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  • ‘Elite’ Chick-fil-A Location in Miami Offers 4-Day Weekends

    ‘Elite’ Chick-fil-A Location in Miami Offers 4-Day Weekends

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    Earlier this year, Chick-fil-A franchise owner Justin Lindsey began offering employees and managers the option to work three-day, 13- to 14-hour shifts — and manager retention has climbed to 100%, he told QSR magazine.


    Brandon Bell I Getty Images

    A Chick-fil-A in Houston, Texas.

    Lindsey said he dialogued with employees at his Miami restaurant extensively before implementing the program. Workers were also allowed to choose if they wanted to participate, he told the outlet.

    “A lot of companies talk about providing their team members with true work/life balance. At CFA Kendall we are actively doing something about that,” he wrote in an earlier LinkedIn post about the change.

    Here’s how the program works: There are now two “pods” (groups of workers) at the restaurant. Instead of people swapping throughout the day, a consistent crew takes care of the establishment and works together as a team straight through the entire day, Lindsey told QSR.

    The pods work on being the best at speed or inspections, which have become “literally perfect” since introducing the arrangement, he told the outlet.

    “We’ve been an elite restaurant,” he added.

    And the proof is in the (shift) pod. Lindsey’s Chick-fil-A location is on track to bring in $17 million in sales this year. The average annual sales volume for a Chick-fil-A location like this, that is not inside a mall or some such, in 2021 was $8.142 million.

    Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.

    Chick-fil-A typically allows people to franchise one restaurant with an initial investment of $10,000, per its website.

    Lindsey’s philosophy on keeping his joint going: “lead with generosity,” he told the outlet.

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    Gabrielle Bienasz

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  • Home sellers are getting realistic a lot faster now, says Coldwell Banker CEO

    Home sellers are getting realistic a lot faster now, says Coldwell Banker CEO

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    M. Ryan Gorman, Coldwell Banker CEO, joins ‘The Exchange’ to discuss the housing market as sales slow amidst rising mortgage rates.

    04:02

    5 hours ago

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  • FCC Commissioner Brendan Carr Says the U.S. Should Ban TikTok

    FCC Commissioner Brendan Carr Says the U.S. Should Ban TikTok

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    In an interview with Axios on Tuesday, one of the five Federal Communications Communication’s (FCC) commissioners, Brendan Carr, said that the U.S. should ban TikTok, the widely popular short-form video app with approximately 1 billion users worldwide.


    Kevin Dietsch I Getty Images

    Brendan Carr, Commissioner at the Federal Communications Commission, testifying before Congress in March 2022.

    Although the FCC can’t take such an action, Carr suggested that the Council on Foreign Investment in the U.S. (CFIUS), a different governmental body that can regulate foreign investment, should ban the app.

    “I don’t believe there is a path forward for anything other than a ban,” he told the outlet.

    Carr was referring to the risk of TikTok sending U.S. user data back to China, which has come up, as the outlet noted, in recent news reports, which have claimed TikTok’s Beijing-based parent company, ByteDance, planned to monitor some U.S. citizen’s locations and accessed other user data.

    There is no “world in which you could come up with sufficient protection on the data that you could have sufficient confidence that it’s not finding its way back into the hands” of China’s Communist Party, he told Axios.

    As the outlet noted, TikTok is presently in discussions with the CFIUS, mainly on whether or how it could separate from ByteDance and become a U.S. company to continue serving users.

    TikTok told Entrepreneur via email: “Commissioner Carr has no role in the confidential discussions with the US government related to TikTok and appears to be expressing views independent of his role as an FCC commissioner. We are confident that we are on a path to reaching an agreement with the U.S. Government that will satisfy all reasonable national security concerns.”

    Politicians from across the aisle have raised issues about security on TikTok, and in 2016, then President Donald Trump also considered banning the app.

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    Gabrielle Bienasz

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  • Just 10% of voters under 40 ‘strongly approve’ of Biden in new poll, inflation remains a top concern ahead of the midterm elections

    Just 10% of voters under 40 ‘strongly approve’ of Biden in new poll, inflation remains a top concern ahead of the midterm elections

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    University of Pittsburgh students with Biden/Harris signs and stickers. On the University of Pittsburgh campus many students organizing get out the vote campaigns through signs, stickers, and text messaging their friends during the United States Election Day.

    Aaron Jackendoff | LightRocket | Getty Images

    Only 10% of American adults under 40 strongly approve of President Joe Biden’s job performance in a new online poll; the number drops to 7% for Americans between the ages of 18 and 26.

    One quarter of all respondents under 40 strongly disapproved of Biden’s performance.

    The results are from an survey conducted by University of Chicago’s Gen Forward Survey Project. The online poll surveyed 2,294 Americans between the ages of 18 and 40 and has a margin of error of 3.55 percentage points.

    Twenty-six percent of respondents said they “approve somewhat” of Biden’s performance and an additional 22% neither approve or disapprove.

    “The Biden approval numbers are low but higher than Democratic or Republican Party favorability. We’re seeing low support across the board,” said Kumar Ramanathan, a Gen Forward research fellow. “We find that young adults express disaffection with the political system, but among the four entities that we asked about support and favorability — the president, the Democratic Party, the Republican Party and the Supreme Court — Biden has the highest approval, though his overall approval numbers are low.”

    The Supreme Court’s approval rating was even more dismal with 21% of respondents saying they had a “somewhat favorable” impression of the high court and just 7% of adults under 40 saying they had a “very favorable” view. Some 20% of respondents said they had a “very unfavorable” impression of the court.

    “There’s overwhelming disagreement with the Supreme Court’s decision to overturn Roe v. Wade and we find the Supreme Court is highly unpopular among young adults,” Ramanathan said.

    Inflation topped the list of concerns for young Americans, just as it has for months in polls of all demographics. Inflation was the only issue listed that received double digit support at 24% when asked what the most important problem facing the country is.

    Consumers have been somewhat constrained by prices rising at close to their fastest pace in more than 40 years. The latest New York Fed Survey of Consumer Expectations shows that consumers expect the inflation rate a year from now to be 5.4%, the lowest number in a year and a decline from 5.75% in August.

    Economic growth, income inequality and the environment and climate change all tied for second at 6% each. Inflation also topped the list of concerns when voters were asked what the greatest issue facing their community is.

    Notably, when asked what the most important issue in the midterms, 25% said inflation and 11% said abortion and reproductive rights. When asked how the Supreme Court’s decision overturning Roe v. Wade impacted their vote, 32% said it made them more likely to support Democrats, 13% said Republicans and 32% said it did not impact their decision.

    “Inflation is the most salient issue among young adults — specifically inflation, rather than general economic concerns,” Ramanathan said, noting that it’s increased from previous surveys. “More young adults say inflation makes them more likely to support Republicans than Democrats, but the plurality, about a third, say it won’t impact their vote.”

    Nearly 90% of respondents agreed with the statement “inflation is having an impact on me and/or my family.” Three in ten projected that inflation will “go up a lot” and 39% projected it would “go up a little” in the next six months. Only 11% thought it would decrease. Eighty-five percent said it was likely there would be a recession in the next year with 34% saying it was “very likely” and 51% saying it was “somewhat likely.”

    When asked how inflation impacted their vote, the results were more evenly split with 32% saying it did not impact their decision to vote, 24% saying it makes them more likely to support Republicans and 21% saying so for Democrats.

    A majority of voters under 40 reported having little to no confidence in the government or the American public to make the right decisions: 49% said they have “not very much” trust or confidence in the American populous with 15% reporting they have “none at all.” Three-quarters of respondents said they can trust the government to do what is right “some of the time” or “never,” 55% said they can trust the government “some of the time” and 20% reported “never.”

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  • ‘We’re not against profits,’ White House presidential coordinator says after Biden’s tax threats on energy companies

    ‘We’re not against profits,’ White House presidential coordinator says after Biden’s tax threats on energy companies

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    ABU DHABI, United Arab Emirates — President Joe Biden is making no secret of his frustration with high gas prices and the oil companies making record profits as a result. With the support of Democratic allies in Congress, he is threatening to levy windfall taxes on energy firms, a prospect that’s prompted backlash from the industry.

    The president on Monday tweeted: “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.”

    The language sets up what looks like a standoff between the U.S. oil industry and the Biden administration at a time of high energy prices, soaring inflation and worries of a global crude supply shortage after years of under-investment in the industry and several months of sanctions on Russian commodities for its war in Ukraine.

    But reports of animosity between the White House and America’s energy giants are overhyped, says Amos Hochstein, Biden’s special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world.

    The Biden administration is not anti-profit or anti-free market, he stressed; rather, it wants to see oil companies reinvest their profits in improving crude production and the country’s energy security.

    “I talk to the CEOs, other senior members of the administration talk to the CEOs on a regular basis,” Hochstein told CNBC’s Hadley Gamble Monday, when asked about the administration’s relationship with industry executives.

    “People know that. I don’t think that’s the issue. The issue is this: we want them to increase their capex, increase investment,” he said. “The price environment for the last year, over a year now, lends itself to investment. So take those profits that you’re making. We’re not against profits. What we do want, and the president said this last week — take those profits and invest them.”

    Watch CNBC's full interview with U.S. Presidential Coordinator Amos Hochstein

    Congressional Democrats argue that oil executives are prioritizing shareholder returns over reinvesting profits toward boosting production that could lower consumer prices. Hochstein held the position that shareholder returns are not an issue in themselves, but that increasing America’s energy supplies should be the priority.

    “You want to pay some back to shareholders? Some is fine,” he continued. “But not excessively. You want to take these profits, that’s fine too. But not excessively. We’re in a war and you can do more to increase production.”

    Record-breaking oil company profits

    Several major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. ExxonMobil reported a record $19.7 billion net profit for the third quarter, and Biden this week accused the Texas-based company of using that to reward shareholders and buy back its own stock rather than investing in production improvements that could ease prices at the pump.

    California-based Chevron made $11.23 billion in profits in the third quarter, just shy of the record it hit in the previous quarter. In the last two quarters, Chevron, ExxonMobil, ConocoPhillips and Britain’s BP, Shell and France’s TotalEnergies reportedly made over $100 billion in profits — more than they earned in the entirety of 2021.

    Exxon Mobil CEO Darren Woods, speaking to CNBC last week, said his company was committed to addressing both shareholder returns and improving production, regardless of who was in the White House.

    “We don’t really look to satisfy one administration or the other. We look to make sure we’re doing the best we can using our shareholders’ money appropriately, finding advantaged projects that allow us to grow production and grow value. We’re also looking at reducing our emissions,” he told CNBC’s “Squawk Box.”

    Exxon Mobil CEO Darren Woods: OPEC is leveraging its pricing power

    But Hochstein says he doesn’t see sufficient investment on a broad scale.

    “All I see is record profits that are not translating to sufficiently increased investment and where investments are not keeping up with average ratios of investment-to-price increase,” he said.

    Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. Still, the threat of such taxes from the Democratic leadership is likely more of a pressure tactic than a plausible policy proposal in the near-term since Congress is not in session. And it could even become impossible to carry out if Republicans, who largely oppose such a move, win one or both houses in the November midterm elections.

    A changing White House tone on fossil fuels

    Biden came into office campaigning hard for an end to fossil fuel use and a transition to renewables as part of his climate-focused agenda, laying out a bevy of regulations on oil and gas exploration and production. Supporters of Biden’s green energy goals say this aggressive push was needed to reverse what they describe as damage done by former President Donald Trump, who rolled back years of work on environmental protections and pulled the U.S. out of the Paris Climate Accords.

    But it was that policy push, those in the fossil fuel industry argue, that helped throttle investment in oil and gas production and subsequently led to the energy supply shortages and higher prices we see today. Now, faced with a tightening global oil and gas market, climbing demand, and a war in Europe, the administration is taking a different tone.

    “Look, it’s no secret that the Biden administration and oil industry do not see eye-to-eye on the long term role that oil will play in the economy,” Hochstein said. “However, we have to do two things. We need more investment in oil production and refining, now.”

    Energy security is not a 'short-term thing,' IEF secretary general says

    The longtime energy policy veteran pointed out that much of the initial regulations and restrictions have eased — and noted that under this administration, the U.S. is approaching pre-pandemic highs in oil production levels, even despite what he says is insufficient activity from oil companies.

    Figures released by the U.S. Energy Information Administration on Monday revealed domestic crude oil production hitting 11.98 barrels per day in August, the highest since March 2020 and nearing the U.S.’s all-time record of 12.3 million barrels set in 2019.

    Occidental Petroleum CEO Vicki Hollub contradicted the narrative that the Biden administration was ignoring oil companies. Speaking to CNBC in Abu Dhabi, she said she indeed communicates with U.S. Energy Secretary Jennifer Granholm, a vocal climate policy advocate.

    “I do hear from Secretary Granholm — she is focused on tech, she’s enthusiastic about the climate transition, she listens, she [communicates with] the National Petroleum Council and has sent us requests for studies to be conducted to help her in making her decisions” concerning clean energy investments, Hollub said.

    Whatever the disagreements on the longer-term role of the fossil fuel industry in the U.S., oil executives and White House officials appear to agree on one thing — they will need to communicate properly to ensure future energy security for the country at a time of severe economic and geopolitical risk.

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  • Pfizer raises 2022 earnings guidance, beats third-quarter expectations

    Pfizer raises 2022 earnings guidance, beats third-quarter expectations

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    Vials containing the Pfizer/BioNtech vaccine against the coronavirus disease (COVID-19) are displayed before being used at a mobile vaccine clinic, in Valparaiso, Chile, January 3, 2022.

    Rodrigo Garrido | Reuters

    Pfizer on Tuesday raised its 2022 earnings guidance after booking a strong third quarter that beat Wall Street expectations.

    Pfizer now expects earnings per share of $6.40 to $6.50 for the year, up from its previous forecast of $6.30 to $6.45. The pharmaceutical company also raised the lower end of its sales guidance and now expects revenues of $99.5 billion to $102 billion for the year.

    Pfizer raised its full year sales guidance for its Covid-19 vaccine to $34 billion this year, up $2 billion from the company’s previous expectations. The company is maintaining its revenue expectations of $22 billion for the antiviral pill Paxlovid.

    Its shares rose by about 4% in premarket trading.

    Here’s how the company performed compared with what Wall Street expected for the third quarter, based on analysts’ average estimates compiled by Refinitiv:

    • Adjusted EPS: $1.78 per share vs. $1.39 expected
    • Revenues: $22.6 billion vs. $21 billion expected

    Pfizer’s sold $4.4 billion of its Covid vaccine worldwide in the quarter, a decrease of 66% compared to the same period last year. It sold $7.5 billion of the Paxlovid treatment during the quarter that ended Sept. 30.

    Pfizer booked net income of $8.6 billion for the third quarter, a 6% increase over the same quarter last year.

    Pfizer CEO Albert Bourla indicated that company is looking beyond the Covid pandemic which has led to record windfalls for the pharmaceutical giant.

    Bourla said in a statement that Pfizer plans to launch 19 new products or new uses for existing drugs in the next 18 months. The company, for example, reported positive clinical trial data Tuesday for its maternal RSV vaccine that protects newborns.

    The RSV vaccine is administered as a single dose to the mother in the late second or third trimester of her pregnancy. Pfizer’s data showed that in the first 90 days of the baby’s life, the vaccine was 81% effective at preventing severe lower respiratory tract illnesses that require hospitalization or assisted breathing.

    This is breaking news. Please check back for updates.

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  • BP rakes in quarterly profit of $8.2 billion as oil majors post another round of bumper earnings

    BP rakes in quarterly profit of $8.2 billion as oil majors post another round of bumper earnings

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    Shares of BP are up over 45% year-to-date.

    Sopa Images | Lightrocket | Getty Images

    Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits, supported by high commodity prices and robust gas marketing and trading.

    The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and marked a significant increase from a year earlier, when net profit came in at $3.3 billion.

    Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion.

    BP announced another $2.5 billion in share repurchases and said net debt had been reduced to $22 billion, down from $22.8 billion in the second quarter.

    It reported a net loss for the quarter of $2.2 billion, compared with a profit of $9.3 billion in the previous quarter. BP said this third-quarter result included inventory holding losses net of tax of $2.2 billion and a charge for adjusting items net of tax of $8.1 billion.

    The world’s largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia’s invasion of Ukraine.

    Combined with BP, oil majors Shell, TotalEnergies, Exxon and Chevron have posted third-quarter profits totaling nearly $50 billion.

    This has renewed calls for higher taxes on record oil company profits, particularly at a time when surging gas and fuel prices have boosted inflation around the world.

    U.S. President Joe Biden on Monday called on oil majors to stop “war profiteering” and threatened to pursue higher taxes if industry giants did not work to cut gas prices.

    Oil and gas industry groups have previously condemned calls for a windfall tax, warning it would fail to resolve a sharp upswing in energy prices and could ultimately deter investment.

    Read more about energy from CNBC Pro

    “This quarter’s results reflect us continuing to perform while transforming,” BP CEO Bernard Looney said in a statement.

    “We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy. We are providing the oil and gas the world needs today – while at the same time – investing to accelerate the energy transition,” Looney said.

    Shares of London-listed BP rose nearly 1% during morning deals. The firm’s stock price is up over 45% year-to-date.

    Windfall tax ‘now a necessity’

    Our job is to ‘pay our taxes’

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  • Oil CEOs say this winter is not the season to worry about when it comes to the energy crisis

    Oil CEOs say this winter is not the season to worry about when it comes to the energy crisis

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    PCK Schwedt oil refinery in Schwedt, Germany on Monday, May 9, 2022.

    Krisztian Bocsi | Bloomberg | Getty Images

    ABU DHABI, United Arab Emirates — Politicians and governments around the world are bracing for potential civil unrest as many countries grapple with mounting energy costs and rising inflation. 

    The global economy is facing an onslaught from multiple sides — a war in Europe, and shortages of oil, gas and food, and high inflation, each of which has worsened the next.

    Concerns are centered on the coming winter, especially for Europe. Cold weather, combined with an oil and gas shortage stemming from Western sanctions on Russia for its invasion of Ukraine, threatens to upend lives and businesses.

    But as much concern as there is ahead of this winter, it’s really the winter of 2023 that people should be worried about, major oil and gas executives have warned.

    Energy prices “are approaching unaffordability,” with some people already “spending 50% of their disposable income on energy or higher,” BP CEO Bernard Looney told CNBC’s Hadley Gamble during a panel at the Adipec conference in Abu Dhabi.

    We are in good shape for this winter. But as we said, the issue is not this winter. It will be the next one, because we are not going to have Russian gas.

    Claudio Descalzi

    CEO of Eni

    But through a combination of high gas storage levels and government spending packages to subsidize people’s bills, Europe may be able to manage the crisis this year.

    “I think it has been addressed for this winter,” Looney said. “It’s the next winter I think many of us worry, in Europe, could be even more challenging.” 

    The CEO of Italian oil and gas giant Eni expressed the same worry.

    For this winter, Europe’s gas storage is around 90% full, according to the International Energy Agency, providing some assurance against a major shortage.

    But a large proportion of that is made up of Russian gas imported in previous months, as well as gas from other sources that was easier than usual to buy since major importer China was buying less due to its slower economic activity. 

    “We are in good shape for this winter,” Eni chief Claudio Descalzi said during the same panel. “But as we said, the issue is not this winter. It will be the next one, because we are not going to have Russian gas – 98% [less] next year, maybe nothing.”

    Protests have already begun

    This could lead to serious social unrest — already, small to medium-sized protests have cropped up around Europe.

    Anti-government protests in Germany and Austria in September and in the Czech Republic last week — the latter of which has seen household energy bills surge tenfold — may be a small taste of what’s to come, analysts have warned. Some energy executives agreed.

    Yes, there is a real risk that governments without a steady hand on policy shaping in Asia can deal with unrest.

    Datuk Tengku Muhammad Taufik

    CEO of Petronas

    “We’ve seen that any shocks to the price at the pump, or something as simple as LPG [liquefied petroleum gas] for cooking, can cause unrest,” the CEO of Malaysian oil and gas company Petronas, Datuk Tengku Muhammad Taufik, said. 

    He described how a strengthening dollar and rising fuel prices pose a serious risk to many Asian economies – massive populations that are some of the biggest oil and gas importers in the world. And this is happening while subsidies are already in place to help ease prices for citizens.

    Inflation in the euro zone remains extremely high. Protestors in Italy used empty shopping trolleys to demonstrate the cost-of-living crisis.

    Stefano Montesi – Corbis | Corbis News | Getty Images

    Many Asian economies were already reeling from the pandemic, which caused “vast swaths of [small and medium enterprises] in Asia to just collapse,” Taufik said. “So, yes, there is a real risk that governments without a steady hand on policy shaping in Asia can deal with unrest.” 

    Anger at oil companies’ massive profits

    Much of the anger of protesters is also directed at the energy companies, which have been making record profits as bills get higher and higher.

    Responding to this, many of the CEOs who spoke to CNBC said it’s an issue of market supply and demand, and that it’s up to governments to implement policies more conducive to energy investment. That investment, they stressed, has taken a hit in recent years as countries push for the transition to renewables.    

    BP CEO: A more diversified energy system is a more affordable system

    The world has to face “the practicalities and realities of today and tomorrow,” BP’s Looney said, stressing the need to “invest in hydrocarbons today, because today’s energy system is a hydrocarbon system.”

    Many policymakers and institutions still decry the use of fossil fuels, warning the far bigger crisis is that of climate change. In June, United Nations Secretary General Antonio Guterres called for abandoning fossil fuel finance, and called any new funding for exploration “delusional.” 

    The oil executives argued that this approach simply isn’t realistic, nor is it an option if countries want economic and political stability.

    Read more about energy from CNBC Pro

    At the same time, however, they admitted that the energy transition itself does need greater focus and investment in order to avert a larger crisis next year and beyond, when there is no Russian gas in storage and other options are increasingly expensive.

    “In Europe, we pay at least six, seven times to [as much as] 15 times the energy costs with respect to the U.S.,” ENI’s Descalzi said. 

    “So what we have done in Europe, each country, gave incentive subsidies to try to reduce the cost for industry and for citizens. How long that can continue?” he asked. 

    “I don’t know, but it’s impossible that it can continue forever. All these countries have a very high debt,” he said. “So they have to find a structural way to solve this issue. And the structural way is what we said until now — we have to increase and be faster on the transition. That is true.” 

    “But,” he added, “we have to understand, from a technical point of view, what is affordable and what is not.”

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  • Black Sea deal suspension will drive up grain and meat prices in Asia-Pacific

    Black Sea deal suspension will drive up grain and meat prices in Asia-Pacific

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    Asia-Pacific could face higher prices of grains and meat after Russia suspended a U.N.-brokered deal that had allowed safe grain shipments out of the Black Sea.

    Over the weekend, the Russian foreign ministry said it “can no longer guarantee the safety of civilian dry cargo ships participating in the Black Sea Grain Initiative and will suspend its implementation from today for an indefinite period.” This followed an Ukrainian attack on its fleet in Sevastopol.

    Meat production and consumption are key in Asia and for many Asian countries, grains such as wheat, corn, and soybeans are needed for animal feed to produce beef, pork, poultry as well as fish, authors Genevieve Donnellon-May and Paul Teng wrote in a research note published by Singapore think tank RSIS.

    Major Black Sea exporters Russia and Ukraine account for about a third of the world’s wheat exports, 15% of the world’s corn exports and about 2.1% of the world’s soybean exports, the pair said, adding that Asian countries are particularly hit because many import from the region.

    “For consumers in Asia, expect to pay even higher prices for food, including for meat, due to the prolonged conflict alongside rising energy costs and inflation,” Donnellon-May told CNBC.

    “It’s going to get worse in Asia-Pacific with countries impacted by higher [priced] fertilizer, fuel, and food prices, further exacerbating Covid-related disruptions to the supply chains and climate change-induced extreme weather events, which have impacted agricultural production and food security.”

    “Consumers throughout Asia-Pacific should expect to pay more for basic foodstuffs and also for meat.”

    1 million metric tons less of cereals in the market could create an increase in prices of around 0.5%

    Bfk92 | E+ | Getty Images

    Before Russia halted its participation, the Black Sea Grain initiative had unlocked 9 million metric tons of grain worth $3 billion, said Maximo Torero, chief economist of the United Nation’s Food and Agriculture Organization.

    “In practical terms, it means that 1 million metric tons less of cereals in the market could create an increase in prices of around 0.5%. So, the short-term impact shouldn’t be too big,” Torero told CNBC’s “Squawk Box Asia” on Monday, adding that the longer the situation prevailed the higher prices would rise. 

    Describing the situation in the Black Sea, Torero said there were 97 loaded vessels waiting to depart, 15 inbound vessels waiting for inspection and another 89 which had applied to join the initiative. 

    The latest update of the FAO’s food price index indicated global food prices had fallen for the sixth month in a row in September. Cereal prices fell too but leapt in September on fears about the Black Sea Grain Initiative’s continuation beyond November.

    China's economic outlook will be 'deeply challenging' for the next five to 10 years: Strategist

    Donnellon-May said Asia-Pacific countries that could be hardest hit by the latest development in the Black Sea include Indonesia, which recently booked Ukrainian wheat cargoes, and Pakistan, where a government agency recently bought about 385,000 tons of wheat, likely from Russia and Ukraine.

    Laos, Thailand, Malaysia, Sri Lanka and Bangladesh too could struggle.

    The U.N. and other international bodies have urged Russia to walk back its decision on the grain deal.  

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  • Stocks making the biggest moves after hours: Avis, Stryker and more

    Stocks making the biggest moves after hours: Avis, Stryker and more

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    A customer waits for his car at the garage of Avis Budget Group at the San Francisco airport.

    David Paul Morris | Bloomberg | Getty Images

    Check out the companies making headlines in after-hours trading.

    Avis Budget Group – Shares of the budget care rental company jumped 2% following its quarterly results. Avis reported adjusted per-share earnings of $21.70, compared to expectations of $14.64 per share, according to Refinitiv.

    Stryker – The medical technology company fell 5.5% after it reported a miss on the top line in its latest quarterly results. Stryker posted adjusted earnings per share of $2.12, compared to estimates of $2.23, according to Refinitiv. The company narrowly beat expectations on revenue.

    Hologic – Shares of the medical supplier added 7.5% as it beat expectations of analysts’ expectations on top and bottom lines for the latest quarter, according to Street Account. For the fiscal year ending September 2023, the company expects earnings per share between $3.30 and $3.60 compared to FactSet’s expectation of $3.43, while revenue is expected by the company between $3.7 billion and $3.9 billion against the anticipated $3.81 billion.

    Goodyear Tire & Rubber Company – Shares of the tire company tumbled more than 8%. Goodyear posted quarterly earnings per share of 40 cents on revenue of $5.31 billion. Analysts expected per-share earnings of 55 cents on revenue of $5.36 billion, according to Street Account.

    IDEXX Laboratories – The science company with a focus on animals and water added 2.8% in post-market trading as investors looked to earnings coming Tuesday ahead of the market’s open.

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  • Seattle Judge to City: Bikini Baristas Can Wear Bikinis at Work

    Seattle Judge to City: Bikini Baristas Can Wear Bikinis at Work

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    A city rule prohibiting service workers from wearing bikinis is gender-based discrimination, according to a newly signed ruling by a U.S. district judge of Seattle, The Everett Herald reported.

    The initial legal complaint was filed by Jovanna Edge and some (now former) employees of Hillbilly Espresso, a chain of coffee stands served by women in bikinis or lingerie in Snohomish County, Washington.

    Edge, the coffee chain’s owner, told Entrepreneur that the scantier outfits are a way for the business to “stand out,” and that she felt motivated to take on the suit by what she sees as her constitutional rights.

    The ordinance in question said that service workers at establishments including “coffee stands, fast food restaurants, delis, food trucks, and coffee shops,” have to wear clothes that cover “minimum body areas.”

    The ruling found that the ordinance was focused on clothes “typically worn by women rather than men,” and thus constituted gender-based discrimination prohibited under the 14th amendment’s equal protection clauses.

    The legal battle goes back to 2009, the outlet reported. At that time, police said they getting complaints about the coffee stand and began giving out citations for things like indecent exposure. (Edge claims the complaints were not solely due to her business but another, similar business that was a “bad actor.”)

    Then, in 2017, Everett City Council issued the ordinance, per Fox 13, related to service workers and covering up – specifically, three inches below the buttocks, for example.

    “The city clerk is authorized to issue regulations to ensure full compliance and provide diagrams to illustrate the dress requirement,” the ordinance, which is still available on the city’s website, says. Local police had said dealing with complaints about the baristas was taking up time and energy, Fox 13 noted.

    A federal judge in 2017 blocked it from being enforced. Then, in 2019, the Ninth Circuit Court of Appeals vacated the injunction.

    In 2020, Edge and the other plaintiffs appealed their case to the Supreme Court — which did not take the case, and it ended up in the Western Washington district court, the Everett noted.

    The ruling said it was hard to conceive how it could be enforced equally for men and women and said that the rule counts as a violation of the Equal Protection rules in the 14th Amendment.

    The rule, “‘encourage[s] a humiliating, intrusive, and demoralizing search on women, disempowering them and stripping them of their freedom,’” the ruling said.

    Lawyers for the baristas have said that the attire is “empowerment.”

    “It is the embodiment of the belief that women must dress a certain way to avoid exciting men to sexual misconduct,” their team has written in legal documents. “Those beliefs are rooted in impermissible stereotypes about what is and is not proper dress and behavior for one’s sex.”

    The ruling, however, set aside claims that the baristas had made about free speech. The court also issued a partial summary judgment. This means that the ruling was made against one party – in his case, the city – with no need for a trial, the outlet noted.

    Edge said 80-85% of her employees are parents. The city was, “targeting young moms who are just looking to make their way,” she said. Now, they get to keep going to work, she added.

    The city did not respond to Entrepreneur’s request for comment.

    There are a number of operations in the western US, including Bikini Beans Coffee in Arizona, and Lady Bug Bikini Espresso in Washington.

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  • We’re preparing for home prices to fall, says Raymond James’ Buck Horne

    We’re preparing for home prices to fall, says Raymond James’ Buck Horne

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    Buck Horne, director of equity research, homebuilding, and residential REITS at Raymond James, joins ‘Power Lunch’ to discuss opportunity in the home building space, cost-to-own and cost-to-buy spread differentials and dramatic drops in lumber prices.

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  • Trump asks Supreme Court to block Congress getting his tax returns

    Trump asks Supreme Court to block Congress getting his tax returns

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    Former U.S. President Donald Trump speaks during a rally in Robstown, Texas, U.S., October 22, 2022. 

    Go Nakamura | Reuters

    Former President Donald Trump on Monday asked the Supreme Court to block a judge’s order that the IRS give years of his tax returns to the House Ways and Means Committee later this week.

    The request to delay the execution of the judicial order pending a planned appeal came days after Trump lost an attempt to reverse the order at a federal appeals court.

    “This case raises important questions about the separation of powers that will affect every future President,” Trump’s lawyers said in their emergency application to Chief Justice John Roberts. The chief justice has authority over such petitions from cases arising from the U.S. Court of Appeals for the District of Columbia Circuit.

    Trump’s lawyers asked the court to act by Wednesday to delay an appeals court ruling that cleared the way for the IRS to deliver the tax returns on Thursday.

    The delay would give Trump time to formally ask the high court to hear an appeal of the ruling. But the lawyers also said the Supreme Court could consider Monday’s filing itself a request to hear the case.

    The filing accused the committee of trying to get Trump’s tax returns solely for the purpose of releasing them to the public, and not for a review of IRS audits of presidents, as the House panel has stated.

    Trump’s attorney William Consovoy and a spokeswoman for the Ways and Means Committee did not immediately respond to requests for comment.

    If the Supreme Court grants Trump’s application, it could thwart the Democratic-controlled committee from receiving the returns for several more years — at the very least.

    A Supreme Court case challenging the order could take months or longer to resolve.

    And if Republicans regain majority control in the House of Representatives in the upcoming midterm elections, before the Supreme Court case is resolved, they are expected to end the Ways and Means Committee’s three-year-long bid to get Trump’s tax returns.

    That committee has sought Trump’s tax records and those of related business entities as part of an investigation of how the Internal Revenue Service audits presidential tax returns. The IRS, which is a division of the Treasury Department, is legally mandated to audit the annual tax returns of sitting presidents.

    The committee sued to obtain Trump’s federal returns for the years from 2015 through 2020 after then-Treasury Secretary Steven Mnuchin refused to comply with the committee’s request. The Trump appointee Mnuchin said that the panel did not have a legitimate legislative purpose.

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    Last December, Washington, D.C., federal court Judge Trevor McFadden, who was appointed by Trump, ruled that the Treasury Department had to turn over the tax returns as requested. McFadden said that even if the committee’s request was politically motivated, as Trump has argued, its chairman had stated a “valid legislative purpose” in seeking the returns, as the law required.

    Trump then appealed McFadden’s ruling to the U.S. Court of Appeals for the District of Columbia Circuit.

    In August, a three-judge panel on that appeals court unanimously ruled against Trump.

    The panel noted that while tax returns are generally confidential under federal law, one exception is when the chairman of the Ways and Means Committee requests such returns in writing from the Treasury Department’s secretary.

    “The Chairman has identified a legitimate legislative purpose that it requires information to accomplish,” Judge David Sentelle wrote in the panel’s opinion. “At this stage, it is not our place to delve deeper than this.”

    Trump then asked for a re-hearing of his appeal at the same court in a so-called en banc hearing, in which most of the court’s judges would consider his arguments.

    On Thursday, a slate of 10 judges on the appeals court unanimously rejected Trump’s request. The same group of judges denied a request by Trump to stay its denial pending his expected petition to the Supreme Court.

    Ways and Means Committee Chairman Richard Neal, in a statement Thursday said, “The law has always been on our side. Former President Trump has tried to delay the inevitable, but once again, the Court has affirmed the strength of our position.”

    “We’ve waited long enough — we must begin our oversight of the IRS’s mandatory presidential audit program as soon as possible,” Neal said.

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  • Education Department overhauls federal student loan system, aiming to make it ‘simpler, fairer and more accountable’

    Education Department overhauls federal student loan system, aiming to make it ‘simpler, fairer and more accountable’

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    Chip Somodevilla | Getty Images News | Getty Images

    The U.S. Department of Education announced on Monday sweeping new changes to the federal student loan system, including additional consumer protections for borrowers and limits on the amount of interest that can accrue on the debt.

    “Today is a monumental step forward in the Biden-Harris team’s efforts to fix a broken student loan system and build one that’s simpler, fairer, and more accountable to borrowers,” said U.S. Secretary of Education Miguel Cardona, in a statement.

    The new regulations should make it easier for students who’ve been defrauded by their schools to get their student loans canceled by the government through the borrower defense process, and allows for the Education Department to come to a determination about these requests for relief as a group, instead of requiring each borrower to individually prove that they were sufficiently harmed or misled by their school.

    More from Personal Finance:
    How Fed’s interest rate hikes made borrowing costlier
    Tips to help stretch your paycheck amid high inflation
    ‘Ugly times’ are pushing record annuity sales

    Under the rules, higher education institutions that accept federal student aid will be banned from requiring borrowers to sign mandatory pre-dispute arbitration agreements or to waive their ability to participate in a class-action lawsuit over their borrower defense claim.

    The Biden administration will also curb the practice of interest capitalization — in which unpaid interest is added to the borrower’s principal.

    The public service loan forgiveness program, which allows public servants and those who work for certain nonprofits to get their debt canceled after a decade, will also get an overhaul. Months that previously didn’t qualify toward a borrowers’ debt relief, including those when they were in a economic hardship deferment, will be counted. Previously ineligible late payments will also now qualify.

    These changes will go into effect on July 1, 2023.

    Biden administration officials described these improvements as necessary and urgent to fix a system plagued by problems.

    Prior to the coronavirus pandemic, when the U.S. economy was enjoying one of its healthiest periods in history, only about half of borrowers were in repayment. A quarter — or more than 10 million people — were in delinquency or default, and the rest had applied for temporary relief for struggling borrowers, including deferments or forbearances. These grim figures led to comparisons to the 2008 mortgage crisis.

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  • Euro zone inflation hits record high of 10.7% as growth slows sharply

    Euro zone inflation hits record high of 10.7% as growth slows sharply

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    Inflation in the euro zone remains extremely high. Protestors in Italy used empty shopping trolleys to demonstrate the cost-of-living crisis.

    Stefano Montesi – Corbis | Corbis News | Getty Images

    Euro zone inflation rose above the 10% level in the month of October, highlighting the severity of the cost-of-living crisis in the region and adding more pressure on the European Central Bank.

    Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% last month. This represents the highest ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months. But the increases have been accentuated by Russia’s invasion of Ukraine in late February.

    This proved to be the case once again, with energy costs expected to have had the highest annual rise in October, at 41.9% from 40.7% in September. Food, alcohol and tobacco prices also rose in the same period, jumping 13.1% from 11.8% in the previous month.

    Monday’s data comes after individual countries reported flash estimates last week. In Italy, headline inflation came in above analysts’ expectations at 12.8% year-on-year. Germany also said inflation jumped to 11.6% and in France the number reached 7.1%. The different values reflect measures taken by national governments, as well as the level of dependency that there nations have, or had, on Russian hydrocarbons.

    There are, however, euro nations where inflation rose by more than 20%. This includes Estonia, Latvia and Lithuania.

    The European Central Bank — whose primary target is to control inflation — on Thursday confirmed further rate hikes in the coming months in an attempt to bring prices down. It said in a statement that it had made “substantial progress” in normalizing rates in the region, but it “expects to raise interest rates further, to ensure the timely return of inflation to its 2% medium-term inflation target.”

    The ECB decided to raise rates by 75 basis points for a second consecutive time last week.

    Speaking at a subsequent press conference, ECB President Christine Lagarde said the likelihood of a recession in the euro zone had intensified.

    Growth figures released Monday showed a GDP (gross domestic product) figure of 0.2% for the euro area in October. This is after the region grew at a rate of 0.8% in the second quarter. Only Belgium, Latvia and Austria registered GDP rates below zero.

    So far, the 19-member bloc has dodged a recession but an economic slowdown is evident. Several economists predict there will be a contraction in GDP during the current quarter.

    The euro traded below parity against the U.S. dollar in early European trading hours Monday and ahead of the new data releases, and barely moved after the new figures. The euro has been weaker against the greenback and that’s also something the ECB has been concerned about with concerns that this will push up inflation in the euro zone even further.

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  • Shanghai Disney shuts over Covid, visitors unable to leave

    Shanghai Disney shuts over Covid, visitors unable to leave

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    The Shanghai Disney Resort on June 30, 2022 in Shanghai, China. Shanghai’s Disney Resort abruptly suspended operations on Monday to comply with Covid-19 prevention measures, with all visitors at the time of the announcement directed to stay in the park until they return a negative test for the virus.

    Vcg | Visual China Group | Getty Images

    Shanghai’s Disney Resort abruptly suspended operations on Monday to comply with Covid-19 prevention measures, with all visitors at the time of the announcement directed to stay in the park until they return a negative test for the virus.

    The resort said at 11:39 a.m. local time (03:39 GMT) it would immediately shut the main theme park and surrounding areas including its shopping street until further notice to comply with virus curbs.

    The Shanghai government said on its official WeChat account the park was barring people from entering or exiting and that all visitors inside the site would need to await the results of their tests before they could leave.

    Anyone who had visited the park since Oct. 27 would need to test for Covid-19 three times in three days, it said.

    The theme park continued to operate rides for visitors stuck in the park during the closure on Monday, social media users reported.

    A Shanghai Disney Resort spokesperson said the resort was still operating “limited offerings” and that they were following measures in line with guidelines from Chinese health authorities.

    The resort had on Saturday said that it had started operating with a reduced workforce to comply with Covid measures.

    Shanghai reported 10 locally transmitted cases for Oct. 30, all of which it said were people without symptoms.

    The closure marks the latest disruption for the Shanghai Disney Resort, which was shut for over three months during Shanghai’s lockdown earlier this year.

    Read more about China from CNBC Pro

    The park was also closed for two days in November last year with more than 30,000 visitors stuck inside, after authorities ordered all of them to be tested in a contact tracing exercise.

    Videos circulating on China’s Weibo platform on Monday showed people rushing to the park’s gates, which were already locked.

    Reuters was not able to verify the authenticity of the videos and the Shanghai Disney Resort did not respond when asked about on how many visitors were inside.

    Xi has made it 'crystal clear' that China will stick to its zero-Covid policy: Research firm

    Local authorities across China have continued to impose abrupt and extreme measures to cut any possibility of virus transmission once cases arise, in line with the country’s ultra-strict zero-tolerance approach towards Covid-19.

    The Universal Resort in the country’s capital of Beijing reopened on Monday after a five day closure, which was also prompted by virus measures.

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  • Bitcoin’s trading has become ‘boring’ — but that’s not necessarily a bad thing

    Bitcoin’s trading has become ‘boring’ — but that’s not necessarily a bad thing

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    Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

    Dado Ruvic | Reuters

    Bitcoin’s lack of volatility lately isn’t a bad thing and could actually point to signs of a “bottoming out” in prices, analysts and investors told CNBC.

    Digital currencies have fallen sharply since a scorching run in 2021 which saw bitcoin climb as high as $68,990. But for the past few months, bitcoin’s price has bounced stubbornly around $20,000 in a sign that volatility in the market has settled.

    Last week, the cryptocurrency’s 20-day rolling volatility fell below that of the Nasdaq and S&P 500 indexes for the first time since 2020, according to data from crypto research firm Kaiko.

    Stocks and cryptocurrencies are both down sharply this year as interest rate hikes by the U.S. Federal Reserve and a strengthening dollar weighed on the sector.

    Bitcoin’s correlation with stocks has increased over time as more institutional investors have invested in crypto.

    But bitcoin’s price has stabilized recently. And for some investors, that easing of volatility is a good sign.

    “Bitcoin has essentially been range bound between 18-25K for 4 months now, which indicates consolidation and a potential bottoming out pattern, given we are seeing the Dollar index top out as well,” Vijay Ayyar, head of international at crypto exchange Luno, told CNBC in emailed comments.”

    “In previous cases such as in 2015, we’ve seen BTC bottom when DXY has topped, so we could be seeing a very similar pattern play out here.”

    Antoni Trenchev, co-founder of crypto lender Nexo, said bitcoin’s price stability was “a strong sign that the digital assets market has matured and is becoming less fragmented.”

    An end to crypto winter?

    Cryptocurrencies have suffered a brutal comedown this year, losing $2 trillion in value since the height of the 2021 rally. Bitcoin, the world’s biggest digital coin, is off around 70% from its November peak.

    The current so-called “crypto winter” is largely the result of aggressive tightening from the Fed, which has been hiking interest rates in an effort to tame rocketing inflation. Large crypto investors with highly leveraged bets like Three Arrows Capital were floored by the pressure on prices, further accelerating the market’s drop.

    However, some investors think the ice may now be beginning to thaw.

    There are signs of an “accumulation phase,” according to Ayyar, when institutional investors are more willing to place bets on bitcoin given the lull in prices.

    “Bitcoin being stuck in such a range does make it boring, but this is also when retail loses interest and smart money starts to accumulate,” Ayyar said.

    Matteo Dante Perruccio, president of international at digital asset management firm Wave Financial, said he’s seen a “counterintuitive increase in demand of traditional institutional investors in crypto during what is a time where generally you would see interest fall off in the traditional markets.”

    Financial institutions have continued taking steps into crypto despite the fall in prices and waning interest from retail investors.

    Mastercard announced a service that allows banks to offer crypto trading, having previously launched a new blockchain security tool for card issuers. Visa, meanwhile, teamed up with crypto exchange FTX to offer debit cards linked to users’ trading accounts.

    Goldman Sachs suggested we may be close to the end of a “particularly bearish” period in the latest cycle of crypto movements. In a note released Thursday, analysts at the bank said there were parallels with bitcoin’s trading in Nov. 2018, when prices steadied for a while before rising steadily.

    Read more about tech and crypto from CNBC Pro

    “Low volatility [in Nov. 2018] was following a large bitcoin bear market,” Goldman’s analysts wrote, adding that “crypto QT” (quantitative tightening) occurred as investors poured out of stablecoins like tether, reducing liquidity. The circulating supply of USD Coin — a stablecoin that’s pegged to the U.S. dollar — has fallen $12 billion since June, while tether’s circulating supply has dropped over $14 billion since May.

    Selling pressure has slowed, too, as bitcoin miners reduced their sales of the cryptocurrency, suggesting the worst may be over for the mining space. Publicly-traded bitcoin miners sold 12,000 bitcoins in June and only around 3,000 in September, according to Goldman Sachs.

    Wave Financial’s Perruccio expects the second quarter of next year to be the time when crypto winter finally comes to an end.

    “We’ll have seen a lot more failures in the DeFi [decentralized finance] space, a lot of the smaller players, which is absolutely necessary for the industry to evolve,” he added.

    All eyes on the Fed

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  • Polls close in Brazil’s polarizing Bolsonaro-Lula contest

    Polls close in Brazil’s polarizing Bolsonaro-Lula contest

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    Polls in Brazil closed on Sunday afternoon in a polarizing presidential runoff election that pits an incumbent vowing to safeguard conservative Christian values against a former president promising to return the country to a more prosperous past.

    The runoff shaped up as a close contest between President Jair Bolsonaro and his political nemesis, former President Luiz Inácio Lula da Silva. Both are well-known, divisive political figures who stir passion as much as loathing.

    The electoral authority had begun counting ballots and, because the vote is conducted electronically, the final result is usually available within hours after voting stations close.

    The vote will determine if the world’s fourth-largest democracy stays the same course of far-right politics or returns a leftist to the top job — and, in the latter case, whether Bolsonaro will accept defeat. There were multiple reports of what critics said appeared attempts to suppress the turnout of likely da Silva voters.

    Voting stations in the capital, Brasilia, were already crowded by morning and, at one of them, retired government worker Luiz Carlos Gomes said he would vote for da Silva.

    “He’s the best for the poor, especially in the countryside,” said Gomes, 65, who hails from Maranhao state in the poor northeast region. “We were always starving before him.”

    Because the vote is conducted electronically, the final result is usually available within hours after voting stations close in the late afternoon. Most opinion polls gave a lead to da Silva, universally known as Lula, though political analysts agreed the race grew increasingly tight in recent weeks.

    For months, it appeared that da Silva was headed for easy victory as he kindled nostalgia for his 2003-2010 presidency, when Brazil’s economy was booming and welfare helped tens of millions join the middle class.

    But while da Silva topped the Oct. 2 first-round elections with 48% of the vote, Bolsonaro was a strong second at 43%, showing opinion polls significantly underestimated his popularity. Many Brazilians support Bolsonaro’s defense of conservative social values and he has shored up support with vast government spending.

    Candidates in Brazil who top the first round tend to win the runoff. But political scientist Rodrigo Prando said this campaign is so atypical that a Bolsonaro win could not be ruled out.

    More than 150 million Brazilians are eligible to vote, yet about 20% of the electorate abstained in the first round. Both da Silva and Bolsonaro have focused efforts on driving turnout. The electoral authority prohibited any federal highway police operations from affecting voters’ passage on public transport.

    Still, there were multiple reports of checkpoints and traffic stops. Television network Globo reported more than 500 stops, half of which were in the northeast region, a Workers’ Party stronghold. The party filed a request for the arrest of the highway police’s director and demanded the region’s polls remain open later.

    Human Rights Watch, an international nonprofit, said in a statement it was “very concerned” about the reports.

    Speaking to reporters in Brasilia, the electoral authority’s president Alexandre de Moraes said the police force’s director had provided clarification that no stop lasted over 15 minutes, turnout wasn’t affected and polls would close at 5 p.m. local time, as scheduled.

    “(Stops) were made in accordance with traffic laws and that stalled some voters, but all arrived to their voting places. No bus returned to its point of origin,” said de Moraes, adding that all traffic stops have since been suspended.

    “If there was an abuse of power, that is an electoral crime. And we will look into that,” de Moraes said.

    Gleisi Hoffmann, who leads the Workers’ Party, told reporters in Sao Paulo she doesn’t believe all voters stalled indeed cast their ballots, but also said her party doesn’t have an estimate as to how many people may have been deterred.

    “We can’t think these voters arrived just because the highway police said so,” Hoffmann said in a press conference. “The head of the highway police is a militant of the Bolsonaro campaign.”

    Bolsonaro was first in line to cast his vote at a military complex in Rio de Janeiro. He sported the green and yellow colors of the Brazilian flag that always feature at his rallies.

    “I’m expecting our victory, for the good of Brazil,” he told reporters afterward. “God willing, we will be victorious this afternoon. Actually, Brazil will be victorious.”

    Da Silva voted Sunday morning in Sao Bernardo do Campo, a city outside Sao Paulo, where he lived for decades and started his political career as a union leader. He wore white, as he often has during the campaign, rather than his party’s traditional red.

    “Today we are choosing the kind of Brazil we want, how we want our society to organize. People will decide what kind of life they want,” da Silva told reporters. “That’s why this is the most important day of my life. I am convinced that Brazilians will vote for a plan under which democracy wins.”

    The candidates presented few proposals for the country’s future beyond affirming they will continue a big welfare program for the poor, despite very limited fiscal room going forward. They railed against one another and launched online smear campaigns — with considerably more attacks coming from Bolsonaro’s camp.

    On the eve of the election, Bolsonaro shared a video on Twitter of former U.S. President Donald Trump endorsing him, saying that he has secured Brazil’s universal respect on the world stage. Da Silva has specifically criticized Bolsonaro for the nation’s fallen stature abroad, highlighting the dearth of state visits and bilateral meetings.

    “Don’t lose him, don’t let that happen,” Trump said in the video. “It would not be good for your country. I love your country, but it would not be good. So get out and vote for President Bolsonaro. He’s doing the job like few people could.”

    His four years in office have been marked by proclaimed conservatism and defense of traditional Christian values. He claimed that his rival’s return to power would usher in communism, legalized drugs, abortion and the persecution of churches — things that didn’t happen during da Silva’s earlier eight years in office.

    On Sunday, Livia Correia and her husband, Pedro, brought her two young kids to a voting station in Rio’s Copacabana neighborhood, where Bolsonaro supporters regularly rally. They all wore green-and-yellow shirts. Livia, 36, said she voted for Bolsonaro because he defends the things she holds dear: “family values, God and freedom of expression.”

    Da Silva has homed in on Bolsonaro’s widely criticized handling of the COVID-19 pandemic and said the president failed to care for society’s neediest members. And he painted Bolsonaro as an opponent of the Amazon rainforest, given that he defanged environmental authorities and presided over a surge in deforestation.

    But for many, the record of da Silva’s Workers’ Party is equally off-putting. A sprawling investigation revealed the party’s involvement in vast corruption scandals that ensnared top politicians and executives.

    Da Silva himself was imprisoned for 19 months for corruption and money laundering. The Supreme Court annulled his convictions in 2019, on the grounds that the judge was biased and colluded with prosecutors. That did not stop Bolsonaro from reminding voters of the convictions.

    The president’s tremendous digital mobilization was on display in recent days as his campaign introduced fresh — and unproven — claims of possible electoral manipulation. That revived fears that Bolsonaro could challenge election results should he lose — much like Trump, whom he admires.

    For months, he claimed that the nation’s electronic voting machines are prone to fraud, though he never presented evidence, even after the electoral authority set a deadline for him to do so.

    More recently, allegations focused on airtime for political ads. Bolsonaro’s campaign claimed that radio stations may have hurt their candidate by failing to air more than 150,000 electoral spots.

    “If da Silva wins, we’re going to have a problem,” said Pedro Correia, 40, who joined his wife and two children in Copacabana.

    “It’s impossible that he wins,” he said.

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  • Members of Congress express support for Paul Pelosi following violent attack

    Members of Congress express support for Paul Pelosi following violent attack

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    Speaker of the United States House of Representatives Nancy Pelosi and her husband Paul Pelosi arrive on the red carpet for the Time 100 Gala at the Lincoln Center in New York on April 23, 2019.

    Angela Weiss | AFP | Getty Images

    Members of Congress continued to express support Sunday for House Speaker Nancy Pelosi‘s husband, Paul Pelosi, after he was violently attacked by an intruder with a hammer on Friday.

    The 82-year-old has gone through a successful surgery to repair a skull fracture and serious injuries to his right arm and hands, Pelosi’s spokesman said.

    The House Speaker, a California Democrat, was in Washington, D.C., at the time of the incident, authorities said.

    Sen. Rick Scott (R-Fla.) told CNN’s “State of the Union” Sunday that while people can have heated discussions about political issues, violence has to end.

    “It’s disgusting. This violence is horrible,” Scott said. “This stuff has to stop.”

    David DePape, 42, was identified by police as the suspect who wielded a hammer during the attack on Paul Pelosi.

    He allegedly was searching for the House speaker, shouting, “Where is Nancy, where is Nancy?” before attacking her husband, a source told NBC.

    Sen. Amy Klobuchar, D-Minn., told NBC’s “Meet the Press” Sunday that Speaker Pelosi has been villainized and faced threats for years, and that it is clear the “vicious attack” was meant for her.

    “I think it is really important that people realize that it is not just this moment of this horrific attack, but that we have seen violence perpetrated throughout our political system,” Klobuchar said.

    There are various levels of protection for members of Congress, and Klobuchar said there can be ways to allow all members to get protection, even if they are not in line for the direct succession of the presidency.

    In her first public comment since the assault, Speaker Pelosi said in a statement Saturday that she is “heartbroken” and traumatized” by the attack, but her husband’s condition “continues to improve.”

    “Please know that the outpouring of prayers and warm wishes from so many in the Congress is a comfort to our family and is helping Paul make progress with his recovery,” she said in the statement. 

    DePape is being charged with attempted homicide, assault with a deadly weapon, elder abuse and other felonies in the attack, police said.

    The felony charges will be brought forward Monday and DePape is expected to be arraigned on Tuesday, San Francisco District Attorney Brooke Jenkins said on Twitter.

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  • Bolsonaro-Lula presidential race down to the wire in Brazil, polls show

    Bolsonaro-Lula presidential race down to the wire in Brazil, polls show

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    Supporters of former president of Brazil and presidential candidate Luiz Inacio Lula da Silva attend his final rally before the election on Oct. 29, 2022 in Sao Paulo, Brazil. Lula da Silva will face incumbent Jair Bolsonaro on Oct. 30 in the final round of the presidential election.

    View Press | Corbis News | Getty Images

    Brazil’s heated presidential race has tightened ahead of a Sunday vote, several opinion surveys showed on Saturday, with right-wing President Jair Bolsonaro eroding a slight advantage for leftist challenger Luiz Inacio Lula da Silva in most polls.

    Surveys by pollsters Datafolha and Quaest both showed Lula with 52% of valid votes against 48% for Bolsonaro, down from a 6 percentage-point lead three days prior, putting the incumbent in striking distance of a come-from-behind victory.

    A survey by pollster MDA showed Lula’s edge slipping to just 2 percentage points, equal to the margin of error for the poll commissioned by transport sector lobby CNT.

    Most polls still suggest Lula is the slight favorite to come back for a third term, capping a remarkable political rebound after his jailing on graft convictions that were overturned.

    But Bolsonaro outperformed opinion polls in the first-round vote on Oct. 2, and many analysts say the election could go either way.

    The final opinion surveys by pollsters IPEC and AtlasIntel, however, showed Lula holding a stable and slightly larger lead.

    IPEC showed the leftist ahead by 54% to 46% of valid votes, excluding undecided voters and those planning to spoil their ballots. AtlasIntel, among the most accurate pollsters in the first round, showed Lula’s lead holding at 7 percentage points.

    Bolsonaro wrapped up his campaign in the key state of Minas Gerais, leading a motorbike rally with supporters. Lula walked with thousands of backers on one of Sao Paulo’s main avenues after telling foreign reporters his rival was not fit to govern.

    Supporters of Brazil’s President and presidential candidate Jair Bolsonaro, take part in a motorcade during protest against the Supreme Court, the ministers of the Superior Electoral Court and against censorship, in Brasilia, Brazil, October 29, 2022.

    Anadolu Agency | Anadolu Agency | Getty Images

    The deeply polarizing figures also attacked each other’s character and record in their final televised debate on Friday night. Bolsonaro opened the debate by denying reports he might unpeg the minimum wage from inflation, announcing instead he would raise it to 1,400 reais ($260) a month if re-elected, a move that is not in his government’s 2023 budget.

    With their campaigns focusing on swaying crucial undecided votes, analysts said the president gained little ground in the debate to win a race that polls had shown roughly stable since Lula led the first-round voting by 5 percentage points.

    That result was better for Bolsonaro than most polls had shown, giving him a boost of momentum to start the month, but the past two weeks of the campaign have presented headwinds.

    A week ago, one of Bolsonaro’s allies opened fire on federal police officers coming to arrest him.

    On Sunday, one of his closest associates, Congresswoman Carla Zambelli, chased a Lula supporter into a Sao Paulo restaurant at gun point after a political argument in the street, videos on social media showed. Zambelli told reporters she knowingly defied an electoral law that bans the carrying of firearms 24 hours before an election.

    In their first head-to-head debate this month, Lula blasted Bolsonaro’s handling of a pandemic in which nearly 700,000 Brazilians have died, while Bolsonaro focused on the graft scandals that tarnished the reputation of Lula’s Workers Party.

    On Friday night, both candidates returned repeatedly to Lula’s two terms as president from 2003 to 2010, when high commodity prices helped to boost the economy and combat poverty. Lula vowed to revive those boom times, while Bolsonaro suggested current social programs are more effective.

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