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US' Women's National Basketball Association (NBA) basketball player Brittney Griner, who was detained at Moscow's Sheremetyevo airport and later charged with illegal possession of cannabis, stands inside a defendants' cage before a court hearing in Khimki outside Moscow, on August 4, 2022. -Kirill Kudryavtsev | AFP | Getty ImagesMoscow said it was ready to begin talks with the U.S. about a prisoner swap following the sentencing of basketball star Brittney Griner to nine years in jail on drugs charges. Foreign Minister Sergei Lavrov said President Vladimir Putin and his U.S. counterpart Joe Biden had previously agreed on a diplomatic channel for discussions. It comes as Lavrov and U.S. Secretary of State Antony Blinken both attend the Association of Southeast Asian Nations in Phnom Penh, Cambodia, where they refused to speak to one another.Meantime, three more shipments of grain left Ukrainian ports in the latest phase of an internationally brokered deal aimed at relieving a global food crisis. The ships, carrying around 58,000 tonnes of corn, departed for the U.K., Ireland and Turkey.Russia says it is ready to discuss prisoner swap with the USUS' Women's National Basketball Association (NBA) basketball player Brittney Griner, who was detained at Moscow's Sheremetyevo airport and later charged with illegal possession of cannabis, waits for the verdict inside a defendants' cage before a court hearing in Khimki outside Moscow, on August 4, 2022.Evgenia Novozhenina | AFP | Getty ImagesMoscow said it was ready to begin talks with the U.S. about a prisoner swap following the sentencing of basketball star Brittney Griner.A Russian court found WNBA Griner guilty of drug charges and sentenced her to nine years in prison Thursday. Foreign Minister Sergei Lavrov said President Vladimir Putin and his U.S. counterpart Joe Biden had previously agreed on a diplomatic channel that should be used to discuss such matters."We are ready to discuss this topic, but within the framework of the channel that was agreed upon by presidents Putin and Biden," Lavrov said during a visit to Cambodia.The Kremlin had previously warned the U.S. against turning to "megaphone diplomacy" in the case of Griner. — Karen GilchristBlinken and Lavrov won't be speaking at ASEAN meetings in CambodiaUS Secretary of State Anthony Blinken looks on at the East Asia Summit Foreign Ministers meeting during the 55th ASEAN Foreign Ministers' Meeting in Phnom Penh on August 5, 2022.Tang Chhin Sothy | Afp | Getty ImagesU.S. Secretary of State Antony Blinken has no plans to speak with Russia's Foreign Minister Sergei Lavrov in Phnom Penh, Cambodia where the two men are attending the Association of Southeast Asian Nations for foreign ministers, a State Department official told reporters.The two men did not make any eye contact despite sitting near each other at the East Asia Summit Foreign Ministers' meeting, pool notes showed.According to the U.S. official, Russia has not provided a "serious response" on the Biden administration's proposal to the Russian government for the release of Griner and ex-Marine Paul Whelan.Three ships carrying grain leave Ukrainian portsThree more ships carrying grain departed Ukrainian ports on Aug 5 as part of an internationally brokered pact.Oleksandr Gimanov | Afp | Getty ImagesThree more ships carrying Ukrainian grain exports left the country's Black Sea ports, the United Nations' coordination committee confirmed. The vessels, carrying a combined 58,041 tons of corn, departed for the U.K., Ireland and Turkey.The shipments form part of an internationally brokered deal to unblock Ukraine's agricultural exports and ease a growing global food crisis. It follows the first grain shipment on Monday. Kyiv has called for the pact to be extended to other goods such as metals.— Karen GilchristRead CNBC’s previous live coverage here:

Russia says it's ready to discuss prisoner swap; three ships carrying grain leave Ukrainian ports.

Register now for FREE unlimited access to Reuters.comTOKYO, Aug 5 (Reuters) - U.S. House of Representatives Speaker Nancy Pelosi on Friday praised Taiwan, pledged U.S. solidarity and said her trip through Asia, which led to unprecedented military drills by an angry China, was never about changing the regional status quo.Pelosi and a congressional delegation were in Japan on the last stage of an Asian trip that included a brief and unannounced stop in Taiwan, the self-ruled island that Beijing considers its own - and prompted an infuriated Beijing to hold live-fire drills in waters around Taiwan, with five missiles landing in Japan's exclusive economic zone(EEZ).Her stop in Taiwan, the highest-level visit by a U.S. official in 25 years, came as Tokyo, one of Washington's closest allies, has become increasingly alarmed about China's growing might in the Indo-Pacific and the possibility that Beijing could take military action against Taiwan.Register now for FREE unlimited access to Reuters.com"We have said from the start that our representation here is not about changing the status quo in Taiwan or the region," she told a news conference after meeting with Japanese Prime Minister Fumio Kishida."The Chinese government is not pleased that our friendship with Taiwan is a strong one," she added."It is bipartisan in the House and in the Senate, overwhelming support for peace and the status quo in Taiwan."China has condemned Pelosi's trip, which took the delegation to Singapore, Malaysia and South Korea as well as Taiwan and Japan.Its state broadcaster said the military exercises, which began on Thursday - the day after Pelosi left Taiwan - and are set to end on Sunday, would be the largest conducted by China in the Taiwan Strait. The exercises have involved live fire on the waters and in the airspace around the island.Japan said that five of nine missiles fired towards its territory landed in its exclusive economic zone (EEZ). Tokyo lodged a diplomatic protest over the incident, which Defence Minister Nobuo Kishi termed "unprecedented." read more Pelosi lauded Taiwan's democracy, economic successes and - in a veiled dig at China - its human rights record, noting support by Taiwan, the first Asian government to allow same-sex marriage, for LGBTQ rights."The fact is, I have said it again and again, if we do not speak out for human rights in China because of commercial interests, we lose all moral authority to speak out about human rights any place in the world," she said."China has some contradictions - some progress in terms of lifting people up, some horrible things happening in terms of the Uyghurs. In fact, it's been labelled a genocide."U.S. House of Representatives Speaker Nancy Pelosi attends a news conference while flanked by U.S. Representative Raja Krishnamoorthi (D-IL) and Gregory Meeks (D-NY) at the U.S. Embassy in Tokyo, Japan August 5, 2022. REUTERS/Issei KatoHuman rights groups accuse Beijing of abuse against Xinjiang's Uyghur ethnic group, accusations China rejects.Delegation member House Foreign Affairs Committee chair Gregory Meeks was even blunter."They surely don't want us to continue to talk about what's happening in Xinjiang (with) the Uyghurs," he said."We're going to speak up and speak out for human rights, human dignity, and democratic process. That's what this trip was all about."Pelosi left Japan to return to the United States on Friday afternoon.WORRIED ALLY, MAINTAINING PEACEEarlier, Pelosi met with Kishida, who said afterwards that they would work together to maintain peace and stability in the Taiwan Strait, a key shipping route - a view echoed by U.S. ambassador Rahm Emanuel."It is clear that the U.S.-Japan Alliance will stand strong, shoulder-to-shoulder, to defend our interests and our values," he said in a statement.Japan, whose southernmost islands are closer to Taiwan than Tokyo, has warned that Chinese intimidation of Taiwan is an escalating national security threat. read more Tensions between Japan and China also ramped up a notch on Thursday when China announced that a meeting between the two nations' foreign ministers, set to take place on the sidelines of an ASEAN meeting in Cambodia, had been called off due to its displeasure with a G7 statement urging Beijing to resolve the tension over Taiwan peacefully. read more China summoned the Japanese ambassador in Beijing to lodge stern representations over its participation in the "erroneous" G7 statement, its foreign ministry said on Friday.While visiting Japan in May, U.S. President Joe Biden said he would be willing to use force to defend Taiwan - a comment that appeared to stretch the limits of the U.S. policy of "strategic ambiguity" towards the island. read more Kishida's ruling Liberal Democratic Party (LDP) has also pledged to double military spending to 2% of GDP.Register now for FREE unlimited access to Reuters.comAdditional reporting by Elaine Lies, Mariko Katsumura and Kentaro Sugiyama; writing by Elaine Lies; Editing by David Dolan, Stephen Coates & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Pelosi praises Taiwan, says Asian trip wasn't to change status quo.

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - The U.S. Food and Drug Administration declined to approve expanded use of Acadia Pharmaceuticals Inc's (ACAD.O) antipsychotic drug for treating psychosis related to Alzheimer's disease, the company said on Thursday.The health regulator concluded there were limitations in the interpretability of Acadia's antipsychotic drug study and an additional study would be required, according to the company.The U.S. regulator's decision comes roughly a month after its panel of outside advisors voted 9-3 that available data does not support conclusion that the drug, pimavanserin, was effective for treatment of hallucinations and delusions in Alzheimer's disease.Register now for FREE unlimited access to Reuters.com"We are disappointed with this outcome. The treatment of Alzheimer's disease psychosis continues to be an area of high unmet need, for which there is no approved therapy," Acadia Chief Executive Officer Steve Davis said.This was Acadia's second attempt to secure approval for expanded use of the drug. In April 2021, the FDA told Acadia its clinical trial data was not sufficient to support approval of pimavanserin in patients with dementia-related psychosis.The company resubmitted its application in February with a focus on Alzheimer's patients.The drug, sold under the brand name Nuplazid, is already approved for a similar indication in patients with Parkinson's disease and brought in sales of $484 million last year.Register now for FREE unlimited access to Reuters.comReporting by Mrinalika Roy and Akriti Sharma in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

U.S. FDA declines to approve expanded use of Acadia's antipsychotic drug.

Governor of the Bank of England, Andrew Bailey, reacts during the Bank of England's financial stability report news conference, at the Bank of England, London August 4, 2022. Yui Mok/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - Bank of England Governor Andrew Bailey pushed back against suggestions by the front-runner to become Britain's next prime minister Liz Truss and her supporters that the government should have a bigger role in how the central bank operates.With inflation on course to surpass 13% later this year, Truss has promised a review of the BoE's remit and said she wanted to set "a clear direction of travel" for monetary policy.An ally of Truss, Attorney General Suella Braverman, has said that the review would question the BoE's exclusive powers to set interest rates. read more Register now for FREE unlimited access to Reuters.comBailey said the independence of central banks was "critically important" in a BBC radio interview broadcast on Friday, a day after the BoE raised interest rates by the most since 1995 and forecast a long recession. read more "I actually don't think from what I see that...there is a large desire in this country to question central bank independence," he said."But I'm very happy to discuss with the new government, you know, the details and the nature of the regime that's in place."Bailey said he would see out his full term in the job which is due to end in 2028."I made a commitment. Its an eight-year term and that's the part of the fabric of the independence of the Bank of England that doesn't change with changes of government, changes in views," he said.Bailey also contested a chorus of criticisms by Truss supporters of the BoE for raising rates too late to address the surge in inflation."There are some points that yes, I will say 'I'm sorry, I don't agree with that point,'" he said when asked how he would respond to claims from politicians that the BoE had made mistakes in its response to inflation.Earlier on Friday, business minister Kwasi Kwarteng, who is backing Truss, made fresh criticisms of the BoE."If your target is 2% and you're predicting 13%, something's gone wrong. And you've got to look at how the bank is organised and what the what the targets are," he told Sky News.Asked whether the BoE would keep its independence in a Truss-led government, Kwarteng said: "It's absolutely going to keep its independence."Register now for FREE unlimited access to Reuters.comReporting by William Schomberg, Editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

BoE's Bailey rebuffs talk of less central bank independence in UK.

A load of corn is poured from a truck into a grain silo on a family farm in Ravenna, Ohio, U.S., October 11, 2021. REUTERS/Dane Rhys/Register now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - The United Nations food agency's world price index declined again in July, edging further away from record highs hit in March.The Food and Agriculture Organization's (FAO) food price index, which tracks the most globally traded food commodities, averaged 140.9 points last month versus a revised 154.3 for June. The June figure was previously put at 154.2.The July index was still 13.1% higher than a year earlier, pushed up by the impact of the invasion of Ukraine, adverse weather and high production and transport costs.Register now for FREE unlimited access to Reuters.com"The decline in food commodity prices from very high levels is welcome, however, many uncertainties remain," said FAO Chief Economist Maximo Torero.A bleak global economic outlook, currency volatility and high fertilizer prices - which can impact future production and farmers’ livelihoods - all pose serious strains for global food security, he said.The vegetable oil, sugar, dairy, meat and cereal price indices all fell month-on-month in July, with wheat slumping 14.5%, partly due to a deal reached between Ukraine, Russia, Turkey and the United Nations to unblock grains exports from Black Sea ports. read more The maize price index fell 10.7% in July, also due in part to the Russia-Ukraine deal as well as increased seasonal availability from key producers Argentina and Brazil, the FAO said.Three ships carrying a combined 58,041 tonnes of corn were authorised to leave Ukrainian ports on Friday, the organisation arranging the operation said. A first vessel carrying Ukrainian grain set sail from Odesa on Monday. read more Register now for FREE unlimited access to Reuters.comReporting by Maytaal Angel; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.Maytaal AngelThomson ReutersAward-nominated reporter covering high impact events in soft commodities and agricultural commodities more broadly, analysing industry trends and uncovering developments that drive the market. Work has included market moving investigative stories on commodity trade flows, corporate strategy, farmer poverty, sustainability, climate change and government policy.

Food prices fell again in July, U.N. agency says.

Japanese Prime Minister Fumio Kishida speaks during a joint news conference with Indonesia's President Joko Widodo at the prime minister's official residence in Tokyo, Japan, July 27, 2022. Kiyoshi Ota/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comTOKYO, Aug 5 (Reuters) - Japanese Prime Minister Fumio Kishida intends to reshuffle his cabinet as early as Aug. 10, public broadcaster NHK said on Friday.The reshuffle would come after his conservative coalition government increased its majority in the upper house of parliament in a July election.Register now for FREE unlimited access to Reuters.comReporting by Kiyoshi Takenaka; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Japan PM Kishida to reshuffle cabinet as early as Aug 10 -NHK.

A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010.Simon Dawson | Bloomberg via Getty ImagesBanks and other mortgage providers have been battered by plunging demand for loans this year, a consequence of the Federal Reserve's interest rate hikes.Some firms will be forced to exit the industry entirely as refinance activity dries up, according to Tim Wennes, CEO of the U.S. division of Santander. He would know: Santander — a relatively small player in the mortgage market — announced its decision to drop the product in February."We were a first mover here and others are now doing the same math and seeing what's happening with mortgage volumes," Wennes said in a recent interview. "For many, especially the smaller institutions, the vast majority of mortgage volume is refinance activity, which is drying up and will likely drive a shakeout."The mortgage business boomed during the first two years of the pandemic, driven by rock-bottom financing costs and a preference for suburban houses with home offices. The industry posted a record $4.4 trillion in loan volumes last year, including $2.7 trillion in refinance activity, according to mortgage data and analytics provider Black Knight.But surging interest rates and home prices that have yet to decline have put housing out of reach for many Americans and shut the refinance pipeline for lenders. Rate-based refinances sank 90% through April from last year, according to Black Knight.'As good as it gets'The move by Santander, part of a strategic pivot to focus on higher-return businesses like its auto lending franchise, now seems like a prescient one. Santander, which has about $154 billion in assets and 15,000 U.S. employees, is part of a Madrid-based global bank with operations across Europe and Latin America.More recently, the largest banks in home loans, JPMorgan Chase and Wells Fargo, have cut mortgage staffing levels to adjust to the lower volumes. And smaller nonbank providers are reportedly scrambling to sell loan servicing rights or even considering merging or partnering with rivals."The sector was as good as it gets" last year, said Wennes, a three-decade banking veteran who served at firms including Union Bank, Wells Fargo and Countrywide."We looked at the returns through the cycle, saw where we were headed with higher interest rates, and made the decision to exit," he said.Others to follow?While banks used to dominate the American mortgage business, they have played a diminished role since the 2008 financial crisis in which home loans played a central role. Instead, nonbank players like Rocket Mortgage have soaked up market share, less encumbered by regulations that fall more heavily on large banks.Out of the top ten mortgage providers by loan volume, only three are traditional banks: Wells Fargo, JPMorgan and Bank of America.The rest are newer players with names like United Wholesale Mortgage and Freedom Mortgage. Many of the firms took advantage of the pandemic boom to go public.Their shares are now deeply underwater, which could spark consolidation in the sector.  Complicating matters, banks have to plow money into technology platforms to streamline the document-intensive application process to keep up with customer expectations.And firms including JPMorgan have said that increasingly onerous capital rules will force it to purge mortgages from its balance sheet, making the business less attractive.The dynamic could have some banks deciding to offer mortgages via partners, which is what Santander now does; it lists Rocket Mortgage on its website."Banks will ultimately need to ask themselves if they consider this a core product they are offering," Wennes said.

A 'shakeout' among mortgage lenders is coming, according to CEO of bank that left the business.

Politics Updated on: August 4, 2022 / 11:41 PM / AP Senate to hold first vote on Inflation Reduction Act Senate to hold first vote on Inflation Reduction Act Saturday 04:53 Senate Democrats have reached an accord on changes to their marquee economic legislation, they announced late Thursday, clearing the major hurdle to pushing one of President Joe Biden's leading election-year priorities through the chamber in coming days. Sen. Kyrsten Sinema, D-Ariz., a centrist who was seen as the pivotal vote, said in a statement that she had agreed to changes in the measure's tax and energy provisions and was ready to "move forward" on the Inflation Reduction Act. Senate Majority Leader Chuck Schumer, D-N.Y., said lawmakers had achieved a compromise "that I believe will receive the support" of all Democrats in the chamber. His party needs unanimity to move the measure through the 50-50 Senate, along with Vice President Kamala Harris' tie-breaking vote. Schumer has said he hopes the Senate can begin voting on the energy, environment, health and tax measure on Saturday. Passage by the House, which Democrats control narrowly, could come next week.Final congressional approval of the election-year measure would complete an astounding, eleventh-hour salvation of Mr. Biden's wide-ranging domestic goals, though in more modest form. Democratic infighting had embarrassed Mr. Biden and forced him to pare down a far larger and more ambitious $3.5 trillion, 10-year version, and then a $2 trillion alternative, leaving the effort all but dead. This bill, negotiated by Schumer and Sen. Joe Manchin, the conservative maverick Democrat from West Virginia, would raise $739 billion in revenue. That would come from tax boosts on high earners and some huge corporations, beefed up IRS tax collections and curbs on drug prices, which would save money for the government and patients.It would spend much of that on energy, climate and health care initiatives, still leaving over $300 billion for deficit reduction.Sinema said Democrats had agreed to remove a provision raising taxes on "carried interest," or profits that go to executives of private equity firms. That's been a proposal she has long opposed, though it is a favorite of Manchin and many progressives.The carried interest provision was estimated to produce $13 billion for the government over the coming decade, a small portion of the measure's $739 billion in total revenue. It will be replaced by a new excise tax on stock buybacks which will bring in more revenue than that, said one Democrat familiar with the agreement who spoke on condition of anonymity because they were not authorized to discuss the deal publicly. The official provided no other detail.Though providing no detail, Sinema said she had also agreed to provisions to "protect advanced manufacturing and boost our clean energy economy."She noted that Senate parliamentarian Elizabeth MacDonough is still reviewing the measure to make sure no provisions must be removed for violating the chamber's procedures. "Subject to the parliamentarian's review, I'll move forward," Sinema said."Tonight, we've taken another critical step toward reducing inflation and the cost of living for America's families," a statement from Mr. Biden read. "The Inflation Reduction Act will help Americans save money on prescription drugs, health premiums, and much more. It will make our tax system more fair by making corporations pay a minimum tax. It will not raise taxes on those making less than $400,000, and it will reduce the deficit. It also makes the largest investment in history in combatting climate change and increasing energy security, creating jobs here in the US and saving people money on their energy costs. I look forward to the Senate taking up this legislation and passing it as soon as possible."  Schumer said the measure retained the bill's language on prescription drug pricing, climate change, "closing tax loopholes exploited by big corporations and the wealthy" and reducing federal deficits.He said that in talks with fellow Democrats, the party "addressed a number of important issues they have raised." He added that the final measure "will reflect this work and put us one step closer to enacting this historic legislation into law." In: United States Congress Inflation Democrats Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Senate Dems announce they have the votes to pass Inflation Reduction Act.

Edison's logo is seen outside the company headquarters in downtown Milan, Italy, January 14, 2016. Edison, Italy's No. 2 energy company owned by France's EDF, is trying to sell part of its Abu Qir field in Egypt and has opened the books to prospective buyers including Kuwait's KUFPEC, people familiar with the matter said. REUTERS/Stefano RellandiniRegister now for FREE unlimited access to Reuters.comPARIS, Aug 5 (Reuters) - French power group EDF (EDF.PA) denied on Friday an earlier Italian media report that it was considering a sale of its Italian arm Edison (EDNn.MI). read more "EDF denies in full the information published today by the daily MF-Milano Finanza according to which the group is considering the sale of its subsidiary Edison," said an EDF spokesperson.The French government is currently in the process of fully nationalising EDF. read more Italian publication Milano Finanzo had reported that while details had yet to be ironed out, the idea was to kick-off the Edison sale process in the first quarter of next year, once EDF's nationalisation process had been completed.Last month, EDF issued its fourth profit warning of the year, as it fell to a loss in the first half on lower nuclear output. read more Register now for FREE unlimited access to Reuters.comReporting by Juliette Jabkhiro and Agnieszka Flak Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

French power group EDF denies it is considering sale of Italian subsidiary Edison.

Chinese and U.S. flags flutter outside a company building in Shanghai, China April 14, 2021. REUTERS/Aly Song//File PhotoRegister now for FREE unlimited access to Reuters.comBEIJING, Aug 5 (Reuters) - Beijing announced on Friday that it was halting cooperation with the United States in a number of areas, including dialogue between senior-level military commanders, in retaliation for the visit this week to Taiwan by U.S. House Speaker Nancy Pelosi.China's foreign ministry also said in a statement that it was halting climate talks with the United States, as well as cooperation on cross-border crime prevention and on repatriating illegal migrants, among eight specific measures.Register now for FREE unlimited access to Reuters.comReporting by Tony Munroe; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Beijing halts high-level military dialogue with U.S., suspends other cooperation.

Alex Jones attempts to answer questions about his text messages asked by Mark Bankston, lawyer for Neil Heslin and Scarlett Lewis, during trial at the Travis County Courthouse , Austin, Texas, U.S., August 3, 2022. Briana Sanchez/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Lawyers for parents of a child slain in the 2012 Sandy Hook mass shooting are expected to present evidence on Alex Jones’ wealth to jurors in Texas Friday as they seek punitive damages beyond the $4.1 million they secured for the U.S. conspiracy theorist’s falsehoods about the massacre.A 12-person jury on Thursday said Jones must pay the parents $4.1 million in compensatory damages for spreading conspiracy theories about the killing of 20 children and six staff at Sandy Hook Elementary School in Newtown, Connecticut, on Dec. 14, 2012.The verdict followed a two-week trial in Austin, Texas, where Jones' radio show and webcast Infowars are based.Register now for FREE unlimited access to Reuters.comNeil Heslin and Scarlett Lewis, parents of slain six-year-old Jesse Lewis, are also seeking punitive damages. A finance expert is set to testify on their behalf on Friday before jurors deliberate again.Heslin and Lewis testified that Jones' followers harassed them for years in the false belief that the parents lied about their son's death.Jones sought to distance himself from the conspiracy theories during his testimony, apologizing to the parents and acknowledging that Sandy Hook was "100% real."Kyle Farrar, an attorney for the parents, urged jurors during closing arguments on Wednesday to hold Jones accountable for profiting off their son's death.Jones' attorney, Federico Andino Reynal, told jurors on Wednesday that Infowars had reported "irresponsibly" on Sandy Hook but said his client was not liable for the actions of his viewers.Jones' company, Free Speech Systems LLC, declared bankruptcy last week. Jones said during a Monday broadcast that the filing will help the company stay on the air while it appeals.The bankruptcy declaration paused a similar defamation suit by Sandy Hook parents in Connecticut where, as in Texas, he has already been found liable.Register now for FREE unlimited access to Reuters.comReporting by Jack Queen; Editing by Howard GollerOur Standards: The Thomson Reuters Trust Principles.

Jury in Alex Jones defamation case to begin deliberations on punitive damages.

Over $2 billion has been stolen from cross-chain bridges so far this year, according to crypto analysis firm ChainalysisJakub Porzycki | Nurphoto via Getty ImagesCrypto company Nomad said it's offering hackers a bounty of up to 10% to retrieve user funds after losing nearly $200 million in a devastating security exploit.Nomad pleaded with the thieves to return any funds to its crypto wallet. In a statement late Thursday, the company said it has so far recouped more than $20 million of the haul."The bounty is for those who come forward now, and for those who have already returned funds," Nomad said.Nomad said it won't take legal action against any hackers who return 90% of the assets they took, as it will consider these individuals to be "white hat" hackers. White hats are like the "ethical hackers" in the cybersecurity world. They cooperate with organizations to alert them to issues in their software.It comes after a vulnerability in Nomad's code allowed hackers to make off with around $190 million worth of tokens. Users were able to enter any value into the system and then withdraw the funds, even if there weren't enough assets available on deposit.The nature of the bug meant users didn't need any programming skills to exploit it. Once others caught on to what was going on, they piled in and carried out the same attack.Nomad said it is working with blockchain analysis firm TRM Labs and law enforcement to trace the stolen funds and identify the perpetrators behind the attack. It is also working with Anchorage Digital, a licensed U.S. bank focused on the safekeeping of cryptocurrencies, to store any funds that get returned.The weakest linkNomad is what's called a crypto "bridge," a tool that links different blockchain networks together. Bridges are a simple way for users to transfer tokens from one blockchain to another — say, from ethereum to solana.What happens is users deposit some tokens, and the bridge then generates an equivalent amount in "wrapped" form on the other end. Wrapped tokens represent a claim on the original, which users can trade on platforms other than the one they were built on.Given the sheer quantity of assets locked inside bridges — plus bugs making them vulnerable to attacks — they're known to be an appealing target for hackers."Currently those bridges accumulate a lot of money," Adrian Hetman, tech lead at crypto security firm Immunefi, told CNBC."When there is a lot of money in certain places hackers are prone to find vulnerability there and steal that money."The Nomad attack was the eighth-largest crypto hack of all time, according to blockchain analysis firm Elliptic. There were more than 40 hackers involved, one of whom gained just under $42 million, Elliptic said.The exploit brings the total amount stolen from cross-chain bridges this year to over $2 billion, according to crypto security firm Chainalysis. Out of 13 separate hacks, the largest was a $615 million attack on Ronin, a network linked to the controversial crypto game Axie Infinity.In a separate hack Tuesday, around $5.2 million in digital coins was stolen from nearly 8,000 wallets connected to the solana blockchain.

Hacked crypto startup Nomad offers a 10% bounty for return of funds after $190 million attack.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 4, 2022. REUTERS/StaffRegister now for FREE unlimited access to Reuters.comSummaryCompaniesAllianz slides as Q2 net profit misses estimatesDeutsche Post tops STOXX 600 on Q2 beatSTOXX down 0.1%, FTSE 100 down 0.2%Energy stocks down 1% as crude prices weighAug 5 (Reuters) - European shares edged lower on Friday as crude prices continued to weigh on energy stocks, with all eyes on U.S. jobs data expected later in the day.The pan-European index STOXX 600 (.STOXX) was down 0.1% amid worries that the U.S. Federal Reserve's aggressive pace of rate hikes would slow economic growth in the world's largest economy. read more The oil and gas sector (.SXEP) fell 1% as crude prices languished near their lowest since the start of the conflict in Ukraine, with markets juggling concerns of supply shortage and slower demand.Register now for FREE unlimited access to Reuters.comCompany results were mixed on Friday, with Deutsche Post (DPWGn.DE) up 6.4% on posting double-digit growth in revenue and earnings. read more London Stock Exchange Group (LSEG.L) gained 2.6% on saying costs and savings targets for integrating its $27 billion acquisition of data company Refinitiv remain unchanged and it was launching a 750 million pound ($910.65 million) share buy-back. read more German insurer Allianz fell 2.1% on reporting a worse-than-expected 23% fall in second-quarter net profit. read more "It is quite understandable that investors, especially institutional, are rethinking their portfolios and fundamentals are likely to drive investment decisions over the near-to-medium term," Kunal Sawhney, chief executive officer at Kalkine Group, said.Credit Suisse (CSGN.S) fell 1.1% in early trading after Fitch Ratings downgraded the bank and a local media report said it was among the lenders at big risk from Mexican finance company Credito Real's bankruptcy. read more The embattled Swiss bank's shares are down 41% so far this year, compared with a 15.5% decline in the European banking index (.SX7E).Miners (.SXPP) rose 0.6% as copper and most other base metals continued to find support from a weaker U.S. dollar.Register now for FREE unlimited access to Reuters.comReporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

European shares fall as energy stocks weigh; focus on U.S. jobs data.

An image of Elon Musk is seen on smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - The banks that agreed to finance Elon Musk's $44 billion acquisition of Twitter Inc (TWTR.N) have a financial incentive to help the world's richest person walk away but would face long legal odds, according to people close to the deal and corporate law experts.Twitter has sued Musk to force him to complete the transaction, dismissing his claim that the San Francisco-based company misled him about the number of spam accounts on its social media platform as buyer's remorse in the wake of a plunge in technology stocks. read more The Delaware Court of Chancery, where the dispute between the two sides is being litigated, has set a high bar for acquirers being allowed to abandon their deals, and most legal experts have said the arguments in the case favor Twitter. read more Register now for FREE unlimited access to Reuters.comYet there is one scenario in which Musk would be allowed to abandon the acquisition by paying Twitter only a $1 billion break-up fee, according to the terms of their contract. His $13 billon bank financing for the deal would have to collapse.Refusing to fund the deal would weigh on the banks' reputation in the market for mergers and acquisitions as reliable sources of debt. However, the banks would have at least two reasons to help Musk get out of the acquisition, three sources close to the deal said.The banks stand to earn lucrative fees from Musk's business ventures such as electric car maker Tesla Inc (TSLA.O) and space rocket company Space, provided they continue to curry favor with him. read more They also face the prospect of hundreds of millions of dollars in losses if Musk is forced to complete the deal, the sources said. This is because, as with every big acquisition, the banks would have to sell the debt to get it off their books.They would struggle to attract investors given the downturn in pockets of the debt market since the deal was signed in April, and the fact that Musk would be seen as an unwilling buyer of the company, the sources said. The banks would then face the prospect of selling the debt at a loss.It is unclear whether the banks that agreed to finance the acquisition -- Morgan Stanley , Bank of America Corp , Barclays Plc , Mitsubishi UFJ Financial Group Inc (8306.T), BNP Paribas SA (BNPP.PA), Mizuho Financial Group Inc (8411.T) and Societe Generale SA (SOGN.PA) -- will attempt to get out of the deal.The banks are waiting for the outcome of the legal dispute between Musk and Twitter before making any decisions, according to the sources. The trial is scheduled to start in October.Spokespeople for Morgan Stanley, Bank of America, Barclays, Mitsubishi and Mizuho declined to comment, while BNP Paribas and Societe Generale did not immediately respond to requests for comment.There is a catch to the banks serving as Musk's escape hatch. He would have to show in court that the banks refused to deliver on their debt commitments despite his best efforts, according to the terms of his deal contact with Twitter.This would be challenging to prove given Musk's public statements against the deal as well as private communications between Musk and the banks that Twitter may uncover in its request for information, four corporate lawyers and professors interviewed by Reuters said."Musk would have to convince the judge he is not responsible for the bank financing falling through. That is hard to show, it would require a great degree of deftness from him and the banks," said Columbia Law School professor Eric Talley.Musk and Twitter representatives did not respond to requests for comment.HUNTSMAN PRECEDENTEven if the banks can show they are not acting at Musk's behest, they would find it difficult to get out of the Twitter deal, the legal experts said. They pointed to the case of chemical maker Hunstman Corp (HUN.N), which in 2008 sued the banks that walked away from financing its $6.5 sale to Hexion Specialty Chemicals.Hexion, owned by private equity firm Apollo Global Management Inc (APO.N), abandoned the deal after Huntsman's fortunes deteriorated, but a Delaware judge ruled that the transaction should go ahead. The two banks financing the deal, Credit Suisse Group AG (CSGN.S) and Deutsche Bank AG (DBKGn.DE), then refused to fund it, arguing the combined company would be insolvent.Huntsman sued the banks and, one week into the trial, they settled. The banks agreed to a $620 million cash payment and the provision of a $1.1 billion credit line to Hunstman, which had also secured earlier a $1 billion settlement payment from Apollo.The banks balking at funding Musk's deal would also have to show that Twitter would be insolvent if the acquisition happened, or that terms of their debt commitment were somehow breached, a high bar based on the deal documents that have been made public, the legal experts said."If the banks try to get out of the deal, they will walk into the same fight that Musk has taken on, where Twitter has the better legal arguments," said Eleazer Klein, co-chair of law firm Schulte Roth & Zabel LLP's mergers, acquisitions and securities group.Register now for FREE unlimited access to Reuters.comReporting by Anirban Sen and Greg Roumeliotis in New York Additional reporting by Krystal Hu in Los Angeles; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Analysis: Banks are Twitter-deal escape hatch that Musk would struggle with.

U.S. August 4, 2022 / 10:52 AM / CBS News "Mega-drought" threatens Western water supply Lake Mead's low water level prompts feds to consider declaration of Colorado River water shortage 04:33 Millions of people in the Western U.S. are at risk of seeing reduced access to both water and power as two of the nation's biggest reservoirs continue to dry up inch by inch. The United Nations issued a warning on Tuesday that the water levels in Lake Mead and Lake Powell are at their lowest ever and are getting perilously close to reaching "dead pool status." Such a status means that the water levels are so low that water can't flow downstream to power hydroelectric stations. At Lake Mead, located in Nevada and Arizona, the country's largest artificial body of water, levels have gotten so low that it's essentially become a graveyard – human remains, dried-out fish and a sunken boat dating back to World War II have so far been revealed from underneath the now shallow waters. The walls of the lake are divided by two contrasting colors that reveal the line at which the water once sat.  At maximum capacity, the lake should reach an elevation of 1,220 feet, according to NASA's Earth Observatory. On this day in 2020, Lake Mead sat at 1,084 feet above the mean sea level. Today, it's at 1,040. NASA has said this could be the worst drought in the region in 12 centuries and that water levels must stay above 1,000 feet to continue providing hydropower at normal levels.  This composition shows the difference in water levels at Lake Mead from July 6, 2000 to July 3, 2022.  NASA Earth Observatory Lake Powell, which sits in Utah and Arizona, is the nation's second-largest artificial reservoir and is seeing a similar situation. The last time the lake was full was in 1999, but the water is dozens of feet lower than it was just last year. As of Thursday, it was only a quarter full.  Both lakes provide water and electricity to tens of millions of people across seven states, as well as irrigation water for agriculture. United Nations Environment Programme ecosystems expert Lis Mullin Bernhardt said that the conditions "have been so dry for more than 20 years that we're no longer speaking of a drought." The climate crisis and overconsumption of water are to blame, the U.N. says."We refer to is as 'aridification' – a new very dry normal," they said in a statement. And even if water cuts are introduced to try and ration the supply, it might not be enough.  "Climate change is the heart of the issue," UNEP's North America ecosystems officer Maria Morgado said. "In the long term we need to address the root causes of climate change as well as water demands." Those water demands are only compounded by the climate crisis, the U.N. said, as much of the country faces a brutal circumstance of more frequent and intense droughts and extreme heat. "These conditions are alarming," Bernhardt said, "and particularly in the Lake Powell and Lake Mead region, it is the perfect storm."The U.S. is one of 23 countries that have faced drought emergencies between 2020 and 2022, according to a drought report by the U.N. earlier this year. Water stress is "relatively high" in the nation, as nearly three-quarters of available renewable water supplies get used every year. Along with a public health and infrastructure burden, this also creates a financial one — in 2020, California lost between $10-20 billion from wildfires and droughts. While droughts only make up about 15% of natural disasters, they cause 60% of the extreme weather deaths worldwide. In less than 30 years, scientists predict that more than three-quarters of the world's population will be impacted.  In: Lake Mead Li Cohen Li Cohen is a social media producer and trending reporter for CBS News, focusing on social justice issues. Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Millions at risk of power and water shortages as two of the nation's largest reservoirs on the brink of "dead pool status," U.N. warns.

Register now for FREE unlimited access to Reuters.comSEOUL, Aug 5 (Reuters) - South Korea launched its first lunar orbiter on Friday as it doubles down on its space programmes, aiming to land a probe on the moon by 2030.The Korea Pathfinder Lunar Orbiter, nicknamed Danuri, meaning "enjoy the Moon", was launched on SpaceX's Falcon 9 rocket from Florida's Cape Canaveral U.S. Space Force Station at 8:08 a.m. on Friday (2308 GMT on Thursday), South Korea's science ministry said.The 678 kg (1,495 lb) Danuri separated from the projectile about 40 minutes after launch and began communicating with a ground station around 9:40 a.m.Register now for FREE unlimited access to Reuters.com"Analysis of the received information confirmed ... Danuri was operating normally," Vice Science Minister Oh Tae-seog told a briefing, announcing that the orbiter had established a trajectory towards the moon.It will enter the moon's orbit in December before starting a yearlong observation mission, including searching for a landing site and testing space internet technology, the ministry said.If it succeeds, South Korea will become the world's seventh lunar explorer and the fourth in Asia, behind China, Japan and India.The launch was initially scheduled for Wednesday but was delayed because of a maintenance issue with the SpaceX rocket.South Korea has been accelerating its space programme, with the goal of sending a probe to the moon by 2030. It has also joined the Artemis project aimed at returning to the moon by 2024. read more In July, South Korea held a second test launch of its domestically produced Nuri rocket and reported its first successful launch of a solid-fuel space-launch rocket in March as part of efforts to launch spy satellites. read more Space launches have long been a sensitive issue on the Korean peninsula, where North Korea faces international sanctions over its nuclear-armed ballistic missile programme.In March, North Korea's leader Kim Jong Un called for expanding its space rocket launch site to advance its space ambitions, after South Korea and the United States accused it of testing a new intercontinental ballistic missile under the guise of launching a space vehicle. read more South Korea says its space programme is for peaceful and scientific purposes and any military use of the technology, such as in spy satellites, is for its defence.Register now for FREE unlimited access to Reuters.comReporting by Hyonhee Shin and Soo-hyang Choi; Editing by Robert Birsel and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

South Korea launches first lunar orbiter as space bid gathers pace.

U.S. August 4, 2022 / 11:24 PM / CBS/AP A speeding car ran a red light and plowed into cars Thursday in a fiery crash that killed at least four people, including a baby, just outside of Los Angeles, authorities said.Shortly after 1:30 p.m., a Mercedes-Benz sedan caused a crash involving as many as six cars near a gas station in the unincorporated Windsor Hills, about 10 miles southwest of downtown L.A., according to the California Highway Patrol.Several people were flung from the cars and two vehicles caught fire. Television reports showed the blackened and mangled cars, as well as a child's car seat among the debris covering the street. Video showed the Mercedes careening through an intersection, striking at least two cars that caught fire and wound up against the gas station's corner sign. One car also was torn in half.Three adults, including one who was pregnant, and a baby, were killed, California Highway Patrol Officer Alicia Kolter said. Security video of a crash in Windsor Hills in Los Angeles County, Calif. Aug. 4, 2022.  (CBS Los Angeles) "I was about to pump gas, and all of a sudden, I hear all the noises from all the collision, and then the fire, explosion, and I saw things, metals, and things flying in the air," witness Veronica Esquivel told CBS Los Angeles. "So, I just covered myself behind the pump." Nine people were injured, including six children, authorities said. Among them was the driver of the speeding Mercedes, who was taken to the hospital with serious injuries, CBS Los Angeles reported. Debra Jackson, another witness, described what she experienced to CBS Los Angeles. "All of a sudden, I heard a big explosion, but as I was trying to turn around, the flames just went over everybody," Jackson said. "The flames went over my whole car, and they told me to jump out of my car, because I was trying to open the door to get out of the car to go to the gas pump, and they told me to jump out of the car … so I jumped out of the car, and I just left my car sitting right there." In: Los Angeles Fatal Crash Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

At least 4 killed, 9 hurt in violent wreck near L.A.

Jim Watson | Afp | Getty ImagesSenate Democrats' package of climate change, health-care, drug pricing and tax measures unveiled last week has proponents and opponents debating whether the legislation violates a pledge President Joe Biden has made since his presidential campaign, to not raise taxes on households with incomes below $400,000 a year.The answer isn't quite as simple as it seems. "The fun part about this is, you can get a different answer depending on who you ask," said John Buhl, an analyst at the Tax Policy Center. More from Personal Finance:Embryos can count as dependents on Georgia state tax returnsWould you be included in student loan forgiveness?Remote work is helping fight inflationThe White House has used $400,000 as a rough dividing line for the wealthy relative to middle and lower earners. That income threshold equates to about the top 1% to 2% of American taxpayers. The new bill, the Inflation Reduction Act, doesn't directly raise taxes on households below that line, according to tax experts. In other words, the legislation wouldn't trigger an increase on taxpayers' annual tax returns if their income is below $400,000, experts said. But some aspects of the legislation may have adverse downstream effects — a sort of indirect taxation, experts said. This "indirect" element is where opponents seem to have directed their ire. What's in the Inflation Reduction ActThe legislation — brokered by Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., who'd been a key centrist holdout — would invest about $485 billion toward climate and health-care measures through 2031, according to a Congressional Budget Office analysis issued Wednesday.Broadly, that spending would be in the form of tax breaks and rebates for households that buy electric vehicles and make their homes more energy-efficient, and a three-year extension of the current Affordable Care Act subsidies for health insurance.The bill would also raise an estimated $790 billion via tax measures, reforms for prescription drug prices and a fee on methane emissions, according to the Congressional Budget Office. Taxes account for the bulk — $450 billion — of the revenue.Critics say corporate changes could affect workersSpecifically, the legislation would provide more resources for IRS enforcement of tax cheats and would tweak the "carried interest" rules for taxpayers who earn more than $400,000. Carried-interest rules allow certain private equity and other investors to pay a preferential tax rate on profits. Those elements aren't controversial relative to the tax pledge — they don't raise the annual tax bills middle and low earners owe, experts said. The Inflation Reduction Act would also implement a 15% corporate minimum tax, paid on the income large companies report to shareholders. This is where "indirect" taxes might come into play, experts said. For example, a corporation with a higher tax bill might pass on those additional costs to employees, perhaps in the form of a lower raise, or reduced corporate profits may hurt 401(k) and other investors who own a piece of the company in a mutual fund.The Democrats' approach to tax reform means increasing taxes on low- and middle-income Americans.Sen. Mike CrapoRepublican of IdahoThe current corporate tax rate is 21% but some companies are able to reduce their effective tax rate and therefore pare back their bill.As a result of the policy, those with incomes below $200,000 would pay almost $17 billion in combined additional tax in 2023, according to a Joint Committee on Taxation analysis published July 29. That combined tax burden falls to about $2 billion by 2031, according to the JCT, an independent scorekeeper for Congress.   "The Democrats' approach to tax reform means increasing taxes on low- and middle-income Americans," Sen. Mike Crapo, R-Idaho, ranking member of the Finance Committee, said of the analysis.  Others say financial benefits outweigh indirect costsHowever, the JCT analysis doesn't provide a complete picture, according to experts. That's because it doesn't account for the benefits of consumer tax rebates, health premium subsidies and lower prescription drug costs, according to the Committee for a Responsible Federal Budget. Observers who consider indirect costs should weigh these financial benefits, too, experts argue. "The selective presentation by some of the distributional effects of this bill neglects benefits to middle-class families from reducing deficits, from bringing down prescription drug prices and from more affordable energy," a group of five former Treasury secretaries from both Democratic and Republican administrations wrote Wednesday. The $64 billion of total Affordable Care Act subsidies alone would "be more than enough to counter net tax increases below $400,000 in the JCT study," according to the Committee for a Responsible Federal Budget, which also estimates Americans would save $300 billion on costs and premiums for prescription drugs.The combined policies would offer a net tax cut for Americans by 2027, the group said. Further, setting a minimum corporate tax rate shouldn't be viewed as an "extra" tax, but a "reclaiming of revenue lost to tax avoidance and provisions benefitting the most affluent," argued the former Treasury secretaries. They are Timothy Geithner, Jacob Lew, Henry Paulson Jr., Robert Rubin and Lawrence Summers. There are additional wrinkles to consider, though, according to Buhl of the Tax Policy Center. For example, to what extent do companies pass on their tax bills to workers versus shareholders? Economists differ on this point, Buhl said. And what about companies with a lot of excess cash on hand? Might that cash buffer lead a company not to levy an indirect tax on its workers? "You could end up going down these rabbit holes forever," Buhl said. "It's just one of the fun parts of tax pledges," he added.

Does the Inflation Reduction Act violate Biden’s $400,000 tax pledge? Expect 'a different answer depending on who you ask,' says analyst.

The sign of Japan's Government Pension Investment Fund (GPIF) is seen at its reception in Tokyo, Japan, November 16, 2018. REUTERS/Toru HanaiRegister now for FREE unlimited access to Reuters.comTOKYO, Aug 5 (Reuters) - Japan's Government Pension Investment Fund (GPIF) reported on Friday an investment loss of 3.75 trillion yen ($28.13 billion) for April-June, the second consecutive quarter of negative returns, as economic slowdown fears hit global stock markets.The world's largest pension fund lost 1.91% for the three months, trimming its overall assets to 193.126 trillion yen, it said in a statement.The loss widened from 1.1% in the previous quarter, which represented the fund's first quarterly loss in two years.Register now for FREE unlimited access to Reuters.comDuring the April-June period, the Dow Jones Industrial Average (.DJI) dropped 11%, while Japan's Nikkei stock average (.N225) fell 5%.The GPIF's foreign stock portfolio posted a loss of 5.36%, while its Japanese stock portfolio had a loss of 3.68%.Its Japanese bond portfolio posted a loss of 1.31%, while its foreign bond portfolio gained 2.71%.As of end-June, Japanese bonds accounted for 25.65% of its portfolio and foreign bonds accounted for 25.70%. Foreign equities accounted for 24.12% and domestic equities 24.53%.($1 = 133.3000 yen)Register now for FREE unlimited access to Reuters.comReporting by Makiko Yamazaki Editing by Shri Navaratnam and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Japan's GPIF posts $28 billion first-quarter investment loss on market turbulence.

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/IllustrationRegister now for FREE unlimited access to Reuters.comSHANGHAI, Aug 5 (Reuters) - Chinese chipmakers' shares jumped by the most in two years this week as House of Representatives Speaker Nancy Pelosi's visit to Taiwan heightened tensions with the U.S., driving patriotic bets on a sector Beijing sees as key to its rivalry with Washington.The surge in interest in chipmaking stocks, which had lost more than a third of their value over the past year on valuation concerns, came after the U.S. Senate last week passed the "Chips and Science" Act to better compete with China. read more China's semiconductor index (.CSIH30184) rose 6.8% on Friday to a four-month high, bringing the week's gains to 14.2%, the best weekly performance since mid-2020.Register now for FREE unlimited access to Reuters.comAlthough the U.S. Chip Act would further restrict the use of advanced U.S. technologies in China, while prodding more semiconductor investment in the U.S, some investors interpret it as good news for local Chinese players."Domestic chipmakers will have huge opportunities to replace imported products," said Niu Chunbao, director of investment at private fund house Wanji Asset, adding local players could see explosive growth.This view was echoed by Guorong Securities, which said in a note that the U.S. Chip Act will "stimulate the development of China's semiconductor industry".Shares in Shenzhen China Micro Semicon Co Ltd (688380.SS) soared 82% on their first day of trading in Shanghai, in contrast with weaker recent stock market debuts.Chinese chipmaking giant Semiconductor Manufacturing International Corp (SMIC) jumped 7.1% in Hong Kong and 4.4% in Shanghai . The SSE STAR Chip Index (.STARCHIP) surged 8.3%.But Chinese chipmakers are expensive compared with their global peers, at a time when the prospect of a global economic recession threatens chip demand.The global industry, which suffered from supply-chain snags during the height of the COVID-19 pandemic, now faces weak demand as inflation and recession fears reduce orders for chips used in everything from cars to mobile phones.China's sector trades at around 57 times earnings, and remains the priciest sector in China's stock market.Register now for FREE unlimited access to Reuters.comReporting by Jason Xue, Samuel Shen and Brenda Goh; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Tensions with U.S. spur Chinese buying of chipmaking stocks.

U.S. August 5, 2022 / 4:50 AM / CBS/AP Gallup, New Mexico — A person in a large SUV drove through a parade in New Mexico on Thursday, injuring multiple people including two police officers.State Police Lt. Mark Soriano said no one was killed in the incident in the city of Gallup and he couldn't elaborate on the extent of the injuries, the Albuquerque Journal reported. New Mexico State Police said on Twitter that the driver was in custody and they were investigating the incident. "Multiple people, including two Gallup PD officers, injured and are being treated on scene," the tweet said.Video posted on social media showed the vehicle driving into the crowd and people scrambling to get out of the way. Spectators rush to try to avoid SUV (far left) that drove through a parade in Gallup, New Mexico on August 4, 2022. Sean Justice via Storyful The parade was part of celebrations for the Gallup Intertribal Ceremonial, which was founded in 1922 to honor Native American and Indigenous heritage. The president of the Navajo Nation, Jonathan Nez, was there, and said he and members of his party could have been hit if they hadn't reacted quickly, CBS Albuquerque affiliate KRQE-TV reports."We were in the path of the vehicle. Thank God, the folks that were around me, our team members or council delegates. Were not struck by the vehicle," said Nez in statement shortly after the incident. Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

SUV drives into parade in New Mexico, injures several people including two officers.

People stand near a building overlooking the Taiwan Strait, at the 68-nautical-mile scenic spot, one of mainland China's closest points to the island of Taiwan, in Pingtan island, Fujian province, China August 5, 2022. REUTERS/Aly SongRegister now for FREE unlimited access to Reuters.comPINGTAN, China, Aug 5 (Reuters) - Tourists on the beaches of Pingtan island, China's closest point to Taiwan island, were on Thursday treated to an unexpected sight: helicopters in formation and smoke trails from projectiles.The display was part of extensive drills of military hardware in six zones around Taiwan, deployed the day after U.S. House of Representatives Speaker Nancy Pelosi made a solidarity trip to the self-ruled island claimed by Beijing. read more The exercises are expected to last until noon on Sunday and some - to the awe of parasol-holding tourists who rushed to the top of the rocky coastal hills to snap pictures - have been visible from Pingtan, 68 nautical miles (126 km) from Hsinchu on Taiwan island.Register now for FREE unlimited access to Reuters.comOn Friday, a military jet that images suggested was carrying missiles was spotted flying past.Taiwan, which along with the United States and its allies condemned the drills, has been self-ruled since 1949, when Mao Zedong's communists took power in Beijing after defeating Chiang Kai-shek’s Kuomintang (KMT) nationalists in a civil war, prompting the KMT-led government to retreat to the island.On Pingtan island, residents and Chinese tourists defended what China sees as its right to bring Taiwan under its control."Taiwan belongs to China. We don't want any foreign country or foreign force interfering with our domestic problems," said a 15-year-old student from Wuhan, surnamed Huang."Neither side wants to fight. The two governments should negotiate and compromise," he added.At a coffee shop in the Pingtan hills, families took turns under a scorching sun to photograph themselves holding pro-unification banners reading "awaiting return", or "peaceful unification."Beijing says it is entitled to use military means to take Taiwan if necessary.A 27-year-old games designer surnamed You from Fujian province said he believed China should gradually "strengthen" its unification resolve, though not necessarily through "excessive" force."In the end, they are compatriots," You said."The economy or some other method can pressure Taiwan into understanding that they are heading up towards a dead end and can turn back themselves."Chen, a 64-year-old retiree from the eastern city of Nanjing, took a more combative tone."You've invited Pelosi over: what are you trying to do? Do you think she can help you? She can't possibly help you. She can only make things worse," said Chen.Register now for FREE unlimited access to Reuters.comWriting by Marius Zaharia; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

Across the sea from Taiwan, Chinese tourists await island's 'return'.

LONDON — The average cost of a pint of beer in the U.K. has soared by 70% since 2008 — well ahead of inflation — and some Londoners are parting with as much as £8 ($9.70) for 568ml of the amber nectar.According to figures from consultancy firm CGA, the average cost of a pint has risen from £2.30 in 2008 to £3.95 in 2022, though prices vary drastically across locations. Average prices rose by 15 pence between 2021 and 2022, up almost 4%, one of the largest year-on-year increases since 2008.The average price of a pint at one unnamed pub in London hit an eye-watering £8.06 this year, the highest CGA has ever recorded, while the lowest nationally was a £1.79 average at a pub in Lancashire, in the northwest of England.U.K. inflation hit a 40-year high of 9.4% in June and is expected to rise beyond 13% in October, compounding the country's historic cost-of-living crisis and prompting the Bank of England to implement its largest interest rate hike since 1995 on Thursday.Many pubs and hospitality venues are concerned that consumers will increasingly stay at home.Paul Bolton, client director for GB drinks at CGA, told CNBC that a combination of supply chain issues, staffing shortages, soaring energy costs, lingering pandemic-era debts and generally high inflation are increasing suppliers' cost pressures, which then have to be passed onto the consumer.Raw materials and energyFrancois Sonneville, senior beverage analyst at Rabobank, told CNBC that prices are increasing throughout the value chain, starting with barley."The barley price has gone up, and has doubled since 2021. There's two reasons for that: one is that the harvest in North America was really poor, driven by a poor climate, so there was not much inventory to start with – and then, of course, we had the Black Sea region conflict," he told CNBC's Arabile Gumede.A pint of Adnams Ghost Ship Citrus pale Ale. The Suffolk-based brewer says a combination of soaring energy, labor and raw material costs is squeezing businesses and driving up the price of a pint.Geography Photos/UCG/Universal Images Group via Getty ImagesHistorically, when grain prices increased, farmers would compensate by planting more the following year, but broader agricultural inflation is also putting a squeeze on farms, outpacing even the 40-year high of 9.4% headline inflation in the U.K."Where our normal inflation is running at 8, 9%, (agricultural) inflation for our businesses is running somewhere over 22, 23%," explained Richard Hirst, owner of Hirst Farms in Suffolk."That's a function of obviously oil prices, fuel – our tractor diesel has gone up more than three times in price, which is a lot more, relatively, than road fuel has gone up."Hirst said the farm is also facing substantial labor cost increases, with shortages affecting the farming industry nationwide, along with fertilizer costs."Fertilizer costs will have tripled for next year – we're buying fertilizer now three times what it was last year. Our chemical inputs are going up and just the cost of running machinery, whether it's spare parts or actually just the cost of buying machinery itself. All that has gone up an awful lot more than the 9 or 10% of normal inflation."However, barley is not the main cost incurred during the brewing process – in fact, it only contributes around 5% of the price of beer at the tap. The biggest costs, analysts and business leaders told CNBC, come from labor, packaging and energy."I think that if you look at the brewing process itself, it uses a lot of energy – and the energy price has gone up, as we all know, when we stop at the pump – but the most important one is probably packaging," Sonneville said."Packaging makes up about 25 to 30% of the cost price of beer, and glass packaging, glass bottles, use about 25% of their cost in energy, so with gas prices going 10 times higher now than they were two years ago, that has a massive impact on the cost of a brewer."Labor of loveHis comments were echoed by Andy Wood, CEO of Suffolk-based brewery and hospitality business Adnams, who told CNBC that the energy price increases the company is seeing are "absolutely eye-watering.""Brewing beer or distilling spirits involves a lot of boiling water, so that involves lots of energy to get to that state, although we've put quite a number of innovations in over the years to limit the impact of that," he explained.Wood said in the aftermath of Brexit and the pandemic, a tightening of the U.K. labor market is also exerting upward wage pressure, which will likely be exacerbated by the country's escalating cost-of-living crisis."The biggest cost that we have is our payroll because the hospitality part of that business is a people-driven business," he added.What's more, the geopolitical headwinds facing businesses throughout the supply chain are unlikely to abate any time soon."So we've got Russia's invasion of Ukraine, we've got the energy crisis that that's brought on, we've got the food supply crisis, grain, cooking oils, these types of things, and then … we hear in the media that China may be looking longingly at Taiwan, so I think the geopolitical situation is getting no easier, so I think these things are here to stay," he said.The question for businesses, according to both Wood and Sonneville, is how many of these costs they can absorb, how much should be passed onto consumers, and in the midst of a cost of living crisis, how to sustain margins without forcing the consumer to stay at home and jeopardizing volumes.Brewers tend to have long-term contracts and hedges in place to ensure contingency plans for future price rises, meaning not all of their costs are fully reflected at present, and therefore not immediately passed onto consumers."I think if you look at the price of beer that you and I pay, there is a risk that that will go higher, because there is a lagging effect of costs at the brewery because of those long-term contracts," Sonneville said on Monday."The hope that I think is there at brewers is that prices will come down. We have not seen that in gas — we've seen more sanctions there and gas prices have actually risen in the last three days — but we have seen that grain prices have come off a little bit, and the hope is that that will continue."Shifting trendsWood noted that consumer sentiment and behavior had already begun to shift in the face of higher prices at the bar."We're certainly seeing people come out earlier in the evening, having their drinks, having their dinner, and then they're going back home," he said."We're seeing people perhaps having two courses rather than three courses, and perhaps having a glass of wine rather than a bottle of wine, so we are seeing some changes in consumer behavior, there is no doubt about that."This was reflected in CGA's latest consumer analysis, which found that premium products and venues offering particularly unique experiences were increasing their share of the on-trade.CGA's Bolton told CNBC that venues offering darts, ax-throwing or cricket were thriving, while brands seen to be offering premium drinks were faring better in the aftermath of the pandemic, as spending became less about volume and more about the experience."It's really about making sure that the consumer understands that they're going to get a real experience when they do go out, and therefore they are happier to pay that when they do go out, because we do know that consumers have told us that they're going to prioritize eating and drinking out in terms of disposable income over things like holidays, over things like clothing," Bolton said."So we know there is that real appetite to get back out there and spend."

The price of a pint is going through the roof. Here’s why UK beer costs are far outpacing inflation.

Port productivity remains a huge hurdle for the U.S. supply chain as billions of dollars of products are at anchor or landlocked, and a shift to use of East Coast ports over West Coast ports creates new pressures.In the past three months, vessel capacity between the Far East and the U.S. East Coast has risen by 18.9% year on year, according to ocean and air freight research firm Xeneta. While the West Coast continues to have the lead in market share of Far East containers at 59.8%, it is continuing to lose more capacity to the East Coast as logistic managers move away from the West Coast out of fear of a labor strike.In the last three months, container capacity also has dropped on the West Coast, by 1.7%. This has an impact on trucking and rail companies that serve the West Coast because there is less container volume to move. Rail company BNSF, owned by Berkshire Hathaway, and Union Pacific, specifically serve the West Coast ports. On the flip side, it is a boom in rail and truck service on the East Coast with the increase in volume. Norfolk Southern and CSX are the rail companies that serve the East coast ports. Unlike rail, trucking companies have the ability to serve both coasts.A truck picks up a shipping container at the Port of Savannah in Georgia.Paul Hennessy | LightRocket | Getty Images"As more vessels and cargo heads east, there's been an 11.9% increase in volumes so far this year, with a 7.3% year-on-year increase in May alone," said Peter Sand, chief shipping for Xeneta. "This pressurizes capacity, and there's a price to pay in terms of reliability. So, in a way, the East Coast becomes a victim of its own success and the West has the breathing space to recover somewhat."The lack of breathing space, and delay in container delivery, can be tracked through a vessel's total transit time — the time it takes a vessel to travel from its port of origin to its docking at the destination port.Time is money, and a vessel or container at rest takes both out of the supply chain for faster use. It is also one of the drivers of rising container prices.According to Project44, the average transit time from China to the West Coast pre-pandemic was under 20 days to 25 days on the West Coast; and 38 days on the East Coast."For the West Coast, travel time now has dropped back down to 24 days," said Josh Brazil, vice president of supply chain insights for Project44. "So we're in a good spot right now on the West Coast, but again, switching to the East Coast, those transit times have risen. The increased transit time tells us there are more delays at the port because of congestion. Unfortunately, with more vessels calling the East Coast in the coming months, we expect bottlenecks to continue."The CNBC Supply Chain Heat Map has been tracking the increased flow of trade away from the West Coast to the East Coast and the congestion it is creating.Waiting times in Savannah have increased for 10 consecutive weeks, according to Alex Charvalias, supply chain in-transit visibility lead at MarineTraffic. That's up from a single waiting day in May 2022 to over 13 days currently. "With no signs of ease in the following weeks," Charvalias said.Sea-Intelligence is reporting that East Coast congestion has now deteriorated to the point where less than one in five container ships currently arrive on time (18.7%)."The ports in Europe and in China are larger and automated so they are able to deal with disruptions better," said Brazil. "Those ports have driverless, chassis trucks to pick up those boxes, and it really does speed up the process to get vessels unloaded and loaded," he said.In China, a vessel may get processed in less than a day, according to Brazil. In Europe, it may take two days. But in the U.S., for the Port of Los Angeles and other ports, it may take four to six days.Automation is one of the issues in the ongoing contract negotiations between West Coast ports and the labor union for dock workers."So there really is kind of a big difference there in terms of what automation can do. Automation is a contentious subject because there are jobs associated with it. This will be a subject of contention for a long time to come," Brazil said.The CNBC Supply Chain Heat Map data providers are artificial intelligence and predictive analytics company Everstream Analytics; global freight booking platform Freightos, creator of the Freightos Baltic Dry Index; logistics provider OL USA; supply chain intelligence platform FreightWaves; supply chain platform Blume Global; third-party logistics provider Orient Star Group; marine analytics firm MarineTraffic; maritime visibility data company Project44; maritime transport data company MDS Transmodal UK; ocean and air freight rate benchmarking and market analytics platform Xeneta; leading provider of research and analysis Sea-Intelligence ApS; Crane Worldwide Logistics; and air, DHL Global Forwarding; freight logistics provider Seko Logistics; and Planet,  provider of global, daily satellite imagery and geospatial solutions. More from State of FreightThe Port of New York and New Jersey adds fees for ocean carriers as shipping containers pile upPeak shipping season ahead of the holidays is about to begin for a volatile supply chain'There's no port lying idle': Brexit tumult is radically reshaping trade on the island of IrelandWalmart demand is down, but America's warehouses are still filling up on inventoryWhy shipping container prices are still rising even as consumer demand is slipping

As East Coast ports take more share of China trade, expect more bottlenecks for supply chain.

'We should have an objective definition'Officially, the NBER defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months." In fact, the latest quarterly gross domestic product report, which tracks the overall health of the economy, showed a second consecutive contraction this year.Still, if the NBER ultimately declares a recession, it could be months from now, and it will factor in other considerations, as well, such as employment and personal income.What really matters is their paychecks aren't reaching as far.Tomas Philipsonformer acting chair of the White House Council of Economic AdvisersThat puts the country in a gray area, Philipson said."Why do we let an academic group decide?" he said. "We should have an objective definition, not the opinion of an academic committee."Consumers are behaving like we're in a recessionFor now, consumers should be focusing on energy price shocks and overall inflation, Philipson added. "That's impacting everyday Americans."To that end, the Federal Reserve is making aggressive moves to temper surging inflation, but "it will take a while for it to work its way through," he said."Powell is raising the federal funds rate, and he's leaving himself open to raise it again in September," said Diana Furchtgott-Roth, an economics professor at George Washington University and former chief economist at the Labor Department. "He's saying all the right things."However, consumers "are paying more for gas and food so they have to cut back on other spending," Furchtgott-Roth said."Negative news continues to mount up," she added. "We are definitely in a recession."What comes next: 'The path to a soft landing'The direction of the labor market will be key in determining the future state of the economy, both experts said.Decreases in consumption come first, Philipson noted. "If businesses can't sell as much as they used to because consumers aren't buying as much, then they lay off workers."On the upside, "we have twice the number of job openings as unemployed people so employers are not going to be so quick to lay people off," according to Furchtgott-Roth."That's the path to a soft landing," she said.3 ways to prepare your finances for a recessionWhile the impact of record inflation is being felt across the board, every household will experience a pullback to a different degree, depending on their income, savings and job security.  Still, there are a few ways to prepare for a recession that are universal, according to Larry Harris, the Fred V. Keenan Chair in Finance at the University of Southern California Marshall School of Business and a former chief economist of the Securities and Exchange Commission.Here's his advice:Streamline your spending. "If they expect they will be forced to cut back, the sooner they do it, the better off they'll be," Harris said. That may mean cutting a few expenses now that you just want and really don't need, such as the subscription services that you signed up for during the Covid pandemic. If you don't use it, lose it.Avoid variable-rate debts. Most credit cards have a variable annual percentage rate, which means there's a direct connection to the Fed's benchmark, so anyone who carries a balance will see their interest charges jump with each move by the Fed. Homeowners with adjustable-rate mortgages or home equity lines of credit, which are pegged to the prime rate, will also be affected.That makes this a particularly good time to identify the loans you have outstanding and see if refinancing makes sense. "If there's an opportunity to refinance into a fixed rate, do it now before rates rise further," Harris said.Consider stashing extra cash in Series I bonds. These inflation-protected assets, backed by the federal government, are nearly risk-free and pay a 9.62% annual rate through October, the highest yield on record.Although there are purchase limits and you can't tap the money for at least one year, you'll score a much better return than a savings account or a one-year certificate of deposit, which pays less than 2%. (Rates on online savings accounts, money market accounts and certificates of deposit are all poised to go up but it will be a while before those returns compete with inflation.)Subscribe to CNBC on YouTube.

Is the economy in a recession? ‘What you call it is less relevant,’ says one economist: Here’s ‘what really matters'.

A general view shows the entrance of Palais Coburg where closed-door nuclear talks with Iran take place in Vienna, Austria, August 4,2022. REUTERS/Lisa LeutnerRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Iran and the United States held indirect talks in Vienna on Friday in a last ditch effort to reinstate a 2015 nuclear deal, Iranian state media reported.Few expect a breakthrough. Each side has called on the other to compromise, while Tehran's nuclear programme surges forward.Reuters, citing one Iranian and one European official, reported in June that Tehran had dropped its demand for the removal of its Revolutionary Guards from Washington's sanctions list.Register now for FREE unlimited access to Reuters.comOn Thursday, a senior Iranian official told Reuters: "We have our own suggestions that will be discussed in the Vienna talks, such as lifting sanctions on the Guards gradually."White House national security spokesman John Kirby said on Thursday that the negotiations were "pretty much complete at this point."Iran's chief nuclear negotiator Ali Bagheri Kani put the onus on the White House to compromise, saying in a tweet the United States should "show maturity & act responsibly." read more As Iran refuses to hold direct talks with the United States, the EU's Enrique Mora shuttles between Bagheri Kani and the U.S. Special Envoy for Iran, Rob Malley.Talks broke down chiefly because of Tehran's demand that Washington remove the Revolutionary Guards from the U.S. Foreign Terrorist Organization (FTO) list. The U.S. has refused to do so.Tehran also demands that the International Atomic Energy Agency (IAEA) drop its claims about Tehran's nuclear activity, objecting to last year's assertion by the U.N. nuclear watchdog that it had failed to fully explain uranium traces at undeclared sites.Little remains of the 2015 accord between Iran and the United States, Britain, France, Germany, Russia and China, which lifted sanctions against Tehran in exchange for restrictions on its nuclear programme.In 2018 then-President Donald Trump ditched the deal and reimposed harsh sanctions.In response, Tehran breached the deal in several ways including rebuilding stocks of enriched uranium.The EU's top diplomat, Josep Borrell, submitted a compromise proposal in July and called on the parties to accept it to avoid a "dangerous nuclear crisis." Two Iranian officials said Tehran "was not happy" with the draft text.Register now for FREE unlimited access to Reuters.com<a href="mailto:dubai.newsroom@thomsonreuters.com" target="_blank">dubai.newsroom@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles.

Iran and U.S. try to salvage 2015 nuclear deal in Vienna.

Politics August 5, 2022 / 5:37 AM / CBS News Rep. Walorski remembered after being killed in crash Rep. Jackie Walorski remembered after being killed in crash 05:42 The car Indiana Congresswoman Jackie Walorski was riding in when she and three others died was the one that caused a crash when it veered into oncoming traffic, contrary to initial reports that it was the other driver's fault, authorities said.CBS Chicago points out that the Elkhart County Sheriff's Office originally said a maroon Buick LeSabre headed south on State Road 19 crossed the center line and hit the Toyota RAV 4 in which Walorski and two aides were heading north on Wednesday afternoon.But the sheriff's office said Thursday morning that, based on new information, it had determined that its preliminary findings were incorrect. It said additional eyewitness and video evidence confirmed it was the RAV 4 that crossed into oncoming traffic "for reasons that are unknown at this time." All three people in the RAV 4 — Walorski, 58; her district director Zachery Potts, 27; and communications director Emma Thomson, 28 — died as a result of their injuries. The driver and sole occupant of the LeSabre — 56-year-old Edith Schmucker — also died in the crash.Officials said all four were wearing seatbelts and the vehicles' airbags did deploy. The crash remains under investigation. Rep. Jackie Walorski, R-Ind., speaks during a news conference in the Capitol on legislation that would increase the accountability of the Veterans Affairs Department, on April 3, 2014. Photo By Tom Williams/CQ Roll Call Walorski was elected to represent Indiana's 2nd Congressional District, which includes South Bend, in 2012 after serving three terms in the statehouse. She was the top Republican on the House Ethics Committee and served on the Ways and Means Committee as well."She has returned home to be with her Lord and Savior, Jesus Christ," House Minority Leader Kevin McCarthy said in a statement on Walorski's death. "Please keep her family in your thoughts and prayers."Tributes for Walorski quickly poured in from elected officials on both sides of the aisle and from members of Indiana's congressional delegation. Rep. Kevin Brady, the top Republican on the Ways and Means panel, said the congresswoman was "the 'happy Hoosier' who would light up a room with her joy, passion, brilliance and love of life.""There is nothing [Walorski] couldn't do," he tweeted.Rep. Carolyn Maloney, a Democrat from New York, said on Twitter she is "absolutely heartbroken" and "my heart goes out to the families of each of the victims," while fellow Indiana Rep. Jim Banks praised Walorski as a "true public servant — selfless, humble, and compassionate.""From my first day in Congress, Jackie showed me kindness and grace," he said in a statement. "She had a heart of gold, and I will miss her dearly."Former Vice President Mike Pence, who also represented Indiana in the House before serving as the state's governor from 2013 to 2017, said he and his wife are praying for Walorski's family and the families of Potts and Thomson."She served Indiana in the statehouse and the Congress with integrity and principle for nearly two decades and will be deeply missed," he said in a pair of tweets.Indiana Sen. Todd Young tweeted that he is "truly devastated" by Walorski's death and said she "loved Hoosiers and devoted her life to fighting for them. I'll never forget her spirit, her positive attitude, and most importantly her friendship." Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Indiana Congresswoman Jackie Walorski's SUV veered into oncoming traffic before deadly crash.

U.S. House of Representatives Speaker Nancy Pelosi waves with other members of the delegation as they board a plane before leaving Taipei Songshan Airport, in Taipei, Taiwan August 3, 2022, in this screengrab taken from video. Pool | Via ReutersTAIPEI, Taiwan — China said Friday it would halt cooperation with the United States on areas including military relations and climate change while imposing sanctions against House Speaker Nancy Pelosi as Beijing stepped up its retaliation to her Taiwan visit.The new measures were announced as military drills Beijing launched furiously in the wake of her visit earlier this week sent planes, ships and missiles menacingly close to this small island democracy for a second day.The U.S. delegation's unannounced visit to Taiwan has fueled a mounting crisis, raising fears of conflict in the region and stoking tensions between Washington, its allies and Beijing.Beijing said it will cancel military phone calls between area commanders, defense meetings and international criminal cooperation with the U.S., as well as no longer take part in talks on maritime safety and climate change. Earlier China took personal action against Pelosi, announcing sanctions on the speaker and her immediate family in response to what the Chinese foreign ministry called her "egregious provocations."The unspecified sanctions, China's latest retaliation for the brief trip to the self-ruling island it claims as its own territory, came as Pelosi vowed not to let Beijing isolate Taiwan while Washington and its allies urged de-escalation."They may try to keep Taiwan from visiting or participating in other places, but they will not isolate Taiwan by preventing us to travel there," Pelosi said Friday in Japan, the last stop of her Asia tour.China's response had until now largely been directed at the island of over 23 million people that lies just across the Taiwan Strait.Meanwhile, Beijing began a second day of military drills surrounding the island on Friday morning, apparently sending dozens of military vessels and hundreds of aircraft across the median line in the strait that had been an unofficial buffer zone between China and Taiwan for decades.A day earlier it fired ballistic missiles, at least one of which it boasted had flown directly over the island and five of which Japan said had landed in its exclusive economic zone waters.The Taiwanese ministry of defense has neither confirmed nor denied that missiles flew over Taiwan. If true, it would mark the first time Chinese missiles have flown over the self-ruled island.The defense ministry slammed the exercises as "highly provocative.""The Ministry of National Defense pointed out that the Chinese army's military exercises, whether it is launching ballistic missiles or deliberately crossing the strait's median line, are highly provocative acts," the military news agency reported on Friday, adding that the ministry said it was committed to not escalating the situation.Secretary of State Antony Blinken also condemned China's ongoing drills on Friday, calling them a "significant escalation.""China has chosen to overreact and use speaker Pelosi's visit as a pretext to increase provocative military activity in and around the Taiwan strait," Blinken said at a media briefing during a meeting with the Association of Southeast Asian Nations in Cambodia"There is no justification for this extreme, disproportionate and escalatory military response."The drills, which began on Thursday, are expected to last until Sunday.The Chinese Communist Party has never ruled Taiwan, but claims it as its own territory. While Chinese President Xi Jinping sees Taiwan's "reunification" with the mainland as a historic inevitability, recent public opinion polls show the majority of Taiwanese have no desire to become part of China, and instead want to maintain the status quo.China repeatedly warned the U.S. against the visit, which it said "seriously infringes upon China's sovereignty and territorial integrity." The White House says the speaker's visit was consistent with U.S. policy on Taiwan and should not be used to precipitate a crisis.Taiwanese President Tsai Ing-wen on Thursday evening called for China to "act with reason and exercise restraint." "We call on the international community to support democratic Taiwan and put a halt to these unilateral, irrational military exercises," she said according to a statement on her official Facebook page.Taiwan's neighbors and U.S. allies in the region have expressed growing concerns about China's display of aggression.Japan on Friday called on China to immediately stop its drills. "China's actions this time around have a serious impact on the peace and stability of our region and the international community," Prime Minister Fumio Kishida said.In response to questions about Chinese missiles entering Japan's Exclusive Economic Zone, spokesperson for the Chinese ministry of foreign affairs Hua Chunying defended China's drills, saying they were "in line with international law and international practice.""As for the 'exclusive economic zone' you mentioned, you should know, and the Japanese side should also know that China and Japan have not yet demarcated the relevant waters, so there is no such thing as 'Japan's exclusive economic zone'," she said at a regular press briefing.

China halts military, climate ties with U.S. and sanctions Pelosi in fury over Taiwan visit.

People walk outside the Colosseum, in Rome, Italy, June 4, 2021. REUTERS/Yara NardiRegister now for FREE unlimited access to Reuters.comMILAN, Aug 5 (Reuters) - The far-right Brothers of Italy party, leading in polls ahead of next month's election, will not jeopardise Italy's access to a European Union-funded investment programme, one of the party's founders was quoted as saying on Friday.Prime Minister Mario Draghi's resignation last month has paved the way to early elections on Sept. 25, with surveys suggesting the conservative alliance led by Brothers of Italy is on course to win a parliamentary majority."I don't think any centre-right party would think of giving up investing an amount worth 2% of yearly GDP for five years," Guido Crosetto told daily la Repubblica in an interview, adding he was expressing his personal view and not speaking as a party representative.Register now for FREE unlimited access to Reuters.comThe party, which is headed by Giorgia Meloni, does not hold "euro sceptical" views, he added, putting its abstentions when voting on the national Recovery and Resilience Plan (PNRR) down to "excessive fussiness" over the various targets.A centre-right source told Reuters the electoral manifesto of the conservative alliance, which still needs to be finalised, includes a commitment to make efficient use of the funds Italy will receive from the European Union.Rome is entitled to over 200 billion euros ($205 billion) in cheap loans and grants from the fund set up to help the bloc's 27 countries recover from the COVID-19 pandemic.Draghi's government has so far secured almost 67 billion euros of EU funds, but Rome now needs to meet 55 new targets in the second half of 2022 to tap a further 19 billion euros this year.Among other measures, the conservative parties would also propose a VAT exemption for goods deemed essential and a further cut to the "tax wedge", the difference between the salary an employer pays and what a worker takes home.The manifesto should include a clear commitment to stick to the NATO alliance and keep supporting Ukraine.Brothers of Italy has always endorsed the decision to ship weapons to Kyiv, while its League and Forza Italia allies have been much more ambivalent, reflecting their historically close ties with Russian President Vladimir Putin. read more Asked if the party was able to provide the necessary political leaders to run the country, Crosetto said that while there were capable officials within the party, it could also enlist "capable technocrats" from outside the party.($1 = 0.9773 euros)Register now for FREE unlimited access to Reuters.comReporting by Federico Maccioni in Milan and Angelo Amante in Rome; Editing by Toby Chopra and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Meloni's party won't jeopardise Italy recovery plan funds, founder says.

Check out the companies making headlines before the bell:Expedia (EXPE) – The travel website operator's stock jumped 5.4% in the premarket after Expedia beat top and bottom line estimates in its latest quarterly report. Travel demand was strong, with lodging revenue up 57% from a year ago and airline ticket revenue up 22%.Block (SQ) – Shares of the payment service company slid 6.4% in premarket trading even though it reported better-than-expected quarterly results. The drop comes as Block reports a 34% drop in revenue at its Cash App unit.Lyft (LYFT) – The ride-hailing service's stock rallied 7.5% in premarket action after it reported an unexpected quarterly profit and saw ridership rise to the highest levels since before the pandemic. Lyft said its results were also helped by cost controls.DoorDash (DASH) – DoorDash surged 10.3% in the premarket after the food delivery service raised its forecast for gross order value, a key metric. DoorDash did report a wider-than-expected quarterly loss, but revenue was above Wall Street forecasts.DraftKings (DKNG) – The sports betting company reported better-than expected-revenue and adjusted earnings for its latest quarter, and it also raised its full-year revenue forecast. DraftKings shares rallied 8.2% in premarket action.AMC Entertainment (AMC) – The movie theater operator's stock fell 9% in the premarket after it said it would issue a stock dividend to all common stock shareholders in the form of preferred shares. Separately, AMC reported a slightly wider-than-expected quarterly loss.Warner Brothers Discovery (WBD) – The media company's stock slumped 11.6% in premarket trading after it reported a quarterly loss and revenue that came in below Wall Street forecasts.Beyond Meat (BYND) – The maker of plant-based meat alternatives reported a wider-than-expected quarterly loss and revenue that missed analyst estimates. Beyond Meat also announced it would lay off 4% of its global workforce. The stock fell 3.6% in premarket action.Carvana (CVNA) – Carvana shares jumped 8.4% in premarket trading after the online used vehicle seller said it was "aggressively" cutting costs as it prepares for a possible economic downturn.Virgin Galactic (SPCE) – Virgin Galactic tumbled 14.2% in the premarket after announcing a delay in the commercial launch of space flights to the second quarter of 2023. Virgin Galactic also said that it would sell up to $300 million in shares to boost its cash reserves.

Stocks making the biggest moves premarket: Expedia, Block, Lyft and more.

US' Women's National Basketball Association (NBA) basketball player Brittney Griner, who was detained at Moscow's Sheremetyevo airport and later charged with illegal possession of cannabis, stands inside a defendants' cage before a court hearing in Khimki outside Moscow, on August 4, 2022. -Kirill Kudryavtsev | AFP | Getty ImagesMoscow said it was ready to begin talks with the U.S. about a prisoner swap following the sentencing of basketball star Brittney Griner to nine years in jail on drugs charges.Foreign Minister Sergei Lavrov said President Vladimir Putin and his U.S. counterpart Joe Biden had previously agreed on a diplomatic channel for discussions.It comes as Lavrov and U.S. Secretary of State Antony Blinken both attend the Association of Southeast Asian Nations in Phnom Penh, Cambodia, where they refused to speak to one another.Meantime, Putin and Turkish counterpart Tayyip Erdogan are scheduled to meet later today in the Black Sea resort of Sochi.Elsewhere, three more shipments of grain left Ukrainian ports in the latest phase of an internationally brokered deal aimed at relieving a global food crisis. A Turkish bulk carrier was expected to arrive in the Ukrainian Black Sea port of Chornomorsk, the first to reach the country's harbor since Russia's invasion.Russia expels 14 Bulgarian diplomatsRussian government IL-96 plane departs Sofia Airport, Bulgaria, on July 03, 2022.Nurphoto | Nurphoto | Getty ImagesRussia declared 14 Bulgarian diplomats as persona non grata, the country's foreign ministry said.Earlier this summer, Bulgaria expelled 70 Russian diplomats over espionage concerns and capped the size of Moscow's representation as relations fractured between the previously close allies. In a statement, Russia's foreign ministry said the move by Bulgaria was evidence of the "further degradation of the collective West, which is ready to sacrifice the interests of partners in order to harm Russia".— Karen GilchristWar can't be ended by ignoring Russia, says Erdogan aideA senior aide to Turkey's President Tayyip Erdogan said the war in Ukraine will not end if Moscow is ignored, in an apparently pointed attack on other NATO members. Communications director Fahrettin Altun praised Turkey's role in brokering a deal to export grain from Ukraine and said that other countries should step up their diplomatic response. "The truth is that some of our friends do not want the war to end. They are shedding crocodile tears," Altun told Reuters, adding that some were actively trying to undermine Turkey's efforts without specifying who."The international community cannot end the war in Ukraine by ignoring Russia. Diplomacy and peace must prevail," he added. The comments come as Erdogan headed to Sochi, Russia to meet his counterpart President Vladimir Putin.— Karen GilchristZelenskyy fires back after Amnesty accuses Ukraine of endangering civiliansUkrainian President Volodymyr Zelensky delivers a statement during a joint press conference with Lithuanian President Gitanas Nauseda, following their meeting in Kyiv on July 28, 2022.Sergei Supinsky | AFP | Getty ImagesPresident Volodymyr Zelenskyy denounced allegations by Amnesty International that Ukraine is endangering civilians by basing troops in residential areas. The human rights group said in a report Thursday that it had "documented a pattern of Ukrainian forces putting civilians at risk and violating the laws of war when they operate in populated areas."Zelenskyy refuted the claims, saying that Amnesty was "trying to shift the responsibility from the aggressor to the victim".— Karen GilchristRussian-backed separatists claim to have taken east Ukraine's Pisky villagePisky, a village on the outskirts of Donetsk in eastern Ukraine, has been seized by pro-Russian forces, according to Russian state news agency Tass.Gaelle Girbes | Getty Images News | Getty ImagesRussian and pro-Russian forces said they have seized full control of Pisky, a village on the outskirts of Donetsk in eastern Ukraine, according to Russian state news agency Tass.They added that fighting was taking place in the city of Bakhmut, north of Donetsk.The Ukrainian military said Thursday that Russian forces had mounted at least two assaults on Pisky but until then had been repelled.— Karen GilchristRussia says it is ready to discuss prisoner swap with the U.S.US' Women's National Basketball Association (NBA) basketball player Brittney Griner, who was detained at Moscow's Sheremetyevo airport and later charged with illegal possession of cannabis, waits for the verdict inside a defendants' cage before a court hearing in Khimki outside Moscow, on August 4, 2022.Evgenia Novozhenina | AFP | Getty ImagesMoscow said it was ready to begin talks with the U.S. about a prisoner swap following the sentencing of basketball star Brittney Griner.A Russian court found WNBA Griner guilty of drug charges and sentenced her to nine years in prison Thursday. Foreign Minister Sergei Lavrov said President Vladimir Putin and his U.S. counterpart Joe Biden had previously agreed on a diplomatic channel that should be used to discuss such matters."We are ready to discuss this topic, but within the framework of the channel that was agreed upon by presidents Putin and Biden," Lavrov said during a visit to Cambodia.The Kremlin had previously warned the U.S. against turning to "megaphone diplomacy" in the case of Griner. — Karen GilchristBlinken and Lavrov won't be speaking at ASEAN meetings in CambodiaUS Secretary of State Anthony Blinken looks on at the East Asia Summit Foreign Ministers meeting during the 55th ASEAN Foreign Ministers' Meeting in Phnom Penh on August 5, 2022.Tang Chhin Sothy | Afp | Getty ImagesU.S. Secretary of State Antony Blinken has no plans to speak with Russia's Foreign Minister Sergei Lavrov in Phnom Penh, Cambodia where the two men are attending the Association of Southeast Asian Nations for foreign ministers, a State Department official told reporters.The two men did not make any eye contact despite sitting near each other at the East Asia Summit Foreign Ministers' meeting, pool notes showed.According to the U.S. official, Russia has not provided a "serious response" on the Biden administration's proposal to the Russian government for the release of Griner and ex-Marine Paul Whelan.Three ships carrying grain leave Ukrainian portsThree more ships carrying grain departed Ukrainian ports on Aug 5 as part of an internationally brokered pact.Oleksandr Gimanov | Afp | Getty ImagesThree more ships carrying Ukrainian grain exports left the country's Black Sea ports, the United Nations' coordination committee confirmed.The vessels, carrying a combined 58,041 tons of corn, departed for the U.K., Ireland and Turkey.The shipments form part of an internationally brokered deal to unblock Ukraine's agricultural exports and ease a growing global food crisis. It follows the first grain shipment on Monday.Meantime, a Turkish bulk carrier was expected to arrive in the Ukrainian Black Sea port of Chornomorsk, the first to reach the country's harbor since Russia's invasion.Kyiv has called for the pact to be extended to other goods such as metals.— Karen GilchristRead CNBC’s previous live coverage here:

Russia says it's ready to discuss prisoner swap; three ships carrying grain leave Ukrainian ports.

World Updated on: August 5, 2022 / 7:55 AM / CBS/AP China conducts military exercises near Taiwan Tensions high as China conducts military exercises near Taiwan 04:44 China says it is canceling or suspending dialogue with the U.S. on issues from climate change to military relations and anti-drug efforts in retaliation for a visit this week to Taiwan by U.S. House Speaker Nancy Pelosi. Beijing also imposed sanctions on her.The measures announced Friday are the latest in a promised series of steps intended to punish Washington for allowing the visit to the island it claims as its own territory to be annexed by force if necessary. China opposes the self-governing island having its own engagements with foreign governments.For a second straight day, China dispatched warplanes and naval ships into the Taiwan Strait as part of its biggest live-fire military drills against Taiwan ever, CBS News' Ramy Inocencio reports. China will "suspend the China-US climate change talks," and cancel two security meetings and a call between military leaders because of Pelosi's "disregard of China's strong opposition and stern representations," the Chinese foreign ministry said Friday, according to Agence France-Presse.The official Xinhua News Agency said Friday that fighters, bombers, destroyers and frigates were all used in what it called "joint blockage operations" in six zones off the coast of Taiwan. On Thursday, state media said China's People's Liberation Army had deployed more than 100 warplanes, 10 warships and one nuclear-powered submarine.  Before the sanctions against Pelosi being announced, she told reporters in Japan that the Chinese government would not dictate who could travel to the island."They may try to keep Taiwan from visiting or participating in other places. But they will not isolate Taiwan by preventing us to travel there," Pelosi said.She later added, "We will not allow them to isolate Taiwan. They are not doing our travel schedule. The Chinese government is not doing that."  Following China's actions overnight, The White House summoned Chinese Ambassador Qin Gang to make it clear "that Beijing's actions are of concern to Taiwan, to us, and to our partners around the world," National Security Council strategic communications coordinator John Kirby said in a statement Friday.   "We condemned the PRC's military actions, which are irresponsible, at odds with our long-standing goal of maintaining peace and stability and across the Taiwan Strait," Kirby said. He added that the White House made it clear that "nothing has changed about our one China policy," and that the U.S. "is prepared for what Beijing chooses to do. We will not seek and do not want a crisis.""At the same time, we will not be deterred from operating in the seas and skies of the Western Pacific, consistent with international law, as we have for decades – supporting Taiwan and defending a free and open Indo-Pacific," Kirby added.Pelosi is the highest-ranking sitting U.S. politician to visit Taiwan in 25 years, since Republican House Speaker Newt Gingrich visited in 1997, Inocencio reports.This week's military drills are seen by experts as a trial-run of a potential future invasion of Taiwan, with China encircling the island with precision-guided missiles in six areas around the coast, Inocencio says.Xinhua said Friday that fighters, bombers, destroyers and frigates were all used in what it called "joint blockage operations" in the six zones. The military's Eastern Theater Command also fired new versions of missiles it said hit unidentified targets in the Taiwan Strait "with precision." Those included projectiles fired over Taiwan into the Pacific, military officers told state media, in a major ratcheting up of China's threats to annex the island. A look at the ramifications of Pelosi's visit to Taiwan 06:02 On the sidelines of a meeting with the Association of Southeast Asian Nations in Cambodia on Friday, U.S. Secretary of State Antony Blinken told reporters that China's military exercises aimed at Taiwan, including missiles fired into Japan's exclusive economic zone, represent a "significant escalation" and that he has urged Beijing to back down. Blinken said Pelosi's visit was peaceful and did not represent a change in American policy - a "one-China" position of recognizing the government in Beijing, while allowing for informal relations and defense ties with Taipei - accusing China of using the visit as a "pretext to increase provocative military activity in and around the Taiwan Strait." He said the situation had led to a "vigorous communication" during East Asia Summit meetings in Phnom Penh in which both he and Chinese Foreign Minister Wang Yi took part along with the ASEAN nations, Russia and others. "I reiterated the points that we made publicly as well as directly to Chinese counterparts in recent days, again, about the fact that they should not use the visit as a pretext for war, escalation, for provocative actions, that there is no possible justification for what they've done and urge them to cease these actions," he said. Blinken did not sit down one-on-one with Wang but said he had spoken with the Chinese foreign minister already about the possibility of a Pelosi visit to Taiwan before it had taken place during meetings in Bali, and had made the U.S. position clear. Pelosi received a euphoric welcome as the first U.S. House speaker, and highest ranking U.S. official, to visit Taiwan in more than 25 years. Despite the aggressive Chinese reaction to the visit, Blinken said the U.S. would also not change its "commitment to the security of our allies in the region," and that the Defense Department had ordered the U.S.S. Ronald Reagan aircraft carrier group "to remain on station in the general area to monitor the situation." "We will fly, sail and operate wherever international law allows," he said. "We'll continue to conduct standard air and maritime transits through the Taiwan Strait, consistent with our long-standing approach to working with allies and partners to uphold freedom of navigation and overflight." Sara Cook contributed to this report. In: Taiwan Antony Blinken Fumio Kishida United States Congress War Nancy Pelosi civil rights China Asia United States House of Representatives Japan United States Navy Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

China halts military, climate talks with U.S. after Pelosi's visit to Taiwan.

Britain's Conservative Party leadership candidate Liz Truss attends a hustings event, part of the Conservative party leadership campaign, in Cardiff, Britain, August 3, 2022. REUTERS/Peter NichollsRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - Liz Truss, the front-runner to be Britain's next prime minister, said on Friday that she would reform the economy and keep taxes low as she acknowledged a "tough winter" awaited the country."The most important thing is getting the economy going so we avoid a recession. And the business-as-usual policies aren't working. We need to do more and that's why I'm determined to reform the economy and keep taxes low," Truss told reporters.Foreign Minister Truss is up against former finance minister Rishi Sunak to win the votes of 200,000 members of the Conservative Party who will by Sept. 5 choose a replacement for Boris Johnson, forced to resign after a series of scandals.Truss was speaking as she tried to woo city executives at a meeting in London's financial district by promising to reform banking legislation inherited from the European Union. read more "I'm here in the city today talking about how we can change our rules on investment, Solvency II, which is an old EU rule - replace that - so we can turbocharge investment across the country," she said.Register now for FREE unlimited access to Reuters.comReporting by William James, writing by Muvija M, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

UK PM hopeful Liz Truss vows to reform economy, keep taxes low.

Combat engineers of pro-Russian troops take part in an operation to demine anti-personnel landmines in the course of Ukraine-Russia conflict in Donetsk, Ukraine July 31, 2022. REUTERS/Alexander ErmochenkoRegister now for FREE unlimited access to Reuters.comANKARA, Aug 5 (Reuters) - A top aide to Turkey's president said on Friday the international community cannot end the war in Ukraine by ignoring Moscow, as Tayyip Erdogan headed to Russia to meet his counterpart Vladimir Putin.The meeting, less than three weeks since they held talks in Tehran, comes after Turkey helped broker a deal to resume Ukraine's Black Sea grain exports which were blocked by Russia's invasion. read more Turkish presidential communications director Fahrettin Altun said the agreement attested to the success of NATO member Turkey's efforts and the direct diplomacy between the two leaders, while criticising the role played by other countries.Register now for FREE unlimited access to Reuters.com"The truth is that some of our friends do not want the war to end. They are shedding crocodile tears," Altun told Reuters, saying some were actively trying to undermine Turkey's efforts without specifying who."The international community cannot end the war in Ukraine by ignoring Russia. Diplomacy and peace must prevail," he said.Erdogan was scheduled to meet Putin on Friday afternoon before a meeting between delegations of the two countries.Turkey has relatively good relations with both Ukraine and Russia. But while it has criticised the invasion and provided Ukraine with arms, it has broken with Western allies by not imposing sanctions on Russia."We are looking to harness Turkey's relationships with Russia and Ukraine to work toward a mutually acceptable solution," Altun saidWhile there is close cooperation with Russia on energy supplies, there has also been military competition between them in Syria, Libya and Azerbaijan.Friday's talks between Erdogan and Putin were also likely to deal with Turkey's threat to launch new military operations in Syria to extend 30-km (20-mile) deep "safe zones" on the border.Register now for FREE unlimited access to Reuters.comReporting by Orhan Coskun; Writing by Daren Butler; Editing by Dominic EvansOur Standards: The Thomson Reuters Trust Principles.

War in Ukraine can't be ended by ignoring Russia, Erdogan aide says.

monkeybusinessimages | iStock | Getty ImagesIt's no secret that companies are reducing their real estate footprint. Even companies still committed to in-office work, but embracing a hybrid model, require less square footage and more use of shared office space.Now as the economy cools, and at least flirts with entering a recession, real estate is going to be a focus of budget cuts for corporations.That's according to a new survey of more than 200 CFOs and finance executives conducted by Gartner in July and released on Wednesday, which revealed that "real estate/facilities management" was the corporate function most likely to face budget cuts."Given that 72% of CFOs want to trim their organization's real estate footprint by the end of 2022 it's to be expected that facilities management is looking at budget reductions," said Marko Horvat, vice president, research in the Gartner Finance practice, in a release on the survey.Many companies have already been redirecting real estate budgets to reflect the new work paradigm. Take West Coast finance start-up Brex, which now has roughly 45% of employees fully remote. The company has four office hubs, but after learning only 10% of workers would come into an office if it was made optional, Brex was able to repurpose real estate dollars."It turns out to be a much better experience for us because that real estate cost was very high, and those markets are very expensive," Neal Narayani, chief people officer at fintech company Brex, recently told CNBC.Narayani said roughly a third of the cost of the company's previous real estate strategy has been put into the company's new off-site strategy, with other portions of that being used to pay for the four office spaces and other co-working spaces. Real estate budget was also put towards travel, talent development, diversity and inclusion efforts, "and towards anything else that makes the employee experience better," he said.For white-collar workers, the departments with the safest budgets, according to the Gartner survey, are IT and sales.Forty percent of CFOs say they will increase IT budgets in the next 12 months, a finding consistent with previous Gartner survey work and with the overall theme in the C-suite that technology is a "must" investment under any economic condition, including even a recession.Technology is also seen as a deflationary force, making it even more important for investment at a time of high prices. The Gartner survey finds one-quarter of CFOs saying automation will help them fight inflation.Finance, in particular, is a function in which automation is increasingly being used, and according to the Gartner survey, it is the other area most vulnerable to budget cuts. Twenty-two percent of finance leaders say cuts from their own function are a target, second to real estate (35%).How CFOs spend in an inflationary world is a much bigger topic than just where real estate budget is redirected or how companies selectively cut as the economy slows down.A recent research piece from Morgan Stanley argues that cost pressures will lead to accelerated investments in automation and other productivity-enhancing technologies, which it described as "deflation enablers."Labor, supply chain, and energy inflation "make technologies focused on cost reductions and productivity more valuable," the Morgan Stanley report said.This may also have ramifications for investor relations strategy. With the era of cheap money ending, and a higher cost of capital, more companies will focus on capex investments that reduce costs rather than "prioritizing corporate buybacks and other financial engineering activities that are easier to pursue in a world of negative real interest rates," Morgan Stanley's research team wrote.

Where companies say they will cut budgets first in a softer economy.

A view shows the entrance of Palais Coburg where closed-door nuclear talks with Iran take place in Vienna, Austria, August 4,2022. REUTERS/Lisa LeutnerRegister now for FREE unlimited access to Reuters.comBRUSSELS, Aug 5 (Reuters) - The European Commission said that Tehran and Washington should make "one last effort" to salvage a 2015 nuclear deal in talks that resumed in Vienna on Thursday, saying that political decisions are needed to overcome their impasse."The time has come for one last effort," spokesperson Peter Stano told a news briefing on Friday, explaining that the EU - as coordinator of the talks - had proposed a new draft text last month because room for additional manoeuvre had been exhausted."Clear, decisive political decisions need to be taken by the capitals of the countries involved in the JCPOA (Joint Comprehensive Plan of Action)," he said. "So, that's the process that is underway in Vienna. We hope it will lead to results."Register now for FREE unlimited access to Reuters.comReporting by John Chalmers, Editing by Charlotte Van CampenhoutOur Standards: The Thomson Reuters Trust Principles.

'One last effort' needed at talks to salvage nuclear deal, EU says.

Sen. Kyrsten Sinema, D-Ariz., leaves her office to walk to the Senate Chambers in the U.S. Capitol Building on August 2, 2022. Lawmakers worked to come to a deal on sweeping Democratic legislation ahead of the August recess.Anna Moneymaker | Getty Images News | Getty ImagesSen. Kyrsten Sinema signed off on sweeping Democratic legislation Thursday that would provide new spending to mitigate climate change and extend health care access while taxing corporations.The Arizona Democrat's announcement likely unlocks the votes needed to pass the bill in the Senate.Sinema said her support came after Democratic leaders agreed to remove a provision on closing the so-called carried interest tax loophole that enables wealthy hedge fund and investment managers to pay lower taxes."We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate's budget reconciliation legislation," Sinema said in a statement Thursday. "Subject to the Parliamentarian's review, I'll move forward."Her comments on the bill, known as the Inflation Reduction Act, came after a week-long silence that left many Democrats nervous that the enigmatic centrist may not sign off on it. Democrats have no hope of winning any Republican support, meaning all 50 senators in the caucus are needed to pass the measure.Senate Majority Leader Chuck Schumer voiced confidence that Democrats now have unanimous caucus support for the bill."I am pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference," Schumer said in a statement Thursday. "The final version of the Reconciliation bill, to be introduced on Saturday, will reflect this work and put us one step closer to enacting this historic legislation into law."President Joe Biden also hailed the latest development, without mentioning Sinema by name."Tonight, we've taken another critical step toward reducing inflation and the cost of living for America's families," Biden said in a statement. "I look forward to the Senate taking up this legislation and passing it as soon as possible."After Sen. Joe Manchin of West Virginia, a centrist Democrat, signed off on the legislation on July 27, Sinema was viewed as the last hurdle to moving forward on the legislation.A Democrat familiar with the new agreement said it will contain "a new excise tax on stock buybacks that brings in far more revenue than the carried interest provision did." A second Democratic source confirmed the new tax on stock buybacks.It was not immediately clear what other changes Sinema secured to support the legislation. Schumer said Thursday that it keeps "the major components" of the original bill, "including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit by $300 billion."CNBC PoliticsRead more of CNBC's politics coverage:Dick Cheney rips 'coward' Trump in election ad for daughter LizBiden administration declares monkeypox outbreak a public health emergency in the U.S.Trump and White House officials likely to be criminally charged in election probeUN secretary-general urges governments to tax 'immoral' oil and gas profitsTrump still holds sway in GOP as MAGA candidates win in key primary racesKansas abortion rights vote helps Democrats in midterms, Schumer saysEric Schmitt beats former Gov. Eric Greitens in Missouri GOP Senate primary, NBC projectsTrump-backed gubernatorial candidate Tudor Dixon wins Michigan Republican primarySinema had long been opposed to a provision in the deal Manchin cut with Schumer that sought to close the carried interest tax break. A person close to Sinema said Thursday that her needs on the bill "have been met."In her statement, Sinema said she'd work separately "to enact carried interest tax reforms, protecting investments in America's economy and encouraging continued growth while closing the most egregious loopholes that some abuse to avoid paying taxes."But that vow probably won't to amount to much unless Democrats keep their congressional majorities in November or pass another party-line bill this year. Republicans are unlikely to agree to such a tax change under the regular 60-vote process for most Senate legislation, meaning the carried interest tax break is poised to be protected as a result of Sinema's demands.Democrats are aiming to pass the broad legislation ahead of the August recess in an effort to revive elements of Biden's agenda before the midterm elections."We are about to pass monumentally necessary and popular legislation to reduce the cost of prescription drugs, make the tax code more fair by making billion dollar corporations pay at least 15 percent, extend ACA subsidized and attack the climate crisis," Sen. Brian Schatz, D-Hawaii, said on Twitter. "It's happening."

Sen. Kyrsten Sinema signs off on Democrats' big agenda bill, paving the way for Senate passage.

U.S. August 5, 2022 / 6:17 AM / CBS/AP Kevin Spacey appears in U.K. court Kevin Spacey appears in U.K. court on sexual assault charges 00:19 A judge on Thursday ruled that Kevin Spacey and his production companies must pay the makers of "House of Cards" nearly $31 million because of losses brought on by his 2017 firing for the sexual harassment of crew members.The ruling from Los Angeles Superior Court Judge Mel Red Recana gives the force of law to the $30.9 award in favor of MRC and other companies that produced the Netflix series by a private arbitrator who heard the case against Spacey.Recana wrote that Spacey and his attorneys "fail to demonstrate that this is even a close case" and "do not demonstrate that the damages award was so utterly irrational that it amounts to an arbitrary remaking of the parties' contracts." "We are pleased with the court's ruling," MRC attorney Michael Kump said in an email to The Associated Press.Spacey has denied the allegations through his attorneys and his spokesperson, who did not immediately respond to emails seeking comment. The arbitrator found that Spacey violated his contract's demands for professional behavior by "engaging certain conduct in connection with several crew members in each of the five seasons that he starred in and executive produced House of Cards," according to a filing from Kump requesting the approval.As a result, MRC had to fire Spacey, halt production of the show's sixth season, rewrite it to remove Spacey's central character, and shorten it from 13 to eight episodes to meet deadlines, resulting in tens of millions in losses, according to court documents.Spacey's attorneys argued in their own filings that the decision to exclude him from the show's sixth season came before the internal investigation that led the crew members to come forward, and thus was not part of a contract breach. They argued that the actor's actions were not a substantial factor in the show's losses.The ruling from the private arbitrator came after a legal fight of more than three years and an eight-day evidentiary hearing that was kept secret from the public, along with the rest of the dispute, until a panel of three more private arbitrators rejected Spacey's appeal and upheld the decision in November. The 63-year-old Oscar winner's career came to an abrupt halt late in 2017 as the #MeToo movement gained momentum and allegations against him emerged from several places.Spacey was fired or removed from projects, most notably "House of Cards," the Netflix political thriller where for five seasons he played lead character Frank Underwood, a power-hungry congressman who becomes president.Last month, Spacey pleaded not guilty in London to charges of sexually assaulting three men a decade or more ago, when he was director of the Old Vic theater there. His lawyer said he "strenuously denies" the allegations. He is set to face trial next year."It sounds like Kevin Spacey feels that there's still a possibility of rehabilitating himself in this country. So, I think the strategy is to come over here, face the music, and see if he can salvage his career," Danny Rogers, editor in chief of PRWeek UK, told CBS News in June. "He must feel the damage is being done to 'Brand Kevin Spacey' after all the allegations over the past five, or 10 years. So, if the damage has been done, there's still some headway to be made by fighting new allegations."Another criminal case brought against him, an indecent assault and battery charge stemming from the alleged groping of an 18-year-old man at a Nantucket resort, was dismissed by Massachusetts prosecutors in 2019.Spacey also faces lawsuits from other men, including actor Anthony Rapp. In: Kevin Spacey Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Kevin Spacey must pay over $30 million to "House of Cards" makers, judge rules.

A nuclear power plant photographed in Germany, on August 4, 2022. Discussions about nuclear's role in Europe's biggest economy have been thrown into sharp relief following Russia's unprovoked invasion of Ukraine in February.Lennart Preiss | Getty Images News | Getty ImagesNuclear has a role to play in the years ahead but it should not be seen as a "transformational" technology, according to Goldman Sachs.The comments from Michele Della Vigna come after a recent report from Goldman Sachs Research looked at whether Europe could bolster its energy independence following Russia's unprovoked invasion of Ukraine, without compromising on goals related to climate change.Among other things, the report said 10 trillion euros (around $10.23 trillion) of investment would be required by 2050 for what it called "Europe's energy transformation." This would be offset by a 10 trillion euro cut in net energy imports.The report said natural gas — a fossil fuel — would remain "key" when it comes to Europe's energy supply over the next two decades.Read more about energy from CNBC Pro"Nuclear is not in the headlines of our report because we don't think it's one of the transformational technologies for the future," Goldman's Della Vigna told CNBC's "Squawk Box Europe" on Thursday."We think wind, solar [and] hydrogen are, but not nuclear," Della Vigna, who is the bank's commodity equity business unit leader for the EMEA region, added."But at the same time, we do assume that nuclear will maintain its market share in the long-term energy mix in Europe," he said.This would mean "less retirement and some new builds," including modular reactors."So we do believe that investment in nuclear should be ongoing, but it's not one of the transformational technologies that we envisage for the future."Nuclear's roleAccording to the International Energy Agency, nuclear power is responsible for roughly 10% of global electricity generation. In advanced economies, the IEA says it accounts for nearly 20% of the generation.Noting that nuclear power has big upfront costs and long lead times, the Paris-based organization says it "has trouble in some jurisdictions competing against more economic and faster-to-install alternatives, such as natural gas or modern renewables."The development of "next generation installations" like modular plants could help redress this balance, it adds.In addition, the IEA describes nuclear power plants as helping "contribute to electricity security by keeping power grids stable and complementing decarbonisation strategies since, to a certain extent, they can adjust their output to accompany demand and supply shifts."The need for this will only grow as more renewable sources like wind and solar — which are intermittent — come online in the years ahead, it says.— CNBC's Silvia Amaro contributed to this report.

Goldman Sachs doesn’t see nuclear as a transformational technology for the future.

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File PhotoRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - Oil prices slipped on Friday and were near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.Brent crude fell 50 cents, or 0.5%, to $93.62 a barrel by 1120 GMT. U.S. West Texas Intermediate crude was down 66 cents, or 0.8%, at $87.88.Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.Register now for FREE unlimited access to Reuters.comRecession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995. read more "If commodities are not pricing in an imminent economic recession, they might be preparing for a 'stagflation' era when the unemployment rate starts picking up and inflation stays high," said CMC Markets analyst Tina Teng.The fall in prices comes despite relatively tight supplies, as indicated by lingering backwardation, a market structure by which prompt prices are higher than those in future months."Clearly, everyone is taking the threat of recession far more seriously as we're still seeing a very tight market and producers with no capacity to change that," said Craig Erlam, senior market analyst at Oanda in London.The OPEC+ producer group agreed this week to raise its oil output goal by 100,000 barrels per day (bpd) in September, but this was one of the smallest increases since such quotas were introduced in 1982, OPEC data shows. read more Supply concerns are expected to ratchet up closer to winter, with European Union sanctions banning seaborne imports of Russian crude and oil products set to take effect on Dec. 5."With the EU halting seaborne Russian imports, there is a key question of whether Middle Eastern producers will reroute their barrels to Europe to backfill the void," said RBC analyst Michael Tran."How this Russian oil sanctions policy shakes out will be one of the most consequential matters to watch for the remainder of the year."Register now for FREE unlimited access to Reuters.comReporting by Noah Browning Editing by David Goodman and David EvansOur Standards: The Thomson Reuters Trust Principles.

Oil prices set to end week at multi-month lows on recession fears.

Members of the Japan Ground Self-Defense Force (JGSDF) bring down the Japanese national flag in the early evening, at JGSDF Miyako camp on Miyako Island, Okinawa prefecture, Japan April 20, 2022. REUTERS/Issei KatoRegister now for FREE unlimited access to Reuters.comTOKYO, Aug 5 (Reuters) - China's firing of missiles into waters less than 160 km (100 miles) from Japan in a display of might after Nancy Pelosi visited Taiwan will likely bolster public support for a military build-up aimed at defence against Japan's big neighbour.China launched five ballistic missiles into the sea at the western end of the Okinawa island chain on Thursday, part of flurry of military exercises and activity two days after the U.S. house speaker became the highest-ranking U.S. official to visit self-ruled Taiwan in 25 years. read more "It clearly shows that if anything happened with Taiwan that we will be affected," said Taro Kono, a senior ruling Liberal Democratic Party lawmaker and former foreign and defence minister.Register now for FREE unlimited access to Reuters.com"The tide has clearly turned in Japan," he added, when asked whether the public would back higher military spending.Defence is a divisive issue in Japan, which, as a legacy of World War Two, has a pacifist constitution and an enduring public wariness about entanglement in U.S.-led wars.China's unprecedented missile launches into Japan's exclusive economic zone came as Prime Minister Fumio Kishida's government prepares to publish a defence budget request for a significant increase in spending this month. read more The spending plan will be followed by a year-end overhaul of defence policy expected to include a call for the acquisition of longer-range munitions to fend off China, which in 2019 replaced North Korea in Japan's assessment as its primary national security threat. read more Concern about Chinese military activity in the seas and skies around Taiwan and Japan has intensified since Russia invaded Ukraine in February, because Japan worries it provides China with a precedent for the use of force against Taiwan that the United States may not directly intervene to stop."The military balance has greatly changed around Taiwan," said retired admiral Katsutoshi Kawano, who served as chief of the Japanese Self-Defence Forces' Joint Staff for five years until 2019."I hope defence budget discussions will get serious."'READY TO FIGHT'In a manifesto ahead of legislative elections last month, Kishida's LDP pledged to double defence spending to 2% of gross domestic product over five years, which would make Japan the world's third biggest military spender after ally the United States and China, according to a 2021 defence budget ranking published by the Stockholm International Peace Research Institute. read more Kishida, who condemned China's action, has promised to increase defence spending "substantially" but has yet to say by how much and how fast.He has also declined to say whether Japan's militarization would be paid for by cuts to public spending elsewhere, or through borrowing or a combination of the two.China's missiles have given Kishida a chance to clarify his position, especially given questions about to what extent the United States would step into a crisis, said Takashi Kawakami, a professor at Japan's Takushoku University in Tokyo."Japan clearly needs to show it is ready to fight," Kawakami said.During the last major Taiwan crisis in 1996, China conducted missile drills to intimidate the island but China's much weaker military was unable to deter the United States from sending warships, including a U.S. aircraft carrier strike group, through the Taiwan Strait separating mainland China from the island.China has increased defence spending about 20-fold since then and has hundreds of ballistic missiles able to strike targets, including ships, hundreds or thousands of kilometres away with much greater accuracy.The USS Ronald Reagan, the only forward-deployed U.S. carrier, on Thursday patrolled the Philippine Sea in the Western Pacific on "scheduled operations".Bonji Ohara, senior fellow at the Sasakawa Peace Foundation and a former military attache at Japan's embassy in China, said it was a political decision by the United States to maintain that low-key presence."There is also the reality that China is a stronger military power now. If it was the same as it was in 1996, America may have put a stop to it," he said, referring to the burst of Chinese military activity this week.Register now for FREE unlimited access to Reuters.comReporting by Tim Kelly and Nobuhiro Kuboing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Analysis: Japanese backing for military build-up likely to rise after China's missiles.

Crime August 5, 2022 / 6:57 AM / CBS/AP Jurors tour site of massacre at Marjory Stoneman Douglas High Jurors tour site of massacre at Marjory Stoneman Douglas High 04:47 Roses brought to honor love on that Valentine's Day in 2018 lay withered, their dried and cracked petals scattered across classroom floors still smeared with the blood of victims gunned down by a former student more than four years ago.Bullet holes pocked walls, and shards of glass from windows shattered by gunfire crunched underfoot at Parkland's Marjory Stoneman Douglas High School, where shooter Nikolas Cruz killed 14 students and three staff members. Nothing had been changed, except for the removal of the victims' bodies and some personal items.Twelve jurors and 10 alternates who will decide whether Cruz gets the death penalty or life in prison made a rare visit to the massacre scene Thursday, retracing Cruz's steps through the three-story freshman building, known as "Building 12." After they left, a group of journalists — including CBS Miami's Joan Murray — was allowed in for a much quicker first public view. "It was really frozen in time," Murray said. A sign reading "1240 west facing window" and five bullet holes can be seen in a third floor window of the "1200 building," the crime scene where the 2018 shootings took place, at Marjory Stoneman Douglas High School in Parkland, Fla. on Thursday, Aug. 4, 2022.  Amy Beth Bennett / AP The sight was deeply unsettling: Large pools of dried blood still stained classroom floors. A lock of dark hair rested on the floor where one of the victims' bodies once lay. A single black rubber shoe was in a hallway. Browned rose petals were strewn across a hallway where six people died. In classroom after classroom, open notebooks displayed uncompleted lessons. A blood-coated book called, "Tell Them We Remember" sat atop a bullet-riddled desk in the classroom where teacher Ivy Schamis taught students about the Holocaust. A sign attached to a bulletin board read: "We will never forget." Two students died there.In the classroom of English teacher Dara Hass, where the most students were gunned down, there were essays about Malala Yousafzai, the Pakistani teenager shot by the Taliban for going to school, and who has since become a global advocate for educational access for women and girls."A bullet went straight to her head but not her brain," one student wrote. "We go to school every day of the week and we take it all for granted," wrote another. "We cry and complain without knowing how lucky we are to be able to learn."The door of Room 1255, teacher Stacey Lippel's classroom, was pushed open - like others to signify that Cruz shot into it. Hanging on a wall inside was a sign reading, "No Bully Zone." The creative writing assignment for the day was on the whiteboard: "How to write the perfect love letter." And still hanging on the wall of a second-floor hallway was a quote from James Dean: "Dream as if you'll live forever, live as if you'll die today."In slain teacher Scott Beigel's geography classroom, a laptop was still open on his desk. Student assignments comparing the tenets of Christianity and Islam remained, some graded, some not. On his whiteboard, Beigel, the school's cross-country coach, had been writing the gold, silver and bronze medalists in each event at the Winter Olympics, which had begun five days earlier.Prosecutors, who rested their case following the jury's tour, hope the visit will help prove that Cruz's actions were cold, calculated, heinous and cruel; created a great risk of death to many people and "interfered with a government function" - all aggravating factors under Florida's capital punishment law.Under Florida court rules, neither the judge nor the attorneys were allowed to speak to the jurors - and the jurors weren't allowed to converse with each other - when they retraced the path Cruz took on Feb. 14, 2018, as he moved from floor to floor, firing down hallways and into classrooms. Prior to the tour, the jurors had already seen surveillance video of the shooting and photographs of its aftermath.The building has been sealed and was surrounded by a 15-foot (4.6-meter) chain-link fence wrapped in a privacy mesh screen fastened with zip ties. It looms ominously over the school and its teachers, staff and 3,300 students, and can be seen easily by anyone nearby. The Broward County school district plans to demolish it whenever prosecutors approve. For now, it is a court exhibit."When you are driving past, it's there. When you are going to class, it's there. It is just a colossal structure that you can't miss," said Kai Koerber, who was a Stoneman Douglas junior at the time of the shooting. He is now at the University of California, Berkeley, and the developer of a mental health phone app. "It is just a constant reminder ... that is tremendously trying and horrible."Cruz, 23, pleaded guilty in October to 17 counts of first-degree murder; the trial is only to determine if he is sentenced to death or life without parole. Miami defense attorney David S. Weinstein said prosecutors hope the visit will be "the final piece in erasing any doubt that any juror might have had that the death penalty is the only recommendation that can be made."Such crime site visits are rare. Weinstein, a former prosecutor, said in more than 150 jury trials dating back to the late 1980s, he has only had one.In most trials, a crime scene visit wouldn't even be considered because years later it's not the same place as when the crime occurred and can give a false sense of what happened. But in this case, the building was sealed off so it could be done.Cruz's attorneys have argued that prosecutors have used what they assert is provocative evidence, including Thursday's visit, not just to prove their case, but to inflame jurors' passions.After jurors returned to the courtroom Thursday, the mothers of two victims testified that the massacre permanently cast a pall over not only every Valentine's Day but other important family celebrations.Helena Ramsay, 17, died on her father's birthday. "That day will never be a celebration and can never be the same for him," her mother, Anne Ramsay, said.Hui Wang, whose 15-year-old son Peter was killed, said the shooting occurred the day before Chinese New Year. A planned celebration was canceled that year and every year since then. "This day of unity became a day that hurts the most," she said.The wife of athletic director, Chris Hixon, and their 26-year-old son, who has special needs, also spoke on the fourth and final day jurors heard from victims' families. Hixon, a 49-year-old Navy veteran, died charging into the building trying to stop Cruz and protect the students.Corey Hixon described a weekly ritual of getting donuts with his dad."I miss him," he said, simply.Before the jury visited the scene of the massacre, Judge Elizabeth Scherer questioned Cruz about his decision not to go, CBS Miami reported."Do you understand that you have a right under Florida law and the Constitution to be present at the view today," she asked."Yes ma'am," he replied. "And do you understand we're all going to be going and the jury's going to be viewing the crime scene today," she asked. "Is it your decision that you do not want to attend?""Yes," he replied."Do you have any uncertainty about your decision," she asked."No ma'am." Shooting at high school in Parkland, Florida 34 photos In: Parkland School Shooting Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

"Frozen in time": Parkland jurors see dried blood, bullet holes and scattered roses in visit to scene of Valentine's Day 2018 massacre.

Prompts on how to use Amazon's Alexa personal assistant are seen as a wifi-equipped Roomba begins cleaning a room in an Amazon ‘experience center’ in Vallejo, California, U.S., May 8, 2018. REUTERS/Elijah Nouvelage/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Amazon.com Inc (AMZN.O) will acquire iRobot in an all-cash deal for about $1.7 billion, the robot vacuum cleaner maker said on Friday.The world's largest online retailer will acquire the firm for $61 per share, valuing the company at a premium of 22% from the stock's last closing price.On completion of the deal, Colin Angle will remain as the chief executive of iRobot.Register now for FREE unlimited access to Reuters.comReporting by Akash Sriram in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Amazon to buy Roomba-maker iRobot for about $1.7 billion.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 18, 2022. REUTERS/StaffRegister now for FREE unlimited access to Reuters.comSummaryCompanieshttp://tmsnrt.rs/2yaDPgnhttp://tmsnrt.rs/2egbfVhLONDON, Aug 5 (Reuters) - European equities slipped on Friday and were little changed on the week as traders waited for U.S. jobs data to give clues as to the health of the world's largest economy.The MSCI world equity index, which tracks shares in 47 countries, was up 0.1% and set for weekly rise of 0.6%, marking its third consecutive week of gains (.MIWD00000PUS).At 1117 GMT, the STOXX 600 was down 0.3% (.STOXX) and on track for a 0.1% loss for the week as a whole. London's FTSE 100 was down 0.2% (.FTSE). Wall Street futures were steady , . read more Register now for FREE unlimited access to Reuters.comCentral banks around the world have been raising interest rates in an attempt to limit surging inflation, but European stocks have picked up in recent weeks and are trading near two-month highs."Equity futures have grown comfortable with the idea that interest rate hikes that the central banks are putting through will be sufficient to contain inflation in the longer term," said Kiran Ganesh, multi-asset strategist at UBS.Investors will look to U.S. jobs data to see if the Federal Reserve's aggressive pace of rate hikes is starting to cause economic growth to slow.The data is expected to show that nonfarm payrolls increased by 250,000 jobs last month after rising by 372,000 in June. read more "Until now, markets have been responding to stronger economic data as good news. But at some point, they will maybe question whether the Fed's tightening is having the desired effect if the economy remains strong," wrote ING economists in a note to clients."At that stage, they could start to fret that rates may rise higher, or stay higher for longer."UBS's Ganesh said a nonfarm payrolls figure in the 200,000 to 300,000 range would be consistent with a "soft landing" for the economy, while a higher figure would suggest that the Fed needed to raise interest rates more to contain demand.Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased last week, suggesting that a weakening in the labour market might already be underway. read more Cleveland Fed President Loretta Mester struck a hawkish tone on Thursday, saying the Fed should raise interest rates to above 4% to bring inflation back down to target. read more The closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes reached 39.2 basis points on Thursday, the deepest inversion since 2000.An inverted yield curve is often seen as an indicator of a future recession.Oil rose, recovering after the previous session saw prices hit their lowest levels since February. Concerns about supply shortages were enough to cancel out fears of weakening fuel demand. read more Global crude oil markets remained firmly in backwardation, where prompt prices are higher than those in future months, indicating tight supplies.The U.S. dollar index was up around 0.2% and the euro was down 0.1% at $1.0233 . The Australian dollar, which is seen as a liquid proxy for risk appetite, was down 0.4% at $0.6942 . read more The British pound was down 0.2% at $1.214 .The Bank of England raised interest rates by the most in 27 years on Thursday and warned that a long recession was coming. read more European government bond yields moved higher, with the benchmark 10-year German government bond up 4 basis points at 0.836% .Register now for FREE unlimited access to Reuters.comReporting by Elizabeth Howcroft; Editing by Bradley Perrett and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.Elizabeth HowcroftThomson ReutersReports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving "Web3".

Stocks slip, investors cautious ahead of U.S. jobs data.

A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder/Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - U.S. employers hired far more workers than expected in July, with the unemployment rate falling to a pre-pandemic low of 3.5%, providing the strongest evidence yet that the economy was not in recession.Nonfarm payrolls increased by 528,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data for June was revised higher to show 398,000 jobs created instead of the previously reported 372,000.That marked the 19th straight month of payrolls expansion. The unemployment rate was at 3.6% in June.Register now for FREE unlimited access to Reuters.comEconomists polled by Reuters had forecast payrolls rising by 250,000 jobs and the unemployment rate steady at 3.6%. Estimates ranged from as low as 75,000 to as high 325,000 jobs.The employment report painted a picture of a fairly healthy economy muddling despite back-to-back quarters of contraction in gross domestic product. Demand for labor has eased in the interest rate sensitive sectors like housing and retail, but airlines and restaurants cannot find enough workers.Strong job growth could keep pressure on the Federal Reserve to deliver a third 75 basis point interest rate increase at its next meeting in September, though much would depend on inflation readings. The U.S. central bank last week raised its policy rate by three-quarters of a percentage point. It has hiked that rate by 225 basis points since March.The economy contracted 1.3% in the first half, largely because of big swings in inventories and the trade deficit tied to snarled global supply chains. Still, momentum is slowing.The National Bureau of Economic Research, the official arbiter of recessions in the United States, defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."With 10.7 million job openings at the end of June and 1.8 openings for every unemployed person, the labor market remains tight and economists do not expect a sharp deceleration in payrolls growth this year.Average hourly earnings increased 0.5% last month after rising 0.4% in June. That left the year-on-year increase in wages at 5.2%. Though wage growth appears to have peaked, pressures remain. Data last week showed annual wage growth in the second quarter was the fastest since 2001. read more Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

U.S. job growth beats expectations; unemployment rate fall 3.5%.

An employee walks past a Mahindra TUV300 car at a showroom in Mumbai, India, August 30, 2016. Picture taken August 30, 2016. REUTERS/Danish Siddiqui/Register now for FREE unlimited access to Reuters.comNEW DELHI, Aug 5 (Reuters) - Mahindra and Mahindra Ltd (MAHM.NS) said on Friday demand for its cars is outstripping production capacity as people rush to buy the automaker's popular sport-utility vehicles (SUVs), boosting profits.The automaker reported a sharp jump in first-quarter net profit as sales of its passenger vehicles soared to 149,803, up 74% from a year ago, while it has open bookings for more than 273,000 vehicles."We have kicked off capacity expansion programmes but had not anticipated this kind of demand," Rajesh Jejurikar, executive director at the Mumbai-headquartered company said.Register now for FREE unlimited access to Reuters.com"We are ramping up capacity to make sure we can leverage all the demand we have," he told reporters, declining to give further detail on how much capacity the company is adding.Mahindra said it received more than 100,000 orders within 30 minutes of opening books for its Scorpio-N SUV, worth around 180 billion rupees ($2.3 billion) in sales value. It currently has capacity to produce around 6,000 of these vehicles a month, Jejurikar said.While demand for cars has been strong, Indian automakers, including Mahindra, say they are also seeing an easing of the semiconductor shortages which have hampered the industry since the pandemic. Mahindra was hit hard by a chip shortage, curbing supplies of its vehicles last year. read more Jejurikar said the company sources chips from multiple locations and there are no early signals of supply disruption due to the geopolitical situation in Taiwan.The company reported a consolidated net profit of 21.96 billion rupees for the three months ended June 30, up from 4.24 billion a year earlier. Revenue from operations rose 48% during the quarter to 284.12 billion rupees.Its operating margin, however, narrowed 200 basis points to 11.9%.Shares of Mahindra ended the day 2% lower.($1 = 79.2300 Indian rupees)Register now for FREE unlimited access to Reuters.comReporting by Aditi Shah; editing by Susan Fenton, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

India's Mahindra & Mahindra says demand for cars outstripping capacity.

World August 5, 2022 / 7:11 AM / CBS/AFP Brittney Griner sentenced to 9 years in Russian prison Brittney Griner sentenced to 9 years in Russian prison as U.S. officials seek prisoner swap 06:29 Russia said Friday it was ready to discuss a prisoner swap with Washington at the presidential level, a day after the drug conviction of U.S. basketball star Brittney Griner.Despite tensions soaring between Russia and the U.S. since the launch of Moscow's military intervention in Ukraine, the former Cold War rivals appeared to be edging closer to a new prisoner exchange.The White House has urged Russia to accept its offer of a deal for the release of Griner and former U.S. Marine Paul Whelan, who was sentenced to 16 years in prison on espionage charges. Russia's Foreign Minister Sergei Lavrov on Friday said Moscow was willing to discuss the matter."We are ready to discuss this subject, but only within the framework of the (communication) channel established by presidents Putin and Biden," Lavrov told a press conference on a visit to Cambodia. Viktor Bout, Russian arms dealer, at center of possible prisoner swap 02:23 "There is a special channel established by the presidents and despite certain public declarations, it is still functional," he added. U.S. Secretary of State Antony Blinken, who spoke to Lavrov about the exchange last Friday, said Washington will be "pursuing" discussions with Russia.He also said Griner's conviction put a spotlight on the "Russian government's use of wrongful detentions to advance its own agenda using individuals as political pawns".WNBA player Griner was sentenced to nine years in a Russian penal colony Thursday and ordered to pay a fine of one million rubles ($16,590) for possessing and smuggling narcotics.The two-time Olympic basketball gold medalist and Women's NBA champion was detained at a Moscow airport in February after she was found carrying vape cartridges with cannabis oil in her luggage. The Phoenix Mercury player was coming to Russia to play club basketball with UMMC Ekaterinburg during the U.S. off-season — a common path for American stars seeking additional income.Griner pleaded guilty to the charges, but said she did not intend to break the law or use the banned substance in Russia."I want the court to understand it was an honest mistake that I made while rushing, under stress, trying to recover from post-Covid and just trying to get back to my team," Griner said in her final statement before the verdict.Griner had testified that she had permission from a U.S. doctor to use medicinal cannabis to relieve pain from her many injuries, and had never failed a drug test.The use of medical marijuana is not allowed in Russia.Griner's legal team said they plan to appeal the "unreasonable" verdict.President Biden called Griner's conviction "unacceptable" and said Washington would "work tirelessly" to secure her release. Blinken has said Washington put forward a "substantial proposal" for the exchange of Griner and Whelan.The highest-profile Russian prisoner in the United States is Victor Bout, a 55-year-old arms trafficker, dubbed the "Merchant of Death," who is serving 25 years in jail.There is no official confirmation that Washington has offered to exchange him.Bout's wife, Alla, on Friday expressed her sympathies to Griner's family, saying she hoped her husband and the US athlete will be able to return home."Sympathy has no citizenship and nationality, it is a universal human emotion," she told Russian news agency RIA Novosti, expressing hope that Russia and the U.S. would "come to an agreement."Moscow and Washington have already conducted one prisoner swap since the start of Moscow's Ukraine offensive.In April, Washington exchanged former U.S. Marine Trevor Reed for convicted drug smuggler Konstantin Yaroshenko. In a handwritten letter from Griner that was delivered to the White House last month, the WNBA player wrote how terrified she is that she may be imprisoned in Russia "forever." Griner's wife Cherelle told "CBS Mornings" that when she read the letter, she could feel the fear that Griner was experiencing. "She is probably the strongest person that I know, so she doesn't say words like that lightly. That means she truly is terrified that she may never see us again. You know, I share those same sentiments," Cherelle said.  Cherelle Griner says President Biden wrote letter back to Brittney Griner 03:15 In: Brittney Griner Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Russia "ready" to discuss prisoner swap now that Brittney Griner sentenced.

People use an escalator at a shopping mall in Budapest, Hungary, April 28, 2022. Picture taken April 28, 2022. REUTERS/Bernadett SzaboESZTERGOM, Hungary, Aug 5 (Reuters) - In the weeks that followed Russia's invasion of Ukraine, western Europe's big economies began to falter. But further east it was still boom-time thanks to double-digit wage hikes and generous state handouts in some countries.Not any more.A sharp slowdown in retail sales and plunging confidence indicators show that the cost of living crisis has caught up with Europe's eastern wing, where people now face a harsh reality check as stubborn double-digit inflation erodes their incomes while food price rises top 15%-22% and energy costs soar.Register now for FREE unlimited access to Reuters.comAs household consumption takes a hit, analysts are downgrading their GDP forecasts and the risk of a Europe-wide recession looms.Families have started to tighten their belts. Poles are taking shorter holidays, Czechs are saving on restaurant bills while some seek second jobs, and in Hungary - where food inflation alone was an annual 22.1% in June - people are cutting down on grocery bills and purchases of consumer durables as a slide in the forint currency pushes up import prices."I went into the bakery one day and a loaf of bread cost 550 forints. I go in the next day and it costs 650. For God's sake!", exclaimed Lajos, a 73-year-old man shopping at a market in the northern city of Esztergom on the Danube river.Standing by his bicycle, grey-bearded Lajos, who did not give his family name, said the surge in food prices had consumed some of his monthly pension and he would not be able to pay higher utility bills, which will rise after the government last month scrapped price caps for what it called higher-usage households.So he is making his own plans."I can heat with gas but also wood ... as I have a tile-stove. So with my wife we will move into one room, heat up the stove, put on some warm sweaters and watch TV like that."Across Hungary, retail sales growth (HURETY=ECI) slowed to an annual 4.5% in June from 10.9% in May, with furniture and electronic goods sales down by 4.3%, suggesting the impact of huge tax breaks and fiscal transfers from Prime Minister Viktor Orban's government before April's elections has now faded.Polish retail sales growth also slowed to an annual 3.2% in June from 8.2% in May, while Czech adjusted retail sales excluding cars and motorcycles dropped by 6.0% year-on-year in June after a fall of 6.6% in May, data showed on Friday."Households have reacted to the rising cost of living in a meaningful way, and the consumption of things has started to slow," said Peter Virovacz, an analyst at ING in Budapest.According to a survey by the National Bank of Hungary on Friday, commercial banks expect demand for loans to decline and credit conditions to tighten in the second half.BELT-TIGHTENINGThe slowdown in domestic demand, rising interest rates, government spending cuts and companies' rising costs look set to dampen economic growth in Central Europe in the second half of this year and slow them down sharply in 2023.Citigroup said Hungary's economy could grow by close to 5% in 2022 but that there were downside risks to its 1% forecast for next year."The risk of prolonged high energy prices keeping inflation in double-digit territory even in 2023 and our updated Euro Area in-house forecasts point towards downside risks," it said.The Hungarian central bank still projects 2.0%-3.0% growth for 2023, and it will release new forecasts in September.The Polish economy is expected to grow by 3.8% this year and 3.2% in 2023, according to government projections.The Czech central bank, the first to call a halt to its rate-hike cycle on Thursday, predicts recession at the turn of the year as it sees the economy contracting 0.4% in the fourth quarter of 2022 and 1% in the first quarter of 2023."Our base scenario includes a mild recession - a technical recession - we have two quarters in a row with a quarterly decline there... That would be a healthy recession, which also allows for cutting inflation," Governor Ales Michl said.While the summer is still expected to see a boom in the tourism sector, Poles have started to save on trips according to travel website Noclegi.pl."We can see that what characterizes this season is the shortening of trips, on average by one day, and postponing the booking until the last moment," said Natalia Jaworska, an expert at Noclegi.pl. Poles have also begun to save on food.Data from various restaurant payment services, like Sodexo, have shown falling spending in restaurants in the Czech Republic as well. The STEM polling agency's latest survey in June found 80% of Czech households were cutting back or limiting their purchases because of fast-rising energy bills.Czech consumer confidence hit a new low in July, according to the statistics office’s monthly survey, while a survey by think-tank GKI showed the Hungarian consumer confidence index in July plunged to its lowest level since April 2020 during the first wave of the COVID-19 pandemic.Martin Hulovec, a 43-year-old Czech film producer, said he was not worried about his income right now, but he was less optimistic about the future."The hard times have not arrived yet for me to deal with it immediately... but it will come," Hulovec said."I will certainly seek more energy savings... I will definitely not buy new stuff for the kids, clothing or sport equipment. You can find that secondhand for half the price."And he too will be switching on the heating less when winter comes.Register now for FREE unlimited access to Reuters.comReporting and writing by Krisztina Than, Addditional repoting by Jason Hovet and Robert Muller in Prague, and Anna Wlodarczak-Semczuk in Warsaw, Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Analysis: East Europe's party is over as double-digit inflation bites.

For decades, union membership has been on the decline. Yet in the last few months, workers have been organizing at a pace this country hasn't seen since the Great Depression.Amazon has captured headlines for union drives at its warehouses, including a successful effort on New York's Staten Island. But activity is picking up elsewhere in retail and tech at big companies that are generally viewed as progressive, with no history of labor unions.As of Wednesday, 209 Starbucks stores have officially voted to unionize according to the National Labor Relations Board. First-ever unions have also formed at an Apple store in Maryland, a Google Fiber contractor, REI, Trader Joe's, Kickstarter and Activision Blizzard."There's really no rational world in which the Amazon Labor Union or Starbucks Workers United should win," said John Logan, a labor and employment studies professor at San Francisco State University. "And yet they did, and in the case of Starbucks Workers United, they won over and over and over again."The wave at Starbucks started in December with a store in Buffalo, New York, where workers voted 19 to eight to join the large, established Workers United union. In one example of the benefits a big union can bring, Workers United has created a $1 million fund to support Starbucks workers who lose wages as a result of organizing activities like striking.The movement spread fast. Within six weeks, about 20 other stores filed for elections. Eight months later, about 45 elections have failed, and more than 200 of Starbucks' 9,000 U.S. stores have unionized."A lot of it is concentrated amongst young workers, sometimes college-educated young workers, often working in sort of low-paying service sector jobs: overworked, underpaid, overeducated workers," Logan said. He said their level of enthusiasm is causing a rush of panic elsewhere in the corporate world."The CEOs of all of these big companies are horrified by what happened at Starbucks and they're thinking this is what we want to avoid at all costs," Logan said.CNBC talked to workers inside the unions forming at Starbucks and Apple about why the movements are gaining traction now. "It has to do with the pandemic," said Laura Garza, a barista who helped organize her New York City-based Starbucks location, which voted to unionize in April. "It made a lot of workers that continued to work during the pandemic reevaluate what is most important to them. And honestly, it has to go to better pay, livable wage for everybody."In addition to the pandemic conditions, numerous other factors have collided to create what labor experts call a perfect storm for organizing. The U.S. has seen four decades of stagnant wages. Companies that already had healthy profits before the pandemic made even more money after lockdowns. And there are lots of jobs available without enough applicants to fill them. What's more, the Biden administration is pro-union.Apple store workers in Towson, Maryland, hold their new union t-shirts on June 18, 2022, after their store employees decided to join the International Association of Machinists Union. Theirs is the first Apple store in the U.S. to vote for union representation.Barbara Haddock Taylor/Baltimore Sun/Tribune News Service via Getty ImagesIn May, Garza and organizers from Amazon and other companies were invited to the White House to discuss their efforts with Vice President Kamala Harris and Secretary of Labor Marty Walsh."They heard some of our stories of fierce anti-union busting, not only from Starbucks but from Amazon," Garza said of her visit to the White House. "Secretary Walsh said in particular that Starbucks should just come to the table with its partners and work together to collaborate."Starbucks criticized the visit and requested its own White House meeting, which hasn't happened.Slower organizing at Apple and GoogleThe union movement at Apple stores is progressing at a slower pace. The first union win among Apple's 270-plus U.S. stores happened on June 18, when workers in Towson, Maryland, voted 65 to 33 to join the International Association of Machinists and Aerospace Workers. No other stores have held a vote."Being part of a tech company this big, it's very easy to be intimidated and come off as ungrateful, which is something that we want to make known: that we are not ungrateful," said Tyra Reeder, a technical specialist at the Towson Apple store. "We're doing this because we love our jobs. We're doing this because we see longevity at Apple."Three other stores have taken steps to unionize, although one in Atlanta withdrew its election petition in May. That same month, a memo was leaked showing Apple's anti-union talking points, instructing store managers to tell workers they could lose benefits and career opportunities if they organized. "Unfortunately, these union-busting campaigns do have an impact and they can scare people," said Sara Steffens, secretary-treasurer of Communications Workers of America, which has about 700,000 members. "And so in Atlanta, the Apple workers decided not to try to go for an election right at this moment."CWA helped organize the Atlanta Apple store, as well as workers at Google. In March, Google Fiber contractors in Kansas City held an NLRB election, becoming the first to officially unionize under what's known as the Alphabet Workers Union. Nearly 1,000 other Google workers have also signed cards to join the AWU, but because the employees haven't officially held an NLRB election, their group is known as a minority union.A technician gets cabling out of his truck to install Google Fiber.George Frey | Reuters"There's a lot of research that shows that most Americans want unions," Steffens said. "They just don't want to go through this scary union-busting process."About two-thirds of Americans now say they support unions, the highest approval rating since 1965. Yet actual participation remains at a multi-decade low, hovering at 10.3% of the workforce in 2021, down from 10.8% in 2020 and 20% in 1983, according to the Bureau of Labor Statistics. At its peak in 1954, union membership was close to 35%.Although it's too soon to know official figures for 2022, the first three quarters of the fiscal year — October 1, 2021 through June 30 — saw a 58% increase in official attempts to unionize and exceeded the total number of election petitions from the year before. In the months that typically pass between when workers file for an election and when they actually vote, big employers often spend millions of dollars on campaigns to dampen support for the union. Amazon, for example, spent $4.26 million on labor consultants in 2021. Both Apple and Starbucks have retained Littler Mendelson, the largest employer-side labor law firm in the country. That means they have similar talking points, often referring to the union as a third party, hungry for dues."Many people think, well, I don't want to be paying $100 a month to a union," said Diana Furchtgott-Roth, former chief economist for the U.S. Department of Labor. "That's why union representation has steadily declined."'Here's $2, please shut up'In May, Apple raised the starting pay for retail workers from $20 to $22 an hour, a 45% jump from 2018. Unionized workers are asking for $26 to 28 an hour."I definitely think this was a tactic to kind of say, 'Hey guys, here's $2, please shut up,'" Reeder said.Also in May, Apple's head of retail and human relations, Deirdre O'Brien, put out a video to retail workers discouraging unionizing. She also visited the Towson store after it filed for a union election.Reeder said she viewed O'Brien's appearance as a "union-busting tactic or a scare tactic.""That's not something that I've heard happening at our store ever," Reeder said. "Somebody of that much stature unannounced, walking through our store after we do something like unionize."Apple declined to comment on the allegations, and told CNBC in a statement that it offers "very strong compensation and benefits for full-time and part-time employees, including health care, tuition reimbursement, new parental leave, paid family leave, annual stock grants and many other benefits." At Starbucks, former CEO Howard Schultz came back to run the coffee chain in April and brought with him a history of union opposition. He spent his early weeks visiting multiple stores for "collaborative sessions" with baristas. Starbucks has said it plans to bargain in good faith.A month after Schultz's return, Workers United filed more than 250 unfair labor practice charges claiming Starbucks engaged in surveillance, fired workers and closed a store in Ithaca, New York, in retaliation for voting to unionize. Then in June, a federal judge in Arizona ruled in favor of Starbucks after three pro-union workers claimed they were wrongfully dismissed.Starbucks CEO Howard Schultz holds a "collaborative session" with baristas in Orlando, Florida in April, 2022.StarbucksA Starbucks spokesperson told CNBC via email, "Claims of anti-union activity are categorically false. We respect our partners' rights to organize and are following NLRB rules to ensure all partners are informed about the process." Garza said in June that more than two months after her Starbucks Reserve location voted to unionize, that the mood was still "very tense," and "a lot of partners still do not feel safe from being terminated, and that goes for myself."Starbucks is known for providing extensive health care benefits to part-time baristas, including coverage for some expensive treatments like in vitro fertilization that are often not covered at service jobs. In May, Starbucks announced wage raises and increased training, but only for stores that haven't unionized.Logan, the labor professor, said Starbucks' reputation for being a progressive employer has helped fuel the union movement."They attract particular kinds of employees who share those progressive values, and often their customers share those progressive values," he said. "So in a sense, Starbucks has hired exactly the type of employee that's making the union drive so successful and so dynamic." Garza called the company's behavior "puzzling.""It's very surprising that Starbucks is fighting this because the reason that we all joined Starbucks is because of its image as a progressive company," she said.Google has also been accused of fighting back. The NLRB found that the company "arguably violated" labor law when it fired employees for speaking up. The Google Fiber contractors faced additional anti-union messaging in a letter from the contractor, which said "everyone will be stuck with the union and forced to pay dues."Google told CNBC in a statement that employees are treated the same regardless of whether they're in a union."Our employees have protected labor rights that we support and we've long had contracts with both union and non-union vendors," the company said.What unionized workers wantWorkers in unions make on average 16.6% more than nonunion workers, amounting to almost $200 per week."If unions weren't effective for workers, companies wouldn't fight them so hard," said Steffans of CWA. "They know that workers will make more money first and foremost when they organize and choose to join a union."However, there are better ways to get more money, according to Furchtgott-Roth, the former Labor Department economist."There are so many new jobs out there," Furchtgott-Roth said. "My message is: There are people who would hire you on a different schedule and probably at a higher rate of pay."She also said the union model isn't great for retail because the high turnover rates mean that people who never voted to organize "are going to be having the dues taken out of their paychecks."But workers are looking at how well their employers are performing and wondering why they're not getting rewarded equally. For example, Google parent Alphabet recorded its fastest revenue growth rate since 2007 last year. Apple's margin has been steadily rising and the company closed 2021 with its biggest quarter ever for sales, at almost $124 billion."I don't think people realize how much money that is," Reeder said. "I mean, for the amount of training we do and the amount of help that we provide and services that we provide customers, our current pay is not cutting it."In addition to higher pay, Apple store workers are asking for more time to spend with each customer and better opportunities for career advancement, like moving into corporate jobs."My job is not just being a technical specialist," Reeder said. "I'm a marriage counselor. I'm a therapist. I'm a punching bag sometimes. We are the line of defense for Apple and even being technically retail, we're very skilled workers. We go through a lot of training. Sometimes you just don't feel as valued as we should."At Starbucks, unionized baristas want a boost to the current starting salary of $15 per hour, more staffing where it's needed and more say over their schedules. They also want better benefits."We're going to be asking for more comprehensive mental health benefits as well because working during a pandemic has been enormously stressful," Garza said.Whether the organizing momentum spreads more widely across the economy may depend on how vocal and successful workers are at Starbucks, Apple and elsewhere."I hope that we can be a resource and then motivation for these other stores to unionize," Reeder said. "Stand your ground. Make your voice heard. Whether they want to listen or not, now they have to."

Unions are forming at Starbucks, Apple and Google. Here's why workers are organizing now.

South Sudan's President Salva Kiir addresses a news conference at the State House in Juba, South Sudan March 28, 2022. REUTERS/Jok SolomunRegister now for FREE unlimited access to Reuters.comJUBA, Aug 4 (Reuters) - South Sudanese President Salva Kiir has removed the finance minister and central bank governor from their posts, a decree read on state-run television said.The decree said Kiir had named Dier Tong Ngor as finance minister to replace Agak Acuil Lual, while the central bank's first deputy governor, Johnny Ohisa Damian, will replace Moses Makur Deng as governor in an acting capacity.No reason was given for their replacements.Register now for FREE unlimited access to Reuters.comNgor had been appointed as governor in 2020, and at the time it was the second time the bank's head had been replaced.Lual had been named as finance minister in 2021 and had presented the 2022/23 budget to parliament on Wednesday.South Sudan's economy has been in the doldrums since a civil war that erupted in 2013 that forced about a quarter of its population to flee to neighbouring countries.The war has also stifled oil production, the economy's major activity, while output in other sectors like agriculture has also plummeted.Register now for FREE unlimited access to Reuters.comWriting by George Obulutsa; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

South Sudan's Kiir sacks finance minister, central bank governor.

A man walks past a "Now Hiring" sign in New York City on July 8, 2022.Angela Weiss | AFP | Getty ImagesWhat I am looking at Aug. 5, 2022JOBS BLOWOUT: Nonfarm payrolls grow in July to 528,000, nearly double estimates. Unemployment rate dips to 3.5%. Way too hot, so the Federal Reserve was right to hike. Wages accelerated. Might force the Fed to do third straight 75-basis-point hike in September. Not the number I wanted to see as a stock bull.Club holding Amazon (AMZN) agrees to buy Roomba-maker iRobot (IRBT) for $61-per-share in cash. IRBT shares almost there in premarket jump. Values iRobot at $1.7 billion. IRBT is a total Covid pandemic stock, traded at an all-time high of $197.40 per share in January 2021.APEs get some preferred equity units with AMC Entertainment (AMC), like a split. Meaningful or meaningless? Either way, an acknowledgement of the meme-stock cohort. AMC CEO Adam Aron tweets about the move and earnings with hashtag: #Todaywepounce. The stock under pressure in the premarket.

What Cramer is watching Friday — jobs blowout, Amazon buys Roomba-maker, AMC rewards APEs.

U.S. August 5, 2022 / 8:16 AM / CBS News Brittney Griner sentenced to 9 years in Russian prison Brittney Griner sentenced to 9 years in Russian prison as U.S. officials seek prisoner swap 06:29 WNBA star Brittney Griner's nine-year prison sentence in Russia on Thursday has sent shockwaves back to her loved ones in the U.S. After she sentenced for having vape cartridges filled with cannabis oil at a Moscow airport this year – which she says was an accident – her Phoenix Mercury teammates spoke out about the "devastating" situation. Following the Mercury's 77-64 loss to the Connecticut Sun on Thursday, guard Skylar Diggins-Smith told reporters "nobody wanted to even play today." "It's our sister," Diggins-Smith said. "...I don't expect everybody to give a damn, but we really do. And we come out here and we're still supposed to play this f---ing game. ... How are you supposed to approach the game, approach the court with a clear mind and the whole group is crying before the game?"  She went on to say that the team wants to honor Griner and play hard on her behalf, but that doing so can be difficult given the circumstances. Mercury guard Diamond DeShields shared the sentiment, saying she's proud to be a part of the team and how hard they played on Thursday. "We approached the game tonight with a heavy heart as we have every game this season," she said. "But obviously, devastating is the overall sentiment. ... I mean, it's like you're just waiting for a bomb to drop, you know? Just watching it, seeing her behind bars." "It's a helpless feeling," Diggins-Smith added.  Please listen to @SkyDigg4’s words. pic.twitter.com/ahDNMKrcSf— Phoenix Mercury (@PhoenixMercury) August 5, 2022 The two also questioned the press for persistently asking the team about Griner's situation. "It's heavy. It's just heavy, y'all," Diggins-Smith said. "Y'all asking these questions don't really take away from our trauma. You just add to our trauma, so we can break down in front of y'all, so you can see how we feel. I don't know what else to really say about it."  During Thursday's game, both teams embraced each other at half-court for 42 seconds of silence – Griner's jersey number – to honor the basketball star. The silence was followed by chants of "BG" and "bring her home."  Bring BG home. pic.twitter.com/8PJyst7Bll— Phoenix Mercury (@PhoenixMercury) August 4, 2022 Griner, 31, is a two-time U.S. Olympic champion and eight-time all-star with the Mercury, and in her WNBA off-season, she plays for Russia's Yekaterinburg team. She was arrested in February at a Moscow airport when workers found vape cartridges with cannabis oil in her luggage, which her legal team argued she had accidentally stowed while packing in haste. Griner was convicted on Thursday for drug possession and was sentenced to nine years in prison. She was also fined 1 million rubles, about $16,000. President Biden immediately called for Griner's release on Thursday, calling the conviction and sentence "unacceptable." And on Friday, Russia said it is ready to discuss a prisoner swap. In recent days, the White House has offered a swap with the country, asking for both Griner and former U.S. Marine Paul Whelan to be released. The U.S. has not confirmed who they would release as part of the swap.  In: WNBA Brittney Griner Russia Basketball Li Cohen Li Cohen is a social media producer and trending reporter for CBS News, focusing on social justice issues. Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Brittney Griner's teammates speak out about her "devastating" 9-year sentence in Russia: "It's a helpless feeling".

Tesla CEO Elon Musk gestures as he visits the construction site of Tesla's Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021.Patrick Pleul | ReutersAt the Tesla 2022 shareholders' meeting on Thursday, investors asked CEO Elon Musk how the company plans to spend its money in coming years, and about his global economic outlook.Musk joked that "making macroeconomic prognostications is a recipe for disaster" but nonetheless estimated that "we are past peak inflation" and likely to see a "relatively mild recession," lasting for about 18 months.The CEO based his economic analysis on the commodity prices Tesla is being asked to pay for materials and goods it needs to make electric vehicles."We do get a fair bit of insight into where prices of things are going over time because when you're making millions of cars, you have to purchase commodities many months in advance of when they're needed," he said.In the second quarter of 2022, Russia's war on Ukraine and the ongoing Covid pandemic in China hampered Tesla's Shanghai factory, and worsened supply chain snarls, parts shortages and labor problems throughout the auto industry.Musk was also asked how Tesla plans to use its capital in coming years. The CEO said Tesla will primarily increase its capital expenditures and research and development spending "as fast as we can do so without wasting it." He added that "a sort of share buyback is possible," depending on what Tesla's future cash flow looks like.Musk, who is also the CEO of SpaceX, said he "wouldn't want to commit" to Tesla share buybacks just yet, and that a force majeure event somewhere could change the equation. However, he reiterated that if Tesla's future cashflow is looking solid, and the world is "relatively stable," then a "share buyback is on the table."20 million cars a year in about 12 factories by 2030Overall, Tesla aims to produce 20 million vehicles annually by 2030, a lofty goal, and Musk said he thinks this will take approximately a dozen factories, with each factory producing 1.5 million to 2 million units per year.Currently Tesla operates vehicle assembly plants in Shanghai; Fremont, California; Austin, Texas; and outside of Berlin in Germany. It also produces batteries at a factory in Sparks, Nevada, that it jointly operates with Panasonic.Tesla recently produced its 3 millionth car, Musk said on Thursday, and is hoping to announce a new factory location later this year.At the same time, the company is recycling only 50 vehicle battery packs per week in Nevada, Musk revealed Thursday, explaining that the number is so low because most battery packs from Tesla cars are still in vehicles in use today.Stock picks and investing trends from CNBC Pro:During the shareholder meeting, the celebrity CEO also repeated promises he has made in the past including that Tesla is closing in on the goal of "solving autonomy," and delivering a self-driving vehicle capable of operating as a robotaxi without any driver behind the wheel.He delighted shareholders by seeking their input on where to set up Tesla's next factory (many shouted "Canada") and by telling the room seemingly full of retail investors that they understood the company better than finance professionals including Wall Street analysts.But he also broke some disappointing news to shareholders, reiterating that Tesla is aiming to produce the Cybertruck in mid-2023 but will not be able to sell it with the same specifications and pricing that were originally given when the company unveiled the experimental pickup in 2019.Of the Cybertruck's anticipated higher price, Musk said, "I think there's no way to have anticipated quite the inflation that we've seen." Tesla will be "installing the production equipment, tooling and all, starting in the next couple of months" at its Austin, Texas factory where the shareholder meeting took place on Thursday.3 million job applicationsMusk boasted at the meeting that Tesla, and his re-usable rocket company SpaceX, are two of the places where engineering students most want to work today. Tesla received 3 million job applications last year, he said. He also revealed, "We do allow people to move from one company to the other if they would like," referring to his two businesses. "That's cool we support that."Audience members at the in-person meeting were selected through a random drawing, while others tuned in to video livestreams online. The live event attendees offered raucous jeers at shareholders who presented proposals that Tesla's board did not agree they should pass.One shareholder took the mic during a question-and-answer session, gave up his chance to ask Elon Musk a question, instead bashed the media for its treatment of Musk and thanked the CEO for "making the world a better place." The shareholder also said hello to his 6-year-old who he said was watching the business event back home. He received a standing ovation.Tesla bull and managing partner of The Future Fund, Gary Black, asked Musk about whether he may ever leave his role as CEO at Tesla. Musk said due to all the great people in his organization, he thought Tesla would do well even if he was "kidnapped by aliens."He later emphasized, "I'm not leaving to be clear."

Elon Musk predicts mild 18-month recession, teases possible share buybacks.

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja SmiejkowskaRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - The Bank of England is trying to maintain flexibility on its options for changing interest rates and investors should not assume it is set to do more big rate hikes, BoE Chief Economist Huw Pill said on Friday."We're trying to ensure there's an element of flexibility .... Given the uncertainties we face, I think we need flexibility either to go further, or to stay where we are, and the pace at which we go further to be varied according to circumstances," Pill told Bloomberg Television.He said investors should not assume the BoE would raise rates by a further 50 basis points in September after it increased Bank Rate by that much on Thursday.Pill also rejected criticism that the BoE had been behind the curve on stopping the surge in inflation.Register now for FREE unlimited access to Reuters.comReporting by William Schomberg and Muvija M, writing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Bank of England trying to keep flexibility on rates, chief economist says.

There are millions of different investments you can buy, and they all require you to consider the same key tradeoff: risk versus return.Generally speaking, the greater your investment's potential returns, the more likely it could decline precipitously in value. When you're looking to maximize your portfolio's return, ask yourself: What would a big decline in my investments do to me?The question requires a multifaceted answer — one that examines both how a dip in your portfolio would materially affect your finances and how you react emotionally to losing money.Many investors have been able to answer that question firsthand of late. The broad stock market fell nearly 24% between January and mid-June, and many individual stocks and more volatile assets, such as cryptocurrencies, fared far worse.If recent market volatility hurt a little more than you thought it might, consider taking a moment for some introspection, says Christine Benz, director of personal finance and retirement planning at Morningstar."A lot of people entered the market in 2020 and 2021 simply because it was going up," Benz tells CNBC Make It. "Now's a good time to take a deep breath, step back and think about what's the appropriate amount of risk to be taking in your portfolio."Here's how to make sure you're investing with the right level of risk, according to market experts.Understanding risk capacity and risk toleranceBack to the central question: What would a big decline in the value of your portfolio do to you?First, a dip in your portfolio would materially affect the rest of your financial picture. That's called your risk capacity. If you're years away from a long-term goal, such as retirement, short-term dips in your portfolio aren't necessarily a very big deal because your investments have decades to recover.If your goal is in the near future, however, a big loss could derail your plans. If you had some of your portfolio earmarked for a down payment on a house this year, for instance, you may not be able to afford a 24% drop.Second, how would a big loss in your portfolio make you feel? The answer is, of course, bad — but how bad? "Grimly checking your brokerage account every morning" bad or "selling every investment you own in a full-on panic" bad?Investing pros call your ability to stick to your financial plan in the face of investment losses your risk tolerance. It's fine to feel panicky when big red numbers start to fill your portfolio page, says Brad Klontz, a certified financial planner and financial psychology professor at Creighton University. But if you let that panic drive you to rash financial decisions, you could potentially do real harm to your finances, Klontz says."Who doesn't panic? If you're on a roller coaster going down and your stomach is flipping, that's normal," he says. The problem arises when "it makes you want to jump off the ride or never ride a roller coaster again."How to take the appropriate amount of riskIf market's recent shakiness hasn't affected your financial plans, then your only next steps are to stay the course. But if you deviated from your plans or never had a plan in the first place, it's time to get your portfolio on track.Start with your risk capacity, suggests Benz: "Consider what you're trying to accomplish and your proximity to when you need the money. It may be that you need sub-portfolios for different goals."Generally, younger people saving for retirement can invest that portion of their portfolio predominately in a broadly diversified array of stocks, Benz says. They offer higher long-term returns than other types of assets, but also tend to come with more risk.For short- or intermediate-term goals that are one to three years out, "consider adding safer assets like cash, short-term bond funds and U.S. government bond funds," Benz says. From there, she adds, consider how you'll react to losses in the future: "Risk capacity doesn't matter if you're going to upend your well-laid plan when you're uncomfortable with the losses you sustained in the short-term."Plenty of online questionnaires can help you determine your tolerance for risk. Examining your behavior during the recent downdraft can be an equally useful yardstick, experts say."If I'm not comfortable in this kind of up-and-down market, I need to remember that and put in protections so I don't feel this way next time it happens," says Kelly LaVigne, vice president of consumer insights at Allianz Life. "Because it will happen again. And you'll feel lousy again."To avoid the kind of panic you may have felt in the first half of the year, consider ratcheting down your allocations to riskier assets like stocks and cryptocurrency. You may also want to consider investing in a fund that manages allocations for you."An all-in-one fund, such as a target-date fund, can help remove you from the equation and let the product do the heavy lifting," Benz says.A financial advisor may be able to help on that front too, says Levine: "The biggest thing is to make sure you don't follow your gut and pull out of the market until you talk with someone who can help you with your allocation."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: 65% of Americans are doing ‘the exact opposite of what they’re supposed to,’ says investing expert—here’s what to do instead

Investing pro: Are you taking on too much risk? Now's a great time to check.

MoneyWatch August 5, 2022 / 5:00 AM / MoneyWatch In the best of times, restaurant owners operate on thin margins. Now, rising costs are making it even harder for independent eateries to survive. Jenna Petersiel, owner of Chilmark Tavern on the island of Martha's Vineyard in Massachusetts, spoke with CBS MoneyWatch about how she keeps her business afloat. This interview has been edited for length and clarity.  Jenna Petersiel, owner of the Chilmark Tavern, repairs a connection to a piece of kitchen equipment. Jenna Petersiel How has this painfully high bout of inflation affected your business? Jenna Petersiel: As far as inflation goes, the cost of goods for me on Martha's Vineyard has always been high. And so when it goes up the way it is right now, it's really hard for us to adjust our prices to reflect an appropriate profit margin.  I am always feeling like, "Oh my gosh I'm charging too much money? Is it worth what I'm charging right now?" For me, the biggest challenge around that is the anticipated customer perception. How much can we charge for food without people thinking they're being ripped off?Since it's hard for you to raise your menu prices, are you able to remain profitable given how costs are soaring? We never charge enough here. Chilmark is a dry town so we are BYOB, and most restaurants make all of their profit off of alcohol and are lucky if they break even on food. We have to make money off of food to cover all the costs. I find myself stuck in this spot where it's like, "How high can we go until it's simply not ok anymore?"Economic growth has slowed sharply this year, and there's a risk of recession. How is that affecting you?I live in a constant state of fear. It's always, "What is this week's worry?"As far as recession fears go, it sort of seems like my customer base is kind of recession proof. But I am finding that customers that used to come two to three times a week are dining here a little bit less frequently. I don't know if it's diet-based, because of age or COVID, or recession fears. I don't ask them, but I'd like to. COVID-19 is still around. Have there been any cases among your staff?I was fully staffed and anticipated I was going to be overstaffed, which is a miracle in this market. Then a little over a month ago our sous-chef and line cook were in a terrible car accident and one of them actually died.Right after the accident, we were closed for five days. We reopened for one night, then I tested positive for COVID and the entire kitchen staff tested positive for COVID the next day. We were all sick and we closed for another week. That was the first COVID illness that we've had in the restaurant since COVID happened. We had to close even though we had purchased food — had perishable food —but there was nothing we could do. We saved what we could and had to throw away a bunch of stuff, which feels awful. We lost the two weeks before Fourth of July which are usually tremendous weeks for us.  We also typically have a 24-hour cancellation policy but people are saying, "I can't come in because I just tested positive for COVID." I don't know if they did or didn't, but I cant tell them they're lying.Many restaurants say they're understaffed, but that hasn't been a problem for you. What's your secret?Right now, what is important to me is making sure our kitchen staff is paid well and is appreciated. Sometimes that actually takes precedence over making sure the restaurant is profitable, because it's hard watching people work 16 hours a day in a hot 110 degree kitchen and not make enough money. I don't want to be that kind of boss — to push people to their edge. I think it happened through word of mouth that I'm good to work for and am a kind employer. I am always looking for a dishwasher. I think that will be eternal for the rest of time in restaurants. One will always be looking for a dishwasher — it's not a fun job. So what is your biggest challenge right now?The cost of goods and keeping on top of that. Also the cost of utilities, especially here on Martha's Vineyard, have gone up. Electricians, plumbers, refrigeration repairs are costing a lot more than they used to. Even though my costs are up, I haven't raised menu prices that much because it just doesn't feel right. Would you be comfortable paying $36 for a hamburger? That's kind of what it's worth for everything that goes into it. Are you a small business owner coping with inflation and a slowing economy? If so, CBS MoneyWatch would like to hear about your biggest challenges, and how you are adapting your business. Please email moneywatch@cbsinteractive.com.

Small business faces big challenges: Inflation, recession and 18-hour days.

Register now for FREE unlimited access to Reuters.comFINHAUT, Switzerland, Aug 5 (Reuters) - Switzerland is adding a much needed cog in the wheel to its energy supply with an underground hydropower plant that says it has capacity to store enough electricity to charge 400,000 car batteries simultaneously.Developers of the 2.2 billion Swiss franc ($2.30 billion) Nant de Drance plant in the canton of Valais, which came online in July, say the facility operates like a giant battery.Its six turbines tucked in a cavern 600 metres below ground between the Emosson and Vieux Emosson reservoirs have capacity of 900 MW, making it one of the most powerful pumped storage plants in Europe.Register now for FREE unlimited access to Reuters.comDuring peak demand, Nant de Drance produces electricity from hydropower. But when output from sources such as wind and solar exceeds demand, the plant stores the surplus electricity by pumping water into the higher Vieux Emosson reservoir."In doing so, there are losses like any storage, but the yield is very good. We have about 80% efficiency over the complete cycle," director Alain Sauthier told Reuters on a tour this week.The plant, which has taken 14 years to build, will be officially opened next month.Turbines are seen in power house of the newly operational Nant de Drance pumped storage electricity power plant in Finhaut, Switzerland, August 4, 2022. REUTERS/Denis BalibouseIt takes less than five minutes to switch from full pumping mode to full power generation. At 360 cubic metres per second, the volume of water passing through its turbines corresponds to the summertime flow of the Rhone river through Geneva."The amount of energy that can actually be stored in this facility is simply gigantic, about 20 gigawatt hours," Sauthier said. "This means that with a full tank in Vieux Emosson, you can recharge 400,000 electric car batteries simultaneously."Typically the plant pumps water into storage in the afternoon, at night and on weekends, then generates power in the morning and evening when prices are higher, Sauthier said."I would say it's not only important for Switzerland, it's also an important plant at European level because it will contribute to the stability of the network in Europe and to the security of supply in Europe," he said.That is no mean feat at a time Switzerland faces rolling four-hour regional blackouts should Europe's energy crisis lead to winter power shortages. read more ($1 = 0.9570 Swiss francs)Register now for FREE unlimited access to Reuters.comWriting by Michael Shields; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.Denis BalibouseThomson ReutersAward winning photographer based in Switzerland with over 30 years of experience in coverage of local and international news and sports events including Olympic Games

Switzerland's new energy asset: hydro plant with capacity to charge 400,000 car batteries.

The monkeypox outbreak is becoming a U.S. public health emergency.On Thursday, Health and Human Services Secretary Xavier Becerra — the country's top health official — said the Biden administration would officially designate monkeypox as a nationwide public health emergency. The declaration will accelerate vaccine distribution and facilitate access to emergency funding, among other national efforts to combat the outbreak.Cases of the virus have topped 6,600 across 48 states, Washington, D.C., and Puerto Rico, and the announcement follows similar state-level declarations from California, Illinois and New York. The World Health Organization labeled monkeypox a public health emergency of international concern last month, and as of last week, 78 countries have reported more than 18,000 cases. Five deaths have been reported so far. The virus's quick spread has made it difficult for health officials to effectively communicate safety protocols, leading to confusion and even panic: Who's at risk? How worried should you be? What can you do to protect yourself, especially with many people still reeling from the Covid-19 pandemic? Should you get a vaccine?Here's what you need to know:What are monkeypox's symptoms?The virus itself isn't new: It has historically spread at low levels in parts of West and Central Africa. The current outbreak is so unusual because monkeypox typically isn't found in Europe and North America at all.Infections typically last two to four weeks, and often begin with symptoms similar to the flu — including a fever, muscle aches, headaches, chills, exhaustion and swollen lymph nodes — according to the Centers for Disease Control and Prevention. Symptoms can progress to a rash with red raised bumps on the skin, which then turns into pus-filled blisters before eventually drying out and falling off.That rash can develop all over your body, including on your face, hands, feet, genitals and inside the mouth, the CDC says.The severity of those symptoms can differ between individuals, says Dr. Cindy Prins, an epidemiologist at the University of Florida. She says some infected people may develop a widespread rash, while others may not get one at all.Monkeypox isn't a particularly lethal virus: Only five deaths have been reported worldwide so far, and the CDC says more than 99% of people infected can expect to survive. But getting infected can be a very painful experience, especially depending on where on the body you develop lesions, Prins says.How do I know if I'm at risk of monkeypox? Prins says monkeypox predominantly spreads through prolonged skin-to-skin contact with an infected person who has a lesion. It can also spread through body fluids, contaminated bed sheets, clothing and other materials.Technically, the virus can also transmit through respiratory droplets from coughing, sneezing or talking, Prins adds — but you'd have to be in close contact with an infected person for several hours for such transmission to occur.That means it's not considered a sexually transmitted disease. But around 99% of cases in the U.S. are linked to male-to-male sexual contact, according to the WHO. The organization noted that most of reported cases are in men, often those who identify as gay, bisexual and other men who have sex with men. Transgender people and sex workers may also be at some risk, the WHO added.You're primarily at risk if you have sex with multiple or anonymous partners, says Dr. Beth Thielen, a faculty member at the University of Minnesota Medical School's division of pediatric infectious diseases. She warns against stigmatizing gay and bisexual men, emphasizing that anyone — women and children included — can contract monkeypox by coming into contact with infected persons or materials."I want people who maybe aren't engaged in those risk activities to know that they can still get it. It's not a reason to think that they're at no risk at all," Thielen says.What can I do to protect myself? The CDC recommends avoiding skin-to-skin contact with people who have a rash that looks like monkeypox. You should also refrain from sharing eating utensils or cups with such people, and touching potentially contaminated items like bedding, clothes and towels until you have time to do your laundry.Exercise caution in social gatherings — including raves, parties or clubs with minimal clothing and lots of skin-to-skin contact, and enclosed spaces like saunas or sex clubs — and wash your hands often with soap and water or alcohol-based hand sanitizer, the agency adds.Thielen says sexually active individuals — particularly those at high risk — should consider temporarily altering their activities. Prins recommends talking to your partner or partners about their own risk of infection, and whether or not they've been exposed to the virus.If you develop symptoms or learn that you've been exposed, contact your health care provider immediately to determine if you should get tested, Prins says. You should also isolate at home while actively infected, to avoid spreading it to others.Should I get a monkeypox vaccine?The CDC recommends vaccination for people who are at high risk, or have already been exposed to the monkeypox virus. The agency says getting vaccinated four to 14 days after your exposure may not prevent illness, but can help reduce any symptoms you may develop.If you don't fall into either category, you probably don't need to get vaccinated — at least, for now. "We don't have the resources to vaccinate the whole population," Thielen says. "We're specifically tailoring vaccination strategies to folks that are at the highest risk."Currently, there are two monkeypox vaccines available in the U.S. The first is the smallpox vaccine: Past data from Africa suggests that it's at least 85% effective in preventing monkeypox, according to the CDC.The second is a two-dose vaccine called Jynneos that is "better tolerated," meaning people experience fewer serious side effects from it, says Dr. Dean Blumberg, chief of the division of pediatric infectious diseases at UC Davis Health.Blumberg says Jynneos is relatively limited in supply, which helps explain the vaccine shortages seen across the country. More shots are on the way from Denmark, where Jynneos is manufactured: Last week, Becerra said 786,000 additional doses will be distributed once the U.S. Food and Drug Administration clears them for use.For now, if you're struggling to find available vaccines near you, try clinics that treat or screen for sexually transmitted infections, Thielen advises. Prins also recommends visiting walk-in clinics if appointments aren't unavailable, and frequently checking for new appointments to open up."More vaccines are coming, so those appointments should be opening up more and more over the next month or so," Prins says.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:What to do if you have Covid symptoms but keep testing negative at home, according to expertsThe danger of skipping your Covid booster is rising—and more than 100 million Americans are at risk

Monkeypox: What to know about the new public health emergency, from symptoms to risk.

Chinese and U.S. flags flutter outside a company building in Shanghai, China April 14, 2021. REUTERS/Aly Song//File PhotoRegister now for FREE unlimited access to Reuters.comBEIJING, Aug 5 (Reuters) - China is halting cooperation with the United States in a number of areas, including dialogue between senior-level military commanders and climate talks, in retaliation for House Speaker Nancy Pelosi's visit to Taiwan, it said on Friday.China's foreign ministry also said that it was also suspending cooperation with Washington on prevention of cross-border crime and drug trafficking, andon repatriating illegal migrants, among eight specific measures.In a statement released soon after Pelosi left Japan on the final leg of her Asian tour, China also cancelled a planned bilateral meeting on a maritime military security mechanism.Beijing separately announced that it would personally sanction Pelosi and her immediate family in response to her "vicious" and "provocative" actions. read more Pelosi's brief visit this week to self-ruled Taiwan, which China claims as its own, infuriated Beijing and triggered Chinese military drills on an unprecedented scale in the seas and air around the island. read more Register now for FREE unlimited access to Reuters.comReporting by Tony Munroe; Editing by Toby Chopra and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

China halts high-level military dialogue with U.S., suspends other cooperation.

U.S. August 5, 2022 / 7:56 AM / CBS/AP Nicole Hazen, the wife of Arizona Diamondbacks general manager Mike Hazen, has died from complications due to glioblastoma, a form of brain cancer. She was 45.She was diagnosed with cancer more than two years ago. The family has four sons, Charlie, John, Teddy and Sam. The team sent a statement confirming that Hazen died on Thursday. Mike Hazen poses with his wife Nicole and four sons at Fenway Park in Boston, Thursday, Sept. 24, 2015.  From left are sons Charlie, Sam, Teddy and John. Charles Krupa / AP "Nicole lived her life and loved her family with fierceness and devotion," the Hazen family said in a statement. "She spent every day in the service of others as a mother, wife and educator advocating for goodness. From our family, we remain forever grateful for the love, support and random acts of kindness bestowed upon us for the last two years and four months. We would not have been able to walk down this road, with her, without the help and generosity of our community." Mike Hazen announced he was taking a partial leave of absence last year to help take care of his wife and family.Glioblastoma is a type of cancer that occurs in the brain and spinal cord, according to the Mayo Clinic. It's the type of cancer that plagued late senators John McCain and Edward Kennedy as well as Beau Biden, the late son of President Joe Biden.The exact underlying cause of glioblastoma is unknown in most cases, but in some, it's linked to genetic syndromes: neurofibromatosis type 1, Turcot syndrome and Li Fraumeni syndrome, according to NIH. In: Arizona Diamondbacks Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Nicole Hazen, wife of Arizona Diamondbacks general manager, dies at 45.

As a nutritional psychiatrist, I always make it a point to maintain a well-balanced diet. Much of that has to do with making sure I get all the right vitamins, especially because it's essential to preventing cognitive decline.And given that the risk of neurological diseases increases as we get older, one question I often get from my patients is: "What is the best vitamin for protecting our aging brains?"Each of our microbiomes is like a thumbprint, so a truly effective eating plan is personalized to the unique needs of an individual. But the vitamin group I prioritize the most to keep my brain young and healthy are B vitamins.The brain benefits of B vitaminsDepression, dementia and mental impairment are often associated with a deficiency of B vitamins, a study from the Wayne State University School of Medicine found."A B12 vitamin deficiency as a cause of cognitive issues is more common than we think, especially among the elderly who live alone and don't eat properly," says Rajaprabhakaran Rajarethinam, a psychiatrist and the lead author of the study.There are eight different B vitamins, each with its own primary health benefits:1. Increasing your energy.Vitamin B1, or thiamin, is crucial for the basic function of our cells and the metabolism of nutrients for energy.The brain is one of the most metabolically active organs in your body, which means it needs the support of thiamin to prevent the deficiencies that can lead to neurological problems down the line.2. Breaking down medications.Vitamin B2, or riboflavin, acts as an assistant to enzymes in our cells that carry out important reactions, such as in the body and brain.It also helps to grow cells, produce energy and break down fats and external materials like medications.3. Reducing inflammation.Vitamin B3, or niacin, works with more than 400 enzymes to produce materials like cholesterol and fat needed within the body, and to convert energy for all our organ systems. Niacin is also an antioxidant, which helps reduce excess inflammation.4. Supporting your support your overall brain health.Vitamin B5, or pantothenic acid, is essential for making a molecular compound called coenzyme A, which helps our body's enzymes build and break down fatty acids for energy.It also helps our cells generate acyl carrier proteins, helping to produce necessary fats. The brain is primarily fat, so pantothenic acid is among the most important vitamins in supporting brain health.5. Fight diseases.Vitamin B6, or pyridoxine, is notable for its role in disease prevention because proper levels of this vitamin is associated with lower risk of a number of cancers.Additionally, pyridoxine helps many chemical reactions in the body that support immune function and brain health. 6. Helping cells communicate better.Vitamin B7, most commonly known as biotin, regulates cell signals for quick and efficient communication throughout the body. In the brain, it's crucial for cellular signaling via neurotransmitters.7. Keeping you balanced.Vitamin B9, or folate, is a popular supplement and a key vitamin for supporting brain and neurological health, optimal neurotransmitter function, and balanced psychological health.Another benefit is that it helps encourage cellular detoxification.8. Helping your heart.Vitamin B12, or cobalamin, is an essential vitamin for forming red blood cells and DNA, and supporting the development and function of the nervous system.B12 also supports the breakdown of homocysteine, a protein that can negatively impact cardiovascular health and lead to dementia when in excess.The best Vitamin B foodsI'm a "food-first" person, so I always encourage people to incorporate foods containing these vitamins into their meals. However, our diets are not perfect, so there may be instances where supplements may help. If that's the, case my simple advice is to "test, not guess" — and consult with your doctor first.The goods news is that B vitamins are among the easiest to work into your diet because foods that are rich in one B vitamin often contain many, if not all, of the B vitamins when consumed as whole foods.Here are six vitamin B-rich foods I eat every day:1. One egg contains a third of the recommended daily value of vitamin B7, while also containing small amounts of many of the other B vitamins.2. Yogurt is high in both vitamin B2 and vitamin B12, as well as in natural probiotics, which support both gut health and mental health. I like plain Greek yogurt for the added protein.3. Legumes such as black beans, chickpeas, edamame and lentils all help to boost your mood and brain health. They are an excellent source of vitamin B9, and include small amounts of vitamin B1, vitamin B2, vitamin B3, vitamin B5 and vitamin B6.4. Salmon is naturally rich in all of the B vitamins, especially vitamin B2, vitamin B3, vitamin B6 and vitamin B12. Be mindful of the source of your seafood, and remember that frozen or canned salmon is a budget-friendly option, too.5. Sunflower seeds are one of the best plant sources of vitamin B5. You can get 20% of the recommended daily value of this vitamin from just one ounce of seeds!6. Leafy greens such as spinach, Swiss chard and cabbage are a great source of vitamin B9. This is the first food I suggest to patients who want to boost low mood.Dr. Uma Naidoo is a nutritional psychiatrist, brain expert, and faculty member at Harvard Medical School. She is also the Director of Nutritional & Lifestyle Psychiatry at Massachusetts General Hospital and author of the best-selling book "This Is Your Brain on Food: An Indispensable Guide to the Surprising Foods that Fight Depression, Anxiety, PTSD, OCD, ADHD, and More." Follow her on Twitter and Instagram.Don't miss:The 4 vitamins and supplements this immunologist takes every day to strengthen her immune systemA Harvard nutritionist shares the No. 1 food she eats every morning to help her brain ‘stay sharp’ and ‘age well’A Harvard nutritionist and brain expert avoids these 5 foods that 'weaken memory and focus'

A Harvard nutritionist shares the No. 1 vitamin that keeps her brain 'young and healthy'—and foods she eats 'every day'.

Americans have racked up a lot of credit card debt. As of the beginning of 2022, the total amount was over $1 trillion, according to WalletHub.But the median balance owed significantly varies by state. To see where borrowers owe the most, personal finance website WalletHub analyzed balance and payment data from TransUnion for people living in all 50 states and the District of Columbia as of September 2021. WalletHub also calculated how long it would take to pay off the median amount of debt in each state as well as the accompanying financial charges, assuming an interest rate of 16.17%.Here are the seven places in the U.S. with highest median credit card debt. The cost to payoff is displayed as a negative number because it represents the amount of money spent on interest to pay down the debt.1. AlaskaMedian credit card debt: $3,206Cost to pay off: -$392Time until payoff: 17 months and 27 days 2. District of ColumbiaMedian credit card debt: $2,788Cost to pay off: -$328Time until payoff: 17 months and 3 days 3. WashingtonMedian credit card debt: $2,471Cost to pay off: -$249Time until payoff: 14 months and 21 days 4. VermontMedian credit card debt: $2,181Cost to pay off: -$216Time until payoff: 14 months and 12 days 5. WyomingMedian credit card debt: $2,324Cost to pay off: -$229Time until payoff: 14 months and 10 days 6. OregonMedian credit card debt: $2,208Cost to pay off: -$217 Time until payoff: 14 months and 7 days 7. MontanaMedian credit card debt: $2,227Cost to pay off: -$219Time until payoff: 14 months and 7 days One of the reasons people amass credit card debt is because credit cards are accessible and easy to use, Eileen Milliken Beiter, a program director and associate professor of accounting at Nazareth College, told WalletHub. "Credit card debt is designed to grow due to high Interest rates and through the power of compounding," Beiter said. "It is easy for people to make the minimum payment on credit cards, and the balance just keeps on growing."And with the Fed raising interest rates by another 0.75%, outstanding credit card debt may get even more expensive.In order to begin tackling your debt, Beiter says to start by understanding your cash flow: "What do you earn, and what are your expenses?" From there, "take stock of your debt," so you know what you owe.She also recommends figuring out what motivates you to pay it off. "Ideally, you can focus on paying off the debt with the highest interest rate, but if eliminating debt with smaller balances first motivates you, go for it," she told WalletHub.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Olympic swimmer Ryan Lochte went from earning millions to living paycheck-to-paycheck—here’s what he learned

The 7 places in the U.S. with the most credit card debt.

Stocks fell Friday after the July jobs report was much better than expected, showing a strong labor market that will likely mean more interest rate hikes from the Federal Reserve.The Dow Jones Industrial Average fell 145 points or 0.41%. The S&P 500 slipped 0.56% and the Nasdaq Composite shed 0.83%.The labor market added 528,000 jobs in July, easily beating a Dow Jones estimate of a 258,000 increase. The unemployment rate ticked down to 3.5%, below the 3.6% estimate. Wage growth also ticked up more than estimated, up 0.5% for the month and 5.2% higher than a year ago, signaling that high inflation is likely still a problem."Anybody that jumped on the 'Fed is going to pivot next year and start cutting rates' is going to have to get off at the next station, because that's not in the cards," said Art Hogan, chief market strategist at B. Riley Financial. "It is clearly a situation where the economy is not screeching or heading into a recession here and now."Job growth was expected to slow as the Fed continues to hike interest rates to tame surging inflation, but this report shows a labor market still running hot. The report is a crucial one as it's one of two the central bank will see before it decides how much to raise rates at its September meeting.Stock picks and investing trends from CNBC Pro:Major averages posted their best month since 2020 in July on the hope the Fed would slow the pace of its hikes. The S&P 500 added 9.1% last month. Friday's losses pushed the index into the red for this week.Market expecting bigger Federal Reserve rate hike in SeptemberThe much-stronger-than-expected July jobs report caught markets by surprise and has Fed watchers ratcheting up expectations for rate hikes.The economy added 528,000 jobs in July, more than double expectations. Fed funds futures for October are now pricing in a 72% chance of a 75 basis point hike in September, up from 18% Thursday, according to Peter Boockvar, chief investment officer of Bleakley Advisory Group. (a basis point is 0.01 of a percentage point)Boockvar said the market is also pricing out some of the rate cutting it expected for next year, and the June, 2023 futures were higher by 25 basis points, putting expectations for Fed funds at 3.54%."This is hot. For the Fed, this is another 75 basis point hike," said Diane Swonk, chief economist at KPMG. She said the September rate hike could be 75 basis points now not 50 , based on the jobs report alone."The Fed is dealing with strong demand in a supply constrained economy, and that demand extends to labor," said Swonk.—Patti DommStocks down at market openStocks fell at the opening bell Friday following a better-than-expected jobs report. The Dow Jones Industrial Average fell 217 points or 0.66%. The S&P 500 slipped 0.96% and the Nasdaq Composite shed 1.36%.—Carmen Reinicke75 basis point hike in September is almost a done deal, Shah says The stronger-than-expected July jobs report means that the Federal Reserve will likely raise interest rates by three-quarters of a percentage point at its next meeting, as opposed to the half-percentage-point hike markets expected, Seema Shah, chief global strategist at Principal Global Investors, said. "Today's blow out number means that a 75bps hike in September is almost a done deal. Not only is the labor market undoubtedly still tight, but wage growth is uncomfortably strong," Shah wrote in a Friday note. "The Fed has its work cut out for it to create sufficient slack that could ease price pressures.""All the jobs lost during the pandemic have now been regained. But while that is positive news, markets will take today's number as a timely reminder that there is significantly more Fed hiking still to come," she said. "Rates are going above 4% - today's number should put to bed any doubters." —Carmen ReinickeCramer on why stocks reacting negatively to jobs report"This number is extraordinary. We're a growth country. The rest of the world is not," said Jim Cramer on CNBC's "Squawk Box" after the strong report.But Cramer cautioned about what it means for stock prices and explained why we are seeing the negative reaction in the futures. "It means that obviously when they (the Fed) come back it stays hot they will do another three-quarters," Cramer said. "That's not what we thought. Remember we kind of bought this market on the idea that they are at 50 (basis points)."After increasing rates by 0.75 percentage point for a second straight time last week, the central bank will next meet to decide on interest rates in September. Traders hoped they would slow the pace to a half point hike at that meeting. The S&P 500 is up 8% in the past one month through Thursday's close.—John MelloyStock futures slump after better than expected jobs reportStock futures fell Friday after the July jobs report came in much stronger than expected, showing more jobs added, a lower unemployment rate and higher wage growth than economists forecast. Dow futures slipped 231 points, or 0.71%. Futures tied to the S&P 500 fell 1.08% and Nasdaq futures shed 1.33%.—Carmen ReinickeJuly jobs report crushes expectationsThe U.S. economy added many more jobs than was expected last month. On Friday, the U.S. government said 528,000 jobs were added in July, easily beating a Dow Jones estimate of 258,000. To be sure, average hourly earnings were up 5.2% year over year — well above expectations. This could be seen by the market as a sign that inflationary pressures remain strong. Click here for the full story.—Fred ImbertElon Musk thinks we're past peak inflation Elon Musk said that he thinks we are past peak inflation, and predicts a mild, 18-month recession ahead.Musk's comments came at the Tesla 2022 shareholder meeting, held Aug. 4."We do get a fair bit of insight into where prices of things are going over time because when you're making millions of cars, you have to purchase commodities many months in advance of when they're needed," he said.—Carmen ReinickeAmazon to acquire iRobot in $1.7 billion dealAmazon will acquire iRobot for $61.00 per share, the consumer robot company announced on Friday. The all-cash transaction is valued at approximately $1.7 billion, including iRobot's net debt.Shares of iRobot were halted on the news. The sale price of $61 per share is a 22% premium to Thursday's close of $49.99. Amazon's stock was up about .2% in pre-market trading.—By Michelle FoxDoorDash surges after record orders A delivery person for Doordash rides his bike in the rain during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., November 13, 2020.Carlo Allegri | ReutersShares of DoorDash were up more than 10% in premarket trading Friday after the company reported quarterly results that beat expectations after market close Thursday. The food delivery service said orders grew 23% on the year last quarter, and revenue surged 30%.The company does expect softer consumer spending in the second half of the year, it said.—Carmen ReinickeOil set for steep weekly lossOil prices were moderately lower during Friday morning trading on Wall Street and on track for steep weekly losses. Concerns around a slowdown in demand have sent prices tumbling in recent sessions.West Texas Intermediate crude futures, the U.S. oil benchmark, is down 10.5% for the week, while international benchmark Brent crude has shed 14.5%. — Pippa StevensBitcoin, Ether on track for worst week since July 1Cryptocurrencies have slumped this week after a rough start to the month. Bitcoin and Ether are both down about 3% week to date and on pace to post their first negative week in five. The performance would also be the worst weekly drop since July 1, when Bitcoin lost 8.71% and Ether shed 13%. —Carmen ReinickeWarner Bros. plungesLeslie Grace attends Warner Bros. Premiere of "The Suicide Squad" at The Landmark Westwood on August 02, 2021 in Los Angeles, California.Axelle/bauer-griffin | Filmmagic | Getty ImagesStifel raises second-half S&P 500 targetStifel's Barry Bannister hiked his S&P 500 target for the second half to 4,400 from 4,200, noting he continues to prefer cyclical growth stocks in sectors such as software and media.Here are two reasons Bannister gave for his target bump:The "S&P 500 sell-off in 1H22 is still being reversed.""The S&P 500 also discounts negative y/y S&P 500 EPS in 2022, but we see 2022 EPS holding its own."Bannister's new target implies 6% upside from Thursday's close.—Fred ImbertEuropean stocks flat ahead of key U.S. jobs reportEuropean markets were flat on Friday morning as investors tracked corporate earnings and awaited the key U.S. jobs report.The pan-European Stoxx 600 was little changed in early trade. Autos gained 0.8% while insurance stocks fell 0.8%.Earnings continue to drive individual share price movement in Europe. Allianz, Deutsche Post, the London Stock Exchange Group and WPP were among the companies reporting before the bell on Friday.- Elliot SmithAsia markets shake off fears over military tensions around TaiwanMarkets in Asia-Pacific rose on Friday as investors shook off fears over China's military exercises near Taiwan, which follow U.S. House Speaker Nancy Pelosi's visit to the self-ruled island this week.MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.74%. Mainland China's Shanghai Composite gained 0.28% and the Shenzhen Component increased 0.64%.The Taiex in Taiwan jumped more than 2%, with chipmaker TSMC rising 2.8%.Lower headline jobs number doesn't mean a weaker economy, investor saysIf Friday's jobs report shows the U.S. economy added fewer workers in July than the previous month, it is not necessarily a sign of economic weakness, according to Brad McMillan, CIO at Commonwealth Financial Network."If we do see a reduction in hiring, even at the expected number, it looks much more likely to be due to a shortage of workers, rather than a sudden shock to labor demand," McMillan said in a note. "With demand strong, what matters here is labor availability."— Yun LiSome on Wall Street don't think the comeback rally can sustainThe Fed's commitment to bring down inflation as well as easing recession fears have sparked a relief rally in the market. The S&P 500 is now 14.2% above its 52-week intraday low of 3,636.87 from June 17. The benchmark index is also coming off its best month since November 2020, gaining more than 9% in July.However, some on Wall Street are skeptical that the rally can sustain for much longer. Max Kettner, chief multi-asset strategist at HSBC Bank said the comeback is "wishful thinking," and he would need to see further repricing of rate hike expectations and another sharp drop in real yields to believe it.Widely followed Mike Wilson from Morgan Stanley also called this rally short-lived as corporate earnings are beginning to deteriorating.— Yun LiConsumer discretionary leading the gains, energy biggest laggard this week so farSix out of the 11 S&P 500 sectors were in the green week to date, led by consumer discretionary, which has gained 2.9%.The most negative sector this week has been energy, which has fallen more than 8% and is on track for its worst week since June 17. The decline in energy names came amid a drop in oil prices. WTI is down over 10% this week, on pace for its worst week since April.— Yun Li

Dow falls 150 points after strong July jobs report points to more aggressive Fed.

A help wanted sign at a store along Queen Street West in Toronto Ontario, Canada June 10, 2022. REUTERS/Carlos OsorioRegister now for FREE unlimited access to Reuters.comOTTAWA, Aug 5 (Reuters) - Canada's economy unexpectedly lost jobs for the second month in a row in Julyafter a year-long boom, while the unemployment rate stayed at a record low 4.9%, official data indicated on Friday.Statistics Canada reported 30,600 positions were shed, marking the second month in a row of relatively moderate losses. Between May 2021 and May 2022, the economy added a hefty 1.06 million jobs as the recovery from COVID-19 took hold.Analysts polled by Reuters had expected an increase of 20,000 positions and for the jobless rate to edge up to 5.0%.Register now for FREE unlimited access to Reuters.comThe average hourly wages of permanent employees - a figure the Bank of Canada watches closely - rose by 5.4% from July 2021, down from the 5.6% year-on-year increase seen in June but sharply higher than the 2.4% seen at the start of the year.Derek Holt, vice president of capital markets economics at Scotiabank, said the July figures were disappointing but predicted Canada's central bank would keep raising interest rates in its bid to crush inflation."I think they know full well that fighting inflation is going to break a few things, and one of them will be slowing job market momentum," he said.The central bank last month surprised markets by raising its main interest rate by 100 basis points in a bid to tackle inflation, and said more hikes would be needed. read more The number of public sector employees dropped by 51,000 in July, the first decline in 12 months.The services sector shed 53,200 jobs while the goods sector added 22,600 jobs. Statscan said there was no indication of increased job churn despite the tight labor market.The central bank's next fixed rate announcement is on Sept. 7, with the August jobs data due out on Sept 9."The Bank of Canada will likely focus on the historic low unemployment rate and still strong wage growth to justify another non-standard rate hike at its next meeting," said Andrew Grantham, senior economist at CIBC Capital Markets.The Canadian dollar was trading 0.6% lower at 1.2945 to the greenback, or 77.25 U.S. cents, in part pushed down by strong U.S. jobs data.Register now for FREE unlimited access to Reuters.comAdditional reporting by Ismail Shakil in Ottawa and Fergal Smith in Toronto; Editing by Jan Harvey and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.David LjunggrenThomson ReutersCovers Canadian political, economic and general news as well as breaking news across North America, previously based in London and Moscow and a winner of Reuters’ Treasury scoop of the year.

Canada's labor market sheds jobs for second month in a row.

U.S. Updated on: August 5, 2022 / 9:38 AM / CBS News Lighting badly injures 4 near White House Lighting critically injures 4 near White House: CBS News Flash August 5, 2022 01:00 Two people died and two people were critically injured following a lightning strike Thursday evening in Lafayette Square, just north of the White House, authorities said.D.C. Police Public Affairs Specialist Brianna Burch confirmed to CBS News that an elderly couple — a 76-year-old man and a 75-year-old woman from Janesville, Wisconsin — had died. The other two people who were struck by lightning remain in critical condition.Two men and two women had been taken to area hospitals after being struck by lightning, Vito Maggiolo, a spokesperson for the District of Columbia Fire and Emergency Medical Services Department, said in a Thursday evening news briefing. The lightning strike was reported at 6:52 p.m. The victims were near a statue of Andrew Jackson, Maggiolo said, adding that "it appeared they were in the vicinity of a tree." Uniformed Secret Service agents and U.S. Park Police officers who were in the area and witnessed the strike provided first aid to the victims, Maggiolo said. "Their agents, their officers, witnessed this lightning strike and immediately began to render aid," Maggiolo said. It's unclear exactly what the victims were doing at the time. "All we know for sure is that there was a lightning strike in their immediate vicinity, and all four were injured," he said. A CBS News camera that was recording on the White House North Lawn around the time of the lightning strike captured the powerful rumble of the thunder. "The thunder was so loud, @gabrielle_ake and I jumped up in fright," CBS News chief White House correspondent Nancy Cordes tweeted. "'That's too close - we're shutting down' advised photographer Ron Windham."  Our camera was rolling on the White House North Lawn tonight when lightning struck Lafayette Park nearby, injuring four. The thunder was so loud, @gabrielle_ake and I jumped up in fright. “That’s too close — we’re shutting down” advised photographer Ron Windham. pic.twitter.com/oTtU9VeQBw— Nancy Cordes (@nancycordes) August 5, 2022 In: Lightning Lafayette White House Lightning Strike Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

2 dead, 2 in critical condition after lightning strike near White House.

Picture this: you're on a plane with your family. Both of your kids want to watch the same movie on an iPhone so each has one AirPod in, and one naked ear. They're doing it wrong.Thanks to Apple's Audio Sharing feature, two people can listen with AirPods or Beats wireless headphones to whatever is playing on the same iPhone or iPad. You'll be able to talk to your partner without eavesdroppers, and your kids won't need to engage in the unsanitary act of sharing earbuds.For this feature to work, you need a compatible Apple device with iOS 14 or newer and supported wireless headphones. That means an iPhone 8 or later, or an iPad fifth generation or later, plus AirPods.Here's how to connect two headphones to one Apple device.Two AirPods connected to one iPhoneSofia Pitt | CNBCConnect your AirPods or Beats to your iOS device and begin playing the content you're hoping to share.Tap the AirPlay button in Control Center on your iPhone or iPad, on the Lock Screen, or in the app that you're using to watch content or stream music.Tap Share Audio.If you're sharing with someone who has AirPods or AirPods Pro, have them keep their AirPods inside the case and open the lid while in close proximity to your Apple device. If the person you're sharing with has AirPods Max, these don't need to be inside the case. If you're sharing with a Beats user, put those Beats in sharing more and hold them close to your device.You should see your friend or family member's headphones appear on your screen.Tap Share Audio again.That's it! To stop sharing content, simply tap the checkmark next to the headphones you want to disconnect.Side note: If Audio sharing isn't working it may be because your device or headphones aren't compatible. Here's what you need:iPhone 8 and lateriPad Pro 12.9-inch (2nd generation) and lateriPad Pro 11-inchiPad Pro 10.5-inchiPad Air (3rd generation) and lateriPad mini (5th generation) and lateriPad (5th generation) and lateriPod touch (7th generation)Compatible headphones include:AirPods MaxAirPods ProAirPods (1st generation) and laterPowerbeatsSolo ProPowerbeats ProPowerbeats3 WirelessBeats Solo3 WirelessBeats Studio3 WirelessBeatsXBeats FlexBeats Fit Pro

How to connect two AirPods to one iPhone so your kids can watch a movie on the same device.

Hiring in July was far better than expected, defying multiple other signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday.Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6%, respectively. The unemployment rate is now back to its pre-pandemic level and tied for the lowest since 1969, though the rate for Blacks rose 0.2 percentage point to 6%.Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago. Those numbers add fuel to an inflation picture that already has consumer prices rising at their fastest rate since the early 1980s. The Dow Jones estimate was for a 0.3% monthly gain and 4.9% annual increase.More broadly, though, the report showed that the labor market remains strong despite other signs of economic weakness."There's no way to take the other side of this. There's not a lot of, 'Yeah, but,' other than it's not positive from a market or Fed perspective," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "For the economy, this is good news."Markets initially reacted negatively to the report, with Dow Jones Industrial Average down 128 points in early trading as traders anticipated a strong counter move from a Federal Reserve looking to cool the economy and in particular a heated labor market.Leisure and hospitality led the way in job gains with 96,000, though the industry is still 1.2 million workers shy of its pre-pandemic level.Professional and business services was next with 89,000. Health care added 70,000 and government payrolls grew 57,000. Goods-producing industries also posted solid gains, with construction up 32,000 and manufacturing adding 30,000.Retail jobs increased by 22,000, despite repeated warnings from executives at Walmart, Target and elsewhere that consumer demand is shifting.Back to pre-pandemicDespite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job gain over the past four months. The BLS release noted that total nonfarm payroll employment has increased by 22 million since the April 2020 low when most of the U.S. economy shut down to deal with the Covid pandemic."The report throws cold water on a significant cooling in labor demand, but it's a good sign for the broader U.S. economy and worker," Bank of America economist Michael Gapen said in a client note.The bureau noted that private sector payrolls are now higher than the February 2020 level, just before the pandemic declaration, though government jobs are still lagging.The unemployment rate ticked down, the result both of strong job creation and a labor force participation rate that declined 0.1 percentage point to 62.1%, its lowest level of the year.Economists have figured job creation to begin to slow as the Federal Reserve raises interest rates to cool inflation running at its highest level in more than 40 years.The strong jobs number coupled with the higher-than-expected wage numbers led to a shift in expectations for September's expected rate increase. Traders are now pricing in a higher likelihood of a 0.75 percentage point hike for the next meeting, which would be the third straight increase of that magnitude."One the one hand, it gives the Fed more confidence that it can tighten monetary policy without leading to a widespread rise in unemployment," said Daniel Zhao, lead economist for job review site Glassdoor. "But it also shows that the labor market isn't cooling, or at least wasn't cooling as fast as anticipated. ... At the very least, even though it's a surprise, I think the Fed is still on track to continue tightening monetary policy."'Academic' recession debateThe Fed has raised benchmark interest rates four times this year for a total of 2.25 percentage points. That has brought the federal funds rate to its highest level since December 2018.The economy, meanwhile, has been cooling significantly.Gross domestic product, the measure of all goods and services produced, has fallen for the first two quarters of 2022, meeting a common definition for a recession. White House and Fed officials as well as most Wall Street economists say the economy likely is not in an official recession, but the slowdown has been clear."The recession debate at this point is more academic than anything else," said Sonders, the Schwab strategist. "You can't deny that growth has weakened. That's the only point in bringing up two quarters of negative growth in GDP."The Fed rate hikes are aimed at slowing the economy, and in turn a labor market in which job openings still outnumber available workers by a nearly 2-to-1 margin. Bank of America said this week that its proprietary measures of labor market momentum show an employment picture that is still strong but slowing, due in large part to central bank policy tightening.The biggest reason for the retrenchment has been inflation that has been much stronger and more persistent than most policymakers had anticipated. Prices jumped 9.1% in July from a year ago, the fastest rate since November 1981.

Payrolls increased 528,000 in July, much better than expected in a sign of strength for jobs market.

Varda co-foundersVarda Space IndustriesEarly stage Varda Space Industries has signed a pair of agreements with NASA, the company announced Friday, securing access to key technologies the company will need for the first demonstration of its space factory system.Varda's goal is to develop a new method for manufacturing materials in space, an opportunity to build products that are useful on Earth more efficiently in space's microgravity. The International Space Station has served as a test bed for the technology – but Varda wants to produce materials at a greater scale. A recent McKinsey report highlighted the potential for making things from semiconductors to pharmaceuticals and more."These partnerships with NASA are a great way for us to accelerate development," Varda co-founder Delian Asparouhov told CNBC.Varda's system uses a three-piece vehicle: A spacecraft, a manufacturing module, and a heatshield-protected capsule to reenter through the atmosphere and land. Founded in late 2020, Varda has raised $53 million to date and recently moved into a 61,000-square-foot headquarters in El Segundo, California.Its first mission is set to fly on a SpaceX launch, called Transporter-8 – planned for the second quarter of next year. Rocket Lab is supplying the spacecraft for the first four missions, with Varda making the manufacturing module and capsule in-house.Varda's pair of Space Act Agreements signed with NASA – one with the Ames center in California and the other with the Langley center in Virginia – gives the company access to reentry and heatshield technologies needed for its mission. This type of NASA partnership varies in scope, but typically gives space companies access to the agency's technology at little to no cost.A flight vehicle that the company designed, built and tested in less than 18 months from the team's first day on the job.Varda Space IndustriesThe partnership with NASA's Ames will allow Varda to purchase heat shield material, which Asparouhov noted "is a highly sort of proprietary material that is quite difficult to get from NASA given the limited inventory."In addition to purchasing material for at least Varda's first two missions, the agreement also gives the company the know-how to make the heatshields itself – which cofounder and CEO Will Bruey described as a "big vertical integration move for us.""It's a great reciprocal relationship, because with the tech transfer from NASA we can also commercialize at the heatshield level and help them develop it further," Bruey said.Varda's agreement with NASA's Langley gives the company access to atmosphere reentry data, another crucial piece for its system."Basically getting access to a data model of how objects enter into the atmosphere," Asparouhov said, adding that "it's incredibly important" for winning approval from the Federal Aviation Administration when returning the spacecraft to Earth.Varda engineers brainstorming on the company's shop floor next to a prototype.Varda Space IndustriesVarda's first version of its reentry capsule will be 90 kilograms (or about 200 pounds) in total, the company said. It represents a minimum viable product to prove the system works, and will return a few kilograms of manufactured material. Varda has yet to announce what material will be manufactured on the initial missions.The first capsule version will fly Varda's first four missions and will return up to 10 to 15 kilograms of manufactured material per flight. The company aims to move to a second version of the vehicle near the end of 2025, designed to increase the amount of material returned to up to 100 kilograms at a time.The company opening its new headquarters in El Segundo, California.Varda Space IndustriesVarda's new headquarters gives the company the manufacturing capability to produce between "six to eight flights per year," Asparouhov said. The company is currently in the middle of its testing campaign for the first mission, conducting drop tests and working on integrating the vehicle with Rocket Lab's spacecraft."It's now all execution risk, my favorite type of risk to have," Bruey said.Asparouhov, who is also a principal at Peter Thiel's Founders Fund, noted that Varda is "pretty confident" that it can "get through the first mission easily without further fundraising."So far the company says its plan has progressed better than expected and its team has grown faster than previously forecast to more than 60 people.

Space factory startup Varda secures NASA partnerships ahead of demo flight next year.

U.S. House Speaker Nancy Pelosi shakes hands with Senate Majority Leader Chuck Schumer at the start of a discussion with historians on how to "establish and preserve the narrative of January 6th" on the one-year anniversary of the attack on the Capitol in Washington, January 6, 2022.Al Drago | Pool | ReutersCongress is about to head out for summer recess with one major piece of tech policy legislation checked off but several others still hanging in the balance.Lawmakers managed to pass more than $50 billion in funding toward domestic computer chip manufacturing, even after the initial vehicle for the bill was held up by negotiations around other issues.But members will also head home without having voted on the most promising tech antitrust bill that's advanced in both chambers and with talks around digital privacy legislation still in a precarious position.The Senate has also yet to vote on whether to confirm President Joe Biden's final nominee to the Federal Communications Commission, leaving the agency without a full panel for well over a year and a half. That also means the agency has not been able to reinstate net neutrality rules that would reclassify internet service providers as common carriers, an action many expected a Democratic administration to take once the agency was in full force.After the August recess, lawmakers will be solidly in midterm mode with consequential campaigns threatening to transform the makeup of both chambers in the November elections. After that, Congress will have limited time in the final weeks of the year to pass any last-minute legislation before the committee gavels change hands, should Republicans win back control of either chamber."Sometimes the lame duck can be very productive," said Harold Feld, senior vice president of the nonprofit Public Knowledge, which receives funding from both Big Tech and telecom companies as well as their detractors. But to have a productive session, he added, Congress must set promising measures up for success before the midterms.Advocates say passing tech policy regulation is necessary to enable future innovation."I think if the U.S. doesn't move forward on Big Tech regulations, what that is saying to Big Tech is that they're untouchable," said Andy Yen, CEO of Proton, which makes the encrypted email app Proton Mail and has spoken out against the tech giants. "So the abuses that we see today are only going to get worse."Here's where things stand on tech policy heading into the August recess.Semiconductor fundingUS Speaker of the House Nancy Pelosi, alongside members of Congress, holds the CHIPS and Science Act, providing domestic semiconductor manufacturers with $52 billion in subsidies to cut reliance on foreign sourcing, after signing it during an enrollment ceremony on the West Front of the US Capitol in Washington, DC, July 29, 2022.Saul Loeb | AFP | Getty ImagesCongress' major accomplishment in tech policy this year has been in passing the Chips and Science Act, the computer chip funding bill that will support the development of semiconductor manufacturing in the U.S.The funding is aimed at reducing U.S. dependence on foreign manufacturing, which leaves the country at risk for greater supply chain issues and economic crises, Commerce Secretary Gina Raimondo has warned.Semiconductor shortages during the pandemic have led to supply problems in devices that rely on them, including cars.The chip manufacturing funding was initially part of a larger legislative package but was held up by negotiations over a separate issue. Lawmakers ended up peeling out the chips funding into a separate bill that both chambers passed and sent to the president's desk."I think Congress just took seriously the message from semiconductor CEOs about the urgency of now," said Paul Gallant, managing director of Cowen's Washington Research Group. "The urgency of allocating this money now versus six months from now. Because companies have money being offered by Europe and Asia. So the U.S. either steps up to the table now or probably loses fabs to other countries.""The production of semiconductor chips is much more well understood and coveted now post pandemic," said Linda Moore, CEO of tech industry group TechNet, pointing to supply chain challenges that have persisted throughout the crisis and impacted the availability of consumer products. "I think that people understand now that it's really an economic security and national security issue to not have that kind of production here in our country."AntitrustU.S. Senator Amy Klobuchar (D-MN), chair of the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights, speaks during a hearing on "Big Data, Big Questions: Implications for Competition and Consumers" in Washington, D.C., U.S., September 21, 2021.Ting Shen | Pool | ReutersAs of a couple of months ago, Congress seemed poised to actually take a vote on one of the most promising tech antitrust bills that advanced out of committee in both chambers, the American Innovation and Choice Online Act. But just last weekend, the bill's lead sponsor, Sen. Amy Klobuchar, D-Minn., admitted she no longer expected it to get a vote before the summer recess.That significantly narrows the window of time lawmakers could have to pass the bill and gives tech lobbyists more time to sow doubts in members' minds."It's not like it's going to die if it doesn't get voted on in August, but you have to ask what's going to change?" said Public Knowledge's Feld.Several people interviewed for this article who support the bill's passage believe Schumer's failure to schedule a vote on the bill is currently the only obstacle standing in its way. Schumer has said he wants to see 60 votes on the bill, a filibuster-proof majority, which many supporters believe are already there, even if all 60 haven't yet publicly taken a stance."Sen. Schumer is working with Sen. Klobuchar and other supporters to gather the needed votes and plans to bring it up for a vote," a Schumer spokesperson said in a statement."There are reasons why it could change. It could be that a bargain is struck, it could be that there's more pressure," Feld said of the potential for a vote to be scheduled later in the year. "But the fact is for the antitrust bills, it's much more a question of, if it doesn't happen now, it's not so clear that there's incentive to make it happen."Yen, the Proton CEO, said he felt confident the votes were there for the bill after a recent visit to Washington to meet with lawmakers.In his conversations, Yen said he saw what he believed was the impact of tech lobbyists who came before him. He said one lawmaker, who he didn't name, worried the bill would negatively impact retailers in their state. Yen said he pointed out that the bill only applies to companies with over $550 billion in market capitalization, far higher than even Walmart's market value.Yen said there's "a lot of fake information out there that Big Tech has been able to perpetuate because they have $100 million to dump on this."He's optimistic the bill can still see a vote in the lame duck, where he said some lawmakers may see it as a "more convenient" time to vote on such a bill without the looming pressure of the midterm elections.Cowen's Gallant agreed there could be a shift in dynamic after the midterms."The political calculus for legislation during a lame duck is always a little different," he said. "It's conceivable that the major tech antitrust bill still could move during the lame duck. But the odds are against it."Gallant said it's possible Congress ends up voting solely on the Open App Markets Act, a similar but narrower bill focused on mobile app stores like Apple's and Google's that gained broader support in the Senate Judiciary Committee than the American Innovation and Choice Online Act."It's a pretty unsatisfying Plan B for the congressional leaders who got AICOA to this point in both houses, but it might be something that people could grit their teeth and live with," Gallant said.The best path forward is to pass both bills together, according to Yen, since the broadness of AICOA would make it easier for the law to adapt to future technologies, while the pointed language in the Open App Markets Act would make it less likely for lengthy litigation to delay enforcement.Supporters of the antitrust bills say failing to pass them risks ceding even more ground in tech regulation to other countries like Europe that have been at the forefront of digital competition enforcement."Failing to do so will leave the U.S. out of the game," said Jennifer Hodges, director of U.S. public policy at Mozilla, which recently endorsed the Klobuchar bill, "and we'll be playing catch up again like we were with GDPR," the European data privacy regulation.PrivacyRep. Frank PalloneLeigh Vogel | Getty ImagesA bipartisan group of lawmakers across both chambers reached a major agreement on a comprehensive digital privacy bill, marking a significant sign of progress after years of stagnation and disagreement on key parts of such a bill.The American Data Privacy and Protection Act advanced out of the House Energy and Commerce Committee swiftly after its introduction, but it still lacks support from the top Democrat on the committee of jurisdiction in the Senate, who has raised concerns about the bill's enforcement mechanisms.The opposition of Senate Commerce Committee Chair Maria Cantwell, D-Wash., could be "a fatal roadblock," according to Gallant.The bill represents a significant move toward compromise on the two key sticking points between Democrats and Republicans: preemption of state laws and private rights of action, or the ability of individuals to sue over violations.Matt Wood, VP of policy at the nonprofit Free Press, said the privacy bill represents a "legitimate compromise" and even if it's not perfect, it's "a true meeting in the middle in ways that we still think are vastly better than the status quo of not having any kind of comprehensive federal rules around this."Still, the introduction of the bill just a couple of months before the recess will make it hard to push through before the end of the year."It took too long to get where we are today, but it does bode well for Congress to move a privacy bill next year," Gallant said. "I doubt this is enough of a priority to act in the lame duck but the late stage compromises lay the groundwork for enacting this bill next year."Many privacy advocates say the bill is strong, and while they could offer some critiques, they warn to avoid letting perfect be the enemy of good.Moore, of the tech industry group, shares that sentiment but said full preemption of state laws — one of the areas of compromise in the bill — should remain a high priority."The one thing that our members have been really clear on is that if you're not going to preempt states, don't bother to do it," Moore said. "Because all you're doing is creating a 51st standard to adhere to, instead of creating the one uniform national standard that we need."In the absence of a federal privacy bill, Yen of Proton and Hodges of Mozilla both said new competition laws could actually help protect consumer data by opening up more choices for services that safeguard their privacy."I actually believe focusing on competition bills will be more effective and will lead to more tangible outcomes sooner for consumers," Yen said. He pointed to the 30% revenue cut he pays to Apple and Google for subscriptions he sells through their mobile app stores. Yen said that model incentivizes companies like Meta's Facebook to be ad-supported to avoid giving away such a share of their revenue.Google and Apple have said the revenue they take helps fund the service of their app stores and keeps them secure."They are actually creating a system that is incentivizing surveillance capitalism at the expense of other business models that are better for user privacy," Yen said. "So if the 30%, were to go away, if you would have free choice of payment methods to use, you would find that entrepreneurs would probably prefer subscription services versus ad-based models."Net NeutralityGigi Sohn looks on during a Senate Commerce, Science and Transportation Committee confirmation hearing, examining her nomination to be appointed Commissioner of the Federal Communications Commission in Washington, D.C., February 9, 2022.Pete Marovich | ReutersSeveral experts interviewed for this article said the Biden administration and Congress moved too slowly on the nomination and confirmation of Gigi Sohn as Federal Communications Commissioner.Biden waited until October 2021 to nominate Sohn alongside then-Acting Chair Jessica Rosenworcel to take on the full-time leadership role. While Rosenworcel's confirmation was swift, Sohn's has been stuck in limbo after two hearings on her nomination and Republican opposition to her past statements against Fox News. And when Sen. Ben Ray Lujan, D-N.M., had a stroke, the Senate Commerce Committee was left without the votes to advance Sohn's nomination for longer than expected."I think her nomination is a case study and how not to run a nomination for an agency," Gallant said. "I think the White House has made multiple mistakes in moving the ball forward at the FCC."The delay means the FCC has not been able to begin the process of reinstating net neutrality rules, which were undone under former President Donald Trump's FCC Chair Ajit Pai. Net neutrality is the concept that internet service providers should not discriminate, block or throttle different web traffic. The concept was enshrined under the Obama administration by reclassifying internet service providers under Title II of the Communications Act, which categorized them as common carriers.ISPs like AT&T, Verizon and Comcast, owner of CNBC parent NBCUniversal, have opposed such reclassification in large part for fear it could lead to price regulations down the road. Gallant said it's likely the ISPs would still prefer a deadlocked commission to prevent reclassification again, but believes investors no longer view it "as much of a risk to the business models.""We had a natural experiment on this question already," he said. "Under Obama, we had net neutrality rules. And under Trump we didn't. And carrier behavior did not change in either. So net neutrality rules don't matter to the business models. Title II could be viewed as a step toward some type of price regulation by the FCC. But I think the ISPs have largely neutralized that through their commitment to low price broadband for low income households."But some net neutrality advocates would argue the looming threat of reclassification and enforcement of a net neutrality law in California have helped keep the worst potential behavior at bay."I think the situation remains the same in terms of the market power that ISPs have, and in their ability to leverage that to slow, block or prioritize content there," said Hodges of Mozilla, which sued the FCC over its rollback of net neutrality rules under Pai. "We certainly are of the view that net neutrality remains an issue that needs to be addressed at the federal level, whether FCC, or Congress, right, but in a lasting way."A group of Democratic senators recently introduced a bill that would enshrine net neutrality into law, but FCC rulemaking would likely be a much more expeditious path to the reinstatement of the policy.For Sohn, who was a Mozilla Fellow and Public Knowledge co-founder, "it ain't over till it's over," Feld said."I have seen on a number of occasions where people assumed that nominations were dead, and then in a lame duck session, they just crank 'em out," he said. "I think that it is very possible, for example, that especially if the Senate is going to change hands that we might see, Schumer prioritize getting a bunch of these nominees through on the theory that if Republicans take over they're not going to approve any Biden nominees."Though several of these tech policy issues have failed to advance as quickly as their champions have hoped, Wood of Free Press recalled that such a setback is far from unheard of.He said the Telecom Act of 1996, which passed with overwhelming bipartisan support, took several sessions of Congress to craft and push through."It was a maybe a decade-long arc, give or take a year or two," Wood said. "Don't misunderstand, I would share people's frustration if they're like, 'the technology is moving at a faster pace than that, can we do better?' And yet, I don't think this is such a new phenomenon."Disclosure: Comcast is the owner of CNBC parent company NBCUniversal.Subscribe to CNBC on YouTube.WATCH: Here's why some experts are calling for the breakup of Big Tech after the House antitrust report

Tech industry's critical policy issues likely tabled as Congress heads for recess.

World August 5, 2022 / 8:03 AM / AP Ukraine's grain to feed the world once more Ukraine plans to move three shipments of grain per day 02:26 Three more ships carrying thousands of tons of corn have left Ukrainian ports, officials said Friday, in the latest sign that a negotiated deal to export grain trapped since Russia invaded Ukraine nearly six months ago is slowly materializing. But major hurdles lie ahead to get food to the countries that need it most.The ships bound for Ireland, the United Kingdom and Turkey follow the first grain shipment to pass through the Black Sea since the start of the war. The passage of that vessel heading for Lebanon earlier this week was the first under the breakthrough deal brokered by Turkey and the United Nations with Russia and Ukraine. The Black Sea region is dubbed the world's breadbasket, with Ukraine and Russia key global suppliers of wheat, corn, barley and sunflower oil that millions of impoverished people in Africa, the Middle East and parts of Asia rely on for survival. How the U.N. helped broker the Russia-U.N. grain export agreement 04:52 While the shipments have raised hopes of easing a global food crisis, much of the grain that Ukraine is trying to export is used for animal feed, not for people to eat, experts say. The first vessels to leave are among more than a dozen bulk carriers and cargo ships that had been loaded with grain but stuck in ports since Russia invaded in late February. And the cargoes are not expected to have a significant impact on the global price of corn, wheat and soybeans for several reasons. For starters, the exports under the deal are off to a slow, cautious start due to the threat of explosive mines floating off Ukraine's Black Sea coastline.And while Ukraine is a major exporter of wheat to developing nations, there are other countries, such as the United States and Canada, with far greater production levels that can affect global wheat prices. And they face the threat of drought. "Ukraine is about 10% of the international trade in wheat, but in terms of production it is not even 5%," said David Laborde, an expert on agriculture and trade at the International Food Policy Research Institute in Washington.The three ships left Friday with over 58,000 tons of corn, but that is still a fraction of the 20 million tons of grains that Ukraine says are trapped in the country's silos and ports and that must be shipped out to make space for this year's harvest.Around 6 million tons of the trapped grain is wheat, but just half of that is for human consumption, Laborde said.There is an expectation that Ukraine could produce 30% to 40% less grain over the coming next 12 months due to the war, though other estimates put that figure at 70%. Grain prices peaked after Russia's invasion, and while some have since come down to their pre-war levels, they are still higher than before the COVID-19 pandemic. Corn prices are 70% higher than at the end of February 2020, said Jonathan Haines, senior analyst at data and analytics firm Gro Intelligence. He said wheat prices are around 60% higher than in February 2020.One reason prices remain high is the impact of drought on harvests in North America, China and other regions, as well as the higher price of fertilizer needed for farming."When fertilizer prices are high, farmers may use less fertilizer. And when they use less fertilizer, they will produce less. And if they will produce less, supply will continue to remain insufficient," Laborde said.The three ships that departed Ukraine on Friday give hope that exports will ramp up to developing nations, where many are facing the increased threat of food shortages and hunger. "The movement of three additional vessels overnight is a very positive sign and will continue to build confidence that we're moving in the right direction," Haines said. "If the flow of grain from Ukraine continues to expand, it will help relieve global supply constraints."The Turkish-flagged Polarnet, carrying 12,000 tons of corn, left the Chornomorsk port destined for Karasu, Turkey. The Panama-flagged Navi Star left Odesa's port for Ireland with 33,000 tons of corn. The Maltese-flagged Rojen left Chornomorsk for the United Kingdom carrying over 13,000 tons of corn, the U.N. said.It added that the Joint Coordination Center — run by officials from Ukraine, Russia, Turkey and the U.N. overseeing the deal signed in Istanbul last month — authorized the three ships and inspected a ship headed for Ukraine. The Barbados-flagged Fulmar S was inspected in Istanbul and is headed for the Chornomorsk port. The checks seek to ensure that outbound cargo ships carry only grain, fertilizer or food and not any other commodities and that inbound ships are not carrying weapons. The vessels are accompanied by Ukrainian pilot ships for safe passage because of explosive mines strewn in the Black Sea.After Turkey, which has relations with both Russia and Ukraine, helped broker the food deal two weeks ago, President Recep Tayyip Erdogan was to meet Russian President Vladimir Putin later Friday in Sochi, Russia. That meeting follows another face-to-face meeting the two leaders had in Iran three weeks ago. In: sochi War Economy Turkey Agriculture Ukraine Russia United Nations Vladimir Putin United Kingdom Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

3 more ships loaded with grain depart Ukraine ports under U.N. deal.

Former Vice President Dick Cheney in a ad for his daughter Liz Cheney's re-election bid.Courtesy: Liz Cheney CampaignFormer Vice President Dick Cheney assailed ex-President Donald Trump as a "coward" and a prime threat to the United States in a new campaign ad for his daughter, Rep. Liz Cheney, days before her Republican primary election in Wyoming."In our nation's 246-year history, there has never been an individual who has posed a greater threat to our republic than Donald Trump," the elder Cheney said in a straight-to-camera ad, which was shared online Thursday afternoon."He tried to steal the last election using lies and violence to keep himself in power after the voters had rejected him," said Cheney, 81, who served for eight years as vice president in the George W. Bush administration."He is a coward. A real man wouldn't lie to his supporters," Cheney said. "He lost his election and he lost big. I know it, he knows it, and deep down, I think most Republicans know it."The 60-second spot, titled "He Knows It," will run across Wyoming and online starting Friday, the Cheney campaign said. The ad comes less than two weeks before the Wyoming Republican primary, where the incumbent Cheney appears to be in trouble.Cheney is Trump's biggest Republican critic in Congress and a leading member of the House select committee investigating him over the Jan. 6, 2021, Capitol riot. For her refusal to back down from her criticisms of the former president, she has been largely ostracized by her party and condemned by Trump's loyal base of Republican voters.Polls of the Aug. 16 Wyoming primary show Cheney trailing her top Republican opponent, Trump-backed Harriet Hageman, by wide margins. Hageman has echoed Trump's false claims that his loss to President Joe Biden in the 2020 election was "rigged" by widespread fraud.Yet Cheney, unlike some other House Republicans who voted to impeach Trump for inciting the Jan. 6 riot, has kept up her vocal attacks on Trump over the "Big Lie."Her persistence may have damaged her standing among some Republican voters, but it has not hampered her fundraising efforts: She has far outraised her competitors while assuring key donors and supporters that she will continue to hold Trump accountable. Dick Cheney has been involved in these talks as well, CNBC previously reported."Lynne and I are so proud of Liz for standing up for the truth, doing what's right, honoring her oath to the Constitution when so many in our party are too scared to do so," Dick Cheney said in the ad."Liz is fearless. She never backs down from a fight. There is nothing more important she will ever do than lead the effort to make sure Donald Trump is never again near the Oval Office. And she will succeed," he said in the ad."I'm Dick Cheney. I proudly voted for my daughter. I hope you will too," he said.CNBC PoliticsRead more of CNBC's politics coverage:Dick Cheney rips 'coward' Trump in election ad for daughter LizRussia says it’s ready to discuss prisoner swap; three ships carrying grain leave Ukrainian portsBiden administration declares monkeypox outbreak a public health emergency in the U.S.Trump and White House officials likely to be criminally charged in election probeTrump-backed Arizona GOP governor hopeful Kari Lake wins primary, NBC projectsBiden will keep aircraft carrier group in the South China Sea but postpone missile testWNBA star Brittney Griner sentenced to nine years in prison by Russian courtTwo Trump children questioned in New York attorney general's probe, ex-president set to talk in coming weeks, report says

Former Vice President Dick Cheney rips 'coward' Trump in election ad for daughter Liz.

The U.S. economy added many more jobs than expected last month, and there was an appetite for workers particularly in the service sector, which has been grappling with labor shortages.The leisure and hospitality sector saw the most jobs growth with 96,000 payrolls added in July, led by strong expansion in food and drinking places, according to the U.S. Bureau of Labor Statistics.Restaurants and airlines have been scrambling to repopulate their ranks ever since the economy started to reopen. Covid-triggered lockdowns in 2020 had led to massive layoffs and furloughs for cooks and waitstaff and other service staff.Meanwhile, employment in professional and business services continued to grow, with an increase of 89,000 in July. Within the industry, job growth was widespread in management of companies and enterprises, architectural and engineering services as well as scientific research and development."It's not just a strong total number that highlights the health of the job market — growth was across the board and not limited to one or two sectors," said Mike Loewengart, managing director of investment strategy at E-Trade.The health-care industry also experienced robust jobs growth last month, with 70,000 adds. Goods-producing industries also posted solid gains, with construction up 32,000 and manufacturing adding 30,000.The unemployment rate dipped back to its pre-pandemic level of 3.5% in July, below a Dow Jones estimate of 3.6% and tied for the lowest since 1969."The economy is clearly firing on all cylinders as this morning's job report showed growth across all sector," said Peter Essele, head of portfolio management at Commonwealth Financial Network. "Strong jobs growth and moderating price inflation should help extend the current relief rally through the end of the year."

Here’s where the jobs are for July 2022 — in one chart.

MoneyWatch August 5, 2022 / 7:00 AM / MoneyWatch Equifax's credit score error Equifax accidentally sends out wrong credit scores 03:02 Congressional lawmakers are pressing Equifax to explain how the credit bureau misreported hundreds of thousands of Americans' credit scores, and how it plans to make up for the error.Reports from the Wall Street Journal and National Mortgage Professional revealed that, over a three-week period this spring, Equifax sent out incorrect scores for consumers applying for mortgages, auto loans and credit cards. Equifax has said that it resolved the problem, which it attributed to a software coding issue, on April 6 and that only a small number of people were affected. But the company has not released any more details on the incident. In a letter on Friday to Equifax CEO Mark Begor, two senators and a House member took him to task for the company's silence. "Your company owes the public a clear and transparent explanation for why and how it made such grievous errors, the scope of the errors, and why you have failed to notify affected consumers of these errors," states the letter, signed by senators Elizabeth Warren and Mark Warner, and Rep. Raja Krishnamoorthi.Equifax "failed to alert consumers about these inaccuracies, and waited several weeks before warning lenders," they added. In a statement to CBS MoneyWatch, Warren called the incident "scandalous," adding, "Equifax needs to clearly explain who was affected and how this happened, and the company needs to help consumers who were ripped off." "Deeply troubling"Begor acknowledged the reporting snafu at an industry conference in early June. However, consumers still haven't heard directly from the company.Equifax did not reply to a query from CBS MoneyWatch regarding its plans to reach out to affected people.  The company's "inability or unwillingness to provide full and complete information to the public, to lenders, or to affected consumers is deeply troubling," the Democrats wrote. They asked exactly how long Equifax knew about the errors before alerting lenders, when the company plans to contact consumers and what remedy it will offer to anyone who ended up paying higher interest rates or was denied a loan because of a faulty credit score.The lawmakers also demanded a detailed accounting of the credit-scoring errors, including how they were caused; how Equifax learned of the mistake; the exact number of inaccurate scores that were sent out; how many led to a loan rejection or a higher interest rate; and whether the company has alerted financial regulators."Will Equifax compensate consumers who were forced to take out loans at higher rates because of this error, and if so, will Equifax continue to compensate for the higher rate throughout the loan?" they wrote. "Will Equifax compensate consumers who were denied loans because of the error, and if so, how?"Prepare for lawsuitsA Florida woman who was forced into a pricey car loan as a result of an incorrect Equifax score is now suing the company. The lawsuit, which is seeking class-action status, notes that over the three-weeks period Equifax sent out erroneous scores, 25 million credit reports were pulled from the three credit-reporting bureaus. Given those figures, millions of Americans could have been affected by the error, the suit claims.Equifax has been in lawmakers' crosshairs before over a major data breach in 2017, which resulted in the exposure of 150 million Americans' financial information. That incident led to the ouster of the company's then-CEO and to Equifax paying a $575 million settlement to the government. As part of the deal, Equifax is also required to improve its security practices and get regular outside assessments of its data security program.  However, it's not clear whether the security provisions have an effect on Equifax's scoring systems. "In 2017, following your company's egregious data breach, Equifax waited 40 days to alert regulators and consumers and offered unreliable and insufficient assistance, mistakes we urge you not to repeat when addressing these credit score inaccuracies," the letter says. In: Elizabeth Warren credit scores Equifax Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Equifax pressured by lawmakers to explain — and fix — faulty credit scores.

A truck drives past stacked shipping containers at the port of Felixstowe, Britain, October 13, 2021. REUTERS/Hannah McKayRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - More than 1,900 workers at Britain's biggest container port Felixstowe plan eight days of strikes later this month due to discontent over pay, union Unite said, threatening supply chains if final talks with the employer fail.The walkouts, which are planned to start on Aug. 21, would also have an impact on international maritime trade, the union warned, in addition to the impact on the region's logistics and haulage sectors."Workers at the port of Felixstowe will begin strike action later this month in a dispute over pay after peace talks at the conciliation service Acas failed to produce a reasonable offer," Unite said.Register now for FREE unlimited access to Reuters.comIt said however that further talks were scheduled to take place on Monday.The news comes just a day after 800 workers at an Amazon.com warehouse in the southeast of England staged a two-day walkout over the U.S. tech giant's pay offer, which workers union GMB said does not match up to the rising cost of living.A cost-of-living squeeze on household income has already seen workers across sectors protest over salaries, and the central bank this week warned of a long recession after lifting interest rates to control inflation. read more Register now for FREE unlimited access to Reuters.comReporting by Muvija M; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Workers at UK's container port Felixstowe plan 8-day strike over pay.

China announced sanctions on Nancy Pelosi after her trip to Taiwan.Pool | Getty Images News | Getty ImagesChina on Friday imposed sanctions on U.S. House Speaker Nancy Pelosi and her immediate family in response to what the foreign ministry described as an "egregious provocation."Pelosi visited Taiwan earlier this week, in what was a highly controversial move. China views the island as part of its territory, but Taiwan has been governed independently since 1949, according to the Council on Foreign Relations.China repeatedly voiced its opposition to Pelosi's trip to the disputed island, but the U.S. official decided not to cancel her plans."In disregard of China's grave concerns and firm opposition, Speaker of the US House of Representatives Nancy Pelosi insisted on visiting China's Taiwan region. This constitutes a gross interference in China's internal affairs. It gravely undermines China's sovereignty and territorial integrity, seriously tramples on the one-China principle, and severely threatens peace and stability across the Taiwan Strait," a ministry spokesperson said in a statement."In response to Pelosi's egregious provocation, China decides to adopt sanctions on Pelosi and her immediate family members in accordance with relevant laws of the People's Republic of China," they added.The statement did not include specific details about the nature of the sanctions.Political analysts have warned that Pelosi's decision to visit Taiwan could ratchet up U.S.-China tensions. This relationship has been strained for years over issues such as Taiwan, the world economy and Russia's invasion of Ukraine. In a phone call last month, Chinese leader Xi Jinping told U.S. President Joe Biden not to "play with fire" over Taiwan. The White House said in a statement that U.S. policy had not changed and that it "strongly opposes unilateral efforts to change the status quo or undermine peace and stability across the Taiwan Strait."Pelosi is the highest-ranking U.S. official to visit the island in 25 years. Her trip also split positions among U.S. lawmakers, with some questioning the timing of the visit.During the trip, which was part of a broader diplomatic journey through Asia, Pelosi said Taiwan is an emblem of democracy and a model for the region.In another show of Beijing's ire over Pelosi's visit to Taiwan, China's military has been conducting its largest-ever military drills near the island.Taiwanese Defense officials have said the exercises are "highly provocative" and added that they are monitoring the moves.

China sanctions Pelosi over trip to Taiwan, says visit was an 'egregious provocation'.

A board with the logo is on display outside the office of the Moscow Exchange in the capital city of Moscow, Russia March 24, 2022. REUTERS/Maxim ShemetovRegister now for FREE unlimited access to Reuters.comSummaryCompaniesMoscow Exchange to let "friendly" states' investors returnAnalysts say selling pressure on market may increaseConversion of depository receipts to add to pressureRisk aversion usually high on Russian markets in AugustThis content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Aug 5 (Reuters) - Russian stocks are expected to decline in August as investors from so-called "friendly" countries, a fraction of foreign investment power, return to the unchartered waters of an equity market now offering huge risks and insufficient transparency.Foreign investors have not had access to the Russian stock market since Feb. 25, the day after President Vladimir Putin sent troops into Ukraine, triggering sweeping Western sanctions aimed at isolating Russia and countermeasures from Moscow.On Aug. 8, Moscow Exchange (MOEX.MM) will let clients from "friendly" jurisdictions, those which have not deployed sanctions against Russia, and investors whose ultimate benficiaries are Russian trade on its stock and derivatives markets.Register now for FREE unlimited access to Reuters.comBanks and brokerages will need to identify their clients' home country when registering them with Russia's largest bourse.A spokeswoman for Moscow Exchange said the number of "friendly" investors was unknown as they have yet to be registered first, but their admission should gradually increase market liquidity. There is no timeline for opening the door to investors from "unfriendly" countries, she said."The stock market is likely to take a bearish trend on Monday due to the high probability of non-residents ditching the blue chips," said Andrey Eshkinin, an analyst at Alor Brokerage.Their return "will create a supply overhang in the short term and could lead to a decline in share prices," said Natalya Malykh, head of equities research at Finam brokerage.But the depth of the highly volatile market decline could be limited as the share of non-residents from "friendly" jurisdictions was just 1% of the Russian stock market compared with the 74% share now controlled by Russian retail investors.The rouble-based benchmark MOEX (.IMOEX) has lost 44% of its value so far this year and is 15% below levels when foreigners last traded on Moscow Exchange in February.Reuters GraphicsAUGUST CURSE VS GROWTH HOPESForeign investors' return is a sign of market normalisation and will boost liquidity, experts say. But the timing is alarming: August is known in Russia for "black swans", or unexpected events, such as the 1998 domestic debt default or a war with Georgia in 2008. There is even a Wikipedia page called "August Curse"."August is a traditional time of upheaval for Russian assets," said Iskander Lutsko, chief investment strategist at ITI Capital, who expects the MOEX index to fall by around 15% in the coming weeks, also pressured by the conversion of depositary receipts.Depositary receipts (GDRs) of Russian-companies that were traded on foreign exchanges and held in Russian depositories will be automatically converted into shares on Moscow Exchange from Aug. 15 in a bid to reduce foreigners' control over these companies amid Western sanctions.This can "create an additional overhang of the supply of such securities on the market," said Aleksei Potapov, investment director at UFG Wealth Management in Moscow.The conversion could lead to selling of up to $18 billion worth of converted shares in August but a 5% daily limit set for selling of such shares by the central bank will smooth out the impact of the sell-off, ITI's Lutsko said.Once the dust from the sell-off settles, the Russian stock market can return to gains, analysts said.Foreigners who bet on Russia's economic recovery could be interested in holding its stocks, analysts at Moscow Credit Bank said."In the longer term, the Russian stock market looks extremely cheap and attractive for purchases, with all the risks associated with it," said Potapov.Register now for FREE unlimited access to Reuters.comReporting by ReutersOur Standards: The Thomson Reuters Trust Principles.

Russian equities brace for selling pressure as fraction of foreign investors return.

SolarEdge shares tumbled this week after the company's second-quarter results showed a hit to margins from factory closures, higher transport costs and currency headwinds from the weakening Euro.But SolarEdge CFO Ronen Faier said lower margins now is the price to be paid for long-term growth in a market where demand is skyrocketing. "We have demand that is far beyond anything that we could plan for, expect for, and even grow," he told CNBC.SolarEdge reported record revenue of $727.8 million during the second quarter, slightly short of the $730.7 million analysts surveyed by StreetAccount were calling for.The company's non-GAAP gross margin came in at 26.7% during the latest quarter, down from 33.9% in the same quarter during the prior year. For the current quarter, the company expects its gross margins to be between 26% and 29%. Shares tumbled 19% on Wednesday as investors reacted to the light guidance. The stock made back some ground on Thursday and Friday, but remains 10% lower on the week. Over the last month, however, the stock is up 17%.Faier noted that roughly 47% of the company's revenue comes from Europe, meaning the company has quite a bit of exposure to the declining Euro. Additionally, a factory in China had to temporarily close during the country's strict Covid lockdowns, stalling production at a time when supply chains are already tight. In an effort to fulfill orders in a timely fashion, SolarEdge ultimately chose to ship some goods via air, which is ten times more expensive than shipping by sea.The company's executives saw it as a savvy long-term business decision. In addition to fostering customer loyalty by sticking to delivery schedules, it's a way to maintain market share in an ultra-competitive market."The market doesn't live in a vacuum," Faier said, describing it as a "battle about market share." Europe: a key growth areaGrowth in Europe is a huge opportunity for solar companies as the bloc scrambles to move away from dependence on Russian energy. The European Union has laid out plans to rapidly expand renewable energy through its REPowerEU Plan. Germany alone is expected to triple its annual solar installation rate within two years, making the country larger than the U.S. market, according to Faier.As power prices in Europe surge to record levels, solar energy is also a way for consumers to lessen the inflationary burdens."You want to be very strong in those markets that are poised for very nice growth in the future," Faier said.SolarEdge is not the only company looking to seize on Europe's energy crisis. Competitor Enphase saw its second-quarter revenue from Europe jump 69% quarter over quarter.Enphase CEO Badri Kothandaraman said he thinks the company's international division will grow from 20% of the company's revenue today to roughly 50% over the next few years, mainly due to European expansion.Getting into a customer's house is especially important as solar companies — including SolarEdge and Enphase — look to offer more products. In a bid towards whole home electrification, getting that first product in the door can then mean the customer uses the same company for a backup battery system and an EV charger, for example. U.S. climate package: a catalyst for domestic production? Earnings season and the surprise announcement that Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., agreed on new climate funding has jolted solar stocks after a period of lackluster performance. The Invesco Solar ETF is up 16% over the last month, and now in the green for 2022.Faier said if passed, the package will bring some much-needed stability to the market. The bill proposes extending the Investment Tax Credit, which has been instrumental to the solar industry's growth, for 10 years. The ITC was last extended in 2020, and was slated to begin stepping down at the end of this year. The proposed bill, called the Inflation Reduction Act, also seeks to spur domestic manufacturing. Faier said the incentives in the bill could make manufacturing in the U.S. economically worthwhile for the first time. The company currently has facilities in Mexico, China and elsewhereUltimately, he thinks the outlook looks favorable going forward as Europe's energy crisis and surging power bills prompt consumers, businesses and utility companies to go solar. "We live in an era that is good for companies like us," he said.

SolarEdge is willing to sacrifice margins today to capture huge demand growth in Europe, CFO says.

Crime August 5, 2022 / 6:50 AM / CBS/AP A 12-year-old girl who was held captive for a week in a mobile home with what turned out to be the decomposing, dismembered remains of her mother and brother provided key information that led to the arrest of the woman's live-in boyfriend, authorities said Thursday. The girl, who gnawed through restraints to escape from the residence while the man was away "is a hero for surviving the incident and coming forward with the information that she provided us in order to charge him," said Tallapoosa County Sheriff Jimmy Abbett. Discovered along a country road by a passerby following her escape on Monday, the child is now safe in the custody of state child welfare officials. Her braces were damaged from the chewing and marks on her wrists indicated she'd been tied up, authorities said. Assaulted and plied with alcohol to keep her in a stupor, the girl fled after chewing through the ties that held her down on a bed, authorities said in court documents. José Paulino Pascual-Reyes, 37, was charged with kidnapping and multiple counts of capital murder in the slayings of what authorities said were the girl's 29-year-old mother and her son, who court records show was younger than 14. Jose Paulino Pascual-Reyes Tallapoosa County Jail "They were boyfriend and girlfriend," Abbett said of Pascual-Reyes and the girl's mother. "They were actually living there all together." The kidnapping charge alleges that the girl was held hostage against her will, not that she was physically abducted from elsewhere and taken to the home, Abbett noted. The girl was taken captive on July 24 around the time her mother and brother were killed, authorities allege, and police found two dismembered bodies in the mobile home after the child escaped on Monday morning. Abbett declined to comment on whether the girl knew the fate of her mother and brother while she was still a hostage, but the chopped-up remains were found inside the home. Pascual-Reyes was arrested Monday night while working at a construction site in Auburn, more than 20 miles from the mobile home. He is being held without bond. Defense attorney Mark Carlton said he and another lawyer had just been appointed to represent Pascual-Reyes and declined immediate comment, saying they'd yet to have a chance to meet with him. Reyes, who is from Mexico, was in the country illegally after being deported and returning without proper documentation, Abbett said. It wasn't clear when he last entered the United States, said the sheriff, but the group had been living in the mobile home since February. Ceja and the two children entered the United States from Mexico in 2017 and remained after requesting asylum, but their claims had yet to be decided by immigration officials, the sheriff said. While a few other people live near the mobile home and others had lived at the residence, there's no indication anyone else knew about the killings or that the girl was being held against her will, Abbett said. "No one has come forward with information," he said. In: Alabama Murder Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Girl who chewed through restraints was held captive with bodies of mother and brother, sheriff says.

US Republican Representative Liz Cheney speaks during the third hearing of the US House Select Committee to Investigate the January 6 Attack on the US Capitol, on Capitol Hill in Washington, DC, on June 16, 2022.Olivier Douliery | AFP | Getty ImagesWASHINGTON -- Rep. Liz Cheney urged the Justice Department on Thursday to prosecute Donald Trump — if it finds evidence that former president committed crimes in connection with the January 6 attack on the U.S. Capitol.Not doing so would call into question whether America is a nation of laws, the Wyoming Republican said in an interview with CNN's Kasie Hunt.While Cheney, R-Wyo., believes the Justice Department will follow the facts, she said "they have to make decisions about prosecution. Understanding what it means, if the facts and the evidence are there, and they decide not to prosecute — how do we then call ourselves a nation of laws?"A leading voice on the House committee investigating the Jan. 6th attacks, Cheney said she believes Trump is "guilty of the most serious dereliction of duty of any president in our nation's history."Cheney cited a federal district court judge in California, who noted in March that Trump and conservative attorney John Eastman likely committed crimes in attempting to overturn the results of the 2020 presidential election and keep Trump in office after voters had elected now-President Joe Biden.But the question of whether Trump and his closest allies should face prosecution for their months long effort to subvert the 2020 election is one that has roiled the anti-Trump wing of the Republican party.On one side are voices like Cheney's, who insist that the facts must be followed even if prosecuting Trump has the unintended consequence of making the former president a political martyr, and an even more potent force in American politics.On the other side is a more cautious and altogether quieter group of Republicans, who are concerned that the legal hurdles to proving Trump committed any serious crime are too high to make it worthwhile. Prosecuting a former president of the United States without a guaranteed conviction, they argue, would risk handing Trump an enormous political and moral victory, and open the door to future, more politically motivated prosecutions of former presidents.CNBC PoliticsRead more of CNBC's politics coverage:Dick Cheney rips 'coward' Trump in election ad for daughter LizRussia says it’s ready to discuss prisoner swap; three ships carrying grain leave Ukrainian portsBiden administration declares monkeypox outbreak a public health emergency in the U.S.Trump and White House officials likely to be criminally charged in election probeTrump-backed Arizona GOP governor hopeful Kari Lake wins primary, NBC projectsBiden will keep aircraft carrier group in the South China Sea but postpone missile testWNBA star Brittney Griner sentenced to nine years in prison by Russian courtTwo Trump children questioned in New York attorney general's probe, ex-president set to talk in coming weeks, report says

Liz Cheney urges the Justice Department to prosecute Trump if it finds evidence of crimes.

A Toronto Stock Exchange sign adorns a doorway at the Exchange Tower building in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris HelgrenRegister now for FREE unlimited access to Reuters.comSummaryCompaniesTSX off 0.1%Canada sheds jobs for second month in a rowPot producer Canopy Growth slides on another quarterly lossAug 5 (Reuters) - Canada's resource-heavy main stock index fell on Friday and was set to end the week lower, as energy stocks posted steep weekly losses, while fears of an aggressive policy tightening path by central banks weighed on global sentiment.At 10:13 a.m. ET (14:13 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 15.14 points, or 0.08%, at 19,561.9.The index took cues from the global markets as U.S. and European stocks declined after stronger-than-expected U.S. jobs data fuelled expectations for a 75-basis-point rate hike at the Federal Reserve's September meeting.Register now for FREE unlimited access to Reuters.comMeanwhile, Canada's economy unexpectedly lost jobs for the second month in a row in July after a year-long boom, but analysts predicted that this would not stop the Bank of Canada from hiking interest rates to fight inflation. read more "While today's figures muddy the waters further for policymakers, the Bank of Canada will likely focus on the historic low unemployment rate and still strong wage growth to justify another non-standard rate hike at its next meeting," said Andrew Grantham, senior economist at CIBC Capital Markets.The Canadian central bank raised rates by a hefty 100 basis-points last month in a bid to tackle soaring prices and said more hikes would be needed. read more Weighing on the index, the rate-sensitive technology stocks (.SPTTTK) fell 0.7%.The materials sector (.GSPTTMT), which includes precious and base metals miners and fertilizer companies, lost 0.3% as gold futures fell 1.0% to $1,769.9 an ounce.The resource-heavy Toronto benchmark index was set to end the week 0.8% lower dragged down by an 8.1% weekly drop in energy stocks, as oil prices pulled back on concerns over a possible recession and a fall in fuel demand.Among individual movers, Canopy Growth Corp (WEED.TO) slumped 6.8% on posting another core loss, denting investor hopes that the cannabis producer would turn profitable anytime soon. read more TC Energy Corp (TRP.TO) fell 4.8% after saying on Thursday it had struck a deal with a Mexican state utility to develop a $4.5 billion natural gas pipeline. read more Register now for FREE unlimited access to Reuters.comReporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Additional reporting by Fergal Smith; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

TSX index slips after U.S., Canada jobs data.

U.S. August 5, 2022 / 10:28 AM / CBS News Dangers of kids swallowing magnets Doctors warn of the dangers of kids swallowing magnets 01:15 Congress has passed a bipartisan bill named after a toddler who died after ingesting a battery. Reese's Law, named for Reese Hamsmith, who died last year at 18 months old, strengthens safety standards for products with button batteries, commonly found in everyday items.U.S. Sens. Marsha Blackburn, a Tennessee Republican, and Richard Blumenthal, a Democrat from Connecticut, introduced the legislation nicknamed Reese's Law in the Senate earlier this year. "We are relieved this common-sense legislation has passed Congress and is on its way to President Biden's desk to become law so families can have greater peace of mind about the safety of products in their home," the pair said in a news release following the bill's passage in the Senate on Wednesday. In 2020, Hamsmith swallowed a small, flat battery, called a button cell or coin battery, which are often found in household items like cameras, calculators, flashing apparel and even greeting cards. "If swallowed, these batteries can pose a serious danger to young children and infants, and can cause serious injuries, severe internal burns, or even death," the news release reads. About a month later, she died after a long hospital stay. The legislation will create performance standards that require these batteries to be secured, require warning labels and require that the warning labels clearly identify the hazard of ingestion, among other things.The legislation will undoubtedly save lives, Reese's mother, Trista Hamsmith, said in a statement. "I often talk about the plaque that was in Reese's hospital room which read, 'He has a plan and I have a purpose.' Reese's life was taken way too soon, but her legacy will live on through this law so that no other family will have to suffer like ours," she said.Hamsmith announced the introduction of the legislation at the Capitol in September 2021. The bill was introduced in the House by a group of bipartisan representatives, where it passed earlier this year. I can’t begin to describe the last 24 hours. I know a level of fear that I pray many others will never know. Watching...Posted by Reese's Purpose on Wednesday, December 9, 2020 Following her daughter's death, Hamsmith founded Reese's Purpose, an organization that advocates to protect children from hidden dangers and threats to their safety. She created a Change.org petition to raise awareness about the issue and the legislation and urged people to call their representatives and ask them to pass the bill.  Button batteries, also known as lithium batteries, can get stuck in the throat when swallowed and saliva triggers an electric current which can cause a chemical reaction. The esophagus can be severely burned in as little as two hours and it could lead to death, according to Children's Hospital of Philadelphia, or CHOP.If you suspect your child has swallowed a button battery, CHOP says to look for signs like drooling, decreased eating or drinking, difficulty swallowing, hoarse voice, vomiting, chest pain or discomfort, abdominal pain, blood in saliva and stool and sudden crying.If you think your child has swallowed a battery, they should be taken to the emergency room immediately.Do not give the child anything to eat or drink, or any medications to make then move their bowels or vomit, CHOP says. Milk will not prevent further injury."Do not attempt the Heimlich maneuver, even if you saw your child swallow the battery," they advise. "The battery could get stuck another area or change its location and increase the risk of injury."To prevent this from happening, parents should know where these batteries are in their home and keep them out of reach from children, and spread the word about the risk, CHOP says. Caitlin O'Kane Caitlin O'Kane is a digital content producer covering trending stories for CBS News and its good news brand, The Uplift. Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Congress passes bill named after 18-month-old who died after swallowing battery.

Texas Governor Greg Abbott holds a news conference with state agencies and local officials at Uvalde High School, three days after a gunman killed nineteen children and two adults in a mass shooting at Robb Elementary School, in Uvalde, Texas, U.S. May 27, 2022. REUTERS/Marco BelloRegister now for FREE unlimited access to Reuters.comNEW YORK, Aug 5 (Reuters) - Texas Governor Greg Abbott, a Republican, said on Friday he has started to send buses carrying migrants to New York City in an effort to push responsibility for border crossers to Democratic mayors and U.S. President Joe Biden, a Democrat.The first bus arrived early on Friday at the city's Port Authority Bus Terminal in midtown Manhattan. Volunteers were putting groups of migrants in taxis headed to a nearby intake center, where they said some would be processed for admission to city homeless shelters.Abbott, who is running for a third term as governor in November elections, has sent more than 6,000 migrants to Washington since April in a broader effort to combat illegal immigration and call out Biden for his more welcoming policies. read more Register now for FREE unlimited access to Reuters.comAbbott said New York City Mayor Eric Adams could provide services and housing for the new arrivals."I hope he follows through on his promise of welcoming all migrants with open arms so that our overrun and overwhelmed border towns can find relief," Abbott said in a statement.Arizona Governor Doug Ducey, another Republican, has followed Abbott's lead and bused another 1,000 to Washington.U.S. border authorities have made record numbers of arrests under Biden although many are repeat crossers. Some migrants who are not able to be expelled quickly to Mexico or their home countries under a COVID-era policy are allowed into the United States, often to pursue asylum claims in U.S. immigration court.New York City Mayor Adams' office has in recent weeks criticized the bussing efforts to Washington, saying some migrants were making their way to New York City and overwhelming its homeless shelter system.On Friday the mayor's Press Secretary Fabien Levy said Abbott was using "human beings as political pawns," calling it "a disgusting, and an embarrassing stain on the state of Texas."Levy said New York would continue to "welcome asylum seekers with open arms, as we always have, but we are asking for resources to help do so," calling for support from federal officials.Washington Mayor Muriel Bowser has also said her city's shelter system has been taxed by migrant arrivals and last month called on the Biden administration to deploy military troops to assist with receiving the migrants, a request that has frustrated White House officials. read more A U.S. defense official, speaking on condition of anonymity, told Reuters that Defense Secretary Lloyd Austin had declined a request for D.C. National Guard to help with the transportation and reception of migrants in the city because it would hurt the troops' readiness.Register now for FREE unlimited access to Reuters.comReporting by Sofia Ahmed in New York and Ted Hesson in Washington; Additional reporting by Idrees Ali in Washington; Editing by Mica Rosenberg and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Texas governor sends migrants to New York City as immigration standoff accelerates.

U.S. House of Representatives Speaker Nancy Pelosi waves with other members of the delegation as they board a plane before leaving Taipei Songshan Airport, in Taipei, Taiwan August 3, 2022, in this screengrab taken from video. Pool | Via ReutersTAIPEI, Taiwan  — China said Friday it would halt cooperation with the United States on areas including military relations and climate change while imposing sanctions against House Speaker Nancy Pelosi, as Beijing stepped up its retaliation to her Taiwan visit.The new measures were announced as military drills Beijing launched furiously in the wake of her trip earlier this week sent warplanes, naval ships and missiles menacingly close to this small island democracy despite growing criticism.The U.S. delegation's unannounced visit to Taiwan has fueled a mounting crisis, raising fears of conflict in the region and stoking tensions between Washington, its allies and Beijing.Beijing said Friday it will cancel military phone calls between area commanders, defense meetings and cooperation on anti-drug efforts with the U.S., and will no longer take part in talks on maritime safety and climate change. Earlier, China took personal action against Pelosi, announcing sanctions on the speaker and her immediate family in response to what the Chinese Foreign Ministry called her "egregious provocations."The unspecified sanctions, China's latest retaliation for the brief trip to the self-ruling island it claims as its own territory, came as Pelosi vowed not to let Beijing isolate Taiwan, while Washington and its allies urged de-escalation."They may try to keep Taiwan from visiting or participating in other places, but they will not isolate Taiwan by preventing us to travel there," Pelosi said Friday in Japan, the last stop of her Asia tour.China's response had until now largely been directed at the island of over 23 million people that lies just across the Taiwan Strait.Beijing began a second day of military drills surrounding the island Friday morning, apparently sending multiple military vessels and aircraft across the median line in the strait that had been an unofficial buffer zone for decades.A day earlier, it fired ballistic missiles, at least one of which it boasted had flown directly over the island and five of which Japan said had landed in its exclusive economic zone waters.The Taiwanese Defense Ministry has neither confirmed nor denied that missiles flew over Taiwan. If true, it would mark the first time Chinese missiles have flown over the self-ruled island.The ministry slammed the exercises as "highly provocative.""The Ministry of National Defense pointed out that the Chinese army's military exercises, whether it is launching ballistic missiles or deliberately crossing the strait's median line, are highly provocative acts," the military news agency reported Friday, adding that the ministry said it was committed to not escalating the situation.Secretary of State Antony Blinken also condemned China's ongoing drills Friday, calling them a "significant escalation.""China has chosen to overreact and use Speaker Pelosi's visit as a pretext to increase provocative military activity in and around the Taiwan strait," he said at a media briefing during a meeting with the Association of Southeast Asian Nations in Cambodia"There is no justification for this extreme, disproportionate and escalatory military response."The drills, which began Thursday, are expected to last until Sunday.The Chinese Communist Party has never ruled Taiwan, but claims it as its own territory. While Chinese President Xi Jinping sees Taiwan's "reunification" with the mainland as a historic inevitability, recent public opinion polls show the majority of Taiwanese have no desire to become part of China, and instead want to maintain the status quo.China repeatedly warned the U.S. against the visit, which it said "seriously infringes upon China's sovereignty and territorial integrity." The White House says the speaker's visit was consistent with U.S. policy on Taiwan and should not be used to precipitate a crisis.Taiwanese President Tsai Ing-wen on Thursday evening called for China to "act with reason and exercise restraint.""We call on the international community to support democratic Taiwan and put a halt to these unilateral, irrational military exercises," she said according to a statement on her official Facebook page.Taiwan's neighbors and U.S. allies in the region have expressed growing concerns about China's display of aggression.Tokyo on Friday called on China to immediately stop its drills. "China's actions this time around have a serious impact on the peace and stability of our region and the international community," Japanese Prime Minister Fumio Kishida said.Beijing defended the military drills, saying they were "in line with international law and international practice.""As for the 'exclusive economic zone' you mentioned, you should know, and the Japanese side should also know that China and Japan have not yet demarcated the relevant waters, so there is no such thing as 'Japan's exclusive economic zone'," Hua Chunying, a spokesperson for the Chinese Foreign Ministry, told a news briefing.

China halts military, climate ties with U.S. and sanctions Pelosi in fury over Taiwan visit.

World August 5, 2022 / 10:03 AM / CBS/AFP Thailand's prime minister on Friday ordered an investigation into a massive blaze that tore through a crowded music pub, killing at least 14 people — including a singer who was performing when the fire broke out near the stage.The fire broke out around 1 a.m. at the Mountain B nightspot in Chonburi province's Sattahip district, about 90 miles southeast of Bangkok.Video footage posted by a rescue service showed desperate revelers fleeing the club screaming, their clothes ablaze, as a huge fire raged in the background. Major fire damage fills the interior at the Mountain B pub in the Sattahip district of Chonburi province, about 160 kilometers southeast of Bangkok, Thailand.  Anuthep Cheysakron / AP Chalit Chotisupakarn, who escaped with burns to his arms and torso, described scenes of panic and desperation as people struggled to get out of the building. "I couldn't see anything, everything was dark. Everybody was shouting 'Get out! Get out!' We all had to try to get out," he told reporters."I just pushed and pushed. There were people with fire all over their bodies." The Sawang Rojanathammasathan Rescue Foundation said 14 people were killed and around 40 injured.A waitress at the venue, Thanyapat Sornsuwanhiran, told Thai television reporters that she saw smoke near the stage."I shouted 'fire' to customers, and I was near the doors, so I directed them out. I kept shouting 'fire, fire' and the security guards were also helping lead people out," she said.The service said the blaze was accelerated by flammable acoustic foam on the walls of the club, and it took firefighters more than three hours to bring it under control. Prime Minister Prayut Chan-O-Cha offered condolences to the victims' families and said he had ordered a probe into the fire.The dead — four women and 10 men — were found mostly crowded by the entrance and in the bathroom, their bodies severely burned, the service said.They were aged between 17 and 49 and all are believed to have been Thai."There is not death related to foreigners," police lieutenant colonel Boonsong Yingyong of the Phlu Ta Luang police station, which oversees the area where the blaze occurred, told AFP by phone.One of the victims was the singer of the band playing at the club, his mother told local media."I don't know what to say. The death came all of a sudden," Premjai Sae-Oung told reporters.She said a musician friend who managed to escape had told her the fire broke out in front of the band and spread rapidly. "The fire started at the top right corner of the stage," a witness identified only as Nana told PPTV. "The singer must have seen it too, so he shouted 'fire' and threw away the microphone."Images of the aftermath showed how the fire had turned the inside of the club into a blackened wreck, with the charred metal frames of furniture scattered among ashes.Police are investigating if fire escapes were present in the one-story building and engineers are inspecting the structure amid fears it could collapse.Interior minister Anupong Paochinda told reporters it appeared the Mountain B was operating "without permission" to run as an entertainment venue.Sompong Chingduang, assistant commissioner of the Royal Thai Police, said the owner was under investigation for apparently changing the venue from a restaurant to a nightclub without permission.Concerns have long been raised about Thailand's lax approach to health and safety regulations, particularly in its countless bars and nightclubs.A massive inferno erupted at a New Year's Eve party at Bangkok's swanky Santika club in 2009, killing 67 people and injuring more than 200. The owner of Santika was jailed for three years over the blaze, which began when fireworks were set off as a rock band called Burn played on stage.In 2016, a nighttime fire at a dormitory of a Christian elementary school in northern Thailand killed at least 17 girls. More recently, four people were killed in a fire caused by an electrical fault at a club on the holiday island of Phuket, a magnet for foreign tourists, in 2012.The Associated Press contributed to this report. In: thailand Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Fire at music pub kills at least 14 in Thailand, including singer of band performing.

Register now for FREE unlimited access to Reuters.comMADRID, Aug 4 (Reuters) - Ice is a hot commodity in Spain, with supermarkets limiting how much people can buy and bars running low on cubes for sangrias and cocktails due to scorching heatwaves and high energy prices.At the start of the year, ice makers held back from producing their usual stockpiles because of soaring power bills and uncertainty about summertime demand following the COVID pandemic.But tourism has bounced back to coincide with one of Spain's hottest summers on record, with a third successive heatwave likely to be declared this week.Register now for FREE unlimited access to Reuters.comThe sizzling temperatures, coupled with the resurgence of socialising in cities and villages across the country, means ice is in high demand.Ricardo Blasco, the owner of one of Madrid's oldest ice manufacturers, Blasco Ice, said his power bills have risen 50% - 60% since early this year and he had delayed the start of production from March to May to partly offset increased costs.His factory runs 24 hours a day, seven days a week but is unable increase production further. Blasco says the worry of letting down clients who are ringing daily to seek more is keeping him awake at night.Mercedes Nieto prepares a mojito in her bar in Madrid, Spain, August 4, 2022. REUTERS/Juan Medina"It's hard not being able to satisfy everyone even if you want to," he said. "We really are doing everything we can."Empty supermarket freezer shelves where bags of ice should be are now common across Spain, with consumers turning to petrol stations and smaller corner shops to find supplies.Mercedes Nieto, the owner of a bar in Madrid's trendy Chueca neighbourhood, said when her usual distributor ran out of ice she sought more from a local Chinese store which had raised prices, and also supermarkets, but they had run out."If this carries on, we are going to have real problems keeping open a cool drinks store," she told Reuters as she mixed mojitos.Some supermarkets, including Spain's biggest retailer Mercadona, have limited sales to five bags per person. Another chain, Consum, only allows two."The increased demand due to the high temperatures is leading to hoarding," a Mercadona spokesperson said.Register now for FREE unlimited access to Reuters.comReporting by Marco Trujilo and Silvio Castellano, additional reporting by Jon Nazca and Aislinn Laing, writing by Emma Pinedo. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Heatwaves and high energy prices leave Spain on thin ice.

U.S. House Speaker Nancy Pelosi (D-CA) addresses reporters during a news conference at the U.S. Capitol in Washington, U.S., July 29, 2022. REUTERS/Jonathan ErnstRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - The only way out of the crisis in U.S.-Chinese relations triggered by a visit to Taiwan by House Speaker Nancy Pelosi is for the United States to immediately rectify its mistakes, a senior Chinese Embassy official in Washington said on Friday.Jing Quan, a minister of the Chinese Embassy in the United States, referred to the White House protest to China's ambassador about Beijing's military actions since Pelosi's visit and said it was the United States that was threatening peace and stability."It is the U.S. side that is the troublemaker," he told reporters during briefing."The only way out of this crisis is that the U.S. side must take measures immediately to rectify its mistakes and eliminate the grave impact of Pelosi's visit."He warned against escalating actions that jeopardize the longstanding U.S. one-China policy and said Washington should "avoid pushing China-U.S. relations down the dangerous track of conflict and confrontation."Register now for FREE unlimited access to Reuters.comReporting by Michael Martina and Doina Chiacu; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

U.S. must rectify mistakes on Taiwan after Pelosi visit - Chinese Embassy official.

Prompts on how to use Amazon's Alexa personal assistant are seen as a wifi-equipped Roomba begins cleaning a room in an Amazon ‘experience center’ in Vallejo, California, U.S., May 8, 2018. REUTERS/Elijah Nouvelage/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Amazon.com Inc (AMZN.O) will acquire iRobot Corp (IRBT.O), maker of robotic vacuum cleaner Roomba, in an all-cash deal for about $1.7 billion, in the latest push by the world's largest online retailer to expand its stable of smart home devices.Amazon will pay $61 per share, valuing iRobot at a premium of 22% to the stock's last closing price of $49.99.iRobot's shares rose 19% in early Friday trading to $59.56. At its peak during pandemic lockdowns, iRobot was trading at more than twice that price as hygiene-conscious consumers invested in premium vacuum cleaners.Register now for FREE unlimited access to Reuters.comAmazon already owns virtual assistant Alexa, Ring, which monitors homes, and a smart thermostat, giving it a range of products in the "internet of things” category, said Ethan Glass, an antitrust expert with law firm Cooley LLP.He said the U.S. Federal Trade Commission, which is already investigating Amazon, would likely review the transaction."I would say there is a three out of four chance of a deep investigation and a one out of four chance of a challenge," he said. "The political appointees have made clear that they would rather go to court and lose than let a deal through that later is criticized as anti-competitive, especially as they seek to change the laws."Charlotte Slaiman of Public Knowledge added that antitrust enforcers now saw the risk of under-enforcement as an issue rather than just over-enforcement. "The costs of inaction are much higher than antitrust experts used to think," she said.Besides sweeping up dirt, Roomba vacuums that cost as much as $1,000 collect spatial data on households that could prove valuable to companies developing smart home technology.But iRobot's fortunes took a hit as consumers started rethinking how they spend their money amid rising inflation. Its second-quarter revenue fell 30% on weak demand from retailers in North America and Europe, Middle East and Africa.The deal comes at a time analysts expect cash-rich technology companies to go on an M&A spree to take advantage of low valuations due to growth pressures. Amazon currently has cash and cash-equivalents of more than $37 billion.Devices make up a fraction of overall sales at Amazon, but include smart thermostats, security devices and it has recently launched a canine-like robot called Astro."It seems like (CEO) Andy Jassy is going to employ M&A more than (predecessor) Jeff Bezos and it makes more sense to me now that Amazon is bigger and has more cash," said D.A. Davidson analyst Thomas Forte.If the deal falls through, Amazon would be required to pay iRobot a $94 million termination fee. On completion of the deal, Colin Angle would remain as the chief executive of iRobot.Register now for FREE unlimited access to Reuters.comReporting by Akash Sriram and Nivedita Balu in Bengaluru Additional reporting by Diane Bartz in Washington Editing by Arun Koyyur and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Amazon's connected device cart grows with $1.7 billion deal for Roomba maker.

CBS Mornings August 5, 2022 / 10:05 AM / CBS News Baseball's next generation teams up Sons of some of MLB's biggest stars playing on same team outside Boston 04:51 It's game night at Campanelli Stadium in Brockton, Massachusetts, home of the Brockton Rox.Along with the typical minor league antics, fans are flocking to the park, about 25 miles south of Boston, for a chance to grab an autograph from some legendary names."I have Manny's, Pedro's and D'Angelo's," one young fan said. He's not talking about retired Red Sox slugger Manny Ramirez or former ace and Hall of Fame pitcher Pedro Martinez. He's talking about their sons.Just 19 years old and on his way to junior college in Florida this fall, Manny Ramirez Jr. is treated like a celebrity in Brockton, despite an injury that'll keep him out the rest of the season. "It's the best thing coming here because you could you could go 0-3 with three strikeouts and the fans still love you," Ramirez Jr. told "CBS Saturday Morning" co-host Dana Jacobson. "This is, like, something that only happens once in a lifetime. So it's, it's amazing to see."Manny Jr. Is playing alongside childhood friends D'Angelo Ortiz and Pedro Martinez Jr. Back in 2004, their legendary fathers, Manny Ramirez, David "Big Papi" Ortiz and Pedro Martinez helped bring Boston its first World Series title in 86 years."Honestly, it feels like a movie, I'm not even gonna lie to you," Martinez Jr. said. "Like, it feels so fake, like, wait this is happening?"Martinez Jr. - who's 21 -  was the first to join the Rox. "It sounds planned, but it really was not," Martinez Jr. said. "I showed up here last year and I was the only one. I ended up coming back and boom, we got a whole new dance crew." Jose Martinez, Kade Foulke, Pedro Martinez Jr and Jaden Sheffield That crew also includes his cousin, Jose, Pedro Senior's nephew and son of former Los Angeles Dodgers' pitcher Ramon Martinez; Jaden Sheffield, son of nine-time All-Star Gary Sheffield; and Kade Foulke, who's father, Keith, closed out the Red Sox's historic 2004 World Series win."I think of your dad in the final out," Jacobson told Foulke. "Do you have a moment where you remember first seeing that?""I just really remember a picture of us together on the field and after the World Series and it was me crying and I'm in his arms," Foulke said. "It's just kind of something I've grown up with.""Jose, what is the best thing about having a dad who has been a major league player?" Jacobson asked."The knowledge that it comes with," Jose Martinez said. "He just knows exactly the right steps to take, what I gotta do. He's just a great partner."And the hardest thing? "The expectations," Martinez said. "The expectations is to a whole different level."The dads have all spent time around the club this season, offering tips and sharing stories from decades at the pinnacle of the sport.When we visited, Keith Foulke was giving the grounds crew a hand."How has it been for you to help groom not just your son, but some of your former teammates' sons as well?" Jacobson asked him."It's been incredible," Foulke said. "Being a big league ball player is great, but there's a lot of struggles involved. If we can make a young athlete's path a little bit easier, make him a little bit wiser on the field and off the field, you know that's kind of being that mentor and we take pride in that."The kids say there are also ups and downs to having their dads hanging around so much."It's really fun, but it also sucks a lot," Kade Foulke said. "He really helps me, you know, with every aspect of the game, but at the same time, he's pretty much always on my case, you know." "The other day, like, I had Kade's dad try to help me work on some, like, throwing motions and I had Manny's dad come and help me in a cage and he kind of saw some things that my dad was trying to explain to me and wasn't articulating in a way I understood," Jaden Sheffield said. "Sometimes you don't like to listen to your dad," Martinez Jr. said.These potential next-generation baseball stars don't expect special treatment, but they've found comfort in teammates who know exactly what they're going through."What really keeps it, like, human is the fact that we can make jokes about it," Martinez Jr. said. "Just keep it very normal because we're people." In: Red Sox Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Sons of David Ortiz, Pedro Martinez, Manny Ramirez and other greats playing on same amateur team.

A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder/Register now for FREE unlimited access to Reuters.comSummaryNonfarm payrolls increase 528,000 in JulyUnemployment rate falls to 3.5% from 3.6% in JuneAverage hourly earnings rise 0.5%; up 5.2% year-on-yearParticipation rate falls to 62.1% from 62.2% in JuneWASHINGTON, Aug 5 (Reuters) - U.S. job growth unexpectedly accelerated in July, lifting the level of employment back to its pre-pandemic level, the strongest evidence yet that the economy was not in recession.The Labor Department's closely watched employment report on Friday also showed employers continuing to raise wages at a strong clip and maintaining longer hours for workers. The sustained labor market strength could put pressure on the Federal Reserve to keep its aggressive interest rate hikes."The combination of strong job growth, an extremely tight labor market and stubbornly high wage inflation suggests the Fed's rate hike cadence will likely remain hefty next month," said Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto.Register now for FREE unlimited access to Reuters.comNonfarm payrolls increased by 528,000 jobs last month, the largest gain since February, the survey of establishments showed. Data for June was revised higher to show 398,000 jobs created instead of the previously reported 372,000. July marked the 19th straight month of payrolls expansion.Economists polled by Reuters had forecast payrolls would rise by 250,000 jobs and the unemployment rate remain steady at 3.6%. Estimates for the number of jobs gained ranged from a low of 75,000 to a high of 325,000.The labor market has now recouped all the jobs lost during the COVID-19 pandemic, though government employment remains about 597,000 jobs in the hole.The Federal Reserve last week raised its policy rate by three-quarters of a percentage point. The U.S. central bank has hiked that rate by 225 basis points since March.The economy contracted 1.3% in the first half of the year, largely because of big swings in inventories and the trade deficit tied to snarled global supply chains.The National Bureau of Economic Research, the official arbiter of recessions in the United States, defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."With 10.7 million job openings at the end of June and 1.8 openings for every unemployed person, the labor market remains tight and economists do not expect a sharp deceleration in payrolls growth this year.U.S. stocks opened lower. The dollar rallied against a basket of currencies. U.S. Treasury prices fell.WIDESPREAD GAINSThe broad job gains last month were led by the leisure and hospitality industry, which added 96,000 positions, most of them at restaurants and bars. But leisure and hospitality employment remains down by 1.2 million from its February 2020 level.Professional and business services payrolls increased by 89,000, while healthcare added 70,000 jobs. Government employment jumped by 57,000 jobs. Construction added 32,000 jobs while manufacturing payrolls increased by 30,000.Details of the household survey from which the unemployment rate is derived were mixed. While the unemployment rate fell to its pre-pandemic low of 3.5% from 3.6% in June, that was because 63,000 people left the labor force.The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, edged down to 62.1% from 62.2% in June. The number of people working part-time for economic reasons increased by 303,000 after plunging to more than a 20-year low in June.But household employment rebounded by 179,000 jobs after falling 315,000 in June, and the number of the people experiencing long spells of unemployment dropped sharply.Average hourly earnings increased 0.5% last month after rising 0.4% in June. That left the year-on-year increase in wages at 5.2%. Though wage growth appears to have peaked, pressures remain. Data last week showed annual wage growth in the second quarter was the fastest since 2001. read more Register now for FREE unlimited access to Reuters.comReporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

U.S. job growth surges in July as labor market defies recession fears.

[The stream is slated to start at noon ET. Please refresh the page if you do not see a player above at that time.]Senate Majority Leader Chuck Schumer, D-N.Y., is set to hold a press conference Friday on Democrats' marquee legislation to tackle tax reform, health care and climate change.Schumer will speak after he unified the Democratic caucus around the bill by cutting a deal with centrist Sen. Kyrsten Sinema, D-Ariz., a key holdout.The bill, dubbed the Inflation Reduction Act, was revealed late last month by Schumer and Sen. Joe Manchin, D-W.V., another centrist who had sunk Democrats' prior efforts to pass a sweeping package to overhaul the post-pandemic economy.The reconciliation bill is set to proceed through the Senate this weekend. Democrats hope to pass it without needing any Republican support in the chamber, which is split 50-50 between the parties and where Vice President Kamala Harris holds the tie-breaking vote.Subscribe to CNBC on YouTube.

Watch live: Schumer takes questions on massive climate, tax bill after securing Democratic support.

U.S. August 5, 2022 / 10:01 AM / CBS News Grand jury seeks testimony from Trump allies Georgia grand jury seeks testimony from 7 Trump allies 06:01 As a Georgia grand jury investigates Donald Trump for his conduct after losing the 2020 election, the former president's team has turned to one of Atlanta's most respected and influential lawyers.Dwight Thomas has for more than four decades represented many of the region's highest-profile defendants in fraught, sensitive cases. That he has consulted for the Trump team may be a sign it's taking very seriously the investigation by Fulton County District Attorney Fani Willis, according to former prosecutor Clinton Rucker, who spent more than 25 years working major cases for that office."If you hired Dwight Thomas, you are absolutely serious," said Rucker, who is now a municipal court judge. "You absolutely believe that you have some exposure and you want to make sure that you have somebody that is skilled enough to not only examine the issues, but you want somebody who ultimately can go in and fight and win." Attorney Dwight Thomas, center, speaks to reporters alongside two colleagues outside the federal courthouse in Atlanta after a bond hearing for their client, rapper T.I., on Oct.19, 2007. John Amis / AP A spokesperson for Willis' office confirmed Willis has spoken to Thomas about the case, and that the D.A. would only discuss the case with attorneys involved in it. Yahoo News first reported that Willis and Thomas talked. Thomas declined in an email to discuss his involvement, citing grand jury secrecy regulations. A source with knowledge of Thomas' involvement describes his work as "consulting" about special grand juries and the laws that govern them. Representatives and attorneys for Trump did not return requests for comment. Trump has denied all allegations of wrongdoing with regards to his conduct following the 2020 election. The special grand jury has in recent months subpoenaed dozens of Trump allies and supporters. It has also heard testimony from state officials involved in an infamous Jan. 2, 2021 phone call in which the then-president told Georgia election officials, "I just want to find 11,780 votes" — the number needed to erase Biden's lead.  Few defense attorneys have as much experience as Thomas with special grand juries, Rucker said. Special grand juries are unique in that they focus on just one investigation and can be impaneled for a longer time than typical grand juries. Willis wrote when requesting the special grand jury in January that it will have "an investigatory focus appropriate to the complexity of the facts and circumstances involved."Thomas' current and previous clients include a slew of celebrities and politicians. He represented the rapper T.I. in a weapons case, and is currently listed as an attorney for Alfred Megbuluba, a 32-year-old indicted on murder charges for allegedly pushing a woman out of a moving Lamborghini. Another attorney in the case told local media Megbuluba will enter a not guilty plea. Thomas recently defended Jason Lary, a suburban Atlanta-area mayor who pleaded guilty to fraud charges stemming from a scheme to steal more than $900,000 in COVID-19 relief funding. Closer to home for Trump, Thomas represented Vernon Jones, a then-Democratic local politician, in multiple matters. Jones gained national attention when he endorsed Trump's reelection in 2020. Jones later changed his party affiliation to Republican.Campaign finance records show Thomas has primarily donated to Democrats, including $2,000 in 2021 to Sen. Raphael Warnock, who is facing a tough reelection campaign against Trump-endorsed challenger Herschel Walker. But Georgia attorney Jason Sheffield said it's not a surprise that Thomas would take on a prominent Republican client. "He checks any partisan views at the courthouse door. And he is extremely diligent. A prudent, fair, great negotiator. Thorough, but I think above everything else, just an advocate for the fair application of the law," said Sheffield, an adjunct professor at the Emory University School of Law who previously worked in Thomas' office.Sheffield said he called Thomas for advice recently before taking on a high-profile, controversial client. Travis McMichael was one of three men convicted of murder in the racist killing of Ahmaud Arbery, a 25-year-old Black man who was jogging when he was pursued by the three White men in pickup trucks and gunned down."Before taking the case I called Dwight and I said, 'What do you think of this? It's a very concerning case and people are angry about it.' He said, 'If you can't take on this case, you can't take on any case,'" Sheffield said.Sheffield said the advice fits a mantra of sorts Thomas presses the lawyers he mentors to remember: "If you can't do it for one, then you can't do it for any."That sentiment was echoed by Michael Holmes, another former associate at his firm."He was a mentor to me, a father figure and friend, and a phenomenal attorney," Holmes said.The 71-year-old Thomas has mentored countless attorneys, Sheffield and Rucker said, and many of his protégés are current or former prosecutors in Fulton County. "More prosecutors here have learned the practice of criminal law through Dwight's office than I can count," Sheffield said.Rucker recalls learning from Thomas even while opposing him."He will catch you on technicalities in the law, and he'll do it with a smile. And when it's all over, he'll say, 'Hey, let me take you to lunch,'" Rucker said. In: Georgia Donald Trump Graham Kates Graham Kates is an investigative reporter covering criminal justice, privacy issues and information security for CBS News Digital. Contact Graham at KatesG@cbsnews.com or grahamkates@protonmail.com Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Influential lawyer's work for Trump in Georgia grand jury investigation means it's "absolutely serious".

A person enters a Bed Bath & Beyond store on October 01, 2021 in the Tribeca neighborhood in New York City.Michael M. Santiago | Getty ImagesBed Bath & Beyond is axing one of its private labels, Wild Sage, about a year after the company made an aggressive push into exclusive brands, at the time touted as a linchpin of its turnaround strategy.A spokeswoman for the home goods retailer confirmed the brand is being discontinued.The move is likely just the start of bigger changes for Bed Bath and its merchandising approach as it tries to reverse declining sales, appease activist investors and win back shoppers. The retailer has run into inventory and supply chain problems, initially missing out on hundreds of millions of dollars of sales due to out-of-stock items and, more recently, a glut of unwanted products lingering in warehouses and on store shelves.Bed Bath is also looking for a new leader, after the board announced in late June that CEO Mark Tritton and chief merchandising officer Joe Hartsig had left the company. Its chief accounting officer also departed in June.In a company statement, Bed Bath and Beyond said private labels — which it calls "owned brands" — "have a place in our assortment.""Customer response has been positive, and we are very pleased with the strength of several owned brands, such as Simply Essential, which delivers opening price points," the company said. "At the same time, we recognize our customers want a better balance of owned and national brands, and are making necessary changes to the assortment to improve the customer experience and drive sales and traffic."Bed Bath said it will provide more updates to its strategy this month. Its spokeswoman did not say whether the company is considering phasing out other private brands.Private labels became a central piece of Tritton's vision and a dominant part of Bed Bath's stores. Tritton, a Target veteran, joined Bed Bath in 2019 and rolled out a playbook similar to the one used by the cheap chic retailer. He oversaw the decluttering of stores and the debut of lines of bedding, kitchen supplies and more that couldn't be found anywhere else.Bed Bath launched nine private labels starting in spring 2021. One was Wild Sage, a brand that the company described as "stylish, eclectic, free-spirited bedding, decor, furniture, bath products and table linens created for young adults (and the young at heart)." The first collection launched in June 2021, just in time for back-to-college season.Yet some shoppers found the new brand names disorienting — and less appealing. Instead of seeing large displays of big-name national brands, they saw displays of bedding, furniture and platterware under a name that they didn't recognize.Same-store sales plummeted 27% for the Bed Bath & Beyond banner in the most recent quarter, ended May 28.Fast change, alienated customersAfter the company's most recent earnings report in late June, interim CEO and board member Sue Gove said the company's sales results were "not up to our expectations."Jason Haas, a retail analyst for Bank of America Securities, said the retailer alienated its customers by moving too quickly. It also phased out its popular 20% off coupons, a move that it has since reversed."If they rolled out those brands at a more measured pace and layered them in [with national brands] and the customer got a little more familiar with seeing them on the shelf, it would have been more successful," he said.Plus, he said, Bed Bath wound up compounding pandemic-related supply chain issues. Nearly every retailer coped with congested ports and trucking shortages, but private label merchandise tends to have longer lead times since it's produced and shipped from overseas. National brands tend to have merchandise that can get to stores more quickly from U.S. warehouses, Haas said.On Bed Bath's website, there are signs of the end of Wild Sage. Its merchandise is available at deep discounts, including a tie-dye robe for $7, marked down from its original price of $35, and a 16-piece terracotta dinnerware set for $16, down from an original $80. Many other Wild Sage items are out-of-stock after being listed for as much as 90% off.As Bed Bath pivots to more national brands, though, it may run into a different kind of problem. Vendors may be reluctant to work with the retailer or request advance payments as the company's coffers quickly dry up.Bed Bath reported roughly $108 million in cash and equivalents as of May 28, down from $1.1 billion a year prior. Its net losses swelled to $358 million from a loss of $51 million in the same period in 2021.For now, the company is still able to draw on its existing $1 billion asset-based revolving credit facility from JPMorgan Chase, according to a quarterly filing with the Securities and Exchange Commission.As of May 28, Bed Bath said it had $200 million of borrowings outstanding under the loan.Still, analysts believe the home goods retailer is going to need to more cash to weather its turnaround.Bed Bath's Chief Financial Officer Gustavo Arnal said in a June conference call that the company still had "sufficient liquidity" with its credit facility, and that it had enlisted consultants from Berkeley Research Group as well as financial advisors to look for additional capital."There are avenues that we're exploring to even increase further our liquidity and navigate through the working capital cycle, particularly in the next two quarters, given the seasonality of our business," he said on the call.

Bed Bath & Beyond is discontinuing a private brand as it tries to reverse declining sales.

Russian President Vladimir Putin listens to Turkish President Tayyip Erdogan during a meeting in Sochi, Russia August 5, 2022. Sputnik/Vyacheslav Prokofyev/Pool via REUTERS Register now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Vladimir Putin and Tayyip Erdogan meet on Friday for the second time in just over two weeks, after Turkey helped broker a deal to resume Ukraine's Black Sea grain exports which were blocked by Russia's invasion.President Erdogan's supporters say the agreement, which could curb soaring global food prices, highlights the importance of NATO member Turkey's diplomatic contacts with both sides. read more Although Turkey has criticised the Russian invasion and provided Ukraine with arms, it has broken with Western allies by not imposing sanctions on Russia.Register now for FREE unlimited access to Reuters.comThat careful balance reflects the complexity of its ties with Russia, ranging from close cooperation on energy supplies to military competition in Syria, Libya and Azerbaijan.UKRAINEDays after President Putin and Erdogan met in Tehran last month, Turkey oversaw a deal for the resumption of Ukraine's grain exports.Under the agreement, Turkey is hosting a joint centre where Russian, Ukrainian, Turkish and United Nations representatives will work to ensure the safe transit of Ukraine's exports to world markets. read more Turkey depends heavily on Russia and Ukraine for grain. Russia accounted for 56% of Turkish grain imports in 2021 at $2.24 billion, while imports from Ukraine amounted to $861 millionARMS SALESTurkish Bayraktar drones sold to Ukraine played a prominent role in slowing the advance of Russian forces when they pushed into Ukrainian territory in February. read more But Turkey also has growing defence ties with Russia.It bought Russian S-400 missile defence batteries in 2019 and has suggested it could buy more, angering Washington which cancelled the sale of U.S. F-35 fighter jets and sanctioned Turkey's defence industries. read more Erdogan said last year Turkey was considering more joint defence industry steps with Russia, including for fighter jets and submarines. read more RIVALS IN WARIn Syria, Turkey backs fighters who once appeared close to toppling President Bashar al-Assad, until Russian intervention shored up the Syrian leader and helped drive the insurgents back to a small pocket of northwest Syria on the Turkish border.In February 2020, when an air strike killed at least 34 Turkish soldiers, Turkey poured reinforcements into the northwestern Idlib region to stall advances by Russian-backed Syrian government forces which had displaced 1 million people.Erdogan says Turkey plans another incursion into northern Syria targeting areas controlled by Syrian Kurdish YPG fighters, drawing criticism from Russia, Iran and the United States. read more In Libya, Turkey's military intervention turned back an assault on the internationally-recognised government in Tripoli by eastern-based forces who were supported - according to United Nations experts - by fighters from the Russian Wagner Group.In Azerbaijan, Turkey supported a military assault to drive ethnic Armenian forces out of much of the mountainous Nagorno-Karabakh enclave in the south Caucasus - a region which Russia considers part of its sphere of influence.ENERGYRussian natural gas made up 45% of import-dependent Turkey's gas purchases last year, which hit a record level as a result of drought and a related rise in gas-driven power production.Russian nuclear conglomerate Rosatom is also building a nuclear plant at Akkuyu in southern Turkey, which Putin has said will start working next year.The plant is expected to provide up to 10% of Turkey's energy needs and will continue to be operated and managed by Rosatom for several decades.TOURISMSeven million Russian tourists visited Turkey in 2019, the largest number from any country, before the coronavirus pandemic drastically cut foreign travel. Tourism remains a significant source of hard currency for the Turkish economy.PERSONAL CHEMISTRYPutin and Erdogan have led their countries for two rollercoaster decades.In 2015 Turkey's military shot down a Russian jet which crossed into Turkish air space, prompting a crisis in relations. But less than a year later, Putin was one of the first world leaders to express support for Erdogan when he survived a coup attempt, laying the foundation for their growing defence ties.Both, however, have kept each other waiting at summit meetings, prompting media speculation about games of one-upmanship. Erdogan was left waiting for two minutes by Putin in 2020, only for the tables to be turned in Tehran last month."Was it revenge?" asked Turkey's T24 website in a headline.Register now for FREE unlimited access to Reuters.comReporting by Dominic Evans; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Factbox: Putin and Erdogan contacts underline complex Russia-Turkey ties.

The Federal Reserve building is pictured in Washington, D.C., U.S., August 22, 2018. REUTERS/Chris Wattie/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - The U.S. Federal Reserve faces renewed pressure to deliver another 75 basis point interest rate hike at its upcoming meeting in September as fresh data showed job gains unexpectedly accelerating and overall employment at a record high despite soaring inflation and rising borrowing costs.The economy added 528,000 jobs last month, the Labor Department said in its closely watched employment report on Friday, a far larger-than-expected number than expected. Data for June was revised higher to show 398,000 jobs created instead of the previously reported 372,000, while the unemployment rate fell to a pre-pandemic low of 3.5%. read more The strength of the labor market is a double-edged sword for Fed officials. They see it as an encouraging sign they can continue to raise rates to tame inflation without causing a sharp spike in the unemployment rate, but also a concerning one given the labor market will need to cool to help ease price pressures.Register now for FREE unlimited access to Reuters.comFriday's blowout number of job gains will likely on balance give policymakers further pause for thought on whether they are raising rates quickly enough to bring down inflation. An extremely tight jobs market has been fueling strong wage growth and Friday's report showed average hourly earnings rising more than expected, to 5.2% from one year previously.Investors in futures contracts tied to the Fed's benchmark overnight interest rate immediately upped their bets the central bank would raise its policy rate by 75 basis points in September to an almost 70% probability, up from around 40% before the employment report."Today’s numbers should mollify recession fears but amplify concerns that the Fed has a lot more work to do," said Michael Feroli, chief U.S. economist at J.P. Morgan, who revised his call up to a three quarter point hike in September. "The inflation worries motivating the Fed will only be heightened by this jobs report."Fed Chair Jerome Powell already flagged last week the central bank may consider another "unusually large" rate hike at the Sept. 20-21 meeting, seen as a decision between a 50 basis point or 75 basis point move, with officials guided in their decision making by a ream of critical data points covering inflation, employment, consumer spending and economic growth between now and then.There is now only one more monthly jobs report before that meeting while inflation has for months confounded expectations that it would ease and remains, by the Fed's preferred measure, more than three times the target.Attention will now turn to next Wednesday's key Consumer Price Index inflation reading as the central bank plots its path.Whether the Fed will go ahead with a third straight 75-basis-point rate hike at its policy meeting next month - a pace unmatched in more than a generation - or dial back a bit is of central interest to investors, businesses and consumers who are increasingly fearful that the central bank's inflation fight may ultimately trigger a recession.A procession of policymakers this week have shown stiffening resolve to continue the aggressive monetary tightening, with nearly all of them making plain the central bank remains determined to press ahead with rate hikes until it sees strong and long-lasting evidence that inflation is on track back down to the Fed's 2% goal. read more Friday's job gains likely will have only furthered that determination. "Anyone that was inclined to jump on board the pivot train is likely to jump off at the next station. This is not indicative of a Fed that will need to shift gears next year and start cutting (rates). The pivot narrative has been put to bed," said Art Hogan, chief market strategist at B. Riley.Register now for FREE unlimited access to Reuters.comReporting by Lindsay Dunsmuir; Additional reporting by Stephen Culp and Medha Singh; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Unusually large U.S. jobs number stokes case for 'unusually large' rate hike.

Storm clouds pass over the U.S. Capitol in Washington, U.S. July 18, 2022. REUTERS/Jonathan ErnstRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Scientists say that climate change is increasing the likelihood of lightning strikes across the United States, after lightning struck at a square near the White House, leaving two people dead and two others in critical condition.The hot, humid conditions in Washington, D.C., on Thursday were primed for electricity. Air temperatures topped out at 94 degrees Fahrenheit (34 degrees Celsius) – or 5F (3C) higher than the 30-year normal maximum temperature for Aug. 4, according to the National Weather Service.More heat can draw more moisture into the atmosphere, while also encouraging rapid updraft – two key factors for charged particles, which lead to lightning. A key study released in 2014 in the journal Science warned that the number of lightning strikes could increase by 50% in this century in the United States, with each 1 C (1.8 F) of warming translating into a 12% rise in the number of lightning strikes.Register now for FREE unlimited access to Reuters.comFast-warming Alaska has seen a 17% rise in lightning activity since the cooler 1980s. And in typically dry California, a siege of some 14,000 lightning strikes during August 2020 sparked some of the state’s biggest wildfires on record.Beyond the United States, there is evidence that lightning strikes are also shooting up in India and Brazil.But even as lightning strikes increase, being hit by one is still extremely rare in the United States, experts say. Roughly 40 million lightning bolts touch down in the country every year, according to the Center for Disease Control – with the odds of being struck less than 1 in a million.Among those who are hit, about 90% survive the ordeal, the CDC says. The country counted 444 deaths from lightning strikes from 2006 through 2021.The two men and two women struck by lightning Thursday while visiting Washington's Lafayette Square, just north of the White House, were among the unlucky few - struck by a bolt that hit the ground during a violent, afternoon thunderstorm.The lightning hit near a tree that stands yards away from the fence that surrounds the presidential residence and offices.All four victims sustained critical, life-threatening injuries, and were taken to area hospitals, where two later died, authorities said. read more "We are saddened by the tragic loss of life," the White House said in a statement on Friday. "Our hearts are with the families who lost loved ones, and we are praying for those still fighting for their lives."Lafayette Square is often crowded with visitors, especially in the summer months.Because heat and moisture are often needed to make lightning, most strikes happen in the summer. In the United States, the populous, subtropical state of Florida sees the most people killed by lightning.Register now for FREE unlimited access to Reuters.comReporting by Gloria Dickie in London; Additional reporting by Frank McGurty in New York; Editing by Katy Daigle, Louise Heavens and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Washington D.C. lightning strike that killed two serves as climate warning.

People pose with syringe with needle in front of displayed Pfizer logo in this illustration taken, December 11, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Pfizer Inc is in advanced talks to buy drugmaker Global Blood Therapeutics (GBT.O) for about $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.Pfizer is aiming to seal a deal in the coming days, but other suitors are still in the mix, the report said.The companies did not immediately respond to Reuters requests for comment.Global Blood's shares rose 9.6%. The company had a market capitalization of $3.12 billion, as of Thursday's closing price.Its drug Oxbryta is approved in the United States for sickle cell disease - a blood disorder.Register now for FREE unlimited access to Reuters.comReporting by Amruta Khandekar; Editing by Aditya SoniOur Standards: The Thomson Reuters Trust Principles.

Pfizer in advanced talks to buy Global Blood Therapeutics for $5 bln - WSJ.

SummaryChina staging unprecedented military drills around TaiwanChina says it is halting some cooperation with WashingtonChina tells Washington not to escalate crisisFollows visit by U.S. House Speaker Pelosi to TaipeiPelosi, in Japan, joins PM Kishida in condemning ChinaTAIPEI, Aug 5 (Reuters) - China announced on Friday it was halting dialogue with the United States in a number of areas, including between theater-level military commanders and on climate talks, in an escalating furore over U.S. House Speaker Nancy Pelosi's visit to Taiwan.China's foreign ministry said it was also suspending cooperation with Washington on the prevention of cross-border crime and drug trafficking, an area along with climate change where U.S. officials see opportunity for cooperation.Enraged after Pelosi became the highest-level U.S. visitor in 25 years to the self-governed island that Beijing regards as its sovereign territory, China launched military drills in the seas and skies around Taiwan on Thursday. The live-fire drills, the largest ever conducted by China in the Taiwan Strait, are scheduled to continue until noon on Sunday.Register now for FREE unlimited access to Reuters.comTaiwan's defence ministry said on Friday it scrambled jets to warn away Chinese aircraft that it said entered the island's air defence zone, some of which crossed the Taiwan Strait median line, an unofficial buffer separating the two sides.The ministry said a total of 68 Chinese military aircraft and 13 navy ships had conducted missions in the strait.China's Eastern Theater Command of the People's Liberation Army (PLA) said in a statement that its military conducted air and sea drills to the north, southwest and east of Taiwan on Friday "to test the troops' joint combat capabilities".U.S. Secretary of State Antony Blinken said Washington has repeatedly made clear to Beijing it does not seek a crisis over Pelosi's visit to Taiwan, which took place on Wednesday during a congressional tour of Asia."There is no justification for this extreme, disproportionate and escalatory military response," he told a news conference on the sidelines of ASEAN regional meetings in Cambodia, adding, "now, they've taken dangerous acts to a new level".Blinken emphasised that the United States would not take actions to provoke a crisis, but it would continue to support regional allies and conduct standard air and maritime transit through the Taiwan Strait."We will fly, sail and operate wherever international law allows," he said.Chinese foreign minister Wang Yi told a media briefing after the ASEAN meetings: "I heard that U.S. Secretary of State Blinken held his news conference and spread some misinformation and was not speaking truthfully."“We wish to issue a warning to the United States: do not act rashly, do not create a greater crisis,” Wang said.Jing Quan, a senior Chinese Embassy official in Washington, echoed that, telling a briefing with reporters: "The only way out of this crisis is that the U.S. side must take measures immediately to rectify its mistakes and eliminate the grave impact of Pelosi's visit."He said Washington should "avoid pushing China-U.S. relations down the dangerous track of conflict and confrontation".DIPLOMATIC FRONTThe White House summoned Chinese ambassador Qin Gang on Thursday to condemn Beijing's actions. That followed Beijing's summoning of U.S. Ambassador Nicholas Burns early this week over Pelosi's Taiwan visit. read more Representatives for the State Department did not immediately reply to a request for comment on China's halting of talks and cooperation on several fronts.The Chinese comments did not mention a suspension of military talks at the senior-most levels, such as with U.S. Defense Secretary Lloyd Austin and Chairman of the Joint Chiefs of Staff General Mark Milley. While those talks have been infrequent, officials have said they are important to have in the case of an emergency or accident.Beijing separately announced that it would personally impose sanctions on Pelosi and her immediate family in response to her "vicious" and "provocative" actions. read more Speaking in Japan before she set off to return to Washington, Pelosi said her trip to Asia was never about changing the regional status quo."We have said from the start that our representation here is not about changing the status quo in Taiwan or the region," she told a news conference after meeting Japanese Prime Minister Fumio Kishida. read more 'STAY CALM'Taiwan's defence ministry said on Friday the island's military had dispatched aircraft and ships and deployed land-based missile systems to monitor ships and aircraft that briefly crossed the Taiwan Strait median line. read more On Thursday, China fired multiple missiles into waters surrounding Taiwan.Japan's defence ministry, which is tracking the exercises, first reported that as many as four of the missiles flew over Taiwan's capital, which is unprecedented. It also said that five of nine missiles fired toward its territory landed in its exclusive economic zone (EEZ), also a first, prompting a diplomatic protest by Tokyo.Later, Taiwan's defence ministry said the missiles were high in the atmosphere and constituted no threat. It gave no details of their flight paths, citing intelligence concerns.Some Taipei residents, including Mayor Ko Wen-je, criticised the government for not putting out a missile alert, but one security expert said that could have been done to avoid stoking panic and playing into China's hands."It counteracted the effect of the Chinese Communist Party's psychological warfare," said Mei Fu-shin, a U.S.-based analyst. "The shock and fear were not as great as they could have been."Taiwan's President Tsai Ing-wen urged residents to keep calm, saying in a Facebook post on Friday that "the government has prepared a complete response and the military is doing its best to respond, which will definitely ensure people’s safety. Please rest assured, stay calm and live as normal."Responding to the Chinese drills, the president has said Taiwan will not provoke conflicts but will firmly defend its sovereignty and national security."In my view, the larger threat is that China is doing a rehearsal for a blockade, demonstrating it can block Taiwan's ports and airports, and prevent shipping," said Bonnie Glaser, a Washington-based Asia security specialist at the German Marshall Fund of the United States.Taiwan has been self-ruled since 1949, when Mao Zedong's communists took power in Beijing after defeating Chiang Kai-shek’s Kuomintang (KMT) nationalists in a civil war, prompting the KMT-led government to retreat to the island.Beijing has said its relations with Taiwan are an internal matter. It says it reserves the right to bring Taiwan under Chinese control, by force if necessary.Register now for FREE unlimited access to Reuters.comReporting by Yimou Lee and Sarah Wu in Taipei; Additional reporting by Elaine Lies and Tim Kelly in Tokyo, Greg Torode in Hong Kong, Ann Wang in Liuqiu Island; Martin Quin Pollard in Beijing; Susan Heavey, Jeff Mason, Doina Chiacu, Michael Martina and Idrees Ali in Washington; Writing by Tony Munroe, Raju Gopalakrishnan, Simon Cameron-Moore and Frances Kerry; Editing by Toby Chopra, Frank Jack Daniel and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

China halts dialogue with U.S. on military, climate over Pelosi Taiwan trip.

Less than two weeks after announcing the discontinuation of the Choco Taco, Klondike says that it is now exploring options to bring the popular treat back to ice cream trucks.The maker of the frozen confection tweeted on Wednesday that it hopes to bring the Choco Taco back "in the coming years," but stopped short of giving any firm details or timeline.Klondike had announced at the end of last month that it was ceasing Choco Taco production thanks in part to "an unprecedented spike in demand across our portfolio" which resulted in the company needing to make "very tough decisions to ensure availability of our full portfolio nationwide."Fans of the Choco Taco, which first debuted in 1983, were outraged by the announcement and rushed to social media to make their complaints heard.Reddit co-founder Alexis Ohanian proposed buying the rights to the Choco Taco and restarting production himself, while Forbes reported that restaurants around the country were taking advantage of the news cycle to introduce Choco Taco tributes of their own. Consumers also flooded the Choco Taco's reviews page, slamming the firm's decision to kill the product without giving any prior notice. The backlash grew so large that Klondike updated the options that callers to its phone number receive, with the automated voice telling them "if you are calling to share feedback about the discontinuation of the Choco Taco, press two."Some on Twitter speculated that the discontinuation was a marketing stunt designed to generate excitement around the future return of the product. But in a tweet designed to look like a press conference from a Choco Taco, Klondike insisted that "it's not a PR stunt."It is unclear if or when a return of the Choco Taco will happen. A representative for Klondike parent company Unilever did not immediately respond to CNBC Make It's request for comment.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Early retiree's net worth is down $200,000 since 2021 but he's 'positively not' going back to work

Klondike responds to outraged fans, says the Choco Taco could be back 'in the coming years'.

A firefighter tries to put out a wildfire near Algyo, Hungary, July 14, 2022. Farmers across Hungary have reported "historic" drought damage affecting some 550,000 hectares of land, the ministry of agriculture said this month. REUTERS/Marton Monus Register now for FREE unlimited access to Reuters.comUNITED NATIONS, Aug 5 (Reuters) - There is "no way to solve the most pressing problems of all the world without an effective dialogue and cooperation" between the United States and China, a spokesman for U.N. chief Antonio Guterres said on Friday after Beijing halted climate talks with Washington.Tackling climate change has been a key area of cooperation between the two superpowers. But China has suspended talks as part of its escalating retaliation over U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan. read more Register now for FREE unlimited access to Reuters.comReporting By Michelle Nichols, Editing by Paul Grant and Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

U.N. warns 'no way' to tackle climate change without U.S., China cooperation.

A general view shows the entrance of Palais Coburg where closed-door nuclear talks with Iran take place in Vienna, Austria, August 4,2022. REUTERS/Lisa LeutnerRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Russia's envoy to talks on reviving Iran's 2015 nuclear deal said on Friday they had resumed in a "serious" atmosphere even as few expect a breakthrough compromise while Tehran's disputed uranium enrichment programme surges forward.Indirect talks between Tehran and Washington restarted in Vienna on Thursday with a meeting between the Islamic Republic's chief nuclear negotiator Ali Bagheri Kani and European Union coordinator Enrique Mora.Reuters, citing one Iranian and one European official, reported in June that Tehran had dropped a major stumbling block - its demand for the removal of its Revolutionary Guards from a U.S. sanctions list.Register now for FREE unlimited access to Reuters.comA senior Iranian official suggested that the issue might not be a sticking point anymore, telling Reuters on Thursday: "We have our own suggestions that will be discussed in the Vienna talks, such as lifting sanctions on the Guards gradually."After meeting Bagheri Kani on Friday, Russian envoy Mikhail Ulyanov was quoted by Iran's state news agency IRNA as saying that reaching the finish line "may not be so easy, and time will tell whether we will succeed or not."But in general, the atmosphere of the talks is serious."White House national security spokesman John Kirby said on Thursday that the negotiations were "pretty much complete at this point".Bagheri Kani put the onus on the White House to compromise, tweeting that the United States should "show maturity & act responsibly." read more The European parties to the deal urged Iran in a statement "not to make unrealistic demands outside the scope of the JCPoA (nuclear deal), including on IAEA safeguards”."The text is on the table. There will be no re-opening of negotiations. Iran must now decide to conclude the deal while this is still possible," the statement said.Foreign Minister Hossein Amirabdollahian said on Friday that for Tehran's negotiating team, "Iran's economic benefit from the deal, observing the country's 'red lines' and preserving (our) indigenous nuclear capability and technology is of serious interest", IRNA reported.Little remains of the 2015 pact between Iran and the United States, Britain, France, Germany, Russia and China, which lifted sanctions against Tehran in exchange for curbs on Iranian enrichment activity the West fears could yield atomic bombs.In 2018 then-President Donald Trump ditched the deal and reimposed harsh sanctions. In response, Tehran breached the deal in several ways including rebuilding stocks of enriched uranium.As Iran has refused to hold direct talks with its longtime arch-foe the United States, Mora shuttles between Bagheri Kani and the U.S. Special Envoy for Iran, Rob Malley.The Vienna negotiations broke down earlier this year chiefly over Tehran's demand that Washington remove the Revolutionary Guards from the U.S. Foreign Terrorist Organization (FTO) list. The U.S. has refused to do so.A European official said on Thursday: “It has been agreed that (removing the Guards from the FTO list) will be discussed in the future once the U.S. and Iran can meet directly.”Tehran also demands that the International Atomic Energy Agency drop its assertions about Iranian nuclear activity, objecting to the U.N. watchdog's report last year that it had failed to fully explain uranium traces at undeclared sites.The EU's top diplomat, Josep Borrell, submitted a compromise proposal in July and called on the parties to accept it to avoid a "dangerous nuclear crisis". Two Iranian officials said Tehran "was not happy" with the draft text.Register now for FREE unlimited access to Reuters.comEditing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Renewed U.S.-Iran talks to salvage nuclear deal are 'serious' -Russian envoy.