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The Supreme Court is being defied, just not how Alito worries 2023-07-28 - The Wall Street Journal opinion pages just published another interview with Supreme Court Justice Samuel Alito. I’ve covered Alito’s previous whiny musings from the safe space provided to him by the leading elite conservative outlet, and this latest offering contains the Republican-appointed jurist’s trademark mix of arrogance, self-pity and delusion. One of the many parts that stands out is Alito’s stated concern that people might disobey his court’s rulings. “If we’re viewed as illegitimate, then disregard of our decisions becomes more acceptable and more popular. So you can have a revival of the massive resistance that occurred in the South after Brown,” he’s quoted as saying in the piece published Friday, referring to the court’s 1954 school desegregation ruling, Brown v. Board of Education. Put to the side, for a moment, the richness of Alito claiming the mantle of Brown, after he and his GOP colleagues just contorted the landmark ruling in the name of a colorblind Constitution to gut affirmative action. The reality is that a Supreme Court opinion is being defied in real time in the South, in a case about race. The reality is that a Supreme Court opinion is being defied in real time in the South, in a case about race. In the court’s June decision in Allen v. Milligan, the justices surprisingly, by a 5-4 margin, ruled against Alabama’s voting map that diluted Black voting power. But when Alabama Republicans were forced to try again, they defied the court. Indeed, the president of the Legal Defense Fund, Janai Nelson, deemed it “an act of massive resistance to a Supreme Court order.” Of course, Alito was on the short side of that 5-4 ruling. We’ll see how concerned he is about this resistance if the case returns to the justices.
Trump’s trial date in the hush money case is firm. For now. 2023-07-28 - While many of us awaited a potential indictment out of Washington, D.C. this week, Manhattan District Attorney Alvin Bragg spent nearly 40 minutes on Tuesday being interviewed on New York’s public radio station. And at the very end, host Brian Lehrer could not resist inserting a question about Donald Trump, asking Bragg what will happen with the trial date for his criminal case against Trump “with the classified documents and now possibly January 6-related indictments coming.” Bragg is somewhat notorious for not talking about his office’s Trump investigation. Even the press conference he held after charging Trump with falsifying business records in connection with the Stormy Daniels hush money settlement and related cover-up was itself somewhat out of character. Yet rather than batting away Lehrer’s question, Bragg made something of a public service announcement. Specifically, while flagging the March 2024 trial date in his case, Bragg said “if and when” another indictment or indictments are issued, “we’ll see what happens to the schedule. We have a firm trial date ...[but] in matters like this, you know, judges will ... confer and take a very broad lens on justice.” He then reminded Lehrer that the decisions are not ultimately his to make; after all, “judges set the trial schedule.” But that’s when Bragg suggested his office has some flexibility, explaining that even though he was first to charge the former president with a crime, he would “not sit on ceremony” about the timing or order of his criminal trials. Instead, he vowed to “take a broad look at what justice requires,” and if and when the various judges involved confer and determine that scheduling changes are necessary, he promised to follow their lead. It wasn’t exactly an offer to forfeit his first-in-line position. But if I were special counsel Jack Smith or Georgia’s Fulton County District Attorney Fani Willis, might I consider reaching out to Bragg over the next few weeks? You bet.
Andrew Weissmann: The new indictment is 'an incredible crime story' 2023-07-28 - Andrew Weissmann: The new indictment is 'an incredible crime story' Former Justice Department prosecutor Andrew Weissmann, New York Times Washington correspondent Glenn Thrush, Washington Post national investigative reporter Carol Leonnig, and former top national security official at the Department of Justice Brandon Van Grack react to the former president’s deepening criminal exposureJuly 28, 2023
DeSantis reacts badly (again) to Black Republicans’ criticisms 2023-07-28 - It’s hardly outrageous to see Florida’s new history standards as controversial. These are, after all the same standards that include an indefensible provision pointing the possible upsides to slavery, which is just one of the many serious flaws scholars have uncovered in the Florida State Board of Education’s 216-page document. With this in mind, it shouldn’t have come as a shock when Rep. Bryon Donalds of Florida — one of a tiny number of Black Republicans in the U.S. House — offered mild criticisms of the state standards this week, calling for “some adjustments” and expressing confidence that state officials would “correct” the document’s shortcomings. Florida Gov. Ron DeSantis, who appointed the board members responsible for the standards, did not take the measured disapproval well. On the contrary, the governor and his political operation seemed to go after Donalds with a vengeance, accusing the GOP lawmaker of aligning himself with Vice President Kamala Harris and referring to Donalds — a member of the right-wing House Freedom Caucus — as “a supposedly conservative congressman.” This unfolded Wednesday of this week. A day later, Sen. Tim Scott — the only Black Republican in the U.S. Senate and a DeSantis rival for his party’s presidential nomination — offered some mild criticisms of his own. Appearing at an event in Iowa, the South Carolinian reminded everyone that when it comes to slavery “there is no silver lining.” As NBC News reported, DeSantis didn’t respond well to this, either. Speaking with reporters in Albia, Iowa, on Friday, DeSantis responded to Scott’s comments by criticizing “D.C. Republicans” for promoting a similar argument as Harris. “I think part of the reason our country has struggled is because D.C. Republicans all too often accept false narratives, accept lies that are perpetrated by the left and accept the lie that Kamala Harris has been perpetrating, even when that has been debunked,” he said. The far-right governor — who, as a former member of Congress for six years, was a "D.C. Republican" in the recent past — vowed to continue to defend Florida “against false accusations and against lies.” Former Rep. Will Hurd — another Black Republican who’s running an uphill GOP presidential campaign — shared some criticisms of his own this week. “There was no upside to slavery. Slavery was not a jobs program,” the Texan told CNN this week. Hurd added that he considered it “shocking” that this still needs to be said. As best as I call tell, DeSantis has not slammed Hurd publicly for the comments, though he did face rebukes from some conservative commentators. If the Florida governor thinks this is helping him, there’s reason to believe otherwise. In a report published after Team DeSantis criticized Donalds, but before the governor slammed Scott, Politico reported that the controversy is “infuriating several prominent Black conservatives.” Several told POLITICO they fear the issue will play into Democrats’ characterization of Republicans as favoring a whitewashing of American history. Most saw it as an unforced error at the time when Black Republicans feel they’ve been making significant strides within the party. It also seems wildly unnecessary. DeSantis had plenty of other options. He could've ignored the critiques. He could've tried to defend the standards on the merits. He could've simply agreed to disagree with the mild assessments. As radical as this might seem, the governor also had the option of listening to these prominent Black voices in his own party, as they tried to convey a sensible point. But DeSantis and his team instead decided to punch back way harder than was warranted. It’s a good thing for the GOP that in an increasingly diverse country, the ranks of prominent Black Republicans are growing. But those benefits are negated when some in the party lash out after these Black Republicans speak up in a way that some on the right don't like. Update: Republican Rep. John James, who is also a Black Republican, has also issued a statement critical of DeSantis and the Florida standards.
New classified documents indictment poses fresh timing test for Cannon 2023-07-28 - The superseding indictment against Donald Trump, Walt Nauta and new defendant Carlos De Oliveira paints an even more damning picture of Trump's alleged unlawful retention of classified documents and scheme to cover it up. But as ever, the question remains one of timing: Will these new charges push back the recently set May 2024 trial date? Special counsel Jack Smith’s team anticipated the issue in a separate filing Thursday, titled "Notice Regarding Superseding Indictment." In it, prosecutors wrote that the new indictment “should not disturb” Judge Aileen Cannon’s scheduling order or the May 20, 2024, trial date, and "the Special Counsel's Office is taking steps related to discovery and security clearances to ensure that it does not do so." No doubt, Smith’s team will do what it can to put itself in the strongest position. But as the setting of that May trial date reminds us, there’s only so much prosecutors can do. Recall, they requested a December start date for the trial, which Cannon found too aggressive. To be sure, she didn’t embrace the Trump camp’s move for indefinite delay through the 2024 election as he runs for office again. But her choosing the May middle ground showed she isn’t automatically hewing to Smith’s (or Trump's) proposed timeline. So a new test to look out for now is how Cannon factors in the latest charges in the litigation schedule and trial date she just set. And even before De Oliveira appears in front of Cannon, we may soon get a clue into how he intends to play the timing game. He’s set for his initial appearance and arraignment Monday before a magistrate judge. As I noted Thursday when we got the superseding indictment, it’s not unusual for prosecutors to add new charges/and or defendants to existing cases. Judges are used to dealing with these situations, and they don’t need to blow up the schedule. But in addition to painting that even more damning picture of Trump’s alleged criminality, the superseding indictment could give the defense another shot at further delay.
Biden pushes ‘Bidenomics’ during manufacturing remarks in Maine 2023-07-28 - President Biden delivered remarks at a manufacturing facility in Maine, where he pushed his “Bidenomics” with positive economic data. NBC’s Mike Memoli reports on how Biden’s handling of economic issues will impact voters at the polls.July 28, 2023
Trump faces new charges in classified documents case 2023-07-28 - UP NEXT Jamie Lee Curtis: 'Everything Everywhere All At Once' was this little, tiny movie that could and did 12:28
Local officials want extreme heat to be declared a federal disaster 2023-07-28 - WASHINGTON — Blistering temperatures across the country have prompted significant concern from state and local officials who say they are struggling to manage the crisis without federal intervention. In letters sent Thursday and first obtained by NBC News, two of the country’s top organizations representing local officials on the federal level pushed Congress to pass a bill to declare extreme heat emergencies. The U.S. Conference of Mayors wrote to a bipartisan trio in the House, Reps. Ruben Gallego, D-Ariz., Sylvia Garcia, D-Texas, and Mark Amodei, R-Nev, who had introduced a bill last month, known as the Extreme Heat Emergency Act, that would add extreme heat to FEMA’s list of major disaster qualifying events. In the letter from the National League of Cities, addressed to Gallego, CEO Clarence Anthony wrote: "By including extreme heat events in the definition of a major disaster ... this legislation will empower local governments to establish cooling centers, support vulnerable populations, assist the homeless, and enhance healthcare services during extreme heat events.” The three lawmakers represent Arizona, Texas and Nevada, which are among the worst heat-plagued states in the country, with temperatures in Phoenix on track to become the first U.S. city to reach an average monthly temperature above 100°F, according to the National Weather Service. After meeting with the mayors of Arizona’s capital city and San Antonio this week, the Biden administration outlined a series of steps it is taking to help Americans battle the soaring temperatures, which the president described as “the number one weather-related killer.” Among several actions taken, the administration has directed the Labor Department to increase inspections at outdoor construction and agriculture sites in an effort to protect workers from the dangerous — and persistent — heat. But local officials, and some lawmakers from most-affected states, argued Biden’s latest actions fall short of what is needed to address the problem. “Local elected leaders are on the frontlines of responding to extreme heat, but they can’t do it alone,” Gallego said in a statement. “I will keep pushing to get this bill through Congress, but with so many Arizonans dying or falling ill we can’t waste any time.” “That’s why we need FEMA to act now and declare a major disaster for heat,” Gallego added. Heat is not listed under the Stafford Act, the federal law that governs how the government responds to natural disasters and whether it allocates additional funds to states and cities. There is no precedent for FEMA to step in to respond to extreme heat events. A congressional aide who said they spoke with FEMA officials told NBC News that Congress must place extreme heat in the federal code. Because in order to declare an extreme heat disaster without congressional intervention, the temperature would have to exceed local governments’ capabilities to manage — but there’s currently no official metric for that, the aide said. FEMA didn’t immediately respond to a request for comment. Lawmakers on both sides of the aisle, in both chambers of Congress, have repeatedly urged FEMA to make the disaster declaration in recent years. But with this summer projected to be the hottest on record, proponents of the heat declaration are hoping relief will come soon. “Enabling extreme heat events as eligible for disaster declarations would widen the amount of crucial federal resources available to cities as they continue to work towards saving lives, protecting infrastructure, and adapting to the impacts of a rapidly warming climate,” wrote Tom Cochran, CEO of the Conference of Mayors, which represents 1,400 cities nationwide, in his letter to the lawmakers.
Blacks, Latinos have been arrested at 'disproportionate rate' in L.A., report finds 2023-07-28 - A new analysis of Los Angeles Police Department data released this week by L.A. City Controller Kenneth Mejia shows that Latino and Black people were arrested at a "disproportionate rate" between 2019 to 2022. Black people, who make up 8% of the county’s population, accounted for 27% of all arrests; and Latinos, who account for almost half (48%) of the Los Angeles County, made up 51% of all arrests. Both demographics, when combined, make up 56% of the county's population and yet totaled more than two-thirds of all arrests at 78.26%, according to the report. White people, which make up 29% of the county, ranked third in the total number of arrests at 16%. Henry Perez, the executive director of the nonprofit InnerCity Struggle, said the report is alarming but not surprising. Perez said the organization, which works to organize communities in L.A.'s Eastside neighborhoods to address violence and crime, has historically experienced overpolicing. "Our community feels it on a daily basis," Perez said. "What we really need to call out is that the majority of the arrests are for infractions and misdemeanors. These are nonviolent and nondrug-related offenses" that can lead to "very precarious" situations, he said, noting aggressive outcomes especially against Black and Latino individuals. The new analysis marks the first time the Los Angeles Police Department has made its arrest data available to the public without limitations. Detailed maps and locations show the department's nearly 300,000 arrests in the last four years. Council District 14, led by embattled L.A. City Council Member Kevin de León, had the highest number of arrests almost very year — lost only in 2021, by three arrests, to Council District 8, which is led by the council's current President Pro Tempore Marqueece Harris-Dawson. De León's district consists of predominantly Latino neighborhoods such as Boyle Heights, Lincoln Heights and El Sereno, all of which comprise much of the Eastside, according to InnerCity Struggle's website. "From our history, we know that more policing does not equate to safer schools or safer communities," Perez said. "We know that we get safer schools and safer communities when students and community residents are supported holistically." NBC News reached out to the LAPD for comment but did not receive an immediate response. LAPD recorded more arrests for misdemeanor and infraction offenses than for felonies in all four years. At least 400 arrests were made yearly in the "dependent" category, which accounts for children taken into custody due to parent or guardian abuse, neglect, endangerment, or runaway children, according to the analysis. "The data available is unclear about the nature of these interactions, but raises questions about the frequency that children and youth are coming into contact with the LAPD," the report stated.
Larry Nassar victims accuse Michigan State of 'secret votes' to hide records about the disgraced sports doctor 2023-07-28 - Victims of convicted sexual predator Larry Nassar filed a lawsuit Thursday accusing Michigan State University officials of taking "secret votes" to conceal records about the disgraced sports doctor. The civil complaint filed in Ingham County Circuit Court claims the East Lansing school violated open meeting laws, refusing to give thousands of documents to state investigators that could show who knew what and when about the sex criminal now behind bars for life. The plaintiffs said MSU's "Board of Trustees had illegal secret votes and made decisions in private to hide their position on whether or not to release the 'Nassar documents.'" "For years now since 2018, survivors, advocates, the general public, the MSU community and even a significant number of legislators have been demanding full transparency and the release of the 'Nassar documents,'" according to the lawsuit. "The public has a right to know about who at MSU may have turned a blind eye to Nassar’s activities, when his actions were reported and to whom, but the MSU Trustees as a body continued to hide information and evidence." The plaintiffs say Michigan State is holding on to emails and communications by claiming attorney-client privilege. State investigators have previously said the school is refusing to turn over more than 6,000 documents that could be pertinent to the Nassar scandal. Lead plaintiff Valerie von Frank, whose daughter was sexually abused by Nassar, told NBC News on Friday that holding the school responsible is at least as important as sending Nassar to prison for the rest of his life. "There is the offense and then there's the covering up and not addressing the issue, not stopping the perpetrators," said von Frank, founder of Parents of Sister Survivors Engage (POSSE), which advocates on behalf of sexual assault survivors. "I've always thought this is a sick individual, but I am angry at the people who allowed it to continue to happen to more and more and more survivors." A Michigan State representative declined comment on Friday, citing school policy against openly discussing active litigation. Nassar is serving a de facto life sentence for a variety of sex crimes, including 40 to 175 years for molesting some of the nation’s top gymnasts under the guise of medical treatment. The school in 2018 reached a $500 million settlement with hundreds of women and girls who were sexually assaulted by Nassar. "I see friends and family wearing Michigan State sweatshirts or t-shirts. I just can't help but to feel pain because Michigan State has never done the right thing," plaintiff and Nassar survivor Elizabeth Maurer told reporters in East Lansing on Thursday. "These documents have been siting there, waiting to be read by the public and by survivors. And they keep deceiving us and not allowing us to see them after promising we could, and I'm just sick and tried of it," Maurer said. "It's really, really hard to heal when you know there are still answers to a lot of your questions out there."
Best sales to shop right now: Lo & Sons, DSW and more 2023-07-28 - Summer sales are still happening and retailers are gearing up for the back-to-school shopping season with deals on travel bags, pillow cases and college dorm essentials. Below, we listed some of the best deals of the week and included items from brands we’ve recommended in the past, personal favorites or bestsellers. Note that there may be a limited-time offer on certain pieces. HoMedics: 25% off sale items with code EXTRA25 through August 9th This large room air purifier uses a HEPA filter to reduce airborne particles like pollen, allergens, smoke, and bacteria, according to the brand. I have this air purifier in my living room to reduce cooking odors that come in from my kitchen. It has an optional night light, auto-off timer and a tray with a pad to add any essential oils for aromatherapy. You can buy replacement filters separately. DSW: Up to 65% off select Saucony Products This is one of our favorite walking shoes for women because it has an 8-millimeter heel drop that takes pressure off the foot and softens the impact of your heel hitting the ground. It’s made of breathable mesh to provide ventilation and keep your feet cool, and it contours to the bottoms of your feet for additional cushioning, according to the brand. Lo & Sons: Up to 50% off summer travel essentials through July 31 The Rowledge backpack was recommended in our travel backpack guide because it’s both stylish and functional — it has durable leather handles and can convert into a tote bag that fits under an airline seat, according to the brand. It comes in sizes small (17-liter capacity) and large (21-liter capacity) and has a laptop sleeve designed for 13-inch laptops. It also has a pass-through sleeve that lets you slide the backpack over suitcase handles so you can easily consolidate your luggage. Ninja: 20% off for Christmas in July through August 1 This air fryer has two 5-quart independent cooking baskets so you can cook different meals at the same time. It has six cooking functions including air frying, air broiling, roasting, baking, reheating and dehydrating plus it has a built-in food thermometer so you can know when your dish is ready. Pottery Barn Teen: Up to 30% off dorm essentials This sheet set is made of 100% organic thick cotton that gets softer after each wash, according to the brand. It comes in sizes twin/twin xl to king and includes one flat sheet, one fitted sheet and between one to two pillowcases. You can get them in six different colors like sage, quartz blush and light gray. Blissy: Up to 25% off select products for their summer sale Select updates editor Mili Godio likes this silk pillowcase because it helps her sensitive skin feel less red and irritated. She was also able to sleep better at night due to the soft and cooling fabric. “The pillowcase’s 100% mulberry silk fabric is much more comfortable than any other type of pillowcase I’ve ever tried,” Godio says. It comes in standard, queen and king sizes and is available in 49 colors, including matcha, silver, tie-dye and black. Dermstore: 25% off Elemis through July 30th This oil-based cleanser gently removes dirt and makeup from your face while hydrating your skin, according to the brand. The balm works best for dry and hypersensitive skin and you can use this daily as a cleanser or weekly as a facial mask, according to Elemis. To use, warm up a small amount in your hand, massage it over your face and neck, moisten your fingertips and continue to massage, then remove the balm with a warm and damp cleansing cloth. Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter and TikTok to stay up to date.
A souvenir slammed as 'white savior Barbie' has some Chinese adoptees reconnecting 2023-07-28 - Greta Gerwig’s blockbuster “Barbie” has many buzzing about untraditional, off-beat versions of the dolls, from Video Girl Barbie to Growing Up Skipper, Barbie’s little sister whose chest inflates when you lift her arm. Enter the scene “Going Home Barbie,” a white doll holding a small Asian baby made to help Chinese adoptees transition to their new, presumably Western, families. It’s real and it has some adoptees digging through their attics and connecting with others with similar stories. In a viral TikTok posted this week, Kaitlyn Fung, a college student from central New Jersey and a Chinese adoptee, showcased her “Going Home Barbie,” which she said she received at the White Swan Hotel in Guangzhou, China, where she stayed as a baby with her adoptive parents during the adoption process in November 2003. “I was scrolling through my For You page, and I saw all the people using Billie Eilish’s song, ‘What Was I Made For?’ I felt like that song really resonated with me both within the movie and outside of it,” she said in the video, which has garnered 5 million views. “And then, when my mom initially showed me the doll, I was like, ‘Oh my gosh, I need to share it with somebody.’” The doll’s box reads, “This souvenir is presented by Mattel (HK) Ltd. to adopting parents of Chinese orphan children staying at the White Swan Hotel, Guangzhou, China.” The doll was discontinued in 2015 during the hotel’s renovations and was never reintroduced, a manager from the White Swan Hotel confirmed to NBC News. The doll, which has at least nine editions, each sporting different outfits, was given exclusively to adopting families that stayed at the White Swan. Its limited supply has sown demand for the vintage collectible, and copies of the doll are being auctioned for as much as $658.18 on eBay. Fung, 20, said that her experience was slightly different from other adoptees because her parents aren’t white — her father is Chinese, and her mother is Puerto Rican. “Adoption is a very nuanced experience, and everybody has their own experience with it. That’s reflected in the comments of the video,” Fung said. “But, it’s a white Barbie, simulating the transracial adoption. For me, my adoption wasn’t transracial, which is something that, I think, makes it different.” The hotel, which was just a block away from the U.S. Consulate General at the time, was nicknamed “The White Stork Inn” and “The Baby Hotel,” according to a 2003 New York Times article. Adoption agencies often booked large blocks of rooms for American families who were traveling together, and Mattel partnered with the White Swan to welcome families with limited-edition dolls waiting for them in their rooms, along with a sponsored playroom, according to the Times. Reactions to the doll were mixed, with many users on TikTok seeing it as a meaningful keepsake while some on X, the platform formerly known as Twitter, nicknamed it “white savior Barbie.” “White savior barbie is crazy what,” one X user wrote. “If you want to highlight #adoption as the capitalist and colonialist consumerism that it is, you cannot do much better than this,” another user tweeted. “This is extremely real and they gave out a bajillion of them. Just exceptionally disturbing,” another tweeted. Mattel did not respond to NBC News’ request for comment. Annie Wu Henry, a Chinese adoptee and progressive activist, said that while her family didn’t receive a Barbie when they adopted her in 1997, the issue is complicated. Henry, who was adopted by white parents, said she was fortunate that her adoption experience was positive, but some Chinese adoptees may feel otherwise. “There is sometimes the potential … of white saviorism of the adopted parents that have kind of prided themselves on doing this good deed,” Henry said. “The good deed is adopting the child and being a parent to them, and that is not the reason you become a parent.” Henry added that the doll may not accurately represent the experiences of the families that received it, as not all Chinese adoptees were adopted by white parents, as in Fung’s case. Fung’s video, which was posted Wednesday, also inspired commenters to connect with others who said they, too, have the Barbie. “wait oh my god i think i have the same thing i was adopted in 2005 and my parents stayed in the white swan hotel, how about you?” the commenter wrote. Replies included others sharing the month and year they were adopted and what province in China they were originally from. “I’ve definitely seen this community build-up of people being like, ‘Oh, my gosh, you just unlocked a memory,’” Fung said. The comments are overwhelmingly positive, with many writing how emotional they are upon seeing the doll. “There’s a lot of people trying to find their group. I think a lot of people — when a lot of people lose touch, they want to try and get that back. And I think that’s really sweet and kind of heartwarming,” she said. Another Chinese adoptee with the souvenir, Evangeline Kaley, a college student from the suburbs of Chicago, said her mother has the doll in a keepsake box. Kaley, 19, was adopted in May 2005 by her parents, who are white. She said the viral video pushed her to finally connect with other adoptees — which she had previously wanted to do but wasn’t ready to do so emotionally. “If it didn’t go viral, I wouldn’t have done it yesterday,” she said. “I was going to do it earlier in my life, but I didn’t think I was ready. Now, I’m almost 20, so I think it’s good to go back and try.” She said one of the girls who reached out after commenting on the video was the baby she had shared a crib with at the orphanage in China, according to her mother.
Mexico's president pushes back on DEA's cartel strength assessment 2023-07-28 - MEXICO CITY — Mexican President Andrés Manuel López Obrador on Friday pushed back against estimates made this week about the strength of Mexican drug cartels by the top U.S. counter-narcotics official, saying the United States lacked “good information.” The comments come in response to testimony from U.S. Drug Enforcement Administration (DEA) Chief Anne Milgram on Mexican cartels as part of a hearing in the U.S. Congress. Among other findings, Milgram testified the DEA estimated that the powerful Sinaloa Cartel and Jalisco New Generation Cartel (CJNG) have more than 45,000 members, associates, facilitators and brokers in some 100 countries. She added Sinaloa and CJNG have a presence in 21 and 19 of Mexico’s 31 states respectively and that the DEA is mapping how both have spread around the world. “No,” the president said in response to a question from a journalist about if the information from the U.S. official were true. “They don’t have good information.” Speaking at a press conference, Lopez Obrador questioned her figures and urged the DEA to share more details. “We don’t have that information. I don’t know where the woman from the DEA got it,” he said. The pushback from Lopez Obrador is the latest in ongoing tensions between the Mexican government and the DEA. Since coming to power in 2018, Lopez Obrador has criticized the presence of US security agencies in the country and taken steps to undermine cooperation, such shutting down an elite police unit that worked closely with the DEA. His government dropped the case against Mexico’s former Defense Minister Salvador Cienfuegos, who the DEA alleged colluded with drug lords. Lopez Obrador accused the DEA of fabricating the case.
Interest rates are at a 22-year high. Here’s what that means for your finances. 2023-07-28 - "It depends what side of the ledger you find yourself on," one expert said. The Federal Reserve raised interest rates to a 22-year high this week -- a milestone that carries major implications for the finances of everyday people, experts told ABC News. The move escalated an aggressive series of rate hikes that has helped dramatically reduce inflation from a peak last summer. But the historically high interest rates are bad news for borrowers, who will face even higher costs for things like car loans to credit card debt to mortgages. The high interest rates do deliver benefits for savers, however, who stand to gain from an uptick in the interest yielded by accounts held at banks as well as bonds and high-yield savings accounts. "It depends what side of the ledger you find yourself on," James Cox, a financial advisor and managing partner of Virginia-based Harris Financial Group, told ABC News. "If you're a saver and you have money in the bank, this is fantastic," he added. "For people who borrow money, it's way more expensive." Here's what to know about how the sky-high interest rates affect people's personal finances. What do historically high interest rates mean for borrowers? The high interest rates make borrowing more expensive. So any purchase that requires a loan -- for a home, car, or higher education -- could be affected. Credit card rates are also highly sensitive to Federal Reserve moves, so card holders should expect even higher payments. As of Wednesday, average credit card interest rates stood at a staggering 20.5%, Bankrate data showed. "Borrowers are negatively affected," Christine Benz, the director of personal finance at Morningstar. "Higher rates mean higher interest payments on loans." Mortgages, for instance, show how much more costly borrowing has become. The 30-year fixed-rate mortgage reached more than 7% in October, achieving heights last seen more than 20 years ago, Freddie Mac data showed. The rate has fallen slightly below 7% but remains highly elevated, Freddie Mac said on Thursday. At the start of 2022, by comparison, the mortgage rate on a 30-year fixed mortgage stood at 3.22%. For homebuyers, each single percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage. However, the jump in interest rates comes with a silver lining: The elevated cost of loans should slash demand and cut home prices, Benz said. "We haven't seen it yet but there might be a chilling effect on home prices," she said, citing a supply shortage that she believes could slacken over time. What does the elevated interest rate mean for savers? As much as high interest rates hammer borrowers, they benefit savers. "If you're a saver right now, it's pretty darn good," Derek Horstmeyer, a finance professor at George Mason University's School of Business, told ABC News. The yields on savings accounts have climbed as the Federal Reserve has lifted its interest rates, since banks accrue additional revenue in a high-interest rate environment and pass along some of that income to depositors. Meanwhile, an array of high-yield savings accounts has emerged as firms seek to entice depositors with high returns. The average annual yield on a savings account has more than doubled since April but still stands at just 0.52%, meaning that a typical customer earns a fraction of a percentage point of interest each year for his or her savings deposit, Bankrate data showed. High-yield savings accounts, however, offer customers as much as about 5% annual percentage yield, a Bankrate analysis said. Moreover, the simultaneous presence of high interest rates alongside declining inflation means that savers can avoid the elevated consumer prices that previously ate away at savings, said Cox, of Harris Financial Group. "It's massively beneficial," Cox said, noting his expectation that inflation will continue to fall. "It only gets better from here."
Salvage crews board a cargo ship burning off the Netherlands. The smoke and flames are easing 2023-07-28 - A boat hoses the smoke from a fire which broke out on a freight ship in the North Sea, about 27 kilometers (17 miles) north of the Dutch island of Ameland, Wednesday, July 26, 2023. A fire on the freight ship Fremantle Highway, carrying nearly 3,000 cars, was burning out of control Wednesday in the North Sea, and the Dutch coast guard said it was working to save the vessel from sinking close to an important habitat for migratory birds. (Kustwacht Nederland/Coast Guard Netherlands via AP) A boat hoses the smoke from a fire which broke out on a freight ship in the North Sea, about 27 kilometers (17 miles) north of the Dutch island of Ameland, Wednesday, July 26, 2023. A fire on the freight ship Fremantle Highway, carrying nearly 3,000 cars, was burning out of control Wednesday in the North Sea, and the Dutch coast guard said it was working to save the vessel from sinking close to an important habitat for migratory birds. (Kustwacht Nederland/Coast Guard Netherlands via AP) A boat hoses the smoke from a fire which broke out on a freight ship in the North Sea, about 27 kilometers (17 miles) north of the Dutch island of Ameland, Wednesday, July 26, 2023. A fire on the freight ship Fremantle Highway, carrying nearly 3,000 cars, was burning out of control Wednesday in the North Sea, and the Dutch coast guard said it was working to save the vessel from sinking close to an important habitat for migratory birds. (Kustwacht Nederland/Coast Guard Netherlands via AP) A boat hoses the smoke from a fire which broke out on a freight ship in the North Sea, about 27 kilometers (17 miles) north of the Dutch island of Ameland, Wednesday, July 26, 2023. A fire on the freight ship Fremantle Highway, carrying nearly 3,000 cars, was burning out of control Wednesday in the North Sea, and the Dutch coast guard said it was working to save the vessel from sinking close to an important habitat for migratory birds. (Kustwacht Nederland/Coast Guard Netherlands via AP) The Netherlands' coast guard says that salvage crews dealing with a cargo ship loaded with cars that has been burning for more than two days off the northern Dutch coast boarded the vessel for the first time as heat, flames and smoke eased THE HAGUE, Netherlands -- Salvage crews dealing with a cargo ship loaded with cars that has been burning for more than two days off the northern Dutch coast boarded the vessel for the first time Friday as heat, flames and smoke eased, the Netherlands’ coast guard said. “In the course of the morning, after measurements by the recovery companies, it turned out that the temperature on board the Fremantle Highway had dropped sharply. The fire is still raging but decreasing. The smoke is also decreasing,” the coast guard said in a statement. Salvage workers boarded the ship and established “a new more robust towing connection,” the agency added. “This makes it easier to move the ship and keep it under control.” Government officials are now “looking at various scenarios to determine the next steps,” the coast guard said. One crew member died and others were injured after the blaze started. The entire crew was evacuated from the ship in the early hours of Wednesday, with some leaping into the sea and being picked up by a lifeboat. The cause of the fire hasn't been established. The Fremantle Highway was 23 kilometers (14 miles) north of the island of Terschelling on Friday afternoon, close to busy North Sea shipping lanes and an internationally renowned migratory bird habitat. K Line, the company that chartered the ship, said Friday that it was carrying far more electric vehicles than initially reported by the coast guard. Company spokesman Pat Adamson said the ship was carrying a total of 3,783 new vehicles, including 498 electric vehicles. The coast guard, citing an early freight list, had said it was carrying 2,857 cars, including 25 electric cars. Adamson said K Line didn't know the source of the initial lower number. The U.S. National Transportation Safety Board has warned about the possible dangers of electric vehicle battery fires, a hazard that stems from thermal runaway, a chemical reaction that causes uncontrolled battery temperature and pressure increases. The burning vessel was close to the shallow Wadden Sea, a World Heritage-listed area that is considered one of the world’s most significant habitats for migratory birds. It's also close to the Netherlands' border with Germany, whose environment minister, Steffi Lemke, said Thursday that if the ship were to sink, it “could turn into an environmental catastrophe of unknown proportions.” Earlier this month in Newark, New Jersey, firefighters took nearly a week to extinguish a similar blaze in a car transport ship. Two firefighters were killed and five others were injured battling the flames.
Trucking company Yellow Corp. is reportedly preparing for bankrupcy. Here's what you need to know 2023-07-28 - After years of financial struggles, U.S. trucker Yellow Corp. is reportedly preparing for bankruptcy and seeing customers leave in large numbers NEW YORK -- The fate of U.S. trucking company Yellow Corp. isn't looking good. After years of financial struggles, Yellow is reportedly preparing for bankruptcy and seeing customers leave in large numbers — heightening risk for future liquidation. While no official decision has been announced by the company, the prospect of bankruptcy has renewed attention around Yellow's ongoing negotiations with unionized workers, a $700 million pandemic-era loan from the government and other bills the trucker has racked up over time. Yellow, formerly known as YRC Worldwide Inc., is one of the nation's largest less-than-truckload carriers. The Nashville, Tennessee-based company has some 30,000 employees across the country. Here's what you need to know. IS YELLOW FILING FOR BANKRUPTCY? Not yet. But industry experts suspect that a bankruptcy filing could come any day now. People familiar with the matter told The Wall Street Journal that the company could seek bankruptcy protection as soon as this week — with some noting that a significant amount of customers have already started to leave the carrier. Meanwhile, according to FreightWaves, employees were told to expect the filing Monday. Yellow laid off an unknown number of employees Friday, the outlet later reported, citing a memo that stated the company was “shutting down its regular operations.” According to Satish Jindel, president of transportation and logistics firm SJ Consulting, Yellow handled an average of 49,000 shipments per day in 2022. As of this week, he estimates that number is down to between 10,000 and 15,000 daily shipments. With customers leaving — as well reports of Yellow stopping freight pickups earlier this week — bankruptcy would “be the end of Yellow,” Jindel told The Associated Press, noting increased risk for liquidation. “The likelihood of them surviving and remaining solvent diminishes really by the day,” added Bruce Chan, a research director at investment banking firm Stifel. Yellow media contacts did not immediately respond to the Associated Press' requests for comment on Friday. In a Wednesday statement to The Journal, the company said it was continuing “to prepare for a range of contingencies.” On Thursday, Yellow said it was in talks with multiple parties about selling its third-party logistics organization. Even if Yellow was able to sell its logistics firm, it would “not generate a sufficient amount of cash to keep them operational on any sort of permanent basis," Chan said. “Without a major equity injection, it would be very difficult for them to survive.” HOW MUCH DEBT DOES YELLOW HAVE? As of late March, Yellow had an outstanding debt of about $1.5 billion. Of that, $729.2 million was owed to the federal government. In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made missteps” in this decision — and noted that Yellow's “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.” The government loan is due in September 2024. As of March, Yellow had made $54.8 million in interest payments and repaid just $230 million of the principal owed, according to government documents. Yellow's current finances and prospect of bankruptcy “is probably two decades in the making,” Chan said, pointing to poor management and strategic decisions dating back to the early 2000s. “At this point, after each party has bailed them out so many times, there is a limited appetite to do that anymore.” In May, Yellow reported a loss of $54.6 million, a decline of $1.06 per share, for its first quarter of 2023. Operating revenue was about $1.16 billion in the period. A Wednesday investors note from financial service firm Stephens estimated that Yellow could be burning between $9 million and $10 million each day. Using a liquidity disclosure from earlier this month, Yellow had roughly $100 million in cash at the end of June, the note added — estimating that the company has been burning through increasing amounts of money through July. “It is reasonable to believe that the Company could breach its $35 mil. liquidity requirement at any moment,” Stephens analyst Jack Atkins and associate Grant Smith wrote. DID THE COMPANY JUST AVERT A STRIKE? The reports of bankruptcy preparations arrive just days after a strike from the Teamsters, which represents Yellow's 22,000 unionized workers, was averted. A series of heated exchanges have built up between the Teamsters and Yellow, who sued the union in June after alleging it was “unjustifiably blocking” restructuring plans needed for the company's survival. The Teamsters called the litigation “baseless” — with general president Sean O’Brien pointing to Yellow's “decades of gross mismanagement," which included exhausting the $700 million federal loan. On Sunday, a pension fund agreed to extend health benefits for workers at two Yellow Corp. operating companies, averting a strike — and giving Yellow “30 days to pay its bills,” notably $50 million that Yellow failed to pay the Central States Health and Welfare Fund on July 15, the union said. While the strike didn't occur, talks of a walkout may have caused some Yellow customers to pull back, Chan said. Talks between Yellow and the Teamsters, which also represents UPS's unionized workers, are ongoing. The current contract expires in March 2024. “The financial struggles of Yellow are not related to the union and the contracts,” Jindel said, pointing to management's responsibility around its services and prices. He added the union wages from Yellow are “lower than any competitor.” WHAT WOULD HAPPEN IF YELLOW WENT UNDER? If Yellow files for bankruptcy and customers continue to take their shipments to other carriers, like FedEx or ABF Freight, prices will go up. Yellow's prices have historically been the cheapest compared to other carriers, Jindel said. “That’s why they obviously were not making money," he added. "And while there is capacity with the other LTL carriers to handle the diversions from Yellow, it will come at a high price for (current shippers and customers) of Yellow.” Chan adds that we're in an interesting time for the LTL marketplace — noting that, if Yellow declares bankruptcy and liquidates, “the freight would find a home” with other carriers, which may not have been true in recent years. “It may take time, but there’s room for it to be absorbed,” he said.
Ford 2Q profit surges on strong revenue, but company faces electric vehicle growing pains 2023-07-28 - FILE - This Oct. 24, 2021 file photo shows a Ford company logo on a sign at a Ford dealership in southeast Denver. Ford Motor is reporting earnings on Thursday, July 27, 2023. (AP Photo/David Zalubowski, File) FILE - This Oct. 24, 2021 file photo shows a Ford company logo on a sign at a Ford dealership in southeast Denver. Ford Motor is reporting earnings on Thursday, July 27, 2023. (AP Photo/David Zalubowski, File) FILE - This Oct. 24, 2021 file photo shows a Ford company logo on a sign at a Ford dealership in southeast Denver. Ford Motor is reporting earnings on Thursday, July 27, 2023. (AP Photo/David Zalubowski, File) FILE - This Oct. 24, 2021 file photo shows a Ford company logo on a sign at a Ford dealership in southeast Denver. Ford Motor is reporting earnings on Thursday, July 27, 2023. (AP Photo/David Zalubowski, File) DETROIT -- Ford Motor Co.'s second-quarter profit more than tripled to $1.92 billion versus a year ago on strong internal combustion and commercial vehicle sales, but losses grew along with growing pains in the electric vehicle business. Pretax losses at Model e, the EV business, topped $1 billion in the quarter, but they were more than offset by $2.3 billion in profits on internal combustion vehicles and $2.39 billion from commercial vehicles such as delivery vans. The overall strong performance gave Ford the confidence to raise its guidance for full-year pretax profits, Chief Financial Officer John Lawler said Thursday. The company now expects to make $11 billion to $12 billion, up from $9 billion to $11 billion. Sales in the U.S., Ford's most lucrative market, rose 10% last quarter, But Ford backed away from ambitious milestones for building electric vehicles in the future. The company had said it would build at an annual rate of 600,000 this year, but now says that won't happen until next year. Ford also delayed a goal of building 2 billion EVs per year by the end of 2026, pushing that out indefinitely. Ford predicted its full-year pretax losses on electric vehicles will balloon to $4.5 billion, from $3 billion previously. But the company expects its Ford Blue combustion engine unit and the Ford Pro commercial vehicle operation will each make $8 billion on strong pricing, more than covering the EV losses. Commercial vehicle profits are expected to double from last year. Lawler said the ramp up on EV production isn't going to be a straight line as the transformation from combustion engines to electricity continues. High prices and perceptions of inconvenience compared with gas vehicles will slow takeup, Lawler said. “It's really about the top line,” he said. In May, the company c ut prices on its electric F-150 Lightning pickup truck by up to $10,000 on some versions. The updated base price for the Pro model, its lowest priced electric pickup, will be $49,995, down about $10,000. But it's losing thousands on every EV sold. CEO Jim Farley told analysts that Ford's next generation of electric vehicles will be simpler to build and cost less than the current generation. The company, he said, tore down Tesla and BYD EVs about a year ago and found that Ford vehicles were too complex. The new Fords will have a simpler, more energy efficient underpinning with advanced battery packs that can be used for multiple vehicles, he said. He said Ford isn’t backing off plans to make 8% profit margins on EVs by the end of 2026, and it will only make vehicles that can hit that margin target. Farley said the company could sell lower-priced vehicles that reach the profit target by increasing the customer base for software services, such as the ability to predict when a part will fail before it happens. Last quarter the company began reporting profits and losses for the EV, combustion and commercial units for the first time. Farley also revealed that Ford will unveil a new version of the F-150 pickup and a hybrid version at Detroit’s auto show in September. Ford’s F-Series pickups are the top selling vehicles in the U.S. Excluding one-time items, Ford made 72 cents per share. That beat Wall Street estimates of 54 cents. Revenue rose 12% to $44.95 billion, beating the $43.17 billion expected by analysts polled by FactSet. Shares of Ford fell just under 1% to $13.62 in extended trading Thursday. The company released its earnings after the closing bell. Among the profit “headwinds” that Ford faces this year are inflation, higher industry discounts, and higher costs associated with any contract agreement reached with the United Auto Workers union. Lawler conceded there will be added expenses, including a contract ratification bonus that would be paid to Ford's 57,000 UAW members. UAW President Shawn Fain has repeatedly said he wants to get general pay raises, raises tied to the cost of living, restoration of pensions for newer workers and the elimination of wage tiers. He's cited strong company profits and has referenced the possibility of strikes against Ford, Stellantis and General Motors when the current contracts expire at 11:59 p.m. Sept. 14. Farley said Ford has more UAW-represented jobs in the U.S. than its competitors and has added more workers than required by the union contract signed in 2019. He said that although the negotiations will be challenging, “our goal is to build a bridge to the future with our employees based on mutual trust.”
Presidents of Indonesia and China meet to discuss joint projects and regional politics 2023-07-28 - In this photo released by the Press and Media Bureau of the Indonesian Presidential Palace, Indonesian President Joko Widodo, left, and his wife Iriana disembark from their plane upon arrival at Chengdu Tianfu International Airport in Chengdu, China, Thursday, July 27, 2023. Indonesian President Joko Widodo arrived Thursday in China and planned to meet with Chinese leader Xi Jinping, a state news agency reported. (Laily Rachev/Indonesian Presidential Palace via AP) In this photo released by the Press and Media Bureau of the Indonesian Presidential Palace, Indonesian President Joko Widodo, left, and his wife Iriana disembark from their plane upon arrival at Chengdu Tianfu International Airport in Chengdu, China, Thursday, July 27, 2023. Indonesian President Joko Widodo arrived Thursday in China and planned to meet with Chinese leader Xi Jinping, a state news agency reported. (Laily Rachev/Indonesian Presidential Palace via AP) In this photo released by the Press and Media Bureau of the Indonesian Presidential Palace, Indonesian President Joko Widodo, left, and his wife Iriana disembark from their plane upon arrival at Chengdu Tianfu International Airport in Chengdu, China, Thursday, July 27, 2023. Indonesian President Joko Widodo arrived Thursday in China and planned to meet with Chinese leader Xi Jinping, a state news agency reported. (Laily Rachev/Indonesian Presidential Palace via AP) In this photo released by the Press and Media Bureau of the Indonesian Presidential Palace, Indonesian President Joko Widodo, left, and his wife Iriana disembark from their plane upon arrival at Chengdu Tianfu International Airport in Chengdu, China, Thursday, July 27, 2023. Indonesian President Joko Widodo arrived Thursday in China and planned to meet with Chinese leader Xi Jinping, a state news agency reported. (Laily Rachev/Indonesian Presidential Palace via AP) Indonesian President Joko Widodo has met with Chinese President Xi Jinping in southwestern China for talks about joint projects that include Indonesia’s development of a new capital BEIJING -- Indonesian President Joko Widodo met Chinese President Xi Jinping on Thursday in southwestern China for talks about joint projects that include Indonesia’s development of a new capital. Indonesian Foreign Minister Retno Marsudi said the governments of China and Indonesia signed several agreements, including to exchange knowledge and experience for the capital project. Indonesia plans to move its capital from the congested and polluted city of Jakarta on its main island of Java to Nusantara on Borneo island next year. During their meeting in Chengdu, the two leaders also discussed investments, cooperation in areas such as health, research and technology, and regional issues, including China's relations with the Association of Southeast Asian Nations, according to a statement from Widodo. “The Indo-Pacific is a strategic area that we must protect as a peaceful and stable area,” said Indonesia's president, whose country holds the chairmanship of ASEAN this year. Widodo is on a three-day visit to China and also plans to meet with Chinese businesspeople to discuss possible investments in Indonesia, especially in the petrochemical, renewable energy and health sectors, the statement added. He also is scheduled to attend the opening of the FISU World University Games in Chengdu. Indonesia and China are members of the Group of 20 major developed and emerging economies. China is Indonesia’s largest trade and investment partner. Indonesia wants a bigger role as a supplier of nickel and other raw materials to China's fast-growing electric car brands. ___ Associated Press writer Edna Tarigan contributed from Jakarta, Indonesia.
Former US Federal Reserve chair to lead Bank of England review on economic forecasts 2023-07-28 - FILE - Former Federal Reserve Chairman Ben Bernanke, center, accompanied by Federal Reserve Chairman Jerome Powell, left, speaks during the Thomas Laubach Research Conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, on May 19, 2023. Bernanke will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis. (AP Photo/Andrew Harnik, File) FILE - Former Federal Reserve Chairman Ben Bernanke, center, accompanied by Federal Reserve Chairman Jerome Powell, left, speaks during the Thomas Laubach Research Conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, on May 19, 2023. Bernanke will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis. (AP Photo/Andrew Harnik, File) FILE - Former Federal Reserve Chairman Ben Bernanke, center, accompanied by Federal Reserve Chairman Jerome Powell, left, speaks during the Thomas Laubach Research Conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, on May 19, 2023. Bernanke will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis. (AP Photo/Andrew Harnik, File) FILE - Former Federal Reserve Chairman Ben Bernanke, center, accompanied by Federal Reserve Chairman Jerome Powell, left, speaks during the Thomas Laubach Research Conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, on May 19, 2023. Bernanke will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis. (AP Photo/Andrew Harnik, File) Ben Bernanke, the former chairman of the U.S. Federal Reserve, will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s ... LONDON -- Former U.S. Federal Reserve Chairman Ben Bernanke will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis. Bernanke, who served as Federal Reserve chair from 2006-2014, will examine how procedures and analysis affected the decisions of the bank’s Monetary Policy Committee, which has approved 13 consecutive interest rate increases as it battles stubbornly high inflation. Some business leaders and government officials have suggested the bank’s response to the crisis was hamstrung by overly pessimistic forecasts of a recession that never materialized and overly optimistic expectations for a rapid drop in inflation. “The UK economy has faced a series of unprecedented and unpredictable shocks,’’ Bank of England Gov. Andrew Bailey said in a statement. ‘‘The review will allow us to take a step back and reflect on where our processes need to adapt to a world in which we increasingly face significant uncertainty.” While Britain’s inflation rate has dropped sharply after peaking at 11.1% in October, it remains higher than in the U.S. and European Union. The U.S. inflation rate fell to 3% last month after peaking at 9.1% in June of 2022. Bernanke, now a senior fellow at the Brookings Institution, oversaw the Fed in the years immediately after the 2008 financial crisis, a time of unprecedented turmoil in the global economy. “Forecasts are an important tool for central banks to assess the economic outlook,’’ Bernanke said in the statement. “But it is right to review the design and use of forecasts and their role in policymaking, in light of major economic shocks.”
Adidas to release second batch of Yeezy sneakers after breakup with Ye 2023-07-28 - FILE - Yeezy shoes made by Adidas are displayed at Laced Up, a sneaker resale store, in Paramus, N.J., on Oct. 25, 2022. Adidas is releasing a second batch of high-end Yeezy sneakers after cutting ties with rapper Ye, formerly known as Kanye West, as the shoemaker seeks to unload the unsold shoes while donating to groups fighting antisemitism. The online sale, to start Wednesday Aug. 2, 2023 through the Confirmed app, Adidas app and adidas.com, follows an earlier batch of sales in May. (AP Photo/Seth Wenig, File) FILE - Yeezy shoes made by Adidas are displayed at Laced Up, a sneaker resale store, in Paramus, N.J., on Oct. 25, 2022. Adidas is releasing a second batch of high-end Yeezy sneakers after cutting ties with rapper Ye, formerly known as Kanye West, as the shoemaker seeks to unload the unsold shoes while donating to groups fighting antisemitism. The online sale, to start Wednesday Aug. 2, 2023 through the Confirmed app, Adidas app and adidas.com, follows an earlier batch of sales in May. (AP Photo/Seth Wenig, File) FILE - Yeezy shoes made by Adidas are displayed at Laced Up, a sneaker resale store, in Paramus, N.J., on Oct. 25, 2022. Adidas is releasing a second batch of high-end Yeezy sneakers after cutting ties with rapper Ye, formerly known as Kanye West, as the shoemaker seeks to unload the unsold shoes while donating to groups fighting antisemitism. The online sale, to start Wednesday Aug. 2, 2023 through the Confirmed app, Adidas app and adidas.com, follows an earlier batch of sales in May. (AP Photo/Seth Wenig, File) FILE - Yeezy shoes made by Adidas are displayed at Laced Up, a sneaker resale store, in Paramus, N.J., on Oct. 25, 2022. Adidas is releasing a second batch of high-end Yeezy sneakers after cutting ties with rapper Ye, formerly known as Kanye West, as the shoemaker seeks to unload the unsold shoes while donating to groups fighting antisemitism. The online sale, to start Wednesday Aug. 2, 2023 through the Confirmed app, Adidas app and adidas.com, follows an earlier batch of sales in May. (AP Photo/Seth Wenig, File) Adidas is releasing a second batch of high-end Yeezy sneakers after cutting ties with rapper Ye, formerly known as Kanye West FRANKFURT, Germany -- Adidas said Friday that it is releasing a second batch of high-end Yeezy sneakers after cutting ties with rapper Ye, formerly known as Kanye West, as the German sportswear brand seeks to unload the unsold shoes while donating to groups fighting antisemitism. The online sale, to start Wednesday through Adidas smartphone apps and its website, follows an earlier set of sales in May. Models that will be available include the Yeezy Boost 350 V2, 500, and 700 as well as the Yeezy Slide and Foam RNR. The company cut ties with Ye in October after he made antisemitic and other offensive remarks online and in interviews. That left Adidas holding 1.2 billion euros ($1.3 billion) worth of unsold Yeezys and searching for a responsible way to dispose of them. Adidas CEO Bjørn Gulden said in May that selling the popular sneakers and donating some of the profits was the best solution to deal with the unsold inventory and make a difference. He said the company spoke with nongovernmental organizations and groups that were harmed by Ye’s comments and actions. Part of the profits from the sales of the Yeezy shoes will go to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, run by social justice advocate Philonise Floyd, the brother of George Floyd. Shoes sold directly by Adidas in North America will include blue square pins established by Robert Kraft's Foundation to Combat Anti-Semitism as a symbol of solidarity in rejecting antisemitism, the company said. The Anti-Defamation League calls the sale “a thoughtful and caring resolution” for the unsold merchandise and that “any attempt to turn the consequences of (Ye's) actions into something that ultimately benefits society and the people he has hurt is most welcome.” Adidas declined to give details on numbers of shoes that would be released for sale and how much of the proceeds would be donated. Asked if Ye would receive royalties from the sales, the company would only say that “we will honor our contractual obligations and enforce our rights but will not share any more details." The company said Monday that the first sale of Yeezy shoes helped its preliminary second-quarter financial results and contributed to it raising its outlook for the year — from a high single-digit decline in revenue to a mid-single digit decline. That would still amount to an operating loss of 450 million euros (more than $494 million) this year, instead of a loss of 700 million euros. Adidas, which reports its earnings for the first half of the year on Thursday, said it expected future Yeezy sales to further boost its results.