ReportWire

Tag: iab-business and finance

  • Russia gives Kim Jong Un an inside look at its warplanes and frigates | CNN

    Russia gives Kim Jong Un an inside look at its warplanes and frigates | CNN

    [ad_1]



    CNN
     — 

    North Korean leader Kim Jong Un inspected warplanes, toured an airfield and visited a Pacific Fleet frigate on Saturday as the latest stop on his tour of Russia took him to Vladivostok.

    Russian state media reported that Kim had met the Russian Defense Minister Sergei Shoigu at the Knevichi airfield in Vladivostok before both men were accompanied by the commander-in-chief of the Russian Navy, Admiral Nikolai Evmenov, on a visit to the Pacific Fleet frigate Marshal Shaposhnikov.

    The North Korean leader was shown the ship’s central command center and its modern missile weapon control systems, the Russian Ministry of Defence said via Telegram.

    The Russian defence ministry added that Admiral Evmenov had talked to Kim about the “expanded capabilities of the new control systems, which allow Kalibr sea-based cruise missiles to be effectively used against sea and coastal targets at a distance of more than 1,500 kilometers from the ship.”

    Afterwards Kim was gifted a replica of the ship and left a comment in the frigate’s guest book, though the ministry did not reveal what he wrote.

    The stop in Vladivostok is Kim’s latest in a tour of Russia and its Far East region that follows his meeting with President Vladimir Putin earlier this week, at which the North Korean leader appeared to endorse Moscow’s war on Ukraine.

    The meeting has led to speculation around the potential for some kind of military cooperation between Moscow and Pyongyang.

    The ministry said on Saturday that the frigate had been selected to showcase the modernization within the Far East region “which clearly demonstrates the capabilities of the shipbuilding industry.”

    Earlier in the morning, Kim and Shoigu had toured the Knevichi airfield in Vladivostok, according to Russian state news agency RIA Novosti, where Kim was shown Russian aircraft including the Tu-160, Tu-95MS and Tu-22M3.

    Kim also saw the Su-34, Su-30SM, Su-35S fighter jets along with the Su-25SM3 attack aircraft, RIA added.

    The Kinzhal hypersonic missile system and Russia’s Tu-214 long-haul passenger airplane were also on display, it said.

    On Friday, North Korean state media reported Kim had been “deeply impressed” by a visit to a Russian aircraft manufacturing plant.

    Kim toured facilities for aircraft design and assembly at the Komsomolsk-on-Amur Yuri Gagarin Aviation Plant, where he was struck by “the rich independent potential and modernity of the Russian aircraft manufacturing industry,” the Korean Central News Agency (KCNA) reported.

    He met test pilots, climbed aboard a Su-57 fifth-generation fighter jet, and watched a test flight of the airplane, KCNA said.

    The facility Kim toured on Friday is Russia’s largest aviation manufacturing plant and builds and develops warplanes for the ministry of defense, including Su-35S and Su-57 fighter jets, according to the Russian state media agency TASS. Kim’s late father, Kim Jong Il, visited it in 2002.

    On Friday’s visit Kim “expressed sincere regard for Russia’s aviation technology” and how it had undergone “rapid development, outpacing the outside potential threats, and wished the plant success in its future development,” KCNA reported.

    After the tour and a luncheon, Kim left a message in the visitor’s book saying, “Witnessing the rapid development of Russia’s aviation technology and its gigantic potential” before signing it with the date and his name.

    According to a Russian government press release on Friday, Deputy Prime Minister Denis Manturov said Moscow saw “the potential for cooperation both in aircraft manufacturing and in other industries” with North Korea.

    “This is especially relevant for achieving the tasks our countries face to achieve technological sovereignty,” he said in a statement circulated on Telegram.

    North Korean leader Kim Jong Un visits an aircraft manufacturing plant in the city of Komsomolsk-on-Amur in Russia on September 15, 2023.

    While exact details remain scant on what sorts of talks have taken place behind closed doors, observers say it’s clear what each is looking for from the other.

    Moscow is desperate for fresh supplies of ammunition and shells as its war with Ukraine drags on – and Pyongyang is believed to be sitting on a stockpile.

    Meanwhile, after years of sanctions over its nuclear weapon and missiles program, North Korea is equally in need of everything from energy to food to military technology, all of which Russia has.

    When the two leaders met at the Vostochny Cosmodrome in Russia’s Amur Region, a reporter asked Putin whether Russia would help North Korea “launch its own satellites and rockets” – to which Putin responded, “That’s exactly why we came here.”

    The Russian president also said Kim “shows great interest in space, in rocketry, and they are trying to develop space.”

    [ad_2]

    Source link

  • Americans are feeling gloomier about the economy | CNN Business

    Americans are feeling gloomier about the economy | CNN Business

    [ad_1]


    Washington, DC
    CNN
     — 

    Americans aren’t feeling gloomy about higher gas prices just yet, but they’re still on edge about inflation and the economy’s direction — and concerns are starting to surface about the possibility of a government shutdown.

    Consumer sentiment tracked by the University of Michigan edged down in September from the prior month by 1.8 points, according to a preliminary reading released Friday.

    “Both short-run and long-run expectations for economic conditions improved modestly this month, though on net consumers remain relatively tentative about the trajectory of the economy,” said the University of Michigan’s Surveys of Consumers Director Joanne Hsu in a release. “So far, few consumers mentioned the potential federal government shutdown, but if the shutdown comes to bear, consumer views on the economy will likely slide, as was the case just a few months ago when the debt ceiling neared a breach.”

    Sentiment could start to sour soon, since gas prices are highly visible indicators of inflation. Sentiment fell to its lowest level on record last summer when gas prices topped $5 a gallon and inflation reached a four-decade high. The national average for regular gasoline stood at $3.87 a gallon on Friday, according to AAA, seven cents higher than a week ago and 17 cents higher than the same day last year.

    Consumers’ expectation of inflation rates in the year ahead fell to a 3.1% rate in September, down from 3.5% in the prior month.

    This story is developing and will be updated.

    [ad_2]

    Source link

  • Autoworkers strike deadline nears as negotiators rush to avoid historic walkout | CNN Business

    Autoworkers strike deadline nears as negotiators rush to avoid historic walkout | CNN Business

    [ad_1]


    Detroit
    CNN
     — 

    With just hours to go before labor contracts expire at America’s three unionized automakers, thousands of autoworkers could walk off the job.

    Those limited, targeted strikes could be enough to grind production to a halt at General Motors, Ford and Stellantis, which builds vehicles under the Jeep, Ram, Dodge and Chrysler brands for North America.

    But the uncertainty and confusion underscore the high stakes, with a possible historic strike at all three major automakers, disruptions to the local and national economies, and, perhaps more than anything, a hint at the future of manufacturing jobs in America.

    The union and the automakers continued to negotiate down to the wire on Thursday. GM made a new offer on Thursday afternoon, including a 20% raise, matching Ford’s offer.

    “We don’t want there to be a strike. We’re ready to work until the deadline,” Ford CEO Jim Farley told CNN. “We’d like to make history by making a historic deal, not having a historic strike,” he said.

    And President Joe Biden himself spoke to leaders of the union and the automakers, as a strike could be politically costly for him, as well.

    UAW President Shawn Fain on Wednesday evening announced plans for those targeted strikes at any company that fails to reach a labor deal with the union before contracts expire at 11:59 pm Thursday. Fain suggested the strategy, including the possibility of ramping up strikes as negotiating continues, would give the UAW more leverage. “We have the power to keep escalating and keep taking plants out,” he said.

    But Farley said on CNN Thursday that striking plants that make critical parts could affect workers at downstream assembly plants.

    “We can’t make a vehicle without an engine or transmission or stamping. So those people will, you know, basically be furloughed,” Farley said.

    Slowing or stopping the production of a few engine or transmission plants at each company could be as effective at stopping operations as a full strike at all plants, according to industry experts.

    One engine or transmission location per company might be enough to shut down nearly three-quarters of the US assembly plants, said Jeff Schuster, global head of automotive for GlobalData, an industry consultant.

    “Two plants per company, you can pretty much idle North America,” he said.

    Halting the companies’ assembly lines would likely happen in less than a week that way, Schuster said.

    One advantage for the union of a targeted strike is the potential to save resources and extend a possible walkout. Striking union members are eligible for $500 a week from the union’s strike fund.

    If all 145,000 UAW members among the three automakers were to strike at the same time, it could cost the fund more than $70 million a week, draining the $825 million fund.

    If the companies shut down operations and lay off members who are not technically on strike, those workers could be eligible to receive state unemployment benefits rather than strike benefits, which could preserve the union’s resources.

    Strikers are not eligible for unemployment benefits, but workers on temporary layoff can receive the benefits, which differ by state but would be less than the union’s $500 strike pay. There also are legal questions in different states about qualifying for unemployment.

    An official with Ford told reporters Thursday that under state law, workers in Michigan and Ohio were not eligible to receive unemployment benefits if they were laid off due to lack of parts at their plant caused by a strike. There are some other states, such as Kentucky and Tennessee, where they would be able to receive unemployment benefits, according to the officials.

    But they said none of the Ford UAW members would be eligible for so-called “sub-pay,” which they typically receive during temporary layoffs. Sub pay is far more lucrative, covering most of the gap between unemployment benefits, typically less than $300 a week, and normal company pay, which can be close to $1,300 a week.

    GM CEO Mary Barra sent a letter to employees Thursday saying the company’s latest offer now includes a 20% raise, with an immediate 10% pay hike. The lower paid temporary employees would get $20 an hour, which represents a 20% raise from the current $16.67 an hour they receive. She called the offer “historic.”

    “We are working with urgency and have proposed yet another increasingly strong offer with the goal of reaching an agreement tonight. Remember: we had a strike in 2019 and nobody won,” she said in the letter.

    Farley told CNN the offer from Ford of a 20% raise over the life of the contract is the most lucrative offer the company has made to the union in the 80 years it has been there. But he said meeting the union’s demands of close to a 40% raise, along with a four-day work week and other benefit improvements, would have been unaffordable.

    Farley blamed the union for the lack of progress in negotiations. But the union has blamed the companies for waiting until the end of August or early September to make their first counteroffers.

    The union came up with the 40% raise request based on the increase in the pay of CEOs at the three automakers over the last four years. Ford CEO pay rose 21%, from $17 million for Farley’s predecessor Jim Hackett in 2019, to $21 million for Farley last year. (Farley is the lowest compensated of the three CEOs.)

    Asked why the union workers shouldn’t get the same increases, Farley responded, “We’re really open to huge increases.” As to the 40% increases for CEOs, Farley responded, “I wasn’t CEO four years ago, but we have put on the table huge increases, double digit increases.”

    Ford has not had a strike since 1978; it has more UAW workers than the other two automakers.

    President Joe Biden spoke with Fain and leaders of the major auto companies “to discuss the status of ongoing negotiations,” the White House said Thursday.

    The White House declined to say Wednesday that Biden would support UAW workers if they chose to strike.

    “I’m gonna leave it at, [Biden] believes the auto workers deserve a contract that sustains middle class jobs and wants the parties to stay at the table, to work round the clock to get a win-win agreement,” Council of Economic Advisors Chair Jared Bernstein told reporters during Wednesday’s White House press briefing.

    Biden became directly involved in 11th hour negotiations a year ago to stop engineers and conductors at the nation’s major freight railroad from going on strike and was credited by both sides with a deal being reached at that time. But Biden and Congress had power under a different labor law to keep workers on the job by imposing a contract, a power he used later in the year when rank-and-file rail workers rejected the deal he brokered and again threatened to strike

    The autoworkers fall under a different labor law, one that leaves Biden with no power to stop a walkout. And he has limited influence with the UAW, which has been critical of his push to have the industry convert to electric vehicles, a move that could cost members jobs in the long run.

    In a statement midday Thursday, GM said it remains in “good faith negotiations” with the UAW but cautioned that a strike would be disruptive to its business.

    “Any disruption would negatively impact our employees and customers, and would have an immediate ripple effect across our communities,” a company spokesperson said.

    One sticking point in negotiations is that wages are only part of the gap between the two sides. In some ways it might be the least difficult problem to solve, said Patrick Anderson, CEO of Anderson Economic Group, a Michigan research firm.

    “The difference between the automakers and the unions on wages is a gap that could be closed,” said Anderson. “The differences involving non-wage demands are a gulf, not a gap.”

    The union is attempting to reverse deep concessions that go back as far as 2007. At the time, years of losses had left Ford nearly out of cash, and GM and Chrysler were on their way to bankruptcy and federal bailouts.

    The number one concession the union wants to end is a lower tier of wages and benefits for workers hired since 2007. While top pay for those newer hires, who today make up a majority of membership, is the same as the $32.32 paid to more senior members, it takes many more years to reach that level.

    The union also wants to restore traditional pension plans for those hired since 2007, as the more senior workers now receive, as well as the same retiree health care coverage. And to protect members from rising prices, it wants a return of the cost-of-living adjustments to pay that all employees lost in 2007.

    Even Fain calls those demands “ambitious,” but he said they’re driven by record or near record profits at the automakers.

    Pandemic supply chain disruptions and shortages of some parts, particularly computer chips, have led to record car prices. The average purchase price of a new car in August was nearly $48,000, according to Edmunds. That’s up 30% from August of 2019.

    Automakers have used their limited supply of parts to build vehicles loaded with options to maximize profits. That’s produced a strong bottom line. General Motors reported record profits in 2022, and Ford posted near-record profits as well. Stellantis, a European-based automaker formed in 2021 by the merger of Fiat Chrysler and PSA Group, had 2022 profits up 26% compared to its first year of combined operations.

    A strike that halts production nationwide could also be costly for the automakers at a time of strong demand by car buyers and strong competition from nonunion automakers such as Tesla and foreign brands. GM said it lost $2.9 billion during its 2019 strike.

    While the automakers have done their best to build up inventory at dealerships, car buyers could have trouble finding some of the models they want and could have to wait longer for their choice of colors and options. And limited supplies could put upward pressure on some vehicle prices.

    – CNN’s DJ Judd contributed to this report

    [ad_2]

    Source link

  • US retail spending picked up in August, mostly due to sales at gas stations | CNN Business

    US retail spending picked up in August, mostly due to sales at gas stations | CNN Business

    [ad_1]


    Washington, DC
    CNN
     — 

    US retail sales picked in August, boosted by higher gas prices, as spending on other items grew modestly.

    Retail sales, which are adjusted for seasonal swings but not inflation, rose 0.6% in August, the Commerce Department reported Thursday. That’s a slightly faster pace than July’s revised 0.5% gain, and marks the fifth straight month of growth. It’s also well above economists’ expectation of a 0.2% increase.

    The increase was largely driven by spending at gas stations, which advanced 5.2% last month. Spiking oil prices due to OPEC+ production cuts, strong demand and disruption from a deadly flood in Libya have pushed up prices at the pump. The national average for regular gasoline stood at $3.86 a gallon on Thursday, according to AAA, the highest level in 10 months.

    Excluding sales at gasoline stations, retail spending advanced a more modest 0.2% in August from July.

    Retail spending increased across most categories, including at restaurants and grocery stores. Sales of furniture and at specialty stores, such as those that sell sporting goods, fell 1% and 1.6% respectively. Online retail sales in August were flat, after jumping in July due to Amazon’s Prime Day promotional event.

    Despite 11 interest rate hikes from the Federal Reserve intended to cool demand, the US economy remains on strong footing, with American shoppers still doling out cash thanks to a strong job market.

    But after a summer of robust spending, US consumers are facing a number of economic challenges for the rest of the year, including student loan payments restarting and tougher lending standards, which could curb spending.

    “Fitch continues to view the consumer as relatively healthy, supported by low unemployment and somewhat declining goods inflation,” wrote David Silverman, senior director at Fitch Ratings, in an analyst note.

    However, he noted that “headwinds are emerging,” citing lower consumer savings and the resumption of student loan payments this fall.

    The US economy is widely expected to cool in the coming months, and since consumer spending accounts for about two-thirds of economic output, a weaker economy typically means softer spending. But economists don’t expect a recession this year. While Goldman Sachs recently reduced its bet of a US recession, the Wall Street bank still thinks there’s a 15% chance of an economic downturn.

    The job market is also expected to slow, which would include softer wage growth. That could prompt US consumers to pump the brakes on their spending.

    “Slowing labor market gains and softer disposable income growth in the coming months will likely mean ongoing consumer cautiousness. And it appears that consumers are already taking note,” wrote Lydia Boussour, senior economist at EY-Parthenon, in a note.

    However, if inflation slows in the months ahead, that could actually maintain economic activity, since it means consumers have regained some spending power.

    “Encouragingly, falling inflation should continue to provide a tailwind to real wages and avoid a retrenchment in consumer activity,” Boussour added.

    The Consumer Price Index rose 3.7% in August from a year earlier, up from July’s 3.2% rise, largely due to higher gas prices. Economists still expect inflation to cool later in the year, despite volatile energy markets. But gasoline prices are highly visible indicators of inflation, so more pain at the pump could also dampen consumers’ attitudes.

    [ad_2]

    Source link

  • Autoworkers strike: What to watch for as the clock ticks down | CNN Business

    Autoworkers strike: What to watch for as the clock ticks down | CNN Business

    [ad_1]


    New York
    CNN
     — 

    Time is running out to avert a strike that could shut down America’s unionized auto assembly plants and other manufacturing facilities.

    The United Auto Workers contracts with General Motors, Ford and Stellantis expire at 11:59 pm Thursday. The contracts cover 145,000 UAW members at the three companies.

    If there’s no new deal by the contract expiration, the union has said it will start targeted strikes against a undisclosed number of facilities at each company.

    Here’s what to watch as the clock ticks down:

    It might not take much to virtually shut down the output from all the companies.

    The companies operate a complex network of plants that depend on getting parts from different facilities.

    Slowing or stopping the production of a few engine or transmission plants at each company could be as effective at stopping operations as a full strike at all plants, according to industry experts.

    One engine or transmission location per company might be enough to shut down nearly three-quarters of the US assembly plants, said Jeff Schuster, global head of automotive for GlobalData, an industry consultant.

    “Two plants per company, you can pretty much idle North America,” he said.

    Halting the companies’ assembly lines would likely happen in less than a week that way, Schuster said.

    One advantage of a targeted strike for the union is the potential to save resources and extend a possible walkout. Striking union members are eligible for $500 a week from the union’s strike fund.

    If all 145,000 UAW members among the three automakers were to strike at the same time, it could cost the fund more than $70 million a week, draining the $825 million fund.

    With targeted strikes, it’s possible that the companies will shut down operations and lay off members who are not technically on strike. That could make them eligible to receive state unemployment benefits rather than strike benefits, which could preserve the union’s resources. But there are legal questions about qualifying for unemployment.

    UAW President Shawn Fain told his members in a Facebook Live appearance Wednesday evening that if they are not in one of the plants that the union picks to go on strike, they should stay on the job. He said in that case they would be working under an expired contract, rather than on an extended contract.

    Fain said he would announce at 10 pm Thursday which plants have been selected to go on strike. Among the likely targets, Schuster said, are a Stellantis transmission plant in Kokomo, Indiana, a GM transmission plant in Toledo, Ohio, and a Ford transmission plant in Livonia, Michigan. Those three plants have just over 6,000 UAW members on staff, according to figures available from the companies’ websites.

    But there is still a chance no plants will go on strike and no operations will be disrupted. While Fain warned members that a strike appeared likely – “We’re likely going to have to take action,” he said during his remarks Wednesday – he also said there had been movement at the bargaining tables.

    Fain said that all the automakers had boosted the amount they were offering to raise wages, with Ford now offering a 20% raise during the life of the contract, GM is offering 18% and Stellantis is offering 17.5%, although Fain cautioned that still did not meet the union members’ needs, which had started with a demand for an immediate 20%, and four additional raises of 5% each over the course of a four-year deal.

    And all the automakers issued statements saying they want to reach tentative labor deals before the deadline that would avoid a strike. Despite the difference, there is a chance for an 11th hour settlement or settlements.

    There are separate union contracts at each of the traditional Big Three. That means there could be a tentative labor deal reached at Ford and GM that keeps those workers on the job, while the employees at Stellantis could go out on strike.

    Ford has not had a national strike since 1976 and has not had a strike of any kind at its US plants since 1978.

    In contrast, experts say Stellantis, which builds vehicles under the Jeep, Ram, Dodge and Chrysler brands, could see workers walk off.

    “I think there’s a 99% chance of a strike at Stellantis,” said Art Wheaton, director of labor studies at Cornell University’s Industrial and Labor Relations school in Buffalo.

    If the two sides are close to a deal at the deadline, they could agree to a temporary contract extension for hours or even days. That extension could even go on for months, as with the West Coast ports during negotiations with the International Longshore and Warehouse Union last year and earlier this year.

    Fain has repeatedly said that the 11:59 pm contract expiration is a “deadline, not a reference point.” In past negotiations, the union has sometimes chosen only one automaker to strike, while staying on the job at the other two. Once a deal was reached, the union moved to get the other automakers to accept that “pattern” as the basis for their own contract.

    But Fain insists the union will not follow that playbook this time.

    Sometimes one or both sides will walk away before the final minute before a contract expiration. Although the strike might not start until after the deadline, a breakdown of talks could kill the chance for an 11th-hour deal.

    That’s what happened in bargaining in May between the Writers Guild of America, which represents 11,000 writers, and the Alliance of Motion Picture and Television Producers, which represents major studios and streaming services in the contract negotiations. While the contract was due to end at midnight PDT, the talks ended about three hours earlier.

    Sometimes after talks break down, the parties can return to the table and reach a deal without a strike. That happened in July at UPS, as talks between the company and the Teamsters union ended after a marathon negotiating session in the early hours of July 5. Official talks did not resume for nearly three weeks. But when the two sides met again on July 25, they quickly reached a deal that averted an August 1 strike.

    But a break in talks at any of the automakers at this late date would not be a good sign.

    [ad_2]

    Source link

  • Former Starbucks CEO Howard Schultz steps down from board of directors | CNN Business

    Former Starbucks CEO Howard Schultz steps down from board of directors | CNN Business

    [ad_1]


    New York
    CNN
     — 

    Starbucks announced Wednesday that Howard Schultz is stepping down from its board of directors – but the former chairman’s name will be sticking around.

    Though Schultz is retiring, Starbucks is giving him the title of “lifelong Chairman Emeritus.”

    Schultz is stepping down as part of a planned transition, Starbucks said in a statement. He previously stepped down as CEO in March, as employees at stores across the nation moved to unionize. That was Schultz’s third time serving the CEO role.

    “I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus,” Schultz said in the statement.

    Starbucks said Schultz is using retirement to focus on his wife, Sheri, and on a “range of philanthropic and entrepreneurial investments.”

    The coffee giant elected Wei Zhang, senior advisor to Alibaba Group and who served as president of Alibaba Pictures Group, to its board beginning October 1.

    [ad_2]

    Source link

  • Birkenstock heads for Wall Street in another blow to Europe | CNN Business

    Birkenstock heads for Wall Street in another blow to Europe | CNN Business

    [ad_1]


    London
    CNN
     — 

    German shoemaker Birkenstock has filed for an initial public offering in New York, becoming the latest European company to choose the United States as the place to raise money on the stock market.

    The iconic footwear brand said in a filing to the US Securities and Exchange Commission Tuesday that it planned to list on the New York Stock Exchange under the symbol “BIRK.” It didn’t disclose its target share price or the proposed date of the listing.

    The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Birkenstock was seeking a valuation of more than $8 billion.

    In its filing, the company said revenue in the six months to the end of March had risen 19% from the same period in the 2021-22 financial year but that its net profit had fallen 45%. Birkenstock said inflationary pressures had pushed up the cost of labor and materials.

    The family business traces its origins back to 1774 when church archives mention Johannes Birkenstock, who worked as a cobbler in Langen-Bergheim, Germany.

    In 2021, the Birkenstock family sold most of the company to L Catterton, a private equity firm backed by LVMH — the owner of luxury brands such as Tiffany & Co. and Dior, with brothers Christian and Alex Birkenstock retaining a minority stake.

    The planned IPO marks another milestone for the shoemaker, which joins the ranks of high-profile European companies seeking a public offering across the pond rather than at home. British chip designer Arm is gearing up for a blockbuster IPO on the Nasdaq this week.

    The listings come after an 18-month slump in the IPO market. As the world’s major central banks have jacked up interest rates to combat inflation, the appetite among investors for riskier assets has waned. US grocery delivery firm Instacart has also revealed plans to list on the Nasdaq in the near future, albeit at a significant discount to recent valuations.

    “It’s safe to say the US is leading the [IPO] revival at this stage, and other financial centers, most notably London, have a lot of work to do to compete better going forward,” Craig Erlam, senior market analyst at Oanda, told CNN.

    Susannah Streeter, head of money and markets at Hargreaves Lansdown, added in a note Wednesday: “Birkenstock’s step shows that the IPO engine is whirring back to life after an 18-month downturn. Hopes that the end of the interest rate hiking cycle is in sight [are] also driving more confidence.”

    [ad_2]

    Source link

  • White House to send letter to news execs urging outlets to ‘ramp up’ scrutiny of GOP’s Biden impeachment inquiry ‘based on lies’ | CNN Business

    White House to send letter to news execs urging outlets to ‘ramp up’ scrutiny of GOP’s Biden impeachment inquiry ‘based on lies’ | CNN Business

    [ad_1]



    CNN
     — 

    The White House plans to send a letter to top US news executives on Wednesday, urging them to intensify their scrutiny of House Republicans after Speaker Kevin McCarthy launched an impeachment inquiry into President Joe Biden, despite having found no evidence of a crime.

    “It’s time for the media to ramp up its scrutiny of House Republicans for opening an impeachment inquiry based on lies,” Ian Sams, a spokesperson for the White House Counsel’s Office, wrote in the letter, according to a draft copy obtained by CNN.

    The letter, which said an impeachment inquiry with no supporting evidence should “set off alarm bells for news organizations,” will be sent to executives helming the nation’s largest news organizations, including CNN, The New York Times, Fox News, the Associated Press, CBS News, and others, a White House official familiar with the matter said.

    The correspondence comes one day after McCarthy announced that he had directed three House committees to begin an impeachment inquiry into Biden. House Republicans, most of whom have denied that disgraced former President Donald Trump committed any wrongdoing, have long sought to baselessly portray Biden as a corrupt, crime-ridden politician engaged in sinister activities.

    While news organizations have published innumerable fact checks on the matter, they have also often failed to robustly call out the mis- and disinformation peddled by Republicans in their coverage, frustrating officials in the Biden White House who believe that the news media should be doing more to dispel lies that saturate the public discourse.

    In its letter Wednesday, the White House will ask news organizations to be more clear-eyed in their coverage of the impeachment inquiry, and not to fall prey to the traps of false equivalency in reporting.

    “Covering impeachment as a process story – Republicans say X, but the White House says Y – is a disservice to the American public who relies on the independent press to hold those in power accountable,” Sams wrote.

    “And in the modern media environment, where every day liars and hucksters peddle disinformation and lies everywhere from Facebook to Fox, process stories that fail to unpack the illegitimacy of the claims on which House Republicans are basing all their actions only serve to generate confusion, put false premises in people’s feeds, and obscure the truth,” Sams added.

    McCarthy launched the impeachment inquiry Tuesday without a formal House vote in a bid to appease Republicans on his far-right, including those who have threatened to oust the California Republican from his speakership if he does not move swiftly enough on such an investigation.

    The Republican House-led investigations into Biden have yet to provide any direct evidence that the president financially benefited from Hunter Biden’s career overseas.

    [ad_2]

    Source link

  • Rock ‘n’ roll is having a revival moment | CNN

    Rock ‘n’ roll is having a revival moment | CNN

    [ad_1]



    CNN
     — 

    What year is it again?

    The Rolling Stones have new music out, NBC has an Elvis Christmas special coming, people are talking about Little Richard and Aerosmith is on a farewell tour.

    Rock ‘n’ roll long ago promised it was here to stay, but the genre is having a revival moment that both harkens to the past and looks to the future.

    Here’s what we mean:

    It’s been a minute, but Mick and the boys are back.

    The Rolling Stones – who first came together more than 60 years ago – recently released the first single from their forthcoming album, “Hackney Diamonds.”

    For those keeping track, this is the band’s first new album in 18 years.

    The group shared the news during a live conversation with Jimmy Fallon and revealed that their late drummer, Charlie Watts, plays on two tracks.

    Watts died in 2021 at the age of 80.

    Geriatric status isn’t stopping the band members from continuing to rock out.

    The new album is out October 20.

    Austin Butler stirred excitement playing the king of rock and roll in the musical biopic “Elvis,” which won him an Academy Award last year.

    Now the focus is back on the Presley family.

    NBC has announced a “Christmas at Graceland” special for the holidays.

    “My family and I are elated to open the doors to Graceland in this first-of-its-kind special,” said executive producer Riley Keough, who is an actress and Elvis Presley’s granddaughter. “With intimate musical performances drawing inspiration from my grandfather Elvis’s cherished Christmases in Memphis, viewers will be invited to experience firsthand the magic that is Christmas at Graceland.”

    There’s history there.

    In December 1968, NBC aired an Elvis Presley concert special that became iconic.

    And he’s not the only family member in the spotlight right now.

    Priscilla Presley recently appeared at the Venice Film Festival for the premiere of Sofia Coppola’s “Priscilla,” a film about her relationship with Elvis.

    The CNN documentary “Little Richard: I Am Everything” examines the life of the rocker who died from bone cancer in 2020.

    Directed by acclaimed filmmaker Lisa Cortés, the film incorporates the perspectives of fellow music legends and intellectuals, along with the words of Little Richard himself to tell the story of his life and career.

    It was not an easy one as a queer man coming up during the civil rights era, which is part of what makes the documentary so fascinating.

    Dream on if you were expecting Aeromsith to tour forever.

    This month the band kicked off their “Peace Out: The Farewell Tour,” which both honors their 50 years in the industry and acts as their easing into retirement – supposedly.

    While Steven Tyler’s vocal cord injury is temporarily delaying some dates, Aerosmith guitarist Joe Perry, 73, recently talked to Classic Rock about what rock music has meant to him.

    “Rock ‘n’ roll was a place I could go and nobody told me ‘No.’ Except my parents,” he explained. “That’s why I was a late starter at taking the guitar seriously. Being a star or an idol was not on top of my list. Being on stage with other guys, playing music, that was it.”

    The tour is scheduled to run through February 2024.

    [ad_2]

    Source link

  • An explosive Elon Musk biography is just hitting shelves. But the book’s acclaimed author is already walking back a major claim | CNN Business

    An explosive Elon Musk biography is just hitting shelves. But the book’s acclaimed author is already walking back a major claim | CNN Business

    [ad_1]

    Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.



    CNN
     — 

    Walter Isaacson’s highly anticipated biography on Elon Musk is hitting shelves on Tuesday — and he is already walking back a major claim.

    Isaacson reported in his book that Musk had abruptly turned off Ukraine’s access to his Starlink satellite internet system last year just as the country was launching an underwater drone attack on a Russian fleet in Crimea, depriving the Eastern European country’s forces of critical communications for the assault and rendering the offensive a failure.

    “He secretly told his engineers to turn off coverage within 100 kilometers of the Crimean coast,” fearing the sneak attack would lead to a “mini-Pearl Harbor” scenario and nuclear war, Isaacson wrote in the book, according to an excerpt obtained and first reported by CNN. “As a result, when the Ukrainian drone subs got near the Russian fleet in Sevastopol, they lost connectivity and washed ashore harmlessly.”

    That explosive claim, which set off alarms and triggered a tsunami of questions about Musk’s role as a key figure potentially determining the fate of Vladimir Putin’s ruthless war, turned out not to be quite as Isaacson had told it. Musk pushed back last week, writing on X that Starlink was never activated over Crimea and that he had actually received “an emergency request from government authorities” to enable the service, with the “obvious intent being to sink most of the Russian fleet at anchor.”

    “If I had agreed to their request, then SpaceX would be explicitly complicit in a major act of war and conflict escalation,” Musk wrote.

    Perhaps more importantly, Isaacson subsequently walked back the bombshell claim, which had received significant media coverage and was published as an “untold story” book excerpt in The Washington Post.

    “To clarify on the Starlink issue: the Ukrainians THOUGHT coverage was enabled all the way to Crimea, but it was not,” Isaacson posted on X, effectively reiterating what Musk had said. “They asked Musk to enable it for their drone sub attack on the Russian fleet.”

    “Based on my conversations with Musk, I mistakenly thought the policy to not allow Starlink to be used for an attack on Crimea had been first decided on the night of the Ukrainian attempted sneak attack that night,” Isaacson added in a follow up post. “He now says that the policy had been implemented earlier, but the Ukrainians did not know it, and that night he simply reaffirmed the policy.”

    The correction has cast a pall over the biography from Isaacson, a highly respected author who has written acclaimed biographies on historic visionaries, including Steve Jobs, Benjamin Franklin, and Albert Einstein. Isaacson, a professor of history at Tulane University and former head of CNN, has for years enjoyed such a sterling reputation in the media industry that newsrooms have often taken his reporting to be fact.

    Now, Isaacson is having to grapple with an embarrassing problem. A spokesperson for his publisher Simon & Schuster told me on Monday that “future editions of the book will be updated” to no longer include the error.

    Newsrooms, meanwhile, are updating their stories in the wake of the mischaracterization. Over the weekend, The Post updated the excerpt it had published and offered a correction to its readers.

    “After publication of this adaptation, the author learned that his book mischaracterized the attempted attack by Ukrainian drones on the Russian fleet in Crimea,” the correction stated. “Musk had already disabled (‘geofenced’) coverage within 100 km of the Crimean coast before the attack began, and when the Ukrainians discovered this, they asked him to activate the coverage, and he refused. This version reflects that change.”

    CNN also updated its story on Monday, noting Isaacson had backpedaled his initial claims.

    “After this story published, Walter Isaacson clarified his explanation regarding Elon Musk restricting Ukrainian military access to Starlink, a critical satellite internet service,” an editor’s note said. “This story has been updated to reflect that change.”

    [ad_2]

    Source link

  • Michigan State University football coach Mel Tucker suspended without pay amid investigation into reported accusation of sexual harassment | CNN

    Michigan State University football coach Mel Tucker suspended without pay amid investigation into reported accusation of sexual harassment | CNN

    [ad_1]



    CNN
     — 

    Michigan State University announced Sunday it has suspended head football coach Mel Tucker without pay, less than a day after USA Today reported he has been under investigation about alleged sexual harassment.

    Vice president and director of athletics Alan Haller said at a news conference Tucker is the subject of an ongoing investigation that began in December. An investigative report was submitted in July and a formal hearing will take place the week of October 5, Haller said.

    According to the USA Today report, published Saturday night, Tucker is alleged to have made sexual comments and masturbated while on a phone call with Brenda Tracy, an advocate and rape survivor.

    Tracy reported the call to the university’s Title IX office, USA Today reported. “The idea that someone could know me and say they understand my trauma but then re-inflict that trauma on me is so disgusting to me, it’s hard for me to even wrap my mind around it,” Tracy told USA Today. “It’s like he sought me out just to betray me.”

    In a letter to investigators, Tucker characterized his and Tracy’s relationship as “mutually consensual and intimate,” according to USA Today.

    “I am not proud of my judgment and I am having difficulty forgiving myself for getting into this situation, but I did not engage in misconduct by any definition,” he wrote, according to USA Today.

    CNN has not independently verified the details of the report.

    An attorney for Tracy, Karen Truszkowski, said no police report was filed. She declined to share any documents or comment further.

    “As you can imagine, this is a delicate issue and I have to balance the public interest with protecting my client,” Truszkowski said.

    CNN also reached out to Tucker’s agent following the announcement of his suspension but has not heard back.

    Tracy started the nonprofit Set The Expectation, where she speaks to athletes about ending sexual violence, according to her website. Tracy was raped in 1998 by four college football players, leading to her advocacy.

    She served as an honorary captain for Michigan State’s spring football game in 2022, and the football team posted a photo on Instagram of Tucker and Tracy together.

    “We are excited to welcome (Tracy) back to campus as our honorary captain for Saturday’s spring game!” the team wrote.

    Tucker, a longtime coach in college and the NFL over the past two decades, became Michigan State’s head coach in 2020. In his second season, the team went a sterling 11-2, and he signed a massive 10-year, $95 million contract that made him one of the highest paid coaches in all of college football. Last year, though, the team finished a disappointing 5-7, including blowout losses to rivals Michigan and Ohio State.

    During Tucker’s suspension, secondary coach Harlon Barnett will fill in as acting head coach, Haller announced, and former MSU head coach Mark Dantonio will become an associate head coach. The Spartans play the Washington Huskies at home this Saturday.

    The long shadow of Larry Nassar

    The investigation comes as the university has continued to face scrutiny over its past handling of sexual abuse allegations against Larry Nassar, the former Michigan State University and USA Gymnastics doctor who abused hundreds of young girls and women.

    At Nassar’s sentencing in Michigan in 2018, dozens of women came forward with stories of his abuse and the ways Michigan State University ignored their claims and enabled his actions. The university agreed to pay $500 million to settle lawsuits brought by 332 victims.

    Nassar was sentenced in Michigan to up to 175 years in prison after pleading guilty to seven counts of criminal sexual conduct. A total of 156 women gave victim impact statements in court.

    An attorney for a group of Nassar’s victims sued Michigan State University in July, alleging the school’s board of trustees held “illegal secret votes” to prevent the release of thousands of documents in the case, according to the court filing. A spokesperson for the university declined to comment at the time.

    The university pushed back on comparisons between the two cases.

    “This morning’s news might sound like the MSU of old; it was not,” interim president Teresa K. Woodruff said Sunday afternoon. “It is not because an independent, unbiased investigation is and continues to be conducted.”

    Woodruff made note of counseling resources available for anyone who may be affected by this news and mentioned the Center for Survivors and Office for Civil Rights on campus.

    “If you have heard or experienced or know of behavior that does not seem appropriate, please know that you have the support and resources here at MSU,” Woodruff said.

    Kenny Jacoby, the USA Today reporter who broke the story, told CNN’s Poppy Harlow and Phil Mattingly on “CNN This Morning” on Monday how the Nassar case has left a long shadow on campus.

    “There is deep mistrust on the MSU campus from students, from employees, from alumni and in the East Lansing community after the betrayal that was the Larry Nassar scandal,” Jacoby said. “They repeatedly missed opportunities to stop one of the most prolific sexual abusers in American history.

    “So when MSU takes this long to suspend the coach without pay – people tend to think of that as they’re covering this up, and that doesn’t sit well with most of these people.”

    [ad_2]

    Source link

  • Doubling up on classrooms, using online teachers and turning to support staff: How schools are dealing with the ongoing teacher shortage | CNN

    Doubling up on classrooms, using online teachers and turning to support staff: How schools are dealing with the ongoing teacher shortage | CNN

    [ad_1]



    CNN
     — 

    Millions of students are returning for another school year marked by challenging teacher shortages, causing schools to double up classrooms, move courses online and employ what critics have labeled as underqualified teachers.

    As states lower the certification standards to become a teacher, education experts worry these tactics could delay students’ recovery from pandemic learning loss.

    Packed classrooms and online teachers a state away

    Inside a school cafeteria in Lancaster, Texas, the impacts of the brutal teacher shortage are clear as day.

    Close to 50 students from two ninth grade biology classes squeeze together for a lecture taught by Briana Jack, the only certified science teacher available to these students.

    Across the room, a second, uncertified science teacher plays a supporting role, assisting with small group instruction and answering students’ questions where she can. She’s in her second year at Lancaster Independent School District, still going through a certification program and learning to teach.

    “For the students, that experience is difficult. There’s a lot of distractions,” Jack said of the large class size. “As teachers, we have to pivot. We do the best with what we have.”

    Lancaster ISD is one of many school districts across the US struggling to find certified teachers and fill open positions.

    “I see less applicants and I see less qualified applicants for those positions, and I see that it will be a harder task for the team to find someone and get them up to speed,” Lancaster Superintendent Katrise Perera told CNN, adding that she’s had to be creative to fill vacancies across the district. “I don’t want to call any parent and say, ‘We just filled it with a warm body.’”

    So, for some Lancaster classes, the teacher isn’t even in the room. The district has contracted 67 daily class periods with an online learning company called Elevate K-12, which provides live virtual instruction by certified teachers projected on a big screen at the front of the classroom, with in-person aides assisting students when needed.

    A spokesperson for Elevate K-12 says demand for these programs has risen since the pandemic. Some districts are spending hundreds of thousands or even millions of dollars on virtual teachers, according to reporting by The 74.

    “We’ve been allowed to think outside the box,” Perera said. “Nothing is better than a well qualified teacher in the classroom with students who knows the work, who knows the content, and will embrace all the learning styles in a classroom. The unfortunate piece is that we don’t have that luxury anymore. That keeps me up at night.”

    CNN sat in on a virtual algebra class as students received instruction from a certified teacher in Louisiana.

    “Before we got into this online class, we really didn’t have a teacher,” tenth grader Janiya Armington told CNN. “It was just assignments and, like, notes.”

    For now, a teacher a state away may be better than the alternative, but some at Lancaster say they’re feeling the impact of the shortages.

    “I feel like the problem is just getting worse instead of better,” tenth grader Kayla Cooper added. “It’s kind of sad, because I want to learn.”

    Lowering qualification standards

    An analysis of education data from 37 states and DC found most states are experiencing some degree of teacher shortage and that teacher turnover surged during the pandemic, with more leaving the profession than ever before.

    A Chalkbeat analysis of data from 8 states also found that teacher turnover is on the rise.

    Education experts blame a range of issues for the teacher exodus, including the profession’s low salaries, growing workload, worsening student behavior, and growing politicization of school curricula and teaching.

    With fewer college graduates training to be educators, more districts are hiring what many consider underqualified teachers, often relying on long-term substitutes or paraprofessionals.

    Research from the Learning Policy Institute (LPI) found that 1 in 10 teacher positions are either vacant or filled by someone uncertified for the subject they are teaching.

    “Teachers who are not fully prepared are not as effective in the classroom, and this is at a time when students really need effective instruction,” LPI Senior Researcher Susan Patrick said. “If students have an ineffective teacher for multiple years in a row, they’re going to fall even further behind.”

    More states are now “fast-tracking” the teacher certification process. At least 23 states have lowered certification standards for new teachers to get them into classrooms more quickly, according to data collected by the National Council on Teacher Quality.

    “I think parents need to be asking questions about the qualifications of their teachers,” said Heather Peske, president of the National Council on Teacher Quality. “I’m a parent and the first question I would ask would be, are my children’s teachers licensed in the subject that they’re teaching my children? And if they’re not, I would ask the principal, how are you supporting the teachers who are unprepared or unqualified to be teaching these students.”

    These charts and graphs explain why teachers are calling it quits

    Some districts are trying another solution: turning their support staff into qualified teachers.

    Reach University, a non-profit, offers free or low-cost certification training, starting with a bachelor’s degree, to any school employee, from paraeducators to custodians and bus drivers, if they agree to teach in the district once they’re certified.

    The program is currently training more than 1,300 new teachers and has seen enrollment grow threefold each year since launching in 2020, primarily serving rural and low-income districts in the South and California, according to a Reach University spokesperson.

    Katie Lee, a paraprofessional and bus driver in Arkansas, is going through the Reach program now, hoping to be certified in the next year and a half.

    “I’m very excited,” Lee said. “I just see a lot of kids not wanting to finish school because they don’t have the teachers that are able to be there … I want to be able to help kids. I want to be able to impact their lives … If we don’t have teachers, then the kids aren’t going to have that.”

    [ad_2]

    Source link

  • How booming Vietnam offers the US an alternative to China | CNN Business

    How booming Vietnam offers the US an alternative to China | CNN Business

    [ad_1]


    Hong Kong
    CNN
     — 

    President Joe Biden is in Vietnam for a visit intended to deepen economic ties between Washington and Hanoi as part of efforts to reduce America’s reliance on China.

    The former foes have formally upgraded diplomatic ties to a “comprehensive strategic partnership,” a symbolic yet highly important move that experts say will solidify trust between the nations as America seeks an ally in Asia to counteract political tensions with China and advance its ambitions for key technologies, such as chipmaking.

    Companies from Apple (AAPL) to Intel (INTC) have already pushed deeper into the country to diversify their supply chains, maxing out many Vietnamese factories and helping fuel an economic expansion that continues to defy a global slowdown.

    On Monday, the White House announced a “landmark deal” between Boeing and Vietnam Airlines worth $7.8 billion, which is expected to support more than 30,000 jobs in the United States. Reuters has reported that the carrier will buy 50 Boeing 737 Max jets.

    Biden’s visit, which followed the G20 summit in India, is the first by a US president to Vietnam since Donald Trump’s 2019 trip. He has met with Vietnamese General Secretary Nguyen Phu Trong and other leaders to “promote the growth of a technology-focused” Vietnamese economy, as well as discuss ways to improve stability in the region, according to the White House.

    In recent years, their trade has already soared under an existing partnership agreed in 2013, so the elevation in relations is “just catching up with the reality that already exists,” Ted Osius, president of the US-ASEAN Business Council and a former US ambassador to Vietnam, told CNN.

    The United States imported nearly $127.5 billion in goods from Vietnam in 2022, compared with $101.9 billion in 2021 and $79.6 billion in 2020, according to US government data.

    Last year, Vietnam became America’s eighth largest trading partner, rising from 10th place two years earlier.

    The two sides have been moving closer as US officials, particularly Treasury Secretary Janet Yellen, have repeatedly pointed to the importance of “friend-shoring.”

    The practice refers to the movement of supply chains toward allies in part to shield businesses from political friction.

    “Rather than being highly reliant on countries where we have geopolitical tensions and can’t count on ongoing, reliable supplies, we need to really diversify our group of suppliers,” she said in a speech last year at the Atlantic Council think tank.

    Those tensions add to a litany of pressures, including rising labor costs and an uncertain operating environment that have already made corporations think twice about how much business they do in China, which is still considered the factory of the world.

    But increasingly, it has competition. During the US-China trade war, which started in 2018, businesses of all sizes began moving manufacturing to emerging markets such as Vietnam and India over tariffs.

    After the pandemic broke out, corporations were increasingly forced to consider strategies known as “China plus one,” which meant spreading out production hubs as a way to reduce reliance on a sole manufacturing base.

    The latest exodus could cost China dearly: In a 2022 report, Rabobank estimated that as many as 28 million Chinese jobs directly relied on exports to the West and could leave the country as a result of “friend-shoring.”

    Some 300,000 of those jobs, focused on low-tech manufacturing, are expected to move to Vietnam from China, analysts wrote.

    From an industrial perspective, the country has been booming for years, said Michael Every, a Rabobank global strategist who authored the report. Relatively lower wages and a youthful population have provided Vietnam with a solid workforce and consumer base, bolstering the case to invest in the nation of 97 million people.

    A fruit vendor walking past an Apple store in Hanoi

    But companies hoping to make the switch may already be too late, as some factories are so stretched, customers must wait, he said.

    Alicia García-Herrero, chief economist at Natixis, pointed to what she called “overheating,” saying demand for manufacturing in Vietnam has outstripped supply in some cases.

    “Too many companies [are] going to Vietnam,” she told CNN.

    Vietnam enjoyed an advantage, as it was first in the region to build up supply chain capabilities “for many, many sectors” years ago, she explained.

    Shortly after Biden landed in Vietnam on Sunday, the White House announced a new semiconductor partnership.

    “The United States recognizes Vietnam’s potential to play a critical role in building resilient semiconductor supply chains, particularly to expand capacity in reliable partners where it cannot be re-shored to the United State,” it said in a statement.

    The semiconductor industry has emerged as a key source of tension in US-China relations. Beijing and Washington are both racing to boost their prowess in the sector, and each side has recently enacted export controls aimed at limiting the other’s capacity.

    The United States needs a trusted partner for its supply of chips, and Vietnam can do just that, Osius said.

    Intel sees it that way. The California-based chipmaker has committed $1.5 billion to a sprawling campus located just outside Ho Chi Minh City, which it says will be its largest single assembly and test facility in the world.

    Osius expects more investments in the field to follow as Washington shores up ties with Hanoi.

    “The significance of Vietnam in that supply chain will increase,” he predicted. “We’re going to see an acceleration when it comes to collaboration in tech.”

    The International Monetary Fund projects Vietnam’s growth will slow to 5.8% from 8% last year as it copes with less overseas demand for its exports.

    But that compares favorably with a global growth forecast of 3%, and is noticeably faster many of the world’s major economies, such as the United States, China and the eurozone.

    “As the rest of Asia underwhelms, Vietnam will still be one of the fastest growing economies,” Natixis said in a recent research note.

    That’s compelling for corporations looking for bright spots in an otherwise gloomy environment.

    Such interest was noted in March, when the US-ASEAN Business Council led its biggest-ever business mission to Vietnam. The delegation consisted of 52 American firms, including corporate heavyweights such as Netflix (NFLX) and Boeing (BA).

    Of course, companies still have reservations over factors such as Vietnamese tech regulations, which they fear could include limits on the “transfer of data across borders, or too many rules requiring data localization,” according to Osius.

    In some cases, businesses are also concerned by how the country’s infrastructure still pales in comparison to a longtime trade powerhouse like China’s.

    For example, “there isn’t a sufficient port capacity for some of the goods to be exported as quickly as companies want them to be moved,” Osius said.

    Politically, Vietnam shares many similarities to China in that it is an authoritarian one-party state that tolerates little dissent.

    But overall, businesses simply want an easy way to hedge their bets.

    Vietnam is an obvious choice, because it’s a cheap alternative to manufacturing in China, said García-Herrero.

    For various sectors, transitioning isn’t difficult, because many Chinese suppliers also moved there because of US tariffs, she explained. “It’s the most similar because you have the same providers as in China.”

    The Biden administration, too, will likely be keen to secure that alternative.

    “It’s quite clear that they’re trying to set up a series of foreign policy victories ahead of 2024 [by] signing a strategic comprehensive partnership with Vietnam,” said Every, the Rabobank analyst.

    — CNN’s Kyle Feldscher, Jeremy Diamond and Kevin Liptak contributed to this report.

    [ad_2]

    Source link

  • True to life but without the price tag: The decoy weapons Ukraine wants Russia to destroy | CNN

    True to life but without the price tag: The decoy weapons Ukraine wants Russia to destroy | CNN

    [ad_1]



    CNN
     — 

    They are created with one single aim in mind: to be destroyed as quickly as possible. And in that, the steelworks company behind them boasts, these decoy weapons are remarkably successful: hundreds have been targeted by Russian forces almost as soon as they were deployed.

    Ukrainian D-20 gun-howitzers, American-made M777 howitzers, mortar tubes, air defense radars… the list goes on. If it is deployed and operational in Ukraine, chances are that Metinvest has either copied it, or is in the process of doing so, inside the small hangar that sits, tucked away, on the edge of a vast industrial site in central Ukraine. There you will find an impressive array of replicas of the latest American and European killing technology.

    Before the war, the company was Ukraine’s largest metallurgy group but had no involvement in arms manufacture, according to a representative of the company who asked to remain anonymous. In fact, it still doesn’t, as its only foray into the world of weaponry is this side line in decoys, remarkably true to life but equipped with neither the firing range, nor the hefty price tag.

    The aim, says the spokesman, is twofold: to save Ukrainian lives and to trick Russians into squandering their own, very expensive, kamikaze drones, shells and missiles.

    The idea is that, from the sky, the decoys should look worthy of attack, without spending too much. And that has meant striking a balance in the choice of materials, complementing cheap plywood – which doesn’t give off the right heat signature to trick Russian heat-seeking radars and drones – with enough metal that they should be fooled

    “War is expensive and we need the Russians to spend money using drones and missiles to destroy our decoys”, explains Metinvest’s spokesman. “After all, drones and missiles are expensive. Our models are much, much cheaper.”

    Take, for instance, the M777 155mm howitzer. The real thing costs several million dollars. Metinvest’s version costs under $1000 to make and involves nothing fancier than old sewer pipes. But – and this is the point – it costs Russian forces just as much to destroy with a drone strike as the real thing.

    “After each hit, the military gives us trophy wreckage,” explains the company’s spokesman, “We collect them. If our decoy was destroyed, then we did not work in vain.”

    Initially the decoys were fairly crude, he says. When the war began the company’s workers scrambled to make replicas to be rushed to the front lines, in order to make Ukraine seem better armed than it really was. But as the war has worn on and the weaponry arriving in the country has grown ever more sophisticated, so too have Metinvest’s decoys.

    The real test now – the measure of each decoy’s success – is how long they stay in the field. If one design survives too long, the company’s decoy designers go back to the drawing board. As a result, the company’s catalogue of fake weaponry is getting impressively long and varied.

    If one design survives too long in the field, the company's decoy designers go back to the drawing board, resulting in a long and varied catalogue of fake weaponry.

    “We do not count the number of decoys produced, but the number of those destroyed, and this is the main thing for us,” says the spokesman. “The sooner our decoys are destroyed, the better for us”.

    So far, he says, many hundreds have been destroyed and the company is struggling to keep up with the army’s demand. He shows us photographs of the decoys out in the field, in various stages of their short life, until finally coming upon a picture of which he is particularly proud.

    It shows, hanging from a tree somewhere in Ukraine, a life-size effigy of Russian President Vladimir Putin. It is also the work of his men, he says with satisfaction, and like the weapons, he hopes, soon a thing of the past.

    [ad_2]

    Source link

  • Biden heads to Vietnam in latest attempt to draw one of China’s neighbors closer to the US | CNN Politics

    Biden heads to Vietnam in latest attempt to draw one of China’s neighbors closer to the US | CNN Politics

    [ad_1]


    Hanoi, Vietnam
    CNN
     — 

    President Joe Biden will arrive at Chinese leader Xi Jinping’s doorstep on Sunday with a deal in hand to draw yet another one of China’s neighbors closer to the United States.

    In just the last five months, Biden has hosted the Philippines’ president at the White House for the first time in over a decade; he has fêted the Indian prime minister with a lavish state dinner; and he has hosted his Japanese and South Korean counterparts for a summit ripe with symbolism at the storied Camp David presidential retreat.

    At each turn, Biden’s courtship and his team’s steadfast diplomacy have secured stronger diplomatic, military and economic ties with a network of allies and partners joined if not by an outright sense of alarm at China’s increasingly aggressive military and economic posture, then at least by a growing sense of caution and concern.

    The latest page in the US’s Indo-Pacific playbook will come via the establishment of a “comprehensive strategic partnership” that will put the US on par with Vietnam’s highest tier of partners, including China, according to US officials familiar with the matter.

    “It marks a new period of fundamental reorientation between the United States and Vietnam,” a senior administration official said ahead of Biden’s arrival in Hanoi, saying it would expand a range of issues between the two countries.

    “It’s not going to be easy for Vietnam, because they’re under enormous pressure from China,” the official went on. “We realize the stakes and the President is going to be very careful how he engages with Vietnamese friends.”

    The US’ increasingly tight-knit web of partnerships in the region is just one side of the US’s diplomatic strategy vis-à-vis China. On a separate track, the Biden administration has also pursued more stable ties and improved communication with Beijing over the last year, with a series of top Cabinet secretaries making the trip to the Chinese capital in just the last few months.

    The latter part of that playbook has delivered fewer results thus far than Biden’s entreaties to China’s wary neighbors, a dichotomy that was on stark display as Biden attended the G20 in New Delhi, while Chinese leader Xi Jinping did not.

    The president did not appear overly concerned when questioned Saturday about his Chinese counterpart’s absence at the summit.

    “It would be nice to have him here,” Biden said, with Modi and a handful of other world leaders by his side. “But, no, the summit is going well.”

    As Biden and Xi jockey for influence in Asia and beyond, merely showing up can be seen as a power play and Biden sought to make the most of Xi’s absence, seizing the opening to pitch the United States’ sustained commitment both to the region and to developing nations around the world.

    In Vietnam, it’s not only China whose influence Biden is competing with. As he arrived, reports suggested Hanoi was preparing a secret purchase of weapons from Russia, its longtime arms supplier.

    On Monday, Biden plans to announce steps to help Vietnam diversify away from an over-reliance on Russian arms, a senior administration official said.

    As China’s economy slows down and its leader ratchets up military aggressions, Biden hopes to make the United States appear a more attractive and reliable partner. In New Delhi, he did so by wielding proposals to boost global infrastructure and development programs as a counterweight to China.

    Beijing and Moscow have both condemned a so-called “Cold War mentality” that divides the world into blocks. The White House insists it is seeking only competition, not conflict.

    Still, the desire to pull nations into the fold has been evident.

    Traffic whizzes through Hanoi's old quarter

    On Saturday, Biden held a photo op with the leaders of India, Brazil and South Africa – three members of the BRICS grouping that Xi has sought to elevate as a rival to US-dominated summits like the G20.

    If there is a risk in that approach, it is leaving nations feeling squeezed by rival giants. For Biden, however, there is an imperative in at least offering poorer nations an alternative to China when it comes to investments and development.

    But increasingly, China’s neighbors – like Vietnam – are seeking a counterweight to Beijing’s muscular and often unforgiving presence in the region, even if they are not prepared to entirely abandon China’s sphere of influence in favor of the US’.

    “We’re not asking or expecting the Vietnamese to make a choice,” the senior administration official said. “We understand and know clearly that they need and want a strategic partnership with China. That’s just the nature of the beast.”

    Days before Biden’s visit and the expected strategic partnership announcement, China sent a senior Communist Party official to Vietnam to enhance “political mutual trust” between the two communist neighbors, the official Chinese Xinhua news agency reported.

    Asked about Biden’s upcoming visit to Vietnam, China’s Foreign Ministry on Monday warned the US against using its relations with individual Asian countries to target a “third party.”

    “The United States should abandon Cold War zero-sum game mentality, abide by the basic norms of international relations, not target a third party, and not undermine regional peace, stability, development and prosperity,” ministry spokesperson Mao Ning told a daily briefing.

    Vietnam has also sought to maintain good ties with China. Its Communist Party chief was the first foreign leader to call on Xi in Beijing after the Chinese leader secured an unprecedented third term last October. In June, Vietnam’s prime minister met Xi during a state visit to China.

    Secretary of State Antony J. Blinken meets with Chairman of the Communist Party of Vietnam's Commission for External Relations Le Hoai Trung at the Department of State.

    But even as it seeks to avoid China’s wrath, Vietnam is increasingly pulled toward the US out of economic self-interest – its trade with the US has ballooned in recent years and it is eager to benefit from American efforts to diversify supply chains outside of China – as well as concern over China’s military build-up in the South China Sea.

    Experts say those tightened partnerships are as much a credit to the Biden administration’s comprehensive China strategy as it is a consequence of the way China has increasingly aggressively wielded its military and economic might in the region.

    “China has long complained about the US alliance network in its backyard. It has said that these are vestiges of the Cold War, that the US needs to stop encircling China, but it’s really China’s own behavior and its choices that have driven these countries together,” said Patricia Kim, a China expert at the Brookings Institution.

    “So in many ways, China’s foreign policy has backfired.”

    The upgrading of the US-Vietnam relationship carries huge significance given Washington’s complicated history with Hanoi.

    The two countries have gone from mortal enemies that fought a devastating war to increasingly close partners, even with Vietnam still run by the same Communist forces that ultimately prevailed and sent the US military packing.

    While the upgrading of that relationship has been a decade in the making, US officials say a concerted drive to take the relationship to new heights carried that years-long momentum over the line.

    A late June visit to Washington by Vietnam’s top diplomat, Chairman Le Hoai Trung, crystallized that possibility. During a meeting with national security adviser Jake Sullivan, the two first discussed the possibility of upgrading the relationship, according to a Biden administration official.

    As he walked back to his office, Sullivan wondered whether the US could be more ambitious than a one-step upgrade in the relationship – to “strategic partner” – and directed his team to travel to the region and deliver a letter to Trung proposing a two-step upgrade that would take the relations to their highest-possible level, putting the US on par with Vietnam’s other “comprehensive strategic partners”: China, Russia, India and South Korea.

    Sullivan would speak again with Trung on July 13 while traveling with Biden to a NATO summit in Helsinki.

    The conversation pushed the possibility of a two-step upgrade in a positive direction, but it wasn’t until a mid-August visit to the White House by Vietnam’s ambassador to Washington that an agreement was in hand. Inside Sullivan’s West Wing office, the two finalized plans to take the US-Vietnam relationship to new heights and for Biden and Vietnam’s leader, General Secreatary Nguyen Phu Trong, to shake hands in Hanoi.

    The trip was still being finalized when Biden revealed during an off-camera fundraiser that he was planning to visit. The remark sent the planning into overdrive.

    Still, US officials are careful not to characterize the rapprochement with Vietnam – or with the Philippines, India, Japan and Korea, or its AUKUS security partnership with Australia and the United Kingdom – as part of a comprehensive strategy to counter China’s military and economic heft in the Indo-Pacific.

    “I think that’s a deliberate design by the Biden administration,” said Yun Sun, the China program director at the Stimson Center. “You don’t want countries in the region or African countries to feel that the US cares about them only because of China because that shows a lack of commitment. That shows that, ‘Well, we care about you only because we don’t want you to go to the Chinese.’”

    [ad_2]

    Source link

  • It will be more confusing than ever to watch an NFL game this season | CNN Business

    It will be more confusing than ever to watch an NFL game this season | CNN Business

    [ad_1]


    New York
    CNN
     — 

    You’re going to need a play-call sheet to keep track of where to watch the National Football League on television this season.

    The NFL season kicked off Thursday night with the Detroit Lions winning a surprise upset over the reigning Super Bowl champion Kansas City Chiefs.(NBC and its Peacock app aired the game under its “Sunday Night Football” rights.)

    Long gone are the days when NFL games were shown on one or two networks. The league is showing more games across broadcast networks, cable, and digital streaming platforms this season than ever before, and more games exclusively on streaming.

    NBC, Fox, CBS, ESPN/ABC — as well as their streaming apps — and Amazon will all broadcast some games this year. The NFL’s own streaming app and YouTube TV will also stream some games.

    Here’s why there are so many different channels and streaming services, which many people might not even have, to watch the NFL.

    It’s all happening now because the NFL is television’s most valuable product, especially as the media and tech industries face turmoil and more people than ever end their pay-TV subscriptions. The NFL in 2021 signed more than $100 billion in media deals over 11 years, which included the rights to more games on streaming services.

    The owners of CBS, ESPN, ABC and NBC -— Paramount, Disney, and Comcast, respectively -— are pouring billions of dollars into their streaming services, which they see as the future of their businesses. They are showing more NFL games on streaming platforms, including games exclusively, to try to entice people to sign up.

    The decline in traditional broadcast and cable television viewership is accelerating, and the NFL is the “glue” holding the pay-TV bundle together, media analysts at MoffettNathanson said in a report Thursday.

    Last season marked the first-time people were able to watch three of the five NFL game packages through streamers.

    This season will also feature a few firsts: NFL Sunday Ticket offered on YouTube; a streaming-only playoff game on Peacock; and Amazon Prime Video’s Black Friday game.

    ESPN+ will air an international NFL game exclusively on its platform for the second time later in the year, and Amazon has exclusive rights again this season to Thursday night games. Amazon’s Thursday Night Football was the first NFL package to be shown exclusively on streaming.

    Football is the rare event that millions of people still watch live and advertisers will pay up for as viewership for TV other than sports rapidly declines.

    Excluding the Super Bowl, the NFL made up more than half of Fox’s viewership last season and around one-third of CBS and NBC’s, according to the MoffettNathanson report.

    “The NFL is the biggest driver of network ratings and advertising dollars during the fall TV season,” the analysts said. “The NFL remains an outlier when compared to all other forms of linear content.”

    So, NBC will show “Sunday Night Football” on primetime TV and Peacock. Fox will show National Football Conference games on its broadcast network. CBS will show American Football Conference games on its network and Paramount+. (CBS, which has the rights to the Super Bowl in February, will also show the game on Nickelodeon.) ESPN will air “Monday Night Football” games on ESPN and ESPN+. And Amazon holds the rights to Thursday night games, shown on Amazon Prime Video.

    The NFL itself is also betting on streaming.

    The NFL Sunday Ticket package, which broadcasts all out-of-market NFL games to fans, is moving to YouTube TV, owned by Google, this year after nearly 30 years at satellite provider DirecTV.

    “We have been focused on increased digital distribution of our games and this partnership is yet another example of us looking towards the future,” NFL commissioner Roger Goodell said last year.

    [ad_2]

    Source link

  • Why Taylor Swift wants you to watch the Eras concert film in theaters instead of on your couch | CNN Business

    Why Taylor Swift wants you to watch the Eras concert film in theaters instead of on your couch | CNN Business

    [ad_1]


    New York
    CNN
     — 

    Taylor Swift’s fans know the greatest films of all time were never made, but that could be called into question come October 13, when her Eras Tour concert movie is set for release in North America.

    The bigger question might be: Why did Swift decide to release her highly anticipated film in theaters over a streaming service?

    Already, the film has reached notable milestones. It has broken records for single-day advance ticket sales revenue with $26 million of tickets sold on August 31, according to AMC Theaters, blowing past previous record-holder “Spider-Man: No Way Home.”

    But Swift’s latest film is a pivot from recent years, when she released her concert films and documentaries on streaming services. Experts say that choosing movie theaters for the Eras Tour film’s debut over the small screen is a move fitting of both Swift’s business acumen and relationship with her fans.

    Swift’s previous documentaries, “Miss Americana” and “Taylor Swift Reputation Stadium Tour” are on Netflix, while “Folklore: The Long Pond Studio Sessions” is available on Disney+. “Taylor Swift: Journey to Fearless” aired on The Hub, since re-branded as Discovery Family. “The 1989 World Tour Live” was released on Apple Music. Warner Bros. Discovery, CNN’s parent company, also owns the Discovery network.

    Unlike her previous concerts, the Eras Tour has become a cultural phenomenon. Many fans dress up in themed outfits to represent each of Swift’s “eras” or inside jokes among fans, donning everything from sparkly dresses to cowboy boots to cat costumes. Some make hundreds of friendship bracelets to trade during shows, and memorize lyrics and fan chants for her roughly three-hour performance.

    At a movie theater, Swifties can partake in those rituals with other fans, which wouldn’t be the case for an at-home viewing on the couch. The theater’s ability to recreate the concert experience is likely a key reason why Swift decided to choose the big screen for her film, said Jonathan Kuuskoski, chair of the entrepreneurship and leadership department at the University of Michigan School of Music, Theatre and Dance.

    “The movie basically functions as an overflow room for the concert tour,” said Kuuskoski.

    Swift seemed to encourage the theater as a make-shift concert venue, posting on social media: “Eras attire, friendship bracelets, singing and dancing encouraged,” adding “1, 2, 3, LGB!” the acronym to a concert fan chant.

    Demand for Swift’s concerts has been astronomical, crashing Ticketmaster’s website last November and prompting US lawmakers to investigate whether the company has a monopoly on ticket sales. Ticketmaster was hit with more glitches in July when fans tried to purchase tickets for her shows in France.

    While her concerts are in no short supply of attendees, a theater release opens the door to Swifties who couldn’t afford concert tickets, as well as potential new fans willing to pay for a movie ticket without committing to a concert, said Ralph Jaccodine, an assistant professor at Berklee College of Music and former concert promoter who has worked with Bruce Springsteen, Kiss and others.

    Adult tickets for the film are set at $19.89, a nod to Swift’s album “1989,” whose re-recording is set for release two weeks after the “Eras Tour” theatrical debut. Swift’s favorite number is 13, and tickets for children and seniors are aptly set at $13.13.

    Releasing the film in theaters is also a more financially lucrative decision than providing it to a streaming service, said Kuuskoski. For example, while moviegoers have to purchase a ticket each time they view a film, that’s not the case for streaming. Swift could also sell the film to a streaming service after it runs its course on the big screen.

    Releasing the film in theaters before the tour is over seemingly runs the risk of potentially cannibalizing ticket sales for the actual concert. but the timing actually helps keep the momentum surrounding her tour going, says Jaccodine. Swift’s global tour ends in late 2024.

    “I don’t think she could get any less publicity than what’s going on now,” he said.

    Others seemed to have their own reasons for concern about the Eras Tour film release’s timing. The “Exorcist: Believer,” originally scheduled to be released on the same day as Swift’s film, moved it up a week.

    “Look what you made me do. The Exorcist: Believer moves to 10/6/23 #TaylorWins,” the producer of the upcoming horror film posted on “X,” formerly Twitter, just hours after Swift announced her film.

    The summer has already ushered in a film renaissance, as blockbusters “Barbie” and “Oppenheimer” raked in a combined $511 million in global box office sales over their opening weekend and rekindled hopes that consumers are returning to movie theaters after the pandemic forced them to shutter their doors. “Barbie” is distributed by Warner Bros. Discovery, which owns CNN.

    The Eras Tour’s film will likely extend the strong run of movie ticket sales set by the “Barbenheimer” phenomenon, especially as theaters ramp up their own efforts to lure in moviegoers, said Michael O’Leary, chief executive of the National Association of Theater Owners.

    AMC is selling collectible popcorn tubs and fountain drink cups in theaters starting the day of the film’s release, and offering free posters along with ticket purchases while supplies last.

    “I don’t think this is something which is going to be a two- or three-week phenomenon,” O’Leary said. “You’re going to have people going multiple times.”

    [ad_2]

    Source link

  • Bangladesh’s worst ever dengue outbreak a ‘canary in the coal mine’ for climate crisis, WHO expert warns | CNN

    Bangladesh’s worst ever dengue outbreak a ‘canary in the coal mine’ for climate crisis, WHO expert warns | CNN

    [ad_1]



    CNN
     — 

    Bangladesh is battling its worst dengue outbreak on record, with more than 600 people killed and 135,000 cases reported since April, the World Health Organization said Wednesday, as one of its experts blamed the climate crisis and El Nino weather pattern for driving the surge.

    The country’s health care system is straining under the influx of sick people, and local media have reported hospitals are facing a shortage of beds and staff to care for patients. There were almost 10,000 hospitalizations on August 12 alone, according to WHO.

    WHO director-general Tedros Adhanom Ghebreyesus said in a news briefing Wednesday that of the 650 people who have died since the outbreak began in April, 300 were reported in August.

    While dengue fever is endemic in Bangladesh, with infections typically peaking during the monsoon season, this year the uptick in cases started much earlier – toward the end of April.

    Tedros said WHO is supporting the Bangladeshi government and authorities “to strengthen surveillance, lab capacity, clinical management, vector control, risk communication and community engagement,” during the outbreak.

    “We have trained doctors and deployed experts on the ground. We have also provided supplies to test for dengue and support care for patients,” he said.

    A viral infection, dengue causes flu-like symptoms, including piercing headaches, muscle and joint pains, fever and full body rashes. It is transmitted to humans through the bite of an infected Aedes mosquito and there is no specific treatment for the disease.

    Dengue is endemic in more than 100 countries and every year, 100 million to 400 million people become infected, according to WHO.

    All 64 districts across Bangladesh have been affected by the outbreak but the capital Dhaka – home to more than 20 million people – has been the worst-hit city, according to WHO. Though cases there are starting to stabilize.

    “Cases are starting to decline in the capital Dhaka but are increasing in other parts of the country,” Tedros said.

    Dhaka is one of the most densely populated cities in the world and rapid unplanned urbanization has exacerbated outbreaks.

    “There is a water supply problem in Dhaka, so people keep water in buckets and plastic containers in their bathrooms or elsewhere in the home. Mosquitoes can live there all year round,” Kabirul Bashar, professor at Jahangirnagar University’s Zoology department, wrote in the Lancet journal last month.

    “Our waste management system is not well planned. Garbage piles up on the street; you see a lot of little plastic containers with pools of water in them. We also have multi-story buildings with car parks in the basements. People wash their vehicles down there, which is ideal for the mosquitoes.”

    To cope with the onslaught of infections, Bangladesh has repurposed six Covid-19 hospitals to care for dengue patients and requested help from WHO to help detect and manage cases earlier, WHO said.

    Climate crisis spreading and amplifying outbreaks

    The record number of dengue cases and deaths in Bangladesh comes as the country has seen an “unusual episodic amount of rainfall, combined with high temperatures and high humidity, which have resulted in an increased mosquito population throughout Bangladesh,” WHO said in August.

    Those warm, wet conditions make the perfect breeding ground for disease-carrying mosquitoes and as the planet continues to rapidly heat due to the burning of fossil fuels, outbreaks will become more common in new regions of the world.

    The global number of dengue cases has already increased eight-fold in the past two decades, according to WHO.

    “In 2000, we had about half a million cases and … in 2022 we recorded over 4.2 million,” said Raman Velayudhan, WHO’s head of the global program on control of neglected tropical diseases in July.

    As the climate crisis worsens, mosquito-borne diseases like dengue, Zika, chikungunya and yellow fever will likely continue to spread and have an ever greater impact on human health.

    “We are seeing more and more countries experiencing the heavy burden of these diseases,” said Abdi Mahamud, WHO’s alert and response director in the health emergencies program.

    Mahamud said the climate crisis and this year’s El Nino weather pattern – which brings warmer, wetter weather to parts of the world – are worsening the problem.

    This year, dengue has hit South America severely with Peru grappling with its worst outbreak on record. Cases in Florida prompted authorities to put several counties on alert. In Asia, a spike in cases has hit Sri Lanka, Thailand and Malaysia, among other nations. And countries in sub-Sarahan Africa, like Chad, have also reported outbreaks.

    Calling these outbreaks a “canary in the coalmine of the climate crisis,” Mahamud said “global solidarity” and support is needed to deal with the worsening epidemic.

    [ad_2]

    Source link

  • Biden administration cancels years-long attempt to drill in Alaska National Wildlife Refuge | CNN Politics

    Biden administration cancels years-long attempt to drill in Alaska National Wildlife Refuge | CNN Politics

    [ad_1]



    CNN
     — 

    The Biden administration announced Wednesday it will cancel seven Trump-era oil and gas leases in the Arctic National Wildlife Refuge and protect more than 13 million acres in the federal National Petroleum Reserve in Alaska, stymieing a years-long attempt to drill in the protected region.

    The cancellation will affect Alaska’s state-owned oil development agency, the Alaska Industrial Development and Export Authority, which bought the leases covering about 365,000 acres on ANWR’s Coastal Plain during the Trump administration.

    “With today’s action, no one will have rights to drill for oil in one of the most sensitive landscapes on Earth,” Interior Secretary Deb Haaland told reporters on a press call. “Public lands belong to all Americans, and there are some places where oil and gas drilling and industrial development simply do not belong.”

    President Joe Biden echoed Haaland’s comments in a statement and said that his administration will “continue to take bold action” on climate change.

    Wednesday’s actions, Biden said, “will help preserve our Arctic lands and wildlife, while honoring the culture, history, and enduring wisdom of Alaska Natives who have lived on these lands since time immemorial.”

    The 2017 GOP tax bill opened a small part of the pristine wildlife refuge for drilling, a measure championed by Alaska Sen. Lisa Murkowski, a Republican. But it was never developed or drilled – or came close to doing so. Haaland suspended the leases in June 2021, and some major oil companies, including Chevron, canceled their leases in the area the following year.

    However, the 2017 tax law mandates leasing in ANWR, meaning the Biden administration will have to launch a new leasing process and hold another lease sale by the end of 2024, albeit likely with tighter environmental provisions.

    “We intend to comply with the law,” a senior Biden administration official said, adding they didn’t have a timeline for an additional lease sale apart from the law’s deadline of holding one by December 2024.

    The Interior Department is also proposing federal protections for 13 million acres of land in the NPR-A, limiting future oil and gas development and taking steps to implement conservation protections it announced in March, alongside the controversial Willow oil drilling project. The proposed rule would expressly prohibit new oil and gas leasing in 10.6 million acres, or over 40% of the NPR-A, according to an Interior Department press release.

    The protected area would span areas including Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas – home to migrating caribou, polar and grizzly bears and migratory birds.

    The new regulations would also reverse a Trump-era rule expanding oil and gas development in the area and shrinking protections for habitat and animals, while also protecting subsistence hunting and gathering from Alaska Native communities who live in the area.

    Haaland and White House senior adviser John Podesta pointed to the impacts of climate change quickening warming in the area.

    “Alaska is ground zero for climate change,” Podesta told reporters. “The Arctic is warming more than twice as fast as the rest of the planet. Today’s actions help protect their future, America’s future and they build on President Biden’s historic climate and conservation record.”

    The administration’s initial suspension of the leases was challenged in court by Alaska’s state-owned oil developer, but AEIDA lost their lawsuit in early August.

    AEIDA did not immediately respond to CNN’s request for comment.

    The Biden administration’s move on Wednesday was cheered by environmental groups and some Democrats in Congress.

    “It’s a significant step to permanent protection of the Arctic refuge, but it’s not mission accomplished,” Rep. Jared Huffman, a Democrat from California, told CNN. “That terrible law requires them to do a leasing process, but not on a deeply flawed environmental review and not without considering more protective alternatives and the best available science.”

    Although Alaska Natives are split on Arctic drilling, some groups commended the Biden administration and urged Congress to undo the 2017 law mandating drilling in ANWR.

    “We urge the administration and our leaders in Congress to repeal the oil and gas program and permanently protect the Arctic Refuge,” Bernadette Dementieff, executive director of the Gwich’in Steering Committee, said in a statement.

    This story has been updated with additional information.

    [ad_2]

    Source link

  • Cuba says ‘human trafficking network’ is sending its nationals to fight for Russia in Ukraine | CNN

    Cuba says ‘human trafficking network’ is sending its nationals to fight for Russia in Ukraine | CNN

    [ad_1]



    CNN
     — 

    Cuba says it has uncovered a human trafficking network operating from Russia that is recruiting Cubans to fight for their longstanding ally in Moscow’s war in Ukraine.

    Cubans living in Russia and “even some in Cuba” had been trafficked and “incorporated into the military forces taking part in the war in Ukraine,” the Cuban foreign ministry said Monday in a statement.

    The ministry gave few details about the alleged trafficking operations, but said that authorities were working to “neutralize and dismantle” the network.

    There were no reports of any arrests of people allegedly involved in the trafficking operation. In September, reports surfaced on social media of Cubans who said they were serving in Russia’s armed forces but that they had been tricked into joining the war effort and mistreated when they refused to fight. CNN was not able to independently verify those allegations, and it is not clear how many Cubans may be fighting for Russia.

    Cuba stressed in its statement that it “is not part of the war in Ukraine.” The Kremlin has not commented on the allegations.

    The report comes amid efforts by Russia to boost its forces in Ukraine, which have suffered heavy losses on the battlefield, and with the future of the mercenary Wagner Group in doubt.

    Moscow announced a plan earlier this year to increase the strength of the Russian armed forces by 30% to 1.5 million servicemen. In July, the Russian state Duma voted to extend the military draft age to include citizens from 18 to 30 years old, up from 27.

    For much of the conflict, the official Russian army has been bolstered by mercenaries contracted to Wagner. But after the death of the group’s chief Yevgeny Prigozhin, who led his troops in an aborted mutiny against Moscow in June, it is unclear whether Russia will rely on Wagner forces to wage its war in Ukraine.

    Cuba was a major ally of the Soviet Union during the Cold War, and relations between Havana and Moscow have remained cozy since Russia launched its full-scale invasion of Ukraine.

    Cuba has been a staunch defender of Russia’s war on the country, blaming the US and NATO for the conflict. As Cuba grapples with its worse economic crisis in decades, Russia has supplied the communist-run island with badly needed food and shipments of crude oil. Since the war began the two nations have signed a flurry of agreements promising increased Russian foreign investment in Cuba.

    In a rare interview in May, Cuban President Miguel Diaz-Canel told Russian state-controlled network RT that Cuba condemned “the expansion of NATO towards Russia’s borders,” echoing one of the Kremlin’s justifications for its brutal war.

    Diaz-Canel visited Moscow in November last year to attend the unveiling of a statue of former Cuban leader Fidel Castro. Russian Foreign Minister Sergey Lavrov and Defense Minister Sergei Shoigu also traveled to Cuba on separate trips this year and hailed the relations between the two countries.

    There are historical precedents of Cubans fighting alongside and on behalf of Russia.

    In several conflicts in Africa during the Cold War, “the deal was the Cubans would supply the soldiers, the Soviets would supply the weapons,” Sergei Radchenko, a historian and professor at Johns Hopkins School of Advanced International Studies, told CNN.

    Thousands of Cuban fighters intervened in support of communist forces in Angola in 1975, as well as in Ethiopia in 1977, alongside Soviet troops and using Soviet equipment.

    “Having Cuban mercenaries – you might call them mercenaries, or at that time it was revolutionary fighters – is a longstanding precedent as far as Cuba and the Cuban-Russian relationship is concerned,” said Radchenko. In Cuba, those military interventions – often fighting South African-trained mercenaries – are celebrated as having played a crucial role in ending apartheid in South Africa.

    However, Radchenko said, the statement issued by Cuba’s foreign ministry “sounds like something very different,” due to the suggestion of coercion.

    Christopher Sabatini, a senior fellow for Latin America at Chatham House, said he was not surprised that Russia is seeking Cuban mercenaries to wage its war.

    “This is the typical Russian modus operandi of getting mercenaries to do their fighting for them – particularly in desperate states,” Sabatini told CNN, adding that Cuba “is on the brink of a humanitarian disaster.”

    What was surprising, he said, was the reaction of the Cuban government, which suggests that Russia “touched a nerve.”

    “The Cuban government is fiercely loyal to its allies,” Sabatini said. “That they would call this out is an indication that they truly feel humiliated and exploited by what is an ally taking advantage of their citizens – at a time of desperate need.”

    Russia has offered foreign fighters more than $2000 a month to fight in Ukraine, a fortune in Cuba where doctors do not earn that much in an entire year. Russia has also reportedly offered citizenship to foreigners willing to take up arms.

    “It’s particularly insulting, too, because the way you are rewarding these mercenaries is giving them a chance to flee their country,” said Sabatini. “That hurts.”

    In May, the Russian regional newspaper Ryazan Vedomosti reported that Cuban immigrants living in Russia had joined the Russian army.

    “Several citizens of the Republic of Cuba went to serve in the Russian army. According to them, the Cubans want to help our country carry out tasks in the zone of a special military operation, and some of them would like to become citizens of Russia in the future,” said the article.

    [ad_2]

    Source link