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Prada focuses generational transition on artisans, expanding production and workforce in Italy None - The Prada Group is expanding its production footprint in Italy, including dozens of new jobs at its knitwear factory in Umbria, leaning into “Made in Italy” as integral to the brand’s ethos TORGIANO, Italy -- The Prada Group is expanding its production footprint in Italy, including dozens of new jobs at its knitwear factory in Umbria, leaning into “Made in Italy” as integral to the brand’s ethos and developing new artisanal talent to ease the luxury group through a generational shift in its workforce. Prada CEO Andrea Guerra, who was brought in last year as part of the generational change in family-run Prada’s management, said at an unveiling of the expanded plant Tuesday that the company is investing 60 million euros ($65million) in production this year. At Torgiano, Prada has added 30 new jobs this year, alongside 65 last year, bringing the workforce to some 220 employees, mostly women, to create knitwear for the Prada and Miu Miu brands, a key category for the group. The site had just 39 employees when Prada bought it in 2001. “For many years, Torgiano was a small, important place, linked to the Umbrian knitwear tradition,’’ mostly dedicated to product research and development, Guerra said. “In the last six or seven years, with the extraordinary growth in knitwear, we decided to create an all-around industrial hub," adding production to a reinforced R & D center. The innocuous low-slung plant, identified by a simple, small Prada nameplate near the gate, is at the heart of a network that includes dozens of smaller companies that together create some 30,000 pieces of knitwear a month for the global luxury group. They include pretty, red crocheted Miu Miu culottes to soft gray Prada cardigans that have become a trademark. Guerra described the Milan-based fashion group’s manufacturing footprint in central Italy as a “network of intelligent relationships and craftsmanship merged with a constant capacity to bring innovation to the market.” Prada’s investments to exert greater control over its supply chain stand out against the backdrop of a recent investigation that revealed sweatshop conditions in Chinese-owned factories producing luxury goods for other Italian brands in the Lombardy region, where the Italian fashion capital Milan is located. The production arm of Giorgio Armani has been put under receivership as part of an ongoing supply chain probe. Prada has focused on what it calls vertical integration of its supply chain — working with smaller companies, some with just a handful of craftspeople, that provide specific, sometimes unique, skills. For its knitwear operation, Prada works with some 60 smaller companies that it refers to as “partners” or “collaborators." “Contractors, subcontractors, that is not something tied to this world. There are production phases that are assigned to our collaborators, our partners,’’ Guerra said, adding: “The way I work inside, and the way I work outside needs to be the same.” Lorenzo Bertelli, marketing director and head of corporate social responsibility who is slated to take over the company from his parents Patrizio Bertelli and Miuccia Prada, said a strong governance is the key to avoiding “such incidents.” He credited his father with starting Prada on the road to integrating its supply chain in the 1990s. Audits of suppliers, which have so far been voluntary, will become mandatory in 2025 under the Corporate Sustainability Reporting legislation, aimed at controlling abuses, said Stefania Saviolo, a fashion and luxury expert at Milan’s Bocconi University. Publicly quoted companies like Prada, which are used to a level of transparency and reporting, will likely have an easier time than others, she said. Integrating the supply chain doesn’t just mean that a major player buys up smaller companies, she said, but they may invest in specific machinery, or help them secure bank financing. “It is not ownership, it is a longer transaction along the model of partnership,’’ Saviolo said, adding that such relationships also provide a sense of security to the smaller companies more vulnerable to market crashes. Noting that the luxury and fashion industries have long relied on third-party manufacturing, Bernstein global luxury goods analyst Luca Solca said the kind of investments by Prada to integrate manufacturing processes in-house “is a sort of catch-up with best-in-class-players in the industry.” A key part of Prada’s investments are aimed at securing know-how into the next generation, a transition the company has been preparing also in its management and creative roles. Finding new workers with both experience and passion is difficult, even in a region where knitwear is part of the local tradition, said Lorenzo Teodori, who runs the Torgiano plant. To fill that gap, Prada runs an internal academy as needed at its 23 Italian production sites to train young craftspeople. The next one in Torgiano starts in the fall, with experienced workers training the next generation. “Through the Prada Academy, we have seen how this dialogue is still alive and successful,’’ Bertelli said. “We need it to train the future technicians of tomorrow, who in turn will be the teachers in the future. It is a fundamental cycle for our group.”
What to know about the new AI data center in Wisconsin None - The $3 billion investment by Microsoft is expected to add 2,000 permanent jobs. What to know about the new AI data center in Wisconsin President Joe Biden is set to announce on Wednesday a $3 billion investment by tech giant Microsoft to build an artificial intelligence data center in southeast Wisconsin. The sprawling facility will be located on the same plot of land where, in 2018, former President Donald Trump announced a multi-billion dollar investment by Taiwanese company Foxconn that largely failed to materialize. The project sits at the convergence of several key Biden administration goals: upgrading U.S. infrastructure, rejuvenating domestic manufacturing and stewarding the responsible development of AI. Here’s what to know about the economic impact of the project, the significance of the location and why Microsoft is building a data center in the first place. What’s the expected economic impact of the data center? The data center in the midsize city of Racine, Wisconsin, is expected to create 2,300 construction jobs and an additional 2,000 permanent jobs at the facility, the White House said in a press release on Wednesday. The burst of employment will coincide with a venture undertaken by Microsoft to open a so-called "Datacenter Academy," which will train roughly 1,000 people for data center and other technology roles by 2030, the White House said. Microsoft will also open an innovation lab in the region, which will aim to educate about 1,000 business leaders on how to adopt AI for their enterprises, the White House added. In a statement, Microsoft President Brad Smith said the data center would help restore the manufacturing sector in Wisconsin. In the 1960s and 70s, the state lost thousands of manufacturing jobs when companies relocated plants overseas. "Wisconsin has a rich and storied legacy of innovation and ingenuity in manufacturing," Smith said. "We will use the power of AI to help advance the next generation of manufacturing companies, skills and jobs in Wisconsin and across the country." The datacenter makes up a portion of the $6.9 billion invested in infrastructure, clean energy and semiconductor projects in Wisconsin since Biden took office, the White House said, part of an administration initiative devoted to domestic industry called "Invest in America." In all, roughly $540 billion have been invested nationwide as part of the Biden administration’s initiative, according to the White House. Server racks are lined up in a data center server room. Stock Photo/Adobe Stock What’s the significance of the location of the project? The site of the Biden announcement on Wednesday marks the same location where Trump touted a different corporate investment six years ago. Back then, Trump boasted of a $10 billion investment by electronics manufacturer Foxconn, which he said would create about 13,000 manufacturing jobs. Despite razing nearby homes and attracting about $3 billion in state tax incentives, Foxconn has largely failed to deliver on its lofty goals. In 2022, the company said it employed more than 1,000 workers in the state, The Milwaukee Journal Sentinel reported. The Biden administration has characterized the AI data center as an effort to make up for the challenges endured by the local area under Trump. It will "showcase a community at the heart of his commitment to invest in places that have been historically overlooked or failed by the last administration’s policies," the administration said. Why open a data center in the first place? The computing power required to train and deploy artificial intelligence tools like ChatGPT has triggered a spike in demand for data centers. The complexes, which typically span 100,000 square feet, provide the brick-and-mortar infrastructure underlying the explosion of the AI sector. Microsoft, which owns a major stake in ChatGPT-maker OpenAI, has become the most valuable company in the world. Shares of the company have jumped 9% so far this year. In 2022, roughly 2,700 data centers in the U.S. accounted for over 4% of the nation's electricity use, according to an International Energy Agency report released in January. By 2026, that share of electricity use is expected to reach 6%. The proportion of U.S. electricity use for data centers is expected to continue to climb in the ensuing years, the report said, citing in part anticipated broader adoption of AI. By 2026, the AI industry alone is expected to consume at least 10 times its energy demand from just three years prior, the IEA report found.
Panera to stop serving 'Charged Sips' drinks after wrongful death lawsuits over caffeine content None - Panera Bread said it’s discontinuing its Charged Sips drinks that were tied to at least two wrongful death lawsuits due to their high caffeine content Panera Bread said it's discontinuing its Charged Sips drinks that were tied to at least two wrongful death lawsuits due to their high caffeine content. Panera didn't say Tuesday whether the drinks were being discontinued because of the lawsuits or health concerns, and it wouldn't comment on the timeline for removing them from stores. Panera said it's introducing new low-sugar and low-caffeine drinks after listening to customers' suggestions.. The St. Louis-based company introduced Charged Sips in the spring of 2022. The fruit-flavored beverages contain between 155 milligrams and 302 milligrams of caffeine. The typical cup of 8-ounce coffee contains 95 milligrams of caffeine, according to the U.S. Food and Drug Administration, while a 16-ounce can of Monster Energy contains 160 milligrams. For Panera, the drinks helped meet customers' growing demand for natural drinks with functional benefits, like boosting energy or immunity. Charged Sips contained caffeine derived from guarana, a plant extract often used in energy drinks, and green coffee extract. But last October, a wrongful death lawsuit was filed against Panera by the family of Sarah Katz, a 21-year-old University of Pennsylvania student with a heart condition who died in September 2022 after drinking a Charged Lemonade. Then, last December, the family of a Florida man filed a wrongful death and negligence lawsuit against Panera. In that case, the family said David Brown, 46, suffered cardiac arrest and died on Oct. 9 after drinking three Charged Lemonades at his local Panera. Brown's family said Brown had high blood pressure and didn't drink energy drinks, but believed Charged Sips were safe because they weren't advertised as energy drinks. The lawsuit said Brown had ordered at least seven Charged Lemonades over a two-week period before he died. Panera's online menu now includes the language, “Consume in moderation. Not recommended for children, people sensitive to caffeine, pregnant or nursing women.” It's not clear when that was added.
Boeing locks out its private firefighters around Seattle over pay dispute None - Boeing has locked out its private force of firefighters who protect its aircraft-manufacturing plants in the Seattle area and brought in replacements after the latest round of negotiations with the firefighters’ union failed to deliver an agreement on ... Boeing has locked out its private force of firefighters who protect its aircraft-manufacturing plants in the Seattle area and brought in replacements after the latest round of negotiations with the firefighters' union failed to deliver an agreement on wages. The company said Saturday that it locked out about 125 firefighters and a facility about 170 miles (275 kilometers) away in central Washington. The firefighters serve as first responders to fires and medical emergencies and can call in help from local fire departments. “Despite extensive discussions through an impartial federal mediator, we did not reach an agreement with the union,” Boeing said in a statement. “We have now locked out members of the bargaining unit and fully implemented our contingency plan with highly qualified firefighters performing the work of (union) members.” In a statement Saturday, the International Association of Firefighters union said Boeing’s lockout is intended to “punish, intimidate and coerce its firefighters into accepting a contract that undervalues their work.” “Putting corporate greed over safety, Boeing has decided to lockout our members and the safety of the Washington facilities has been needlessly put at risk,” said Edward Kelly, the IAFF’s general president. Boeing stressed that the lockout will have “no impact” on its operations. The labor dispute comes as Boeing navigates mounting losses — more than $24 billion since the start of 2019 — and renewed scrutiny over quality and safety in its manufacturing since a door plug blew out of an Alaska Airlines Boeing 737 Max flying over Oregon in January. Boeing and the union remain far apart in their negotiations, which have been going on for 2 1/2 months. Each side accuses the other of bad-faith negotiating. The company, which is headquartered in Arlington, Virginia, said Saturday that its latest offer includes general annual wage increases and a new compensation structure for firefighters on a 24-hour shift schedule that would result in an average wage increase of about $21,000 a year. Boeing says firefighters were paid $91,000 on average last year. The union, which argues Boeing has saved billions in insurance costs by employing its own on-site firefighters, has said it's seeking raises of 40% to 50%. Boeing's proposed pay increase would still leave crews earning 20% to 30% less than firefighters in the cities where Boeing plants are located, the union said. A major sticking point is Boeing’s demand to make firefighters wait 19 years to hit top pay scale, up from 14 years. The union is proposing five years.
Apple's biggest announcements from its iPad event: brighter screen, faster chips and the Pencil Pro None - Apple on Tuesday unveiled its next generation of iPad Pros and Airs — lineups that will boast faster processors, new sizes and a new display system CUPERTINO, Calif. -- Apple on Tuesday unveiled its next generation of iPad Pros and Airs — models that will boast faster processors, new sizes and a new display system as part of the company's first update to its tablet lineup in more than a year. The showcase at Apple’s headquarters in Cupertino, California, comes after the company disclosed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products. Apple is expected to make a much bigger splash next month during an annual conference devoted to the latest version of its operating systems for iPhones, iPads and Mac computers — software that analysts expect to be packed with more artificial intelligence technology. Both lines of new iPads add bells and whistles but have adjusted prices to match. The iPad Pro sports a new thinner design, a new M4 processor for added processing power, slightly upgraded storage and incorporates dual OLED panels for a brighter, crisper display. Prices have been hiked to match its new offerings, with the 11-inch model going for $999 and the 13-inch model fetching $1,299. The new iPad Air has the faster M2 chip, boasts a new design, more base storage, a new 13-inch display option and a recentered camera. It will also support use of the new Apple Pencil Pro, which was a function previously exclusive to the Pro models. The 11-inch display will sell for $599 while the new 13-inch model will fetch $799. However Apple did announce a price reduction for its 10th generation iPad, which will now retail for $349, down from $449. Apple is trying to juice demand for iPads after its sales of the tablets plunged 17% from last year during the January-March period. After its 2010 debut helped redefine the tablet market, the iPad has become a minor contributor to Apple's success. It currently accounts for just 6% of the company's sales. “The enhancements were both needed and predictable, in a maintenance sort of way, and may help stanch some of the revenue loss in that product line,” Forrester Research analyst Dipanjan Chatterjee said of the new iPads. “But it’s nothing to get terribly excited about.” All the new models will be available in stores starting May 15, with preorders beginning Tuesday.
The Chevy Malibu, the brand’s last sedan, will end production None - CNN — The Chevrolet Malibu, the last sedan still sold by General Motors’ biggest selling brand, will end production this year, the company announced. Malibu production will end in November as the factory that builds it, the Fairfax Assembly Plant in Kansas City, Kansas, is reconfigured to build a new generation of the Chevrolet Bolt EV. With the Malibu’s demise, General Motors’ mainstream Chevrolet brand will sell only trucks, SUVs, and the Corvette, a two-seat sports car, in the United States. Chevy’s close competitor, Ford, made a similar move years ago when it stopped selling the Taurus and Fusion sedans, leaving the two-door Mustang as the only traditional car in its line-up. Chevrolet stopped making its Mustang competitor, the Camaro, last year. 1970 Chevrolet Chevelle Malibu (Photo by Barrett-Jackson via Getty Images) Barrett-Jackson/Getty Images Traditional cars – vehicles that are not SUVs, trucks or vans – make up less than 20% of US auto sales, according to Cox Automotive. The last generation of the Malibu was first introduced in 2016, making it much older than competitors such as the relatively popular Honda Accord and Toyota Camry. A new version of the Camry, now available only as a hybrid, just went into production. Still, GM sold more than 130,000 Malibus last year, a 13% increase from the year before. The Malibu was introduced back in the 1960s as a more luxurious version of the Chevrolet Chevelle, called the Chevelle Malibu. By the 1970s, it had become its own distinct model. The Malibu model line ended production in 1983 but was brought back again in 1997, and has been in production since then.
Former Trump Organization CFO's assistant takes the stand in hush money trial None - Rebecca Manochio, the former assistant to former Trump Organization CFO Allen Weisselberg, has been called to testify in the New York hush money trial against former President Trump.May 9, 2024
What to expect from Day 14 of Trump's hush money trial None - IE 11 is not supported. For an optimal experience visit our site on another browser.
Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering None - Former Binance CEO Changpeng Zhao has been sentenced to four months in prison for allowing rampant money laundering on the world’s largest cryptocurrency exchange SEATTLE -- Changpeng Zhao, founder of the world's largest cryptocurrency exchange, was sentenced Tuesday to four months in prison for looking the other way as criminals used the platform to move money connected to child sex abuse, drug trafficking and terrorism. U.S. District Judge Richard A. Jones credited the founder and former CEO of Binance for taking responsibility for his wrongdoing. Zhao, 47, pleaded guilty in November to one count of failing to maintain an anti-money-laundering program. Binance agreed to pay $4.3 billion to settle related allegations from the U.S. government. “I failed here,” Zhao told the court Tuesday. “I deeply regret my failure, and I am sorry.” But the judge said he was troubled by Zhao's decision to ignore U.S. banking requirements that would have slowed the company's explosive growth. "Better to ask for forgiveness than permission,” is what Zhao told his employees about the company's approach to U.S. law, prosecutors said. “No person — regardless of wealth — is immune from prosecution or above the laws of the United States,” Jones said. The sentence, which included a previously agreed-to $50 million fine, was far less than the three years the Justice Department had sought, but defense attorneys had asked that Zhao spend no time in prison. Zhao is the first person ever sentenced to prison time for such violations of the Bank Secrecy Act, which requires U.S. financial institutions to know who their customers are, to monitor transactions and to file reports of suspicious activity. Prosecutors said no one had ever violated the regulations to the extent Zhao did. If he did not receive time in custody for the offense, no one would, rendering the law toothless, they argued. “This wasn’t a mistake," Justice Department lawyer Kevin Mosley told Jones. "When Mr. Zhao violated the BSA he was well aware of the requirements.” For example, Mosley said, Zhao directed the company to disguise customers’ locations in the U.S. in an effort to avoid having to comply with U.S. law. The Justice Department on Monday sent a letter urging Congress to stiffen penalties in such cases. Violations can allow billions of dollars to flow illicitly through the U.S. financial system, but penalties under the government's sentencing guidelines are “poorly calibrated to address the severity of the crimes,” the letter said. Binance allowed more than 1.5 million virtual currency trades, totaling nearly $900 million, that violated U.S. sanctions, including ones involving Hamas’ al-Qassam Brigades, al-Qaeda and Iran, prosecutors have said. Defense attorneys Mark Bartlett and William Burck told the judge there was no evidence Zhao knew of any specific transaction that would have been barred by U.S. regulations or sanctions. Also, they argued, Binance transactions that violated U.S. sanctions constituted a miniscule portion for a company that processed trillions of dollars per year. And they noted that Zhao began making changes to improve Binance's compliance before stepping down. In a letter to the court, Zhao wrote that there was “no excuse for my failure to establish the necessary compliance controls at Binance.” “I wish I could change that part of Binance’s story," he added. “But under my direction, Binance has now implemented the most stringent anti-money laundering controls of any non-U.S. exchange, and those controls have been in place since 2022.” Zhao, his legal team and family members left after Tuesday's hearing without speaking to reporters. Zhao will report to serve his sentence at a date yet to be determined. The cryptocurrency industry has been marred by scandals and market meltdowns. Zhao was perhaps best known as the chief rival to Sam Bankman-Fried, the founder of FTX, which was the second-largest crypto exchange before it collapsed in 2022. Bankman-Fried was convicted last November of fraud for stealing at least $10 billion from customers and investors and sentenced to 25 years in prison. Zhao and Bankman-Fried were originally friendly competitors in the industry, with Binance investing in FTX when Bankman-Fried launched the exchange in 2019. The relationship deteriorated, however, culminating in Zhao announcing that he was selling all of his cryptocurrency investments in FTX in early November 2022. FTX filed for bankruptcy a week later. More recently, Nigeria has recently sought to try Binance and two of its executives on money laundering and tax evasion charges. The U.S. Justice Department on Tuesday charged early bitcoin investor Roger Ver, known as “bitcoin Jesus” for his avid promotion of the currency, with evading $50 million in taxes. The judge described Zhao's life story as remarkable: He grew up in rural China and his family immigrated to Canada following the 1989 Tiananmen Square massacre. He worked at a McDonald's beginning at age 14 and eventually became enamored of the tech industry while in college. He founded Binance in 2017, motivated at least in part by a desire to help people in underdeveloped countries access reliable banking. The company made him a crypto celebrity and a billionaire many times over; he announced in 2021 that he intends to give away nearly all of his fortune. Zhao's philanthropic interests include funding free online education programs for children across the globe and work by small research labs to cure diseases. Zhao’s attorneys pointed to his willingness to leave the United Arab Emirates, where he and his family live, to enter his guilty plea in the U.S., even though the two countries don't have an extradition treaty. They also argued that he would not be safe in prison. Because he is not a U.S. citizen, he is ineligible for placement in a minimum security facility. Given his status and wealth, as well as Binance’s cooperation with U.S. law enforcement in certain investigations, he might be a target for violence in a medium security prison, they suggested.
How major US stock indexes fared Thursday, 5/9/2024 None - U.S. stocks rose to pull the S&P 500 back within 1% of its record following a rough April How major US stock indexes fared Thursday, 5/9/2024 The Associated Press By The Associated Press U.S. stocks rose to pull the S & P 500 back within 1% of its record following a rough April. The index climbed 0.5% Thursday. The Dow Jones Industrial Average rose 0.8%, and the Nasdaq composite gained 0.3%. Helping to keep the market steady was a report showing a rise in the number of U.S. workers applying for unemployment benefits, though it remains low compared with history. Treasury yields erased earlier gains after the report raised hopes that the Federal Reserve will cut interest rates this year. Across the Atlantic, the Bank of England hinted a cut to its key rate may come soon. On Thursday: The S & P 500 rose 26.41 points, or 0.5%, to 5,214.08. The Dow Jones Industrial Average rose 331.37 points, or 0.8%, to 39,387.76. The Nasdaq composite rose 43.51 points, or 0.3%, to 16,346.26. The Russell 2000 index of smaller companies rose 18.50 points, or 0.9%, to 2,073.63. For the week: The S & P 500 is up 86.29 points, or 1.7%. The Dow is up 712.08 points, or 1.8%. The Nasdaq is up 189.94 points, or 1.2%. The Russell 2000 is up 37.91 points, or 1.9%. For the year: The S & P 500 is up 444.25 points, or 9.3%. The Dow is up 1,698.22 points, or 4.5%. The Nasdaq is up 1,334.91 points, or 8.9%. The Russell 2000 is up 46.56 points, or 2.3%.
Student loan rates set to reach 16-year high: 'It's a shock' None - The move could add thousands to a borrower's total payments, one expert said. The borrowing cost for student loans is poised to reach a 16-year high. The interest rate on a federal undergraduate student loan is expected to climb to 6.5% in July, which would mark its highest level since 2008, financial-aid expert Mark Kantrowitz told ABC News. The current interest rate of a new student loan is 5.5%. The borrowing rate for student loans is set by adding a fixed amount of 2.05 percentage points to the yield on the 10-year Treasury bond, which is determined annually at a May auction. At the auction on Wednesday, 10-year Treasury bonds were sold at a 4.48% yield. The yield for 10-year Treasury bonds, in turn, closely tracks the benchmark interest rate set by the Federal Reserve. That benchmark rate remained relatively low for years but has surged since 2022, when the Fed undertook an aggressive series of interest rate hikes to fight inflation. In response to rising interest rates, student loan rates have soared. "It’s a shock because people had gotten used to low rates," Kantrowitz said. Since student loans are typically fixed, the forthcoming rate will apply to new loans but will not affect previous ones. The new rate will apply to loans for the 2024-2025 academic year beginning on July 1. On a 10-year student loan of $28,000 under the forthcoming rate, the borrower will pay interest of about $10,000, which amounts to a roughly 35% higher cost for the borrower when compared with a student foregoing loans, Nancy Goodman, founder and executive director of higher-education nonprofit College Money Matters, told ABC News. Under the forthcoming rate, such a borrower would pay an additional $2,000 over the course of the loan when compared with the current rate, Goodman explained. "That’s a big burden," Goodman added. "I hate to see that for students." In December, the Fed forecasted three quarter-point interest rate cuts over the course of 2024. Due in part to stubborn inflation since then, however, the Fed has recently cast doubt about whether those rate cuts will happen after all. At a meeting earlier this month, the Fed held interest rates steady at their highest level since 2001. Because the interest rate for student loans depends on the yield for 10-year Treasury bonds set at an auction in May, the postponement of interest rate cuts locked in high borrowing costs for students for the next academic year. "Student loans have gotten caught up in the Fed’s attempt to rein in inflation, and the students who are borrowing are going to pay the price," Goodman said. Jerome Powell, chairman of the US Federal Reserve, during a Fed Listens event in Washington, DC, Friday March 22, 2024. Al Drago Bloomberg via Getty Images, FILE The average annual tuition for a four-year, in-state public college stood at $11,260 for the most recent academic year, which amounted to a 2.5% increase before inflation adjustment, the College Board says. For a private, four-year college, the average annual tuition stood at $41,540 over the most recent academic year, which marked a 4% increase before inflation adjustment, according to the College Board. The jump in borrowing rates will exacerbate the rising cost of tuition, especially for low- and middle-income students, Kantrowitz said. "College is becoming less and less affordable every single year," Kantrowitz added. Meanwhile, the rate of students pursuing federal loans has plummeted. During the current academic year, roughly 35% of college students have completed the Free Application for Federal Student Aid, or FAFSA, according to data from the National College Attainment Network. That share of college students completing FAFSA forms marks a decline of 13 percentage points when compared to the previous academic year, the National College Attainment Network found. The drop in aid applications suggests that many college students are pursuing low-cost options or opting against college altogether, Goodman said. "Colleges should be a little concerned," Goodman said. "Students are getting smarter about the cost of borrowing and colleges are having a more challenging time filling their classes." "This is hard for everybody," Goodman added.
Vietnam's arrest of reformist labor official could disturb bid for better trade terms with the US None - Police in Vietnam say they have arrested a senior official of the country’s labor ministry for “deliberately disclosing state secrets.” Vietnam's arrest of reformist labor official could disturb bid for better trade terms with the US BANGKOK -- A senior Vietnamese official with the country’s labor ministry was arrested for "deliberately disclosing state secrets,” police announced on Thursday, a development that analysts say could hurt Vietnam’s efforts to obtain more favorable trade terms for exports to the United States. There were no further details about lawyer Nguyen Van Binh's arrest — beyond the announcement on the website of the police in the capital of Hanoi — but rights activists allege he was detained because he supported the idea of independent trade unions, banned under the Communist government. They also say it’s a sign of continuing repression, which was previously directed mainly toward bloggers, environmentalists and civil society groups. Binh who headed the Legal Affairs Department at the Ministry of Labor, Invalids and Social Affairs, could face between two and 15 years in prison for disclosing state secrets under the law in this single-party, authoritarian state. A brief profile of Binh on a website of the Organization for Economic Cooperation and Development last year said the 51-year-old lawyer has also worked for the U.N.'s International Labor Organization. His arrest was first reported earlier this week by The 88 Project, a small multinational organization that monitors and promotes human rights and civil liberties in Vietnam. It described Binh as a reformer who supported independent trade unions. “Binh’s arrest comes amid a new wave of repression in Vietnam," the group said in its report, dated Monday. It said Binh's arrest was “the first arrest of a government reformer in recent years.” The 88 Project in February published what it described as a secret 2023 national security directive of Vietnam's ruling Communist Party ordering a crackdown on labor groups, civil society, and foreign organizations deemed a threat to national security. Binh had been leading efforts to ratify the U.N. International Labor Organization Convention 87, which, if passed, would guarantee workers the right to form independent trade unions without prior authorization, the group said. The issue of labor reform is important to Vietnam for economic reasons. Last September, when President Biden visited Vietnam, Washington and Hanoi elevated their relationship to the highest diplomatic level of “Comprehensive Strategic Partnership.” Analysts said it reflected the U.S. desire to have Vietnam as an ally against rival superpower China. However, Vietnam remains on a list of 12 nations, including China and Russia, classified by the U.S. as non-market economies, substantially directed by the state. At about the same time as Biden’s visit, Vietnam requested that the U.S. Commerce Department make a determination of whether Vietnam could be officially qualified as a market economy, which potentially could lower tariffs on its exports to the U.S., its biggest market. The Commerce Department on Wednesday held a public hearing about the upgrade and is expected to complete its review in July. Although its determination is supposed to be made according to strictly economic criteria, an open-ended category allows matters such as labor rights to be taken into consideration, which could weigh against a change to market economy status. Vietnam claims that its labor laws are in line with international standards, including having wages determined by free bargaining between workers and employers. The U.S. State Department and rights groups say that is not the case. “It’s patently false to claim that Vietnamese workers can organize unions or that their wages are the result of free bargaining between labor and management,” John Sifton, Asia advocacy director at Human Rights Watch said Wednesday. “Not a single independent union exists in Vietnam and no working legal frameworks exist for unions to be created or for workers to enforce labor rights,” he added. An upgraded trade status is also symbolically important for Vietnam’s government, said Murray Hiebert, a senior associate of the Southeast Asia Program at the Center for Strategic and International Studies in Washington. Vietnam officials see the U.S. continued classification of Vietnam under a “non-market status an insult and bewildering, considering how important Vietnam is to the U.S. as a trading and investment partner," Hiebert said. “Hanoi also finds it insulting to be included in a grouping of 12 countries that includes China, Russia and countries formerly associated with the Soviet Union,” Hiebert said in an email to The Associated Press. The U.S. Embassy in Hanoi did not immediately respond to an AP request for comment.
Airbnb, Topgolf Callaway fall; AppLovin, Cheesecake Factory rise, Thursday, 5/9/2024 None - Stocks that traded heavily or had substantial price changes on Thursday: Airbnb, Topgolf Callaway fall; AppLovin, Cheesecake Factory rise The Associated Press By The Associated Press NEW YORK -- Stocks that traded heavily or had substantial price changes on Thursday: Airbnb Inc., down $10.85 to $147.05. The vacation rental app's second-quarter revenue forecast fell short of analysts' expectations. Equinix Inc., up $79.72 to $772.43. The real estate investment trust said an investigation confirmed its financial reporting has been accurate. HubSpot Inc., down $2.90 to $587.15. The cloud-based marketing and sales software platform's revenue forecast fall short of Wall Street expectations. AppLovin Corp., up $10.69 to $84.69. The mobile app technology company beat Wall Street's first-quarter financial forecasts. Robinhood Markets Inc., down 55 cents to $17.30. The online brokerage slipped despite beating Wall Street's earnings forecasts. Topgolf Callaway Brands Corp., down $1.10 to $15.25. The golf club maker gave investors a revenue forecast below Wall Street expectations. Cheesecake Factory Inc., up $2.09 to $36.06. The restaurant chain's first-quarter earnings and revenue beat analysts' forecasts. Papa John’s International Inc., down $3.91 to $53.22. The pizza chain's first-quarter revenue fell short of analysts' forecasts.
Argentina labor unions' 24-hour strike against President Milei paralyzes daily life None - Argentina’s biggest trade unions have mounted one of their fiercest challenges to the libertarian government of President Javier Milei BUENOS AIRES, Argentina -- Argentina’s biggest trade unions mounted one of their fiercest challenges to the libertarian government of President Javier Milei, staging a mass general strike on Thursday that led to the cancellation of hundreds of flights and halted key bus, rail and subway lines. Main avenues and streets, as well as major transportation terminals were left eerily empty. Most teachers couldn’t make it to school and parents kept their children at home. Trash collectors walked off the job — as did health workers, except for those in emergency rooms. The 24-hour strike against Milei’s painful austerity measures and contentious deregulation push threatened to bring the nation of 46 million to a standstill as banks, businesses and state agencies also closed in protest. Thursday’s action marked the second nationwide union strike since Milei came to power last December, slashing spending, laying off government workers, and freezing all public works projects in a bid to rescue Argentina from its worst financial crisis in two decades. He has also devalued the local currency, stabilizing the peso but also causing prices to soar. Argentina’s annual inflation rate now nears 300% — considered the highest in the world, outpacing even crisis-stricken Lebanon. The government said transport service disruptions would prevent some 6.6 million people from making it to work. During the morning rush-hour on Thursday, few cars could be seen on streets typically snarled with traffic. Garbage was already piling up on deserted sidewalks. Milei posted a photo on Instagram holding up a soccer jersey emblazoned with the words “I DON’T STOP.” The country’s largest union, known by its acronym CGT, said it was staging the strike alongside other labor syndicates “in defense of democracy, labor rights and a living wage.” Argentina’s powerful unions — backed by Argentina’s left-leaning Peronist parties that have dominated national politics for decades — have led the pushback to Milei’s policies on the streets and in the courts in recent months. “We are facing a government that promotes the elimination of labor and social rights,” the unions said, seeking to portray Thursday’s strike as an eruption of public outrage over Milei’s free-market policies that have disproportionately affected poor and middle classes. The government downplayed the disruption as a cynical ploy by its left-wing political opponents. “They want to keep Argentina on a path of servitude,” said presidential spokesperson Manual Adorni of the union leaders, accusing them of “extorting Argentines to try to return to power.” Union leaders said they had no choice but to escalate their actions after Argentina’s lower house approved Milei’s state overhaul bill and tax packages last week. Even as lawmakers scrapped the bill's most controversial articles, unions remain vehemently opposed to parts of the package that relax labor market regulations and grant Milei power to restructure and privatize public agencies. The bill is now being debated in the opposition-dominated Senate. Rubén Sobrero, general-secretary of the Railway Union, said the unions were prepared to extend the strike if negotiations did not yield results. “If there is no response within these 24 hours, we will do another 36,” he said. For months, most recently Monday and Tuesday this week, raucous demonstrations by leftist parties gripped Buenos Aires, the country’s capital — in sharp contrast to the silence prevailing on the streets Thursday. Argentina’s main international airport warned passengers to check in with their airlines as its boards showed dozens of canceled flights throughout the day. The country’s flagship carrier, Aerolíneas Argentinas, announced it had canceled nearly 200 domestic and regional flights and rescheduled over a dozen international flights, affecting 24,000 passengers and costing the airline $2 million. Only one bus company said it would continue regular service on Thursday. Shortly after the strike began at midnight, police said protesters attacked two of the company’s buses in Buenos Aires, breaking windows but causing no casualties. “We won’t let them break everything we are achieving,” conservative Security Minister Patricia Bullrich posted on social media platform X, with a photo of the shattered bus windows, referring to the those on strike. Experts say that both sides are politically motivated. In railing against his picketing rivals, Milei is compensating for mounting economic by rallying his base, said Sebastián Mazzuca, a political science expert at Johns Hopkins University. In bringing the economy to a halt, unions that had their candidate defeated in the last election are flexing their muscles. “This is a political conflict that's about power,” Mazzuca said.
UK toddler has hearing restored in world first gene therapy trial None - A British toddler has had her hearing restored after becoming the first person in the world to take part in a pioneering gene therapy trial, in a development that doctors say marks a new era in treating deafness. Opal Sandy was born unable to hear anything due to auditory neuropathy, a condition that disrupts nerve impulses travelling from the inner ear to the brain and can be caused by a faulty gene. But after receiving an infusion containing a working copy of the gene during groundbreaking surgery that took just 16 minutes, the 18-month-old can hear almost perfectly and enjoys playing with toy drums. Her parents were left “gobsmacked” when they realised she could hear for the first time after the treatment. “I couldn’t really believe it,” Opal’s mother, Jo Sandy, said. “It was … bonkers.” The girl, from Oxfordshire, was treated at Addenbrooke’s hospital, part of Cambridge university hospitals NHS foundation trust, which is running the Chord trial. More deaf children from the UK, Spain and the US are being recruited to the trial and will all be followed up for five years. Prof Manohar Bance, an ear surgeon at the trust and chief investigator for the trial, said the initial results were “better than I hoped or expected” and could cure patients with this type of deafness. “We have results from [Opal] which are very spectacular – so close to normal hearing restoration. So we do hope it could be a potential cure.” He added: “There’s been so much work, decades of work … to finally see something that actually worked in humans …. It was quite spectacular and a bit awe-inspiring really. It felt very special.” Auditory neuropathy can be caused by a fault in the OTOF gene, which makes a protein called otoferlin. This enables cells in the ear to communicate with the hearing nerve. To overcome the fault, the new therapy from biotech firm Regeneron sends a working copy of the gene to the ear. A second child has also recently received the gene therapy treatment at Cambridge university hospitals, with positive results. The overall Chord trial consists of three parts, with three deaf children including Opal receiving a low dose of gene therapy in one ear only. A different set of three children will get a high dose on one side. Then, if that is shown to be safe, more children will receive a dose in both ears at the same time. In total, 18 children worldwide will be recruited to the trial. Opal is the first patient globally to receive the therapy and is “the youngest globally that’s been done to date as far as we know”, Bance said. The gene therapy – DB-OTO – is specifically for children with OTOF mutations. A harmless virus is used to carry the working gene into the patient. The trial is “just the beginning of gene therapies”, Bance said. “It marks a new era in the treatment for deafness.” Martin McLean, a senior policy adviser at the National Deaf Children’s Society, said deafness should never be a barrier to happiness or fulfilment. “Many families will welcome these developments, and we look forward to learning about the long-term outcomes for the children treated.” With Opal’s hearing restored, her parents now have a fresh problem to contend with: their daughter’s new favourite hobby is slamming cutlery on the table to make as much noise as possible.
Qu Jing: Baidu’s PR chief out after sparking a PR nightmare for the Chinese tech giant None - Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — The PR chief of Baidu has reportedly left the Chinese search engine just days after she sparked a public relations crisis with controversial comments endorsing a tough workplace culture. Qu Jing had left her position as vice president and head of communications, the Economic Review, a state-run financial news outlet, reported late Thursday, citing Baidu insiders. CNN has been shown a screenshot of a Baidu system that appears to confirm she no longer works at the company. Baidu did not immediately respond to a request for comment. By Thursday night, Qu had removed the title of “Baidu’s vice president” from her account on Douyin, China’s version of TikTok. In a series of short videos posted last week on Douyin, Qu spoke about her devotion to her job, strict management style and unflagging demands on her direct reports, hitting a raw nerve with young workers fed up with grueling hours and relentless pressure. In one video, she lashed out at an employee who refused to go on a 50-day business trip during the Covid-19 pandemic, when China imposed stringent travel restrictions and quarantines. “Why should I take my employee’s family into consideration? I’m not her mother-in-law,” Qu said. “I’m 10 years, 20 years older than you. I didn’t feel bitter about it or tired, even though I have two children. Who are you to tell me that your husband can’t stand it?” In another clip, Qu shared her personal sacrifices as a working mother. She was working so hard that she forgot her elder son’s birthday and what grade her younger son was in at school. She said she didn’t regret it because she “chose to become a career woman.” “If you work in public relations, don’t expect weekends off,” she said in a third video. “Keep your phone on 24 hours a day, always ready to respond.” Qu had apologized earlier in the day and said her posts did not speak for Baidu, but her fiery remarks had already triggered a backlash in China, where young people have long complained about a culture of excessive overwork and highly competitive professional environments, especially in the tech industry. Qu, Baidu's vice president and head of communications, has sparked backlash over her comments endorsing a tough workplace culture. Courtesy Qu Jing/Douyin ‘Lack of empathy’ The controversy soon became a trending topic on Douyin and Weibo, China’s X-like platform, dominating online discussions. Users criticized Qu for her aggressive and insensitive approach and accused her, and Baidu (BIDU), of promoting a toxic workplace. “In her voice and in her tone, there’s deep indifference to and lack of empathy for the common plight of her colleagues,” said Ivy Yang, a China tech analyst and founder of consulting firm Wavelet Strategy. “A lot of what she said really struck a nerve, because people feel that in their own workplaces very often. The fact that she said it in a way that’s so direct and in your face, it just generated this kind of emotional reponse,” she said. “This is what the bosses are thinking, and she was merely saying it out aloud,” Yang added. China’s young workers have increasingly spoken out against the harsh workplace culture that has come to dominate many industries. In 2019, Alibaba co-founder Jack Ma drew intense criticism after endorsing the “996” trend, meaning working from 9 a.m. to 9 p.m. six days a week, and calling it a “huge blessing.” Yang called the backlash against Ma a “watershed moment” that led people to rethink the relationship between the workplace and themselves — a trend that has only intensified as the Chinese economy slows. China’s economy grew stronger than expected at the start of this year, but problems — including a property crisis, declining foreign investment and tepid consumption — are piling up. “When companies demand complete loyalty, time and energy from their employees, employees feel there’s no reciprocity or reward for their sacrifice or contribution, especially when things are slowing down. That becomes the central conflict, and this conflict is also at the heart of the Baidu saga,” Yang added. As public anger mounted, the videos posted on Qu’s personal Douyin account were taken down. ‘Inappropriate points’ After days of silence, Qu apologized on Thursday for “causing such a big storm” in a post on her personal account on WeChat, China’s most popular social media app. “I have carefully read all the opinions and comments from various platforms, and many criticisms are very pertinent. I deeply reflect on and humbly accept them,” Qu wrote. She also sought to put distance between her remarks and Baidu, saying she had not sought approval beforehand and that they did not represent the company’s stance. “There were many inappropriate and unsuitable points made in the videos, which led to misunderstandings about the company’s values and culture, causing serious harm,” Qu wrote. A person familiar with the matter said Qu’s clips were part of her push to amplify Baidu’s voice on short video platforms, which have become an increasingly important channel for information dissemination in China. Qu had asked all members of the PR team to create their personal accounts, according to the person, who requested anonymity. “The main purpose is to improve everyone’s ability to make short videos. Everyone can have different options over the content, and Cristina chose to speak about her personal experience,” said the person, referring to Qu’s English name. Qu worked as a reporter for China’s state news agency Xinhua before switching to the PR industry. She joined Baidu in 2021 from Huawei, a Chinese tech giant known for its hard-charging “wolf culture,” where employees are expected to emulate wolves’ bloodthirsty nature, fearlessness and resilience. A former Baidu employee said Qu brought Huawei’s aggressive corporate culture with her to Baidu. “(She triggered) a pretty big culture shock. About 60% of the team left within months of her arrival,” the former employee told CNN on the condition of anonymity. The PR team is expected to always be available, keep their phones on, reply to messages immediately and attend meetings at midnight and on weekends with short notice, the former employee said. Qu also adopted the military-style language used in corporate management at Huawei, requiring the team to be “disciplined” and “able to win battles,” the former employee said. CNN has reached out to Huawei for comment. This article has been updated with additional information.
Duke students walk out of Seinfeld commencement speech None - Students at Duke walked out of the graduation ceremony during comedian Jerry Seinfeld's commencement speech. The demonstration comes amid a wave of anti-war protests on college campuses.May 12, 2024
Sen. Graham says Israel should do ‘whatever’ it needs to do to survive; compares war in Gaza to WWII None - Sen. Graham says Israel should do ‘whatever’ it needs to do to survive; compares war in Gaza to WWII
Blinken says U.S. is not avoiding holding Israel accountable: ‘We don’t have double standards’ None - Sen. Graham says Israel should do ‘whatever’ it needs to do to survive; compares war in Gaza to WWII
Hotel union workers end strike against Virgin Hotels Las Vegas None - The largest labor union in Nevada has ended a planned 48-hour strike meant to pressure Virgin Hotels Las Vegas to agree to a five-year contract on wages and benefits LAS VEGAS -- Nevada's largest labor union concluded a 48-hour strike Sunday meant to pressure Virgin Hotels Las Vegas to agree to a five-year contract on wages and benefits. More than 700 workers with Culinary Union Local 226 walked off the job at the 1,500-room hotel-casino near the Las Vegas Strip Friday morning and ended the strike Sunday morning. Contract talks are set to resume on Tuesday. Guest room attendants, cocktail and food servers, porters, bellmen, cooks, bartenders, and laundry and kitchen workers were among those walking the picket line in front of Virgin Hotels, formerly the Hard Rock Las Vegas. Ted Pappageorge, secretary-treasurer for the union, said workers hoped the 48-hour strike would help expedite a new agreement. The union’s contract with Virgin Hotels expired 11 months ago. Earlier this year, union members at other Las Vegas-area properties reached deals giving them a roughly 32% salary increase over five years, including 10% in the first year. The last time Culinary Union members went on strike was in 2002 at the Golden Gate hotel-casino in downtown Las Vegas. Virgin Hotels filed a complaint with the National Labor Relations Board last week ahead of the anticipated strike, accusing the union of failing to negotiate in good faith. Pappageorge disputed the claim. Last year, the union authorized a citywide strike prior to Las Vegas hosting the Super Bowl. But it eventually reached an agreement with major hotel-casinos on the Strip for about 40,000 workers and with most downtown and off-Strip properties for 10,000 workers.