Latest News
See the latest news and get GPT analysis of articles
Zillow Found That 8 Million Renters Would've Spent 30% Less Of their Total Income On Mortgage Payments If They Knew They Were 'Mortgage-Ready' 2024-07-29 01:30:00+00:00 - Zillow Found That 8 Million Renters Would've Spent 30% Less Of their Total Income On Mortgage Payments If They Knew They Were 'Mortgage-Ready' A surprising number of renters could afford to buy a home, according to a new Zillow Analysis. Despite 39% of U.S. families renting in 2022, nearly 8 million qualified as "income mortgage-ready." This means they could likely handle a mortgage payment for a typical home in their area without exceeding 30% of their income. Don't Miss: A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? While some people prefer renting, Zillow economist Orphe Divounguy suggests that many potential homeowners may simply be unaware of their financial ability to purchase a home. "If your lease is about to end, it might be wise to determine whether you're in a position to buy a house," Melissa Cohn, regional vice president at William Raveis Mortgage, told CNBC. To understand your homebuying potential, Cohn recommends starting with a lender’s verbal prequalification. This initial step can determine whether gathering the necessary paperwork is worthwhile. Before that conversation, it's crucial to clearly understand your financial picture. This includes knowing your annual income, debt levels, credit score, and debt-to-income ratio. Trending: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today! According to Brian Nevins, a sales manager at Bay Equity, understanding your purchasing power is crucial to determining your homebuying readiness. Many potential homebuyers are unsure about their credit situation or hesitate to check it for fear of negative impacts. However, experts recommend monitoring your credit for several months before house hunting to identify any areas for improvement. "That's changed a lot in our industry, where we do soft credit verifications upfront now, and where it's going to have no impact on somebody's credit score," Nevins said. "There's really no harm in checking." Your credit score determines whether you qualify for a mortgage and the interest rate you'll pay. A higher credit score typically means a lower interest rate. Building credit is important, but so is managing your debt. A high debt-to-income ratio, influenced by factors like student loans or credit card balances, can hinder your mortgage approval chances. Story continues See Also: Gen Z and Millennial millionaires couldn't care less for stocks and bonds — Here's what they're buying instead. A high debt-to-income ratio is the primary reason mortgage applications are denied, according to Divounguy. Lenders use the ratio to assess whether you can handle an additional mortgage payment on top of your current debts. To create a realistic homebuying budget, you must understand your debt-to-income ratio. "Your debt-to-income ratio is simply the percentage of your monthly income dedicated to debt payments, including car loans, student loans, credit card minimums and your estimated mortgage payment," Nevins said. Your ability to afford a home depends on several factors beyond your credit and debt. Your area’s median home price, down payment, property taxes, homeowners insurance, and potential HOA fees all play a role. Consulting with a mortgage professional can provide valuable insights into fully understanding your financial picture and homebuying potential. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Zillow Found That 8 Million Renters Would've Spent 30% Less Of their Total Income On Mortgage Payments If They Knew They Were 'Mortgage-Ready' originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
"Bashing The Rich Is Not What America's About," Kevin O'Leary Says of Increasing Taxes For The Wealthy 2024-07-29 00:00:00+00:00 - "Bashing The Rich Is Not What America's About," Kevin O'Leary Says of Increasing Taxes For The Wealthy Well-known entrepreneur and TV personality Kevin O'Leary recently spoke on Fox News about taxing the rich in response to a caller stating, "I just want an America where I have the chance to pay less in taxes than people like Kevin O’Leary." O'Leary expressed concerns about the political rhetoric that targets successful entrepreneurs and the potential repercussions of consequential policies on the American economy. Don't Miss: How do billionaires pay less in income tax than you? Tax deferring is their number one strategy . If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? O'Leary stated that he doesn't want to talk about an exclusive club of wealthy people – that's not what this is about. Instead, he says thinking about America as an entrepreneurial economy would be better. "We reward entrepreneurship," he said. "We reward men and women that take risks to start businesses in their basement and create hundreds of thousands and millions of jobs." He mentioned that other successful entrepreneurs like Jeff Bezos and Elon Musk should not be penalized for their achievements. "Do you want to punish them for their success? Is that what America has become? Let’s punish our entrepreneurs? No! They pay their fair share and percentage of taxes. They abide by the tax laws. And they create jobs." Trending: Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want. Diving further into entrepreneurs’ unique challenges, O'Leary explained that many don't draw salaries and instead reinvest their earnings into growing their businesses. "We don’t make any money because we’re taking it all and putting it into companies and starting to grow them. And we get capital gains. Now, if you don’t like capital gains tax, you want to increase it and become very uncompetitive. Entrepreneurs will take their money somewhere else. And foreign investors will also go somewhere else." Many others do not share O’Leary’s sentiments, particularly those not part of the billionaire class. Oxfam America, a nonprofit dedicated to fighting inequality and injustice, firmly believes that billionaires don't pay their fair share in taxes. On their website, Oxfam cited studies that revealed the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of 8.2%, while the average American taxpayer paid 13% in 2021. Story continues See Also: Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average? "That's not paying your fair share," Oxfam wrote. "Instead of rewarding wealth over work, our tax system should ensure that billionaires play by the same set of rules as the rest of us. It's good for the planet, and it's essential to the preservation of our democracy." It's not just the lower class and "poorer" citizens that want increased taxes for the wealthy, though. Bill Gates has even advocated for higher taxes on the rich, including himself. The disparity about the fairness of the U.S. tax system may likely never be settled. Advocates for higher taxes on the rich argue that a more progressive tax system is essential for bridging the gap between the rich and the poor and providing better support for health care and education. On the other hand, O'Leary argues that excessive taxation could stifle innovation and entrepreneurship, which are crucial to the American economy. As policymakers navigate these complex issues, it’s important to consider the potential impacts on all segments of society, from entrepreneurs and investors to everyday workers and taxpayers. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article "Bashing The Rich Is Not What America's About," Kevin O'Leary Says of Increasing Taxes For The Wealthy originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
How This Week's Big Tech Earnings Could Affect the Broader Market 2024-07-28 23:15:00+00:00 - Amazon, Apple, Meta and Microsoft Will Release Quarterly Results This Week Dimas Ardian / Bloomberg / Getty Images Microsoft CEO Satya Nadella speaks during the company event on AI technologies in Jakarta, Indonesia, on Tuesday, April 30, 2024. Key Takeaways This week will bring earnings from Microsoft, Apple, Amazon, and Meta, in what could be the biggest week of this earnings season. Big moves in their stocks would affect major indexes, and markets may be on edge after earnings reports from Tesla and Alphabet last week sent tech stocks spiraling. Any weakness in this week's big tech earnings could widen the cracks that began to show last week. Investors will also be looking closely at Microsoft's and Amazon's capital expenditures after Wall Street bristled at Alphabet's AI spending. The stock market has been turned on its head in recent weeks, and the ride may get wilder this week with the majority of the Magnificent Seven reporting earnings at a critical juncture for the group. Bank of America estimates that more than one-third of aggregate S&P 500 earnings will be reported this week. That’s in large part because Microsoft (MSFT) will report Tuesday afternoon, Meta's (META) results come when markets close Wednesday, and Apple (AAPL) and Amazon (AMZN) are both slated to report after the bell on Thursday. Those four companies account for nearly 20% of the S&P 500 index—about as much as the Health Care and Industrial sectors combined. Big moves in their stocks would take major indexes in tow, and markets may be on edge heading into this week’s reports after Tesla (TSLA) and Alphabet (GOOGL) earnings sent tech stocks spiraling last week, pulling the sector into a correction and leading the S&P 500 to notch its worst day since December 2022. Any weakness in this week's big tech earnings could widen the cracks that began to show last week. They could also feed into or challenge the narrative coalescing around spending on artificial intelligence (AI) that has weighed on sentiment lately. AI Spending Concerns in the Spotlight The Magnificent Seven is expected to report earnings grew 30% from the second quarter last year, when profits totaled more than $81 billion, according to Bank of America. That would represent a slowdown from the prior quarter, but would still far outpace the rest of the S&P 500’s profit growth at 6%. Two of the companies reporting this week—Meta and Amazon—are expected to be among the largest contributors to aggregate S&P 500 earnings growth. Yet, results from Alphabet last week demonstrated that robust earnings growth may not be enough for Wall Street. Alphabet reported earnings increased 28% in the second quarter, exceeding analysts' estimates. However, the stock tumbled as investors homed in on capital expenditures, which nearly doubled from last year as Google invests heavily in AI infrastructure to keep up with cloud computing rivals Microsoft and Amazon. Alphabet CEO Sundar Pichai defended the company’s spending, saying that the risk to Google of underinvesting in AI was greater than the risk of overinvesting. Story continues "The CapEx rates are definitely elevated," said CFRA analyst Angelo Zino. "But the way we look at it, higher CapEx should not be viewed as a disappointment. We think it's healthier dollars spent than increasing OpEx, which is not what these companies are necessarily doing.” Still, spending has become an overhang for the tech giants. "With job openings down in 2Q," said Bank of America analysts of Meta's upcoming report, "we don't anticipate a repeat of last quarter's higher '24 expense guidance, though higher legal & capex are risks." Watching AI Monetization Amid concerns about AI-related costs, executives may be keen to emphasize how AI is already adding to revenue or expanding margins. "There's kind of a misperception out there that some of these companies are not monetizing [AI]," said Zino. Microsoft, he noted, grew its Azure and cloud services business by 30% in the first quarter, about 7 percentage points of which came from AI services. "The problem is it's coming off such low levels that it's not a huge impact on the broader business," he added. Beyond cloud growth, AI could be benefiting these companies in less easily quantifiable ways, said Zino. "You're seeing things like digital ad spend accelerating this year, and my belief is part of that is because of the improvements that you're seeing on their platforms." Will the Market Rotation Continue? The latest earnings from big tech come amid a massive market reorientation. The tech stocks that propelled markets to records in the first half of the year have fallen into a correction as investors rotated into small-cap stocks on hopes that they could benefit from imminent interest rate cuts. For their part, Wedbush analysts aren’t too concerned with hyperscalers increasing their spending. “We believe this tech sell-off will be short lived as the Street better digests results and commentary from the broader tech sector,” wrote analysts in a note on Thursday. Zino also suggested that while more of a rotation could still be in store for markets, the pullback for tech stocks could prove temporary, potentially presenting "a very nice opportunity for long-term investors." Read the original article on Investopedia.
JD Vance is faltering in the Midwest, a big problem for the GOP 2024-07-28 21:44:55+00:00 - When Trump tapped JD Vance as his running mate, the Ohioan's background was a major selling point. But new CNN data shows Vance with a double-digit net unfavorable rating across the Midwest. Vance's national rollout as the GOP vice presidential nominee has so far been a rocky affair. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Ohio Sen. JD Vance's national introduction as former President Donald Trump's running mate has been less than ideal. Vance, known for his best-selling memoir, "Hillbilly Elegy," was elected to office less than two years ago. Many Republicans have long viewed him as a future face of the party, given his Midwestern background and his appeal to many MAGA adherents. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Princess Leia bikini costume from set of ‘Star Wars’ movie sells at auction for $175K 2024-07-28 21:32:49+00:00 - HOUSTON (AP) — The gold bikini-style costume that Carrie Fisher wore as Princess Leia while making “Return of the Jedi” in the “Star Wars” franchise has sold for $175,000, according to the auction house that handled the sale. The costume was made famous when Fisher wore it at the start of the 1983 film when Leia was captured by Jabba the Hutt at his palace on Tatooine and forced to be a slave. The costume, one of the most memorable in the “ Star Wars ” movies, was sold on Friday by Dallas-based Heritage Auctions. Joe Maddalena, Heritage’s executive vice president, said the costume that was sold was one that was screen tested and worn by Fisher on the movie’s set but ultimately did not make it onto the final version of the film as it was switched out for one that was more comfortable. The auction house said the costume sparked a bidding war among collectors. Maddalena said he wasn’t surprised by the attention bidders gave to the costume as well as to a model of a Y-wing fighter that took on the Death Star in the original “Star Wars” film that sold for $1.55 million. He said “Star Wars” and “Star Trek” have very avid fan bases. “The power of ‘Star Wars’ proves itself again. These movies are just so impactful,” Maddalena said. In a November 2016 interview with NPR’s “Fresh Air,” Fisher said wearing the costume was not her choice. “When (director George Lucas) showed me the outfit, I thought he was kidding and it made me very nervous. I had to sit very straight because I couldn’t have lines on my sides, like little creases. No creases were allowed, so I had to sit very, very rigid straight,” said Fisher, who died about a month after the interview. Richard Miller, who created the costume, said in an interview that’s included in a “Star Wars” box set that he used soft material to build the costume so that Fisher could move around more freely. “However, she still didn’t like it. I don’t blame her,” said Miller, who was the chief sculptor for Industrial Light & Magic, the visual effects company founded by “Star Wars” creator George Lucas. “I did put leather on the back of it to help it feel better.” The costume had its share of critics, who thought it sexualized Fisher for the franchise’s male fan base. In “Interview” magazine in 2015, Fisher told actor Daisy Ridley, who starred in “Star Wars: The Force Awakens,” “You’re going to have people have fantasies about you. That will make you uncomfortable, I’m guessing.” She pushed back against the idea of being a sex symbol and told Ridley to “fight for your outfit.” ___ Follow Juan A. Lozano on X: https://twitter.com/juanlozano70
A manipulated video shared by Musk mimics Harris’ voice, raising concerns about AI in politics 2024-07-28 20:58:43+00:00 - NEW YORK (AP) — A manipulated video that mimics the voice of Vice President Kamala Harris saying things she did not say is raising concerns about the power of artificial intelligence to mislead with Election Day about three months away. The video gained attention after tech billionaire Elon Musk shared it on his social media platform X on Friday evening without explicitly noting it was originally released as parody. The video uses many of the same visuals as a real ad that Harris, the likely Democratic president nominee, released last week launching her campaign. But the video swaps out the voice-over audio with another voice that convincingly impersonates Harris. “I, Kamala Harris, am your Democrat candidate for president because Joe Biden finally exposed his senility at the debate,” the voice says in the video. It claims Harris is a “diversity hire” because she is a woman and a person of color, and it says she doesn’t know “the first thing about running the country.” The video retains “Harris for President” branding. It also adds in some authentic past clips of Harris. Mia Ehrenberg, a Harris campaign spokesperson, said in an email to The Associated Press: “We believe the American people want the real freedom, opportunity and security Vice President Harris is offering; not the fake, manipulated lies of Elon Musk and Donald Trump.” The widely shared video is an example of how lifelike AI-generated images, videos or audio clips have been utilized both to poke fun and to mislead about politics as the United States draws closer to the presidential election. It exposes how, as high-quality AI tools have become far more accessible, there remains a lack of significant federal action so far to regulate their use, leaving rules guiding AI in politics largely to states and social media platforms. The video also raises questions about how to best handle content that blurs the lines of what is considered an appropriate use of AI, particularly if it falls into the category of satire. The original user who posted the video, a YouTuber known as Mr Reagan, has disclosed both on YouTube and on X that the manipulated video is a parody. But Musk’s post, which has been viewed more than 123 million times, according to the platform, only includes the caption “This is amazing” with a laughing emoji. X users who are familiar with the platform may know to click through Musk’s post to the original user’s post, where the disclosure is visible. Musk’s caption does not direct them to do so. What to know about the 2024 Election Democracy: American democracy has overcome big stress tests since 2020. More challenges lie ahead in 2024. American democracy has overcome big stress tests since 2020. AP’s Role: The Associated Press is the most trusted source of information on election night, with a history of accuracy dating to 1848. Learn more. The Associated Press is the most trusted source of information on election night, with a history of accuracy dating to 1848. Stay informed. Keep your pulse on the news with breaking news email alerts. Sign up here While some participants in X’s “community note” feature to add context to posts have suggested labeling Musk’s post, no such label had been added to it as of Sunday afternoon. Some users online questioned whether his post might violate X’s policies, which say users “may not share synthetic, manipulated, or out-of-context media that may deceive or confuse people and lead to harm.” The policy has an exception for memes and satire as long as they do not cause “significant confusion about the authenticity of the media.” Musk endorsed former President Donald Trump, the Republican nominee, earlier this month. Neither Mr Reagan nor Musk immediately responded to emailed requests for comment Sunday. Two experts who specialize in AI-generated media reviewed the fake ad’s audio and confirmed that much of it was generated using AI technology. One of them, University of California, Berkeley, digital forensics expert Hany Farid, said the video shows the power of generative AI and deepfakes. “The AI-generated voice is very good,” he said in an email. “Even though most people won’t believe it is VP Harris’ voice, the video is that much more powerful when the words are in her voice.” He said generative AI companies that make voice-cloning tools and other AI tools available to the public should do better to ensure their services are not used in ways that could harm people or democracy. Rob Weissman, co-president of the advocacy group Public Citizen, disagreed with Farid, saying he thought many people would be fooled by the video. “I don’t think that’s obviously a joke,” Weissman said in an interview. “I’m certain that most people looking at it don’t assume it’s a joke. The quality isn’t great, but it’s good enough. And precisely because it feeds into preexisting themes that have circulated around her, most people will believe it to be real.” Weissman, whose organization has advocated for Congress, federal agencies and states to regulate generative AI, said the video is “the kind of thing that we’ve been warning about.” Other generative AI deepfakes in both the U.S. and elsewhere would have tried to influence voters with misinformation, humor or both. In Slovakia in 2023, fake audio clips impersonated a candidate discussing plans to rig an election and raise the price of beer days before the vote. In Louisiana in 2022, a political action committee’s satirical ad superimposed a Louisiana mayoral candidate’s face onto an actor portraying him as an underachieving high school student. Congress has yet to pass legislation on AI in politics, and federal agencies have only taken limited steps, leaving most existing U.S. regulation to the states. More than one-third of states have created their own laws regulating the use of AI in campaigns and elections, according to the National Conference of State Legislatures. Beyond X, other social media companies also have created policies regarding synthetic and manipulated media shared on their platforms. Users on the video platform YouTube, for example, must reveal whether they have used generative artificial intelligence to create videos or face suspension. ___ The Associated Press receives support from several private foundations to enhance its explanatory coverage of elections and democracy. See more about AP’s democracy initiative here. The AP is solely responsible for all content.
How a Texas woman managed to steal over $100 million from the US Army 2024-07-28 20:58:34+00:00 - A judge sentenced a Texas woman to 15 years for stealing over $100 million from the US Army. Janet Yamanaka Mello used her position at Fort Sam Houston to secure fraudulent grants. Mello funded a lavish lifestyle, buying 80 vehicles, jewelry, clothes, and real estate. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement A Texas woman will spend more than a decade in prison after stealing over $100 million from the military to fund her lavish lifestyle. A federal judge sentenced Janet Yamanaka Mello, 57, to a term of 15 years in federal prison last week on five counts of fraud and five counts of filing false tax returns. Mello previously worked as an employee for the Child & Youth Services department at Fort Sam Houston, according to court documents. From 2016 to 2023, she operated a business called Child Health and Youth Lifelong Development, which she used to apply for grants through the military's 4-H partnership program, prosecutors said. Mello was in charge of approving those grants, which were meant to fund childcare and other programs for kids. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
President Milei renews his vow to scrap export taxes as Argentina’s powerful farmers get impatient 2024-07-28 20:51:03+00:00 - BUENOS AIRES, Argentina (AP) — Addressing crowds of struggling farmers in flat caps and home-knit sweaters who helped vault him to power but have grown increasingly impatient with his progress, President Javier Milei on Sunday vowed to scrap export taxes and rescue Argentina’s key agricultural industry. The country’s powerful agricultural producers say they’re willing to give the libertarian more time to deliver on his free-market promises. But many farmers are disillusioned that seven months into Milei’s presidency, they remain hobbled by labyrinth currency controls, crushing export taxes and an uncompetitive exchange rate. “We said we were going to lift the restrictions and every day we do,” Milei said at Argentina’s annual La Rural convention, where for one week the huge Buenos Aires exposition ground becomes one vast farmyard teeming with sleepy cows and whinnying horses. “No one is as eager as we, and me in particular, are to get out of this disastrous model where the state, through withholdings and restrictions, expropriates 70% of what the countryside produces.” The crowds whooped and cheered. As the farmers tell it, that model of budget-busting populism confiscated their wealth for redistribution among the unproductive masses and devastated the lush grain belt that made Argentina among the world’s richest economies a century ago. Today, Argentina remains one of the biggest livestock and grain producers but its more dubious distinctions include being beset with one of the world’s highest debt burdens and highest annual inflation rates. Successive left-leaning Peronist administrations in recent decades took an estimated $200 billion from the agricultural sector into state coffers, banning meat exports to stem inflation and levying sky-high export taxes on agricultural commodities to pay for bloated budgets. So far under Milei, Argentina’s agricultural industry — which accounts for some 20% of the country’s gross domestic product — is “hopeful but realistic,” said Nicolás Pino, head of the Argentine Rural Society, the country’s agribusiness lobby. “There are sufficient reasons to complain, but we prefer at this time to appeal to the patience of the men and women of the countryside,” Pino said. “We believe it’s useful to give the government some space for trust.” But already there are signs that patience in Argentina’s fertile Pampas is wearing thin. Earlier this week, the Argentine Rural Confederation, one of the country’s main producers’ groups, turned up the pressure on Milei with a harsh statement lamenting the government’s failure to eliminate the “unfair, arbitrary and distortive tax” on agricultural exports” that it said, “suffocates our producers.” President Milei has prioritized balancing the government’s books and quelling inflation — key campaign promises that he hopes can keep public opinion from swinging against him as his austerity drive hits Argentines hard. But agricultural leaders say these goals have come at the cost of other campaign pledges to unleash the free market and end heavy-handed state intervention. “We need clarification about some of these recent economic measures,” said Elbio Laucirica, the head of another agribusiness group. In recent weeks, Milei has moved to hike up taxes and tighten his grip on the exchange rate, contradicting his libertarian orthodoxy and stoking frustration among farmers. Because Milei’s plans to prop up the peso have reduced export competitiveness, Argentine farmers whose sales are linked to the U.S. dollar are hanging on to their harvests, stockpiling billions of dollars worth of exportable grain and soybeans so they don’t have to surrender their dollars for less than what they are worth. At the rural expo on Sunday, the grumbling was audible among the gauchos, or Argentine cowboys. “Every decision like this affects us so much, and an overvalued exchange rate is not what we need from a government that promised us something different,” said Maurro Berrra, a 34-year-old farmer wearing a trademark poncho and bombachas (trousers) who had hoped Milei’s policies would prompt a gush of exports to his Chinese buyers. “We have more stability than last year, that is something, but we’re still facing huge obstacles.” A drop in local demand has also hurt Argentine producers. With poor and middle-class Argentines staggering under the government’s extreme austerity measures and 270% annual inflation, beef consumption has dropped to its lowest recorded level in history, according to the Rosario Board of Trade. “The economy has never been good to us, but this drop in consumption has really hit us hard,” said 67-year-old rancher Jorge De Marcos. “It’s tragic because steak here isn’t just steak, it’s a way of life.”
Body found in Phoenix warehouse 3 days after a storm partially collapsed the roof 2024-07-28 20:33:41+00:00 - PHOENIX (AP) — Authorities believe they have found the body of a Phoenix warehouse worker missing for three days after a micro cloud burst caused the roof of a commercial building to partially collapse. Phoenix police said they’re waiting for the Maricopa County medical examiner’s office to confirm the victim’s identity before his name is released. The search for the 22-year-old man began around 10 p.m. Wednesday after a brief, violent storm hit the Freeport warehouse. City fire rescue crews worked 12-hour shifts until the body was located around 1 p.m. Saturday. “This is not the outcome we wanted,” Phoenix Fire Department Captain Todd Keller said. Keller said the missing man had been working in the warehouse for about a year. Authorities said he was the only one who didn’t make it out of the building when the severe storm hit the Phoenix area. The storm packed gusts up to 70 mph, knocking down trees and power lines and leaving thousands of Phoenix residents without electricity for hours. “National Weather Service did say that a microburst did come in, lifted this roof off and we do have a partial roof collapse,” Keller said.
How Wisconsin became the must-win state of the 2024 presidential race 2024-07-28 20:30:54+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview There's nothing easy about winning a statewide race in Wisconsin. Over the past 25 years, Democrats and Republicans have braced themselves for hard-fought fights in the politically-polarized state, with most presidential contenders stumping in the state so much that voters truly feel like they're part of the action. Wisconsin has 10 Electoral College votes, which certainly isn't the largest haul. (That would be California, with its 54 electoral votes.) This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But the Badger State has arguably become the most consequential state on the 2024 presidential map by virtue of its Midwestern sensibilities and the highly competitive nature of its closely divided electorate, which makes it a bellwether for the politics of the United States. Advertisement In what is likely to be a contest between Vice President Kamala Harris and former President Donald Trump, the state is set to once again be at the center of the political universe in November. How did Wisconsin become such a key battleground? The growing urban-rural divide It's generally accepted that presidential races in Wisconsin will be decided by razor-thin margins. In 2000, then-Vice President Al Gore won the state over then-Texas Gov. George W. Bush by a 0.22% margin. Four years later, then-Massachusetts Sen. John Kerry defeated Bush in the state by a 0.38% margin. Advertisement The common denominator: Democrats romped in the urban centers of Milwaukee and Madison, while also performing well in the Driftless Area and in blue-leaning northern counties. And while Democrats did not win many of the rural counties, they remained competitive overall, allowing them to eek out slim wins statewide. Barack Obama changed this narrative in 2008 and 2012, though, winning by broad margins of roughly 14 points and 7 points, respectively. In the first race, Obama performed powerfully across rural Wisconsin, a huge breakthrough for Democrats. Related stories But in 2016, Trump flipped Wisconsin into the GOP column for the first time since 1984, winning by a 0.77% margin and breaking down the "blue wall" that had held for decades. Four years later, Biden won Wisconsin for the Democrats by a similarly tight 0.63% margin. Advertisement While both parties are clearly competitive in Wisconsin, the urban-rural divide — similar to much of the United States — has only grown wider. In the Badger State, heavily gerrymandered GOP-crafted districts and conservative rule dominating Madison for more than a decade — in what's essentially a 50-50 state — have hardened partisan levels. What will a Trump vs. Harris matchup look like? This year, Harris and Trump are competing for many of the same voters, but they're also appealing heavily to their respective bases. After Biden stepped aside as the Democratic nominee in July, Harris' first major political rally as a presidential contender was held in West Allis, a suburb in Milwaukee County. This was not by accident. Advertisement The vice president will need to win the county — filled with Democratic-leaning independents and voters in deep blue Milwaukee — by a sizable margin to offset what's expected to be Trump's strength across rural parts of the state. Trump earlier this summer campaigned in Racine, as he hopes to carve out working-class support in an area that's politically competitive but in recent years has leaned toward the GOP on the presidential level. Both parties are itching to win the state: Republicans held their national convention in Milwaukee earlier in July, where Trump also tapped Ohio Sen. JD Vance as his vice presidential running mate. And Harris could potentially select Minnesota Gov. Tim Walz as her running mate, which would put another Midwestern voice in the vice presidential mix. The 2024 race will be centered on the economy, and whoever makes the most persuasive argument will likely win Wisconsin. Advertisement But the messenger will matter. Even as Biden ended his campaign, Wisconsin was the swing state where he remained best positioned ahead of the fall, as his support among white working-class voters there had not collapsed. While it will likely take another week to get a better sense of Harris' standing in the state, early polling indicates another close contest. A Fox News poll taken after Biden's exit showed Trump leading Harris by one point (50% to 49%) among registered voters. But this is Wisconsin, after all. The political suspense is here to stay.
AI won't replace human workers, but 'people that use it will replace people that don't,' AI expert Andrew Ng says 2024-07-28 20:23:00+00:00 - AI experts debate the tech's impact on jobs, with some seeing growth and others concerned. Andrew Ng, Google Brain founder, believes AI will transform but not replace jobs. Ng argues Big Tech inflates AI threats to stifle competition and push for legislation. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement AI experts tend to agree that rapid advances in the technology will impact jobs. But there's a clear division growing between those who see that as a cause for concern and those who believe it heralds a future of growth. Andrew Ng, the founder of Google Brain and a professor at Stanford University, is in the latter camp. He's optimistic about how AI will transform the labor market. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Melinda French Gates weighs in on the generosity of billionaires like Elon Musk and Peter Thiel: 'I would not call those men philanthropists' 2024-07-28 19:45:29+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Melinda French Gates says the new generation of billionaires, like Elon Musk and Peter Thiel, these days primarily use their "megaphones" instead of their bank accounts to effect change. In an interview with The New York Times, French Gates was asked what she thinks about the approach to philanthropy shown by the new generation of "billionaire activists" — like Tesla CEO Elon Musk, Twitter founder Jack Dorsey, hedge fund manager Bill Ackman, and PayPal founder Peter Thiel. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "Well, the people you just named have not been very philanthropic yet," French Gates replied. "They use their voice and they use their megaphones, but I would not call those men philanthropists." In May, French Gates announced her intention to step down from her role as cochair of the Gates Foundation, which she founded with her former husband, Microsoft cofounder Bill Gates. Advertisement In her announcement, she said she would remain committed to "people and organizations working on behalf of women and families around the world, including on reproductive rights in the United States." In January, Elon Musk criticized French Gates's decision to endorse President Joe Biden in the 2024 election, saying the decision "might be the downfall of western civilization." French Gates has since endorsed Vice President Kamala Harris, who became the likely Democratic nominee after Biden left the race earlier this month. In her endorsement of Harris, French Gates emphasized the need for a leader who will advocate for abortion rights. Related stories French Gates also told the Times that she found Musks's criticism of her political activism "silly." Asked to elaborate, French Gates said she thinks tech CEOs frequently give advice on things with which they are not experts. Advertisement "I've just watched over the years tech leaders interviewed about their parenting style," French Gates said. "A male who has spent, you know, 60 hours at his company that week, and I'm sure he's a fantastic CEO and has done a great job. But then they get asked about parenting, and they spew all this stuff, and you think, something doesn't add up here, so just — some of these comments to me are just kind of silly." French Gates told the Times she decided to get involved in politics after the 2022 Supreme Court decision that overturned Roe v. Wade, the half-century-old decision that had protected abortion rights. "I knew I had to speak out in favor of women's rights, and if there was a candidate who is against women's rights and says terrible things about women, there is no way I could vote for that person," she said.
Fans think Taylor Swift just teased the release of 'Reputation (Taylor's Version)' in a new 2024 Olympics ad 2024-07-28 19:29:33+00:00 - Taylor Swift's song "…Ready For It?" appeared in an ad for the 2024 Paris Olympics. Fans think it was a sign that the release of "Reputation (Taylor's Version)" is coming soon. Swift has released four of six re-recorded albums so far. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Taylor Swift loves to keep her fans guessing. After the 2024 Olympics began in Paris on Friday, Swift's social media shared an Olympics ad featuring one of her songs from her album, "Reputation." Swift's fans have been anxiously waiting for months for "Reputation (Taylor's Version)," and they think the Olympics ad is a major Rep-coded Easter egg. Swift has spent recent years re-releasing new versions of her old albums under her ownership and has smashed records in the music industry in the process. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Robert Downey Jr. Set to Return to Marvel as Dr. Doom 2024-07-28 18:52:37+00:00 - Robert Downey Jr. is going from superhero to supervillain. The actor, who entertained audiences as Iron Man for more than a decade in several Hollywood blockbusters, is returning to the Marvel cinematic universe as the villain Victor von Doom in two upcoming movies. “New mask, same task,” Downey announced at a Comic-Con event in San Diego on Saturday, after he unveiled the character’s signature silver mask and green cloak to the roar of a cheering crowd. “What can I tell you?” he said. “I like playing complicated characters.” Downey is set to appear as the character, simply known as Dr. Doom, in “Avengers: Doomsday,” which is expected to be released in May 2026, and “Avengers: Secret Wars” a year later. Downey, 59, has been a prolific actor since the 1980s, portraying characters both serious and comedic.
Trump didn't match RFK Jr.'s promise to build a 'bitcoin Fort Knox' — here's why 2024-07-28 18:31:00+00:00 - Donald Trump during his speech at the 2024 Bitcoin Conference in Nashville, TN. The Washington Post | The Washington Post | Getty Images NASHVILLE — Former President Donald Trump stopped short of promising to establish an official U.S. bitcoin strategic reserve currency during his Saturday keynote speech at the biggest bitcoin conference of the year. Instead, the Republican presidential nominee pledged simply to maintain the current level of bitcoin holdings that the U.S. has amassed from seizing assets from financial criminals. "For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin," Trump said at this year's Bitcoin Conference in Nashville. "If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," he said. Trump's strategy of permanently holding your bitcoin stake, through both bull and bear markets, is strongly encouraged within crypto circles, though it is not the U.S. government's present approach. Currently, the U.S. Marshals Service regularly auctions off bitcoin as well as other cryptocurrencies held in the country's coffers such as ether and litecoin . These sell-offs can sometimes trigger drops in crypto prices, like earlier this month when Germany began to liquidate hundreds of millions of dollars worth of bitcoin it had seized. In a closed-door round table held with a mix of donors ahead of Trump's remarks on Saturday, the former president didn't talk mechanics of his plan, but he did say he thought it would make sense for the government to hold bitcoin. watch now The gathering included investors Tyler and Cameron Winklevoss, musician Kid Rock, Republican Senators Cynthia Lummis, Bill Hagerty and Marsha Blackburn, along with others, according to two people who were in the room. Trump's proposal was less revolutionary than some crypto enthusiasts had expected, and it failed to match the more sweeping pitch of third-party presidential candidate Robert F. Kennedy Jr. "I understand that tomorrow President Trump may announce his plan to build a bitcoin Fort Knox and authorize the U.S. government to buy a million bitcoin as a strategic reserve asset," Kennedy said during his own Bitcoin Conference speech on Friday. Kennedy went further than Trump, promising to establish a 4 million bitcoin strategic reserve to match the country's current stake in gold, some of which is held near the military base at Fort Knox. The independent presidential candidate said he would sign an executive order directing the U.S. Treasury to purchase 550 bitcoin a day, an act that would starkly alter how the cryptocurrency is regulated and valued. As bitcoin becomes a more central issue on the campaign trail, spurred in large part by the growing presence of the crypto lobby in Washington, Trump's reluctance to match Kennedy's "bitcoin Fort Knox" commitment is notable. But Trump's reservation speaks to the complications of promising a bitcoin strategic reserve on par with the gold standard. The Trump campaign did not immediately respond to a request for comment. watch now Can a president unilaterally launch a bitcoin reserve? In short, no. An executive order would not be enough to bring a U.S. bitcoin reserve into existence. The president would likely need new legislation and congressional approval to push it through. Some lawmakers have kicked off that process. Shortly after Trump's headline speech at the Bitcoin Conference on Saturday, Sen. Lummis of Wyoming announced her plan to introduce new legislation that would support a strategic bitcoin reserve. "Over five years, the United States will assemble 1 million bitcoin, five percent of the world's supply," Lummis said. "And that will be held for a minimum of 20 years and can be used for one purpose: Reduce our debt." Lummis added that establishing this kind of reserve would help to fortify the dollar against rising inflation. watch now How would the U.S. fund a bitcoin reserve? The U.S. government has an accumulation of bitcoin assets that it hauls in from financial criminals in high-profile sting operations. That existing bitcoin stockpile could act as the foundation for the bitcoin strategic reserve, which the U.S. government would build on by regularly buying a certain number of bitcoin. Those additional bitcoin purchases would likely be paid for, at least in part, by U.S. taxpayers. Per Sen. Lummis' proposed legislation, which is due to be introduced in the coming days, a bitcoin reserve would be paid for with "existing funds" of the Treasury Department, which includes tax revenue. The ultimate goal would be to reduce the federal deficit, Lummis said at the Bitcoin Conference, which could potentially offset the initial spending. Passing legislation to establish a reserve like the one Lummis is proposing would most likely require a Republican sweep in November: White House, Senate and House. The odds of this kind of red wave appeared to be rising for most of July, as Democrats and Independents peeled away from President Joe Biden. But with Vice President Kamala Harris atop the Democratic ticket, election 2024 is a new ball game. watch now What would happen to bitcoin? A bitcoin reserve would grant the digital currency an even greater level of legitimacy, building upon the momentum of Wall Street's growing adoption of the digital asset. In January, spot bitcoin exchange-traded funds went live on U.S. markets for the first time ever with the blessing of the U.S. Securities and Exchange Commission. Many viewed the listing as an event that cemented bitcoin's place as an asset class that is here to stay. Still, launching a national reserve would be a stunning promotion for the adolescent currency, which launched in 2009 and has since been characterized by volatile performance with occasional windfalls for its investors. Trump himself was a naysayer of bitcoin as recently as 2021 when he called the currency "a scam." In the short term, bitcoin's new status would send the price of the cryptocurrency soaring. "If the U.S. government built a strategic reserve then likely other countries would, and that would pull a whole bunch of bitcoin out of the market," said Marathon Digital 's CEO Fred Thiel. "That then drives the whole price." For now, bitcoin is holding steady at around $68,000 as markets shrug off Trump's promises on bitcoin, which were far less aggressive than anticipated.
The Guardian view on UN tax talks: Labour must repudiate the stance of the last government | Editorial 2024-07-28 18:31:00+00:00 - Britain created a loophole that made it a tax haven less than a century ago, when the House of Lords ruled in a case involving a UK company that traded in Egyptian land. The 1929 decision allowed foreigners to set up companies in the UK that would not be considered UK resident under British law because they were controlled from overseas. Crucially, they could be shielded from taxation at source because they were incorporated abroad. That judgment sent history scurrying towards the creation of an “offshore world” of tax havens through which nations compete to offer the least possible corporate tax and the greatest possible secrecy. This system could be coming to an end. Over the next three weeks, 193 UN member states in New York will thrash out draft terms of reference for a convention that seeks the biggest overhaul of global tax rules for a century. Many countries, led by the African Group, are seeking a right to tax economic activity where it takes place. If enacted, this could see the convention, legally binding on contracting states, to require multinational corporations to pay tax where they employ staff and do real work, instead of in tax havens where they hide profits. Last year, the EU Tax Observatory said that, in 2022, corporations shifted $1tn – 35% of the profits they earned outside their home countries – to tax havens, with governments losing out between $240bn and $600bn annually. In 2023, the seven biggest US pharmaceutical companies paid no tax in America on global profits of more than $40bn. Wealthy nations are complicit in such avoidance. Despite growing corporate profits, the effective tax rate companies face worldwide has declined by a third since 1975. Poor nations, desperate for cash to deal with environmental and fiscal crises, are the biggest losers. Lower-income countries’ tax losses ($47bn) are equivalent to half of their public health budgets. The UN tax talks began shamefully when countries including the UK and the US, as well as the EU, attempted to frustrate proceedings. These nations preferred the pro-rich, corporate-friendly way of doing things when they ran tax rules under the Organisation for Economic Co-operation and Development. Its 2019 proposals would have seen 80% of “redistributed profits” flow to wealthy counties while lower middle-income nations lost out. That approach led to rising anger over glaring imbalances. As Joseph Stiglitz, a Nobel laureate in economics, pointed out this month: “Tax avoidance has impeded governments all over the world from providing basic services to their citizens, contributing to global inequality, which is at an all-time high. Fewer than 3,000 people hold nearly $15 trillion – equivalent to the annual GDP of Germany, India, Japan, and the United Kingdom combined.” Rich nations are now engaging with the UN process. The UK has a historic responsibility for this mess. Along with its network of overseas territories and crown dependencies, it is responsible for nearly a quarter of global corporate tax loss. Alex Cobham, chief executive of the Tax Justice Network, applauds Labour ministers’ tough rhetoric against tax-dodging. He asks whether they will now “opt for continuity with the previous Conservative government’s policy and continue to frustrate efforts at the UN? Or will they mark out a new course for the UK on the world stage and support international efforts to curb tax abuse?” The government should show that principles take precedence over the profits for a privileged few.
Utility regulators file complaint against natural gas company in fatal 2021 blast in Pennsylvania 2024-07-28 18:13:32+00:00 - TYRONE, Pa. (AP) — State utility regulators have filed a complaint against a natural gas provider alleging safety violations in connection with an explosion in a central Pennsylvania borough that killed one person and injured several others three years ago. The 22-count complaint filed by the Pennsylvania Public Utility Commission against Peoples Natural Gas Co. alleges that in responding to the report of a gas leak, the company didn’t shut off the gas supply, call emergency personnel or evacuate nearby homes before the July 2021 blast in Tyrone, The (Altoona) Mirror reported. The blast killed 83-year-old Anna Hunsicker and destroyed her home, also damaging two other residences. Several other people were taken to hospitals, including a utility worker who had been in the basement of the home. The leak turned out to have been caused by a contractor’s drill piercing a main, and the blast happened 40 minutes after a worker arrived and 18 minutes after he told a supervisor there had been “a serious incident involving suspected bore or missile damage,” according to the complaint. The commission is recommending an $800,000 fine and changes in procedures to improve response to future reports of leaking gas. Peoples, which has 20 days to respond, said Friday it was reviewing the complaint but stressed safety as its top priority and a commitment toward working with the commission “toward our shared goal of enhancing the safety of our communities and the distribution systems that serve them.” “This explosion was caused by a third-party contractor striking a Peoples’ pipeline with a horizontal drill while installing a water service line perpendicular to our line for the borough of Tyrone,” the company said in an emailed statement, the newspaper reported.
Apple has reached its first-ever union contract with store employees in Maryland 2024-07-28 17:40:00+00:00 - Apple has reached a tentative collective bargaining contract with the first unionized company store in the country. The International Association of Machinists and Aerospace Workers’ Coalition of Organized Retail Employees, which represents the employees at a retail location in Maryland, announced Friday evening that it struck a three-year deal with the company that will increase pay by an average of 10% and offer other benefits to workers. The agreement must be approved by roughly 85 employees at the store, which is located in the Baltimore suburb of Towson. A vote is scheduled for Aug. 6. “By reaching a tentative agreement with Apple, we are giving our members a voice in their futures and a strong first step toward further gains,” the union’s negotiating committee said in a statement. “Together, we can build on this success in store after store.” Apple did not immediately respond to a request for comment. The deal came after workers at the store authorized a strike in May, saying talks with management for more than a year hadn’t yielded “satisfactory outcomes.” The Maryland store is one of only two unionized Apple sites in the country. Employees there voted in favor of the union in June 2022, a few months before workers at a second Apple location in Oklahoma City, Oklahoma, unionized with the Communications Workers of America. The second store has not secured a contract with the tech company. Unions have scored headline-grabbing election wins in recent years, including at an Amazon warehouse in New York City, a Chipotle store in Michigan and hundreds of Starbucks stores across the country. But many of them have not secured contracts.
Are Psychedelic Dispensaries The Next Big Business Boom? 2024-07-28 17:24:00+00:00 - This article was originally published on Cannabis.net and appears here with permission. We’re right smack in the middle of a psychedelic revolution, and there is serious interest in psychedelics most especially for its ability to treat several major conditions that are resistant to conventional medications. The interest is only growing, and so is the list of conditions that psychedelics may be able to treat. But we can’t deny that we need to have more conversations and studies about psychedelics. We also need to discuss how it’s going to be regulated in a retail market, especially one where cannabis is already legal and the marketplace is thriving. Which Psychedelics Can You Buy These Days? Magic mushrooms or psilocybin mushrooms, the most popular and accessible of all psychedelics, are already quite accessible in much of North America. Psilocybin mushrooms can be purchased raw or dried. They are also widely consumed in processed form: made into chocolates, capsules, and tea. Other common psychedelics include LSD or acid, ketamine, MDMA, and peyote. Some are more challenging to access than others. That said, how do we decide who gets to sell them and where? Several cannabis dispensaries and head shops are also selling psychedelics though we have to keep in mind that the legalization and laws differ for these two classes of drugs. They can also easily be purchased online or in the black market. The ideal scenario would be to have specialized psychedelic medicine dispensaries where individuals can obtain their hallucinogenic medication of choice. Consumers and patients will also need to have doctors on board who can get them prescriptions in the first place. And before that… Following In The Footsteps Of Cannabis…. Much like how cannabis legalization spread throughout North America, resulting in the growth of thousands of dispensaries and massive weed businesses and conglomerates alongside it, a few things need to happen first. Of course, psychedelics must be decriminalized and legalized. There have already been some cities/counties and states that have paved the way for decriminalizing psychedelics. Denver became the very first city in the United States to do so back in 2019, followed by Colorado. Meanwhile, Oregon made strides as the first state to ever legalize psilocybin in 2020. Given the popularity of these substances today, we’ll likely see an even greater demand to legalize these drugs in the near future – which will be critical for spreading public acceptance and thus, dispensary establishment. While we already do have several solid studies from investigators in the United States as well as in other parts of the globe, we still need much more ongoing research especially on the impact of psychedelics on depression, anxiety, PTSD, and other mental health conditions. Additionally, we need a better understanding of psychedelics and what it can do for our physical health too. And just like cannabis, the subject of dosage will require a more thorough understanding and significantly more research. The Role Of Government And Public Policy As of late, most policy reforms have been too focused on expanding legal access as well as research. However, we also need to work on very specific policy changes so that we can mitigate negative events such as backlash in case the market is exposed to several major negative occurrences related to psychedelics. That’s why we must also have guidance and support from the business community so that the economy will benefit from the legalization of psychedelics as well as the growth of dispensaries. According to RAND, a major think tank that has been influential in the field of government policy, it will be critical to have the support of the federal government. RAND published a report last year entitled, How To Regulate Psychedelics, and it’s one of the first and biggest research papers ever written to delve deeper into how a retail psychedelic market would look like. “The federal government currently has multiple options when it comes to the supply of psychedelics, but it does not have unlimited time,” says the report. “Now is the time for US federal policymakers to decide whether they want psilocybin and other psychedelic substances to follow in the footsteps of the for-profit cannabis model,” the report reads. The report also points out that people consume psychedelics and cannabis in different ways. For this reason, we shouldn’t be comparing the decriminalization of cannabis to that of psychedelics. One of the ways the two differ in consumption is that people don’t consume psychedelics nearly as often as cannabis; whereas many people can smoke weed daily, consumers are infrequent at best when it comes to psychedelics. “A major takeaway from our analyses is the extent to which infrequent users drive the market for psychedelics,” wrote the authors. “For cannabis, it is negligible: Those who reported using five or fewer days in the past month account for about 5 percent of the total use days in the past month. For psychedelics, that figure is closer to 60 percent.” Conclusion We can only hope that government officials aren’t going to put out the fires of psychedelics. It’s an extremely exciting field medically and scientifically because the world needs new options for treating different diseases which psychedelics have been shown to be successful in treating. We should also remember that psychedelics is not a one-size-fits-all solution; while they do work very well for some people, some have had little benefit. This is why it’s important to reinstate the importance of clinical trials that require several rounds of treatment. That, along with new laws that will help regulate psychedelics while improving access and decreasing costs, are all sorely needed by the general public right now. At the very least, even if psychedelics and cannabis are extremely different, we can at least start by regulating psychedelics the way we do cannabis. Baby steps – but we’re getting there. This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy. Photo: Unsplash
UK port operators to seek compensation if post-Brexit trade barriers are lowered 2024-07-28 17:17:00+00:00 - UK port operators have reportedly said they must be compensated by the government if it negotiates a deal to lower trade barriers with the EU, having been forced to invest millions in building post-Brexit border control facilities under the Conservatives. The British Ports Association (BPA) is said to have written to the Cabinet Office and the Department for Environment, Food and Rural Affairs warning of huge losses after operators built sophisticated control points to enforce strict checks on animal and plant imports. “Ports should not have to repeatedly incur costs because of changing political winds,” said the BPA, in the letter seen by the Financial Times. “We are seeking a conversation on how the sector might be reasonably compensated.” Labour has pledged to strike a veterinary deal with the EU to prevent “unnecessary border checks” and limit food price increases resulting from importers’ higher costs, as part of plans to revisit the trade barriers put in place following Brexit. The letter, which was sent after Labour’s election landslide victory, lists how port owners have built “a series of expensive and high-spec border control posts at the direction of government”. The former government previously said it had spent £200m co-funding facilities to handle checks at 41 ports after the UK’s departure from the European Union. Port operators have been vocal about the significant expense they have incurred for the new, hardly used facilities. Even before Labour indicated that it would ease trade barriers, the scope of post-Brexit checks on imports had been scaled back from the original remit, meaning much of what had been built was redundant. View image in fullscreen Portsmouth councillor Gerald Vernon-Jackson. Photograph: Alicia Canter/The Guardian Earlier this year, Gerald Vernon-Jackson, Portsmouth city council’s cabinet member for transport, described the £23m, 8,000 sq metre facility at the UK’s second busiest cross-Channel terminal as a “monumental white elephant”. “It was built for between 50 and 80 vehicles a day: we are now expecting to process only half a dozen when it opens,” said Mike Sellers, the port’s director. The facility is one of more than 100 registered border control posts (BCPs) to be used for checking food and plant products coming from the EU when post-Brexit import rules came into force from 30 April. 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 However, half of the site has been left empty and unused and the council has been chasing a reimbursement of £6m of the construction costs from the government. Unlike the majority of ports across the country, which are privately owned, Portsmouth is owned by the council, meaning the authority picks up the associated costs. In expectation of the post-Brexit checks, 40 ports, including Portsmouth, applied for the government’s £200m Port Infrastructure Fund in 2020 to build new, or upgrade existing, infrastructure. Among the newly built BCPs were three at Hull, Immingham and Killingholme on the Humber, costing £70m, and a £15m BCP at the port of Purfleet in Essex. But port owners have argued that the fund was not big enough, and that they have had to cover the difference. Their trade association, the UK Major Ports Group, calculates that they have paid £100m to fill the funding gap.