit on behalf of 15 plaintiffs, tweeted before state officials appealed the judge's decision. Texas officials immediately appealed, blocking Mangrum's injunction, which applied only to abortions in medical emergencies. Elective abortions remain banned after six weeks of pregnancy, making them effectively illegal altogether. A spokesperson from the state attorney general's office called the judge's ruling "an activist Austin judge's attempt to override Texas abortion laws," according to the Statesman. Molly Duane, senior staff attorney at the Center for Reproductive Rights, criticized Texas for the appeal and said the move will harm women. "It's absolutely appalling that the state would appeal this ruling—a ruling meant to save women's lives. It's never been clearer that the term 'pro-life' is a complete misnomer," Duane told Insider in a statement. "What our plaintiffs went through was pure torture, and the state is hell bent on making sure that kind of suffering continues." The plaintiffs include several women who were denied abortions in Texas along with multiple obstetrician-gynecologists, according to a press release from the center. "Today's ruling should prevent other Texans from suffering the unthinkable trauma our plaintiffs endured," the center's president and CEO Nancy Northup said in a tweeted statement prior to the appeal. "It would be unconscionable for Texas to appeal this ruling. The court has been clear: abortion is essential, life-saving healthcare."
Mega Millions players spurned again as jackpot climbs to $1.55 billion 2023-08-04 - Another Mega Millions drawing, another night without a jackpot winner. The numbers drawn Friday night were: 11, 30, 45, 52, 56 and the gold ball 20. Because no one matched all six numbers and won the estimated $1.35 billion jackpot, the top prize increased to $1.55 billion for the next drawing Tuesday night. There now have been 31 straight drawings without a jackpot winner. The last time someone won the Mega Millions jackpot was April 18. The $1.55 billion prize would be for a sole winner who chooses the annuity option with payment stretched over 30 years. Most winners opt for a lump-sum payment, which would be an estimated $757.2 million on Tuesday. A big slice of those winnings would go toward federal taxes, while many states also tax lottery payouts. The jackpot is so hard to win because of the 1 in 302.6 million odds of matching the numbers on five white balls and a separate mega ball. The odds are better to win smaller prizes, which start at $2. Mega Millions is played in 45 states, Washington, D.C., and the U.S. Virgin Islands.
Jack Smith’s team says Walt Nauta’s lawyer may have a conflict of interest 2023-08-04 - While Donald Trump was indicted in his second federal case this week, for alleged 2020 election interference in Washington, D.C., the plot thickened in his first federal case, related to classified documents and alleged obstruction in Florida. That became evident in a filing Wednesday from special counsel Jack Smith’s team, which raised the possibility of conflicts for Trump co-defendant Walt Nauta’s lawyer, Stanley Woodward. “A potential conflict exists because Mr. Woodward previously represented one witness and currently represents two other witnesses who the Government may call to testify at the trial of his client Nauta,” prosecutors wrote. They want a “Garcia” hearing, named for the 1975 case of United States v. Garcia, at which Judge Aileen Cannon would inquire into potential conflicts. Among them is that Woodward represented “Trump Employee 4” — identified in reporting as Yuscil Taveras — whom Trump, Nauta and new defendant Carlos De Oliveira are charged in the superseding indictment with asking to delete security footage at Mar-a-Lago to prevent the grand jury from seeing it. According to Wednesday's motion, when Woodward still represented Taveras, he told the government he was unaware of incriminating testimony Taveras could give against Nauta. The grand jury returned the superseding indictment last week after Taveras retained new counsel. Walt Nauta, left, a valet to former President Donald Trump, arrives for his arraignment along with defense attorney Stanley Woodward, at the James Lawrence King Federal Justice Building in Miami on July 6. Rebecca Blackwell / AP file So, what could be the problem? If that’s not clear enough already, the government spells it out in the motion. A lawyer’s cross-examination of a former or current client “raises two principal dangers,” prosecutors wrote: 1) it can result in the lawyer improperly using or disclosing client confidences, and 2) the lawyer might “pull his punches” while cross-examining witnesses, whether to protect client confidences or to advance the lawyer’s personal interest. To be sure, while the government’s filing suggests a potentially serious conflict, defendants can still waive them. Indeed, it would be a bit surprising if Nauta doesn’t waive any conflict, given his seemingly servile relationship to Trump. He still works for the former president, whose political action committee paid Woodward (which is legal, if eyebrow-raising). But it’s not entirely up to Nauta. Cannon has to accept any waiver. So this is yet another instance when the trial judge’s vast, though not unlimited, discretion comes into play. The government’s motion, with the defense's response due by Aug. 16, thus highlights the growing complexity of the multi-defendant case and provides the latest test for the relatively new judge.
JPMorgan backs off recession call even with 'very elevated' risks 2023-08-04 - JPMorgan Chase economists on Friday bailed on their recession call, joining a growing Wall Street chorus that now thinks a contraction is no longer inevitable. While noting that risks are still high and growth ahead is likely to be slow, the bank's forecasters think the data flow indicates a soft landing is possible. That comes despite a series of interest rate hikes enacted with the express intent of slowing the economy, and several other substantial headwinds. Michael Feroli, chief economist at the nation's largest bank, told clients that recent metrics are indicating growth of about 2.5% in the third quarter, compared with JPMorgan's previous forecast for just a 0.5% expansion. "Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected," Feroli wrote. Along with positive data, he pointed to the resolution of the debt ceiling impasse in Congress as well as the containment of a banking crisis in March as potential headwinds that have since been removed. Also, he noted productivity gains, due in part to the broader implementation of artificial intelligence, and improved labor supply even as hiring has softened in recent months. Rate risk However, Feroli said risk is not completely off the table. Specifically, he cited the danger of Fed policy that has seen 11 interest rate hikes implemented since March 2022. Those increases have totaled 5.25 percentage points, yet inflation is still holding well above the central bank's 2% target. "While a recession is no longer our modal scenario, risk of a downturn is still very elevated. One way this risk could materialize is if the Fed is not done hiking rates," Feroli said. "Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in." Feroli said he doesn't expect the Fed to start cutting rates until the third quarter of 2024. Current market pricing is indicating the first cut could come as soon as March 2024, according to CME Group data. Market pricing also points strongly toward a recession. A New York Fed indicator that tracks the difference between 3-month and 10-year Treasury yields is pointing to a 66% chance of a contraction in the next 12 months, according to an update Friday. The so-called inverted yield curve has been a reliable recession predictor in data going all the way back to 1959. Changing mood However, the mood on Wall Street has changed about the economy. Earlier this week, Bank of America also threw in the towel on its recession call, telling clients that "recent incoming data has made us reassess" the forecast. The firm now sees growth this year of 2%, followed by 0.7% in 2024 and 1.8% in 2025. Goldman Sachs also recently lowered its probability for a recession to 20%, down from 25%. Federal Reserve GDP projections in June pointed to respective annual growth levels ahead of 1%, 1.1% and 1.8%. Chairman Jerome Powell said last week that the Fed's economists no longer think a credit contraction will lead to a mild recession this year. — CNBC's Michael Bloom contributed to this report.
What Can You Do When A.I. Lies About You? 2023-08-03 - The technology’s reliance on statistical pattern prediction also means that most chatbots join words and phrases that they recognize from training data as often being correlated. That is likely how ChatGPT awarded Ellie Pavlick, an assistant professor of computer science at Brown University, a number of awards in her field that she did not win. “What allows it to appear so intelligent is that it can make connections that aren’t explicitly written down,” she said. “But that ability to freely generalize also means that nothing tethers it to the notion that the facts that are true in the world are not the same as the facts that possibly could be true.” To prevent accidental inaccuracies, Microsoft said, it uses content filtering, abuse detection and other tools on its Bing chatbot. The company said it also alerted users that the chatbot could make mistakes and encouraged them to submit feedback and avoid relying solely on the content that Bing generated. Similarly, OpenAI said users could inform the company when ChatGPT responded inaccurately. OpenAI trainers can then vet the critique and use it to fine-tune the model to recognize certain responses to specific prompts as better than others. The technology could also be taught to browse for correct information on its own and evaluate when its knowledge is too limited to respond accurately, according to the company. Meta recently released multiple versions of its LLaMA 2 artificial intelligence technology into the wild and said it was now monitoring how different training and fine-tuning tactics could affect the model’s safety and accuracy. Meta said its open-source release allowed a broad community of users to help identify and fix its vulnerabilities.
Apple's Blueprint: Indian Government Suggests Tesla Adopt Similar Strategy For Chinese Suppliers 2023-08-02 - This story was first published on the Benzinga India portal. Indian government officials suggested Tesla Inc (NASDAQ: TSLA) – currently discussing setting up a plant in India – partner with local firms to work with any Chinese suppliers the electric carmaker is currently involved with. What Happened? Officials from Tesla told the Indian government that they’d like some of their Chinese suppliers to establish operations in India to bolster the supply chain. According to sources speaking to Reuters, Indian authorities proposed that Tesla adopt Apple Inc’s (NASDAQ: AAPL) method, which involved gaining approvals for Chinese suppliers through local joint-venture partners. Direct approval for wholly-owned Chinese companies can prove challenging due to the intense scrutiny they’ve faced since the 2020 border disputes between India and China on their Himalayan border. Why it matters? India’s tense relationship with China, following the 2020 border clashes, complicates Tesla’s plans to utilize crucial Chinese suppliers for parts that India lacks locally. This problem isn’t unique to Tesla; even the local Tata Motors sources battery cells from China. In recent months, the Indian government has accepted some joint-venture partnerships between Chinese suppliers and Indian firms on a case-by-case basis. However, they remain cautious about Chinese companies expanding in India, particularly automakers. Chinese car manufacturer BYD recently dropped a $1 billion investment plan for electric vehicles in India due to stringent scrutiny. Read next: BYD in Hot Water Over Alleged Tax Underpayment in India: Report Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better. This article Apple's Blueprint: Indian Government Suggests Tesla Adopt Similar Strategy For Chinese Suppliers originally appeared on Benzinga.com . © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
US Stripped of AAA Rating by Fitch as Budget Deficits Swell 2023-08-02 - (Bloomberg) -- The US was stripped of its top-tier sovereign credit grade by Fitch Ratings, which criticized the country’s ballooning fiscal deficits and an “erosion of governance” that’s led to repeated debt limit clashes over the past two decades. Most Read from Bloomberg The credit grader cut the US one level from AAA to AA+, echoing a move made more than a decade ago by S&P Global Ratings. Tax cuts and new spending initiatives coupled with multiple economic shocks have swelled budget deficits, Fitch said, while medium-term challenges related to rising entitlement costs remain largely unaddressed. “The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades,” Fitch said in a statement. Treasury Secretary Janet Yellen quickly responded to the downgrade, calling it “arbitrary” and “outdated.” Treasuries edged higher in early Asia trading after the Fitch announcement amid modest demand for haven assets. “Fitch’s decision does not change what Americans, investors, and people all around the world already know: that Treasury securities remain the world’s preeminent safe and liquid asset, and that the American economy is fundamentally strong,” Yellen said in the statement. Read the full statement from Treasury Secretary Janet Yellen here Fitch had warned that it was weighing cutting the nation’s credit grade back in May, when Democrat and Republican lawmakers were at odds over raising the nation’s borrowing limit and the US Treasury was only weeks away from running out of cash. Story continues While that crisis was ultimately averted, Fitch nonetheless said that the repeated debt-limit clashes and eleventh-hour resolutions have eroded confidence in the nation’s fiscal management. Tuesday’s statement also attributed the downgrade to the country’s rapidly swelling debt burden, which it forecasts to reach 118% of gross domestic product by 2025, more than two-and-a-half times higher than the ‘AAA’ median of 39.3%. The rating company projects the debt-to-GDP ratio to rise even further in the longer-term, increasing America’s vulnerability to future economic shocks, the report said. Several economic commentators were surprised by the news. Mohamed El-Erian, the chief economic adviser at Allianz SE and a Bloomberg Opinion columnist, said on social media he was puzzled by “many aspects” of the announcement, including the timing. “The United States faces serious long-run fiscal challenges,” said former Treasury Secretary Larry Summers in a similar posting. “But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept.” Treasuries React Yields on two-year Treasuries fell one basis point to 4.89% in Asia trading, while those on 10-year US bonds edged one basis point higher to around 4.03%. The dollar dipped against the euro and yen. S&P’s downgrade of the US credit rating in 2011 triggered a selloff in risk assets like equities around the world, but ironically boosted Treasuries as investors sought out havens. “I suspect the market will be in two minds about it - at face value, it’s a black mark against the US’s reputation and standing, but equally, if it fuels market nervousness and a risk-off move, it could easily see safe haven buying of US Treasuries and the dollar,” said David Croy, strategist at Australia & New Zealand Banking Group in Wellington. “It’s finely balanced.” The yield on 30-year US debt rose to the highest in almost nine months Tuesday as the Treasury Department prepared to ramp up issuance of longer-dated securities to fund its widening budget deficit. On Monday, the Treasury increased its net borrowing estimate for the July-through-September quarter to $1 trillion, more than some analysts expected and well above the $733 billion it had predicted in early May. The Treasury will preview its quarterly financing plans on Wednesday at 8:30 a.m. in Washington. Washington Responds The move by Fitch now gives the US two AA+ ratings. That could raise a problem for funds or index trackers with a AAA only mandate, opening up the possibility of forced sales for compliance reasons. Moody’s Investors Service still rates the US sovereign Aaa, its top grade. Democrats in Congress seized on the downgrade to blame Republicans for holding up the US debt ceiling increase earlier this year. “This is the result of Republicans’ manufactured default crisis. They’ve repeatedly put the full faith and credit of our nation on the line, and now, they are responsible for the second downgrade in our credit rating,” Democrats on the Ways and Means Committee said in a statement. House GOP campaign spokesman Jack Pandol said on X, formerly known as Twitter, that the cause of downgrade was “Bidenomics.” --With assistance from Matthew Burgess, Erik Wasson and Andrew Dunn. 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