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Insulin Device Maker Embecta Weighs Sale After 70% Share Decline Following Becton Dickinson Spin-Off - Embecta (NASDAQ:EMBC) 2024-07-23 20:01:00+00:00 - Embecta Corp EMBC, a manufacturer of disposable insulin pen needles and syringes, is considering a potential sale following a significant drop in its share price since being spun off from health tech giant Becton, Dickinson and Company BDX. The medical technology company, which supplies approximately 8 billion syringes and needle pens annually across more than 100 countries, has engaged advisers from Centerview Partners to explore a sale. Embecta’s share price has plummeted nearly 70% since its April 2022 spin-off, leaving the Nasdaq-listed firm valued at $2.1 billion. The decline is attributed to several factors, including the impact of GLP-1 drugs such as Novo Nordisk A/S’s NVO Ozempic, reducing demand for traditional insulin treatments for type 2 diabetes. Despite this, the Financial Times notes that Devdatt Kurdikar, Embecta’s CEO, remains optimistic, suggesting that the presence of GLP-1 drugs has only delayed, not eliminated, the need for insulin. The company’s U.S. business, which generates about half of its revenue, has been particularly affected by the shift towards GLP-1 medications. The FT report, citing analysts, also notes that declining profit margins and the costs associated with separating from Becton Dickinson have negatively impacted Embecta’s stock performance. For the fiscal year ending in September, Embecta’s adjusted net income is expected to decrease by 23% to $132 million, while annual revenues are projected to hold steady around $1.1 billion. Despite the current challenges, Kurdikar points to potential growth opportunities, including increasing diabetes rates in developing regions where insulin remains the preferred treatment and the potential approval of a new insulin patch pump by the FDA, which could enhance the company’s growth prospects. While a sale remains a possibility, the outcome is uncertain, and Embecta could continue as a listed entity. Price Action: EMBC stock is up 7.18% at $16.27 at last check Tuesday. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Read Next: Photo: Shutterstock
TSMC's Latest Results Show It Is More Than A Beneficiary Of The AI Hype As It Is One Of One Its Creators - Taiwan Semiconductor (NYSE:TSM) 2024-07-23 20:00:00+00:00 - Last Thursday, Taiwan Semiconductor Manufacturing Company Limited TSM reported its second quarter results, surpassing both top and bottom-line estimates. Surging demand for advanced chips used for developing gen-AI applications has boosted Taiwan listed shares of the world’s leading producer of advanced chips found in everything from smartphones to AI applications, whose clients are the titans Apple Inc AAPL and Nvidia Corporation NVDA, among others, by almost 70% year-to-date. Second Quarter Highlights Fueled by its exclusive partnerships with Apple and Nvidia, TSMC reported net revenue grew 40.1% YoY to 673.51 billion New Taiwan dollars ($20.82 billion), surpassing LSEG’s consensus estimate of NT$657.58 billion. For the June quarter, net income grew 36.3% YoY to NT$247.85 billion which is about $7.59 billion, also surpassing LSEG’s consensus estimate of NT$238.8 billion. Third quarter guidance shows continued growth is expected. TSMC projects third-quarter revenue between $22.4 billion and $23.2 billion, which would represent growth of about 30% to 33%. 2024 is expected to be a strong growth year due to strong smartphone and AI-related demand. As for the annual capital budget, TSMC narrowed the range to between $30 billion and $32 billion, while it previously guided for $28 billion to $32 billion. 70% to 80% of the budget will be allocated to advanced technologies. TSMC is not only benefiting from the AI hype, it is one of those helping to create it. TSMC’s latest financial results and optimistic forecasts paint a picture of a leading company at the forefront of the AI revolution, together with Nvidia, which it counts among its clients. Samsung Electronics and Intel Corporation INTEL are trying to challenge its dominance. While TSMC has been the world’s first chip contract maker for years and world’s biggest foundry, its earnings have long been lagging those of Intel, but in 2023, its revenue surpassed those of both Intel and Samsung. It also leads in the operating profit arena. But Intel, who led the industry for decades, is determined to make a comeback and go beyond just fabrication and assembly with an ambitious foundry strategy. Foundry competition is heading up but for now, TSMC is still leading the way and it has the best partners, Apple and Nvidia, on its side. DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice. This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
NHS finances so dire that whole service may collapse, says spending watchdog 2024-07-23 20:00:00+00:00 - The NHS’s finances are so dire that the whole health service may break unless it receives a massive cash injection, Whitehall’s spending watchdog has warned. Years of underfunding have left the NHS in England so cash-strapped that it cannot treat patients quickly enough, and the rising tide of ill-health will make matters worse, the National Audit Office (NAO) said. The NAO does not specify how much extra funding the health service needs to get it back on its feet and ensure trusts that provide care can balance their books. But a leading thinktank recently put that figure at £38bn more a year by the end of this parliament. Its grim conclusions raise serious questions about whether Keir Starmer’s government can fulfil its ambitious pledges to rescue the NHS, and again meet key waiting time targets on surgery and A&E care, without spending significantly more money. A growing number of NHS bodies have overspent in recent years despite their best efforts to avoid doing so, the watchdog said in a strongly worded report published on Tuesday. But it warned that, based on current funding trends, the situation is likely to get worse – and that the NHS needs a significant budget boost so it can cope with the increasingly sick population. Cases of cancer, heart disease, dementia and other killer diseases are due to rise sharply in the near future. “When we consider how the health needs of the population look set to increase, we are concerned that the NHS may be working at the limits of a system which might break before it is again able to provide patients with care that meets standards for timeliness and accessibility,” the NAO said. “There is a wider question for policymakers to answer about the potential growing mismatch between demand for NHS services and the funding the NHS will receive. Either much future demand for healthcare must be avoided, or the NHS will need a great deal more funding, or service levels will continue to be unacceptable and may even deteriorate further.” Strikes by various staff groups over the last 18 months, rampant inflation, more staff sickness and the increasingly decrepit nature of much of the NHS’s estate have exacerbated it not getting the cash it needed to perform properly in recent years, the NAO added. Health trust bosses have “enormous concern” at the likelihood that the service is likely to exceed its budget by as much as £3bn this year, because it was given too little money in the first place, said Matthew Taylor, the chief executive of the NHS Confederation. skip past newsletter promotion Sign up to First Edition Free daily newsletter Our morning email breaks down the key stories of the day, telling you what’s happening and why it matters 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 “Despite their best efforts to balance the books, cuts to services and frontline clinical teams are now a reality in some areas. Unless the new government can act quickly, unfortunately these risks will grow and we will see a further deterioration in key areas, including waiting lists.” The government blamed the previous Conservative administration for leaving NHS finances in such a parlous state. “The NHS is broken,” said a Department of Health and Social Care spokesperson. “Not only has this government inherited the worst economic circumstances since the second world war, but also an NHS in deficit. “Getting the NHS back on its feet is our priority, but it will take time.” The DHSC pointed to Ara Darzi’s urgent investigation into the state of the NHS, and 10-year “radical reform” plan that will follow, as proof of its commitment to improving the service.
Cryptocurrencies fall on day 1 of ether ETFs as Mt. Gox moves more bitcoin to creditors 2024-07-23 19:51:00+00:00 - The price of bitcoin was last lower by 3% at $65,891.50 according to Coin Metrics. Ether , was down less than 1% at $3,476.04. Investors and analysts attribute the moves to profit taking after their 22.85% and 12.75% gains, respectively, last week. Bitcoin led the crypto market lower on Tuesday – the first trading day for ether ETFs – as Mt. Gox transferred more bitcoin to creditors and investors took profits following the cryptocurrency's best week since March. The market is expected to absorb the negative impact, thanks to long-term optimism on the success of ether ETFs as well as the U.S. presidential election. Additionally, Bitcoin network activity shows Mt. Gox has moved about 5,000 bitcoins off the exchange, likely as part of the creditor repayment process it began this month. Kraken users on Reddit Tuesday confirmed that they have received their repayments . The exchange, which went bankrupt after a major hack 10 years ago, has until October to return more than 140,000 bitcoins to victims of the event. "We are aligned with the market consensus that the adoption out of gate here will likely be relatively slow and modest compared to the bitcoin ETF adoption," said Devin Ryan, analyst at JMP Securities. "Part of that is the bitcoin ETF adoption is in the early innings – a lot of the largest pools of money for that ETF have not even been turned on yet," he added. In the meantime, however, ether could be volatile, according to Nexo co-founder Antoni Trenchev. He pointed to the launch of bitcoin ETFs in January, when bitcoin surged before plummeting 20% and then advanced to another new high. "Much like the bitcoin ETF, it will take time for inflows into the ETH ETF to create enough supply shock to significantly move the markets," said Ben Kurland, CEO at crypto research platform DYOR. Additionally, he added, the decision by President Joe Biden to drop out of the presidential race introduces uncertainty into the market. "Investors [are] waiting for more concrete developments about [Vice President Kamala] Harris, her stance on crypto, and the likelihood of her taking back any ground in the polls," he said. Trenchev echoed that sentiment. "Bitcoin's drop from recent highs reflects the sudden arrival of Kamala Harris into the U.S. presidential election, which adds uncertainty to a race which seemed to tilt in favor of Donald Trump and his new pro-crypto stance," he said.
IRS issues final rules for inherited IRAs — but many are 'missing the boat' on taxes, pro says 2024-07-23 19:50:00+00:00 - The IRS has finalized rules on required withdrawals for certain inherited individual retirement accounts and other plans. But heirs could owe more taxes later by only taking minimums now, experts say. In final regulations last week, the agency confirmed most nonspouse beneficiaries have 10 years after the original owner's death to deplete inherited retirement accounts. These heirs also must take yearly required minimum distributions, or RMDs, which had been a lingering question among tax professionals for years. Before the Secure Act of 2019, heirs could "stretch" retirement account withdrawals over their lifetime, which reduced yearly taxes. The shorter 10-year window can mean bigger tax bills in withdrawal years, particularly for high-income heirs. Regardless, heirs are "missing the boat" because they should consider withdrawing more from inherited accounts now while tax rates are lower, said IRA expert and certified public accountant Ed Slott. More from Personal Finance: Here's what a Kamala Harris administration could mean for your wallet Is the U.S. in a recession? Roughly 3 in 5 Americans think so Here's where Kamala Harris could stand on tax policy, experts say Pretax inherited account withdrawals incur regular income taxes. Without changes from Congress, dozens of individual tax provisions, including lower federal income tax brackets, are scheduled to sunset after 2025. That would revert rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. "Every year you don't use [the lower brackets] is a wasted opportunity," Slott said.
Meta launches open-source AI app ‘competitive’ with closed rivals 2024-07-23 19:48:00+00:00 - Meta has claimed that its new artificial intelligence model is the first open-source system that will rival products from competitors such as OpenAI and Anthropic. In a blogpost, the company said its new model, with the unwieldy name of Llama 3.1 405B, “is competitive” with others – including those from OpenAI and Anthropic – “across a range of tasks”. If true, it would mean that for the first time, one of the most powerful AI models in the world is available without an intermediary charging for access – or controlling what its technology is used for. “Developers can fully customise the models for their needs and applications, train on new datasets, and conduct additional fine-tuning,” Meta said. “This enables the broader developer community and the world to more fully realise the power of generative AI. Developers can fully customise for their applications and run in any environment … all without sharing data with Meta.” Those who use Llama on Meta’s own apps (where it is available, for now, in the US only) will have extra layers of “safety”, the company claims. Those, too, are open-source, and the company has no way of forcing others to apply them to their own uses of the model. “I believe that open source is necessary for a positive AI future,” Mark Zuckerberg, Meta’s co-founder, wrote in a blogpost. “AI has more potential than any other modern technology to increase human productivity, creativity, and quality of life – and to accelerate economic growth while unlocking progress in medical and scientific research. Open source will ensure that more people around the world have access to the benefits and opportunities of AI, that power isn’t concentrated in the hands of a small number of companies, and that the technology can be deployed more evenly and safely across society.” Zuckerberg conceded that “bad actors may be able to use the intelligence of AI models to fabricate entirely new harms”. But, he argued, “I think it will be better to live in a world where AI is widely deployed so that larger actors can check the power of smaller bad actors.” So far, Meta has been marking its own homework on the question of its model’s power. The model’s sheer size puts it on a par with the largest systems from competitors. But until third parties are able to run fair tests between Llama 3.1 405B and peers such as GPT-4o, it isn’t guaranteed that the pure size will match the effectiveness of the current leaders in the field. Currently, only users in the US can easily access the AI model. Meta reportedly avoided an EU launch due to concerns about the bloc’s regulatory framework around AI and data protection, and in the end appears to have decided to stick to a single country for the launch period. But as an open-source system, Llama 3.1 405B will probably be accessible to users outside the EU through other channels soon.
Trump says he is willing to debate Harris multiple times 2024-07-23 19:47:00+00:00 - Republican presidential nominee and former U.S. President Donald Trump walks off stage after speaking at a campaign rally at the Van Andel Arena in Grand Rapids, Michigan, on July 20, 2024. Former President Donald Trump on Tuesday said he would be willing to debate Vice President Kamala Harris multiple times if she is nominated, as expected, by the Democratic National Convention as the party's presidential candidate. "I would be willing to do more than one debate, actually," Trump said on a call with reporters, two days after President Joe Biden in a stunning move dropped out of the election contest and endorsed Harris as his replacement atop the Democratic ticket. "Yes, absolutely, I'd want to" debate Harris, the Republican nominee said. "I think if you're in the Democratic nominee or Republican nominee, you really have an obligation to debate," he said. "So, it's very important," said Trump, who was formally nominated last week, two days after narrowly avoiding being killed in an assassination attempt at a campaign rally in western Pennsylvania. Trump previously debated Biden on June 27 when the president was the presumptive Democratic nominee. Biden's dismal performance in that showdown immediately raised questions about his mental acuity and ability to beat Trump. The debate quickly sparked calls for Biden to step aside and allow another Democratic nominee to take his place. Trump in May had agreed to the June debate with Biden, which was hosted by CNN, and to a second debate to be held Sept. 10, which would have been hosted by ABC News. On Tuesday, Trump suggested that any debate with Harris would not be hosted by ABC. "I'm not thrilled about ABC because [of] fake news I watched last night," Trump said. "They're actually trying to make a hero out of Joe Biden when he was the worst president in history, and they were doing things like with Kamala, like what a wonderful thing that she is running." "I don't like the idea of ABC." Trump also said he expected that his debate against Harris would have the same result as his debate against Biden. "I want to debate her and she'll be no different because they have the same policies," Trump said. Trump said he would not have picked a different running mate other than Sen. JD Vance of Ohio if he had known Biden would be dropping out.
Black men backing Kamala Harris fuel another fundraising spree 2024-07-23 19:41:54+00:00 - Thousands of Black men joined a virtual conference Monday night to fundraise for Kamala Harris' presidential campaign, according to the event's organizers. The massive turnout helped dispel toxic myths about Black men’s willingness to back a woman candidate. The event was hosted by “Win With Black Men,” a collective of organizers modeled after “Win With Black Women,” the activist group that held its own, massive Zoom call to fundraise for Harris on Sunday. Journalist Roland Martin; activists Michael Blake, Khalil Thompson and Quentin James; and political commentator Bakari Sellers hosted the men's conference. Sellers gave a passionate endorsement of Harris while explaining how she was one of the first people to call him when his baby daughter was very ill. In various corners of social media, there’s been speculation — fueled by social media chatter and, in part, by conservatives who are hardly authorities on Black voters — that Black men will largely be averse to voting for Harris because she's a Black woman. Similarly offensive suggestions were made about Black men in Georgia’s 2022 gubernatorial election when Stacey Abrams was on the ballot in a rematch against Republican incumbent Brian Kemp, but those speculations never came to fruition. And Monday was a powerful show of Black men’s broad support for the Harris campaign. A “Win With Black Men” organizer reported more than 53,000 Black men joined the virtual event on Monday and raised $1.3 million in four hours. The organizers say half of that will go to the Harris campaign, and half will go to organizations that specialize in mobilizing Black men to vote. MSNBC hasn’t independently verified the fundraising numbers. The Harris campaign did not immediately return a request for comment. The energy surrounding the event was palpable enough to inspire organizers to commit to similar, pro-Harris conferences geared toward other demos — like white women. There was an array of speakers at this virtual conference, including actors Don Cheadle and Bill Bellamy; comedian Bill Bellamy; Democratic lawmakers Raphael Warnock, the senator from Georgia, and Maxwell Frost, the congressman from Florida; faith leaders Bishop William Barber, Pastor Jamal Bryant, and the Rev. Mark Thompson; Mayors Brandon Scott of Baltimore and Brandon Johnson of Chicago; as well as labor leaders and community organizers. But the message was essentially the same from all of the speakers: They may be men, but they aren’t MAGA men who want to be conscripted into Donald Trump's hypermasculine crusades. Speakers took turns bigging up Harris’ leadership qualities, dispelling myths about Harris’ prosecutorial record in California, encouraging Black men voters to reject racist and sexist attacks on Harris, and calling on viewers of the conference to reach out to other Black men who may feel disaffected by the political system and may be considering not voting. For all the breathless talk in the media and online about Black men allegedly swinging in Trump’s favor this election cycle, Monday’s meetup underscored the political reality: There are many Black men — like there are many Black women — firmly in Harris’ corner. And they're putting their money where their mouth is, adding what's already been a massive fundraising haul for Harris in the first few days of her campaign. You can check out a full video with all of the "Win With Black Men" speakers here:
Biden taps Harris, ends Dems' 2024 ticket saga in 'Game of Thrones' style 2024-07-23 19:38:21+00:00 - This is an adapted excerpt from the July 22 episode of "The ReidOut." If you live long enough and observe politics long enough, you’re liable to see some amazing things. Over the weekend, political observers, journalists and historians got to witness one of them. It was an event in the style of a "Game of Thrones" finale: a clash between two of the most powerful figures in modern political history, Nancy Pelosi — arguably the most effective House speaker of the modern era and the current speaker emerita — and Joe Biden, the president of the United States. It was an event in the style of a "Game of Thrones" finale: a clash between two of the most powerful figures in modern political history. Pelosi, who ceded the leadership of the House Democratic caucus to Minority Leader Hakeem Jeffries more than a year ago, led what could be described as a political coup d’etat against Biden, whose performance in a debate three weeks ago literally sent his party into an existential panic. A panic that became the fixation of the media, and a cause among rich Democratic donors, op-ed writers, thought leaders and elected Democrats on Capitol Hill. Collectively they came to see Biden as a liability, not just for the general election against Donald Trump, but their own re-election chances as well. The increasingly vocal and urgent calls for Biden to step aside and make way for a younger candidate who could more effectively take the fight to Trump divided the party along racial lines, with Black and Latino members seeing a deeper play at work — to oust not just Biden but Harris, too. As the fury inside the party heated up, Democratic donors began to make the money dry up, threatening not to put another penny into the race until Biden was no longer the nominee. Pelosi, Senate Majority Leader Chuck Schumer and House Minority Hakeem Leader Jeffries appeared to let it become public that the party believed Biden should go — Olenna Tyrell-style: “I want him to know it was me.” Over the weekend, as Biden recovered from Covid, holed up in his Delaware home with his family and close friends around, came the coup de grace. Biden’s closest aides shared catastrophic internal polling with him and first lady Jill Biden that showed a certain defeat in November, not just for Biden but for Democrats down ticket, too. And so, Biden relented, putting his country before his ambition and announcing he would no longer seek a second term. The Pelosi coup had succeeded. But Biden — a man who has been in politics since he was 29 years old as a senator and committee chairman, a two-term vice president, and the president of the United States, a man who has endured excruciating and repeated personal loss and tragedy and allowed it to fuel his determination to save the soul of this country — had one more card to play. Less than a half hour after he announced his withdrawal, Biden exercised what in many ways is the greatest power any leader has: the power to choose your own successor. Biden bypassed the rumored wishes of the Pelosi and donor crew and fully endorsed his historic vice president to be the Democratic nominee. He threw his support behind Harris, the would-be first woman, first Black woman, and first Asian American president, on the very day state party delegations were meeting to work out the votes in the upcoming Democratic convention. The Biden endorsement sent a lightning bolt through American politics, unlike anything I’ve seen since then-Sen. Barack Obama made his debut at the 2004 Democratic Convention, prompting Oprah Winfrey to declare him “the one.” The Biden endorsement sent a lightning bolt through American politics, unlike anything I’ve seen since then-Sen. Barack Obama made his debut at the 2004 Democratic Convention, prompting Oprah Winfrey to declare him “the one.” The Biden nod prompted state parties and over 200 Democratic lawmakers, one by one, to follow their president’s lead and endorse Harris. As did the various governors whose names have been tossed around as possible rivals for the nomination. As each one endorsed her, they effectively took their names off the list of competitors, allowing Harris to bask in the glow of a captivated media and unbelievable, record-breaking fundraising. Almost exactly 24 hours after Biden’s announcement, Pelosi also fell in line, giving her full-throated endorsement to Harris. In other words, Joe Biden, at what looked like his moment of greatest political weakness, reasserted himself as the leader of his party, from his sick bed. He checkmated the former speaker's gambit by writing the epilogue to his own legacy in the history books: Her name is Kamala Harris, first of her name. Join Joy Reid, Rachel Maddow and many others on Saturday, Sept. 7, in Brooklyn, New York, for “MSNBC Live: Democracy 2024,” a first-of-its kind live event. You’ll get to see your favorite hosts in person and hear thought-provoking conversations about what matters most in the final weeks of an unprecedented election cycle. Buy tickets here.
Travelers Delayed or Stuck by the CrowdStrike Outage: What Did Your Airline Provide? 2024-07-23 19:18:40+00:00 - If you were flying — or planned to fly — last week, your travel plans might have been snarled by an I.T. outage that kneecapped myriad industries and critical services worldwide. On Friday, July 19, alone, nearly 14 percent of the scheduled flights in the United States were canceled and 56 percent were delayed, according to Cirium, an aviation data company. In the days following, Delta Air Lines and other carriers continued to cancel and delay flights as they struggled with crews and planes out of position and the rebooking of thousands of passengers. Since the disruptions were deemed within the control of the airlines, most affected passengers would have been entitled to certain compensation and assistance — such as prompt refunds and airline-provided hotel or meal vouchers. (Here’s an explainer that provides more details on receiving reimbursement.) Were you caught in the chaos? Did you get help from the airlines in paying for any meals, transportation or accommodations? We want to hear how the airlines did.
Trump's choice of JD Vance may prove catastrophic against Kamala Harris 2024-07-23 19:15:47+00:00 - Republican nominee Donald Trump’s choice of Sen. JD Vance exposed not just his confidence, but his cockiness. He picked someone in the Ohio senator who offered nothing that Trump himself didn’t offer; he didn’t hail from a swing state, isn’t a moderate and doesn't add any diversity to the ticket. He is a carbon copy of his running mate, chosen precisely because he’s willing to espouse the exact same brand of Trumpism that Trump espouses. Trump was so sure he’d win that he opted to forgo attempting to expand his coalition to double down on more of what he loves most: himself. While that strategy might have proven successful against President Joe Biden, whose polling was cratering to the point that even states long considered safely blue were in doubt, it may prove catastrophic against frontrunner Kamala Harris. Not only does Harris herself have the ability (and likelihood) to remain competitive in states that were out of reach for Biden and the ability to claw back the young and diverse voters who’d abandoned him, but there’s potential for even further upside if she chooses a running mate who could bring major electoral advantages as well. There’s Josh Shapiro, the popular governor of the critical swing state of Pennsylvania; Gretchen Whitmer, the popular governor of another key swing state of Michigan; Pete Buttigieg and Gavin Newsom, two phenomenally effective communicators; Andy Beshear, a Democrat so effective that he managed to win in Kentucky; two-term governors Roy Cooper of North Carolina and Tim Walz of Minnesota; and Mark Kelly, the popular senator of yet another swing state of Arizona. He’s also literally an astronaut. Trump's third campaign for the White House has been much more disciplined than before, but when it came to the biggest decision he had to make, his ego still won out over strategy. That may be on-brand for Trump, but it could keep him out of the White House. Sign up for MSNBC’s new How to Win 2024 newsletter and get election insights like this delivered to your inbox weekly.
Fixed-rate mortgages below 4% back on sale in UK 2024-07-23 19:13:00+00:00 - Fixed-rate mortgages priced below 4% are back on sale for homebuyers for the first time since February, with brokers hoping it is “a sign of things to come”. Nationwide Building Society said from Wednesday it would be cutting rates by up to 0.25 percentage points across its two-, three- and five-year fixed mortgage products. As part of the changes, it will be offering a five-year fixed deal priced at 3.99%. This will be available to new customers buying a home who are looking to borrow up to 60% of the property’s value. The last time a five-year fixed-rate deal priced at below 4% was available was at the end of February. In recent days, lenders including HSBC and Halifax have been gradually reducing the cost of their new fixed deals, with some mortgage brokers heralding what may be the start of a “summer of savings” for homebuyers and homeowners looking to remortgage. Nicholas Mendes, a mortgage technical manager at the broker John Charcol, said: “Nationwide is the first lender to finally breach the 4% benchmark following recent weeks of downward repricing. This is fantastic news for borrowers and signifies a significant change in the mortgage landscape after recent months of increased rates.” He added that the 3.99% rate was for house purchases only, and those looking to remortgage would need to wait a bit longer. “We will likely see the likes of HSBC look to reprice again to ensure they remain ahead of the pack,” Mendes added. Mortgage costs have endured a rollercoaster ride over the last two years. The fallout from Liz Truss’s September 2022 mini-budget helped push up the cost of new fixed rates. At the start of this year, they dropped sharply, only to start creeping back up before falling once again. 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 Emma Jones, the managing director at the broker When The Bank Says No, said: “This is a big moment … Lenders seem to be pricing in a [Bank of England] base rate cut in August or, if not, not long after. If that happens, then we could see rates continue to drop.” Henry Jordan, Nationwide’s director of home, said the latest rate cuts, including the reintroduction of a sub-4% deal, “further reinforce our position as one of the most competitive lenders in the market”.
Kamala Harris has withstood racist, sexist attacks before. Brace yourself for more. 2024-07-23 19:06:18+00:00 - On Sunday, when President Joe Biden announced he would not seek re-election and endorsed Vice President Kamala Harris as his successor, I already knew what vitriol would be unleashed against her online. Four years ago, I led a study investigating gendered abuse and disinformation against female political candidates. Over two months, we found 336,000 pieces of abuse or disinformation targeting just 13 candidates across six social media platforms. Whether Democrat or Republican, young or old, urban or rural, these women were subjected to sex-based falsehoods and hate that their male counterparts weren’t. Whether Democrat or Republican, young or old, urban or rural, these women were subjected to sex-based falsehoods and hate that their male counterparts weren’t. Of all the abuse and disinformation that we identified, 78 percent targeted Harris, then a U.S. senator from California seeking the Democratic nomination for president. Why? In part, because she was a high-profile woman running for the highest office in the land. But Harris is not only a woman; she is a Black, South Asian woman. Across our dataset and other research in the space, it is clear that women of color and other intersectional identities receive more abuse, and more vitriolic abuse, than their white counterparts. In 2020, we observed three groups of abusive or false content targeting Harris. In the minutes after President Joe Biden’s endorsement, and the days since, such content has again flourished across social media. The most prevalent were sexualized narratives falsely claiming that Harris had “slept her way to the top” because she had a relationship with California politician Willie Brown in the 1990s. The relationship, which was not a secret and occurred long after Brown had separated from his wife, ended eight years before Harris sought elected office. This narrative includes the use of graphic, misogynistic keywords and nicknames. It also includes image-based abuse, “cheap faking” Harris into lingerie and suggestive positions. The most prominent deep fake pornography website also hosts more than 10 pages of videos that insert the vice president into pornography. The intent of this content is clear: to humiliate Harris and undermine her credibility and fitness for office. In our 2020 study, we found that users engaging with this disinformation and abuse were more likely to engage with other abuse and disinformation about Harris. And there is plenty. Harris’ detractors promote transphobic disinformation, which is frequently employed against women in positions of power. In 2020, users claimed Harris couldn’t possibly have risen to prominence without having secretly been a man. They edited photos of her to make her appear more masculine, and QAnon conspiracy theorists even created an elaborate backstory about her past life. Those narratives have surfaced again this week, along with racist allegations, claiming Harris is not eligible for the presidency because her parents were immigrants. Now, as in 2020, users frequently claim Harris isn’t Black enough or Indian enough to claim those identities. Our foreign adversaries are watching and happily exploiting American misogyny and racism to their own advantage. The same false, gendered and sexualized narratives that Americans engaged with in 2020 were reflected in Russian propaganda outlets as well. One Russian state media outlet, Zvezda, wrote in 2020: “Kamala claims to be the descendant of oppressed African Americans, but how many slaves did her great-grandfather have? How did having an affair at work help her advance her career?” Other Russian outlets also made a mockery of the Biden administration’s attempt to create a diverse administration, describing these attempts as “the smirk of political correctness” and “quotas for women and colored people.” As diversity, equity, and inclusion (DEI) efforts have become a lightning rod for the American right wing, Republicans are echoing that narrative and claiming that Harris is a “DEI” candidate, ignoring her track record as a district attorney, California attorney general, U.S. senator and vice president. It’s important to label these lies for what they are: an attempt to undermine a powerful woman’s decades of public service because of her gender, her ethnic background and her skin color. It’s important to label these lies for what they are: an attempt to undermine a powerful woman’s decades of public service because of her gender, her ethnic background and her skin color. Sadly, Harris’ experience is not unique: By virtue of simply being women in public life, female politicians across the political spectrum are subjected to vile gender-based hate, lies and even violent threats. This isn’t “just part of the job” because the job looks entirely different if you happen to be a man. Let’s be frank: The Republican Party, which appears to be scandalized by a consensual relationship that Harris had over 30 years ago, seems not to care one iota about its nominee’s multiple affairs, credible allegations of sexual misconduct assault, or a jury finding him liable for sexually abusing E. Jean Carroll. Harris’ candidacy and the abuse that targets her offer women of all political stripes a warning. Gendered disinformation and abuse — which happen on both sides of the political spectrum — undermine women’s participation in public life. They dissuade generations of young women, who may not want to face such hate, from seeking public office. But her candidacy also offers us hope. If Democratic and Republican women both condemn the gendered and sexualized attacks against Harris, then we would send a powerful message that there is no place for misogyny in American politics and chart a course toward equal representation. A Harris administration won’t end the online abuse of women overnight, but it will deflate its perceived power. Online misogynists are loud and ugly, but they are outnumbered, and they can’t stop progress.
Federal regulators are raising scrutiny of Southwest Airlines after a series of troubling incidents 2024-07-23 18:56:16+00:00 - DALLAS (AP) — The Federal Aviation Administration said Tuesday it has increased its oversight of Southwest Airlines, which has seen its planes involved in a series of troubling incidents in recent weeks that included flying at very low altitudes while still miles away from an airport. “The FAA has increased oversight of Southwest Airlines to ensure it is complying with federal safety regulations,” an agency spokesperson said in a statement. “Safety will drive the timeline.” The FAA declined to provide details, but noted that it continually adjusts oversight of airlines based on risk. Southwest said it is working closely with the FAA and also has formed a team of people from the airline, its union and the FAA to strengthen its safety-management system. The FAA’s action is among several moves by new Administrator Mike Whitaker to respond to heightened safety concern about airlines ever since a panel covering an unused exit blew off a Boeing 737 Max during an Alaska Airlines flight in January. The FAA is investigating Boeing’s manufacturing processes. Earlier this year, the agency increased its scrutiny of United Airlines after a series of troubling events involving United planes. Twice within recent weeks, Southwest jets have flown unusually low while still several miles away from airports where they intended to land in Oklahoma and Florida. Another Southwest jet took off from a closed runway in Maine last month. In April, a Southwest jet descended rapidly off the coast of Hawaii and came within 400 feet of the surface of the Pacific Ocean before recovering. The National Transportation Safety Board is investigating a Southwest jet that did an unusual “Dutch roll” and was discovered to have damage to its tail after a flight from Phoenix to Oakland, California. Investigators say the plane had been parked outside during a severe storm. None of the events resulted in injuries. The stepped-up oversight was first reported by The Wall Street Journal.
Following jury’s verdict, Democratic Sen. Bob Menendez to resign 2024-07-23 18:47:51+00:00 - A week after a jury found Sen. Bob Menendez guilty on 16 corruption counts, it was clear that the New Jersey Democrat’s future was bleak. Indeed, the question wasn’t whether the senator would resign, but when. The answer has now come into focus. NBC News reported: Democratic Sen. Robert Menendez will resign next month after he was found guilty on all 16 counts in a federal bribery and corruption trial, three sources familiar with the matter told NBC News. Menendez will leave office on Aug. 20, the sources said, with two saying he has informed some of his staff. One of the sources close to Menendez said the senator has written his letter of resignation and is submitting it and will resign. The longtime senator didn’t have much of a choice. Senate Republicans have been silent, but Senate Democrats have been firm in arguing that Menendez needs to step down. Some, including Sens. Bob Casey of Pennsylvania and Jacky Rosen of Nevada, raised the prospect of expelling their criminal colleague if he failed to resign. Now, evidently, that won’t be necessary. The developments mark an extraordinary fall from grace for the once-powerful chair of the Senate Foreign Relations Committee. Revisiting our earlier coverage, federal prosecutors first indicted Menendez in late September, alleging that the New Jersey Democrat received “hundreds of thousands of dollars” in bribes and used his influence to benefit the Egyptian government, among others. Though the senator has denied any wrongdoing and pleaded not guilty in court, it was difficult to deny the seriousness of the allegations. According to the Justice Department, Menendez received cash, gold bars, payments toward a home mortgage, compensation for a low- or no-show job and a luxury vehicle. Complicating matters, the longtime lawmaker struggled to present much of a public defense. Roughly three weeks later, the senator was indicted again, and those charges accused him of providing sensitive information to the Egyptian government in exchange for bribes. What’s more, prosecutors alleged that Menendez acted as a foreign agent while serving as the chairman of Senate Foreign Relations Committee. That was in October. In January, the incumbent lawmaker faced another round of criminal allegations, with prosecutors claiming he took improper actions in support of Qatar as recently as 2021 and 2022. In March, Menendez confronted still more charges, alleging that he and his wife conspired to obstruct justice. It was against this backdrop that the Justice Department — the one that Republicans claim is targeting the White House’s opponents — successfully prosecuted the Democratic lawmaker ahead of his re-election bid. As for Menendez’s seat, Democratic Rep. Andy Kim already appears well positioned to win this year’s Senate race in the Garden State. In the interim, The New York Times reports that New Jersey’s Democratic governor, Phil Murphy, is expected to appoint a replacement who would serve until January. This post updates our related earlier coverage.
Island off northern French coast imposes quota to tackle overtourism 2024-07-23 18:44:00+00:00 - A small, picturesque island off the north coast of Brittany has imposed a summer tourist quota in an effort to ensure visitors have a more enjoyable experience and its 400-odd permanent residents do not feel swamped. From this week until 23 August, the number of people allowed on to Ile-de-Bréhat – excluding local people, second homeowners and workers – between 8.30am and 2.30pm must not exceed 4,700, said the island’s mayor, Olivier Carré. The move to tackle overtourism follows similar steps by cities such as Amsterdam, Paris, Seville and Venice, big tourist draws including Istanbul’s Hagia Sophia and the Acropolis in Athens, and even sites of natural beauty such as the Calanques outside Marseille. All have recently taken measures to regulate or reduce visitor numbers by increasing tourist taxes; introducing entrance fees, time slot systems or advance reservation schemes; or launching information campaigns aimed at curbing overtourism. “We’re not actually trying to stop people coming – just to make sure they have a better time when they do,” Carré said, adding that the job of policing visitor numbers would be down to the ferry companies providing the 10-minute crossing to Bréhat. He told Agence France-Presse that the restrictions were a repeat of a trial last summer that helped keep day tripper numbers below a critical threshold of 5,500. “Once you reach or pass that level, nothing works – there’s nowhere for people to park at the ferry terminal at Ploubazlanec, not enough seats on the boat, all the restaurants on the island are full, the hire bikes run out, the cycle paths are rammed,” he said. “As many as 30% said afterwards that they were dissatisfied with their day. Before, we shipped people across whether there were 2,000 of them or 6,000. Now, we’re asking the ferry companies to encourage people to book in advance and regulate the flow.” The quota does not apply at weekends when holidaymakers are often leaving or arriving accommodation, leading to generally lower visitor numbers. While some of the island’s hotel, restaurant and shop owners were initially sceptical about the quota system, Carré said the economic impact had been “extremely limited”, with many being unable to point to any significant fall in earnings. The owner of the La Vieille Auberge hotel, Nathalie Lamidon, nonetheless complained of “a lot of confusion around the time frame when the quota applies”, with some clients unsure they would be allowed to spend the afternoon on the island. skip past newsletter promotion Sign up to The Traveller Free newsletter Get travel inspiration, featured trips and local tips for your next break, as well as the latest deals from Guardian Holidays 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 Stéphane André, owner of the Le Crech-Kerio restaurant and bakery, told Le Monde it would take two or three years to accurately assess the financial consequences of the measure, but added: “It doesn’t seem to have changed very much so far.” Anne-Lise Corlouër, managing director of the main ferry company serving the island, said the quota had dissuaded ad hoc trippers from coming, with passenger numbers in late July and early August about 20% down in 2023 from the previous year. But Carré said these were teething problems, and that the important thing was that “people are learning that they have to book in advance”. “We need to get the balance right for everyone, and we’ll be reviewing the impact of this every year,” he added.
Rushed railcar inspections and ‘stagnated’ safety record reinforce concerns after fiery Ohio crash 2024-07-23 18:22:33+00:00 - Major freight railroads are rushing railcar inspections, reinforcing known safety concerns raised by unions for years, but at a House hearing Tuesday they’ll present new evidence from federal inspectors that railcar checks are routinely less than two minutes per car. The unions have sounded the alarm often in recent years as the major railroads all adopted versions of the lean Precision Scheduled Railroading operating model and collectively cut roughly one-third of all their workers. Labor groups like the Transportation Communications Union, which represents the expert carmen who are supposed to inspect railcars, have said all the cuts have led to rushed inspections that might miss problems and prompted railroads to rely on train crews to do more inspections. The disastrous Norfolk Southern derailment last year in East Palestine, Ohio, that prompted Tuesday’s hearing was caused by an overheating bearing that wasn’t caught in time by trackside sensors. The National Transportation Safety Board didn’t speculate in its final report released last month whether an inspection in a railyard might have caught the failed bearing, but it did point out that the railroad never inspected the car after it picked it up in St. Louis even though it crossed through several railyards before the crash. And more than 25% of the cars on that train had defects despite being inspected beforehand. The TCU union’s National Legislative Director David Arouca says inspections are happening less often and with less time these days because of all the job cuts. “Sadly, in today’s era of railroading, many carmen have to make the difficult decision of what to inspect. Under impossible time pressures, carmen are simply unable to perform full inspections,” Arouca said. There are at least 90 points on each side of a railcar that are supposed to be checked in an inspection — something that Arouca said can’t be done in the time allotted today. The Federal Railroad Administration study found that the major freight railroads allowed an average of 1 minute and 38 seconds per car while a federal inspector was watching, but documents showed that when an inspector isn’t there inspections are being done in about 44 seconds per car. The FRA isn’t ready to say that the railroads’ current operating model is unsafe because more research is needed to determine whether that is the case. But FRA Administrator Amit Bose said railroads’ “safety performance has stagnated over the last decade — and by some measures, deteriorated. Despite assertions to the contrary, derailment rates for our nation’s largest rail companies have not significantly improved.” And even though most derailments don’t cause anything like the massive black plume of smoke and lingering health worries that followed the East Palestine derailment — because many of them happen at slow speeds without spilling toxic chemicals — Bose said smaller derailments shouldn’t be dismissed as the railroad equivalent of a fender-bender because they can still be deadly. The railroads maintain they are committed to improving safety and have taken a number of steps since the East Palestine derailment including adding hundreds more trackside detectors to spot mechanical problems and reviewing the way they respond to temperature alerts from those devices. Plus, the Association of American Railroads trade group continues to point out that even with derailments — which happen across the country roughly three times a day — railroads remain the safest option, with more than 99% of all hazardous chemicals arriving safely. But as the Ohio derailment shows, even one derailment can be disastrous if chemicals spill and catch fire. Railroads also argue that new technology they are investing in can help supplement the visual inspections that workers do and spot problems while trains are moving down the tracks. But Greg Hynes with the SMART-TD union, which represents conductors and is the largest rail union, said “in the wake of this accident little has changed.” Ohio’s two senators — including Republican vice presidential nominee JD Vance — led a bipartisan group in proposing a sweeping rail safety bill last year that included requirements for inspection standards and rules for those trackside detectors, but that bill stalled after it advanced out of committee and never got a floor vote. Republican Rep. Troy Nehls, who leads the House subcommittee on railroads, recently introduced a similar, broad bill along with Democratic Rep. Seth Moulton. But most Republicans appear to want a more limited approach based on the findings of the NTSB investigation. A narrower bill hasn’t yet been introduced. On Tuesday, Republican Rep. Sam Graves, the chair of the Transportation Committee, said he does not think any rail safety legislation was necessary to address the problems that led to the 2023 derailment. He added that a bill would not be emerging from his committee. In addition to all the rail safety concerns the NTSB raised in its report on the derailment, the agency said Tuesday that it is worried that a federal effort by the Drug Enforcement Administration to reclassify marijuana as a less serious drug could prevent train crews, pilots and other transportation workers from being tested for marijuana even though it could impair their judgment. The NTSB said that eliminating marijuana testing for transportation workers “would create a safety blind spot that could endanger the public.” ___ Associated Press writer Stephen Groves contributed to this report from Washington.
U.S. home prices reach record high in June, despite deepening sales slump 2024-07-23 18:16:00+00:00 - Home prices reached an all-time high in June, even as the nation's housing slump continues with fewer people buying homes last month due to an affordability crisis. The national median sales price rose 4.1% from a year earlier to $426,900, the highest on record going back to 1999. At the same time, sales of previously occupied U.S. homes fell in June for the fourth straight month as elevated mortgage rates and record-high prices kept many would-be homebuyers on the sidelines. Sales of previously occupied U.S. homes fell 5.4% last month from May to a seasonally adjusted annual rate of 3.89 million, the fourth consecutive month of declines, the National Association of Realtors (NAR) said Tuesday. Existing home sales were also down 5.4% compared with June of last year. The latest sales came in below the 3.99 million annual pace economists were expecting, according to FactSet. All told, there were about 1.32 million unsold homes at the end of last month, an increase of 3.1% from May and up 23% from June last year, NAR said. That translates to a 4.1-month supply at the current sales pace. In a more balanced market between buyers and sellers there is a 4- to 5-month supply. Signs of pivot While still below pre-pandemic levels, the recent increase in home inventory suggests that, despite record-high home prices, the housing market may be tipping in favor of homebuyers. "We're seeing a slow shift from a seller's market to a buyer's market," said Lawrence Yun, chief economist at the National Association of Realtors. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis." For now, however, sellers are still benefiting from a tight housing market. Homebuyers snapped up homes last month typically within just 22 days after the properties hit the market. And 29% of those properties sold for more than their original list price, which typically means sellers received offers from multiple home shoppers. "Right now we're seeing increased inventory, but we're not seeing increased sales yet," said Yun. As prices climb, the prospect of owning a home becomes a greater challenge for Americans, particularly first-time buyers, some of whom are opting to sit things out. "High mortgage rates and rising prices remain significant obstacles for buyers," Rubeela Farooqi, chief U.S. economist at High Frequency Economics said in a note. "But ongoing relief on the supply side should be positive for home sales as will be an eventual decline in borrowing costs as the Fed starts to lower rates later this year." Nancy Vanden Houten, senior economist at Oxford Economics, echoes that optimism. "The increase in supply may support sales as mortgage rates move lower and may lead to some softening in home prices, which at current levels, are pricing many buyers out of the market," Vanden Houten said in a note on the latest home sale data. The U.S. housing market has been mired in a slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. Existing home sales sank to a nearly 30-year low last year as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage buyer Freddie Mac. The average rate has mostly hovered around 7% this year — more than double what it was just three years ago — as stronger-than-expected reports on the economy and inflation have forced the Federal Reserve to keep its short-term rate at the highest level in more than 20 years.
Democratic Sen. Robert Menendez will resign next month after corruption conviction 2024-07-23 18:07:00+00:00 - Democratic Sen. Robert Menendez will resign next month after he was found guilty on all 16 counts in a federal bribery and corruption trial. The New Jersey senator officially informed Gov. Phil Murphy of his decision in a letter Tuesday. "This is to advise you that I will be resigning from my office as the United States Senator from New Jersey, effective on the close of business on August 20, 2024," Menendez said in the letter, a copy of which was obtained by NBC News. He said he chose that date to "give time for my staff to transition to other possibilities, transfer constituent files that are pending, allow for an orderly process to choose an interim replacement, and for me to close out my Senate affairs." Murphy, a Democrat, said in a statement that he’d received the letter and that he will “exercise my duty to make a temporary appointment to the United States Senate to ensure the people of New Jersey have the representation they deserve.” Two sources familiar with the matter said earlier Tuesday that Menendez had informed some of his staff of his resignation plans. His departure date was first reported by the New Jersey Globe. As NBC News first reported last week, Menendez had begun calling allies telling them he would step down from the Senate after his July 16 conviction by a jury of accepting bribes, including gold bars and cash, for official actions to benefit Qatar and Egypt. He is set to be sentenced on Oct. 29 and has vowed to appeal. Nearly every Democratic senator, as well as House members and other key elected officials in New Jersey, had said Menendez needed to resign his seat, making it untenable for him to continue. Some had threatened to force a vote to expel him from the Senate if he did not leave voluntarily. Menendez is also under investigation by the Senate Ethics Committee, which said in a statement Monday that it had initiated an "adjudicatory review," a required step before making a recommendation to the full Senate to expel or otherwise discipline a senator. The committee said it had notified Menendez and his attorneys that the committee unanimously voted to open the review. Menendez cited the probe as one of the reasons he was resigning. "While I fully intend to appeal the jury’s verdict, all the way and including to the Supreme Court, I do not want the Senate to be involved in a lengthy process that will detract from its important work," his letter said. Rep. Andy Kim, D-N.J., is running for Menendez's seat in November against Republican Curtis Bashaw. Menendez has filed to run for re-election as an independent, saying he would continue the campaign if exonerated. Menendez served as mayor of Union City, New Jersey, and in the state legislature before being elected to Congress in 1992. After serving in the House, he became a senator in 2006 and rose to become chairman of the powerful Foreign Relations Committee. It's from that perch (and as the ranking member on the panel when Republicans controlled the Senate) that he provided favors to foreign governments in exchange for bribes, jurors found. The New Jersey senator was charged in a separate corruption case that ended in a mistrial in 2018; he had also denied wrongdoing in that case.
U.A.W. Holds Off on Endorsing Harris 2024-07-23 17:54:06+00:00 - A succession of unions and labor federations this week have endorsed Vice President Kamala Harris’s campaign for the Democratic presidential nomination, but one prominent group has stood out for its relative silence: the United Automobile Workers. The union, which has been a close ally of President Biden, noted in a statement after his withdrawal from the race that Ms. Harris had “walked the picket line with us” during a 2019 strike at General Motors. Ms. Harris, it said, “along with President Biden has brought work and jobs back to communities like Lordstown, Ohio, and Belvidere, Illinois,” where auto plants had been shuttered. But the U.A.W. has yet to offer its endorsement. On Tuesday, a U.A.W. spokesman said the union’s executive board “will meet in the coming days to discuss any presidential endorsements, and is excited to talk with Vice President Harris about the issues that matter to our members and the whole working class.” A spokesman for the Harris campaign did not respond to a request for comment. Ms. Harris has interacted several times with the U.A.W. president, Shawn Fain, since he took office early last year. He said in an interview on Monday with MSNBC that Ms. Harris had called him on Sunday, but that he was on a plane and unable to take the call.