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Lewis H. Lapham, Longtime Editor of Harper’s, Dies at 89 2024-07-24 19:22:23+00:00 - Lewis H. Lapham, the scholarly patrician who edited Harper’s Magazine for nearly three decades, and who in columns, books and later his own magazine, Lapham’s Quarterly, attacked what he regarded as the inequities and hypocrisies of American life, died on Tuesday in Rome. He was 89. His death was announced by his children. A longtime resident of Manhattan’s Upper East Side, he had been living in Rome with his wife and other family members since January. The scion of a shipping and banking family whose forebears included a founder of Texaco and a mayor of San Francisco, Mr. Lapham (pronounced LAP-um) was a nationally respected journalist whose commentaries on politics, wars and the wealthy were disparaged by conservative critics but often likened by admirers to the satires and cultural criticisms of H.L. Mencken and Mark Twain. After a decade as a newspaper reporter and magazine writer, Mr. Lapham was the managing editor of Harper’s from 1971 to 1975 and the editor in chief from 1976 to 1981 and from 1983 to 2006. He offered a blend of high culture and populism: the fiction of John Updike and George Saunders mixed with reports on abortion fights, global warming and the age of terrorism — generally, but not always, with a progressive eye.
‘Oil Kills’ protesters disrupt flights at airports across Europe in wave of action 2024-07-24 19:21:00+00:00 - Climate activists acting under the banner “oil kills” have glued themselves to the tarmac and grounded flights across Europe as holidaymakers attempt to make summer getaways. In a wave of protests at airports from Oslo to Barcelona, activists disrupted flights and demanded that rich and polluting countries phase out fossil fuels by 2030. The protests, which the activists said had led to several arrests, came a day after climate scientists logged the world’s hottest day on record. “Ordinary people are taking matters into their own hands today to do what our criminal governments have failed to do,” the campaign said in a statement. “We are putting our bodies on the wheels of the machine of the global fossil economy and saying ‘oil kills’.” View image in fullscreen A activist taking part in the protest at Cologne-Bonn airport holds her hand glued to the runway. Photograph: Letzte Generation Handout/EPA In Germany, protesters from the climate group Letzte Generation (Last Generation) briefly stopped flights on Wednesday morning after they cut a chain-linked fence and glued themselves to the tarmac at Cologne-Bonn airport. The airport said that 31 flights had been cancelled and six diverted. In Austria, activists delayed a flight by refusing to sit down before takeoff while others spilled orange paint in the terminal at Vienna airport. In Switzerland, they blocked roads leading to Zürich and Geneva airports. Further protests hit airports in Norway, Finland and Spain. In the UK, 10 activists from Just Stop Oil were arrested on suspicion of planning disruption at Heathrow airport. All remain in custody. Rita Straub, 74, a retired software analyst in Switzerland, said she was committing civil disobedience to “shake things up” and exert pressure. “I am ashamed of the state of the world I am leaving to my great-nieces and nephews. I cannot stand by silently while fossil fuels continue to kill thousands and governments continue to expand their use,” she said. View image in fullscreen Activists from the Letzte Generation climate group stopped 31 flights at Cologne-Bonn and caused six more to be diverted on Wednesday, the airport said. Photograph: Jana Rodenbusch/Reuters In targeting airports, the activists argued that rich countries have the most responsibility to phase out fossil fuels and the greatest capacity to do so. “At airports it becomes clear: what used to be normal, we can no longer afford today,” said one Letzte Generation supporter, Lili Gomez. Authorities in countries such as the UK and Germany have cracked down on airport protests and pushed for harsher penalties for activists. The Dutch branch of Extinction Rebellion, which joined the protests on Wednesday, said further actions were planned for Saturday at airports in at least seven countries.
JD Vance hopes voters won't dwell on his far-right abortion views 2024-07-24 19:13:53+00:00 - Before settling on his new running mate, Donald Trump was reportedly worried about something specific: whether his choice would be seen as too far to the right on abortion rights. The Republican realized that the issue has been a real problem for his party, and he apparently feared the impact on his 2024 candidacy. NBC News quoted a source close to Trump in March saying, “He’s concerned it will have a drag on the ticket if they’re seen as holding too staunch a position.” With this in mind, the former president appears to have made the wrong choice. Sen. JD Vance isn’t just a far-right opponent of abortion rights; the Ohio Republican also has publicly endorsed a national ban, supports enforcement of the Comstock Act, had a campaign website that described him as “100 percent pro-life” (under a headline that read, “END ABORTION”) and endorsed his home state’s six-week ban. What’s more, Talking Points Memo ran a related report, noting that the Biden administration finalized new regulations under HIPAA that limited law enforcement access to medical records tied to reproductive health. Eight Republican senators pushed back against the administration’s efforts — and Vance was one of the eight. The word “staunch” keeps coming to mind. But as Politico reported this week, Vance is hoping voters don’t dwell too much on his views and positions when it comes to reproductive rights, and will instead focus on Trump’s leave-it-to-the-states approach. “I’m the vice presidential nominee and not the presidential nominee, and if I want my views on abortion to dominate the Republican party then I run for president. And I didn’t and I haven’t. Donald Trump ran for president,” Vance said. “Obviously as a member of the campaign I’m going to support it, which is an emphasis on states making the decision, having a respect for the will of the voters decide what local abortion policy will be.” In other words, the GOP’s vice presidential nominee isn’t denying his far-right views on abortion rights so much as he’s arguing that his far-right views on abortion rights aren’t especially relevant because he won’t be at the top of his party’s ticket. At first blush, that might sound vaguely reasonable. Throughout American history, when there have been differences between running mates on the same party’s ticket, it’s the candidate at the top who makes the final call about the prevailing position. But a lingering question hangs overhead: If voters return Trump to the White House and he were unable to complete his term for whatever reason, Vance would be elevated to the Oval Office. Would he stick to Trump’s far-right position, or his own even-further-to-the-right position? Or put another way, the senator would have people believe he’d only be the vice president. And while that’s true, (a) vice presidents often have influence over the administration’s agenda, especially when their presidents are indifferent toward governing and public policy; and (b) vice presidents sometimes become presidents. For its part, Vice President Kamala Harris’ campaign team said in a statement: “JD Vance is telling voters not to believe their own eyes and ears when he calls to ban abortion nationwide, rejects exceptions for rape or incest, and compares abortion to slavery. Voters aren’t buying his pathetic excuses — they know that the Trump-Vance ticket is all in on Project 2025, and that the only way to stop them is by voting for Kamala Harris this November.”
S&P 500 Suffers Biggest Drop Since 2022 as Tech Stocks Crater 2024-07-24 18:06:49+00:00 - Earnings reports from Google’s parent company, Alphabet, and Tesla on Tuesday led to a slump in big tech stocks, and the biggest daily decline for Wall Street’s major benchmarks in over a year. The S&P 500 fell 2.3 percent on Wednesday, while the technology-heavy Nasdaq tumbled 3.6 percent, the biggest drop for both since 2022. Investors were expecting perfection from the tech giants’ earnings reports, said Daniel Ives, a tech analyst at Wedbush Securities. The sell-off indicates that investors are disappointed by the reports, but their response amounts to nothing more than “a blip in the radar,” as tech companies are poised to be bolstered by the artificial intelligence boom, Mr. Ives added. “Investors are negatively reacting to any whiff of softness that we see from these big tech players,” he said. “I think it’s an overreaction after a massive run in tech stocks.”
Mike Johnson warns Congress and its guests that disrupting Netanyahu could mean arrest 2024-07-24 17:51:47+00:00 - Ahead of Israeli Prime Minister Benjamin Netanyahu’s controversial joint address to Congress on Wednesday, several lawmakers announced they won’t be attending. Some — like Rep. Sara Jacobs, who wrote an article for MSNBC, and even Kentucky Republican Rep. Thomas Massie — made clear in their announcements that their absence is an act of protest. Meanwhile, House Speaker Mike Johnson is trying his damnedest to prevent any expressions of dissent from disrupting Netanyahu's speech. In an effort to pre-empt protests in the room, Johnson sent out a Dear Colleague letter on Tuesday in which he threatened the arrest of anyone in the galleries who interrupts the speech. Should members of Congress create "a disturbance," Johnson said the sergeant at arms will intervene. Protests by guests at congressional hearings can routinely result in arrests. Last year, 10 protesters were arrested last year at a hearing on the Israel-Gaza war, and the father of a Parkland shooting victim was arrested at a hearing on gun regulations. Johnson made a similar threat in Milwaukee last week at an RNC-adjacent event hosted by the Republican Jewish Coalition. “There’s a number of Democrats in the House who have said they’re going to boycott the event,” he said, “and then some others are gonna protest. Listen, we’re gonna have extra sergeants at arms on the floor, and if anybody gets out of hand, the Speaker of the House will bang the gavel — we’re gonna arrest people if we have to do it. We’re gonna get the message out." The message got out. Although it seems to contradict Republicans' claim that they're the “America First,” pro-free speech party, here’s one of their leaders threatening Americans with arrest if they protest a foreign leader speaking before the U.S. Congress.
Aston Martin predicts sales recovery from new product launches 2024-07-24 17:47:00+00:00 - Aston Martin sales went into reverse in the first six months of 2024 but the luxury carmaker says it expects a recovery in the second half as it completes an update of its model lineup. The FTSE 250 company said the number of cars sold to dealers fell by a third to 2,000, while first-half losses rose by 52% to £216.7m. But its share price rose by more than 6% on Wednesday as it promised an “exciting” second half and a pickup in sales. The 111-year-old company, best known as the maker of cars in the James Bond spy film series, nearly went bust for an eighth time in 2020 but was saved by Lawrence Stroll, the billionaire fashion mogul. Since then, Stroll has struggled to turn the company around, first by trying to restore an air of exclusivity to the brand by reducing the number of cars held by dealers and sponsoring a Formula One race team, and then by releasing new models. It has launched a new Vantage sports car and the DBX 707, an update of the sports utility vehicle that has played a significant role in increased sales. Alongside its DB12 and Vanquish sports car models, it means the carmaker has an all-new lineup, with updated infotainment systems that addressed some criticism of previous models. View image in fullscreen The V12 Vanquish featured in the 2002 James Bond film in Die Another Day. Photograph: Ronald Grant Stroll said the launch of the sports cars and the SUV was a “pivotal moment” for the company after years of trying to turn it around. The former Bentley boss Adrian Hallmark will take over as chief executive under Stroll, who is chair, in September. Stroll said Aston Martin would start generating cash later this year, as the benefits of heavy investment finally bore fruit. “We have a big third and fourth quarter coming up,” he added. Aston Martin will still have big investments ahead, most notably in the shift to electric cars. None of the models it has made so far are electric, although it plans to release a plug-in hybrid version Valhalla super car in 2026, a year later than initially planned. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion There have been questions over whether the Labour government will reinstate the ban on new petrol and diesel cars in the UK in 2030, after the Conservative former prime minister Rishi Sunak delayed it until 2035. Labour committed to putting it back to 2030 in its manifesto. However, Aston Martin’s chief financial officer, Doug Lafferty, said the company hoped to benefit from allowances for smaller manufacturers to continue to sell cars up to 2035. He told reporters: “The current legislation allows for a derogation for small volume manufacturers, and we don’t see any deviation from that.” Aston Martin was not alone in reporting a decline in the first half. According to the Society of Motor Manufacturers and Traders, the number of new cars leaving UK factories fell by 7.6% to 416,074 between January and June. But it said the drop was expected, due to carmakers overhauling their production lines to make electrified models.
CREW’s call for Alito to step down highlights his recusal failures in Trump cases 2024-07-24 17:32:16+00:00 - Citizens for Responsibility and Ethics in Washington has called on Supreme Court Justice Samuel Alito to resign, citing his failure to recuse himself from cases related to the 2020 election, including the Donald Trump immunity ruling. The watchdog group’s letter won’t sway the justice, but it highlights the problem of Alito’s having participated in these crucial disputes. The letter, dated Tuesday, notes that Alito declined to recuse after it emerged that flags carried at the Capitol on Jan. 6, 2021, also flew outside of his homes: These flags flying at your homes — a phenomenon of which you were well aware and which was publicly known before the Court decided major cases related to the effort to overturn the 2020 election and the January 6th insurrection — would lead any reasonable person to question your impartiality as to those cases. CREW cited three cases: • Trump v. United States, the immunity ruling. • Fischer v. United States, which narrowed obstruction charges for Jan. 6 defendants. • Trump v. Anderson, the ruling that kept Trump on the ballot despite the 14th Amendment’s insurrectionist ban. Alito was in the majority for all three — as was Justice Clarence Thomas, who, unlike Alito, never attempted to explain his nonrecusals, despite his wife’s connection to efforts to overturn the results of the 2020 presidential election. We can safely assume that Alito won’t be resigning — at least not because of this letter. The GOP-appointed justice is in his mid-70s and would probably want to retire under a Republican administration so Republicans could confirm his successor. So when Alito (and Thomas, also in his mid-70s) voluntarily leaves the court may depend partly on whether the litigant he’s been helping returns to the White House in November. Subscribe to the Deadline: Legal Newsletter for updates and expert analysis on the top legal stories. The newsletter will return to its regular weekly schedule when the Supreme Court’s next term kicks off in October.
CrowdStrike global outage to cost US Fortune 500 companies $5.4bn 2024-07-24 17:20:00+00:00 - The global technology outage sparked by CrowdStrike’s faulty update will cost US Fortune 500 companies $5.4bn, insurers estimated, as the cybersecurity firm vowed to make changes to prevent it from happening again. The projected financial losses exclude Microsoft, the tech giant whose systems suffered widespread failures in the crash. Companies in banking and healthcare are expected to be hit the hardest, according to the insurer Parametrix, as well as major airlines. The total insured losses for the non-Microsoft Fortune 500 companies could be between $540m and $1.08bn. A variety of industries are still struggling to rectify the damage from CrowdStrike’s outage, which grounded thousands of flights, caused turmoil at hospitals and crashed payment systems in what experts have described as the largest IT failure in history. The outage exposed how modern tech systems are built on precarious ground, with faulty code in a single update able to bring down operations around the world. CrowdStrike – a Texas-based, multibillion-dollar company that has lost about 22% of its stock market value since the outage – has repeatedly apologized for causing the international tech crisis. The company issued a report on Wednesday detailing what went wrong in the update. The primary cause of the failure stemmed from an update that CrowdStrike pushed to its flagship Falcon platform, which functions as a cloud-based service intended to protect businesses from cyber-attacks and disruptions. The update contained a bug which caused 8.5m Windows machines to crash en masse. CrowdStrike stated in its postmortem that it plans to increase software testing before issuing updates in the future, and only roll out those updates gradually to prevent the widespread, simultaneous failures that took place last week. The company also plans to issue a more in-depth report on the causes of the outage in the coming weeks. CrowdStrike is one of the world’s most prominent cybersecurity firms, and was valued at around $83bn before the outage. It services about 538 of the Fortune 1000 companies, according to its website, and operates around the world. That ubiquity made the consequences of its botched update particularly severe, showcasing how many companies are reliant on the same products to keep operations running. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Several companies have had an especially hard time recovering from the outage. Delta Air Lines is still in turmoil days later as it cancels and reschedules hundreds of flights, leaving frustrated passengers without the ability to get home and parents scrambling to reach their stranded children. The US Department of Transportation opened an investigation into Delta on Tuesday over its handling of the issue.
Rural development won’t solve Britain’s housing crisis 2024-07-24 17:19:00+00:00 - I agree with Simon Jenkins’s overall message that England’s rural communities desperately need low-cost and affordable homes to rent and buy (David Cameron failed to foist new houses on rural areas. Why does Keir Starmer think he’ll succeed?, 18 July). But beyond that he seems to dive down a whole string of rabbit holes, such as 80% of British students expecting “the luxury of living away from home” – the implication being that students should not be enabled to make a first move towards independence. And then he rails against onshore wind turbines. To say that the Conservatives failed to foist new houses on rural areas is wrong. It was their national planning policy framework that unleashed rampant executive housebuilding of four- and five-bedroom homes on villages and towns across rural England. What rural communities crave are homes for those on low wages, first-time buyers, properties for old crocks like me to downsize into, and flats for single people to own or rent. For a start, the exemption enjoyed by housebuilders such that they don’t need to provide a percentage of affordable homes if a market housing development falls below a certain number of units, should be scrapped. What our rural communities would support are homes suited to local conditions, as shown in local housing needs surveys and community neighbourhood plans. As the philosopher Alexis de Tocqueville stated in 1835, the “strength of free peoples resides in the local community. Local institutions are to liberty what primary schools are to science; they put it within the people’s reach; they teach people to appreciate its peaceful enjoyment and accustom them to make use of it.” On this Mr Jenkins and I can agree. Dr James Derounian Winchcombe, Gloucestershire The Conservative party had already foisted thousands of new houses on rural areas, which have done nothing to solve the housing crisis. Acres of sprawling look-alike housing estates can be seen around every town and village here in the West Country, as in every other part of Britain. There is no concession to modern design solutions, compact groupings or minimal land use, except in the meanness of inside space. Restoration and conversion of the evidently huge number of empty properties throughout the country is discouraged by VAT (imposed on repairs but not on new-builds). This should be reversed, thus encouraging people to buy these properties, or councils to acquire them and make them available to rent. I wish politicians and journalists would cease to trot out the mantra that “we must build more houses”. For, as Jenkins says, these developments are for those who can afford them and nothing to do with housing for the homeless. Please, Labour, don’t regress to the same rural development mania. Valerie Organ South Molton, Devon Simon Jenkins is right: there is a problem about where to site new homes. But, so far, updating seaside towns has been ignored, even though Reform did well in seaside locations such as Clacton. Next door, Jaywick Sands has been identified as one of the most deprived neighbourhoods in England. With more people working from home, such areas become even more desirable to live and work in. The infrastructure is already there, rather than starting from scratch with new towns landed on unwilling locals. Rosanne Bostock Oxford
BMW recalls over 291,000 SUVs over interior cargo rails 2024-07-24 17:06:30+00:00 - DETROIT (AP) — BMW is recalling more than 291,000 SUVs in the U.S. because the interior cargo rails can detach in a crash, increasing the risk of injury. The recall covers certain X3 SUVs from the 2018 through 2023 model years. The company says in documents posted by U.S. safety regulators that dealers will replace the rear cargo rail bolts that attach to the vehicle body. The company expects to notify owners by letter starting Aug. 30. BMW says in documents posted by the National Highway Traffic Safety Administration that in rare cases the attachment to the body could be damaged. AP AUDIO: BMW recalls over 291,000 SUVs because interior cargo rails can detach in crash, raising injury risk AP correspondent Mike Hempen reports BMW has announced a recall in the United States. The documents say BMW found out about the problem in August of 2022 after an “extreme rear crash” involving a 2022 BMW X3. BMW was served with legal documents in the case in March of this year, when it was able to inspect the SUV. The documents don’t say whether anyone has been injured due to the problem. A message was left Wednesday seeking comment from BMW.
Elon Musk is spending millions to elect Trump. Let’s boycott his companies | Robert Reich 2024-07-24 17:01:00+00:00 - For many years I’ve argued that the consolidation of great wealth in the hands of a few undermines our democracy. Elon Musk is the poster child for that concern. Wealth is most dangerous when transformed into political power. One way Musk is transforming his gargantuan wealth into political power is by committing $45m a month, according to recent reporting, to a new pro-Trump super PAC founded and funded in May by other tech oligarchs. On Tuesday, Musk distanced himself from that claim, saying that the actual amount is lower. Either way, we may never know how much Musk is plunking down for Trump because of Musk’s avowed distaste for groups whose donors must be legally disclosed. Musk prefers to wield his political power through dark money. A second way Musk is transforming his wealth into political power is by posting pro-Trump, anti-Kamala Harris messages to his 189 million followers on X, formerly known as Twitter. The reason Musk has 189 million followers is that he owns X. He can adjust its algorithm to give his tweets maximum exposure and effectively buy and capture huge numbers of X users. Immediately after Biden withdrew from the race, Musk interacted with and reposted a number of X posts mocking and criticizing Harris while expressing support for Trump. Musk retweeted former Republican candidate Vivek Ramaswamy, who said: “We’re not running against a candidate. We’re running against a system.” Musk also tweeted out a video of Harris in which she said the pronouns she uses and described her appearance for the accessibility of blind people. Musk captioned the post: “Imagine 4 years of this … ” We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both Louis Brandeis Musk also retweeted and expressed approval of comments made by a QAnon-linked influencer, who had tweeted Biden’s resignation letter with the remark “Democrats destroy democracy in pursuit of power.” The Anti-Defamation League has highlighted this influencer as one of the “extremists and conspiracy theorists” that X has allowed back on to the platform. A number of X users have complained on the platform that they have been unable to follow the @KamalaHQ account, the official rapid response page of the vice-president’s presidential campaign. Instead, the users found a message that said they had reached their “limit” and could not follow any more accounts at this time. Trump is obviously delighted with Musk. The former president is reportedly thinking about offering the billionaire an advisory role in his administration, if there’s a second Trump presidency. skip past newsletter promotion Sign up to The Stakes — US Election Edition Free newsletter The Guardian guides you through the chaos of a hugely consequential presidential election Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion In all these ways, Musk and Trump seem on the way to merging into a single vortex of wealth and power. The result undermines American democracy and the rule of law. Maybe we should call it the Mump – the joining together of two rich and famous narcissists who crave attention, lie through their teeth, enjoy provoking critics, hate labor unions, refuse to be held accountable for anything and have utter contempt for democracy. Toward the end of America’s first Gilded Age, Louis Brandeis, the eminent American jurist, said: “We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.” Musk demonstrates the truth of Brandeis’s insight now, in America’s second Gilded Age. High on the list of legislative objectives for Harris and the Democrats, if they regain power, should be a wealth tax that makes it impossible for future Mumps to use their great wealth to undermine democracy. If a wealth tax is not politically feasible, an alternative would be to end the “stepped-up basis” inherent tax rule that allows heirs to great fortunes to avoid paying a dime of capital gains taxes. What can you do about Musk in the meantime? Use your economic power. Boycott Tesla and tell advertisers to boycott X.
Republicans’ case against Kamala Harris is off to an ugly start 2024-07-24 17:00:33+00:00 - Three days into the transformed 2024 presidential race, how is the Republican Party’s case against Vice President Kamala Harris coming along? While pondering the question, consider the headline on one of The Associated Press’ overnight reports: “Republican leaders urge colleagues to steer clear of racist and sexist attacks on Harris.” From the article: Republican leaders are warning party members against using overtly racist and sexist attacks against Vice President Kamala Harris, as they and former President Donald Trump’s campaign scramble to adjust to the reality of a new Democratic rival less than four months before Election Day. On the one hand, Republican officials believe this will be the year in which they break through with voters in communities of color. On the other hand, GOP leaders feel the need to remind their members that targeting Harris with racism isn’t a good idea. That said, the reminders have merit. A political sprint is obviously underway — Election Day is just over 100 days away — and it stands to reason that Republicans are going to take on the likely Democratic nominee in every possible way. But it’s also hard not to notice that the GOP’s case against the incumbent vice president is off to a rough start. Over the course of the last 72 hours, the American public has seen Republicans target Harris with: • racism; • sexism; • false claims about her serving as a “border czar”; • complaints about her laugh; • complaints that she has served the public for too many years; • complaints about her hometown of San Francisco; • complaints that she likes Venn diagrams too much; and • complaints about plastic straws. For good measure, let’s not overlook the fact that Republican Sen. JD Vance — a year before getting elected to Congress, and two years before receiving his party’s vice presidential nomination — took rhetorical aim at Harris during a Fox News appearance, emphasizing the fact that she does not have biological children of her own. As part of his Senate campaign in Ohio, Vance specifically referred to Democrats as “a bunch of childless cat ladies who are miserable at their own lives and the choices that they’ve made and so they want to make the rest of the country miserable, too.” The Republican added that this included Harris. The GOP will need a winning message against the likely Democratic nominee. This isn’t it.
Elon Musk now denies he's donating $45 million a month to help Trump 2024-07-24 17:00:02+00:00 - Elon Musk has denied that he is contributing $45 million a month to a pro-Donald Trump political action committee, saying he is instead donating "at a much lower level” than was initially reported. “What’s been reported in the media is simply not true. I’m not donating $45 million a month to Trump,” Musk said in an interview with Jordan Peterson, a conservative Canadian pop psychologist and YouTube personality, posted Monday on X, the social media site that Musk owns. Musk said he created the America PAC not as a “hyper-partisan” group but to “promote the principles that make America great in the first place.” Those principles, he said, include meritocracy and freedom, which he defined as “the least amount of government intervention possible,” a condition without which “everything becomes illegal.” The Wall Street Journal reported last week that Musk was planning to donate around $45 million a month to America PAC. In response to the reporting, Musk appeared at the time to give mixed signals. He responded to the WSJ article on X with a picture of gnus with human legs and the caption, “FAKE GNUS.” But he also replied to a post claiming he is “pledging $180 million” to re-elect Trump — the equivalent of $45 million a month from July until November — writing, “Yeah.” Later on Tuesday, Musk posted on X that he is “making some donations to America PAC, but at a much lower level.” The acerbic Silicon Valley billionaire had publicly thrown his support behind Trump after the attempt on the former president’s life at a campaign rally July 13. The Journal's report about Musk's monthly contributions to the super PAC underscored the financial heft behind the efforts by Silicon Valley's increasingly right-leaning factions to shore up their candidate of choice. At a rally in Michigan this week, Trump himself vowed “to make life good” for people like Musk. (Read more from my colleague Ja’han Jones about Trump’s overtures to Musk.) He also boasted about the tech billionaire’s donations to him. “Elon endorsed me the other day, and I read — I didn’t even know this, he didn’t even tell me about it,” Trump said, “but he gives me $45 million a month.”
Thames Water breaches licence as part of its debt downgraded to junk 2024-07-24 16:35:00+00:00 - Thames Water has breached its licence to supply water to nearly 16 million people after some of its debt was downgraded to junk status. The regulator Ofwat could now fine Thames, the country’s largest water monopoly, up to 10% of its annual turnover, equating to hundreds of millions of pounds. However, since the company is already teetering close to temporary renationalisation, Ofwat is likely to hold off on any immediate large fines. Urgent talks are being held between Thames and Ofwat to try to find a way to turn the company’s management and finances around, with expectations that these must conclude, for better or worse, next month, the Guardian understands. Thames is labouring under a £15.2bn debt mountain and has been brought to its knees after billions of pounds in dividends were extracted by its former owners, including the Australian bank Macquarie. If the talks fail, it is unlikely Thames will be able to escape being pulled on to the UK government’s balance sheet via a special administration regime, although Thames said it was still seeking fresh investment. The company, which serves 16 million customers in the London and Thames valley regions, has said it has enough money to continue its operations until May next year. It said in response to the downgrade that it “continues to work with Ofwat” on its “financial resilience”. For its customers and workers it was “business as usual”, it said. The downgrade came from Moody’s, one of three big credit ratings companies that categorise debt according to the perceived risk of it not being repaid. A separate downgrade is expected from another ratings company, S&P, in the coming weeks. Thames had signalled earlier in the year that a downgrade might be imminent and would put it in breach of its licence obligations. A key bond at Thames Water Utilities Finance plc – within the ringfenced part of Thames’s complex corporate structure that is overseen by Ofwat – was cut to a ranking of Ba1. This is one notch into Moody’s definition of junk territory, also termed non-investment grade. Water suppliers’ operating licences were changed in 2020 to require them to keep their debt rated as so-called investment grade. The move was meant to ensure they remained attractive to long-term, patient investors such as pension funds, which are often restricted from investing in riskier debt with lower ratings, known as junk. Thames will need an additional £2.5bn from investors to fulfil its business plan. Ofwat said in a draft decision in July that Thames could increase bills by £99 to £535 a year over the next five years, £92 less than the rise it sought. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Moody’s cited Thames’ “weakening liquidity position” in its explanation for the downgrade and said “existing or future equity investors may view the proposed risk and return profile as not sufficiently attractive” for such a large injection of new cash. An Ofwat spokesperson said: “This downgrade reinforces our position that a comprehensive financial and operational turnaround in Thames’ operations is essential.” Water companies in England and Wales operate under a 25-year rolling licence. These can only be revoked under certain conditions, including entering the special administration regime.
BMW recalls more than 290,000 cars because interior cargo rail may detach 2024-07-24 16:20:00+00:00 - BMW on Wednesday said it is recalling more than 290,000 vehicles in North America because of faulty bolts that may cause the interior cargo rail to fall off in the event of a rear crash. According to recall documents posted by the National Highway Traffic Safety Administration, attachment bolts on the affected BMW vehicles "may become damaged in a rear crash and result in the cargo rail detaching," increasing the risk of injury. The recall applies to the following BMW models: 2018-2023 X3 sDrive30i, X3 xDrive30i, X3 M40i and X3 M vehicles. Dealers will replace the defective bolts for free, NHTSA said. Notification letters will be mailed to vehicle owners on August 30. Anyone with related questions can call the automaker's customer service line at (800) 525-7417. BMW's number for the recall is "24V-534." Owners can also contact NHTSA's safety hotline at (888) 327-4236 (toll-free at 1-800-424-9153) or go to www.nhtsa.gov for further information. This is the second recall this month by the German automaker. BMW on July 10 recalled more than 394,000 vehicles in the North America because of Takata-made airbag inflators that could explode when deployed in a crash, potentially striking drivers and passengers with sharp metal fragments.
Strike at plant that makes truck seats forces production stoppage for Missouri General Motors 2024-07-24 16:19:50+00:00 - Production has halted at a Missouri General Motors plant that manufactures trucks and vans, the result of a strike at the company that supplies seats for the vehicles. About 480 workers at Lear Corp. in Wentzville walked out at midnight Sunday. The strike brought production to a standstill Monday at the GM plant in Wentzville, about 40 miles (64 kilometers) west of St. Louis, where the Chevrolet Colorado and GMC Canyon midsize trucks, along with the Chevrolet Express and GMC Savana full-size vans are made. About 4,600 employees work at the Wentzville GM plant. “We can confirm that GM Wentzville Assembly Plant has been impacted by part shortages resulting from a labor dispute at one of our suppliers,” GM spokesman Kevin Kelly said in a statement. “We hope both sides work quickly to resolve their issues so we can resume our regular production schedule to support our customers.” A statement on the United Autoworkers Region 4’s Facebook page said Lear Corp. has “failed to address” more than 30 proposals from union negotiators. “Despite the bargaining committee’s best efforts to secure a new agreement during more than a month of negotiation, Lear has remained unwilling to provide the conditions and compensation these nearly 500 Wentzville, Missouri UAW members deserve,” the statement read. A statement from Lear Corp. said negotiations are ongoing. “We continue bargaining in good faith with the UAW,” the statement read. “We are working hard to reach a fair and equitable settlement as soon as possible in our Wentzville, Missouri, seating assembly plant.”
Why is Australia’s 3G being shut down – and could it spell chaos? 2024-07-24 16:01:00+00:00 - It’s the end of an era as Telstra and Optus prepare to shut down 3G – a mobile network that dates back to the early days of the iPhone – at the end of August. While there are few phones in the market that will be affected, business groups are worried that alarms, CCTV and other products reliant on 3G will be affected, and that Australian businesses might not realise until it’s too late. Here’s what you need to know. What is the 3G shutdown? Mobile network providers Telstra, Optus and TPG operate – or have until recently operated – three generations of mobile networks: 3G, 4G and 5G. Shutdown of 3G networks a ‘health and safety issue’ for some regional Australians Read more Most new mobile phones will connect to 4G or 5G, but fall back to 3G when those networks are unavailable – particularly in regional and remote parts of Australia. Plus, a lot of non-handset devices – such as ATMs, CCTV, Eftpos, fridges, vending machines, medical alert systems and more – have used the 3G networks to connect to the internet and stay online. Why is 3G being shut down? The network operators say they’re shutting down the network, as with 2G, to free up the radio spectrum for 5G networks. Using the spectrum for 5G – which allows more users at higher speeds – will allow them to keep up with the increasing demand for data on mobile networks, which Telstra says grows by 30% every year. James Chisholm, the infrastructure department’s deputy secretary in communications, told a parliamentary inquiry that 3G would not be able to withstand the demand for the “greater use of video technology and streaming on devices” and “as technology advances and consumers expect more and more services – [like] on their phones, for example”. When are the networks shutting down? TPG, the parent company of Vodafone, has already shut down its 3G network, calling time at the end of 2023. Optus and Telstra are slated to shut down their networks on 31 August but Telstra has said it will keep small pockets of 3G active until there is equivalent 4G coverage in those areas. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Will it mean worse mobile coverage? Probably not. There is concern in regional and remote parts of Australia, but the telcos say they’re planning the same or better 4G coverage by the time 3G is switched off. Provided the devices are 4G-compatible, they say customers shouldn’t even notice. TPG told the inquiry that it received very low levels of customer complaints after it switched 3G off. How many handsets currently won’t work on 4G? A major concern for the shutdown – and the reason Telstra delayed its shutdown from June to August – is that more than 740,000 4G handsets at the start of this year were not compatible to make calls on 4G – they used 3G. The communications minister, Michelle Rowland, said this week that this number had been reduced to about 100,000. Telstra said about 33,000 handsets on its network were 3G-only. TPG said it had some 228 3G-only devices – even though it doesn’t operate 3G any more – and another 8,000 or so 4G devices unable to make calls on 4G. Optus did not provide its breakdown figure to the hearing. People who aren’t sure if their device is affected by the 3G shutdown can text the number 3 to 3498 to check. What if I can’t afford a new phone? The telcos say that they’ve been in contact with customers affected by the shutdown with a range of offers for a compatible phone, with thousands of those enduring hardship able to get a phone for free. What about other devices? While the focus of the messaging about the shutdown has concerned people’s mobile phones, there are many other devices that connect to the internet via 3G. Telstra says it has 399,000 internet-of-things devices – such as water meters, electricity meters and more – that are not 4G-capable, as well as 63,000 early-version smartwatches and 45,000 wireless broadband devices or tablets. Optus says it has about 100,000 devices predominantly used by small and large businesses, including payment terminals, monitoring and telemetry devices. TPG says it has more than 13,000 non-handset devices on its network that aren’t 4G-compatible. What will happen with those devices? The telcos say they’ve been attempting to work with the businesses that supply those products to make sure they’re being replaced or upgraded before the deadline. But business groups and other organisations that have relied on 3G devices have raised concerns that most won’t be aware the switch-off is happening or what devices might be connected. “A fridge isn’t going to complain,” the Royal Flying Doctor Service chief information officer, Ryan Klose, told the parliamentary inquiry. He said the service was spending more than $200,000 replacing devices and relying on Starlink’s low-Earth orbit satellite service as a 3G alternative in regional and remote areas. Will there be a 3G network outage apocalypse in September? It could spell chaos. The small business and family enterprise ombudsman, Bruce Billson, told the inquiry the first time many businesses may learn their device connects via 3G is when it stops working. Further the Australian Chamber of Commerce and Industry’s Jodie Trembath warned the parliamentary inquiry that crucial services, such as warning, alarm and pump systems, might not be switched over before the cut-off. The department said it had spent the past year engaging with the affected sectors, such as banking, and their peak bodies to amplify the message about the upcoming shutdown. It continued that the Commonwealth Bank, NAB and Westpac have said there are less than 3,000 Eftpos machines left across Australia using 3G and they’re working to replace them all. The medical alarm industry was also “well advanced” in switching over customers to 4G, the department added.
Pfizer's gene therapy for rare genetic bleeding disorder succeeds in late-stage trial 2024-07-24 15:00:00+00:00 - Pfizer on Wednesday said its experimental gene therapy for a rare genetic blood-clotting disorder succeeded in a large late-stage trial, paving the way for a potential approval. The treatment for hemophilia A could become the company's second gene therapy to enter the U.S. market after Beqvez, which was cleared in April for a less common type of the bleeding disorder called hemophilia B. Pfizer is co-developing the therapy with Sangamo Therapeutics , whose shares closed nearly 40% higher on Wednesday following the data release before paring some of those gains. Pfizer's stock closed up more than 1%. Pfizer is among several drugmakers to invest in the rapidly growing field of gene and cell therapies — one-time, costly treatments that target a patient's genetic source or cell to cure or significantly alter the course of a disease. Some industry health experts anticipate those therapies to replace traditional lifelong treatments that patients take to manage chronic conditions. Hemophilia A is a lifelong disease caused by a lack of blood-clotting protein called factor VIII. Without enough of that protein, the blood cannot clot properly, increasing the risk of spontaneous bleeding and severe bleeding after surgery. The condition occurs in roughly 25 in every 100,000 male births worldwide, Pfizer said in a release, citing data. Pfizer said its one-time treatment significantly cut the number of annual bleeding episodes in patients with moderately severe to severe hemophilia A from week 12 to at least 15 months. The company said the drug also performed better than the current standard treatment for the disease, which is routine infusions that replace the Factor VIII protein.
Food Processing Company Stock Gets Fried by Recall: Time to Buy 2024-07-24 14:50:00+00:00 - Lamb Weston Today LW Lamb Weston $56.42 -22.20 (-28.24%) 52-Week Range $56.23 ▼ $117.38 Dividend Yield 2.55% P/E Ratio 7.53 Price Target $116.30 Add to Watchlist Lamb Weston NYSE: LW share prices got fried after Q4 results were worse than expected. The move shaved 20% off the share price, putting the market near long-term lows, but now is not the time to sell. As bad as the implosion looks, the existing market is capitulating and setting up an attractive buying opportunity for new investors. While headwinds persist, the company’s results aren’t as bad as they look, and there are catalysts ahead for consumer staples. Sluggish restaurant sales globally are among the causes of poor performance, a dynamic that will change over the next four quarters because of lower interest rates. The FOMC is expected to lower rates at least once this year, possibly twice, and to continue cutting in 2025. With this in play, the guidance is likely cautious, and investors can expect an upgrade cycle in the back half of the fiscal year, extending into the back half of the calendar year. Get Lamb Weston alerts: Sign Up Lamb Weston Has a Weak Quarter Compounded by a Recall Lamb Weston had a weak quarter, missing estimates on the top and bottom lines, but the big news is the sharp contraction in earnings. While the contraction is concerning, it is due to a voluntary product recall that accounts for more than 50% of the decline. The top-line revenue of $1.61 billion is down compared to last year and missed the consensus by a slim 580 bps compared to the larger 3800 basis points bottom-line miss. Guidance for the new fiscal year is also weaker than expected but likely cautious, given the economic outlook. Lamb Weston’s $1.61 billion in revenue is down 5.3% year-over-year due to an 8% decline in volume offset by a 3% gain in price and mix. A global slowdown in restaurant volumes and the exit of lower-margin businesses are blamed for roughly 25% of the decline; the remainder is due to the recall. Lamb Weston Dividend Payments Dividend Yield 2.55% Annual Dividend $1.44 Dividend Increase Track Record 6 Years Annualized 3-Year Dividend Growth 6.78% Dividend Payout Ratio 19.23% Next Dividend Payment Aug. 30 See Full Details Margin news is mixed. The company widened its gross margin and lowered its SG&A expenses, setting itself with leverage offset by the recall expense. The recall is estimated to have impacted adjusted revenue by $40 million or 55% of the YoY decline, and the impact on net earnings is comparable. Operating income is up due to improved operational quality but offset by recall expenses that left the adjusted earnings at $0.78 or down 40% YoY. Guidance is what has the market moving lower. The company issued guidance for revenue and earnings in a range below the consensus, sapping market sentiment but leaving the capital return outlook in fine shape. The dividend is only 30% of the earnings guidance and safe, leaving ample room for share repurchases and capital expenditures in addition to the yield. The yield is at historical highs, near 2.4%, now that the share price has been discounted. CAPEX is estimated at $850 million and will target capacity stabilization and stimulating growth. Lamb Weston Builds Value for Shareholders Lamb Weston built value for shareholders in F2024 despite its headwinds. Highlights from the cash flow and balance sheet include a negative cash flow year and a reduction in cash balance offset by acquisitions, improving assets, and rising equity. Debt is also up but offset by positives, which left equity up 26% YoY. Share repurchases add to the value, reducing the count by an average of 1.2% for Q4. Analysts may cap Lamb Weston’s share price advance this year. However, the sell-off is overblown, putting the stock at a deep value and trading at rock bottom near the 2020 lows. The fall to $60 has the market over 50% below the lowest analysts' target, and the sentiment is firm at Buy. The company’s struggles are not over; the salient point is that its position as the world’s leading french fry supplier and supplier to McDonald’s NYSE: MCD has it positioned for long-term success. It is also a value relative to its peers, trading at only 10.8x the guidance midpoint, and it is among the cheapest consumer staples available today. Before you consider Lamb Weston, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lamb Weston wasn't on the list. While Lamb Weston currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Entertainment Stock Offers A Rare and Tempting Entry Opportunity 2024-07-24 14:13:00+00:00 - Netflix Today NFLX Netflix $635.99 -6.77 (-1.05%) 52-Week Range $344.73 ▼ $697.49 P/E Ratio 44.14 Price Target $681.21 Add to Watchlist Despite having been one of the core members of the once famous FAANG group of tech stocks, Netflix Inc NASDAQ: NFLX holds the dubious honor of also being the one that fell the hardest from its 2021 peak. A red-hot rally, fuelled by pandemic-era lockdowns, turned to dust in 2022 as the streaming giant struggled to meet investor expectations. An 80% drop from peak to trough tells its own story, and you'll be hard-pressed to find a recent article that talks about the FAANG group in the present tense. However, investors will ignore Netflix at their peril. Sure, looking at performance since February 2020, it has the lowest returns of all the FAANG group with just 90%. For context, Meta Inc NASDAQ: META is up 120% in that timeframe, while Apple Inc NASDAQ: AAPL is up 185%. But for those of us who avoided being washed out during the post-pandemic plunge, there are several reasons to be excited about Netflix right now. Get Apple alerts: Sign Up Solid Recovery: Netflix's Impressive Rebound In the two years since the stock bottomed out in May 2022, Netflix has returned 265%. Since the start of this year alone, it's up 33% and has all but recovered its losses. Only earlier this month did Netflix's shares come within a few dollars of topping 2021's all-time high of $701. It's been a stunning recovery, and it feels like there's a lot more to come. Last week's Q2 earnings report will have done a lot to set the foundation for the next rally phase, which is surely on track to take the stock to record prices. Netflix beat analyst expectations on both earnings and revenue, with operating margins jumping from 22% to 27% year on year. The company's forward guidance for full-year 2024 revenue growth also came in hot, with it now expected to land somewhere between 14-15%. Their acquisition numbers were strong, as was retention, both of which went a long way to justifying the ongoing rally. Analysts Predict Further Upside for Netflix Shares Netflix MarketRank™ Stock Analysis Overall MarketRank™ 4.19 out of 5 Analyst Rating Moderate Buy Upside/Downside 7.5% Upside Short Interest Healthy Dividend Strength N/A Sustainability -0.30 News Sentiment 0.59 Insider Trading Selling Shares Projected Earnings Growth 18.91% See Full Details Based on the report, the team at UBS Group didn't hesitate to reiterate their Buy rating on Netflix shares while boosting their price target to $750. From Tuesday night's closing price of $643, that's pointing to an additional upside of some 16%. Analyst John Hodulik was impressed by the company's increasing edge on competition, while the focus on widening margins also caught his eye. Redburn Atlantic took a similar stance, although with a fresh price target of $760. Similarly to UBS Group, analyst Hamilton Faber zeroed in on Netflix's strong forward guidance and increasing momentum on the acquisition front. Appealing Technical Setup for Netflix Investors Beyond the strong bullish outlook of these analysts who are calling for record highs in the near term, interested investors also have an appealing technical setup on their side. The Relative Strength Index (RSI) of a stock is a popular measure to assess how overbought or oversold a stock might be. It considers a stock's recent trading history, usually the previous 14 days, and then spits out a number between 0 and 100. Anything under 30 puts it in the oversold camp, while anything over 70 suggests it's overbought. Netflix was straying into the latter category just last month, which can make a stock unattractive to many investors as there's the risk of a pullback. However, with equities in general after softening in the past week, Netflix has also been dragged down a little. This has brought its RSI down below 40, which, considering the bullish outlook on the stock for the second half of the year, lends itself to the feeling that there's a serious bargain to be had right now. Netflix, Inc. (NFLX) Price Chart for Wednesday, July, 24, 2024 Before you consider Apple, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apple wasn't on the list. While Apple currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here