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Cargo ship had engine maintenance in port before it collided with Baltimore bridge, officials say None - The U.S. Coast Guard says the cargo ship that crashed into and collapsed a bridge in Baltimore underwent “routine engine maintenance” in port beforehand Cargo ship had engine maintenance in port before it collided with Baltimore bridge, officials say BALTIMORE -- The cargo ship that lost power and crashed into a bridge in Baltimore underwent “routine engine maintenance” in port beforehand, the U.S. Coast Guard said Wednesday, as divers recovered the bodies of two of six workers who plunged into the water when it collapsed. The others were presumed dead, and officials said search efforts had been exhausted. Investigators began collecting evidence from the vessel a day after it struck the Francis Scott Key Bridge. The bodies of the two men were located in the morning inside a red pickup submerged in about 25 feet (7.6 meters) of water near the bridge’s middle span, Col. Roland L. Butler Jr., superintendent of Maryland State Police, announced at an evening news conference. He identified the men as Alejandro Hernandez Fuentes, 35, who was from Mexico and living in Baltimore, and Dorlian Ronial Castillo Cabrera, 26, who was from Guatemala and living in Dundalk, Maryland. The victims, who were part of a construction crew fixing potholes on the bridge, were from Mexico, Guatemala, Honduras and El Salvador, Butler said. Maryland Gov. Wes Moore addressed their families in Spanish during the news conference, saying, “Estamos contigo, ahora y siempre,” which means, “we are with you, now and always.” All search efforts have been exhausted, and based on sonar scans, authorities “firmly” believe the other vehicles with victims are encased in material from the collapsed bridge, Butler said. Divers are to resume searching once the debris is cleared. Coast Guard Rear Admiral Shannon Gilreath said at the news conference that authorities were informed that the ship was going to undergo the maintenance. “As far as the engine goes, we were not informed of any problems with the vessel,” he said. The Baltimore region has reeled from the sudden loss of a major transportation link that's part of the highway loop around the city. The disaster also closed the port, which is vital to the city's shipping industry. National Transportation Safety Board officials boarded the ship to recover information from its electronics and paperwork and to interview the captain and other crew members, NTSB Chair Jennifer Homendy said during a separate news conference. Twenty-three people, including two pilots, were on the ship when it crashed, she said. The vessel was also carrying 56 containers of hazardous materials including corrosives, flammables and lithium ion batteries, Homendy said. She added that some containers were breached, and that a sheen on the water from those materials would be handled by authorities. Marcel Muise, NTSB investigator in charge, laid out a preliminary timeline assembled from the voyage data recorder comprising audio from the bridge and VHF radio ahead of the crash, which federal and state officials have said appeared to be an accident. The vessel, the Dali, left port at 12:39 a.m. Tuesday and, after it entered the channel, signs of trouble came at about 1:25 a.m. when numerous alarms sounded, according to the NTSB. About a minute later, steering commands and rudder orders were issued, and at 1:26 a.m. and 39 seconds, a pilot made a general radio call for nearby tug boats. Maryland Transportation Authority data from about the same time shows the pilot association dispatcher called the transportation authority's officer on duty about the blackout, the NTSB said. Just after 1:27 a.m., the pilot commanded the ship to drop an anchor on the left side of the ship and issued added steering commands. About 20 seconds later, the pilot issued a radio call reporting that the Dali had lost all power approaching the bridge. At about that time, the state transportation officer on duty radioed two of its units already stationed at each end of the bridge saying to close the bridge to vehicle traffic. They were already there because of the construction. Around 1:29 a.m., when the ship was traveling at about 8 mph (13 kph), recordings for about 30 seconds picked up sounds consistent with it colliding with the bridge, the NTSB said. A Transportation Authority dash camera also shows lights on the bridge going out. At 1:29 a.m. and 39 seconds, the pilot reported to the Coast Guard that the bridge was down. Muise said experts will review the entire voyage data recording and develop a detailed transcript. At least eight people initially went into the water when the ship struck the bridge column, and two of them were rescued Tuesday, officials said. Traffic was still crossing the span as the ship approached, and some vehicles appeared to escape with only seconds to spare. The crash caused the bridge to break and fall into the water within seconds. Authorities had just enough time to stop vehicle traffic. One officer parked sideways across the lanes and planned to drive onto the bridge to alert the construction crew once another officer arrived, but he did not get a chance. The debris complicated the search for the workers, according to a Homeland Security memo described to The Associated Press by a law enforcement official who was not authorized to discuss details of the document or the investigation and spoke on condition of anonymity. Gov. Moore said the divers faced dangerous conditions, among the mangled metal and low visibility. “They are down there in darkness where they can literally see about a foot in front of them,” Moore said. The Dali, which is managed by Synergy Marine Group, was headed from Baltimore to Sri Lanka. It is owned by Grace Ocean Private Ltd., and Danish shipping giant Maersk said it had chartered it. The vessel passed foreign port state inspections in June and September 2023. In the June inspection, a faulty monitor gauge for fuel pressure was rectified before departure, Singapore’s port authority said. The ship was traveling under a Singapore flag, and officials there said they will conduct their own investigation in addition to supporting U.S. authorities. The sudden loss of a highway that carries 30,000 vehicles a day and the port disruption will affect not only thousands of dockworkers and commuters but also U.S. consumers who are likely to feel the impact of shipping delays. “A lot of people don’t realize how important the port is just to everything,” said Cat Watson, who used the bridge to get to work every day and lives close enough that she was awakened by the collision. “We’re going to be feeling it for a very long time.” Baltimore is a busy entry point for vehicles made in Germany, Mexico, Japan and the United Kingdom, along with coal and farm equipment. Ship traffic has been suspended indefinitely. Windward Maritime, a maritime risk-management company, said its data shows a large increase in ships that are waiting for a port to go to, with some anchored outside Baltimore or nearby Annapolis. At the White House, Transportation Secretary Pete Buttigieg said the Biden administration was focused on reopening the port and rebuilding the bridge, which was completed in 1977. He did not put a timeline on those efforts, while noting that the original bridge took five years to construct. Buttigieg also planned to meet Thursday with supply chain officials. Barges, including some with cranes, were on their way to help remove the wreckage, Gilreath said. Homendy said the NTSB investigation could take 12 to 24 months but the agency may issue urgent safety recommendations sooner. A preliminary report should come in two to four weeks. “It’s a massive undertaking for an investigation,” Homendy said. From 1960 to 2015, there were 35 major bridge collapses worldwide due to ship or barge collisions, according to the World Association for Waterborne Transport Infrastructure. ___ Witte reported from Dundalk, Maryland. Associated Press journalists around the world contributed to this report, including Nathan Ellgren, Colleen Long, Sarah Brumfield, Rebecca Santana, Jake Offenhartz, Joshua Goodman, Ben Finley, Claudia Lauer, Juliet Linderman, Josh Boak, David McHugh, John Seewer, Michael Kunzelman, Mike Catalini, Sarah Rankin and Lisa Baumann.
Data from 73M current, former customers leaked on dark web, AT&T confirms None - Some 7.6 million current and 65.4 million former accounts are impacted, it said. Information for some 73 million current and former AT &T customers was recently posted on the dark web in a data breach, the telecommunications company confirmed on Saturday. "AT &T has determined that AT &T data-specific fields were contained in a data set released on the dark web approximately two weeks ago," the Dallas-based company said in a statement. AT &T said the affected data set appears to be from 2019 or earlier and impacts approximately 7.6 million current customers and approximately 65.4 million former account holders. The data set included personal information such as Social Security numbers, AT &T said. It is unclear if the data originated from AT &T or one of its vendors, the company said. BARCELONA, SPAIN - FEBRUARY 27: Attendants passing by AT&T's stand are seen during day 1 of Mobile World Congress 2023 at Fira Barcelona on February 27, 2023 in Barcelona, Spain. (Photo by Joan Cros Garcia - Corbis/Getty Images) Joan Cros Garcia - Corbis/Getty Images "AT &T has launched a robust investigation supported by internal and external cybersecurity experts," the company said. In a note to customers, the company said that a "number" of AT &T passcodes have been compromised and that it reset the passcodes for all impacted current customers. "In addition, we will be communicating with current and former account holders with compromised sensitive personal information," the company said. The compromised data does not appear to contain personal financial information or call history, AT &T said. TechCrunch reported that it had informed AT &T on Monday that the leaked data contained encrypted passcodes that were easy to decipher. This is not the first time the company has experienced issues this year. In February, an outage temporarily knocked out cellphone service for tens of thousands of customers in the U.S. The network disruption was caused by a software update, the company said at the time.
Powerball jackpot jumps to $975 million after another drawing without a big winner None - A Powerball jackpot climbed to an estimated $975 million after no one matched the six numbers drawn, continuing a nearly three-month stretch without a big winner Powerball jackpot jumps to $975 million after another drawing without a big winner DES MOINES, Iowa -- The Powerball jackpot climbed to an estimated $975 million after no one matched the six numbers drawn Saturday night, continuing a nearly three-month stretch without a big winner. The winning numbers drawn were: 12, 13, 33, 50, 52 and the red Powerball 23. No one has won Powerball’s top prize since New Year’s Day when a ticket in Michigan hit for $842.4 million, bringing the number of consecutive drawings without a jackpot winner to 38. That winless streak nears the record of 41 consecutive drawings, set twice in 2022 and 2021. The $975 million prize is for a sole winner who chooses an annuity paid over 30 years. A winner opting for cash would be paid $471.7 million. The prizes would be subject to federal taxes, and many states also tax lottery winnings. As the prizes grow, the drawings attract more ticket sales and the jackpots subsequently become harder to hit. The game’s long odds for Saturday’s drawing were 1 in 292.2 million. Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
‘When people want a treat they are looking for the Cadbury they know’: Mondelēz UK boss Louise Stigant on changing times None - It’s Easter and chocolate is very much on the menu. But it could be meltdown for the industry as the cost of cocoa soared to a historic high of more than $10,000 a tonne last week after two years of poor harvests in the key west African growing region. Sitting calmly among the relics of Cadbury’s history in the company archive, Louise Stigant, the boss of Mondelēz’s UK arm – which includes the British chocolate brand celebrating its 200th anniversary this year – is charged with making sure it has a future, as key ingredients, including sugar as well as cocoa, have soared in price. Half of the Easter eggs sold by the company are picked up in just two weeks of frantic trading, making it the second busiest time for chocolate brands behind Christmas. Consumers have had to grow accustomed to a higher cost of living over the past couple of years. Cadbury was no exception when it came to raising prices, increasing them on some products by more than 8% in January, on top of previous increases in 2023. There was also a controversial reduction in size of the main Dairy Milk bar in 2022 and of course the 2015 change in recipe of the Creme Egg. “We’re at 40-year record [cocoa price] highs. So it is very significant,” says Stigant. “We do have to make some choices that are tough choices, but we believe are right as we focus on making sure that [our chocolate bars] taste delicious.” She admits prices could rise again, or chocolate bars be trimmed down, “always as a last resort”, as the price of sugar and cocoa continues to increase and the business faces “considerable challenges”. “We understand the context that we’re playing in, we’ve taken decisions to absorb some of those costs over a period of time. And then we make very careful decisions about when and how we elevate our list price to our retailers, as a consequence of some of those input cost changes.” We’re in Bournville, where the smell of chocolate still wafts from the Cadbury factory over the Birmingham suburb 200 years after John Cadbury founded the brand. Around us are carefully displayed relics of some of the many iterations of its popular treats, from Dairy Milk and Wispa bars to Creme Eggs and Milk Tray boxes, but also those that no longer exist, such as Spira and Aztec bars and Cadbury’s Classic Ginger selection boxes. As the group tackles rising costs, Stigant says: “You only need to look around this room and the heritage that exists, and that sense of the nation’s favourite, [to see] that it is absolutely fundamental that when people pick up a [Cadbury’s product] it delivers against the quality and the taste that they’re expecting of us.” John Cadbury, a Quaker, began selling drinking chocolate in Bull Street, Birmingham, in 1824 as an alternative to alcohol, and began manufacturing in 1831 from a nearby warehouse. In 1879, John’s sons Richard and George moved the business to a rural area which they renamed Bournville, building workers’ cottages as well as a factory. In 2010, there were fears the brand would shift all production overseas after it was bought out by the giant US corporation Kraft. While a factory in Somerset was controversially closed not long after the takeover, not only do the streets of Bournville remain a chocolate box of social provision – with homes, sports fields and parks – but the factory, and eight other sites in the UK employ 4,000 people. Now part of Mondelēz – the snacking business that Kraft spun off in 2012 – Cadbury has brought back production of more Dairy Milk bars to the UK as well as Freddo and other brands. Stigant says the group has invested £270m in its UK sites, including its sciences lab in Reading. This business has changed. We’ve had to navigate lots of different opportunities and challenges Louise Stigant “Twelve years on, I would imagine that if you were to walk into most businesses they’ve changed, and this business has changed. We’ve had to navigate lots of different opportunities and challenges. And I think we’ve done that successfully. But I think that ethos, that underpinning of care for one another, and generosity of spirit, remains in the culture that we have today.” Stigant, who started her career with five years at the upmarket grocer Waitrose after taking a food marketing degree at Sheffield Polytechnic, is a walking example of a company that is prepared to do things differently. She fell into the food industry after enjoying a rather last-minute choice of a business studies A-level. Her interest in food came from her mother, an excellent cook as well as a hairdresser, while her father was a printer. “I had no experience of the world of sort of food or commerce,” she says. Stigant says she was “brought up on Cadbury” but it was Kraft that took her on from Waitrose in 1994, where she worked her way up to head Mondelēz’s UK business in 2018. As a relatively rare female business leader in the UK, Stigant says that “a really important element of how I want to show up when I come to work is helping people reach their potential and see their possibilities”. Another effort to maintain the Cadbury family ethos is an investment in Cocoa Life, which has been helping farmers to operate more sustainably, with an aim to secure all cocoa via the programme by the end of next year. About $400m has already been ploughed into initiatives including planting more trees, empowering women and tackling child labour in partnership with NGOs including Fairtrade, with a further $600m set aside until 2030 with the aim of supporting 300,000 farmers. Mondelēz’s research centre in Reading is also working on ways to help farmers improve cocoa yields in the face of more erratic weather caused by the climate crisis. The research includes creating a farm in Indonesia designed to “support a better robustness against climate change”. Then there is a totally different kind of research as the whole snacking industry faces increasing regulatory efforts in the battle against obesity. In England, restrictions on the marketing of food and drink that is high in fat, salt and sugar (HFSS) have so far been quite weak. Such products can no longer be displayed in prominent places in stores – such as aisle ends or by tills – but restrictions on advertising and multi-buy deals have been delayed until next year. Mondelēz is responding by developing products that fall outside the HFSS restrictions, such as its Fruitier & Nuttier trail mix and bars. It is also working on reduced sugar versions of Crunchie, Double Decker and Fudge, and has launched the relatively low calorie Delights, with 91 calories per serving. Those experiments come despite recently ditching a low-sugar version of the Dairy Milk bar less than five years after it launched because of lack of demand. “One thing we have learned is that when people want chocolate or a treat they are looking for that moment to be the Cadbury they know,” says Stigant. Executive summary Age 56 Family “Husband and two children, aged 22 and 25, who are all sport mad, and a crazy golden labrador.” Education Sheffield Polytechnic (food marketing sciences). Pay “I recognise the privileged position I am in, and the access to Cadbury chocolate is a real perk.” Last holiday Sri Lanka. Best advice she’s been given “Treat others as you’d like to be treated.” Biggest career mistake “Promoting a Jello easter egg mould … it was a wobbly career moment!” Phrase she overuses “What’s the worst that can happen?” How she relaxes “Laughing loudly with family and friends.”
Skins and feathers are as cruel as fur, the fashion industry is told None - Copenhagen fashion week has just announced that it will ban exotic skins and feathers from its catwalks next year, becoming the biggest industry event yet to do so. “Skål to Copenhagen fashion week for raising the bar for other events,” says the vice-president of corporate projects at People for the Ethical Treatment of Animals (Peta), Yvonne Taylor. “Now all eyes are on other fashion week organisers, who must follow suit.” Fair fashion campaigner Venetia La Manna agrees: “It really does prove to me that these organisation – fashion weeks, potential brands – can take these big steps when pushed.” But there is still a long way to go. While the prohibition follows similar moves from smaller fashion weeks, such as Stockholm and Melbourne, as well as brands such as Burberry and Chanel, it will be a while until exotic skins, including crocodile, snake, alligator and ostrich, as well as ostrich and peacock feathers, are considered cruel in the same way as fur. The catwalks of New York, London, Paris and Milan were only last month home to an aviary’s worth of feathers. They were abundant on the red carpets this awards season, too. While there has been no marked spike in the use of exotic animal skins, one of the most high-profile designs of the last year was the so-called Millionaire Speedy bag. Made out of crocodile skin, the Pharrell Williams design for Louis Vuitton lived up to its names with a price tag of $1m.Saltwater crocodiles have one of the most lusted-after skins in the industry, according to a report from the ethical fashion advocacy group Collective Fashion Justice, and “luxury brands such as Hermès and Louis Vuitton not only source these skins but now own factory farms themselves.” View image in fullscreen A guest pairs a fur coat with a black bag during Copenhagen fashion week AW24 in February. Photograph: Christian Vierig/Getty Images The case against fur has taken hold after many years of work by animal rights campaigners. It has now been banned by most of the luxury sector’s biggest brands, and in December the British Fashion Council also formally banned fur from London fashion week, although the ban has been tacit since 2018. But Emma Håkansson, the founding director of Collective Fashion Justice, says that while the industry has by and large “decided it’s unacceptable to kill an animal specifically for fashion”, she thinks it is yet to conceive of the cruelty involved in the feather supply chains, which most commonly involve ostriches, in the same way. There is a lack of education. “The mainstream consumer does not put two and two together and think there’s any cruelty involved in feathers,” she says. But there is abhorrent cruelty involved in both feathers and exotic skins, according to Peta’s Yvonne Taylor: “Snakes are pumped up with air or water while they’re still alive, and lizards are crudely decapitated. Workers ram metal rods down crocodiles’ spines and into alligators’ brains in an attempt to kill them.” Part of the issue is “the way that fashion separates the animal from the final product”, says Håkansson, whose organisation consulted with Copenhagen fashion week alongside World Animal Protection to persuade them to enact this policy. While researching feathers recently, she showed people a photo of a dress that had trimming made from ostrich feathers. The vast majority didn’t identify them correctly. The same is also true for brands. Last year, her investigation found that retailers including Asos, Boohoo and Selfridges had mislabelled real feathers as “faux”. Putting cruelty to one side, even if consumers do recognise feathers as animal-derived, or exotic skins as coming from crocodiles, La Manna highlights a cognitive dissonance: “We constantly withdraw ourselves from the realities of what goes into our clothes, whether that’s workers’ rights abuses, whether that’s gender-based violence, and of course animal cruelty.” She also thinks that people in the west are conditioned to be less likely to have a problem with cruelty towards a cold-blooded reptile than a furry mammal. Håkansson agrees that there’s an emotional barrier: “It’s really difficult for people to connect with the reality that a crocodile or a snake is absolutely sentient in the same way that a fox or a mink is,” she says. But for all the progress in the case of fur, even in that area there has been a backslide. “I think it’s honestly because the cool girls have started wearing it again,” says Le Manna. Not least to blame is the mob wife trend, which has seen massive fur coats and Sopranos-chic in vogue. “TikTok is all over this recycling your grandma’s fur,” said Hillary Taymour, the designer of the ethically minded brand Collina Strada. “This is jumpstarting a resurgence in the use of fur and faux fur in the industry. The trend is spreading like wildfire, and we saw it all over the fall collections.” While there is emphasis on rewearing vintage furs and upcycling materials, Taymour believes that it is the glamorisation that is “ultimately harmful. By creating and standing behind the trend, you are welcoming fast-fashion houses to run with [it].” Håkansson also believes that there has been a push by the industry to say that these materials, such as fur and leather, are natural as opposed to fossil fuel-derived synthetic materials. But, she points out, they are no longer biodegradable once they have been processed. The regression on fur may be linked to a broader trend of sustainability issues, so dominant in the fashion industry a few years ago, moving into the background. Håkansson suspects fatigue. “There was that early pandemic era, where there were dolphins in Venice, and everyone was excited about what the world could be. And then we just got a bit tired and went back into hyper-capitalist mode.” Taymour agrees that the conversation has quieted, citing increases in costs to produce garments, particularly sustainable ones, since the pandemic. “Large companies have fizzled out the conversation to continue to make margins,” she says. Håkansson hopes that people become more patient. “There’s a feeling that solutions, if they don’t happen overnight, won’t work.” But, she said, “people need to be willing to play a longer game.”
Markets News, April 1, 2024: Tech Spared Stock Pullback; Treasury Yields Jump After PCE None - Gold Reaches Record Highs and Retreats as Rate Cut Outlook Blurs Gold surged to a record high late Sunday as markets reacted to mixed inflation data released when markets were closed Friday. Data published Friday showed core inflation, which excludes volatile food and energy prices, decelerated to 2.8% in February from 2.9% the month before. That may have overshadowed an acceleration in the non-core rate to 2.5% from 2.4% in January. Gold futures jumped to $2,260 Sunday evening when commodities markets reopened and climbed throughout the evening to more than $2,285 early Monday. They have since pared their gains to trade around $2,261 an ounce. Prices dropped late Monday morning after data showed U.S. manufacturing activity picked up in March, raising doubts the Federal Reserve will cut interest rates as soon as markets had hoped. Gold prices are supported by declining interest rates because the commodity, as an investment with no yield, becomes more attractive as the yields of other instruments, like bonds and cash, decline. Gold has surged since mid-February when it traded for about $2,000 an ounce. Prices have been buoyed by both anticipation of lower interest rates as well as robust buying by central banks and, as evidenced by ETF inflows, interest from retail investors. What To Know Ahead of GE Vernova's and GE Aerospace's Split Tuesday General Electric (GE) will complete the changes it first announced in 2021 before markets open Tuesday, spinning off its energy-focused division from the aerospace division, with the entities becoming GE Vernova and GE Aerospace, respectively. GE Healthcare Technologies was spun off last year, and now trades under the ticker "GEHC." GE Vernova will trade under "GEV" starting Tuesday morning, and GE Aerospace will continue trading under the company's longtime "GE" ticker, the company announced in October. GE Vernova will also join the S&P 500 index Tuesday morning, replacing Dentsply Sirona (XRAY), which will be moved to the S&P Midcap 400 on Wednesday. The company has been on the road to these spinoffs for years, as it has sold a number of subsidiaries and undergone several restructurings since the financial crisis of 2008. The November 2021 announcement that it planned to split into three companies was the latest attempt to emphasize profitability and attract investors. While down 0.4% at $174.80 Monday afternoon, GE stock is up nearly 40% in 2024 and more than 80% in the last 12 months. GE Healthcare was down 1.8% Monday at $89.29 but is up about 15.5% this year and 53% since it spun off. -Aaron McDade 3M Completes Health Care Spinoff, and a Court Finalizes 'Forever Chemicals' Settlement Two big announcements sent 3M (MMM) shares higher on Monday. The first involved the completion of the spinoff of Solventum, its health care business, which became listed on the New York Stock Exchange (NYSE) under the ticker symbol SOLV. With the execution of the spinoff, Solventum joined the S&P 500, replacing V.F. Corp. (VFC), the owner of apparel brands including Vans and Supreme. 3M also reported that its legal settlement with public water utilities over so-called “forever chemicals” has received final approval from the federal district court in Charleston, S.C. The company said the agreement will cost $10.3 billion, with payments spread over 13 years. It noted that the first installment will be made in the third quarter of this year, provided there are no appeals. Shares of 3M were 5.3% higher Monday afternoon, while Solventum and V.F. Corp. shares fell 0.1% and 1.2%, respectively. -Bill McColl Micron Stock Surges to Record High After Bank of America Analysts Raise Price Target Micron Technology (MU) shares jumped to a record high on Monday after Bank of America analysts increased their price target for the stock, saying it is well-positioned to gain amid the artificial intelligence (AI) boom. Bank of America named Micron, alongside Marvell Technology (MRVL) and Advanced Micro Devices (AMD), as a "junior samurAI" poised to gain after its "top picks," Nvidia (NVDA) and Broadcom (AVGO). "Each 'junior samurAI' trades interestingly at a valuation premium to its respective leader, so greater stock volatility is to be expected," the analysts wrote, adding that "as the leader expands the [total addressable market], the junior can likely continue to carve a profitable niche." The Bank of America analysts lifted their price objective to $144 from $120 per share and reiterated a "buy" rating. Micron shares were up almost 7% to $125.75 Monday after earlier hitting an all-time high of $127.38. The stock has gained 53% since the start of 2024. -Naomi Buchanan Wall Street Is Bullish, But Not Euphoric, Says BofA The S&P 500 kicked off 2024 with its best first quarter in five years, but there’s still room for stocks to run, according to Bank of America equities analysts. BofA’s Sell Side Indicator (SSI), which tracks strategists’ average recommended allocation to equities, increased 22 basis points to 55% in March, its highest level since May 2022. Historically, the SSI has acted as a contrarian indicator, meaning that it flashes “Sell” when bullish equity allocations suggest the market is approaching overbought and “Buy” when allocations suggest the opposite. That means the indicator ticking up brings it closer to a “sell” signal. However, sentiment is “nowhere near euphoria,” according to BofA analyst Savita Subramanian. The indicator is in neutral territory and currently “indicates gains of +13% over the next 12m.” Plus, Subramanian expects value and dividend stocks to get a boost from this year’s interest rate cuts. Falling interest rates should lower the yield on bonds and cash. As a result, “trillions of dollars of cash in retirees’ accounts could shift to equity income.” AT&T Slips After Data Breach Affects Millions of Customers Shares in telecommunications bellwether AT&T Inc. (T) fell in early trading Monday after the company said on Saturday that it's investigating a data breach two weeks ago that leaked millions of customers’ personal details onto the dark web. The telecommunication giant’s preliminary analysis of the incident identified that the data contained information from 7.6 million current accounts and 65.4 million former accounts, including names, addresses, phone numbers, dates of birth, and Social Security numbers. AT&T said the compromised data set appears to be from 2019 or earlier and does not contain personal financial information or customers’ call history. “As of today, this incident has not had a material impact on AT&T’s operations,” the company said in a statement released on Saturday. Shares of AT&T were down 1.7% at $17.30 on Monday morning. They're up about 3% so far this year. -Timothy Smith UPS Replaces FedEx as USPS' Primary Air Cargo Provider United Parcel Service (UPS) announced Monday it is becoming the primary air cargo provider of the United States Postal Service (USPS), replacing FedEx (FDX) in the position. The shipping giant said it will become the primary air carrier, moving the majority of U.S. air cargo, after a "transition period." USPS and FedEx negotiated through March 29, before ending negotiations after not being able to reach "mutually agreeable terms," FedEx said in a statement. The company's current contract with USPS runs through Sept. 29, after which FedEx said it will "implement adjustments" to its network, and will continue cost-cutting efforts that have improved profitability in recent quarters. UPS shares fell 0.7% from their Thursday close at $147.59 Monday after the announcement, while FedEx was 2% lower at $284. -Aaron McDade Stocks Making the Biggest Moves Premarket Gains: Li Auto Inc. (LI): The Chinese electric vehicle maker’s shares rose nearly 4% after it reported better-than-expected deliveries in March. 3M (MMM): Shares of the industrial conglomerate rose about 3% after completing the spin-off of its healthcare business, Solventum. It also announced the approval of a settlement worth up to $12.5 billion, payable over the next 13 years. United Parcel Service (UPS): Shares of the delivery company ticked up about 2% after it said it had reached an agreement to become the U.S. Postal Service’s primary air cargo provider. Losses: MicroStrategy Inc. (MSTR): Shares of the software company slid about 5% after a regulatory filing showed Executive Chairman Michael Saylor sold almost 4,000 shares last week after a big run-up in the bitcoin bull’s stock. AT&T Inc. (T): Shares fell more than 2% after the telecom said on Saturday it was investigating a data breach that resulted in millions of customers’ data being leaked onto the dark web.
Alvin Bragg urges Judge Merchan to amend Trump gag order to include family members of court None - Claire McCaskill, former Senator from Missouri, Tim Heaphy former lead investigator for the January 6th Select Committee, and Andrew Weissmann, former top prosecutor at the Justice Department join Nicolle Wallace on Deadline White House with reaction to the former President spending his holiday weekend attacking members of Juan Marchan’s family and the breaking news of DA Alvin Bragg urging the judge to amend the gag order to include family members of the court. April 1, 2024
Person in custody after allegedly ramming car into Atlanta FBI building None - An FBI Atlanta spokesperson has confirmed there were no injuries and a suspect was taken into custody by police in DeKalb County.April 1, 2024
Hope Hicks expected to testify in Trump hush money trial None - Former White House aide Hope Hicks is expected to testify in former President Donald Trump’s New York hush money payment trial, according to a source with direct knowledge of the situation. NBC News’ Vaughn Hillyard reports on what information Hicks may be able to provide during her testimony.April 1, 2024
How major US stock indexes fared Monday, 4/1/2024 None - Stocks slipped from their record heights after a surprisingly strong report on U.S. manufacturing raised worries about how much interest rates could ease this year How major US stock indexes fared Monday, 4/1/2024 The Associated Press By The Associated Press Stocks slipped from their record heights after a surprisingly strong report on U.S. manufacturing raised worries about how much interest rates could ease this year. The S & P 500 fell 0.2% Monday, coming off an all-time high and its latest winning month. The Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite edged up 0.1%. Treasury yields climbed after a report said manufacturing unexpectedly returned to growth. That raised concerns about upward pressure on inflation, which could diminish the Federal Reserve’s desire to cut interest rates. Other updates this week could sway that view, including Friday’s jobs report. On Monday: The S & P 500 fell 10.58 points, or 0.2%, to 5,243.77. The Dow Jones Industrial Average fell 240.52 points, or 0.6%, to 39,566.85. The Nasdaq composite rose 17.37 points, or 0.1%, to 16,396.83. The Russell 2000 index of smaller companies fell 21.71 points, or 1%, to 2,102.84. For the year: The S & P 500 is up 473.94 points, or 9.9%. The Dow is up 1,877.31 points, or 5%. The Nasdaq is up 1,385.48 points, or 9.2%. The Russell 2000 is up 75.76 points, or 3.7%.
Mega Millions jackpot rises to $1.1 billion after another drawing without a big winner None - The Mega Millions jackpot climbed to an estimated $1.1 billion after no one matched the game’s six numbers, continuing a stretch of more than three months without a big winner Mega Millions jackpot rises to $1.1 billion after another drawing without a big winner DES MOINES, Iowa -- The Mega Millions jackpot climbed to an estimated $1.1 billion after no one matched the game’s six numbers Friday night, continuing a stretch of more than three months without a big winner. The numbers drawn were: 3, 8, 31, 35, 44, 16. The jackpot increased after a drawing for an estimated $977 million failed to produce a jackpot winner. No one has won the game’s jackpot since Dec. 8, a string of 30 consecutive drawings without anyone taking home the top prize. That has enabled the jackpot to slowly grow, week after week. The $1.1 billion prize is for a sole winner who chooses to be paid through an annuity over 30 years. Winners almost always opt for a cash payment, which for the next drawing Tuesday night is an estimated $525.8 million. A lucky player winning the $1.1 billion jackpot would take home the eighth largest in U.S. lottery history. The other U.S. lottery game, Powerball, has grown to an annuity jackpot of $750 million and a cash payout of $357.3 million. The next Powerball drawing is scheduled to take place Saturday night.
Biden OKs $60M in aid after Baltimore bridge collapse as governor warns of 'very long road ahead' None - Maryland Gov. Wes Moore has been granted $60 million in immediate federal aid but warns of a “very long road ahead” after the Baltimore bridge collapse Biden OKs $60M in aid after Baltimore bridge collapse as governor warns of 'very long road ahead' BALTIMORE -- Maryland Gov. Wes Moore warned Thursday of a “very long road ahead” to recover from the loss of Baltimore's Francis Scott Key Bridge as the Biden administration approved $60 million in immediate federal aid after the deadly collapse. Meanwhile the U.S. Army Corps of Engineers was moving the largest crane on the Eastern Seaboard to help remove the wreckage of the bridge, Moore said, so work to clear the channel and reopen the key shipping route can begin. The machine, which can lift up to 1,000 tons, was expected to arrive Thursday evening, and U.S. Sen. Chris Van Hollen said a second crane with a 400-ton capacity could arrive Saturday. The state is “deeply grateful” for the federal funds and support, Moore said at an evening news conference. Moore promised Thursday that “the best minds in the world” were working on plans to clear the debris, move the cargo ship that rammed into the bridge from the channel, recover the bodies of the four remaining workers presumed dead and investigate what went wrong. "Government is working hand in hand with industry to investigate the area, including the wreck, and remove the ship,” said Moore, a Democrat, who said the quick aid is needed to “lay the foundation for a rapid recovery.” President Joe Biden has pledged the federal government would pay the full cost of rebuilding the bridge. “This work is not going to take hours. This work is not going to take days. This work is not going to take weeks," Moore said. “We have a very long road ahead of us.” Van Hollen said 32 members of the Army Corps of Engineers are surveying the scene of the collapse and 38 Navy contractors are working on the salvage operation. The devastation left behind after the powerless cargo ship struck a support pillar early Tuesday is extensive. Divers recovered the bodies of two men from a pickup truck in the Patapsco River near the bridge’s middle span Wednesday, but officials said they have to start clearing the wreckage before anyone could reach the bodies of four other missing workers. State police have said that based on sonar scans, the vehicles appear to be encased in a “superstructure” of concrete and other debris. National Transportation Safety Board officials boarded the ship, the Dali, to recover information from its electronics and paperwork and to interview the captain and crew members. Investigators shared a preliminary timeline of events before the crash, which federal and state officials have said appeared to be an accident. “The best minds in the world are coming together to collect the information that we need to move forward with speed and safety in our response to this collapse," Moore said Thursday. Of the 21 crew members on the ship, 20 are from India, Randhir Jaiswal, the nation's foreign ministry spokesperson, told reporters. One was slightly injured and needed stitches, but “all are in good shape and good health,” Jaiswal said. The victims, who were part of a construction crew fixing potholes on the bridge, were from Mexico, Guatemala, Honduras and El Salvador, Butler said. At least eight people initially went into the water when the ship struck the bridge column, and two of them were rescued Tuesday, officials said. The crash caused the bridge to break and fall into the water within seconds. Authorities had just enough time to stop vehicle traffic, but didn't get a chance to alert the construction crew. During the Baltimore Orioles’ opening day game Thursday, Sgt. Paul Pastorek, Cpl. Jeremy Herbert and Officer Garry Kirts of the Maryland Transportation Authority were honored for their actions in halting bridge traffic and preventing further loss of life. The three said in a statement that they were “proud to carry out our duties as officers of this state to save the lives that we could.” The Dali, which is managed by Synergy Marine Group, was headed from Baltimore to Sri Lanka. It is owned by Grace Ocean Private Ltd. and was chartered by Danish shipping giant Maersk. Synergy extended sympathies to the victims' families in a statement early Thursday. “We deeply regret this incident and the problems it has caused for the people of Baltimore and the region’s economy that relies on this vitally important port,” Synergy said, noting that it would continue to cooperate with investigators. Scott Cowan, president of the International Longshoremen’s Association Local 333, said the union is scrambling to help its roughly 2,400 members whose jobs are at risk of drying up until shipping can resume in the Port of Baltimore. “If there’s no ships, there’s no work,” he said. “We’re doing everything we can.” The huge vessel, nearly as long as the Eiffel Tower is tall, was carrying nearly 4,700 shipping containers, 56 of them with hazardous materials inside. Fourteen of those were destroyed, officials said. However, industrial hygienists who evaluated the contents identified them as perfumes and soaps, according to the Key Bridge Joint Information Center. “There was no immediate threat to the environment,” the center said. About 21 gallons (80 liters) of oil from a bow thruster on the ship is believed to have caused a sheen in the waterway, Coast Guard Rear Adm. Shannon Gilreath said Thursday. Booms were placed to prevent any spreading, and state environmental officials were sampling the water. At the moment there are also cargo containers hanging dangerously off the side of the ship, Gilreath said, adding, “We’re trying to keep our first responders … as safe as possible.” Divers sent to work beneath the bridge debris and container ship will encounter challenging conditions, including limited visibility and moving currents, according to officials and expert observers. “Debris can be dangerous, especially when you can’t see what’s right in front of you,” said Donald Gibbons, an instructor with the Eastern Atlantic States Carpenters Technical Centers. The sudden loss of a highway that carries 30,000 vehicles a day and the port disruption will affect not only thousands of dockworkers and commuters but also U.S. consumers, who are likely to feel the impact of shipping delays. The governors of New York and New Jersey offered to take on cargo shipments that have been disrupted, to try to minimize supply chain problems. Transportation Secretary Pete Buttigieg, who met Thursday with supply chain officials, has said the Biden administration was focused on reopening the port and rebuilding the bridge, but he did not put a timeline on those efforts. From 1960 to 2015, there were 35 major bridge collapses worldwide due to ship or barge collisions, according to the World Association for Waterborne Transport Infrastructure. ___ This story has been updated to correct that 14 shipping containers holding hazardous materials were destroyed, according to the according to the Key Bridge Joint Information Center. Previously it said 13 were destroyed. ___ Witte reported from Annapolis, Maryland. Associated Press writers Sarah Brumfield in Washington and Krutika Pathi in New Delhi contributed.
United Airlines is asking pilots to take time off in May because of a shortage of new Boeing planes None - United Airlines is asking its pilots to take time off in May because the airline isn't getting as many new planes from Boeing as it expected United Airlines is asking pilots to take time off in May because of a shortage of new Boeing planes United Airlines is asking its pilots to take time off in May because of delays in receiving new planes that the airline ordered from Boeing, which is struggling with production due to manufacturing problems. A United spokesperson said Monday that the offer is voluntary. “Due to the recent delays in Boeing deliveries, our forecasted (flight hours) have been reduced and we are offering our pilots voluntary programs for the month of May to reduce excess staffing,” spokesperson Leslie Scott said. In a note to pilots obtained by The Associated Press, United said it expects to make similar requests during the summer and possibly into the fall. The Air Line Pilots Association said United is offering short-term leaves and unpaid time off, but they are not mandatory. Boeing declined to comment. United doesn't expect to get all the Boeing jetliners it ordered and was due to receive this year or next year. A month ago, United said it was contractually due 191 planes this year and 127 next year but expects to receive only 88 this year and 64 in 2025. Almost all of the shortfall consists of Boeing 737 Max planes, including a new, larger model. United had planned to begin flying 80 Max 10 jets this year. The Federal Aviation Administration has not yet certified the Max 10, however, and FAA approval is likely to be further delayed by increased scrutiny of Boeing since a panel blew out of an Alaska Airlines Max 9 in January. United is considering options to replace orders for the Max 10. Since the Alaska Airlines accident, federal regulators have been investigating production quality issues at Boeing, and the FAA has barred Boeing from increasing production of 737 Max jets. United previously said that it expects to lose money in the first quarter because its Max 9s were grounded for inspections for three weeks after the blowout on the Alaska plane. The Chicago-based airline is scheduled to release financial results April 16. United CEO Scott Kirby is one of several airline executives who have called out problems at Boeing and sought a meeting with Boeing directors. Boeing announced last week that CEO David Calhoun will step down at the end of the year as part of a leadership shakeup at the company. The head of Boeing's commercial-airplanes unit has already been replaced, and the chairman of the board will not stand for reelection in May. Shares of Boeing Co. fell 1.5%, while United Airlines Holdings was up less than 1% in afternoon trading Monday.
AT&T, FedEx fall; Ballard Power, Semtech rise, Monday, 4/1/2024 None - Stocks that are trading heavily or have substantial price changes on Monday: AT&T, FedEx fall; Ballard Power, Semtech The Associated Press By The Associated Press NEW YORK -- Stocks that are trading heavily or have substantial price changes on Monday: AT & T Inc. (T), down 25 cents to $17.35. The telecommunications giant said it discovered a data breach impacting millions of current and former customers. Elanco Animal Health Inc. (ELAN), down 23 cents to $16.05. The company reportedly reached a settlement with investment firm Ancora. Appian Corp. (APPN), down $2.11 to $37.85. The business process management software provider said its chief revenue officer resigned. Ballard Power Systems Inc. (BLDP), up 43 cents to $3.21. The fuel cell technology company announced a supply agreement with Solaris Bus & Coach. Semtech Corp. (SMTC), up $1.55 to $29.04. The chipmaker gave investors an encouraging revenue forecast. Guess Inc. (GES), up $1.67 to $33.14. The clothing company announced a $200 million stock buyback plan. Baxter International Inc. (BAX), up 86 cents to $43.60. The drug and medical device maker received regulatory clearance in the U.S. for an infusion pump. FedEx Corp. (FDX), down $7.30 to $282.44. The package delivery service said that its contract with the U.S. Postal Service expires in September.
Liberty Media to add MotoGP to a global racing portfolio that already includes F1 None - The American company that owns Formula 1 is adding to its global racing portfolio with the purchase of the MotoGP motorcycle racing series by the end of the year AUSTIN, Texas -- Liberty Media Corp., the American company that owns Formula 1, is adding to its global racing portfolio with the purchase of the MotoGP motorcycle racing series by the end of the year, MotoGP officials announced Monday. Liberty Media will acquire approximately 86% of Spain-based Dorna Sports, which owns the commercial and television rights for MotoGP, for about $4.5 billion (4.2 billion euros). Dorna said it would remain an independently run company run by Carmelo Ezpeleta, the series' chief executive since 1994. Liberty took over Formula 1 in 2017 and oversaw its growth in recent years, notably with the popular Netflix series “Drive to Survive,” and the addition of races in Miami and Las Vegas in the United States. MotoGP, the premier racing series for motorcycles, will hold 21 grand prix races on four continents in 2024. The next race is the Grand Prix of the Americas at the Circuit of the Americas in Austin, Texas, on April 14. The track built for Formula 1 has hosted MotoGP since 2013. Spanish rider Jorge Martin is this season's championship leader ahead of South Africa's Brad Binder after two races. “MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow generative financial profile," said Greg Maffei, Liberty Media president and CEO. "Carmelo and his management team have built a great sporting spectacle that we can expand to a wider global audience. The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.” ___ AP auto racing: https://apnews.com/apf-AutoRacing
Baltimore bridge collapse puts the highly specialized role of ship's pilot under the spotlight None - Two pilots were at the helm of the cargo ship Dali on Tuesday when it lost power and, minutes later, crashed into a pillar of the Francis Scott Key Bridge, causing the bridge to collapse and kill six construction workers The expert pilots who navigate massive ships in and out of Baltimore's port must often maneuver with just 2 feet (0.6 meter) of clearance from the channel floor and memorize charts, currents and every other possible maritime variable. The highly specialized role — in which a pilot temporarily takes control of a ship from its regular captain — is coming under the spotlight this week. Two pilots were at the helm of the cargo ship Dali about 1:25 a.m. Tuesday when it lost power and, minutes later, crashed into a pillar of the Francis Scott Key Bridge, causing the bridge to collapse and kill six construction workers. While the incident will undoubtedly raise larger questions about ship and port safety protocols, so far there is no indication the pilots on the Dali did anything wrong given the immediate situation they faced. The ship sent out a mayday call, which gave just enough time for authorities to close the bridge to traffic and likely prevented further deaths. The lead pilot also dropped an anchor, issued steering commands and called for help from nearby tugboats, according to a preliminary timeline outlined by the National Transportation Safety Board. But in the end, maritime experts say, there was likely nothing the pilots could have done to stop the 95,000-ton ship from ploughing into the bridge. "It’s completely their worst nightmare," said Capt. Allan Post, the deputy superintendent of the Texas A & M Maritime Academy in Galveston. “It is terrifying to even imagine not being able to control the vessel, and knowing what’s going to happen, and not being able to do anything about it.” Pilots are local knowledge experts, and they give commands to the bridge team for rudder and engine settings, and for what course to steer, Post said. U.S. pilots are typically graduates of maritime academies and have spent many years at sea before they join a lengthy apprentice program to learn every aspect of a local area, including memorizing charts, he said. “A ship's captain is a general practitioner, if I was to use a medical term,” Post said. “And a pilot would be a surgeon.” Ship pilots have been working in the Chesapeake Bay since 1640, and the Association of Maryland Pilots currently has 65 active pilots on its books. The association describes on its website how the bay throws up unique challenges, including that pilots must maneuver container ships that can sit nearly 48 feet (14.6 meters) deep in the water through the main Baltimore shipping channels, which are only 50 feet (15.2 meters) deep. “Pilots are on the front lines protecting the environmental and ecological balance of the Chesapeake Bay by ensuring the safe passage of these large ships that carry huge quantities of oil and other hazardous materials,” the association says on its site. The association, which didn't immediately respond to a request for comment, has issued a statement thanking first responders to the bridge accident and saying its members' thoughts and prayers are with the families of victims. There is lucrative pay for pilots because the job comes with plenty of responsibility and risk, Post said. On a typical day, he said, a pilot might make multiple trips. He or she would be assigned to one ship leaving a port, Post said, and then disembark to board a second, inbound ship. He said that of the two pilots assigned to the Dali, one would have been in command, with the second able to assist if necessary. He said that, typically, the ship's regular captain would also have been on the bridge, along with one of the watch officers and a couple of other crew. The NTSB timeline indicated the pilots had less than five minutes from when they first lost power to when the ship struck the pillar. “They had very little time from the start of the incident until the time they were upon the bridge," Post said. “I believe the pilots did what they could with the abilities that they had onboard the ship at the time to avoid the collision.”
200 cats, 200 dogs, one lab: the secrets of the pet food industry – podcast None - Pet food is a £120bn industry, with vast resources spent on working out how best to nourish and delight our beloved charges. But how do we know if we’re getting it right? By Vivian Ho How to listen to podcasts: everything you need to know
The rise and fall of Vice Media - podcast None - Vice Media is laying off hundreds of workers and no longer publishing journalism on its website. Sirin Kale and Sam Wolfson discuss their time at the company This episode was first played on our global news podcast, Today in Focus. Last month, Vice Media Group announced it would no longer be publishing on its website. The company, which filed for bankruptcy last year, is also laying off hundreds of its employees. Vice was once considered one of the biggest media organisations in the world, attracting support from wealthy investors and a dedicated millennial audience. So what went so wrong? Guardian journalists Sam Wolfson and Sirin Kale tell Hannah Moore about their time working as journalists at Vice, how the company built a digital media empire and the bad investments that took the company down.
Voters in Oklahoma town to decide whether to oust white nationalist from city council None - Voters in Oklahoma town to decide whether to oust white nationalist from city council Voters in an Oklahoma town are going to decide whether or not to oust a white nationalist city council member. NBC News' Brandy Zadrozny is in Enid, Oklahoma to explain more.April 2, 2024
Amazon is removing Just Walk Out technology from its Fresh grocery stores in the US None - Amazon is removing Just Walk Out technology from its Amazon Fresh stores as part of an effort to revamp the grocery chain Amazon is removing Just Walk Out technology from its Fresh grocery stores in the US NEW YORK -- Amazon is removing Just Walk Out technology from its Amazon Fresh stores as part of an effort to revamp the grocery chain. The company’s well-known technology lets customers pay for items without standing in line and sends them receipts afterwards. Amazon says it will now be replaced by smart carts that allow customers to skip the checkout line but also see their spending in real time. While redesigning Fresh stores in the past year, Amazon spokesperson Carly Golden said the company heard from customers who enjoy skipping the checkout line but also wanted to view their receipts and savings as they shopped. Golden said the smart carts will give customers these benefits as well as the convenience of skipping the checkout line. Amazon's decision was first reported by The Information. Seattle-based Amazon operates dozens of Fresh grocery stores across the country, most of which are in California, Illinois, Virginia and Washington state. The company also operates cashier-free convenience stores under the Amazon Go brand and owns Whole Foods, which it purchased in 2017 for $13.7 billion. Despite predictions Amazon’s entry into the grocery sector would disrupt the market, the company has struggled to find what works. In 2023, Amazon CEO Andy Jassy wrote in his annual letter to shareholders that Amazon was working to find the right formula that will allow it to have a larger impact on physical grocery. The company has shut down some Amazon Fresh and Go stores that weren’t living up to their promise and said early last year that it was pausing expansion on Fresh stores. In November, the company reopened three Fresh stores in Los Angeles, California. Golden, the Amazon spokesperson, said the company is now focused on “selectively” opening new Fresh stores and remodeling the majority of its existing stores. Just Walk Out technology will continue to be offered in Amazon Go stores and some smaller Amazon Fresh stores in the U.K., the company said. It will also continue offering the technology to third-party retailers.