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Supreme Court rejects Musk appeal over social media posts that must be approved by Tesla None - The Supreme Court has rejected an appeal from Elon Musk over a settlement with securities regulators that requires him to get approval in advance of some social media posts that relate to Tesla, the electric vehicle company he leads WASHINGTON -- The Supreme Court on Monday rejected an appeal from Elon Musk over a settlement with securities regulators that requires him to get approval in advance of some social media posts that relate to Tesla, the electric vehicle company he leads. The justices did not comment in leaving in place lower-court rulings against Musk, who complained that the requirement amounts to “prior restraint” on his speech in violation of the First Amendment. The case stems from messages Musk posted on in 2018 in which he claimed he had secured funding to take Tesla private. The tweets caused the company's share price to jump and led to a temporary halt in trading. The settlement with the Securities and Exchange Commission included a requirement that his posts on Twitter, now known as X, be approved first by a Tesla attorney. It also called for Musk and Tesla to pay civil fines over the tweets in which Musk said he had “funding secured” to take Tesla private at $420 per share. The funding wasn’t secured, and Tesla remains public. The SEC's initial enforcement action against Musk alleged that his tweets about going private violated antifraud provisions of securities laws. The agency began investigating whether Musk violated the settlement in 2021 when he did not get approval before asking followers on Twitter if he should sell 10% of his Tesla stock. Musk acquired Twitter in 2022.
Insider Q&A: Avelo Airlines CEO Andrew Levy describes the challenges of starting a new carrier None - It's not easy to break into the U.S. airline industry, which is dominated by four big carriers and a sprinkling of other niche players, but that didn't scare away Andrew Levy. Neither did a pandemic that briefly caused air travel to plummet more than 90%. In April 2021, while COVID-19 still raged and billions of dollars from taxpayers were propping up big airlines, Levy launched Avelo Airlines with flights between Burbank, California, and Las Vegas. The airline saves money by flying older Boeing 737 jets that can be bought at relatively low prices. It operates out of less-crowded and less-costly secondary airports, and flies routes that are ignored by the big airlines. Levy was involved in the launch of ValuJet, which became Allegiant Air, and he also did a stint as the chief financial officer of United Airlines before starting Avelo (it rhymes with yellow). He spoke with The Associated Press about the challenges of starting a new airline, how the carrier is doing, and plans to sell shares to the public. The answers were edited for length and clarity. A: Shortly after I left Allegiant in 2014, I actually started thinking about about doing this. The market had become very consolidated, and there was a lot of opportunity that was out there that wasn’t being served by the existing, incumbent carriers. You have these four behemoths that are massive, that are protected by the government it seems, because certainly they’re stronger than they have ever been, after the pandemic. My view was we had room for more. A: While there are these four behemoths, the toughest challenge, quite honestly, might even be the regulatory regime. For smaller companies like ours, it imposes these really substantial burdens on us. I’ll give you an example. For the (Department of Justice) lawsuit (against) JetBlue and Spirit, we had to go spend a ton of money on our end to produce documents for something that we really didn’t care how it ended up. And they’re trying to get us to do the same thing for Alaska-Hawaiian, which again, we could care less if Alaska and Hawaiian merge. A: Number one, you have an awareness issue. You want people to know that you exist. So that’s one challenge, which is more of a marketing challenge. The other challenge is of course getting people to trust you. Like, ‘Who are these people? Are they going to really get me there? What’s the airplane going to look like? Is it safe? Is it reliable? What happens if something goes wrong?’ All those questions that most consumers may have when they think about choosing an airline that perhaps they're unfamiliar with. You just have to focus on doing a really great job. Obviously not every flight is on time, but as time goes on I think people recognize that, hey, you know what? These guys offer a lot of value. We offer great convenience. A: There’s no great story there. I wish I could tell you it was. It was a play on two words: velocity, which is swift in Latin, and convenience. A: We actually have cash that generates interest income nowadays. Those are GAAP numbers where we have audited financials from Ernst & Young. These are real numbers with no adjustments or anything else. I’m not going to give you the numbers because we are a private company and so we have no real need to provide that kind of information. I’ll tell you that we made money in the first quarter as well. A: Most costs creep up over time for every airline because our labor costs are tied to pay scales, but it is very sustainable. It's based on how we designed the business. We distribute our product directly to the customer so we don’t use third-party intermediaries. We go in to smaller, more convenient, less-expensive airports. Your taxi times are lower; you're not burning gas. We spend money on things that matter, and that includes our people. Our pilot pay is very competitive. It's not the same as United Airlines, but it's extremely competitive. We operate older equipment also — midlife (Boeing) 737 NGs, and those are certainly less expensive than brand-new aircraft. They burn a little bit more gas, but not much, and we like that trade. There’s obviously two issues. The single biggest one is one we don’t control, which is when are the IPO markets going to be actually open and vibrant, and they're not right now. Beyond that, we have to be ready as a company. We put two straight quarters of profits ... so we expect every quarter this year to be profitable. We hope that we'll have a company that people would want to own, and hopefully by year end or sometime next year. There's no magic to being public for us. It’s just that historically that is typically the best way to access the capital markets for companies like ours. It is a very capital-intensive industry. A: There’s nothing more rewarding than taking control of of your destiny. Just make sure you know what you think you know about whatever it is you’re going to start. I think you have to be wired a certain way to want to do something like this because it’s unbelievably difficult. I've been at this now for almost six years. When we get to a certain point, I'll look back and feel really good about what we've done. We're not there yet, but we're getting close.
‘We are going to lay it on thick for her’: New details emerge from scheme in Trump hush money trial None - ‘We are going to lay it on thick for her’: New details emerge from scheme in Trump hush money trial Vaughn Hillyard, NBC News Correspondent and Lachlan Cartwright, Special Correspondent for The Hollywood Reporter join Nicolle Wallace on Deadline White House with reaction from Stormy Daniels and Karen McDougal’s attorney testifying in the Trump Hush Money trial about the conversations they had with the National Enquirer to suppress damaging stories about Donald Trump. April 30, 2024
'One of the most intense court days': What Ari Melber saw inside Trump’s criminal trial None - If Trump wins, it won't just be danger to our democracy posed by him, author warns
The GOP establishment’s favorite excuse for Trump is back None - Former Attorney General Bill Barr doesn’t want you to worry about a revelation from a White House communications director under then-President Donald Trump that Trump once suggested executing a staffer. “Right before I resigned,” Alyssa Farah Griffin said on “The View” in December, “I was in an Oval Office meeting with a dozen other staffers, and somebody had, he thinks, leaked a story about him going to the bunker during the George Floyd protests. And he said, ‘Whoever did that should be executed.’” Don’t be so concerned, Barr told CNN’s Kaitlan Collins on Friday. “The president would lose his temper and say things like that,” he admitted, but “I doubt he would have actually carried it out.” As the word “things” suggests, such wishes were a remarkably unremarkable occurrence in Trump’s White House, but “at the end of the day, it wouldn’t be carried out, and you could talk sense into him.” Are you not reassured? More Republicans will likely offer the excuse that Trump’s threats are temporary eruptions of his temper and not an indication of how he’d lead (or rule). In many ways, Barr’s hope that Trump won’t act as he says is emblematic of the old Republican Party establishment’s relationship with the former president. Well before Election Day 2016, most of the party’s elected officials and unelected powerbrokers insisted Trump could be taken “seriously, but not literally.” As his term unfolded, they clung to this fiction like shipwrecked sailors to a battered raft. Jan. 6 should have shattered that delusion. Yet, as Barr’s comments show, the passage of time has resurrected this belief, and as Election Day nears, more Republicans will likely offer the excuse that Trump’s threats are temporary eruptions of his temper and not an indication of how he’d lead (or rule). But the Trump of 2024 is not the Trump of 2016. The restraints that at times shielded the country from his worst impulses last term won’t be there this time. Since the night he announced his 2024 campaign, Trump’s third run for the White House has taken a different tone — and not just because he seems to garble his words with increasing frequency. The threats have become more sweeping and more serious. Rallies lionizing the (supposedly) “silent majority” have become dark recitals of grievances. As The New York Times’ Charles Homans wrote over the weekend, Trump’s “speeches, and the events that surround them, are about them — what they have done to Trump, and what Trump intends to do in return.” Now he labels his political enemies “vermin.” He warns that immigrants are “poisoning the blood” of the country. He pledges to be a dictator, but only on “day one.” He promises that “2024 is our final battle. … We will drive out the globalists, we will cast out the Communists, Marxists and Fascists, we will throw off the sick political class that hates our Country.” In Trump's term, chiefs of staff like John Kelly and H.R. McMaster and Cabinet secretaries like Jim Mattis and, yes, Barr himself occasionally staved off Trump’s worst ideas. But, over four years, those who dared to have second thoughts departed, voluntarily or involuntarily. By the end of Trump’s term, loyal lackeys encouraged his every impulse leading to Jan. 6. In fact, not even Barr expects that there will be any guardrails in a new Trump White House. Should Trump be elected again, the country will start from that depth, and only descend from there. Already, campaign staff at the Republican National Committee face loyalty tests that require them to say that Trump’s lies about the 2020 election are true. MAGA diehards lead the external planning for the new administration: the sweepingly vengeful Project 2025. A new interview with Time magazine’s Eric Cortellessa finds Trump planning what Cortellessa calls “an imperial presidency.” Trump and his allies float sending troops into liberal cities, using the Justice Department to pursue his political enemies and sweeping away checks on presidential power. And there’s no reason to believe anyone will “talk sense into him.” In fact, not even Barr expects that there will be any guardrails in a new Trump White House. It’s just “my feeling,” he told Collins, “having worked for him and seen him in action. I don’t think he would actually go and kill political rivals and things like that.” Again, are you not reassured? Barr isn’t alone in this wishful thinking. Earlier this month, New Hampshire Gov. Chris Sununu insisted that his support for Trump was “not about him as much as it is having a Republican administration — Republican secretaries, Republican rules.” And then there’s the slightly more subtle excuses of Republicans such Sen. Mitch McConnell, who told CBS’ “Face the Nation” that “I’m focusing on turning the Senate Republicans into the majority.” As for restraining the wannabe dictator, apparently someone else will handle that. As conservative Never Trumper and former Ted Cruz staffer Amanda Carpenter points out, the unspoken incentive for Barr and those like him is the desire to preserve power and influence. “Barr is a Washington operator,” she told the New Republic’s Greg Sargent, pointing to his new role leading a conservative alternative to the Chamber of Commerce. “For Trump’s second term, Bill Barr is looking for opportunities again.” The same can be said of McConnell, Sununu and other Republicans who flirted with speaking the truth about the presumptive nominee but are now falling in line. The irony is that, if Trump wins, these late shows of loyalty may not be enough. Before Barr’s endorsement, Trump called his former attorney general “Weak, Slow Moving, Lethargic, Gutless, and Lazy.” After Barr’s endorsement, Trump posted, “I am removing the word 'Lethargic' from my statement.” For now, though, bowing down may help men like Barr sleep at night, believing that their influence is secure. If only they were as concerned for the country.
US agency is investigating whether the recall of Tesla Autopilot driving system did enough to ensure drivers attention None - US agency is investigating whether the recall of Tesla Autopilot driving system did enough to ensure drivers attention US agency is investigating whether the recall of Tesla Autopilot driving system did enough to ensure drivers attention
Dua Lipa is all about 'Radical Optimism,' in her music and other pursuits None - Dua Lipa is all about 'Radical Optimism,' in her music and other pursuits NEW YORK -- NEW YORK (AP) — Dua Lipa is floating in the ocean, the sun just beginning to set behind her. She looks strong, serene — save for the looming threat of a massive shark, fin just breaching the surface a few feet away. The image is the cover of her third album, “Radical Optimism,” out Friday. It is an apt visual representation for an album about finding and protecting your peace in dangerous waters — a thematic maturation for the Grammy-award winning pop superstar, who has long identified her sound as “dance-crying." That cheeky term encapsulates the clubby jubilance of her biggest pop hits, but "Radical Optimism," with its psychedelic electro-pop, complicates it. “There’s definitely something more cathartic that comes with the third album,” she told The Associated Press recently. “'Future Nostalgia' was my chance for me to be able to do a very polished pop-dance-disco record,” she says of her 2020 sophomore release. “Radical Optimism,” alternatively, was informed by what she's learned from touring the world over the last few years — drawing influence from trip hop and Britpop and including newfound interest in live instrumentation. “It was so much more free flowing,” she says of her latest album's creative process. “And it didn’t have a formula, per se, but I always had that pop sensibility in the back of my mind. But I wanted to just experiment and try and create something new. But I think this was always kind of the album that I’ve always wanted to make.” In more ways than one: Around her first album, Lipa wrote down that she'd like to work with Tame Impala's Kevin Parker — specifically on her third album. The manifestation worked, and he became a crucial collaborator on “Radical Optimism." "It was almost like something deep down, instinctively, was telling me that it was something earned," she says. “That over time I would be able to go in and work with a creative that I was so inspired by, and to be in a room and learn from him." As for the album's title: “It’s euphoric, it’s togetherness,” she says. “Dance music has such a long history of creating such a safe space. And I just want to embody that,” she adds. She's been working hard to get there. Lipa, now 28, began her career at age 15, when she convinced her family to let her move from Kosovo to London, where she was born, to pursue a pop career. She went to school, modeled, and in 2017 released her eponymous debut album with the blockbuster dance-pop hits “New Rules” and “One Kiss.” Then came the nu-disco electropop of 2020’s “Future Nostalgia," which solidified her status as one of pop music's biggest players. Not bad for a unique voice in the streaming era, where capturing the attention of the masses — and sustaining it — has never been more of a challenge. In 2024, her pop songs contain a kind of learned elasticity. The melodies stack atop unusual synth sounds, the vocal range stretches (particularly on the cut “Falling Forever”), the dance breaks inspired by U.K. rave culture and format-benders Primal Scream and Massive Attack — they're all elements Lipa says she wouldn’t have dared attempt on her last album. That came from working with Parker, producer Danny L Harle, songwriter Tobias Jesso Jr. (known for his work with Harry Styles and Adele ), and Lipa's longtime collaborator Caroline Ailin. “She understands how to handle a lot of opinions in the room, including her own,” Jesso tells the AP. "She doesn’t value hers above anyone else’s, she simply uses the ones which work best for what she is trying to achieve.” “We were a band,” Lipa says of the group. The first day they wrote “Illusion.” The second day, “Happy for You.” ("I’d never written a song like that before," she points out. “And I loved that version of myself.”) The third day, the post-disco pop of "Whatcha Doing." In bright, airy studios in London and Malibu, they finessed what would become Lipa's most ambitious — and euphoric-sounding — record to date. That experimentation appears across Lipa's endeavors, too. She's acting more — “little baby roles!” she says with a smile — after playing Mermaid Barbie in the blockbuster “Barbie” (she also contributed the ubiquitous, Grammy-nominated song “Dance the Night” to the soundtrack ) and LaGrange, a sultry spy in “Argylle” (a brief performance AP film critic Jake Coyle described as the movie's best few minutes ). In 2022, she founded a newsletter called Service95, what she views as an extension of a childhood blog, to “tell stories from all around the world, not solely from a Western lens,” she says. It has grown into a website, podcast and book club: “It's just another hobby of mine that I’ve somehow managed to turn into a job, which is just great,” she says, smiling. “My day job, which is my music career, which I love, comes with constantly being online. And I think for me, at least now I’m searching for other things, and not doomscrolling on ," she says of her media enterprise. "At least this way I’m like learning something new about the world. I love having that kind of duality in my life.” It's a duality fueled by curiosity, like when Lipa made headlines late last year for challenging Apple CEO Tim Cook in an interview on her podcast over reports of children in the Democratic Republic of Congo mining cobalt for iPhones. “That was scary, and really exciting,” she says. “You never really know what to expect when you go in to interview someone.” A few days after visiting the AP's New York headquarters, Lipa appears at a public high school on the Upper East Side of Manhattan to speak to students in a conversation moderated by Drew Barrymore. “One of the things I admire about her is how incredibly intelligent she is,” Barrymore says in her introduction, commending Lipa for not only being an “icon,” but someone who is “globally aware.” In conversation, Lipa is generous and warm, particularly to a freshman drama student named Dolce, who is also Albanian, and expresses a desire to make it in the entertainment industry. Lipa tells her that identity, intentionally or not, is woven into her music. At the end of the event, Lipa says she feels "optimistic about life overall, everything that comes with it,” and takes a moment to look out at the audience. “I'm the most optimistic about the next generation.” And then, almost as swiftly as she arrived, Lipa leaves. A lingering positivity permeates the air. It recalls something she told the AP earlier in the week: that she strives to be “violently happy" in life and in her endeavors. “You sometimes have to push yourself into that feeling,” she says. Remaining grateful is “definitely a muscle that needs to be exercised.” On "Radical Optimism," she's written the workout soundtrack.
5 takeaways from the global negotiations on a treaty to end plastic pollution None - The world’s nations finished a round of negotiations early Tuesday on a treaty to end plastic pollution and made more progress than they have in three prior meetings OTTAWA, Ontario -- The world’s nations finished a round of negotiations early Tuesday on a treaty to end plastic pollution and made more progress than they have in three prior meetings. Coming into Ottawa, many feared the effort would stall to craft the first legally binding treaty on plastics pollution, including in the oceans. The last meeting was marred by disagreements and there was much left to do. But instead, there has been a “monumental change in the tone and in the energy," said Julie Dabrusin, a Canadian parliamentary secretary. It was the fourth Intergovernmental Negotiating Committee on Plastic Pollution session. For the first time, the nations began negotiating over the text of what is supposed to become a global treaty. They agreed to keep working between now and the next and final committee meeting this fall in South Korea. “We are working toward a world where we won’t have plastic litter everywhere in our ecosystems," Jyoti Mathur-Filipp, the executive secretary of the committee, said in an interview. “The energy is there, the will is there and I know we will get an instrument by the end of the year." Here are some of the biggest takeaways from the meeting: NATIONS ARE NEGOTIATING The talk shifted in Ottawa from sharing ideas to negotiating treaty language. Finally, said Santos Virgílio, Angola’s chief negotiator. Time was wasted in previous meetings, Virgílio said, but this time many arguments had been exhausted and it was time to find solutions. “It’s big, because we have been going round and round during these sessions without showing direction,” he said in an interview. “But at least now, people are showing, OK, they have goodwill.” LIMITING HOW MUCH PLASTIC IS MADE IS ON THE TABLE Most contentious is the idea of limiting how much plastic is manufactured globally. Currently, that remains in the text over the strong objections of plastic-producing countries and companies and oil and gas exporters. Most plastic is made from fossil fuels and chemicals. Graham Forbes, head of the Greenpeace delegation in Ottawa, said massively reducing plastic production is the most important thing the treaty can do because it's impossible to end plastic pollution otherwise. Plastic production continues to ramp up globally and is projected to double or triple by 2050 if nothing changes. Plastic producers and chemical companies want a treaty that focuses on recycling plastic and reuse, sometimes referred to as “circularity.” TREATY WORK WILL CONTINUE UNTIL THE NEXT MEETING The negotiators agreed to keep working on the treaty in the coming months. Expert working groups will collect information and expertise to inform the negotiations at the final meeting in South Korea in the fall. Without this preparation work between meetings, it would've been daunting to complete the negotiations this year. The topics they’ll work on in between sessions are one indication of their priorities for the final round of talks. Plastic production won't be a focus for the working groups. Instead they will focus on how to finance the implementation of the treaty, assess the chemicals of concern in plastic products and look at how products are designed. Environmental groups were frustrated that production cuts won't be part of the work between now and the fall meeting. MANY BORE WITNESS TO PLASTIC POLLUTION Waste pickers have been on the frontlines of trying to solve plastic pollution for decades, said John Chweya, a 33-year-old waste picker representing Kenyan waste pickers. They collect, sort, recycle and sell plastics that would otherwise pile up or be burned. They're exposed to hazardous materials and can suffer from respiratory illnesses, skin infections and other diseases. They want a treaty that recognizes the role they play and helps waste pickers transition to safer jobs. “We’ve given this problem that this treaty is trying to solve our lives," Chweya said. In Malawi, Tiwonge Mzumara-Gawa sees plastic bags littering the lands where goats and cows graze and people burning waste behind their homes because there is no waste collection. She believes it'll take a global agreement for the national government to do more to address plastic pollution. Mzumara-Gawa is a campaigner for the Christian charity Tearfund. Frankie Orona told negotiators their decisions affect peoples' lives and health. Indigenous land, water and air are being contaminated as fossil fuels are extracted and plastic is manufactured using hazardous chemicals, said Orona, executive director of the Texas-based Society of Native Nations. “We're here to make sure our voices are being heard,” he said. “Our communities have been disproportionately impacted for decades, Indigenous and black and brown communities.” NEGOTIATORS AIM TO FINALIZE TREATY THIS FALL They plan to finish negotiating in South Korea so the treaty can be adopted next year at a diplomatic conference. It’s an extremely short timeline for negotiations, meant to match the urgency of the problem. Dabrusin, of Canada, said she's more hopeful than ever that an ambitious treaty to end plastic pollution will be adopted on schedule. Over the past week, she said she has heard from so many people that this is what they want — from businesses and environmental advocates to waste pickers and residents of communities littered with plastic. “We're hearing many voices coming together,” she said. “That’s a beautiful moment when you can see that synergy, that it’s economic, it's environmental, it’s for health reasons. And there is that momentum right now.” ___ The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
Europe's economy shows signs of life with 0.3% growth in 1st quarter as inflation, energy woes ease None - Europe’s economy perked up slightly at the start of the year, recording 0.3% growth in the January-March quarter as the inflation burden on consumers eased and the stagnating German economy, the continent’s biggest, started to show modest signs of life FRANKFURT, Germany -- Europe's economy perked up slightly at the start of the year, recording 0.3% growth in the January-March quarter compared to the last three months of 2023 as the inflation burden on consumers eased and the stagnating German economy, the continent's biggest, started to show modest signs of life. The 20-country eurozone recorded its strongest performance since the third quarter of 2022 and improved on shrinkage of 0.1% in each of the last two quarters of 2023, according to official figures released Tuesday by the European Union's statistical agency Eurostat. The economy had been held back by high inflation that has sapped consumer purchasing power, and by an energy price spike related to Russia cutting off most supplies of natural gas. Those headwinds have eased as energy prices have fallen and as inflation fell to 2.4% in April. But record high interest rates from the European Central Bank aimed at driving down inflation added another hurdle by raising the cost of credit for businesses and consumers. Inflation is now not that far from the goal of 2% set by the European Central Bank, leading to speculation that the central bank for the eurozone may cut its benchmark rate in June from its current record high of 4%. Germany, whose economic sluggishness has provoked ongoing debate about how to restore the economy to growth, expanded 0.2% in the first three months of the year after shrinking 0.5% at the end of last year. The uptick is welcome but is unlikely to end concerns about long-term issues plaguing Germany such as excessive bureaucracy, shortage of skilled workers, insufficient investment in infrastructure such as rail networks and high-speed internet, and lagging introduction of digital technology in business and government. “Germany’s well-known structural weaknesses will not disappear overnight and will limit the pace of any rebound this year,” said Carsten Brzeski, globl head of macro at ING bank. France, the second-largest eurozone economy, turned in 0.2% growth while Spain was one of the leading performers with 0.7%. The overall eurozone figure was pushed upward by a 1.1% gain in Ireland, whose economic statistics reflect the multinational corporations that are headquartered there.
Zimbabwe's ZiG is the world's newest currency and its latest attempt to resolve a money crisis None - Zimbabwe has started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people Zimbabwe's ZiG is the world's newest currency and its latest attempt to resolve a money crisis HARARE, Zimbabwe -- Out with the Zimbabwe dollar, in with the ZiG. Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people. The ZiG was introduced electronically in early April, but people are now able to use banknotes and coins. It's the southern African country's latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency. Since it was launched electronically on April 5, the ZiG — short for Zimbabwe Gold and backed by the country's gold reserves — appears to be heading down the same path of mistrust, with some government departments refusing to accept it. The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent, one of the world's worst currency crashes to date. That set off a chaotic series of events: first the U.S. dollar was allowed as legal tender, then banned, then unbanned. A new “bond note” became legal tender, the Zimbabwe dollar was reintroduced before the gold coins and digital currency were tried. However, nothing brought any currency stability and the U.S. dollar remains the most trusted for ordinary Zimbabweans. As the shiny new ZiG banknotes hit the streets, the mistrust was evident. Kudzanayi Mande, a vegetable trader at the crowded Mbare market in the capital of Harare, said she would rather forgo a sale than accept the ZiG. She was confused, the 56-year-old said. “Already there is an official exchange rate and a depreciated black market rate, so I will wait a bit to see what its real value is,” she said. "The U.S. dollar is still a safer bet.” The government has allowed some businesses, such as gas stations, to refuse to accept the ZiG in favor of U.S. dollars. Some departments, like the office that issues and renews passports, accept only U.S. dollars. At the same time, other businesses are being ordered to only use the ZiG, and face punishment if they don't. “The government prints the money so it should be the first to accept the currency and everyone else will follow," said Gift Mugano, an economics professor at South Africa’s Durban University of Technology. “Otherwise it is behaving like someone who feeds on takeaways but wants others to eat the food they cook,” Mugano said. "It becomes suspicious.” Many in Zimbabwe still remember when a 100 trillion Zimbabwe dollar banknote was printed in 2009 at the height of the hyperinflation to keep up with spiraling prices. At one point, a loaf of bread cost more than 500 million Zimbabwe dollars. Prices would change from when customers walked into a grocery store to when they lined up to pay at the cash register. Restaurants stopped displaying prices on menus as they would go up over the course of a dinner. People lugged around bags stuffed with banknotes. Savings and pensions became worthless. Through the ordeals, the greenback remained precious — and highly valued on the black market. Across Zimbabwe, the U.S. dollar is still widely used, from paying rent and school fees to buying groceries. Many take their local currency earnings to the black market to exchange for dollars since banks don't give out U.S. dollars. Some people stash their U.S. dollars at home. The government of President Emmerson Mnangagwa has taken a hard-line approach — dozens of black market currency dealers were arrested and have been in pretrial detention for weeks, accused of trying to undermine the new currency. After the ZiG was introduced electronically, bank accounts of some businesses were frozen, accused by the government of rejecting the new currency. Authorities say they have faith in the ZiG because it's backed by the country's gold reserves. Mnangagwa said in a speech on Monday it was a matter of “our national identity and dignity” to trust the ZiG. Though some hopeful Zimbabweans headed for the banks Tuesday to get their hands on the new currency, many remained skeptical after two decades of turmoil. An online news outlet published a political cartoon showing a policeman struggling to hold up a collapsing house with the word ZiG on it. The caption: “World’s first police backed currency.” ___ Follow AP Africa news: https://apnews.com/hub/africa
Meta under fire from European Union for not doing enough about election disinformation None - The European Union says it’s investigating Facebook and Instagram for suspected violations of the bloc’s digital rulebook, including not doing enough to protect users from foreign disinformation ahead of EU-wide elections Meta under fire from European Union for not doing enough about election disinformation LONDON -- The European Union said Tuesday that it's investigating and Instagram for suspected violations of the bloc's digital rulebook, including not doing enough to protect users from foreign disinformation ahead of EU-wide elections. The European Commission, the EU's executive arm, said it's opening formal proceedings into whether parent company Meta Platforms breached the Digital Services Act, a sweeping set of regulations designed to protect internet users and clean up social media platforms under threat of hefty fines worth up to 6% of annual revenue. European authorities are scrambling to safeguard elections amid official warnings that Russia is seeking to meddle with the vote in June, when citizens of the bloc's 27 nations pick lawmakers for the European Parliament. The investigation includes an urgent request for Meta to provide information about its move to discontinue a key tool for monitoring elections. “We have a well established process for identifying and mitigating risks on our platforms," Meta said in a statement. "We look forward to continuing our cooperation with the European Commission and providing them with further details of this work.” Meta is being scrutinized “for suspected breach of DSA obligations to protect integrity of elections," European Commissioner Thierry Breton said in a social media post. The Commission said it's looking into whether Meta is doing enough to curb the spread of “deceptive advertisements, disinformation campaigns and coordinated inauthentic behaviour” that could pose a risk to “electoral processes” and consumer protection. Officials said they suspected Meta's content moderation system for advertisements was inadequate, allowing ads made with generative AI including deepfakes to exploited by malicious foreign actors seeking to meddle in elections even as the company makes money from them. Experts worry that new generative AI systems could be used to disrupt the many elections being held around the world this year, by supercharging the ability to spread disinformation at scale. The EU also suspects that Facebook and Instagram might be reducing the visibility in recommendation feeds of political content from accounts that pump out a lot of it - a practice known as shadowbanning - and not being transparent about it with users, which would violate the DSA. A third concern is Meta's decision to phase out Crowdtangle, a tool used by researchers, journalists and civil society groups for real-time monitoring of trending social media posts including during elections. The Commission is giving Meta five days to respond with information on how it will remedy the lack of such a tool. The Commission is also investigating whether Meta's mechanism for users to flag illegal content is good enough under the DSA, because it suspects it's neither easy to access nor user-friendly. Brussels has been cracking down on tech companies since the DSA took effect last year, opening investigations into social media sites TikTok and X and ecommerce platform AliExpress. TikTok bowed to EU pressure last week and halted a reward feature on its new app after the Commission started demanding answers about it.
Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing None - Months after a catastrophic fire burned more than 2,200 homes and killed 101 people in Hawaii, some property owners are getting more bad news — their property insurance won’t be renewed because their insurance company has deemed the risk too high BOISE, Idaho -- Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won't be renewed because their insurance company has deemed the risk too high. It's a problem that has played out in states across the U.S. as climate change and increasing development has raised the risks of wildfires and other natural disasters damaging communities. Insurance providers, state regulators and researchers are grappling with how to keep the insurance companies in business while keeping residents and their properties insured and protected. “I think most of the insurers, you know, I’m very grateful that they’re committed to the Hawaii market, so we haven’t seen wholesale withdrawals,” after the Aug. 8, 2023 fire burned through Lahaina and killed 101 people, Hawaii Insurance Commissioner Gordon Ito said during a Wildfire Risk Forum for insurance commissioners held at the National Interagency Fire Center in Boise, Idaho. But one or two insurance companies have stopped renewing policies for wood structures like townhomes that are in wildfire risk areas, Ito said Monday, in part because the companies have seen their own insurance costs climb. Property insurers typically have their own insurance coverage to help when there are big payouts, like the roughly $3 billion in claims that have been paid so far on an estimated $6 billion in damages from the Lahaina fire. But those “reinsurance” rates are climbing, Ito said, and that’s forcing some companies to reevaluate the policies they are willing to issue to residents. The same thing happened in Colorado after the 2021 Marshall Fire destroyed 1,100 homes in Boulder County, causing an estimated $2 billion in damage, said Colorado Division of Insurance deputy commissioner Jason Lapham. Last year, Colorado lawmakers authorized the creation of the Fair Access to Insurance Requirements (FAIR) Plan, which is expected to provide bare-bones property insurance coverage for residents who can’t get insurance from a private company starting in 2025. Other states like California, Louisiana and Florida have also resorted to providing their own state-affiliated “insurers of last resort,” which can fill in the gap when when the private insurance market abandons an area because of natural disaster risk. Insurance industry researchers say part of the solution could come from homeowners taking steps to make their properties more fire-resistant. “This peril is a preventable peril, and it will take a will to change and do something different,” said Anne Cope, the chief engineer for the Insurance Institute for Business & Home Safety. She later demonstrated her point by taking the commissioners to two nearly identical buildings — one made out of fire-resistant materials with plenty of space between landscaping and the structure, and the other built with traditional materials and landscaping. Small fires were started next to each building, and the fire-resistant one remained mostly undamaged while the traditional building was quickly engulfed and burned to the ground. Research shows that protecting homes from blowing embers using fire-resistant roofs and gutters and keeping the area around a home free of easily flammable material makes a big difference, Cope said. In the early 1970s, the U.S. had more annual fire deaths than any other industrialized nation, Cope told the insurance commissioners, but a 1973 government-commissioned report on the problem called “America Burning” led to dramatic improvements, in part because of the widespread adoption of smoke detectors and building codes. “We can do that here with suburban conflagration,” Cope said, by protecting homes from blowing embers using fire-resistant roofs and gutters and taking other basic steps like keeping defensible space around a home. Wood roofing materials are not only more statistically likely to lead to the destruction of their own building in a fire but also to the destruction of 10 other buildings nearby, she said. Juniper bushes and wooden fences and decks near homes are also likely fire entry points, as are gutters that are filled with debris. Once one building in a community catches fire, the problem quickly compounds — while forest fires and other wildland fires generally produce small blowing embers that are quickly extinguished, structure fires create much larger embers that can be as big as a human hand, Cope said. Those big, chunky embers carry enough fuel with them to keep burning once they land on another structure, quickly setting it aflame. The economic effects of a catastrophic fire last for years, said Ito. Insurance companies in Hawaii have already paid roughly 80% of the claims filed for personal property, nearly 100% of the claims filed for motor vehicles and about half of the commercial insurance claims, he said. Commercial insurance claims typically take longer because additional records are needed to document the losses sustained by a business. But that's just the recoverable losses. The economy has been devastated by the lack of tax revenue, more than 2,000 displaced residents are still living in hotels, and rebuilding hasn’t started yet, Ito said. Lahaina was a major destination for visitors, and the fires will likely lead to an ongoing reduction of about 10% or 15% in revenue for the state’s tourism industry, he said. “And to me, the heartbreaking thing ... there’s quite a few Lahaina survivors that cannot afford to stay and have chosen to leave the islands because of the lack of housing availability,” said Ito. “And so that’s, I think, the biggest impact.”
Federal Reserve to discuss interest rates at they remain at 23-year high None - Federal Reserve to discuss interest rates at they remain at 23-year high CBS News business analyst Jill Schlesinger breaks down what to know as the Federal Reserve is set to meet to discuss interest rates that remain at a 23-year high since last summer.
Vendor that mishandled Penn. virus data to pay $2.7M in federal whistleblower case None - A staffing company that performed COVID-19 contact tracing for Pennsylvania and exposed the private medical information of about 72,000 residents will pay $2.7 million in a settlement with the U.S. Justice Department and a whistleblower A large staffing firm that performed COVID-19 contact tracing for Pennsylvania and exposed the private medical information of about 72,000 residents will pay $2.7 million in a settlement with the Justice Department and a company whistleblower, federal prosecutors announced Wednesday. The Pennsylvania Department of Health paid Atlanta-based Insight Global tens of millions of dollars to administer the state’s contact tracing program during the height of the pandemic. The company was responsible for identifying and contacting people who had been exposed to the coronavirus so they could quarantine. Employees used unauthorized Google accounts — readily viewable online — to store names, phone numbers, email addresses, COVID-19 exposure status, sexual orientations and other information about residents who had been reached for contact tracing, even though the company’s contract with the state required it to safeguard such data. State health officials fired Insight Global in 2021 after the data breach came to light. A subsequent federal whistleblower lawsuit alleged that Insight Global secured its lucrative contract with Pennsylvania knowing that it lacked secure computer systems and adequate cybersecurity. The whistleblower — a former Insight Global contractor — complained to company management that residents' health information was potentially accessible to the public, according to the lawsuit. The company initially ignored her, then, when pressed, told the whistleblower “it was not willing to pay for the necessary computer security systems and instead preferred to use its contract funds to hire large numbers of workers,” the lawsuit said. It took Insight Global five months to start securing residents' protected medical information, according to the U.S. Justice Department. “Contractors for the government who do not follow procedures to safeguard individuals’ personal health information will be held accountable,” Maureen R. Dixon, who heads up the inspector general's office at the U.S. Department of Health and Human Services, said Wednesday in a statement on the settlement, of which the whistleblower is set to receive nearly $500,000. Insight Global, which has about 70 offices in the U.S., Canada and the U.K., has previously acknowledged it mishandled sensitive information and apologized. The company said at the time it only belatedly became aware that employees had set up the unauthorized Google accounts for sharing information. A message was sent to the company Wednesday seeking comment on the settlement.
Fed holds interest rates steady at highest level since 2001 None - The U.S. economy has faced a months-long stretch of stubborn inflation. The Federal Reserve decided to hold its benchmark interest rate steady on Wednesday, postponing highly anticipated rate cuts as elevated inflation continues to burden U.S. households. The announcement arrives days after new government data showed that the economy is cooling off. The slowdown has coincided with a months-long stretch of stubborn inflation, putting pressure on the Fed to keep interest rates high despite a risk of hindering economic activity with expensive borrowing costs. "The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks," the Federal Open Market Committee, the Fed's decision-making body on interest rates, said in a statement on Wednesday. Due in part to a lack of recent progress in lowering inflation, the FOMC said it does not anticipate cutting interest rates until it retains confidence that inflation is moving sustainably downward. "So far the data has not given us that greater confidence," Fed Chair Jerome Powell said at a press conference in Washington D.C. on Wednesday. "It is likely that gaining such greater confidence will take longer than previously expected." In the run up to the Fed's decision, some observers raised the possibility of an interest rate hike in the coming months before the central bank moves forward with cuts. In his remarks on Wednesday, Powell downplayed the likelihood of such a move. "It is unlikely that the next policy rate move will be a hike," Powell said. At its previous meeting, in March, the Fed stuck to a projection of three rate cuts by the end of 2024, even as it opted to hold interest rates steady for the fifth consecutive time. That approach has amounted to a prolonged pause of the aggressive rate hiking cycle that began roughly two years ago when the central bank sought to rein in rapid price increases. Inflation has fallen significantly from a peak of 9.1% but it remains more than a percentage point higher than the Fed's target rate of 2%. Interest rate cuts would lower borrowing costs for consumers and businesses, potentially triggering a burst of economic activity through greater household spending and company investment. But the Fed risks a rebound of inflation if it cuts interest rates too quickly, since stronger consumer demand on top of solid economic activity could lead to an acceleration of price increases. The recent economic cooldown, meanwhile, could complicate the posture taken up by the Fed. The U.S. economy slowed dramatically at the outset of 2024, though it continued to grow at a solid pace, according to data released by the U.S. Commerce Department last week. Gross domestic product, a measure of all the goods and services produced in the economy, recorded 1.6% annual growth over the first three months of the year, the Commerce Department said this week. That figure came in well below expectations, marking a steep slowdown from a 3.4% annual rate measured over the final quarter of last year. Cheese products are shown at a grocery store in New Orleans, on April 17, 2024. Gerald Herbert/AP In March, before the latest GDP data, Powell said a combination of elevated inflation and economic fortitude offered the Fed an opportunity to hold rates steady at highly elevated levels, since the central bank ran little immediate risk of triggering a downturn. "On inflation, it's too soon to say whether the recent readings represent more than just a bump," Powell told a business conference at Stanford University. "Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy," Powell added. Economists who recently spoke to ABC News downplayed any alarm raised by GDP finding last week, saying resilient consumer spending continues to propel stable growth. But, they added, the Fed could face a difficult position if a gradual cooldown persists alongside elevated inflation. That trend could force the Federal Reserve to keep interest rates high even as the economy falters. The Fed Funds rate stands between 5.25% and 5.5%, matching its highest level since 2001.
AP PHOTOS: Workers rule the streets on May Day None - AP PHOTOS: Workers rule the streets on May Day For one day, workers ruled the world’s biggest streets. Thousands strong marched Wednesday to mark May Day, the first day of the month when workers’ rights are celebrated in demonstrations around the globe. From Seoul to Paris, Istanbul to Berlin, they drew attention to stagnant wages and the high cost of living as they took aim at their governments. In some cases, their governments returned fire. In Turkey, police in riot gear shot rubber bullets and tear gas at thousands of protesters who clashed with officers as they tried to break through a barricade and reach Istanbul’s Taksim square in defiance of a ban. Tear gas also rose from the streets of Paris, where workers seeking higher pay and better conditions were joined by others rankled by the upcoming Summer Games. They torched replica Olympic rings. Standing out in the crowds were the many messages held high on banners or scrawled in pen on simple signs. “We work to live!!! Not to die!!!” read the sign held by a man in Manila, Philippines. “The rich want war — the youth want a future,” a banner said in Berlin. “Don’t touch the eight-hour workday!” warned a placard in Colombo, Sri Lanka. Thousands of protesters in Seoul sang, waved flags and shouted pro-worker slogans as they stepped up criticism of President Yoon Suk Yeol’s conservative government and its anti-labor policies. “The lives of our laborers have plunged into despair,” said Yang Kyung-soo, leader of the Korean Confederation of Trade Unions. “We can’t overlook the Yoon Suk Yeol government. We’ll bring them down from power for ourselves.” In Jakarta, Indonesia, marchers carried banners and wore slogans on their hats protesting a 2020 law that they said harms worker rights and the environment. Metal workers carried bright red flags and wore darker red headscarves. Others dressed as mimes with frowns painted on their faces. In Beirut, pro-Palestinian marchers mixed with workers demanding an end to economic misery. Young women supporters of the Lebanese Communist party posed for selfies and flashed victory signs. Most will return to their jobs Thursday.
DoorDash posts better-than-expected Q1 sales but shares fall on cost concerns None - DoorDash has reported higher-than-expected revenue in the first quarter, as strong growth in U.S. grocery orders helped make up for slowing restaurant demand DoorDash reported higher-than-expected revenue in the first quarter, as strong growth in U.S. grocery orders helped make up for slowing restaurant demand. But the company's shares fell 12% in after-hours trading Wednesday as investors appeared concerned about rising costs. DoorDash said its net loss narrowed to $23 million in the first quarter, compared to a loss of $161 million in the same period a year ago. The loss, of 6 cents per share, was higher than the 3-cent loss Wall Street had forecast, according to analysts polled by FactSet. DoorDash said it increased both marketing expenses and research costs during the quarter. DoorDash also said it expects pretax earnings between $325 million and $425 million in the second quarter. The midpoint of that range — $375 million — is less than the $394 million that analysts are forecasting. The San Francisco-based delivery company said Wednesday its revenue rose 23% to $2.51 billion in the January-March period. That was higher than the $2.45 billion Wall Street was expecting, according to analysts polled by FactSet. DoorDash said its total orders climbed 21% to 620 million. That also surpassed expectations; analysts were forecasting 607 million orders. The value of U.S. grocery orders doubled from the same period last year. DoorDash began offering grocery delivery in 2020 and continues to add grocery options. In March, Giant Eagle expanded the number of stores offering same-day DoorDash delivery in Pennsylvania and other states. In April, DoorDash added some West Coast grocers to its offerings, including Haggen and Vallarta Supermarkets. DoorDash said U.S. restaurant order value also grew, but at a slower pace than last year. That reflected results released this week from McDonald's and Starbucks, which both reported lower store traffic in the most recent quarter as inflation-weary customers in the U.S. and other markets shift from dining out to eating at home. DoorDash said new rules in New York and Seattle establishing minimum wage requirements for delivery drivers has increased prices for consumers, resulting in reduced sales. It estimated that the new rules will result in $110 million in lost sales annually for its merchants in New York and $40 million in lost sales in Seattle. But DoorDash said the rules had a minimal impact on its business, lowering total orders by less than 1% in the first quarter.
New US sanctions against Russia target weapons development, ban uranium imports for nuclear power None - The United States has imposed new sanctions on hundreds of companies and people tied to Russia’s weapons development program, as well as more than a dozen Chinese entities accused of helping Moscow find workarounds to earlier penalties WASHINGTON -- The United States on Wednesday imposed new sanctions on hundreds of companies and people tied to Russia's weapons development program, more than a dozen Chinese entities accused of helping Moscow find workarounds to earlier penalties, and individuals linked to the death of Kremlin opposition leader Alexei Navalny. The actions by the departments of Treasury and State target Russia’s military-industrial base, chemical weapons programs and people and companies in third countries that help Russia acquire weapons components as its invasion of Ukraine has entered its third year. Treasury Secretary Janet Yellen said the action “will further disrupt and degrade Russia’s war efforts by going after its military industrial base and the evasion networks that help supply it.” The Senate, meanwhile, gave final approval to legislation barring imports of Russian uranium, boosting U.S. efforts to disrupt Russia’s war in Ukraine. Democratic President Joe Biden is expected to sign the bill into law. About 12% of the uranium used to produce electricity at U.S. nuclear power plants is imported from Russia, according to the U.S. Energy Information Administration. A spokesperson for the National Security Council said Wednesday that Biden shares lawmakers’ concerns about U.S. reliance on Russia for low-enriched uranium to support its domestic nuclear fleet. Included in the administration's announcement are importers of cotton cellulose and nitrocellulose, which are used to produce gunpowder, rocket propellants and other explosives. The penalties also target Russian government entities and people tied to Russia's chemical and biological weapons programs, companies related to Russia's natural gas construction projects and three workers at the penal colony where Navalny died. Russian President Vladimir Putin has railed against earlier rounds of U.S. and Western penalties, claiming they are “illegitimate sanctions” on his country. A group of 16 targets in China and Hong Kong, most of which are related to Russian procurement workarounds, are named by the Biden administration. Yellen traveled to Guangzhou and Beijing last month to warn Chinese officials that they “must not provide material support for Russia’s war and that they will face significant consequences if they do." China has said it is not providing Russia with arms or military assistance, although Beijing has maintained robust economic connections with Moscow, alongside India and other countries, as the West imposes sanctions. Companies in China, Azerbaijan, Belgium, Slovakia, Turkey and the United Arab Emirates were accused of helping Russia acquire technology and equipment from abroad. The penalties aim to block them from using the U.S. financial system and bar American citizens from dealing with them. Biden last week said he would immediately rush badly needed weaponry to Ukraine as he signed into law a $95 billion war aid measure that also included assistance for Israel, Taiwan and other global hot spots. The upcoming uranium ban is also expected to impact Russian revenues by at least $1 billion. The U.S. banned Russian oil imports after Russia invaded Ukraine in early 2022 but did not against uranium, despite frequent calls to do so by U.S. lawmakers in both parties. Wyoming Sen. John Barrasso, the top Republican on the Senate Energy and Natural Resources Committee, called the import ban “a tremendous victory” and said it “will help defund Russia’s war machine, revive American uranium production and jumpstart investments in America’s nuclear fuel supply chain.″ “Wyoming has the uranium to replace Russian imports, and we’re ready to use it,″ Barrasso added. West Virginia Sen. Joe Manchin, a Democrat who heads that Senate committee, said it was "unconscionable” for the U.S. to help make it possible for Putin to “finance his unlawful war against Ukraine” through U.S. reliance on Russian uranium. Besides the import ban, the legislation frees up $2.7 billion in previously authorized funding to ramp up domestic uranium production.
Want to spend the night in a Paris museum or a house owned by Prince? Airbnb plans to list them None - Airbnb says it's going to give customers a chance at overnight stays in a Paris museum, a bedroom filled with Ferrari racing cars, and other exotic settings Want to spend the night in a Paris museum or a house owned by Prince? Airbnb plans to list them In a mad mix of game-show glitter and marketing flash, Airbnb is offering customers a chance to spend a night in a Paris museum, stay in houses mocked up to look like movie settings, or sleep surrounded by eight Ferrari racing cars. Those and other chimerical listings are part of a splashy new campaign by the short-term rental giant, which wants to portray itself as a company that sells experiences and not just alternatives to staying in a hotel. CEO Brian Chesky announced the 11 temporary listings — Airbnb is calling them “icons” — at an event Wednesday in Los Angeles. The San Francisco company hit upon the idea for the publicity caper after seeing the response to a Barbie-themed house in Malibu, California, it listed last year in conjunction with a hit movie about the Mattel fashion doll. The formula is the same: link a promotion to a pop-culture product, celebrity or event. And don't be boring. “We're not historically known for making anything. We're a platform,” Chesky said in an interview. “I think it's really great to show what it looks like when suddenly you can step into our vision and our imagination. I think it's going to keep Airbnb top of mind." Unlike the rental platform's typical listed properties, Airbnb is practically giving away its “icons.” Chesky said the company will invite people to fill out a profile and explain why they want one of the listings, and Airbnb will pick about 4,000 winners over the course of the year. He said winners will be able to book the featured properties or events for free or at prices under $100. One of the exotic opportunities is an overnight stay at the Musee d’Orsay in Paris. Chesky said Airbnb recruited Mathieu Lehanneur — he designed the torch for this summer's Paris Olympics — to convert the clock room atop the museum into a bedroom. “By the way, the torch is in the bedroom with you,” Chesky said. “You get the entire museum all to yourself. This is literally night at the museum. It gets even better because you step outside the bedroom on to the terrace, you have the single best seat in the house for the opening ceremony" of the Olympics, which will take place on the River Seine. For those preferring a U.S. setting, Airbnb is listing a house in New Mexico detailed to look like the one from the 2009 Pixar-Disney animated film, “Up." Chesky said Airbnb paid to build the house from scratch and attach 8,000 balloons to mimic the helium-filled ones the central character in the movie uses to make the house fly. The Airbnb version won't fly, but Chesky said guests will be able to watch a crane lift the New Mexico house 50 feet off the ground. “I think we maybe won’t have them inside the house when we lift it, just for safety reasons,” he said. Some of the listings will be one-time events, including the sleepover at the the Ferrari Museum in Maranello, Italy, a living room performance by rapper Doja Cat, and an evening with comedian Kevin Hart in his members-only lounge. The “Up” house and a mansion in New York made to look like the one in “X-Men” Marvel comics will be available for three or four months. A Minneapolis house owned by Prince that was featured in the film “Purple Rain” will be available for a year, according to Airbnb. The company won't say how much it spent to acquire rights, dress up the properties, and pay the celebrities involved. Airbnb made a $4.8 billion profit last year and ended 2023 with nearly $6.9 billion in cash. Enough to repeat the “icons” campaign. “These 11 are the beginning," Chesky said. “We have a lot more under development.”
American oil tycoon accused of trying to conspire with OPEC to inflate prices None - New York CNN — Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia. Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia. “Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said. Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players. Sheffield retired in December 2023 as CEO of Pioneer. The company he founded is the biggest producer in the Permian Basin, the abundant oil field that has helped make the US the world’s top producer of oil and gas. The FTC gave the green light on Thursday for Pioneer to be sold to ExxonMobil for $60 billion — but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser. “Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the FTC’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.” The FTC alleges that Sheffield “campaigned to organize anticompetitive coordinated output reductions” between and among US oil producers and OPEC and OPEC+. Asked about reports that the FTC was considering recommending Sheffield face criminal charges, FTC spokesperson Douglas Farrar told CNN: “The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously.” Regulators acknowledged that Sheffield did not hide his efforts to “align” US production with that of OPEC, pointing to public comments he made urging US rivals to be “disciplined” about production. “But Mr. Sheffield did not limit himself to public signaling to US counterparts — he has also held repeated, private conversations with high-ranking OPEC representatives assuring them that Pioneer and its Permian Basin rivals were working hard to keep oil output artificially low,” the FTC said. Using the tactics of OPEC The FTC said Sheffield lobbied the Railroad Commission of Texas at the outset of the Covid pandemic in 2020 to impose output restrictions on Permian oil production, cuts that it said would have increased crude oil prices above market levels. The FTC also said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production. Maybe Saudi Arabia and Russia will follow. That was our plan.” Sheffield added, according to regulators: “I was using the tactics of OPEC+ to get a bigger OPEC+ done.” Global oil prices plunged by about 50% in early 2020 as pandemic lockdowns decimated demand for gas and aviation fuel. OPEC+ responded by slashing production. Pioneer released a statement defending Sheffield and arguing it was “neither the intent nor an effect of his communications to circumvent the laws and principles protecting market competition.” “We disagree and are surprised by the FTC’s complaint,” Pioneer said in the statement. “Mr. Sheffield and Pioneer believe that the FTC’s complaint reflects a fundamental misunderstanding of the US and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions.” But Pioneer and Sheffield signaled they won’t fight the FTC’s findings, saying they “are not taking any steps to prevent the merger from closing.” Exxon said in a statement that it had learned about the allegations from the FTC. “They are entirely inconsistent with how we do business,” Exxon said, noting that officials raised “no concerns with our business practices” after the company submitted more than 1.1 million documents in response to the FTC’s requests. Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board. The company said it expects the deal to acquire Pioneer will close on Friday. This story has been updated with additional information.