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A view shows a damaged building at the Zaporizhzhia Nuclear Power Plant compound, amid Russia's invasion of Ukraine, in Enerhodar, Zaporizhzhia region, Ukraine, in this handout picture released March 17, 2022. Press service of National Nuclear Energy Generating Company Energoatom/Handout via REUTERS SummaryThree grain ships leave Ukrainian Black Sea portsTurkey says world cannot end war by ignoring RussiaRussia bans some overseas investors from selling shares in key energy projects and banksKYIV, Aug 5 (Reuters) - Shelling hit a high-voltage power line on Friday at a Ukrainian nuclear power plant captured by Russia, but Ukrainian authorities said the plant still worked and no radioactive leak had been detected.Ukraine's state nuclear power company Energoatom blamed Russian shelling for the damage at the Zaporizhzhia power station, Europe's largest.Earlier, the Russian-installed administration of the occupied Ukrainian city of Enerhodar said Ukrainian shells struck the lines at the plant, in the country's southeastRegister now for FREE unlimited access to Reuters.comThe Interfax news agency cited the city administration as saying fire had broken out on the plant's premises, and that power necessary for the safe functioning of reactors had been cut off. The plant was captured by Russian forces in early March in the opening stage of the war.Energoatom said the plant - located about 200 km (160 miles) northwest of the Russian-held port of Mariupol - still worked and no radioactive discharges had been detected.Further east, both sides claimed small advances while Russian artillery bombarded towns and villages across a wide area in a now-familiar tactic.Fighting on the ground appeared to be most intense around Pisky in Donetsk region, a fortified village held by Ukrainian troops and close to Donetsk city, which is in the hands of Russian-backed separatist forces.The Russians also have the cities of Bakhmut and Avdiivka in their sights as they try to gain full control of the eastern Donbas area, Ukraine's industrial heartland.GRAINS TRADE RESUMESIn other developments, three grain ships left Ukrainian ports on Friday and the first inbound cargo vessel since the Russian invasion was due in Ukraine to load, marking further steps in the Kyiv government's efforts to resuscitate its economy after five months of war.Russian President Vladmir Putin meanwhile was meeting Turkish President Tayyip Erdogan, who is cultivating a role as a mediator in the war, in the Russian city of Sochi."The international community cannot end the war in Ukraine by ignoring Russia," said Fahrettin Altun, a top aide to Erdogan.Turkey helped negotiate the agreement that on Monday saw the first grain ship leave a Ukrainian port for foreign markets since the Russian invasion on Feb. 24.On Friday, two grain ships set off from Chornomorsk and one from Odesa carrying a total of about 58,000 tonnes of corn, the Turkish defence ministry said.The Turkish bulk carrier Osprey S, flying the flag of Liberia, was expected to arrive in Chornomorsk on Friday to load up with grain, the Odesa regional administration said.Russia and Ukraine normally produce about one third of the world's wheat, and the United Nations had warned that the halt in grain shipments through the Russian-dominated Black Sea could lead to famine in other countries, particularly in Africa, Asia and the Middle East."We expect that the security guarantees of our partners from the U.N. and Turkey will continue to work, and food exports from our ports will become stable and predictable for all market participants," Ukrainian Infrastructure Minister Oleksandr Kubrakov after the three ships set off on Friday.Ukrainian Deputy Economy Minister Taras Kachka said he hoped the deal would be extended to other commodities such as iron ore.Ukraine's Seaport Authority said on Monday 68 ships were berthed in Ukrainian ports with 1.2 million tonnes of cargo on board, two thirds of it food.BATTLE FOR STRONGHOLDSince Russian troops poured over the border in February in what Putin termed a "special military operation", the conflict has settled into a war of attrition fought largely in the east and south of Ukraine.Moscow is trying to gain control of the largely Russian-speaking Donbas, comprised of Luhansk and Donetsk provinces, where pro-Moscow separatists seized territory after the Kremlin annexed Crimea to the south in 2014.Russia's TASS news agency on Friday cited separatist forces as saying they and Russian troops had taken full control of Pisky.But Ukrainian presidential adviser Oleksiy Arestovych said: "There is very little evidence of any movement here. They (the Russians) made an attempt to advance but it was unsuccessful."Ukraine has turned the village into a stronghold, seeing it as a buffer against Russian-backed forces holding Donetsk city about 10 km to the southeast.Tass also said fighting was taking place in the city of Bakhmut, north of Donetsk and Russia's next main target."Russian forces may be advancing a few hundred metres a day. They are trying to encircle our forces," Arestovych said.Arestovych also said Ukrainian forces had recaptured two villages near Izyum in Kharkiv region, which borders Russia, and were advancing on a third."This means Ukraine is on the offensive. It may not be a very big offensive. But it is an offensive nonetheless,"he said.Reuters could not verify either side's assertions about battlefield developments.To the strategically-important south, where Ukraine has been planning a counteroffensive to win back swathes of occupied land, Russia has been building up forces, Kyiv says.Russian troops may try to wrest momentum back from Kyiv by launching an offensive in the south after weeks of Ukraine using Western-supplied long-range weapons to hit Russian supply lines and ammunitions dumps.The war has displaced millions, killed thousands of civilians and left cities, towns and villages in ruins. Ukraine and its Western allies have accused Russian forces of targeting civilians and war crimes, charges Russia rejects.Putin says he wants to ensure Russian security and protect Russian-speakers in Ukraine. Kyiv accuses Moscow of an imperial-style war to retake a pro-Western neighbour that shook off Russian domination when the Soviet Union broke up in 1991.Western countries and allies have piled financial restrictions on Russia since Feb. 24. Moscow retaliated with obstacles for Western businesses and their allies leaving Russia, and in some cases seized their assets. read more In the latest move in the sanctions war, Russia on Friday banned investors from so-called unfriendly countries from selling shares in key energy projects and banks until the end of the year.Register now for FREE unlimited access to Reuters.comReporting by Reuters bureaux; Writing by Nick Macfie and Angus MacSwan; Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Shelling hits power lines at Ukraine nuclear plant, both sides trade blame.

Space August 5, 2022 / 12:00 PM / CBS/AFP NASA releases stunning Webb Telescope images NASA releases stunning Webb Telescope images, previewing discoveries to come 03:29 A red ball of spicy fire with luminous patches glowing menacingly against a black background.This, prominent French scientist Etienne Klein declared, was the latest astonishing picture taken by the James Webb Space Telescope of Proxima Centauri, the closest star to our Sun.Fellow Twitter users marveled at the details on the picture purportedly taken by the telescope, which has thrilled the world with images of distant galaxies going back to the birth of the universe. Photo de Proxima du Centaure, l’étoile la plus proche du Soleil, située à 4,2 année-lumière de nous.Elle a été prise par le JWST.Ce niveau de détails… Un nouveau monde se dévoile jour après jour. pic.twitter.com/88UBbHDQ7Z— Etienne KLEIN (@EtienneKlein) July 31, 2022 "This level of detail... A new world is revealed every day," he gushed. But in fact, as Klein later revealed, the picture was not of the intriguing star just over four light-years from the Sun but a far more modest slice of the lip-sizzling Spanish sausage chorizo."According to contemporary cosmology, no object belonging to Spanish charcuterie exists anywhere but on Earth," he said. Klein — who has more than 91,000 followers on Twitter — acknowledged that many users had not understood his joke which he said was simply aimed at encouraging us "to be wary of arguments from people in positions of authority as well as the spontaneous eloquence of certain images."However, at a time when battling fake news is of paramount importance for the scientific community, many Twitter users indicated they were unamused by Klein, director of research at France's Atomic Energy Commission and a radio show producer.On Wednesday, he said sorry to those who were misled."I come to present my apologies to those who may have been shocked by my prank, which had nothing original about it," he said, describing the post as a "scientist's joke." He was shortly back on surer ground posting on Twitter an image of the famous Cartwheel Galaxy taken by the James Webb Space Telescope. This time, he assured users, the photo was real.Last month, NASA unveiled other spectacular "first light" pictures from the telescope, showcasing interacting galaxies, the death throes of a doomed star and a stellar nursery where massive young suns are being born, blazing with gale-force solar winds that sculpt vast clouds of gas and dust.Unlike the Hubble Space Telescope, which mostly observes light in the visible part of the spectrum, Webb is optimized to study longer-wavelength infrared radiation, allowing it to capture light from the dawn of the universe that's been stretched out by the expansion of space itself over the past 13.8 billion years. In: James Webb Space Telescope 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

A prominent scientist posted an image of a distant star he said was taken by the Webb telescope. It was actually a slice of chorizo.

Register now for FREE unlimited access to Reuters.comSummaryRice output in India, China, Bangladesh, Vietnam at riskWeather damage to rice crops comes amid near record food pricesRice prices have eased this year even as wheat, soybeans peakedAfrican, Asian demand seen rising as harvest wraps upSINGAPORE/MUMBAI, Aug 5 (Reuters) - Adverse weather across top rice suppliers in Asia, including the biggest exporter India, is threatening to reduce the output of the world's most important food staple and stoke food inflation that is already near record highs.Rice has bucked the trend of rising food prices amid bumper crops and large inventories at exporters over the past two years, even as COVID-19, supply disruptions and more recently the Russia-Ukraine conflict made other grains costlier.But inclement weather in exporting countries in Asia, which accounts for about 90% of the world's rice output, is likely to change the price trajectory, traders and analysts said.Register now for FREE unlimited access to Reuters.com"There is an upside potential for rice prices with the possibility of production downgrades in key exporting countries," said Phin Ziebell, agribusiness economist at National Australia Bank."An increase in rice prices would add to already major challenges for food affordability in parts of the developing world," Ziebell told Reuters.Patchy rains in India's grain belt, a heatwave in China, floods in Bangladesh and quality downgrades in Vietnam could curb yields in four of the world's top five rice producers, farmers, traders and analysts told Reuters."Rice has remained accessible even as overall food prices reached record levels earlier this year," said U.N.'s Food and Agriculture Organisation economist, Shirley Mustafa."We are now witnessing weather-related setbacks in some key rice producing countries, including India, China and Bangladesh, which could result in lower output if conditions don't improve in the next few weeks," Mustafa added.World cereals prices have surged in 2022 despite relatively flat rice prices'PRODUCTION DROP IS CERTAIN'India's top rice producing states of Bihar, Jharkhand, West Bengal and Uttar Pradesh have recorded a monsoon rainfall deficit of as much as 45% so far this season, data from the state-run weather department shows.That has in part led to a 13% drop in rice planting this year, which could result in production falling by 10 million tonnes or around 8% from last year, said B.V. Krishna Rao, president of the All India Rice Exporters Association.The area under rice cultivation is down also because some farmers shifted to pulses and oilseeds, Rao said.India's summer-sown rice accounts for more than 85% of its annual production, which jumped to a record 129.66 million tonnes in the crop year to June 2022."A production drop is certain, but the big question is how the government will react," a Mumbai-based dealer with a global trading firm said.Labourers unload rice bags from a supply truck at India's main rice port at Kakinada Anchorage in the southern state of Andhra Pradesh, India, September 2, 2021. Picture taken September 2, 2021. REUTERS/Rajendra JadhavMilled and paddy rice stocks in India as of July 1 totalled 55 million tonnes, versus the target of 13.54 million tonnes.That has kept rice prices down in the past year together with India's record 21.5 million tonnes shipment in 2021, which was more than the total shipped by the world's next four biggest exporters - Thailand, Vietnam, Pakistan and the United States."But the government is hypersensitive about prices. A small rise could prompt it to impose export curbs," the trader said.In Vietnam, rains during harvest have damaged grain quality."Never before have I seen it rain that much during harvest. It's just abnormal," said Tran Cong Dang, a 50-year-old farmer based in the Mekong Delta province of Bac Lieu."In just ten days, the total measured rain is somewhat equal to the whole of previous month," said Dang, who estimated a 70% output loss on his 2-hectare paddy field due to floods.IMPORTS, PRICESChina, the world's biggest rice consumer and importer, has suffered yield losses from extreme heat in grain growing areas and is expected to lift imports to a record 6 million tonnes in 2022/23, according to the U.S. Department of Agriculture.China imported 5.9 million tonnes a year ago.The world's third-biggest consumer, Bangladesh, is also expected to import more rice following flood-damage in its main producing regions, traders said.The full extent of shortfalls in countries other than India has yet to be estimated by analysts or government agencies that often only publish output data later in the year.But the impact of unfriendly crop weather can already be seen in the slight rise in export prices from India and Thailand this week."Rice prices are already close to the bottom and we see the market rising from current levels," said a Singapore-based trader at one of the world's biggest rice merchants."The demand is picking up with buyers such as the Philippines and others in Africa looking to book cargoes."Two-year price percent change in key global food staplesRegister now for FREE unlimited access to Reuters.comReporting by Naveen Thukral in Singapore and Rajendra Jadhav in Mumbai; additional reporting by Phuong Nguyen in Hanoi and Enrico Dela Cruz in Manila; Editing by Gavin Maguire and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Analysis: Global rice supplies at risk as harsh weather hits top exporters.

Vials with a sticker reading, "COVID-19 / Coronavirus vaccine / Injection only" and a medical syringe are seen in front of a displayed Novavax logo in this illustration taken October 31, 2020. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - The United States has administered more than 7,300 doses of Novavax Inc's (NVAX.O) COVID-19 shot, which health officials hope will convince more people to opt for vaccinations as it is based on a technology that has been in use for decades.Over 330,000 doses of Novavax's COVID-19 vaccine have been distributed in the United States, and more than 2,300 people have been fully vaccinated, according to data from the Centers for Disease Control and Prevention (CDC) updated on Thursday.This is the first set of data on the vaccine's use in the U.S. since its authorization last month.The CDC in July recommended Novavax's two-dose vaccine for individuals aged 18 and above, hoping that the protein-based shot would find acceptance among people uncomfortable with the new messenger RNA technology-based Pfizer Inc and Moderna Inc (MRNA.O) vaccines. read more Novavax vaccine is based on a traditional technology that has been used to combat diseases including hepatitis B and influenza.Register now for FREE unlimited access to Reuters.comReporting by Leroy Leo in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

U.S. administers over 7,300 Novavax vaccine doses - CDC.

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) - A lawyer for parents of a child killed in the 2012 Sandy Hook mass shooting on Friday urged a Texas jury to punish Alex Jones for monetizing lies as they seek punitive damages for his false claims that the massacre was staged."We ask that you send a very, very simple message, and that is: stop Alex Jones. Stop the monetization of misinformation and lies," Wesley Todd Ball, a lawyer for the parents of slain 6-year-old Jesse Lewis, told jurors before they deliberate over punitive damages.Lewis' parents say they suffered years of harassment after Jones broadcast falsehoods about the killing of 20 children and six staff at Sandy Hook Elementary School in Newtown, Connecticut, on Dec. 14, 2012.Register now for FREE unlimited access to Reuters.comThe 12-person jury on Thursday said Jones must pay the parents $4.1 million in compensatory damages for spreading conspiracy theories about the massacre. That verdict followed a two-week trial in Austin, Texas, where Jones' radio show and webcast Infowars are based.Earlier on Friday, forensic economist Bernard Pettingill testified on behalf of Lewis' parents that Jones "promulgated some hate speech and some misinformation" and "made a lot of money."Jones and Infowars are worth between $135 million and $270 million combined, Pettingill said.Neil Heslin and Scarlett 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."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 Goller and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Alex Jones monetized 'misinformation and lies,' jury in damages trial told.

U.S. August 5, 2022 / 11:15 AM / CBS/AP Lighting badly injures 4 near White House Lighting critically injures 4 near White House: CBS News Flash August 5, 2022 01:00 A lightning strike at an outdoors educator course in the Bridger-Teton National Forest in Wyoming killed one student and injured another, officials said Thursday. The announcement came on the same day that a lightning strike killed two people and critically injured two others in Washington, D.C.The group with the National Outdoor Leadership School was just days into their trip and had set up camp near Enos Lake, south of Yellowstone National Park, when a thunderstorm moved into the area Tuesday evening.John D. Murphy, 22, of Boston, died of cardiac arrest because of the lightning strike, Teton County Coroner Brent Blue said Thursday. Blue did not know if the lightning struck Murphy directly or passed through something else to him. The injured student was flown to an Idaho hospital for treatment and released Wednesday, Shana Tarter, the school's associate director for wilderness medicine, told the Jackson Hole News & Guide.Nine other students, three instructors and two search and rescue members stayed the night in the back country after the lightning strike, school officials said. Two people at the course who didn't think they were capable of doing the 12-mile hike from the lake to the trailhead were flown out by helicopter Wednesday morning and the rest of the group hiked out, said Matt Hansen with Teton County Search and Rescue.National Outdoor Leadership School President Terry Watson issued a statement, calling the lightning strike a "very sad day" for the school, its students and their families."We extend our deepest condolences to the family of our student who passed away on this course and are focused on supporting their family through its difficult process," she said.Murphy's family released a statement saying they are "rocked by grief." "We know in his last moments he was with others who shared his passion for the wilderness and helping others," the family said. "And he was doing what he loved best — being outdoors, in awe of the beauty of nature."The nonprofit global wilderness school based in Lander, Wyoming, teaches students to become outdoors educators. More than 330,000 students have graduated and there have been 13 deaths at school events during its 57-year history, the school said.A 20-year-old man training with the school in 2011 fell down a 300-foot ravine into a river while backpacking in India during rainy conditions.His mother filed a lawsuit against the school, but a Wyoming judge ruled that the contract the man signed releasing the school from liability prevented his survivors from suing the school. In: Lightning Wyoming 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

Lightning kills student, injures another, at Wyoming educator event.

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 , 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: Why the banks financing Musk's Twitter deal are unlikely to be able to help him walk away.

Digitally generated image of 3D molecular model of polio virusCalysta Images | Tetra Images | Getty ImagesHundreds of other people could have polio after an adult in a suburb of New York City caught the virus and suffered paralysis last month, the state's top health official said this week.New York State Health Commissioner Mary Bassett warned that the confirmed polio case in an unvaccinated adult, coupled with the detection of the virus in sewage outside the nation's largest city could, indicate a bigger outbreak is underway."Based on earlier polio outbreaks, New Yorkers should know that for every one case of paralytic polio observed, there may be hundreds of other people infected," Bassett said. "Coupled with the latest wastewater findings, the Department is treating the single case of polio as just the tip of the iceberg of much greater potential spread."Bassett said it is crucial that children are vaccinated by the time they are two months old, and all adults -- including pregnant women -- who have not received their shots should get vaccinated immediately."As we learn more, what we do know is clear: the danger of polio is present in New York today," Bassett said.New York state health officials confirmed last month that an unvaccinated adult in Rockland County, a suburb of New York City, had caught polio and was hospitalized with paralysis. Health officials subsequently found three positive polio samples in Rockland County wastewater and and four positive samples in Orange County sewage.The sewage samples that tested positive for polio are genetically linked to the strain which the unvaccinated adult caught. The findings do not indicate that the individual who caught polio was the source of transmission, but local transmission could be underway, health officials said."These findings provide further evidence of local — not international — transmission of a polio virus that can cause paralysis and potential community spread, underscoring the urgency of every New York adult and child getting immunized," the New York State Department of Health said.Rockland County has a polio vaccination rate of 60%, while Orange County has a vaccination rate of 58%, according to health officials. This is much lower than the statewide vaccination rate of nearly 79%, the officials said.The U.S. was declared polio free in 1979 and a case had not originated in the country since then, but travelers have occasionally brought the virus into the U.S., according to the Centers for Disease Control and Prevention. New York last confirmed a polio case in 1990 and the U.S. previously confirmed a case in 2013, according to state health officials.Children should receive four doses of the polio vaccine. The first dose should be administered by two months of age, the second dose at 4 months, the third at 18 months, and the fourth by age 6, according to state health officials. Unvaccinated adults should receive three doses.Polio is a highly infectious, devastating virus that can cause paralysis. The virus struck fear into parents hearts in the 1940s before vaccines were available. More than 35,000 people became paralyzed every year from polio during that period. But a successful vaccination campaign in the 1950s and 1960s dramatically reduced the number of cases.

New York polio case is the 'tip of the iceberg,' hundreds of others could be infected, health official says.

Woman holds British Pound banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - The British pound fell over 1% against the dollar on Friday after a stronger-than-expected U.S. nonfarm payrolls report cemented the case for another super-sized U.S. rate hike.While the Bank of England lifted rates by 50 basis points on Thursday, raising the key rate by the most in 27 years, its rate-hiking pace has been slower than that of the U.S. Federal Reserve.So, not only has it been hard for sterling to benefit from UK monetary tightening but the currency has also been hurt but the BoE's bearish view on the economy.Register now for FREE unlimited access to Reuters.comSterling, which fell on the BoE's outlook on Thursday, took another leg lower after Friday's data showed U.S. nonfarm payrolls increased by 528,000 jobs last month. The data was much higher than forecast.The pound was last down 1.06% at $1.20295 , having touched a 10-day low at $1.2004 just after the U.S. data. It was also set to end the week lower after two straight weeks of increases.Against the euro, the pound slipped 0.2% to 84.41 pence. It fell 0.64% on Thursday, its biggest one-day fall since June 14.The BoE said on Thursday the economy would slip into recession at the end of 2022 and not emerge until 2024. read more Analysts predict that the gloomy outlook, coupled with the BoE's resolve to fight inflation, which the bank expects to hit 13%, is likely to keep sterling under pressure."For the pound, that is not a positive when the central bank is raising rates into a recession as that raises the outlook for a sharp slowdown," said Lee Hardman, currency analyst at MUFG in London."We remain bearish on the pound. But a lot of that is priced in and the pound is being driven by global risk sentiment."Register now for FREE unlimited access to Reuters.comReporting by Samuel Indyk, additional reporting by Dhara Ranasinghe; Editing by Kim Coghill and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Sterling tumbles as solid U.S. payrolls data firms Fed rate-hike view.

An armoured truck of pro-Russian troops is parked near Ukraine's former regional council's building during Ukraine-Russia conflict in the Russia-controlled city of Kherson, Ukraine July 25, 2022. REUTERS/Alexander ErmochenkoRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - The deputy head of the Russian-installed administration in Ukraine's occupied Kherson region on Friday denied reports that the administration's head, Volodymyr Saldo, had suffered a stroke and was in a coma.In a statement on Telegram, Kirill Stremousov said the reports were "part of Ukraine's information war against Russia", although he confirmed that Saldo was ill and said he was "resting".The Russian state-run broadcaster RT had previously reported that Saldo, a former mayor of the city of Kherson who was appointed to head the region of the same name when Russian troops overran it in early March, was in a coma and on life support.Register now for FREE unlimited access to Reuters.comThe region is part of a swathe of Ukraine that Russia has occupied, extending north and eastward from the annexed Crimean peninsula along the north shore of the Sea of Azov to the Russian border.Ukraine has said it will conduct a counteroffensive in Kherson region and has been carrying out strikes on Russian supply lines and ammunition dumps in the area. In June, a senior official in the Russian-backed administration was killed in a bomb blast for which his colleagues blamed Ukraine.Moscow says it was forced to take control of parts of Ukraine to prevent persecution of Russian-speakers and defuse a Western threat to use Ukraine to threaten Russia's security.Kyiv and its Western allies say these are baseless pretexts for an imperial-style land grab.Register now for FREE unlimited access to Reuters.comReporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Russian-backed Kherson administration denies that its leader is in a coma.

Long-term unemployment tumbled below its pre-pandemic level in July, the U.S. Department of Labor said Friday, as an unexpectedly strong showing of job gains buoyed workers broadly across the economy.Long-term joblessness is a period lasting at least six months. Those without work that long are exposed to more financial risks, since they've generally exhausted eligibility for unemployment benefits and it becomes harder to find another job during lengthy unemployment spells.The number of long-term unemployed fell by 269,000 in July, to 1.07 million people — less than the roughly 1.1 million people in February 2020, according to the Labor Department's monthly jobs report.More from Personal Finance:Does the Inflation Reduction Act violate Biden's $400,000 tax pledge?What we know about student loan forgivenessHow to know if you are affected by the Equifax credit score errorFurther, 18.9% of all unemployed Americans in July were considered long-term unemployed — a significant reduction from the 22.6% share in June and less than the 19.1% pre-pandemic share in February 2020, according to the agency.By comparison, a year ago, in July 2021, more than 39% of all out-of-work Americans had been jobless for at least six months."Long-term unemployment was a serious concern earlier in the recession," said Daniel Zhao, lead economist at career site Glassdoor. "We had this experience during the Great Recession where it was very difficult to get workers back into the labor force and back to jobs."Long-term joblessness can lead to 'scarring'The rapid recovery of long-term joblessness from its pandemic-era highs — when 43% of all unemployed were out of work long-term — serves as a reminder that a quick recovery is possible, which can "help mitigate the risks of labor-market scarring," Zhao added.That "scarring" effect refers to the greater difficulty of returning to work after being out of a job for a long time. Workers can lose skills and their job networks may fray, for example, the longer they're out of work. Research has also shown that, even if workers find new employment, they face negative financial side effects from that long-term joblessness in the form of lower lifetime earnings.The overall unemployment rate in July fell to its pre-pandemic level of 3.5% — which had been the lowest unemployment rate since 1969.U.S. employers added 528,000 jobs last month, fully recovering the roughly 22 million jobs lost during March and April of 2020.

Long-term unemployment tumbles to its pre-pandemic level, helping to 'mitigate the risks of labor-market scarring'.

The Rocket Force under the Eastern Theatre Command of China's People's Liberation Army (PLA) conducts conventional missile tests into the waters off the eastern coast of Taiwan, from an undisclosed location in this handout released on August 4, 2022. Eastern Theatre Command/Handout via REUTERSRegister now for FREE unlimited access to Reuters.comSummaryChina, Russia walk out as Japan counterpart speaksChina minister accuses Blinken of spreading misinformationMeeting overshadowed by Taiwan crisisJapan minister says open to dialogue with ChinaPHONM PENH, Aug 5 (Reuters) - Tensions over developments around Taiwan spilled into an Asian meeting of foreign ministers on Friday, diverting attention at a gathering that had been expected to focus on efforts to end the crisis in Myanmar among other issues.Southeast Asia's ASEAN Regional Forum included officials from the United States, China, Russia and Japan, but it ended with no new agreements announced and closing statements deferred until Saturday, as Beijing and Washington traded barbs over a visit this week by U.S. House Speaker Nancy Pelosi to Taiwan that has enraged Beijing. read more Foreign ministers of more than 20 countries joined closed-door roundtable talks in Cambodia as China carried out large-scale military drills, including the launching of live missiles around Taiwan, in response to Pelosi's trip.Register now for FREE unlimited access to Reuters.comShe was the highest-level U.S. visitor in 25 years to the self-governed island, which China regards as its sovereign territory."There is no justification for this extreme, disproportionate and escalatory military response," U.S. Secretary of State Antony Blinken told a news conference on the sidelines of the Phnom Penh gathering."Now, they've taken dangerous acts to a new level," he said, emphasising Washington would not provoke a crisis and would support regional allies. read more The Association of Southeast Asian Nations (ASEAN), hosting the meeting, called on Thursday for restraint and warned of the risk of miscalculations and confrontation among major powers. read more China on Thursday cancelled talks with Japan over remarks made in a G7 statement on Taiwan and that same day, Chinese foreign minister Wang Yi walked out moments before a gala dinner attended by his U.S. and Japanese counterparts, without giving a reason.On Friday, Wang and Russian Foreign Minister Sergei Lavrov walked out of a plenary session just as Japan's top diplomat, Yoshimasa Hayashi, spoke.Wang called a rare news conference late on Friday, where he accused Blinken of spreading misinformation.He called Pelosi's trip a "contemptible farce" and stressed China's military response to it was "firm, forceful and appropriate", and handled professionally.GUILTY CONSCIENCE?Asked about his walkout, Wang suggested Hayashi may have had a guilty conscience."If the Japanese side has some concern about this, then I am afraid the Japanese side should think about whether they have done something very wrong to China," he said."If you have not done anything wrong to China, why are you worried about this?"Hayashi said he noticed Wang and Lavrov leaving as he spoke."In times like this, when the situation is tense, communicating well is important. Japan is always open to dialogue with China," Hayashi told reporters. read more The 10-member ASEAN issued a communique on Friday that made no mention of Taiwan, but stressed its disappointment at the limited progress made by Myanmar's military rulers in implementing an ASEAN-led peace agreement.The communique said it recommended that an ASEAN summit in November assess progress by the junta in implementing the peace plan "to guide the decision on the next steps". It did not elaborate.Myanmar is an ASEAN member but the generals - who took power there in February last year and have been widely criticized abroad for crushing dissent - are barred from attending its meetings until progress in the ASEAN peace plan is demonstrated.Some members of ASEAN, which has a tradition of non-interference in each other's internal affairs, have been strident in criticising Myanmar, with Malaysia saying it was frustrating everyone and making a mockery of ASEAN, and Singapore questioning the value of engaging with the generals.Myanmar's state television late on Friday carried a statement rejecting those rebukes and denouncing ASEAN's decision not to invite the junta to its meetings, arguing it was cooperating with a special ASEAN peace envoy.Register now for FREE unlimited access to Reuters.comReporting by Narin Sun, David Brunnstrom and Jiraporn Kuhakan Additional reporting by Kiyoshi Takenaka in Tokyo and Martin Pollard and Ryan Woo in Beijing Writing by Ed Davies and Martin Petty Editing by Mike Harrison and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

Taiwan flare-up clouds Asia ministerial gathering as U.S., China trade barbs.

Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company's initial public offering (IPO) on March 29, 2019 in Los Angeles, California. The ride hailing app company's shares were initially priced at $72.Mario Tama / Getty ImagesCheck out the companies making headlines in midday trading Friday.Warner Bros. Discovery — The media company's stock cratered 15.8% after Warner Brothers posted its first earnings report since its merger. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.Lyft — Lyft soared 14.2% after sharing an unexpected profit for the recent quarter. Revenue fell in-line with estimates.Beyond Meat — The plant-based meat maker's stock soared 22.7% even after the company shared results for the recent quarter that missed on the top and bottom lines. Beyond Meat also said its cutting 4% of its workforce.Carvana — Shares of the online used-car seller soared 32.5% on Friday as the company said it would aggressively cut costs in preparation for an economic downturn.Block – Shares of the Square owner lost more than 2% on the back of a 34% drop in Cash App revenues in the previous quarter. That drop overshadowed a stronger-than-forecast profit. DraftKings – The sports betting company jumped 11% after it reported better-than expected-revenue and adjusted earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite a gloomy macro outlook.Paramount — Shares dropped 5% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macro challenges ahead for the media company. Paramount reported strong second-quarter earnings this week, but falling income and free cash flow numbers weighed on results.DoorDash - Shares of the food delivery company traded slightly lower, giving up earlier gains, as investors digested a quarterly report that showed a greater loss per share than anticipated. DoorDash lost 72 cents per share in the second quarter, wider than a loss of 41 cents analysts were expecting, according to Refinitiv. Its revenue beat expectations, however.AMC Entertainment - The theater chain rallied 13% after announcing late Thursday it planned to issue a dividend in the form of preferred shares, under the symbol "APE." The move came after investors rejected the company's efforts to issue additional stocks last year as a way to raise money. Sunrun — Shares jumped 7% after Barclays initiated coverage of the residential solar installer company with an overweight rating. The investment firm said shares of Sunrun could surge on the back of an ambitious clean energy bill that could "kick off a long subsidized growth cycle" if passed. Sunrun also reported earnings this week that beat analyst expectations, according to FactSet.Virgin Galactic — Shares plummeted 15% after the company said it's pushing back the commercial launch of space flights until the second quarter of 2023. Truist downgraded shares of Virgin Galactic to a sell rating as the company continues to run through cash and delay flights.Twilio — Twilio's stock tumbled 13% despite a revenue beat after the communications software company shared weak guidance for the current period. Following the report, Stifel downgraded shares of the technology company to a hold from a buy and halved its price target on the stock.iRobot — Shares of iRobot skyrocketed more than 19% after Amazon announced it plans to acquire the robotic vacuum maker for $1.7 billion, or $61 a share.— CNBC's Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox contributed reporting.

Stocks making the biggest moves midday: Lyft, Carvana, Warner Bros. Discovery, DraftKings.

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 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 the Dow Jones Industrial Average down 128 points in early action 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.A more encompassing view of unemployment that includes those holding part-time jobs for economic reasons as well as discouraged workers not looking for jobs was unchanged at 6.7%.Back to pre-pandemicDespite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job rise 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.Previous months' totals were revised slightly, with May raised by 2,000 to 386,000 and June up 26,000 to 398,000."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 BLS 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 of 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 June from a year ago, the fastest rate since November 1981.Correction: Prices jumped 9.1% in June from a year ago. An earlier version misstated the month.

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

Commuters arrive at Grand Central station during morning rush hour in New York, Nov. 18, 2021.Jeenah Moon | Bloomberg | Getty ImagesThe U.S. job market posted strong growth and a decline in unemployment in July, but unemployment ticked higher among Black workers, further underscoring the ongoing discrepancies within the job market.Friday's data report showed nonfarm payrolls rose 528,000 in July, blasting past Dow Jones' estimates of 258,000, while the unemployment rate fell to 3.5%, the Bureau of Labor Statistics said.While the findings signal that the economy is headed in the right direction, Black workers marked the only demographic group that saw the unemployment rate rise.Across the board, unemployment rose to 6% for the group. When broken down by gender, Black men saw unemployment rise to 5.7%, while the rate declined to 5.3% among women."We can have really, really strong job growth this month, but it doesn't feel like a robust and broadly shared recovery," said Kathryn Zickuhr, a labor market policy analyst at the Washington Center for Equitable Growth.At the same time, the labor force participation rate, which tracks how many people are employed or searching for work, grew among Black women to 62.3% in July, up from 62% in June. However, the rate ticked lower among men, shrinking to 67.3% in July, compared to 68.1% the month before. It was also slightly lower for Black workers overall, slipping to 62% last month from 62.2% in June.It's difficult to decipher what contributed to that shift, said Valerie Wilson, director of the Economic Policy Institute's program on race, ethnicity and the economy."I don't know how much of that is a signal of something really changing or just volatility of the data, because the longer term trend had been pretty positive, pretty strong, " she said.Strong gains for womenWomen have continued to make progress in the jobs recovery. The unemployment rate inched down to 3.1% for women ages 20 and up, compared to 3.3% in June.The continuation of strong job growth from last month among women indicates that the gain may be more than "just a blip," said William Spriggs, chief economist to the AFL-CIO.Broken down by ethnicity, Hispanic workers who are women saw a stark decrease in the unemployment rate, which fell to 3.2% in July. In the prior month, it was 4.5%.While Black female workers saw their unemployment rate slip to 5.3%, it was still higher than the 2.6% rate for white women, an indicator of a longer-term trend, said Nicole Mason, president and CEO of the Institute for Women's Policy Research.At the same time, reopening trends have contributed to a recovery in hospitality and leisure, which added 96,000 jobs. Latinas and other women of color are often overrepresented in the services sector, which could explain some of the numbers, she added.That said, the data fails to paint a picture of the entire market as childcare and nursing care continue to lag behind the general recovery given that they offer lower wage and lack benefits, Mason added.Despite these ongoing discrepancies, she remains optimistic about the job market going forward."Numbers can change or decline and we're continuing to add jobs which I think is a really good thing," Mason said. "I'm cautiously optimistic about growth, but I do believe we're more than headed in the right direction."— Gabriel Cortes contributed reporting

Despite a strong jobs report, unemployment inched higher for Black workers in July.

President Joe Biden has promised to make his decision on student loan forgiveness "by the end of August."That means tens of millions of Americans could learn the future of their debt within days or weeks.Here are 5 things borrowers can do while you wait for more news, to be prepared for a possible loan cancellation announcement.1. Determine if you might be included in the reliefLoan forgiveness may exclude borrowers who make over a certain amount, likely in part to quell critics who say the policy would direct taxpayer resources to the well-off.Specifically, those who earned more than $125,000 or $150,000 as individual filers in the previous year, or $250,000 or $300,000 as couples who filed their taxes jointly, may be left out, according to reporting by The Washington Post.More from Personal Finance:Does the Inflation Reduction Act violate Biden's $400,000 tax pledge?What we know about student loan forgivenessHow to know if you are affected by the Equifax credit score errorMeanwhile, in a recent internal agency document Politico obtained, the U.S. Department of Education's plan to forgive the debt would include graduate school student loans; student loans for parents, known as Parent PLUS loans; and Federal Family Education Loans (FFEL), which are federal loans held by private entities, in addition to the main Direct Loan federal student loans. (The White House will likely have the final say, though, on which loans qualify.)"When it comes to private student loans, it seems highly unlikely that they would be included in the forgiveness plan," said Elaine Rubin, senior contributor and communications specialist at Edvisors.2. Avoid 'any precipitous action'The odds of student loan borrowers getting their balances reduced or eliminated have never been greater, according to higher education expert Mark Kantrowitz.President Biden has vowed to cancel some of the loans and there are reports that the administration is considering a plan of wiping out $10,000 per borrower. In addition, 60% of American voters now say they're in support of debt forgiveness in one form or another.Even so, Kantrowitz said, "until legislation is signed into law, you can't count on anything.""Borrowers should not take any precipitous action in anticipation of loan forgiveness," he added.In other words, you'll want to hold off on celebrating just yet, and crossing student loans off your budget.3. Assess the potential impact on your debtAt the moment, the main point of contention among lawmakers and advocates is over how much of the debt should be scrapped: $10,000 or $50,000?Canceling $10,000 in student debt for all would cost the federal government $321 billion, and clear the balances entirely for close to 12 million people. Forgiving $50,000 for all borrowers, on the other hand, will cost $904 billion, and leave 30 million people student debt-free.Even under that more generous plan, not everyone would be entirely happy.One-fifth of federal student loan borrowers owe more than $50,000, and around 7% of borrowers have balances over six figures.4. Take advantage of the payment pauseMost federal student loan borrowers don't have to pay their bills until at least September, thanks the pandemic-era pause on the bills that's been in effect since March 2020. The break could be extended yet again.Since $10,000 in student loan forgiveness is the proposal most likely to turn into reality, Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit, said she sees nothing wrong with people who owe under that amount redirecting their usual payments to savings until we hear more about forgiveness.Until legislation is signed into law, you can't count on anything.Mark Kantrowitzhigher education expertEven if you owe more than $10,000, it can still be wise to take advantage of the government's pause on student loan payments. You can use extra cash instead to wipe out high-interest credit card debt, for example, or to build up your emergency savings.An important note: If you're enrolled in an income-driven repayment plan or pursuing public service loan forgiveness, you definitely don't want to continue paying your loans.That's because months during the government's payment pause still count as qualifying payments for those programs, and since they both result in forgiveness after a certain amount of time, any cash you throw at your loans during this period just reduces the amount you'll eventually get excused.5. Weigh consolidation optionsMillions of people who took out student loans before 2010 under the FFEL program have been excluded from the government's offer to pause their payments without interest accruing. There's some concern that these borrowers could also be left out of student loan forgiveness, even though they're included in the Education Department's current cancellation plan.As a result, holders of FFEL program loans may want to contact their servicer and consolidate them into the main Direct Loan program, which will qualify for the forgiveness, Kantrowitz said. The main downside of doing so is that your repayment timeline will be reset; so, if you're near the end, it may not make sense.Borrowers thinking about refinancing their federal student loans into private loans for a lower interest rate may want to hold off, Kantrowitz said.For one, the interest rate on most federal student loans is 0% for another four months.What's more, "they will feel foolish if they refinance only to have the federal government announce loan forgiveness," Kantrowitz said.

Biden has promised a student loan forgiveness decision this month. Here are 5 things borrowers can do while they wait.

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 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.Statistics Canada on Friday reported 30,600 positions were shed while the unemployment rate stayed at a record low 4.9%.The data marked the second consecutive month of relatively moderate losses. Between May 2021 and May 2022, the economy added 1.06 million jobs as the recovery from COVID-19 took hold.Register now for FREE unlimited access to Reuters.comAnalysts polled by Reuters had expected an increase of 20,000 positions and for the jobless rate to edge up to 5.0%.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 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 rates."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 average hourly wages of permanent employees - a figure the Bank of Canada watches closely - rose by 5.4% from July 2021, down from June's 5.6% year-on-year increase but sharply higher than the 2.4% registered at the start of the year."That's going to concern the Bank of Canada much more than the job count as evidence of tight markets amid difficulty getting workers," said Holt.Statscan said there was no indication of increased job churn despite the tight labor market.The United States, by far Canada's largest trading partner, on Friday reported unexpectedly strong jobs numbers. This helped push the Canadian dollar 0.6% lower to 1.2945 to the greenback, or 77.25 U.S. cents.The Canadian central bank's next scheduled rate announcement is on Sept. 7, with the August jobs data due on Sept 9.Money markets have fully priced in a 50 basis point hike and see about a two-thirds chance of a 75 basis point move."We're still dealing with the lowest unemployment rate in at least 50 years, and wages that are running strong," said Doug Porter, chief economist at BMO Capital Markets."I don't believe things are nearly weak enough to call a halt to rate hikes. We had penciled in a 50 basis point rate hike in September and I would say we're comfortable with that call," he said by phone.Register now for FREE unlimited access to Reuters.comAdditional reporting by Ismail Shakil in Ottawa and Fergal Smith in Toronto; Editing by Jan Harvey, Paul Simao and John StonestreetOur 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 sheds jobs for second month in a row, central bank seen hiking rates.

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 carrying around 50 migrants. Volunteers were helping to steer people who had no relatives in town to city resources."Most of them don't have anybody to help. They don't know where to go, so we're taking them to shelters," said one volunteer at the bus station, Evelin Zapata, from a group called Grannies Respond.Register now for FREE unlimited access to Reuters.comOne family of four from Colombia, who ended up at a homeless intake center in the Bronx, were unsure of where they would spend the night. Byron and Leidy, both 28, said they left the country's capital Bogota because they were having trouble finding work. They did not provide their last name."It's a little easier to enter the country now, before it was very hard to come here with children," said Leidy, who traveled with her kids Mariana, 7, and Nicolas, 13. She said the family had hoped someone they knew in New York would take them in, but that plan did not work out. "We came here because they said they would help us find a place to sleep to not have to stay in the street," Leidy said.Abbott, who is running for a third term as governor in November elections, has already 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 Biden came into office in January 2021 pledging to reverse many of the hardline immigration policies of his Republican predecessor, former President Donald Trump, but some efforts have been blocked in court.Abbott 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.'POLITICAL PAWNS'Adams' office has in recent weeks criticized the busing 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.Many migrants are arriving after long and difficult journeys through South America.Venezuelan migrant Jose Gregorio Forero said before traveling more than a day by bus from Texas he had crossed through eight countries. "It's taken 31 days to get here, on foot and asking for rides," he said, saying he was glad to be in New York where he thought there would be more job opportunities.New York, he said, "is very beautiful. I love it."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, Roselle Chen and Dan Fastenberg in New York; 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.

Digitally generated image of 3D molecular model of polio virusCalysta Images | Tetra Images | Getty ImagesHundreds could have polio after an adult in the New York City metro area caught the virus and suffered paralysis last month, the state's top health official said this week.New York state Health Commissioner Mary Bassett warned that the confirmed polio case in an unvaccinated adult, coupled with the detection of the virus in sewage outside the nation's largest city, could indicate a bigger outbreak is underway."Based on earlier polio outbreaks, New Yorkers should know that for every one case of paralytic polio observed, there may be hundreds of other people infected," Bassett said. "Coupled with the latest wastewater findings, the department is treating the single case of polio as just the tip of the iceberg of much greater potential spread."Bassett said it is crucial that children are vaccinated by the time they are 2 months old, and all adults — including pregnant women —who have not received their shots should do so immediately."As we learn more, what we do know is clear: The danger of polio is present in New York today," Bassett said.New York state health officials confirmed last month that an unvaccinated adult in Rockland County had caught polio and was hospitalized with paralysis. Health officials subsequently found three positive polio samples in Rockland County wastewater and four positive samples in the sewage of adjacent Orange County.The sewage samples that tested positive for polio are genetically linked to the strain which the unvaccinated adult caught. The findings do not indicate that the individual who caught polio was the source of transmission, but local spread could be underway, health officials said."These findings provide further evidence of local — not international — transmission of a polio virus that can cause paralysis and potential community spread, underscoring the urgency of every New York adult and child getting immunized," the New York State Department of Health said.Rockland County has a polio vaccination rate of 60%, while Orange County has a vaccination rate of 58%, according to health officials. The statewide vaccination rate for polio is nearly 79%.The U.S. was declared polio free in 1979 and a case had not originated in the country since then, but travelers have occasionally brought the virus into the U.S., according to the Centers for Disease Control and Prevention. New York last confirmed a polio case in 1990 and the U.S. previously confirmed a case in 2013, according to state health officials.Children should receive four doses of the polio vaccine. The first dose should be administered by 2 months of age, the second dose at 4 months, the third at 18 months and the fourth by age 6, according to state health officials. Unvaccinated adults should receive three doses.Polio is a highly infectious, devastating virus that can cause paralysis. The virus struck fear into parents' hearts in the 1940s before vaccines were available. More than 35,000 people became paralyzed every year from polio during that period. But a successful vaccination campaign in the 1950s and 1960s dramatically reduced the number of cases.

New York polio case is the 'tip of the iceberg,' hundreds of others could be infected, health official says.

Politics August 5, 2022 / 12:49 PM / CBS News FILE - Pennsylvania Lt. Gov. John Fetterman, the Democratic candidate for the Pennsylvania Senate seat, speaks during a video interview from his home in Braddock, Pa., July 20, 2022. Julian Routh / AP Pennsylvania Lt. Governor John Fetterman will return to in-person campaigning next week after recovering from a stroke in May. The Democratic Senate candidate will be holding a rally in Erie, Penn., next Friday. The rally will mark his first appearance at a major public campaign event since his stroke, which occurred just before the state's primary. Since then, Fetterman has mostly been engaging with voters through social media and advertising while he recovers, apart from a series of in-person fundraisers he attended last month.Erie County is an important bellwether for the Keystone State. President Donald Trump won it in 2016 by barely 1 point over Hillary Clinton. In 2020, then-candidate Joe Biden flipped it back to blue, also by just 1 point. In May, Fetterman won Erie County in the Democratic primary with 23,200 votes, nearly 80% of the primary vote. In the Republican primary, his opponent Dr. Mehmet Oz, who visited Erie on Wednesday, came in second in the county, receiving 7,500 votes. "Before the 2020 election, I said that if I could know one single fact about the results, I could tell you who was going to win Pennsylvania. Whoever wins Erie County will win Pennsylvania," said Fetterman. "I've visited Erie dozens and dozens of times in the past, and I am honored and proud to be returning to the campaign trail here." Hours after announcing the rally, Fetterman's team also revealed the campaign had surpassed 1 million individual contributions since its launch last year. The Senate race in Pennsylvania is a crucial battleground for both parties fighting over who will control the Senate after the November elections. Democrats see it as a possible pickup,  with GOP Senator Pat Toomey retiring.  Though he's been sidelined from the campaign trail for a few months, Fetterman has nonetheless been leading Oz in recent polls.  A Fox News poll in late July showed him leading Oz by 11 points. The USA Today/Suffolk poll in June had him up by 9 points.Since the primary, Fetterman's campaign has spent nearly $4.5 million on advertising across the state including more than $1 million on digital ads.  By comparison, Oz and the National Republican Senatorial Committee together have spent just over $3.5 million, and most of that was through the NRSC. Oz has spent just $17,000 on digital ads.Fetterman has also been tweaking Oz, a well-known TV personality, with a series of viral videos in which paints him as out of touch with Pennsylvanian voters and slams him as a carpetbagger. One video featured a mashup of clips of Oz talking about being from New Jersey. Fetterman's campaign has also trolled him with videos of known New Jerseyans, featuring Snooki from the "Jersey Shore" reality TV show and former "Sopranos" star Stevie Van Zandt. More recently in another video put out by Fetterman's campaign, Oz is seen kissing his star on the Hollywood Walk of Fame, playing basketball on a private court, and ziplining.  "It's very hard to discern significant differences in happiness in someone who's making $50,000 and $50 million," Oz can be heard saying in the clip posted on Twitter.Minutes before Fetterman's campaign announced the in-person rally, Oz's team took aim at Fetterman's absence from the campaign trail with the launch of a new website showing Fetterman hasn't had an in-person campaign event since May 12."Clearly, Fetterman is afraid to answer publicly for a life well-lived on his parents' dime and his radical stances on banning fracking, decriminalizing all drugs, allowing sanctuary cities, and releasing criminals onto our streets," said Brittany Yanick, Oz's Communications Director. "Meanwhile, Dr. Mehmet Oz is showing up for Pennsylvanians and will continue to outwork John Fetterman who refuses to answer for his dangerous views. Pennsylvanians deserve answers." In: Pennsylvania United States Senate Mehmet Oz Elections Democrats John Fetterman Sarah Ewall-Wice CBS News reporter covering economic policy. Twitter 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

Pennsylvania Senate candidate John Fetterman to return to in-person campaigning after stroke in May.

There's no doubt Americans are falling deeper in debt.As prices jump across the board, consumers are increasingly relying on credit cards to make ends meet.The number of people with credit cards and personal loans hit record highs in the second quarter of 2022, according to TransUnion's latest credit industry insights report released Thursday.More from Personal Finance:What a recession could mean for youBest money moves after the Fed's interest rate hikesNearly half of all Americans are falling deeper in debtThe tally of total credit cards, alone, exceeded 500 million for the first time ever, led by originations among Generation Z, or young adults ages 18 to 25.Overall, an additional 233 million new credit accounts were opened in the second quarter, the most since 2008, according to a separate report from the Federal Reserve Bank of New York.Credit card balances also jumped 13% during that time, notching the largest year-over-year increase in more than 20 years.The strongest indicator of whether somebody can pay their bills or not is whether they have a job.Michele Ranerivice president of U.S. research and consulting at TransUnionStill, experts say the jump in usage isn't a sign of trouble, just yet."I'm not seeing anything that I would really declare as a red flag," according to Michele Raneri, TransUnion's vice president of U.S. research and consulting.'Delinquencies are ticking up'Dan Brownsword | Image Source | Getty ImagesAs the number of credit card accounts in the U.S. rises, more new customers are subprime borrowers, generally meaning those with a credit score of 600 or below, according to TransUnion, in part because of the flood of younger borrowers gaining access to credit cards. At the same time, "delinquencies are ticking up and approaching what they were before the pandemic," said Raneri. "But that doesn't necessarily mean that it's bad," she added.As lenders expanded access, delinquencies rose but remained near "normal" levels, the report found. TransUnion defines a delinquency as a payment that's 60 days or more overdue.Employment is 'the strongest indicator' of repayment"The strongest indicator of whether somebody can pay their bills or not is whether they have a job," according to Raneri.The July jobs report showed that the labor market remains strong despite other signs of economic weakness. The unemployment rate dropped to its lowest level since 1969 and average hourly earnings are up 5.2% from a year ago."Consumers are facing several challenges that are impacting their finances on a day-to-day basis, namely high inflation and rising interest rates," Raneri said. "These challenges, though, are happening against a backdrop where employment opportunities are still plentiful and jobless levels remain low."As long as "people have jobs," she added, "they can figure out more of the day to day."Subscribe to CNBC on YouTube.

Use of credit cards, personal loans surges, but 'it's not a red flag,’ expert says.

Chicken is pictured at a poultry shop at Reading Terminal Market in Philadelphia, Pennsylvania, U.S. February 19, 2022. REUTERS/Hannah BeierRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - Mountaire Farms, a top U.S. chicken company, is pressuring its contract farmers to oppose a Biden administration proposal aimed at improving their conditions because the company says it would ultimately reduce farmer pay, according to documents reviewed by Reuters and interviews with farmer advocates.The privately owned chicken company, which says it is the nation's fourth-largest with around 1,100 contract farmers, distributed letters to its farmers detailing why they should oppose the proposed rule and provided them with form letters to submit to the U.S. Department of Agriculture.The rule, first proposed by the USDA in May as part of a broader effort to improve the conditions of contract farmers in the heavily consolidated U.S. meat industry, would require chicken companies to share more information about how contractor pay is calculated and provide details on the quality of inputs like feed and chicks that they provide to them.Register now for FREE unlimited access to Reuters.comFarmers have long complained that poultry companies pay poorly, that their pay can be docked without explanation, and that companies use input quality to reward or punish them."This rule is trying to bring more sunlight and transparency," said Steve Etka, policy director for the Campaign for Contract Agriculture Reform, which works on poultry farmer issues. "Companies are pressuring growers to oppose efforts to give themselves more information."In the letter received by Mountaire growers, the company argued that the rule would make poultry farming more expensive, give advantage to foreign competitors, and reduce the wages paid to growers by chicken processors, according to a copy of the document reviewed by Reuters.A Mountaire spokesperson said the company "wanted our farmers to have access to the information they needed to make an informed decision about whether to provide their own views on the regulations."So far, commenters have submitted 39 of the form letters to USDA, nearly 30% of the total number of public comments, according to a Reuters analysis of the docket. About 60% of commenters are opposed to the rule.USDA on Friday said it was extending the deadline to comment on the rule by two weeks, to Aug. 23, in part because the agency has heard concerns about companies coercing farmers to oppose the rule, a USDA official told Reuters."There is fear throughout the meat and poultry industry, as we saw earlier this year at two separate Congressional hearings where witnesses did not testify due to concerns of retaliation,” said Agriculture Secretary Tom Vilsack in a statement.Poultry companies pay their contractors in a so-called tournament system in which they compete with nearby farms. Poultry farmers have said for years that they fear publicly airing grievances with the tournament system because of potential retaliation from companies in the form of lower pay or worse inputs, like sick chicks or low-quality feed."Growers know, don’t cross your integrator or you’ll be slowly bled out of the industry," said Aaron Johnson, program manager at the Rural Advancement Foundation International-USA.Register now for FREE unlimited access to Reuters.comReporting by Leah Douglas in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.Leah DouglasThomson ReutersWashington-based award-winning journalist covering agriculture and energy including competition, regulation, federal agencies, corporate consolidation, environment and climate, racial discrimination and labour, previously at the Food and Environment Reporting Network.

Big U.S. chicken company, Mountaire, asks contractors to oppose transparency rule.

Dozens of widely used products from popular beverage makers including Oatly and Stumptown Coffee Roasters were voluntarily recalled last week by California-based, product development company Lyons Magnus.The explanation for the recall is the "potential for microbial contamination, including from the organism Cronobacter sakazakii," according to a press release written by the company.Though infection from the bacteria is typically rare, symptoms of sickness can include vomiting, fever and urinary tract infection, Lyons Magnus wrote in its statement. The company did not immediately respond to a request for comment by CNBC Make It."To date, no illnesses or complaints related to these products have been reported," according to Lyons Magnus. But, a preliminary root cause analysis found that the products did not meet the specifications for commercial sterility, it added.Cronobacter is a germ that can live in dry places, and it has been found in many dry foods, according to the CDC. Babies can die from Cronobacter infections, and infections from the bacteria can lead to serious issues for older people and people whose bodies struggle to fight against germs – including those with HIV, organ transplants or cancer, the agency says.The most popular of the brands recalled saw major increases in sales over the past few years. Oatly's sales rose by 88% worldwide in 2019 with a turnover of $206 million, according to the company's sustainability report obtained by Food Dive. This year, Oatly raked in $178 million in revenue for its second quarter of 2022 alone, according to its website. And with more people staying at home in 2020, Stumptown saw a 200% increase in online coffee bean sales, Forbes reports. The widespread use of their products could make pulling them from stores and ensuring that consumers aren't using them rather difficult.If you're wondering which of the recalled beverages might already be in your fridge, here's a list of some of the most popular:Oatly: Oat-Milk Barista Edition, 12-count slim cartonsStumptown: Cold Brew Coffee With Oat Milk, Original. Cold Brew Coffee With Oat Milk, Horchata. Cold Brew Coffee With Oat Milk, Chocolate. Cold Brew Coffee With Cream & Sugar Chocolate. Cold Brew Coffee With Cream & Sugar, OriginalPremier Protein: Chocolate – 12-count, 18-count. Vanilla – 4-count, 12-count, 15-count, 18-count. Café Latte – 4-count, 18-countOther brands with products that were recalled include Aloha, Glucerna, Imperial, Intelligentsia, Kate Farms, Lyons Barista Style, Lyons Ready Care, MRE and Pirq. Following the announcement of the recalls, consumers of the products took to Twitter with their concerns:Oatly's recall may be limited to seven batches made at a single site in April, according to a reply from Oatly's Twitter account to a concerned consumer:At this time, people are advised to not consume the recalled products and to toss any that are already in their possession, according to the FDA. Customers can also return products they have to the initial store of purchase for a refund, says Lyons Magnus.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:How Oatly went from a decades-old obscure brand to a $10 billion IPOThis company is making a Keurig-type gadget for plant-based milk — and they just landed a $2 million deal from Mark Cuban

Here's the latest on the massive recall that includes popular beverages from Oatly and Stumptown.

AstraZeneca's cancer medicine Enhertu, a drug developed jointly with Japan's Daiichi Sankyo, is pictured in an undated handout image obtained by Reuters on June 27, 2022. AstraZeneca/Handout via REUTERS Register now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - AstraZeneca (AZN.L) and Daiichi Sankyo (4568.T) on Friday secured U.S. approval that broadens the use of their therapy Enhertu, for patients with breast cancer, and paves the way for billions in sales.This is the first-ever U.S. Food and Drug Administration (FDA) approval for a medicine specifically targeting patients with so-called HER2-low breast cancer, the agency said.Breast cancer can express, at varying levels, a protein called HER2 that contributes to its growth and spread. HER2-low tumours are defined as those whose cells contain lower levels of the HER2 protein on their surface.Register now for FREE unlimited access to Reuters.comThe U.S. approval is based on data from a late-stage trial involving over 550 patients with HER2-low breast cancer - most with tumours that were hormone-sensitive - whose disease had spread and who had undergone at least one round of chemotherapy.The data, unveiled at a scientific conference in June that prompted a standing ovation from the audience, showed Enhertu prolonged survival by an additional 6.4 months in patients with hormone-sensitive tumours.In the small group of patients with hormone-insensitive tumours, patients on Enhertu lived 6.3 months longer.The therapy also nearly doubled the time before patients with hormone-sensitive disease began to worsen - a measure known as progression free survival (PFS).However, Enhertu carries some significant safety concerns.Enhertu should carry a boxed warning - the FDA's most serious - to highlight the the risk of a type of lung scarring and fetal toxicity, the regulator said on Friday, adding that the therapy is not recommended for pregnant women.The drug belongs to class of therapies called antibody drug conjugates (ADC). Enhertu comprises a monoclonal antibody - in this case trastuzumab (also known as Herceptin) - chemically linked to a cell-killing chemotherapy drug.Enhertu originally won U.S. approval in late 2019 as a third-line treatment for the 15% of breast cancer patients with HER2-positive disease.This fresh approval - which has come months ahead of the FDA's expected decision date - opens up a large new patient population and the prospect of billions in additional revenue for its makers. read more Enhertu generated sales of $214 million in 2021. AstraZeneca secured partial rights to the Daiichi Sankyo compound three years ago in a deal worth up to $6.9 billion.About 287,850 new cases of female breast cancer will be diagnosed this year in the United States, the FDA estimates.Roughly 80% to 85% of those new cases will include patients who express little or no HER2. Of those, 60% are considered as HER2-low.Register now for FREE unlimited access to Reuters.comReporting by Natalie Grover in London; Additional reporting by Manas Mishra in Bangalore; Editing by Kirsten Donovan and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

AstraZeneca's Enhertu wins keenly-anticipated U.S. breast cancer nod.

MoneyWatch August 5, 2022 / 12:16 PM / CBS/AP Unemployment drops to lowest rate in 50 years Jobs report: Unemployment drops to its lowest rate in 50 years 04:15 Stocks swung lower Friday following a blockbuster report on hiring in July offered both good and bad news for Wall Street.The S&P 500 was 0.1% lower after recovering from an earlier loss of 1.1%. U.S. employers added hundreds of thousands more jobs than expected last month, suggesting the economy may not be in a recession, as feared. But the blistering data also undercuts investors' hope that high inflation may be close to peaking, meaning the Federal Reserve may not let up on its aggressive rate hikes to combat it."After a few weeks of strong performance, 'safe' and 'risky' assets have both generally sold off today after the strong U.S. payrolls data," James Reilly, assistant economist with Capital Economics, said in a report. "We expect this to continue over the rest of 2022." The Fed has raised its benchmark rate twice by 0.75 percentage points this year, the biggest hikes since the early 1990s, along with implementing two other rate hikes this year.Stocks of technology and other high-growth companies once again took the brunt of the losses amid the rising-rate worries, and the Nasdaq Composite fell as much as 1.4% before trimming its loss heading into afternoon trading.  Senate Democrats announce they have the votes to pass Inflation Reduction Act 01:52 The good news on the jobs market helped to limit losses for the Dow Jones Industrial Average, whose stocks tend to move more with expectations for the overall economy than with rate expectations. It was down 0.4%, or 129 points, at 32,597 In the bond market, Treasury yields shot higher as traders scrambled to place bets for bigger hikes coming out of the Fed's meeting next month. Such increases hurt investment prices in the near term, and they raise the risk of recession further down the line because they slow the economy by design.Beyond the nation's strong hiring, wage growth for workers also unexpectedly accelerated last month. That raised fears inflation will become more embedded in the economy. Higher wages can cause companies to raise prices for their own products to sustain profits, which can lead to something economists call a "wage-price spiral.""With the unemployment rate down in July and payrolls rising robustly, there is little reason to think the Fed will back off on interest rate hikes in the near term," Bill Adams, chief economist for Comerica Bank said in a research note.Job strength overstated?To be sure, some market watchers also pointed to numbers within Friday's employment report suggesting the jobs market may not be as strong as the overall numbers imply. The number of people with multiple jobs rose by more than half a million, for example, said Brian Jacobsen, senior investment strategist at Allspring Global Investments. "That was mostly from people who already have a full time job and then the second job is part time," he said. "Maybe this is more superficially impressive than substantively impressive."Wall Street is coming off the best month for stocks since late 2020, a rally driven mostly by falling yields across the bond market. The hope on Wall Street had been that the economy was slowing enough to get the Fed to ease up on its rate hikes.Higher mortgage rates had cut into the housing industry, in particular, after the Fed raised its short-term rates four times this year. The last two increases were triple the usual size, and the Fed has raised its benchmark overnight rate off its record low of nearly zero by 2.25 percentage points, or 225 basis points as Wall Street calls it."The strength of the labor market in the face of 250 basis points of rate tightening from the Fed already this year clearly shows that the Fed has more work to do," said Charlie Ripley, senior investment strategist at Allianz Investment Management. In: Employment Economy Stock Market Gas Prices Inflation civil rights China Asia 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

Stocks dip after strong jobs data offers good, bad news for investors.

A general view of the city of Kabul, Afghanistan August 5, 2022. REUTERS/Ali KharaRegister now for FREE unlimited access to Reuters.comKABUL, Aug 5 (Reuters) - The Islamic State (IS) militant group claimed responsibility for a deadly blast on Friday in a Shi'ite residential area in Afghanistan's capital Kabul.Police said at least eight people were killed and 18 wounded in the blast. The militant group said in a statement that 20 people were killed and injured in the attack in western Kabul."The explosion happened in a crowded place," police spokesman Khalid Zadran said.Register now for FREE unlimited access to Reuters.comVideo posted on social media purportedly of the blast site showed men rushing to help the injured after the incident.A senior Taliban security official, who declined to be named, said primary investigations revealed that explosives were placed in a vegetable cart and the blast resulted in the wounding and killing of more than 50 people, including women and children."There is a possibility that the death toll will increase because most of the wounded people had critical wounds," he said.The IS affiliate operating in Afghanistan since 2014 is seen as the country's most serious security challenge since the Taliban took control of the country in August last year.The hardline militant group has claimed recent attacks, mainly on the minority Shi'ite community.Register now for FREE unlimited access to Reuters.comReporting by Mohammad Yunus Yawar, Writing by Rupam Jain; Editing by Hugh Lawson, David Gregorio and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Blast in Kabul, Afghanistan kills 8; Islamic State claims responsibility.

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 a 25-year sentence.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 Griner 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.

U.S. Updated on: August 5, 2022 / 10:03 AM / CBS News 2 killed in lightning strike near White House Two killed in lightning strike near White House 02:35 Two people who were critically injured in a lightning strike outside the White House have died, police confirmed to CBS News Friday. Two others remained hospitalized with life-threatening injuries.James Mueller, 76, and Donna Mueller, 75, of Janesville, Wisconsin, died of their injuries after the lightning strike in Lafayette Park, located directly outside the White House complex, the Metropolitan Police Department said.The two other people, a man and a woman, were in critical condition, the police department said. Their identities were not immediately released. 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. "We are saddened by the tragic loss of life after the lightning strike in Lafayette Park," White House Press Secretary Karine Jean-Pierre said in a statement. "Our hearts are with the families who lost loved ones, and we are praying for those still fighting for their lives."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.

U.S. job growth blew past expectations in July, adding 528,000 jobs and officially reaching the point where we've recovered the 22 million jobs lost during the pandemic, according to the Labor Department.The volume of job gains, the largest in six months, surprised many economists given recent interest rate hikes, high inflation and a volatile stock market. New jobs in leisure and hospitality, professional and business services, and health care led the gains."Amid stiff headwinds and rising uncertainty, strong consumer spending continued to drive robust demand for labor and buoy the labor market," said Julia Pollak, chief economist at ZipRecruiter, in a statement."The outlook from the jobs report today is that the economy continues to go gangbusters," said Christopher Kayes, management professor at the George Washington University School of Business, in a statement. "This is a blowout jobs report with almost twice as many jobs created than people had predicted.""I think this is really going to make people continue to question whether the economy is going to be tanking," he added.In another positive sign, the average unemployment rate ticked down to 3.5%, and people who experienced job loss were unemployed for a median of 8.5 weeks. Pollak says this suggests the labor market is tight enough that people being laid off are getting hired into new jobs quickly.Job growth doesn't signal a recession, at least not yetDespite overall job growth, Pollak said two other measures signal conflicting stability in the job market. First, the number of people working part-time for economic reasons rose, signaling that people are having trouble finding full-time work. However, temp jobs, often staffed through agencies, also increased, which is a good sign that these workers, who tend to be the first let go during budget cuts, are still in demand.Average hourly earnings are up 0.5% for the month and 5.2% from the same time a year ago, though wage growth appears to be slowing, Heidi Shierholz, president of the Economic Policy Institute, wrote on Twitter.Decelerating wage growth could mean "the Fed doesn't need more interest rate increases to contain inflation," she said. "Though today's release underscores we're almost surely not in a recession now, the Fed may have already overshot and secured a recession in coming months."Job gains remain uneven for government, women and Black workersWhile the labor market has recovered all private-sector jobs lost during the pandemic, government jobs remain down by nearly 600,000 — "a troubling phenomenon for public sector workers and the vital services they provide," wrote Elise Gould, senior economist with the Economic Policy Institute, on Twitter.Women gained 327,000, or about 62%, of new jobs in July, marking 19 consecutive months of job growth, according to the National Women's Law Center. But despite recent momentum, women are still down 100,000 net jobs since pre-pandemic.Men have recovered all their net job losses and now hold 132,000 more jobs today than in February 2020.And while the overall unemployment decreased to 3.5%, near record lows, it increased for Black workers up to 6% in July.70% of workers are optimistic about the job market, if not the economyDespite gloomy recession forecasts as of late, workers seem to be confident in their ability to find a new job if they want one or are forced to look for new work.A majority, 70%, of workers have an optimistic outlook on the labor market, according to a June survey of more than 1,500 people from Greenhouse, the recruitment software company. The same share, 70%, believe the U.S. will enter a recession in the next six months. And though many anticipate their wages would fall during an economic downturn, 66% of people said they would actively look for a new job if their current employer cut their pay.Indeed, Kayes said the latest job numbers indicate the Great Resignation is still going strong isn't likely to end soon."I think a lot of it is going to be shocking to those managers, those CEOs, those leaders who think that a recession will be something that allows them to hire more people, that it's going to change the job market," Kayes said. "There will still be more positions than there are people to fill them, and organizations that don't change the way they do business are going to continue to fall short in hiring."Recent headlines of high-profile layoffs, especially at tech companies, don't seem to be an indicator of broad layoffs ahead. Layoffs made up 1% of the workforce in June, near record lows, according to the Labor Department."We are not seeing, for the most part, increases in layoffs at all," said Rucha Vankudre, senior economist at Lightcast, during a briefing Friday. "There's a few companies that really built up their labor force because they had the money. And so now maybe they're cutting back to the regular levels, but that doesn't necessarily signal anything for the labor force as a whole."One certainty: Today's job market, contrasted with other economic indicators like falling gross domestic product, is making it really unclear about how workers will fare in the coming months.The picture today is "so incredibly different from anything we've ever experienced," said Ron Hetrick, senior economist at Lightcast."Employers are still starving to get employees," he says. "They were never able to hire them when they had so much demand. So I think everybody needs to keep an open mind because things could look very, very different this time around. And I absolutely believe this is not going to be the kind of pain that we usually associate with a recession, historically speaking."Check out:4.2 million people quit in June despite recession worries: 'A paradox in our economy'What's a good salary or raise to ask for right now? How to find your number in this wild job marketAfter Colorado enacted a salary transparency law, job listings dropped—but employment went upSign up now: Get smarter about your money and career with our weekly newsletter

'Gangbusters' job growth adds more confusion to recession worries, economists say.

SummaryNonfarm 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 above its pre-pandemic level and pouring cold water on fears the economy was in recession.The Labor Department's closely watched employment report on Friday also showed employers continuing to raise wages at a strong clip and generally maintaining longer hours for workers. The sustained labor market strength could give the Federal Reserve the latitude to keep aggressively hiking interest rates."If the U.S. economy is in a recession, no one seems to have told employers," said Sarah House, a senior economist at Wells Fargo in Charlotte, North Carolina. "We suspect this data will give the Fed the confidence it needs to push ahead aggressively with its fight against inflation."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, and blew off economists' expectations for a gain of only 250,000 jobs.Estimates in the Reuters survey for the number of jobs gained ranged from a low of 75,000 to a high of 325,000.Payrolls surpriseThe 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. Overall employment is now 32,000 jobs higher than in February 2020.It took just under 2-1/2 years to recover all the jobs compared to at least six years after the 2007-2009 Great Recession.The Fed last week raised its policy rate by three-quarters of a percentage point and officials have pledged more hikes are coming as the U.S. central bank tries to rein in inflation. Annual consumer prices are rising at their fastest pace in four decades. Since March, the Fed has lifted its benchmark overnight interest rate from near zero to a range of 2.25% to 2.50%."The Fed is looking increasingly likely to be able to maintain its current trajectory without constantly looking over its shoulder, making it the envy of world economies who are all enduring the same knife-edge balancing act at the moment," said James Bentley, a company director at Financial Markets Online.U.S. gross domestic product declined in the first and second quarters, meeting the standard definition of a recession. The economy's 1.3% contraction in the first half of the year was mostly 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."But even with July's robust jobs gains, some cracks are forming in the labor market. Businesses in the interest-rate-sensitive housing, finance, technology and retail sectors are laying off workers. Still, with 10.7 million job openings at the end of June and 1.8 openings for every unemployed person, a sharp deceleration in payrolls growth is unlikely this year.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/Stocks on Wall Street were trading 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 the healthcare sector added 70,000 jobs. Government employment jumped by 57,000 jobs, boosted by local government education. 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 workforce has now declined for two straight months.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. That mostly reflected a drop in participation by teenagers.Participation rateThe prime-age population's participation rate ticked up to 82.4% from 82.3% in June. The employment-population ratio for this cohort rebounded to 80%, consistent with full employment.The number of people working part-time for economic reasons increased by 303,000 to 3.9 million 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 people experiencing long spells of unemployment dropped 269,000 to 1.1 million, the lowest level since April 2020. These long-term unemployed accounted for 18.9% of the 5.7 million unemployed in July.With the labor market tightening further, average hourly earnings increased 0.5% after rising 0.4% in June. That left the year-on-year increase in wages at 5.2%. The workweek was unchanged at 34.6 hours.Wage gains were mostly driven by industries in the services sector, including leisure and hospitality, financial, and professional and business services. A proxy for take-home pay surged 1.2% on a month-on-month basis, which bodes well for consumer spending amid declining gasoline prices."The risk to wage growth appears to be on the upside in the near term given the persistent strength of the labor market and the lack of a rebound in the labor supply," said Lydia Boussour, lead U.S. economist at Oxford Economics in New York.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. labor market defies recession fears as job growth surges in July.

A Starship prototype stands on the company's launchpad in Boca Chica, Texas on March 16, 2022.SpaceXElon Musk's SpaceX raised $250 million in a July equity round, the company disclosed in a securities filing on Friday. The venture has now raised $2 billion so far in 2022.The filing doesn't specify the sources of the funds, but noted the raise came from five investors.SpaceX did not disclose a change in its valuation. The company's value has soared in the last few years as SpaceX has raised billions to fund work on two capital-intensive projects — the next generation rocket Starship and its global satellite internet network Starlink — reaching $127 billion during its last raise in May, CNBC reported. That round brought in $1.725 billion.SpaceX is working toward the next major milestone in Starship's development – the first attempt to reach orbit. Musk earlier this week said on Twitter that a successful orbital flight "is probably between 1 and 12 months from now."

SpaceX raises another $250 million in equity, totaling $2 billion so far this year.

A view shows a M142 High Mobility Artillery Rocket System (HIMARS) is being fired in an undisclosed location, in Ukraine in this still image obtained from an undated social media video uploaded on June 24, 2022 via Pavlo Narozhnyy/via REUTERS/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - The Biden administration's next security assistance package for Ukraine is expected to be $1 billion, one of the largest so far, and include munitions for long-range weapons and armored medical transport vehicles, three sources briefed on the matter told Reuters on Friday.The package is expected to be announced as early as Monday and would add to about $8.8 billion in aid the United States has given Ukraine since Russia's invasion on Feb. 24.The officials, speaking on the condition of anonymity, said that President Joe Biden had not yet signed the next weapons package. They cautioned that weapons packages can change in value and content before they are signed.Register now for FREE unlimited access to Reuters.comHowever, if signed in its current form, it would be valued at $1 billion and include munitions for HIMARS, NASAMS surface-to-air missile system ammunition and as many as 50 M113 armored medical transports.The new package follows a recent Pentagon decision to allow Ukrainians to receive medical treatment at a U.S. military hospital in Germany near Ramstein air base. read more Last Monday, the Pentagon announced a separate security assistance package for Ukraine valued at up to $550 million, including additional ammunition for High Mobility Artillery Rocket Systems (HIMARS).The White House declined to comment on the package.The new package would be funded under the Presidential Drawdown Authority (PDA), in which the president can authorize the transfer of articles and services from U.S. stocks without congressional approval in response to an emergency.HIMARS play a key role in the artillery duel between Ukraine and Russia has been described as "grinding" with very little movement of the front line in Ukraine's eastern Donbas region.Since Russian troops poured over the border in February in what Putin termed a "special military operation", the conflict has settled into a war of attrition fought primarily in the east and south of Ukraine.Moscow is trying to gain control of the largely Russian-speaking Donbas, comprised of Luhansk and Donetsk provinces, where pro-Moscow separatists seized territory after the Kremlin annexed Crimea to the south in 2014.So far the United States has sent 16 HIMARS to Ukraine and on July 1 pledged to send two National Advanced Surface-to-Air Missile Systems (NASAMS). read more It was unclear if the NASAMS launchers, made jointly by Raytheon Technologies Corp (RTX.N) and Norway's Kongsberg (KOG.OL), are already in Ukraine if the munitions were for launchers donated by another country, or if they were being prepositioned.The United States previously committed 200 M113 armored personnel carriers to Ukraine.The armored personnel carriers outfitted with medical equipment could make the fight with Russia more survivable for Ukrainian troops who could then be sent to Germany for further medical treatment.The Kyiv government said in June that 100 to 200 Ukrainian troops were being killed per day.Register now for FREE unlimited access to Reuters.comReporting by Idrees Ali and Mike Stone in Washington; Editing by Mary Milliken and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Exclusive: U.S. readies new $1 billion Ukraine weapons package.

A logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio MoraesRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - An oil and gas industry study commissioned by the campaign of former President Luiz Inacio Lula da Silva for the October elections will recommend bolstering Petrobras' refining capacity, including through the reversal of refinery privatizations, one of the study's authors told Reuters.The study also proposes new investments and the resumption of refinery projects abandoned by Petrobras after the state-run oil company decided to focus on production from its offshore pre-salt fields as it recovered from Brazil’s biggest ever corruption probe, the so-called Car Wash scandal.Among the proposals is the possibility of Petrobras regaining ownership of the RLAM refinery in Bahia, said study co-author William Nozaki, on the Workers Party team advising Lula on Petrobras affairs. RLAM, the largest refining asset sold in 2021 by the company, is now owned by Acelen of Abu Dhabi's Mubadala group.Register now for FREE unlimited access to Reuters.com"For some assets, it is possible to consult the partners who acquired them to... find out if they are really interested in fully remaining in the operation," said Nozaki, coordinator at the Institute for Strategic Studies in Petroleum, Natural Gas and Biofuels (Ineep) linked to the FUP oil workers' union."This is the case with RLAM."The Bahia refinery was the first divested by Petrobras from the group of eight refineries that will have to be sold by the company under the agreement signed with antitrust regulator CADE in 2019 to end its monopoly in Brazilian refining.Nozaki did not comment on the antitrust implications of renationalizing refineries. He said conversations should be started with the Mubadala fund to find out what their prospects are, and if they really want to continue operating 100% of the refinery.Lula is leading in the polls against incumbent President Jair Bolsonaro. His government program has yet to be finished."The guidance given by Lula is that nothing will be done in a traumatic way for shareholders or for Petrobras' investments," Nozaki said.The study will propose reassessing the sale of three refineries included in the CADE agreement that are still in the process of being sold - Repar, in Parana, Refap, in Rio Grande do Sul, and Rnest, in Pernambuco.Besides the Bahia refinery, Petrobras has already closed deals to sell units in Amazonas (Reman), Parana (SIX), Ceará (Lubnor) and Minas Gerais (Regap).Lula's program echoes plans by other Latin American leftist leaders, such as Mexico's President Andres Manuel Lopez Obrador, who has made boosting refinery capacity to make the country energy self-sufficient a key pillar of his presidency.Nozaki admitted that it is "difficult" to reverse the sales of Petrobras refineries, but not impossible.The main goal of strengthening Petrobras refining capacity is to help Brazil deal with high inflation, he said."Lula asked us to put all the available options on the table, from a technical point of view, and to think about how to face the problem of fuel inflation," Nozaki saidInflation has exceeded 11% for the last 12 months, driven by fuel prices, which Bolsonaro has tried to mitigate with tax cuts as he seeks re-election.Register now for FREE unlimited access to Reuters.comReporting by Rafaella Barros; Writing by Anthony Boadle; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Brazil's Lula advised to buy back Petrobras refineries, study author says.

U.S. August 5, 2022 / 2:59 PM / CBS News New York reports first U.S. polio case since 2013 New York reports first U.S. polio case in nearly a decade 00:18 New York state health officials have found indications of additional cases of polio virus in wastewater samples from two different counties, leading them to warn that hundreds of people may be infected with the potentially serious virus.Just two weeks ago, the New York Health Department reported the nation's first case of polio in almost a decade, in Rockland County, north of New York City. Officials said that case occurred in a previously healthy young adult who was unvaccinated and developed paralysis in their legs. Since then, three positive wastewater samples from Rockland County and four from neighboring Orange County were discovered and genetically linked to the first case, the health department said in a press release on Thursday, suggesting that the polio virus is being spread within local communities. The newest samples were taken from two locations in Orange County in June and July and one location in Rockland County in July."Based on earlier polio outbreaks, New Yorkers should know that for every one case of paralytic polio observed, there may be hundreds of other people infected," State Health Commissioner Dr. Mary T. Bassett said. "Coupled with the latest wastewater findings, the Department is treating the single case of polio as just the tip of the iceberg of much greater potential spread. As we learn more, what we do know is clear: the danger of polio is present in New York today."  The health department reiterated that it is still investigating the virus' origin, and said that it is not yet clear whether the infected person in Rockland County was linked to the other cases.Polio is "a serious and life-threatening disease," the state health department said. It is highly contagious and can be spread by people who aren't yet symptomatic. Symptoms usually appear within 30 days of infection, and can be mild or flu-like. Some people who are infected may become paralyzed or die. Before the polio vaccine was introduced in the 1950s, thousands of Americans died in polio outbreaks and tens of thousands, many of them children, were left with paralysis. After a successful vaccination campaign, polio was officially declared eradicated in the U.S. in 1979. Unvaccinated New Yorkers are encouraged to get immunized right away, the health department said. Unvaccinated people who live, work or spend time in Rockland County, Orange County and the greater New York metropolitan area are at the greatest risk.Most school-aged children have received the polio vaccine, which is a four-dose course, started between 6 weeks and 2 months of age and followed by one shot at 4 months, one at 6 to 12 months, and one between the ages of 4 and 6. According to the health department, about 60% of children in Rockland County have received three polio shots before their second birthday, as have about 59% in Orange County — both below the 79% statewide figure. According to the CDC's most recent childhood vaccination data, about 93% of 2-year-olds in the U.S. had received at least three doses of polio vaccine. Meanwhile, adults who are not vaccinated would receive a three-dose immunization, and those who are vaccinated but at high risk can receive a lifetime booster shot, according to the health department.The vaccine is 99% effective in children who receive the full four-dose regime, health officials said."It is concerning that polio, a disease that has been largely eradicated through vaccination, is now circulating in our community, especially given the low rates of vaccination for this debilitating disease in certain areas of our County," Orange County Health Commissioner Dr. Irina Gelman said. "I urge all unvaccinated Orange County residents to get vaccinated as soon as medically feasible."Rockland County Department of Health Commissioner Dr. Patricia Schnabel Ruppert issued a similar statement, calling on people who are not vaccinated to get the shots "immediately."Polio has rarely appeared in the U.S. since it was declared eradicated over 40 years ago. The last reported case was brought by a traveler in 2013, according to The Associated Press. In: polio New York Sophie Reardon Sophie Reardon is a News Editor at CBS News. Reach her at sophie.reardon@viacomcbs.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

New York Health Department says hundreds of people may be infected with polio virus.

MoneyWatch August 5, 2022 / 2:46 PM / MoneyWatch MoneyWatch: Existing home sales fell in June MoneyWatch: Housing market shows signs of cooling as home sales drop in June 03:19 During the pandemic, home sellers had the upper hand as droves of buyers competed for a limited pool of properties. But there are signs the tide is turning, as a growing number of sellers now cutting prices. About 1 in 7 listed properties had a price reduction in June — about double the rate from a year earlier, according to Realtor.com. Some of the hottest markets during the health crisis are now witnessing some of the deepest price cuts, with almost 1 in 4 properties in Austin, Texas, seeing a price drop and about 1 in 5 homes in Phoenix and Las Vegas seeing a reduction, the report found. The price cuts come as homebuyers are facing an affordability pinch. On the one hand, the median listing price reached a new high of $450,000 in June — a figure that is unaffordable for many households. At the same time, borrowing costs have spiked, making it more expensive to finance a mortgage.  More sellers are listing their properties this summer in the hope of scoring lucrative bids, which is easing inventory levels — and putting some pricing pressure on sellers."[A]s many homeowners rushed into summer ready to list their property and capture the equity brought about by record-high prices, inventory has improved," noted George Ratiu, an economist at Realtor.com, in a tweet. "This brought a welcome sign in this year's real estate markets — price cuts." Half of cities don't have enough homes, new study finds 05:16 However, there could be a downside for buyers if some owners hold off on listing their home due to those trends, Ratiu cautioned.  "As the number of new listings softens, it raises the concern that the nascent improvement in inventory may prove elusive," he said. In May, housing affordability around the U.S. reached its lowest level since July 2006, when home values were soaring before the crash that triggered the Great Recession in 2008, according to the Wall Street Journal, citing the most recent data available from the National Association of Realtors. Eight of the 10 cities with the biggest price reductions in June had enjoyed higher-than-average price appreciation during the pandemic, excluding Sacramento and Colorado Springs, Realtor.com said.Below are the 10 cities with the biggest share of price cuts among listed properties in June, according to Realtor.com. Reno, Nevada: 32.4% of properties had price cuts Austin, Texas: 32.4%Phoenix, Arizona: 29.5%Anchorage, Alaska: 28.5%Boise, Idaho: 28.4%Ogden, Utah: 27.4%Sacramento, California: 25.2%Colorado Springs, Colorado: 25.1%Evansville, Indiana: 24.7%Medford, Oregon: 23.2%In: Real Estate 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

Home sellers around the U.S. are cutting prices, especially in these 10 U.S. cities.

Sporrer/Rupp | Image Source | Getty ImagesMarket drops may stoke retirees' fears that they will no longer have enough assets to live on.But it turns out that may not be the biggest financial risk they should be watching for in retirement.Instead, longevity — the prospect retirees may live longer than expected and run out of money — is actually the biggest financial threat, according to recent research from the Center for Retirement Research at Boston College. The paper ranked both actual and perceived risks for retirees.Market risk ranked at the top of retirees' perceived risks, which researchers wrote "reflects retirees' exaggerated assessments of market volatility." Older adults discounted the top objective risk, longevity, due to being "pessimistic about their survival probabilities."Longevity and the market, which accounts for investment and housing conditions, are just two of five major retirement risks individuals and couples face. The other three are health, family and policy risks.More from Personal Finance:More Americans living paycheck to paycheck due to inflationConsidering a job change? How to make your resume stand out1 in 5 Americans are dodging their credit card statementsWhen it comes to health care, retirees may face unexpected long-term care needs and medical expenses. Those medical expenditures include the sum of out-of-pocket spending not covered by insurance on drugs, insurance premiums, hospital stays, nursing home care, doctor and dentist visits and outpatient care.Yet the research found that medical spending expectations mostly don't change with age, which means older people tend to underestimate the costs they may face.Family circumstances can put retirees at riskFamily risks include unforeseen circumstances like a divorce, the death of a spouse or adult children becoming sick or unemployed. About one-third of households with people 65 and older transfer money to family members over a two-year period, according to the research. Yet many individuals underestimate the possibilities that would prompt them to give money to family.Policy changes are also a risk to retirees, particularly due to Social Security's uncertain future. As such, the research modelled in a one-time benefit reduction between now and 2035, when the Social Security trustees project the program will no longer be able to pay full benefits. However, any changes the come about through Congressional reform would be unlikely to affect today's retirees, according to the research.Of all five risks, longevity was No. 1 for both single men and married couples, according to the research. That was followed by health, market, family and policy risks, in that order.However, when asked to rank the risks on their own, single men put markets as No. 1, followed by longevity, health, family and policy, in that order."Retirees do not have an accurate understanding of their true retirement risks," the research states.This may distort the decisions people make, including the age at which they decide to retire, and how they decide to spend and invest their money once they are in retirement, according to Wenliang Hou, who authored the research. Hou is currently a quantitative analyst at Fidelity Investments, and previously served as a research economist at the Center for Retirement Research.Because longevity is the primary risk, retirees should carefully plan ways to access guaranteed income throughout their retirement years."That just highlights the need for a lifetime income source for retirees," Hou said.By carefully planning when to claim Social Security, they may be able to identify a strategy to help maximize their income in retirement. Generally, it pays to wait to claim up to age 70, when beneficiaries stand to get the biggest benefit, but this can vary depending on your health and marriage status.Private sector annuities, where you invest a lump sum in exchange for monthly checks, can also help. Because long-term care is a key concern, life annuities may help retirees with limited financial assets protect themselves from catastrophic risk, according to the research.

Retirees may be focusing on the wrong risks to financial security, due to 'exaggerated assessments of market volatility'.

Register now for FREE unlimited access to Reuters.comSummaryhttps://reut.rs/3PV7l1NAug 4 (Reuters) - Cuban 8-year-old Kevin Kindelan, a hot-handed shortstop for a Central Havana junior league baseball team and teammate and first baseman Leoni Venego, 7, both dream of stardom.Kindelan says he wants to play for Cuba’s national baseball club, but Venego, recovering his composure after a big swing and a miss during a recent practice session, admits he’s set his sights on a bigger prize."I want to get to the Major Leagues and be like Yuli Gurriel," he said, referring to a Cuban all-star first-baseman for the Houston Astros, a baseball team in the United States, Cuba’s long-time rival to the north.Register now for FREE unlimited access to Reuters.comSuccess in baseball, Cuba’s national past time and a favorite pursuit of former Cuban leader Fidel Castro, is increasingly measured beyond its borders. That mirrors a broader exodus of Cubans from the stagnating communist-run island racked by social and economic crisis.Cuba´s economy shrank 11% in 2020 and has only inched upward since, official figures show, plagued by the pandemic and further throttled by the United States' Cold War-era embargo. Long lines for food, medicine and fuel are the norm, driving a nearly unprecedented exodus of more than 157,000 Cubans to the United States since October, according to the U.S. Customs and Border Protection agency."In the past six years the number of baseball players that have left the country has also tripled compared with the decade between 2000 and 2010," said Francis Romero, a Cuban baseball expert and book author who lives in Florida. "No baseball league...could survive that."And many young players are no longer as motivated by communist ideology or love of country, Romero told Reuters, a force that for decades helped drive Cubans to great achievements including gold medals in baseball in Barcelona in 1992, Atlanta in 1996 and Athens in 2004."Players once waited a long time to emigrate, to prove themselves. Now they leave at 16 or 17 years of age," he said."Many of the Cuban players are no longer aligned with the ideology or the politics of the government." BIG LEAGUE DREAMSAt the "Ponton" ballfield in central Havana, with its muddy infield and weed-shrouded foul lines, some of Cuba´s youngest players train, taking their first excited swings, playing catch and slapping hands.But no one - not even these children - escapes the impact of Cuba´s grinding economic crisis - or the draw of migration, says youth coach Irakly Chirino, a former player in Cuba´s national league who began his career at Ponton."Here, we don´t have gloves, bats, shoes, or even balls to play with...and when we do, they are too expensive," Chirino told Reuters on the sidelines of a late-spring practice.Baseball fan Kevin Kindelan, 8, practices with his father on the roof of their house in Havana, Cuba, June 14, 2022. Kindelan says he wants to play for Cuba's national baseball club. REUTERS/Alexandre Meneghini Lack of supplies has led once avid ballplayers to the less gear-intensive sport of soccer, the favorite elsewhere in Latin America, or to dream of playing abroad from a younger age, Chirino said."Let´s not fool ourselves...we´re losing our best ballplayers before they even make it to the national series," he said.That is a bittersweet reality for coach Nicolas Reyes, 73, who has seen more than a dozen of his "alumni" sign contracts in leagues outside Cuba."They started with me and now they´re in the U.S Major Leagues. It makes me proud," he said.But he acknowledges the draw of fame and fortune increasingly trumps love of country."When I played, it wasn´t like that. You would never betray your country." STAY HOMEJuan Reinaldo Pérez, president of the Cuban Baseball Federation, told Reuters the continuing pipeline of talent - including those that leave Cuba - still fuels hope for the future of Cuban baseball."We are a country with a baseball tradition and that continues to grow," he told Reuters.Cuba´s limited resources, he says, now focus on keeping budding ballplayers from leaving.In May, the Cuban federation inked a deal with World Baseball Softball Confederation (WBSC) that makes formal the right of Cubans to contract with professional leagues across the globe, without needing to abandon their home or nationality.A similar deal, inked with Major League Baseball in the United States in 2018, would have granted Cubans the same right. Snuffed out by U.S. President Donald Trump before it could be implemented, many Cubans with big league aspirations felt they had little choice but to leave.That lack of such a deal continues to be a major hurdle to keeping talent at home, says Guillermo Carmona, manager of Cuba's Industriales team told Reuters."Without a doubt, {that deal} was a great motivation {for our players}," said Carmona. "Now, many have left us."Register now for FREE unlimited access to Reuters.comReporting by Nelson Acosta; editing by Dave Sherwood and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Young Cuban ballplayers dream of U.S. major leagues.

Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comBRUSSELS, Aug 5 (Reuters) - European Union countries formally adopted the bloc's emergency plan to curb gas use on Friday, as they attempt to save fuel for a winter of uncertain Russian supplies, despite Poland and Hungary both opposing the final law.EU countries last week struck a deal to reduce their gas demand, to attempt to fill gas storage and prepare for a possible full Russian cut-off. The agreement asks all EU countries to voluntarily cut gas use by 15% this winter and could make the cuts binding in a supply emergency, albeit with numerous opt-outs for some countries and industries.EU countries on Friday formally approved the law that will put this deal into action. All countries except for Hungary and Poland approved the law, according to a document published by the Czech Republic, which currently chairs EU country negotiations.Register now for FREE unlimited access to Reuters.comBefore it invaded Ukraine, Russia provided 40% of EU gas. Moscow has since slashed gas flows to Europe, making it harder for EU states to fill storage ahead of winter, and prompting many to race to buy non-Russian fuel and take steps to limit their gas demand.Hungary, which is in talks to buy more gas from Russia, was the only country to oppose the deal last week and questioned the legality of EU rules that affect a country's national energy mix or energy security.Poland also opposed the final law, despite supporting the deal last week. Poland described the legal basis for the law as "defective", and said decisions affecting the energy mix of member states should be taken with unanimous approval from all countries.Their opposition did not derail the plan, which needed support from a reinforced majority of 15 countries to become law.The European Commission is also "urgently assessing" the possibility of introducing gas price caps, it said in a statement, without elaborating on what form such a cap would take.Register now for FREE unlimited access to Reuters.comReporting by Kate Abnett; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

EU countries rubber-stamp emergency gas cuts, Poland and Hungary oppose.

Were Steve Jobs, Sheryl Sandberg or even Martin Luther King Jr. born great leaders?The short answer is no, says Michael Useem, a professor emeritus of management at the Wharton School of the University of Pennsylvania and leadership development consultant for a wide array of private, public and nonprofit companies. Useem says the ability to tutor, guide and galvanize the people around you isn't innate — it's something you learn and develop over time.And there's no one-size-fits-all strategy to acquiring those skills, Useem says: Rather, you need to look at your successes and failures with an "unclenching eye," and use those experiences to identify what you personally need improve on."Leadership is not something we're born with, it's not something in our DNA," he tells CNBC Make It. "We learn it. We have to learn to improve and become a great leader."Useem says he taught that lesson for years at Wharton, drawing on scholarship from other experts and referring to real-world examples. Today, his go-to example is the "humiliating" downfall of Matt Doherty, a former college basketball coach.At age 37, in the first season of his first head coaching role, Doherty led the University of Notre Dame to the finals of the 1999-2000 NCAA Men's Division I Basketball Tournament. That success immediately catapulted him to the prestigious role of head coach at his alma mater, the University of North Carolina, in 2000.But then, after just three years, Doherty was "abruptly, unceremoniously" forced to resign, Useem says. This was reportedly due to concerns over his treatment of players: One players' parent told the Greensboro News & Record that Doherty tore down her son's "confidence and self-esteem," while another pointed to verbal abuse during practice."From there, he clearly needed to figure out why his leadership of the team backfired," Useem says. "He had to learn."For Doherty's part, the ex-coach says he viewed himself as a decent leader before coming to UNC, which made him experience an "immediate feeling of failure" after resigning."I started to believe some headlines, started to believe that maybe I'm not a good leader," Doherty says. "And back then, I thought maybe that I wasn't born a great leader."Doherty says he set out on a personal "leadership journey" to understand what went wrong — ending up in one of Useem's leadership classes at Wharton, which is how the duo met.The revelation that leadership is a trained skill, rather than a given, was "the most exciting thing to learn in my life, at the time," Doherty says. "I was so down and out. I was depressed. I never thought I'd be a good leader until then." Doherty says the class taught him he was missing a critical element of leadership: emotional intelligence. He had the hard skills he needed to strategize as a coach, but not a natural ability to make strong emotional connections with his players."We talk about core values — mine now are respect, trust, commitment, positivity. But those, I didn't learn and develop until after I went through this leadership journey," says Doherty, who went on to coach at two other schools before becoming associate commissioner of the Atlantic 10 conference. Now, he works off the court as an executive coach helping owners of small to mid-sized businesses.Doherty says the journey looks different for everyone. While he needed a lesson in emotional intelligence, others may lack entirely different elements of leadership. Useem says that's the crucial takeaway: Whether you're an entry-level employee or CEO, you can't just rely on your so-called natural traits to motivate those around you.You also need to rely on the lessons you've learned along the way, Useem says: "We have to look at what we've been through — some great successes, others that are terrible disasters — and use that as a source of educational guidance."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:These Stanford experts say humor is the key to great leadership: 'We can do serious things without taking ourselves too seriously'President Joe Biden says young people need these 3 leadership skills to change the world

This is the key to influencing and motivating the people around you, says Wharton professor: 'It's not something in our DNA'.

A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia.Olivier Douliery | AFP | Getty ImagesYou'd be hard-pressed now to find a recession in the rearview mirror. What's down the road, though, is another story.There is no historical precedent to indicate that an economy in recession can produce 528,000 jobs in a month, as the U.S. did during July. A 3.5% unemployment rate, tied for the lowest since 1969, is not consistent with contraction.But that doesn't mean there isn't a recession ahead, and, ironically enough, it is the labor market's phenomenal resiliency that could pose the broader economy's biggest long-run danger. The Federal Reserve is trying to ease pressures on a historically tight jobs situation and its rapid wage gains in an effort control inflation running at its highest level in more than 40 years."The fact of the matter is this gives the Fed additional room to continue to tighten, even if it raises the probability of pushing the economy into recession," said Jim Baird, chief investment officer at Plante Moran Financial Advisors. "It's not going to be an easy task to continue to tighten without negative repercussions for the consumer and the economy."Indeed, following the robust job numbers, which included a 5.2% 12-month gain for average hourly earnings, traders accelerated their bets on a more aggressive Fed. As of Friday afternoon, markets were assigning about a 69% chance of the Fed enacting its third straight 0.75 percentage point interest rate hike when it meets again in September, according to CME Group data.So while President Joe Biden celebrated the big jobs number Friday, a much more unpleasant data point could be on the way next week. The consumer price index, the most widely followed inflation measure, comes out Wednesday, and it's expected to show continued upward pressure even with a sharp drop in gasoline prices in July.That will add pressure to the Fed's balancing act of using rate increases to temper inflation without tipping the economy into recession. As Rick Rieder, chief investment officer of global fixed income at asset management giant BlackRock put it, the challenge is "how to execute a 'soft landing' when the economy is coming in hot, and is landing on a runway it has never used before.""Today's print, coming in much stronger than anticipated, complicates the job of a Federal Reserve that seeks to engineer a more temperate employment environment, in keeping with its attempts to moderate current levels of inflation," Rieder said in a client note. "The question though now is how much longer (and higher) will rates have to go before inflation can be brought under control?"More recession signsFinancial markets were betting against the Fed in other ways.The 2-year Treasury note yield exceeded that of the 10-year note by the highest margin in about 22 years Friday afternoon. That phenomenon, known as an inverted yield curve, has been a tell-tale recession sign particularly when it goes on for an extended period of time. In the present case, the inversion has been in place since early July.But that doesn't mean a recession is imminent, only that one is likely over the next year or two. While that means the Fed has time, it also could mean the central bank won't have the luxury of slow hikes but rather will have to continue to move quickly — a situation that policymakers had hoped to avoid."This is certainly not my base case, but I think that we may start to hear some chatter of an inter-meeting hike, but only if the next batch of inflation reports is hot," said Liz Ann Sonders, chief investment strategist at Charles Schwab.Sonders called the current situation "a unique cycle" in which demand is shifting back to services from goods and posing multiple challenges to the economy, making the debate over whether the U.S. is in a recession less important than what is ahead.That's a widely shared view from economists, who fear the toughest part of the journey is still to come."While economic output contracted for two consecutive quarters in the first half of 2022, a strong labor market means that currently we are likely not in recession," said Frank Steemers, senior economist at The Conference Board. "However, economic activity is expected to further cool towards the end of the year and it is increasingly likely that the U.S. economy will fall into recession before year end or in early 2023."

Danger ahead: The U.S. economy has yet to face its biggest recession challenge.

MoneyWatch August 5, 2022 / 2:23 PM / MoneyWatch What's behind the crash of cryptocurrency Market fraud and skepticism fuel crash of cryptocurrency 05:26 Cryptocurrency service Nomad is offering a "bounty" to anyone who returns funds stolen from the company in a nearly $200 million theft on Monday. Nomad said it will pay up to 10% of the digital funds taken by hackers and vowed not to pursue legal charges against parties that return at least 90% of the money. "The most important thing in crypto is community, and our No. 1 goal is restoring bridged user funds," Nomad CEO Pranay Mohan said in a statement. "To support that effort, we will treat any party who returns 90% or more of exploited funds as a white hats. We will not prosecute white hats." — Nomad (⤭⛓🏛) (@nomadxyz_) August 4, 2022 The company released details on how to return the stolen cryptocurrency in a post on Medium. "Nomad is working closely with law enforcement and will advocate for no criminal charges when white hats return funds," Nomad said. The attack on Nomad started Monday and lasted into Tuesday morning, with hackers siphoning off the digital funds in a matter of hours. The company said it has since recovered $20 million. Nomad operates a so-called blockchain bridge, which allows people to move tokens from one blockchain to another, solving the challenge of interoperability between different types of cryptocurrencies. But these technologically complex services have been prone to attacks, with hackers exploiting security vulnerabilities to steal more than $1 billion in assets so far in 2022, according to forensics firm Elliptic. One security researcher on Twitter described the Nomad attack as "chaotic" and a "free-for-all," with people swarming to drain the accounts after realizing that a security flaw meant that if they could find a valid transaction request, they could replace the other person's address with their own and effectively redirect assets to their own accounts.  12/ tl;dr a routine upgrade marked the zero hash as a valid root, which had the effect of allowing messages to be spoofed on Nomad. Attackers abused this to copy/paste transactions and quickly drained the bridge in a frenzied free-for-all— samczsun (@samczsun) August 2, 2022 Nomad blamed "impersonators posing as Nomad and providing fraudulent addresses to collect funds."The theft follows the hack of blockchain bridge Harmony in June, which lost about $100 million in the attack. These bridges are seen as especially vulnerable to hacks partly because of their relative newness and inevitable bugs and are therefore frequently targeted by cybercriminals. Recent hacks include the $320 million wormhole hack in February and the more than $600 million Ronin Network hack in March.Bridges are also susceptible to theft because they hold a lot of cryptocurrencies, making them targets for hackers, and due to their lack of decentralization and oversight, according to Elliptic. Some bridges don't require many signatures to approve a transaction, and some services have sacrificed security as they develop quickly, the group added.  In: Cryptocurrency 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

Crypto service Nomad offers "bounty" for hackers who return funds after $200 million theft.

REUTERS/Washington AlvesRegister now for FREE unlimited access to Reuters.comSummaryLaw firmsAgency found California engaged in ‘coordinated scheme’ to extend Clean Water Act deadline9th Circuit says California simply allowed license applicants to follow a common practice(Reuters) - States do not lose their right to impose conditions on federally licensed hydroelectric projects by allowing the applicants to withdraw incomplete proposals shortly before the state’s window to act on them expires, a federal appeals court held.The 9th U.S. Circuit Court of Appeals overturned three orders of the Federal Energy Regulatory Commission, which had found California had waived its one-year right to impose conditions – known as a Section 401 certificate – by engaging in a “coordinated scheme” with applicants seeking to replace their expired licenses for hydroelectric power projects along the Yuba, Bear and Merced rivers.Even assuming that a state could waive its Section 401 rights by “coordination” rather than a formal agreement, the 9th Circuit said there was no evidence of coordination in this case.Register now for FREE unlimited access to Reuters.comWithdrawal-and-resubmission is a common industry practice, the court said; and unlike FERC, the panel found nothing nefarious about California’s acceptance of the practice, or regulations or emails that mentioned it.“Because the default term of a federal license is forty years, a state’s waiver could result in a hydroelectric project’s being noncompliant with a state’s standards for decades,” Circuit Judge Michelle Friedland wrote for the three-judge panel. “Considering those dramatic consequences, FERC’s coordination findings cannot rest on such thin evidence as a simple courtesy email reminding an applicant of an impending deadline.”Jackie Carpenter, a spokeswoman for the California State Water Resources Control Board, called the decision “an important vindication of the state's role under the Clean Water Act in protecting state water resources.”At the time FERC decided these cases, state law barred the board from acting on an incomplete application. While that law changed in 2020, the 9th Circuit’s decision will affect many projects that were in the licensing pipeline as well as “other states' certifications around the country,” Carpenter said.FERC spokeswoman Mary Driscoll said the agency does not comment on legal matters. Attorneys for the license applicants – the Nevada Irrigation District, Yuba County Water Agency, and Merced Irrigation District – had no immediate comment.FERC’s orders were also challenged by the South Yuba River Citizens League, California Sportfishing Protection Alliance, Friends of the River, the Sierra Club and two of its chapters. The groups hailed the opinion in a joint statement, while Andrew Hawley of the Western Environmental Law Center said it ends “FERC’s string of illogical rulings errantly waiving states’ rights to enforce their environmental laws under the Clean Water Act.”The lead case is California State Water Resources Control Board v. Federal Energy Regulatory Commission, 9th U.S. Circuit Court of Appeals No. 20-72432For California State Water Resources Control Board: Jennifer Kalnins Temple, Eric Katz, and Adam Levitan, Office of the Attorney General of CaliforniaFor South Yuba River Citizens League, California Sportfishing Protection Alliance, Friends of the River, and Sierra Club and its Mother Lode and Tehipite Chapters: Julie Gantenbein of the Water and Power Law Group and Andrew Hawley of the Western Environmental Law CenterFor the Federal Energy Regulatory Commission: Jared Fish and Robert Solomon of FERCFor respondent-intervenor water agencies: Michael Swiger of Van Ness Feldman (for Nevada Irrigation District and Yuba County Water Agency); Thomas Berliner of Duane Morris and Phillip McMurray of Merced Irrigation DistrictRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.

No ‘coordinated scheme’ behind California’s hydroelectric project reviews.

U.S. Senate Majority Leader Chuck Schumer (D-NY) holds his weekly news conference after the Democratic caucus party luncheon at the U.S. Capitol in Washington, August 2, 2022.Jonathan Ernst | ReutersSenate Majority Leader Chuck Schumer said Friday that Democrats had "no choice" but to drop a key tax provision from their major spending bill in order to gain Sen. Kyrsten Sinema's support.Sinema, a centrist Democrat from Arizona, had withheld her support of the Inflation Reduction Act, the sweeping bill that includes much of the Biden administration's tax, climate and health care agenda. Senate Democrats need her support to pass the bill through the Senate on a party-line vote using the budget reconciliation process — which requires a simple majority vote in the Senate split 50-50 by party.Sinema announced Thursday night that she would indeed back the legislation, following an agreement "to remove the carried interest tax provision."She was referring to the bill's inclusion of language that would narrow the so-called carried interest loophole, a feature of the tax code that both Republicans and Democrats — including former President Donald Trump — have tried to close.Carried interest refers to compensation that hedge fund managers and private equity executives receive from their firms' investment gains. After three years, that money is taxed at a long-term capital gains rate of 20%, instead of a short-term capital gains rate, which tops out at 37%.The Inflation Reduction Act aimed to narrow that loophole by extending the short-term tax rate to five years. The bill's provision was projected to raise $14 billion over a 10-year period."I pushed for it to be in this bill," Schumer, D-N.Y., said of the proposal to narrow the loophole. But "Senator Sinema said she would not vote for the bill, not even move to proceed unless we took it out," he said. "So we had no choice."Sinema stressed Thursday night that after the reconciliation bill passes, "I look forward to working with [Sen. Mark Warner, D-Va.] 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."A spokeswoman for Sinema defended the senator's record when asked by CNBC on Friday about Schumer's remarks and her stance on carried interest.Sinema "has been clear and consistent for over a year that she will only support tax reforms and revenue options that support Arizona's economic growth and competitiveness," the spokeswoman said. "At a time of record inflation, rising interest rates, and slowing economic growth, disincentivizing investments in Arizona businesses would hurt Arizona's economy and ability to create jobs."Schumer said that another tax piece from the Inflation Reduction Act was taken out in order to secure the deal with Sinema. This one came from a proposal to impose a 15% corporate alternative minimum tax aimed at rich corporations that are accused of skirting their tax obligations. It was projected to raise $313 billion — more than 40% of the bill's revenue.While that part of the bill was altered, "$258 billion of that remains, so the vast majority remains," Schumer said.And while the carried interest provision was nixed, Schumer said Democrats added in an excise tax on stock buybacks that will bring in $74 billion. He said that multiple legislators he spoke with are "excited" about that update."I hate stock buybacks. I think they're one of the most self serving things corporate America does," Schumer said. "I'd like to abolish them."

Schumer says Sinema left 'no choice' but to cut carried interest provision from tax and climate bill.

Register now for FREE unlimited access to Reuters.comNAIROBI, Aug 4 (Reuters) - East Africa's economic powerhouse will hold elections on Aug. 9 to select a new president, parliament, county governors and assemblies. President Uhuru Kenyatta will be stepping down after serving his constitutionally allowed 10 years.Many voters want change, frustrated by corruption and skyrocketing prices. But both frontrunners vying to succeed Kenyatta have ties to him.Veteran opposition leader Raila Odinga has received Kenyatta's endorsement. William Ruto has been Kenyatta's deputy president for the past decade, although the two men fell out.Register now for FREE unlimited access to Reuters.comOdinga, a left-leaning former political prisoner, has served as prime minister and is the son of the nation's first vice president.Ruto, a gifted orator who says he once sold chicken by the roadside, has portrayed the election as a fight between common "hustlers" and elite "dynasties".Both are wooing voters in East Africa's richest and most stable nation by promising to reign in ballooning foreign borrowing and help the poor. Less than 0.1% of Kenyans own more wealth than the bottom 99.9% combined, according to Oxfam. The global spike in fuel and food prices has hit families hard. read more The candidates have also stitched together alliances of ethnic voting blocs. Such ethnic rivalries led to deadly violence in previous elections after results were disputed.But unlike the past four elections, Kenyatta's Kikuyu ethnic group, the nation's largest, has no presidential candidate to unify behind. Both Odinga and Ruto have chosen Kikuyu vice-presidential running mates.The potential fracturing of Kenya's biggest ethnic voting bloc makes for an unpredictable election, said Murithi Mutiga, Africa head for global think tank International Crisis Group."The public has grown weary of all the byzantine alliances among the political elites," he said. "Politicians are being forced to discuss issues that really matter."Young citizens are particularly disenchanted, he said; many have not bothered registering to vote.VOTER APATHYBanners of Kenya's opposition leader and presidential candidate Raila Odinga of the Azimio la Umoja (Declaration of Unity) coalition (L), and Kenya's Deputy President William Ruto and presidential candidate for the United Democratic Alliance (UDA) and Kenya Kwanza political coalition, are seen in Nairobi, Kenya, August 4, 2022. REUTERS/Baz RatnerThose are Kenyans like 30-year-old motorbike taxi driver Calvince Okumu, who falls into a demographic courted by both camps.He is one of the country's 1.6 million motorcycle taxi drivers – the kind of young, hardscrabble entrepreneur Ruto promises to give loans to. He also hails from Western Kenya, Odinga's stronghold, and could benefit from his promise to provide a basic income to the poorest families.He's not interested."Why should I line up for four hours to vote?" asked Okumu, a part-time student. "There's no difference between the two."The number of registered voters aged 18-34 has dropped more than 5 percent since the 2017 election, despite population growth of around 12 percent.Okumu's more concerned about finding steady work. More than a tenth of Kenyans aged 18 - 64 are unemployed and nearly one in five are out of the labor force - meaning they are not looking for work, according to the World Bank.Endemic corruption has also angered voters; both camps include officials charged with or even convicted of corruption. read more In the northeast, the worst drought in 40 years has forced parched grazing lands and forced 4.1 million people to depend on food aid. Their plight has barely been mentioned as would-be leaders buzzed across the country in fleets of helicopters. read more UNRESTThe shadow of the violence following disputed 2007 elections, which killed 1,200 people and displaced around 600,000, hangs over each election cycle.Kenyatta and Ruto were among six Kenyans charged at the International Criminal Court over their alleged roles in the 2007 violence. Both denied the charges and their cases collapsed.Violence also followed the 2017 polls, when more than 100 people were killed.This time, there's been less pre-election violence; communities are working hard to defuse tensions. read more The Supreme Court's decision to nullify and re-run the last election also means there's higher confidence in the justice system - so disputes are more likely to go to the courts than the streets.Register now for FREE unlimited access to Reuters.comEditing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Weary and wary, Kenyans gear up for national elections.

Uplift August 2, 2022 / 9:47 AM / CBS News Sonequa Martin-Green on Nichelle Nichols' legacy "Star Trek" actress Sonequa Martin-Green on continuing Nichelle Nichols' legacy 02:52 "I knew this was going to be difficult to talk about her," Sonequa Martin-Green said, tears in her eyes. The "Star Trek" actress was talking about the late Nichelle Nichols, who broke barriers on the same show more than five decades earlier. "She's very much 1,000% actually a hero."Nichols died this week at the age of 89. She was one of the first Black actresses to star in a television series, paving the way for countless others. But for Martin-Green, the connection to Nichols runs deep. Martin-Green plays Michael Burnham, the first Black female captain in "Star Trek" history – something that might not have been possible without Nichols' role before her. There are many parallels between Nichols and Martin-Green – from their historic roles on "Star Trek" to their advocacy work for women and girls in STEM. Getty Not only did Nichols inspire her as an actor, but as an advocate for women and girls, especially in science, technology, engineering and mathematics fields – also known as STEM.  After "Star Trek," Nichols dedicated her time to recruiting women and people of color to apply to be astronauts at NASA.Decades later, Martin-Green is working to help women and girls in STEM too. She has partnered with Million Girls Moonshot, an organization that aims to get 1 million more girls into STEM learning opportunities and programs. Frito-Lay has donated $100,000 to further the program's mission, and to send girls to Space Camp. Martin-Green surprised 16 girls, the first group that the organization is sending to Space Camp, presenting them with ceremonial stars named after them. "I was so excited for them to see my face and see my love and support for them," she said. "I really hope this is an experience that they carry with them, something that they always remember. I hope it sets them on their path." Sonequa Martin-Green remembered late "Star Trek" actress Nichelle Nichols with tears in her eyes. "She's very much 1000% actually a hero," she said. CBS News "There's such a dearth of women in STEM careers and especially Black women, Latina women, Indigenous women, it's 10 percent in STEM careers today," Martin-Green told CBS News. "So, we need more of us out there and that's why I jumped at the opportunity to do this."Martin-Green said programs like this that aim to recruit girls wouldn't be possible without Nichols. "It's all because of her, really. Because she's the one that helped integrate NASA way back then," she said, crying at the thought of Nichols. "She's the one that said, 'Wait a second, I don't see what I need to be seeing. I don't see equality here.' And she dedicated the rest of her life to it — from 1977 to 2015 — to establishing these programs in NASA," Martin-Green said. "And now here we are, and these girls can have this experience. And I'm grateful to be a part of it."  Now, Martin-Green hopes to continue Nichols' legacy – on and off screen. "I know she said when she was still here, 'If I've inspired you at all, I just ask that you continue this legacy.' So, of course now all of us that have been inspired by her. And I hope these girls can do that too."  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

Nichelle Nichols advocated for women and people of color in STEM. Now, "Star Trek" actress Sonequa Martin-Green is continuing her legacy.

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.comSummaryThis content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Aug 5 (Reuters) - Russian President Vladimir Putin and Turkish President Tayyip Erdogan agreed on Friday to boost cooperation in the transport, agriculture, finance and construction industries, they said in a joint statement after a four-hour meeting.Turkey mediated a deal signed by Ukraine, Russia and the United Nations in Istanbul last month under which grain exports from Ukraine's Black Sea ports resumed after months of being blocked. read more In the statement, Putin and Erdogan stressed the need for "the full implementation of the Istanbul agreement, including the unimpeded export of Russia's grain, fertiliser and raw materials for their production."Register now for FREE unlimited access to Reuters.comThe two leaders also agreed to switch part of the payments for Russian gas to roubles, Russian Deputy Prime Minister Alexander Novak told reporters after the talks.The two also "reaffirmed their determination to act in coordination and solidarity in the fight against all terrorist organizations" in Syria.Ankara has carried out multiple operations in northern Syria since 2016, seizing hundreds of kilometres of land and targeting the Kurdish YPG militia, despite opposition from Moscow.Register now for FREE unlimited access to Reuters.comReporting by Reuters; Editing by Chris Reese and David EvansOur Standards: The Thomson Reuters Trust Principles.

Putin and Erdogan agree to boost cooperation, some rouble payments for gas.

Bond market recession warning gets louder after strong jobs report"The last time it was this inverted in 2s/10s, you have to go back to 2000, and that was a much different overall rate environment," said Ian Lyngen, head of U.S. rates strategy at BMO. "We got as inverted as negative 56 during that episode."Treasury yields, which move opposite price, rose sharply Friday after the government reported 528,000 jobs were added in July, more than double what was expected. The 10-year touched a high of 2.86% Friday, while the 2-year was briefly at a high of about 3.24%, according to FactSet. "My biggest take away from the depth of the inversion in the yield curve is the market is confident that the Fed's credibility is high. They will continue to hike rates. The risk is it creates a bigger economic headwind than the economy can handle and we end up tipping into a more significant recession," said Lyngen.—Patti DommOil posts worst week in months as recession fears weighOil prices eked out a slight gain on Friday, but ended the week sharply lower as recession fears and concerns around a slowdown in demand weighs.West Texas Intermediate crude futures, the U.S. oil benchmark, ended the week at $89.01 per barrel, for a gain of 0.53%. But for the week the contract tumbled 9.74% for the worst week since April 1. International benchmark Brent crude ended the week at $94.92 per barrel, for a weekly loss of 13.72%.— Pippa StevensDow flat, S&P 500 and Nasdaq down heading into final hour of weekHeading into the last hour of trading in the first week of August the Dow Jones Industrial Average was flat, wavering between gains and losses. The S&P 500 shed about 0.48% and the Nasdaq was down about 0.90%. All three major averages are on track to fall on the week. Stocks fell after the July jobs report came in much stronger than expected, signaling a more aggressive Fed going forward. —Carmen ReinickeTesla stock slips after shareholder meeting Shares of Tesla fell nearly 7% in intraday trading Friday after the company's annual shareholder meeting, which took place on Thursday. Shareholders approved a 3-for-1 stock split, which would make shares more affordable. Tesla was the biggest laggard in the Nasdaq Composite in the afternoon. —Carmen ReinickeUnemployment inches higher for Black workers in JulyBlack workers saw unemployment inch slightly higher to 6% in July, while the broader job market saw that rate tick down to 3.5%, according to data from the Bureau of Labor Statistics released Friday. Broken down by gender, unemployment rose to 5.7% among Black men and declined slightly among Black women (5.3%). Meanwhile, the labor force participation rate, which measures how many people are employed or looking for work, shrunk to 67.3% from 68.1% in June.Black workers marked the only demographic group that saw the unemployment raise rise in July. While notable, it's difficult to decipher what contributed to these changes among Black workers, said Valerie Wilson, director of the Economic Policy Institute's program on race, ethnicity and the economy."I don't know how much of that is a signal of something really changing or just volatility of the data, because the longer term trend had been pretty positive, pretty strong," she said.At the same time, women continued to make strides in jobs recovery, with the unemployment rate ticking down to 3.1% for those 20 and older. Hispanic women saw the largest decrease in unemployment, which fell to 3.2% from 4.5% in June.— Samantha Subin75% of S&P 500 companies beat earnings expectationsThe second-quarter earnings season is winding down with 87% S&P 500 companies having reported results. Among those firms, 75% reported a positive EPS surprise, according to FactSet.So far, the earnings growth for the S&P 500 is 6.7%. If 6.7% is the actual growth rate for the quarter, it will mark the lowest earnings growth rate reported by the index since the fourth quarter of 2020, according to FactSet.— Yun LiJobs report points to more rate hikes ahead, MKM Partners saysDon't expect the Fed to slow down on its rate hiking path any time soon, especially after this latest jobs report, according MKM Partners' Michael Darda."The jobs and wage numbers seen in July are not what the Fed wants at a time when the economy has overshot its potential and inflation is running at more than 3x the Fed's target," the firm's chief economist and market strategist said. "Bottom line: The Fed will persist in moving the front end of the curve higher until growth momentum is broken and inflation infects lower."—Fred ImbertJust 3 S&P 500 stocks hit 52-week highsJust three S&P 500 names climbed to 52-week highs Friday, while an additional four stocks hit 52-week lows.The highsEnphase Energy hit an all-time high dating back to its IPO in March 2012.Constellation Energy reached record levels going back to its spin-off from Exelon in January.Jack Henry & Associates traded at an all-time high going back to its IPO in November 1985.The lowsBaxter traded at lows not seen since June 2017.Ball Corp reached lows not seen since March 2020.Intel touched a low seen since September 2017.Vornado Realty hit levels not seen since April 2009.—Fred Imbert, Gina FrancollaCarvana, Cloudflare surge on earnings reports Shares of Carvana and Cloudflare both popped Friday after reporting quarterly earnings. Cloudflare jumped more than 25% after its earnings beat Wall Street's expectations. The company also bumped up its full-year 2022 guidance, saying it now expects growth of 48%. Carvana shares also gained more than 35% even though it reported earnings that fell short of analyst estimates. The company did maintain its full-year outlook, however, saying that current headwinds should turn into tailwinds. —Carmen ReinickeFed has more reports to watch before September meetingEven though the July jobs report signaled no sign of recession and that inflation is still running hot, it's not the last word on the U.S. economy. The Federal Reserve will have three more economic data releases to consider before their Sept. 20-21 meeting, when they're slated to raise interest rates again. Here's the reports they'll be watching: July consumer price index, due Aug. 10 August jobs, due Sept. 2August consumer price index, due Sept. 13—Carmen ReinickeStocks at midday: Dow, S&P 500 and Nasdaq down Stocks were down midday Friday, though off session lows, as Wall Street digested the July jobs report. The report showed that twice as many jobs were added last month than economists expected, that the unemployment rate declined to 3.5% and that wage growth was stronger than forecast. The Dow Jones Industrial Average was down 93 points, or 0.28%, while the S&P 500 shed 0.66%. The Nasdaq led losses, down 1.01%. —Carmen ReinickeGlobal Blood Therapeutics surges on potential Pfizer deal, trading haltedShares of Global Blood Therapeutics jumped nearly 10% Friday after the Wall Street Journal reported that Pfizer is in advanced talks to buy the company for roughly $5 billion. The company makes a drug for sickle-cell disease which was approved in December. The stock was halted for trading due to the surge. —Carmen ReinickeThe S&P 500 is about to test the market's bear case, BTIG saysThe S&P 500's bear case could be tested soon, if it closes above a certain level, according to BTIG technical analyst Jonathan Krinsky.Investors have been debating for weeks whether up moves in the market are the result of a temporary bounce or a more lasting bottom. The three major averages just came off their best month since 2020, but there's been so much pain in the market this year that many people are hesitant to believe the worst is behind them.If the index hits that key level, "we would have to assume that June was the low for this cycle," Krinsky said.Read more on CNBC Pro.— Tanaya MacheelLyft shares jump 14% after earnings beat Shares of Lyft surged more than 14% Friday after the ride-hailing service posted better-than-expected earnings results Thursday. The company posted an unexpected quarterly profit, and saw ridership numbers jump back to levels not seen since before the pandemic. —Carmen ReinickeDollar surges after huge jobs report beatThe dollar rallied against a basket of currencies Friday on the back of that jobs report that crushed analyst expectations. The dollar index traded 0.8% higher at 106.58. Against the yen, the U.S. currency surged 1.7% to 135.10. The euro was also down 0.6% at $1.0178.—Fred ImbertStocks off lows of the day Stocks clawed back some of their earlier losses after digesting the better-than-expected July jobs report.The Dow Jones Industrial Average wavered, fighting to go positive. The S&P 500 and the Nasdaq Composite were down 0.03% and 0.11%, respectively. While the report signaled that the Federal Reserve will likely continue to raise interest rates aggressively, it also showed that the U.S. economy is not in a recession as the labor market continues to maintain its strength.A rate rebound is generally positive for banks, as is the U.S. avoiding a recession.—Carmen ReinickeYields jump after better-than-expected July jobs reportThe 10-year Treasury yield surged to 2.834% Friday morning following the July jobs report, which came in well above expectations and showed solid job growth in the month. Earlier this month, the 10-year Treasury yield hit 2.5%, its lowest since April, as the bond market worried about a potential recession. At the same time, the yield on the 30-year Treasury rose to 3.078%. Yields are inverse to price. —Carmen ReinickeBank of America increases Fed rate hike forecast for this yearBank of America economists added another quarter point of a rate hike into their forecast for Federal Reserve rate hikes this year, after July's strong jobs report.The firm's economists had been expecting a 50 basis point hike in the fed funds rate for September, followed by a 25 basis point hike in November. They now expect a 50 basis point, or half point, hike in November as well. They left the forecast for a quarter point hike in December unchanged.A basis point equals 0.01 of a percentage point. The Federal Reserve raised the fed funds target rate by 75 basis points in both June and July.The fed funds futures market is also pricing in a 75 basis point hike for September, following the report that 528,000 jobs were added in July, more than double what was expected.—Patti DommMarket expecting bigger Federal Reserve rate hike in SeptemberTraders react on the floor of the New York Stock Exchange (NYSE) as a screen shows Federal Reserve Board Chairman Jerome Powell during a news conference following a Fed rate announcement, in New York City, July 27, 2022.Brendan Mcdermid | ReutersThe 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 reportJim Cramer on Squawk on the Street, June 30, 2022.Virginia Sherwood | CNBC"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 "The past two years have been an absolutely nightmare of supply chain disruptions, one thing after another, and we are not out of it yet," Tesla CEO Elon Musk said.Patrick T. Fallon | ReutersElon 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%.Official data show Taiwan depends more on China than the U.S. when it comes to trade. Slightly more than 22% of Taiwan's imports in 2021 were from mainland China and Hong Kong, compared with 10% from the U.S.Taiwan is a democratic, self-ruled island, but China sees it as a renegade province.— Abigail Ng, Evelyn ChengLower 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

S&P 500, Nasdaq fall Friday, but notch weekly gains after blowout July jobs report.

A United Launch Alliance Atlas 5 rocket lifts off from the Cape Canaveral Air Force Station in Cape Canaveral, Florida, U.S., August 8, 2019. REUTERS/Joe Skipper/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - With Earth's orbit growing more crowded with satellites, a U.S. government agency on Friday said it would begin revising decades-old rules on getting rid of space junk and on other issues such as satellite refueling and inspecting and repairing in-orbit spacecraft."We believe the new space age needs new rules," Federal Communications Commission (FCC) Chairwoman Jessica Rosenworcel said after the 4-0 FCC vote, adding that current rules "were largely built for another era."She said the FCC needs "to make sure our rules are prepared for the proliferation of satellites in orbit and new activities in our higher altitudes."Register now for FREE unlimited access to Reuters.comThe FCC also plans to look at "new ways to clean up orbital debris. After all, there are thousands of metric tons of junk in space," Rosenworcel added. The FCC will look at "the potential for orbital debris remediation and removal functions that offerthe prospect of improvement in the orbital debris environment."The FCC is asking questions about in-space servicing, assembly, and manufacturing (ISAM), which includes things like "repairing and refueling satellites and even assembling whole new systems in orbit," Rosenworcel said.The proceeding will look at efforts to transform materials through manufacturing while in space and ISAM spectrum needs."The FCC remains the only agency to license virtually every commercial space mission that touches the United States," FCC Commissioner Geoffrey Starks said. "With that power comes the responsibility to understand the missions we authorize, and to create an enabling regulatory environment that opens new doors while still protecting against new risks."Starks said proceeding "will help us build the record we need to fully understand emerging ISAM technologies, their spectrum requirements (and) their debris implications."The FCC said ISAM has "the potential to build entire industries, create new jobs, mitigate climate change, and advance America’s economic, scientific, technological, and national security interests."The FCC is already moving to update its satellite rules and previously adopted new rules to help satellite launch companies get access to spectrum for transmissions "from space launch vehicles during pre-launch testing and spacelaunch operations."The FCC in November granted an experimental license to NanoRacks LLC for communications with an experimental component attached to the second stage of a SpaceX Falcon 9 launchvehicle "to demonstrate metal-cutting in space."The FCC said the proceeding will what role if any it should play in reviewing "planetary protection plans and implications" for missions.Register now for FREE unlimited access to Reuters.comReporting by David Shepardson; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

As satellites and space junk proliferate, U.S. to revise rules.

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.Shares of Global Blood, which makes a blood disorder drug called Oxbryta, soared 44% in afternoon trade to a two-year high. The company had a market capitalization of $3.12 billion, as of Thursday's closing price.Register now for FREE unlimited access to Reuters.comPfizer declined to comment on the report, while a Global Blood spokesperson said it does not "comment on market rumors or speculation".New York-based Pfizer, flush with cash from its COVID-19 vaccine, is on the lookout for acquisitions that could bring in billions in annual sales by the end of the decade.Its $11.6 billion deal for migraine drug maker Biohaven Pharmaceutical Holding (BHVN.N) in May was the latest in a string of acquisitions including Trillium Therapeutics and Arena Pharmaceuticals over recent years.Global Blood's Oxbryta was approved in the United States for the treatment of sickle cell disease among patients 12 years and older in 2019. In December, the oral drug received approval for the treatment of the condition in younger patients as well.Sales of the drug rose more than 50% to $194.7 million in 2021.Biotech dealmaking activity has picked up again in recent months after a bleak start to the year, when a dearth of major acquisitions and clinical-stage drug failures dampened investor sentiment and squeezed funding.On Thursday, Amgen Inc (AMGN.O) agreed to buy drugmaker ChemoCentryx Inc for $3.7 billion to gain access to a potential blockbuster treatment for inflammatory disorders. read more Register now for FREE unlimited access to Reuters.comReporting by Amruta Khandekar; Editing by Aditya Soni and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Pfizer in advanced talks to buy Global Blood Therapeutics for $5 billion, Wall Street Journal reports.

Crime August 5, 2022 / 2:26 PM / CBS/AP Arrest in 1999 slayings of best friends DNA tech leads to arrest in 1999 slayings of teen best friends 01:09 A woman whose claims about police being involved in the decades-old killings of two Alabama teens found dead in a car trunk fueled a social media frenzy several years ago now says she was lying the whole time.Rena Crumb, 53, recanted her allegations Thursday as she testified during a hearing for an Alabama trucker awaiting trial on capital murder charges in the slayings of J.B. Beasley and Tracie Hawlett, CBS affiliate WTVY-TV reported. The victims were both 17 when they were shot to death in southeast Alabama and left in a car trunk in 1999. Tracie Hawlett, left, and J.B. Beasley WTVY The defense hoped Crumb's testimony about police wrongdoing could help clear their client. But after repeatedly saying she couldn't recall certain things, Crumb blurted out: "I lied." Coley McCraney, 48, was arrested in the killings in 2019, or about four years after a blogger in southeast Alabama reported Crumb's claims that police higher-ups had covered up an officer's involvement in the slayings. The allegations blew up on "true crime" websites and social media, leading to a defamation lawsuit against Crumb and others that was dismissed in 2018 after the blogger filed for bankruptcy.Authorities have said DNA evidence led to the arrest of McCraney. At the time, Ozark Police Chief Marlos Walker described how authorities were able to hone in on McCraney as a suspect using genetic genealogy, an emerging DNA technique gaining popularity among law enforcement since it was used in California last year to identify Joseph James DeAngelo as the suspect in the notorious "Golden State Killer" case. "The Golden State Killer happens, we see that, and we're like, 'You know what? Let's try that,'" Walker said.McCraney has pleaded not guilty in the slayings and to a charge that he raped one of the victims.McCraney's defense asked a judge to let them present evidence that someone else killed the two, leading to the hearing in which Crumb, under questioning, said she hadn't told the truth. The officer who Crumb had accused took the stand and denied his involvement, as did an investigator who questioned Crumb earlier this year.Defense attorney David Harrison suggested that Crumb was threatened to change her story. Crumb, a one-time volunteer with the Ozark Police Department, did not respond to a Facebook message sent Friday seeking comment. Crumb received a suspended sentence and a $250 fine in 2016 after being convicted for harassing a sister of Beasley, Jacqui Burgoon, records show.Dale County Circuit Judge William Filmore didn't immediately rule on what testimony jurors would be allowed to hear at McCraney's trial, set to begin Aug. 15. Defense lawyers asked the judge to prevent jurors from considering any evidence collected from the car where the bodies were discovered, saying the car has been crushed and is no longer available, preventing them from inspecting it. “I lied.” https://t.co/p0x0iwyrke— WTVY News 4 (@WTVYNews4) August 5, 2022 In: Alabama Cold Case DNA 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

In stunning admission, woman recants claims police were involved in 1999 slayings of Alabama teens: "I lied".

Formula One F1 - Hungarian Grand Prix - Hungaroring, Budapest, Hungary - July 29, 2022 McLaren's Daniel Ricciardo during practice REUTERS/Bernadett SzaboRegister now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - McLaren have told Daniel Ricciardo that fellow Australian Oscar Piastri will be replacing him at the Formula One team next season, according to media reports on Friday.The www.racingnews365.com website cited Australian sources saying Ricciardo had been officially informed of his "de-hiring".Autosport said it understood Ricciardo had been told McLaren intended to replace him with 21-year-old Piastri, who this week rejected a 2023 seat at Renault-owned Alpine, despite having a contract for next year. read more Register now for FREE unlimited access to Reuters.comMcLaren have not commented on a story that has gripped Formula One since the start of the August break. read more Multiple sources have confirmed to Reuters, however, that Piastri has been lined up to replace the under-performing Ricciardo.That could ultimately involve McLaren paying Ricciardo not to race for them.The 33-year-old was signed from Renault at the end of 2020 but, apart from winning last year's Italian Grand Prix against the odds, has failed to live up to expectations at the former champions.This season he has scored a mere 19 points, with a highest position of sixth, compared to team mate Lando Norris's 76 from 13 races.Racingnews365.com reported that Piastri signed a contract with McLaren last Saturday at the Hungarian Grand Prix and the team then lodged it with the sport's Contract Recognition Board.Alpine, who have invested heavily in Piastri as reserve driver, announced the Australian as their driver on Tuesday only for him to take to social media to contradict them. read more "I understand that, without my agreement, Alpine F1 have put out a press release late this afternoon that I am driving for them next year," he said in a statement that promptly went viral."This is wrong and I have not signed a contract with Alpine for 2023. I will not be driving for Alpine next year."Register now for FREE unlimited access to Reuters.comReporting by Alan Baldwin, editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

McLaren told Ricciardo that Piastri will replace him, reports say.

Dr. Anthony Fauci speaks about the Omicron coronavirus variant during a press briefing at the White House in Washington, U.S., December 1, 2021. REUTERS/Kevin Lamarque/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - A federal judge sentenced a West Virginia man to three years in prison for sending intimidating emails to Anthony Fauci, including threats to kill the United States' top infectious disease official over his handling of the COVID-19 pandemic.U.S. District Judge Paula Xinis in Greenbelt, Maryland, on Thursday sentenced Thomas Connally Jr., 56, of Snowshoe, West Virginia, to 37 months in federal prison and another three years of supervised release after he pleaded guilty in May to a federal charge of making threats against a federal official.In one email, Connally threatened that Fauci and his family would be "dragged into the street, beaten to death, and set on fire," prosecutors said.Register now for FREE unlimited access to Reuters.comIn a plea bargain, Connally admitted he sent threatening emails to Fauci, hoping to intimidate and interfere with his official duties as the National Institute of Allergy and Infectious Diseases' director and to retaliate against him for his handling of the pandemic, the U.S. Attorney's Office in Maryland said in a statement.The response to the pandemic by federal and state officials has been highly contentious across the United States, re-igniting a long-standing U.S. battle over individual rights, the constitutional remit of states to police citizens, public health and public activities, such as education or retail businesses.Many public officials have been heavily criticized and have been the targets of protests and threats for masking and vaccine mandates around the country, where more than 1 million people have died due to the virus.Connally, who accused Fauci of "fear mongering," was under stress in connection with his mother's isolation in a nursing home during the pandemic, a public defender wrote in a letter to the court on Wednesday.Investigators wrote in court documents that Connally described himself on his resume as an information architect, editor and technical writer.The man admitted to investigators that he had sent a series of threatening emails to Fauci and other state and federal health officials from an anonymous, encrypted email account from December 2020 to July 2021.Connally also admitted sending threatening messages to health officials in Pennsylvania and Massachusetts, Francis Collins, the then-director of the U.S. National Institutes of Health; and four individuals working for a religious institution in New Jersey, prosecutors said.(This story has been refiled to remove extra word in first paragraph)Register now for FREE unlimited access to Reuters.comReporting by Brendan O'Brien in Chicago; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

West Virginia man sentenced to 3 years in prison for threatening to kill Fauci.

A view shows a damaged building at the Zaporizhzhia Nuclear Power Plant compound, amid Russia's invasion of Ukraine, in Enerhodar, Zaporizhzhia region, Ukraine, in this handout picture released March 17, 2022. Press service of National Nuclear Energy Generating Company Energoatom/Handout via REUTERS Register now for FREE unlimited access to Reuters.comSummaryTechnicians close reactor at Europe's largest nuclear plantThree grain ships leave Ukrainian Black Sea portsTurkey's Erdogan meets Putin in RussiaFighting in east centres on fortified villageKYIV, Aug 5 (Reuters) - Shelling hit a high-voltage power line on Friday at a major Ukrainian nuclear power station captured by Russia, prompting the plant's operators to disconnect a reactor despite no radioactive leak being detected.Ukraine's state nuclear power company Energoatom blamed Russia for the damage at the Zaporizhzhia power station, Europe's largest. Earlier this week, the United Nations nuclear watchdog appealed for access to the plant, which Washington says Russia is using as a battlefield shield. read more Russia's defence ministry accused Ukrainian forces of shelling the plant, which was captured by Russian forces in early March in the opening stage of the war, saying a leak of radiation had been avoided only by luck.Register now for FREE unlimited access to Reuters.comIt said that as a result, the generating capacity of one unit had been reduced and power supply to another had been cut. In addition, the nearby city of Enerhodar had power and water supplies problems, a ministry statement said.It was not the first time that military action has caused alarm at Zaporizhzhia, where the U.N.'s International Atomic Energy Agency had at times reported losing connection with surveillance systems that keep track of nuclear material.The Russian-installed administration of Enerhodar said in a statement fire had broken out and that power necessary for the safe functioning of reactors had been cut off. The plant continues to be run by its Ukrainian technicians.Energoatom said the plant, about 200 km (160 miles) northwest of the Russian-held port of Mariupol in southeast Ukraine, was still operational and no radioactive discharges had been detected.A decision had been taken to disconnect one reactor from the network because of damage to a 330 kilowatt high-voltage power distribution line linking the plant to the thermal power station, it said.Further east, both sides claimed small advances while Russian artillery bombarded towns and villages across a wide area in a now-familiar tactic.U.S. WEAPONS PACKAGEThe next weapons package to Ukraine from the United States was expected to be $1 billion, one of the largest so far, three sources briefed on the matter told Reuters. read more If signed in its current form, it will include munitions for long-range weapons and armoured medical transport vehicles, the sources said.The package is expected to be announced as early as Monday and would add to about $8.8 billion in aid the United States has given Ukraine since Russia's invasion on Feb. 24.In other developments, three grain ships left Ukrainian ports on Friday and the first inbound cargo vessel since the Russian invasion was due in Ukraine to load, marking further steps in the Kyiv government's efforts to resuscitate its economy after five months of war.Russian President Vladimir Putin meanwhile was meeting Turkish President Tayyip Erdogan, who is cultivating a role as a mediator in the war, in the Russian city of Sochi."The international community cannot end the war in Ukraine by ignoring Russia," said Fahrettin Altun, a top aide to Erdogan.Turkey helped negotiate the agreement that on Monday saw the first grain ship leave a Ukrainian port for foreign markets since the invasion.On Friday, two grain ships set off from Chornomorsk and one from Odesa carrying a total of about 58,000 tonnes of corn, the Turkish defence ministry said.The Turkish bulk carrier Osprey S, flying the flag of Liberia, was expected to arrive in Chornomorsk on Friday to load up with grain, the Odesa regional administration said.Russia and Ukraine normally produce about one third of the world's wheat, and the United Nations had warned that the halt in grain shipments through the Russian-dominated Black Sea could lead to famine in other countries, particularly in Africa, Asia and the Middle East."We expect that the security guarantees of our partners from the U.N. and Turkey will continue to work, and food exports from our ports will become stable and predictable for all market participants," Ukrainian Infrastructure Minister Oleksandr Kubrakov said.Ukraine's Seaport Authority said on Monday 68 ships were berthed in Ukrainian ports with 1.2 million tonnes of cargo on board, two thirds of it food.BATTLE FOR STRONGHOLDSince Russia invaded Ukraine in what Putin termed a "special military operation", the conflict has settled into a war of attrition fought largely in the east and south of Ukraine.Moscow is trying to gain control of the largely Russian-speaking Donbas, comprised of Luhansk and Donetsk provinces, where pro-Moscow separatists seized territory after the Kremlin annexed Crimea to the south in 2014.Russia's TASS news agency on Friday cited separatist forces as saying they and Russian troops had taken full control of Pisky in Donetsk region, a fortified village held by Ukrainian troops and close to Donetsk city, which is in the hands of Russian-backed separatist forces.But Ukrainian presidential adviser Oleksiy Arestovych said: "There is very little evidence of any movement here. They (the Russians) made an attempt to advance but it was unsuccessful."Ukraine has turned the village into a stronghold, seeing it as a buffer against Russian-backed forces holding Donetsk city about 10 km to the southeast.TASS also said fighting was taking place in the city of Bakhmut, north of Donetsk and Russia's next main target.Arestovych said Ukrainian forces had recaptured two villages near Izyum in Kharkiv region, which borders Russia, and were advancing on a third.Reuters could not verify either side's assertions about battlefield developments.Register now for FREE unlimited access to Reuters.comReporting by Reuters bureaux; Writing by Nick Macfie, Angus MacSwan and Daphne Psaledakis; Editing by Mark Heinrich and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Shelling hits power lines at Ukraine nuclear plant, both sides trade blame.

The logo of Meta Platforms is seen in Davos, Switzerland, May 22, 2022. Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - Meta Platforms (META.O), the parent of Facebook which is making a big play for virtual reality, has agreed to delay closing its deal for Within Unlimited, maker of the popular fitness app "Supernatural," according to a court filing.The Federal Trade Commission had filed a lawsuit seeking to stop the deal in July, and had asked a judge in federal court in San Francisco for a temporary restraining order stopping the companies from closing the deal. read more In a joint court filing on Thursday, Meta agreed not to close until 11:59 p.m. on Dec. 31 or until the first business day after the judge decides whether the case may go forward.Register now for FREE unlimited access to Reuters.comThe FTC, which voted 3-2 on whether to file the lawsuit, called Facebook a "global technology behemoth," noting its ownership of popular apps including Instagram, Messenger and WhatsApp, and said its "campaign to conquer VR" began in 2014 when it acquired Oculus, a VR headset manufactureFacebook, which agreed to buy Within in October 2021 for an undisclosed sum, said when the lawsuit was filed that the FTC case was "based on ideology and speculation, not evidence."The FTC argued in its complaint that the planned acquisition was a way for Meta to dominate virtual reality.Meta already has the best-selling VR headset, the Quest 2, and controls a Meta Quest Store with hundreds of apps. Within, founded in 2014, creates original content for virtual reality. It describes itself as "the premier destination for cinematic virtual reality."Register now for FREE unlimited access to Reuters.comReporting by Diane Bartz; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Meta Platforms agrees to delay closing Within deal given U.S. challenge.

Commuters and tourists exit a subway car May 26, 2022 in New York City.Robert Nickelsberg | Getty ImagesMore Americans were working part-time and temporary jobs last month, which may herald future shifts in the shape of what today appears a robust jobs market.Hiring in July easily blew past expectations, suggesting a strong labor market despite other signs of economic weakness. But a jump in the number of workers in part-time positions for economic reasons — usually because of reduced hours, poor business conditions or because they can't find full-time work — hints at potential instability ahead.The Bureau of Labor Statistics on Friday reported the number of such workers, called "involuntary part-time workers," increased by a seasonally adjusted 303,000 in July, to 3.9 million. That follows a sharp decrease of 707,000 in June.The metric, which is volatile, is still below the 4.4 million involuntary part-time workers recorded in February 2020, before the Covid-19 pandemic upended the labor market.The number of full-time workers decreased 71,000 over the month, while part-time workers, both voluntary and involuntary, increased by 384,000.The July uptick wasn't due to a lack of full-time jobs. Compared with the June report, July saw fewer workers who could only find part-time work. Instead, the report said, workers were forced into part-time roles because of reduced hours and unfavorable business conditions.The report indicates a move in the "wrong direction," according to Julia Pollak, chief economist for ZipRecruiter, and could signal a recession ahead.At the same time, temporary help services jobs showed signs of expansion, increasing by 9,800 in July, more than double the 4,300 increase in June.These are workers temporarily hired to pick up extra work, and are often the first to be cut when employers brace for tougher economic times, according to Pollak. Growth in that metric, she said, could be a reassuring sign for the economy.The conflicting indicators could reflect a diverging economy where some industries are struggling more than others, according to Erica Groshen, a former commissioner for the Bureau of Labor Statistics and current senior economics advisor at Cornell University.Another possibility, she said, is that strong hiring earlier in the month led businesses to pull back to correct."Towards the end of the month we had people having their hours cut," she said.

More Americans are working part-time — a potential harbinger of future jobs market instability.

Register now for FREE unlimited access to Reuters.comLONDON, Aug 5 (Reuters) - Ever wondered what baked bean ice cream tastes like?Londoners basking under Britain's hottest ever summer are getting the chance to find out, and sample a range of other flavours more readily associated with savoury winter dishes - including porridge oats and HP sauce."There's lots of weird flavours and ...me and my sister were very excited to try lots of them," said nine-year-old Izzy Konviser, a customer at the Ice Cream Project temporary store in central London, told Reuters.Register now for FREE unlimited access to Reuters.comA worker presents favourite cult food brands-flavoured ice cream in a concept store by Anya Hindmarch at The Village, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska"I think the weirdest ...is probably ketchup, and baked beans because it's just like the most unusual thing that you would ever have."Store employee Hannah Wearne describes the Project, which runs until Aug 28, as offering a new twist on "British store cupboard classics". And it's proving a hit."We sold out of six weeks' worth of ice cream in four days, so we've been really, really popular... We've got our own regulars which is really lovely," she said.Register now for FREE unlimited access to Reuters.comReporting and editing by Natalie Thomas; Writing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

British 'store cupboard classics' get a makeover - as ice cream.

U.S. President Joe Biden gestures as he delivers remarks on the Inflation Reduction Act of 2022 at the White House in Washington, U.S., July 28, 2022. REUTERS/Elizabeth Frantz/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - U.S. President Joe Biden continues to feel "very well" while still testing positive for COVID-19, the White House physician said on Friday.Biden will continue strict isolation measures, Dr. Kevin O'Connor said in a memo.Register now for FREE unlimited access to Reuters.comReporting By Paul Grant; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

Biden feels well, still tests positive for COVID, doctor says.

Argentina's new Economy Minister Sergio Massa talks to the media after being sworn in, at the Economy Ministry in Buenos Aires, Argentina, August 3, 2022. REUTERS/Matias BagliettoRegister now for FREE unlimited access to Reuters.comBUENOS AIRES, Aug 5 (Reuters) - Asked about Sergio Massa, Argentina's new "superminister" for the economy, many Argentines perceive him as an opportunistic politician with limitless ambition.But Massa's political acumen, honed over four decades of party-hopping activism, is also widely seen as key to rescuing Argentina's economy, which has been ravaged by sky-high inflation, crippling debt as well as chronic overspending.Earlier this week, the 50-year-old lawyer and former congressional leader for the ruling center-left Peronist coalition was sworn in as economy chief by President Alberto Fernandez. Massa's move is widely seen as a stepping stone to a future presidential run, but only if he can quickly show results. read more Register now for FREE unlimited access to Reuters.comTo do just that, the newly dubbed "superminister" insisted on broad powers before accepting the daunting task, including control over the agriculture, production and trade secretariats, which have previously acted independently."He's a very capable person, exceptionally prepared. But he's also a huge pragmatist, and that's why he decided to form an alliance with the government," said legislator Margarita Stolbizer.In 2017, Stolbizer joined forces with Massa in a Senate run against leftist Cristina Fernandez de Kirchner, the country's powerful vice president and former president, who is now a key Massa backer.His resourcefulness gave him what his predecessors were unable to obtain: the thumbs-up from the vice president to carry out more orthodox cost-cutting policies, which Fernandez de Kirchner had spurned when proposed by others in the past.His resourcefulness gave him what his predecessors were unable to obtain: the thumbs-up from the vice president to carry out more orthodox cost-cutting policies, which Fernandez de Kirchner had spurned when proposed by others in the past.Massa's backing by all the ruling coalition's warring factions gives him a leg up compared with his immediate predecessors, longtime Economy Minister Martin Guzman as well as his short-lived successor, Silvina Batakis, according to political analyst Carlos Fara."The crisis has made everyone more pragmatic, and that allows Massa to propose things that surely wouldn't have been accepted from Batakis and even less so from Guzman," said Fara.On Wednesday, Massa announced a series of austerity measures, plus moves designed to boost dwindling foreign reserves, during his first day on the job. read more SUPERHERO?Massa began his political career in the late 1980s in the conservative Union of the Democratic Center party.From 2002 to 2007 he was a Peronist government official and later mayor of Tigre, a suburban area outside Buenos Aires where he lives. He then became chief of staff of then-President Fernandez de Kirchner, but resigned after less than a year.In 2013, Massa founded a new party called the Renewal Front, which eventually joined forces with other Peronist factions to create a center-left group that went on to defeat ex-President Mauricio Macri's coalition in the 2019 election.Over the past decade, Argentina's rough and tumble politics, amplified by the deepening economic crisis, have taken a toll on Massa's popularity.Nearly 55% of people hold a negative view of Massa, while about 63% say they would never vote for him if he ran for president, according to a recent survey from Management & Fit image consultancy.As the country limps to next year's presidential election, Massa will be put to the ultimate test. A successful performance as superminister will be crucial for his own future political prospects - not to mention vital for the near-term health of South America's second-biggest economy."Massa is so ambitious. He's dreamed all his life of being president," said businessman Gregorio Feldman."He'll end up either a superhero or get eaten alive."Register now for FREE unlimited access to Reuters.comReporting by Eliana Raszewski and Lucila Sigal in Buenos Aires Additional reporting by Hernan Nessi and Belen Liotti in Buenos Aires Writing by Kylie Madry Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Argentina's ambitious 'superminister' takes on economic crisis.

Politics August 5, 2022 / 3:14 PM / CBS News Migrants from Venezuela, who boarded a bus in Del Rio, Texas, disembark within view of the US Capitol in Washington, DC, on August 2, 2022.  STEFANI REYNOLDS/AFP via Getty Images Defense Secretary Lloyd Austin has rejected a request from the District of Columbia mayor for the National Guard to help receive migrants bused to Washington, D.C., after determining it would hurt troop readiness.  The Pentagon has concluded that providing the requested support would negatively impact the readiness of the D.C. National Guard and have adverse effects on the guard and its members, a U.S. defense official said in a statement. D.C. Mayor Muriel Bowser had requested that the guard help the non-governmental organization SAMU First Response "with transportation and reception of migrants arriving in the DC area," the statement said. The official went on to note that SAMU First Response has received some federal funding through the Federal Emergency Management Agency which is sufficient at this point for the group to continue to help the District.In April, Texas Gov. Greg Abbott, began putting migrants on buses to D.C., initially in response to the Biden administration's efforts to end Title 42, a pandemic-related emergency policy that enables border agents to expel migrants quickly.  "The Biden administration and a lot of leaders in Congress have no idea about the chaos they have caused by their open border policies," Abbott said in April. He said that government leaders should come to Texas to see for themselves the adverse effects of those policies. "And if they're not going to come to the border, I'm going to take the border to them in Washington, D.C."Since then, Abbott says he has bused over 6,500 undocumented immigrants to Washington, D.C.  "They cannot handle that one single challenge, and we deal with that number every single day. I got one thing to tell you and to tell them, there are more buses on the way as we gather at this conference today," Abbott told conservative activists at the CPAC conference in Dallas Thursday. A month after Abbott began busing migrants to D.C., Arizona Gov. Doug Ducey, also a Republican, followed his lead and also began busing migrants to D.C. "With Arizona community resources under all-time demand, and little action or assistance from the federal government, individuals who entered Arizona seeking asylum have the opportunity to voluntarily be transported to Washington, D.C.," he said in a press release at the time. "The transportation will include meals, and onboard staffing and support."D.C. Mayor Muriel Bowser, a Democrat, told Margaret Brennan on "Face the Nation" in July that receiving the migrants required a federal response.  "I fear that they're being tricked into nationwide bus trips when their final destinations are places all over the United States of America...local taxpayers are not picking up the tab and should not pick up the tab. And we really need a coordinated federal response," Bowser said.  Eleanor Watson CBS News reporter covering the Pentagon. Twitter 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

Pentagon rejects D.C. mayor's request for National Guard to help with bused migrants.

Register now for FREE unlimited access to Reuters.comKYIV, Aug 5 (Reuters) - Orthodox chants of mourning resounded in a packed central Kyiv cathedral on Friday as Ukraine buried an agricultural tycoon with his wife after they were killed in a missile strike that hit his home last weekend.Oleksiy Vadaturskyi, co-founder and director of one of Ukraine's largest agricultural holdings, was killed with his wife in his southern hometown of Mykolaiv by what Kyiv says was an S-300 missile fired by Russia.The sudden death of the 74-year-old, described as a "titan of Ukraine's agricultural sector" by one national farmers association, sent shockwaves through a domestic grain industry that has been devastated by Russia's Feb. 24 invasion.Register now for FREE unlimited access to Reuters.comHis export-focused firm Nibulon is a household name in Ukraine, where exports have been crippled by a wartime port blockade that is easing slightly under a grain deal.The tycoon was well-known in Ukraine for driving a revival of cargo transportation on rivers, including the vast Dnieper that carves south from northernmost Ukraine to the Black Sea."It's hard to accept this news when you work with someone for 12 years, see them almost every day, and then one morning you understand they're gone, and what's more, so cruelly," said Dmytro Forda, a longtime Nibulon employee, at the funeral.Several hundred people came to pay their respects. Old women in headscarves rubbed shoulders with forlorn-looking executives in suits and men in military uniforms.His son, Andriy Vadaturskyi, an ex-lawmaker and chairman of Nibulon's supervisory board, said he believed his father had been killed deliberately. Russia denies targeting civilians."I have every suspicion that this was not an accident ... I don't want to discuss details yet, but I simply do not believe it was a coincidence," he told reporters.People attend a funeral ceremony for Ukrainian agricultural businessman Oleksiy Vadaturskyi and his wife Raisa, who were recently killed by a Russian missile strike in the city of Mykolaiv, as Russia's attack on Ukraine continues, inside the Volodymyrskyi Cathedral in Kyiv, Ukraine August 5, 2022. REUTERS/Valentyn Ogirenko'HERO OF UKRAINE'Pictures of Vadaturskiy and his wife lined the entrance to the cathedral. In several of the photos, he was wearing a Hero of Ukraine medal, which he was awarded in 2007.Mykolaiv Mayor Oleksandr Senkevych praised Vadaturskyi for staying to help the city as Russian troops approached at the start of their Feb. 24 invasion, although he did not elaborate. Two-thirds of Vadaturskyi's assets are now on Russian-held territory, he said.Traders told Reuters his death was unlikely to have a major impact on the day-to-day business of Ukraine's grain industry. Vadaturskyi was ranked Ukraine's 24th richest man by Forbes in 2021 with an estimated fortune of $430 million.His son said he would work with the Nibulon team to keep the company running."Today the main task is to preserve the company. Further on, we will look at investment projects, because the company today is ready for investment projects," he said after the funeral.The company, which exported more than 4.5 million tonnes of agricultural commodities in the 2020/21 season, emerged from the turbulent 1990s after the Soviet breakup as a key Ukrainian market player.Nibulon says it has transported 24 million tonnes of cargo by river since its existence, which it says is equivalent to taking one million trucks off the road.The most famous of these voyages was the revival of a Soviet-era tradition of yearly barges running watermelons from Ukraine's south to Kyiv, an event that always got publicity in Ukraine.Register now for FREE unlimited access to Reuters.comReporting by Max Hunder and Serhiy Voloshyn; additional reporting by Pavel Polityuk; editing by Tom BalmforthOur Standards: The Thomson Reuters Trust Principles.

Ukraine buries agricultural 'titan' killed in missile strike.

People queue up to receive monkeypox vaccinations during a pop-up clinic at Guy's Hospital in central London, Britain, July 30, 2022. REUTERS/Henry NichollsRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - The UK Health Security Agency (UKHSA) said on Friday there were "early signs" that the monkeypox outbreak is plateauing across the country and that its expansion has slowed."While the most recent data suggests the growth of the outbreak has slowed, we cannot be complacent," Dr Meera Chand, director of clinical and emerging infections at UKHSA, said.There were 2,859 confirmed and highly probable cases of monkeypox in the UK as of Aug. 4, with nearly 99% of the cases among men, the country's health authority said in a statement.Register now for FREE unlimited access to Reuters.comThe recent analysis by the UKHSA showed that "monkeypox continues to be transmitted primarily in interconnected sexual networks of gay, bisexual, or other men who have sex with men", it added.British authorities in June were recommending gay and bisexual men at higher risk of exposure to monkeypox be offered a vaccine, as the outbreak of the viral disease had gathered pace, mostly in Europe. read more Individuals at higher risk of coming into contact with monkeypox are being offered the smallpox vaccine, Dr Chand said.Earlier this month, the World Health Organization declared monkeypox a "public health emergency of international concern", its highest alert level. read more Following the WHO's move, the United States too declared monkeypox a public health emergency on Thursday. read more Register now for FREE unlimited access to Reuters.comReporting by Anirudh Saligrama in Bengaluru; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

'Early signs' monkeypox outbreak plateauing in UK, health authority says.

Amazon is acquiring iRobot for $61 a share in an all-cash deal that values the Roomba maker at $1.7 billion, the companies announced Friday.The deal will deepen Amazon's presence in consumer robotics. Amazon made a bold bet on the space last year when it unveiled the Astro home robot, a $1,449.99 device that's equipped with the company's Alexa digital assistant and can follow consumers around their homes. It also offers an array of smart home devices, like connected doorbells after its 2018 acquisition of Ring, as well as voice-activated thermometers and microwaves."Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive — from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin," said Dave Limp, Amazon's hardware devices chief, in a statement. "Customers love iRobot products — and I'm excited to work with the iRobot team to invent in ways that make customers' lives easier and more enjoyable."The acquisition marks Amazon's fourth-largest deal, behind its $13.7 billion purchase of grocery chain Whole Foods in 2017, its $8.45 billion purchase of film studio MGM last year, and its $3.9 billion acquisition of boutique primary-care provider One Medical, announced last month.iRobot, founded in 1990 by Massachusetts Institute of Technology roboticists, is best known for making the Roomba, a robotic vacuum launched in 2002 that can clean consumers' floors autonomously. It has also introduced robotic mops and pool cleaners. iRobot also has a subscription program that offers automatic equipment replenishment, among other services.A vacuuming Roomba model robot is displayed at iRobot headquarters in Bedford, MassachusettsScott Eells | Bloomberg | Getty ImagesAmazon is buying iRobot at a time when the robot maker is facing broad headwinds. The company reported second-quarter results on Friday that showed a 30% decline in revenue from a year earlier, primarily due to "unanticipated order reductions, delays and cancellations" from retailers in North America and Europe, the Middle East and Africa.iRobot became a Covid pandemic darling in 2020 and 2021 as consumers spent more time at home and bought up robot vacuums to keep their homes clean. Its business has suffered from supply chain constraints in recent quarters. iRobot said it now has a glut of inventory amid "lower-than-expected" orders from retailers.Revenue for the second quarter came in at $255.4 million, well short of the $303 million expected by analysts surveyed by Refinitiv. Its losses widened to 35 cents per share, adjusted. Analysts surveyed by Refinitiv had expected a loss of $1.55 per share.iRobot said it would cut about 140 employees, or 10% of its workforce as it faces rising costs and falling revenue.iRobot CEO Colin Angle will continue to run the company once the deal closes.The deal will need the approval of regulators and iRobot's shareholders.Shares of iRobot surged 19% on Friday after they were briefly halted following the announcement of the deal. Amazon's stock closed down 1%.Correction: Amazon acquired Ring in 2018. An earlier version misstated its status.WATCH: Amazon to acquire One Medical for roughly $3.9 billion

Amazon to acquire maker of Roomba vacuums for roughly $1.7 billion.

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - U.S. energy firms this week cut the number of oil rigs by the most since September as production grows incrementally because energy firms are boosting shareholder returns and facing higher operating costs due to inflationary and supply chain pressures.The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. , ,Gas rigs rose four to 161, their highest since August 2019, while the combined oil and gas fell by three to 764, which puts the total rig count up 273, or 56%, over this time last year, Baker Hughes said.Register now for FREE unlimited access to Reuters.comEven though the total rig count has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is only forecast to recover to pre-pandemic record levels next year. read more ConocoPhillips (COP.N)said its full year oil and gas production could rise at a low-single digit percentage rate over last year. But the largest U.S. independent oil producer raised its shareholder payout target by 50% this week after beating Wall Street's earnings estimates on surging energy prices. read more U.S. shale producers Chesapeake Energy Corp (CHK.O), Pioneer Natural Resources Co (PXD.N) and Coterra Energy Inc (CTRA.N), which also reported strong second-quarter profits this week, boosted shareholder returns with higher dividends and buybacks. read more But with oil prices up about 19% so far this year after soaring 55% in 2021 - and pressure from the government to produce more - a growing number of energy firms said they plan to boost spending for a second year in a row in 2022 after cutting drilling and completion expenditures in 2019 and 2020.U.S. financial services firm Cowen & Co said the independent exploration and production (E&P) companies it tracks plan to boost spending by about 35% in 2022 versus 2021 after increasing spending about 4% in 2021 versus 2020.That follows a drop in capital expenditures of roughly 48% in 2020 and 12% in 2019.Register now for FREE unlimited access to Reuters.comReporting by Scott DiSavino Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.Scott DisavinoThomson ReutersCovers the North American power and natural gas markets.

U.S. oil rig count falls by the most since September, Baker Hughes says.

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 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 as traders anticipated a strong counter move from a Federal Reserve looking to cool the economy and in particular a heated labor market. However, the Dow Jones Industrial Average ended the day positive, rising about 74 points following a day of choppy trading.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.A more encompassing view of unemployment that includes those holding part-time jobs for economic reasons as well as discouraged workers not looking for jobs was unchanged at 6.7%.Back to pre-pandemicDespite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job rise 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.Previous months' totals were revised slightly, with May raised by 2,000 to 386,000 and June up 26,000 to 398,000."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 BLS 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 of 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 June from a year ago, the fastest rate since November 1981.Correction: Prices jumped 9.1% in June from a year ago. An earlier version misstated the month.

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

Brothers of Italy party leader Giorgia Meloni arrives for a meeting at the Quirinale Palace in Rome, Italy January 29, 2021. REUTERS/Guglielmo Mangiapane/File PhotoRegister now for FREE unlimited access to Reuters.comROME, Aug 5 (Reuters) - Italy's far-right leader Giorgia Meloni said it would be a "great honour" if she were the first woman to lead the country, with her Brothers of Italy party topping the polls ahead of an election next month.The conservative alliance led by Brothers of Italy includes the rightist League and the more moderate Forza Italia party of former prime minister Silvio Berlusconi. It is currently polling at around 45%. [nL8N2ZG2SU[The allies have agreed to follow their customary rule that the party with the most votes in the coalition will choose the prime minister if they win the Sept. 25 election, leaving Meloni in pole position for the job.Register now for FREE unlimited access to Reuters.com"I could be the first woman leading the Italian government in all our history and that would be absolutely a great honour," Meloni told U.S. network Fox Business.Meloni's group polled just 4% in the 2018 election, but is now seen winning more than 23%, making it Italy's largest party ahead of the main centre-left group, the Democratic Party (PD).Meloni, 45, said leading a nation like Italy at this moment would also entail significant burdens, mentioning inflation and the energy crisis affecting Europe.She remarked her party endorsed the decision of the outgoing government of Prime Minister Mario Draghi to ship weapons to Kyiv, although it was in opposition at the time.Meloni's League and Forza Italia allies, which were both in Draghi's coalition, have been much more ambivalent, reflecting their historically close ties with Russian President Vladimir Putin. read more Meloni said he would pursue Italy's independence from Russian gas and focus on alternatives to supplies from Moscow.Italy has been striking a series of deals to reduce its reliance on Russian gas and in June Draghi said Rome had managed to decrease its dependence to 25% from 40% in 2021. read more Register now for FREE unlimited access to Reuters.comReporting by Angelo Amante Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Meloni says would be honour to be Italy's first female PM.

U.S. Updated on: August 5, 2022 / 5:13 PM / CBS News 2 killed in lightning strike near White House Two killed in lightning strike near White House 02:35 Three people who were critically injured in a lightning strike outside the White House have died, police confirmed to CBS News Friday. One other remained hospitalized with life-threatening injuries.James Mueller, 76, and Donna Mueller, 75, of Janesville, Wisconsin, died of their injuries after the lightning strike in Lafayette Park, located directly outside the White House complex, the Metropolitan Police Department said.The Muellers' niece, Michelle McNett, said in a statement the couple were high school sweethearts who were on a trip to celebrate their 56th wedding anniversary. They leave behind five children, 10 grandchildren and four great-grandchildren. "The family asks for privacy and prayers as they navigate through this sudden tragedy," McNett said. Family members tell News 3 Now that Jim and Donna Mueller were high school sweethearts celebrating their 56th wedding anniversary in Washington, D.C. when they were hit by lightning outside the White House last night. NEW DETAILS: https://t.co/PjkkioVEhU pic.twitter.com/UCMB7MMidR— News 3 Now / Channel 3000 (@WISCTV_News3) August 5, 2022 A 29-year-old man died on Friday, one day after the strike, the Metropolitan Police Department said. It did not release any other information about the victim pending notification of kin. One woman remains in the hospital, the police department said. Her identity was not immediately released.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. "We are saddened by the tragic loss of life after the lightning strike in Lafayette Park," White House Press Secretary Karine Jean-Pierre said in a statement. "Our hearts are with the families who lost loved ones, and we are praying for those still fighting for their lives."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

3 dead, 1 in critical condition after lightning strike near White House.

The cost of making ends meet can vary by as much as $80,000, depending on which state you live in, a new analysis finds.The median annual living wage — defined as the minimum amount you need to cover expenses while saving for retirement  — is $61,617 per household in the U.S., according to calculations by personal finance website GOBankingRates.However, in the 15 states with the highest threshold for a living wage, you'll need to earn $70,000 or more to cover expenses. Out of 50 states, the highest living wage is $132,912 in Hawaii and the lowest is $51,754 in Mississippi.Here's a look at the 15 states with the highest living wage thresholds:Hawaii: $132,912New York: $101,995California: $94,778Massachusetts: $86,480Alaska: $85,083Oregon: $82,926Maryland: $82,475Vermont: $78,561Connecticut: $76,014Washington: $73,465Maine: $73,200New Jersey: $72,773New Hampshire: $72,235Rhode Island: $71,334These states tend to have higher costs for homes, taxes, food, health care, utilities and transportation. Compared to other states, the remote islands of Hawaii have a limited supply of land and higher import costs for goods, which accounts for its No. 1 ranking.The silver lining is that, generally, people living in these states tend to get paid more. All of the 15 top-ranked states have household incomes above the national median of $65,712 — with the exception of Maine, which is $63,440 — according to 2020 data provided by the St. Louis Federal Reserve. Most of these states have a median household income in the $70,000 to $90,000 range, with Maryland's median household income of $94,384 leading the pack. Of course, many people in these states are paid a minimum wage and earn less than $31,200 per year, based on a 40-hour work week — well below the threshold of a living wage.GOBankingRates defines "living wage" as the income you'll need to cover necessary and discretionary expenses while still contributing to retirement savings.Estimates for these expenses were calculated using the most recent consumer expenditure data from the Bureau of Labor Statistics. The analysis then uses the 50/30/20 rule, which divides income by 50% for necessities like rent or food, 30% for discretionary expenses like going to a movie, and 20% for savings or investments. Salary data is from a 2020 study, so those numbers might be slightly higher now, due to wage inflation. Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: I spent 5 years interviewing 225 millionaires. Here are the 4 types of rich people and their top habits

15 U.S. states where you need to earn more than $70,000 to make ends meet.

Alex Jones attempts to answer questions about his emails 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 REUTERS Register now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Revelations that conspiracy theorist Alex Jones may have lied on the stand in a defamation lawsuit by parents of a child slain in the 2012 Sandy Hook mass shooting made for a dramatic moment in a high-profile trial, but it would be unusual for prosecutors to follow through with perjury charges, lawyers said.A jury in Austin, Texas, on Thursday said Jones should pay $4.1 million to the plaintiffs for falsely claiming the shooting was a hoax. The jury began deliberating on Friday on how much Jones should pay in punitive damages. read more During the final day of testimony on Wednesday, a lawyer for the parents made the unusual disclosure that Jones' lawyer had inadvertently sent him a file containing text messages from Jones' phone about the Sandy Hook shooting. read more Register now for FREE unlimited access to Reuters.comThe revelation was significant because Jones has maintained that he had searched his phone for such messages and never found any.The lawyer for the parents, Mark Bankston, in questioning Jones about the texts, asked him if he knew the definition of perjury.Jones replied that the suggestion he had lied was "ridiculous."Travis County Judge Maya Guerra Gamble on Thursday denied Jones' motion for a mistrial based on the disclosure. read more Perjury charges are rare in Texas, even when parties in civil lawsuits are caught giving false testimony, according to criminal defense lawyers who practice in the state.But prosecutors in liberal Travis County, where Jones' radio show and right-wing webcast InfoWars is based, could be more inclined to charge Jones because of his incendiary conservative views and his mockery of the legal system during the defamation case, said Lisa Shapiro Strauss, a lawyer in Houston.“The political motivation may be there to make an example of him,” Strauss said.Lawyers for Jones and the family that sued him, and the Travis County District Attorney's office, did not respond to requests for comment.If Jones were charged it would likely be for aggravated perjury, a felony punishable by two 10 years in prison, because his comments were made in court testimony, lawyers said. Lying under oath outside of court, such as in a deposition or police statement, is a misdemeanor in Texas.Prosecutors would have to closely review Jones’ testimony about the text messages before deciding whether to bring a perjury charge, according to Benson Varghese, a Fort Worth, Texas-based defense lawyer.Varghese said that if Jones has claimed only that he could not find the messages, prosecutors could have a difficult time proving that he intentionally lied about their existence.“The mere fact that the text messages exist does not necessarily mean he found them” and then lied about it, Varghese said.Gamble, the judge presiding over the defamation case, can refer the matter to local prosecutors, which would likely raise the chances that Jones is charged, lawyers said.Gamble has repeatedly admonished Jones and his legal team during four years of litigation in the case and has suggested that Jones lied under oath about complying with discovery requests and his company's financial situation.Earlier this week, the judge warned Jones against lying on the stand, telling him, "Just because you claim to think something is true does not make it true."But Gamble has refrained from imposing sanctions on Jones in the defamation case, suggesting his statements may be insufficiently serious to warrant perjury charges, said Nick Bunch, a white-collar defense lawyer in Dallas."It's very unlikely that it turns into a criminal prosecution," Bunch said.Register now for FREE unlimited access to Reuters.comReporting by Daniel Wiessner in Albany, N.Y., and David Bario in Hopewell, N.M. Editing by Alexia Garamfalvi and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.Daniel WiessnerThomson ReutersDan Wiessner (@danwiessner) reports on labor and employment and immigration law, including litigation and policy making. He can be reached at daniel.wiessner@thomsonreuters.com.

Alex Jones may have lied in court, but perjury charge would be unusual.

Register 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 carrying around 50 migrants from Bolivia, Colombia, Ecuador, Honduras and Venezuela. Volunteers were helping to steer people who had no relatives in town to city resources."Most of them don't have anybody to help. They don't know where to go, so we're taking them to shelters," said one volunteer at the bus station, Evelin Zapata, from a group called Grannies Respond.Register now for FREE unlimited access to Reuters.comOne family of four from Colombia, who ended up at a homeless intake center in the Bronx, were unsure of where they would spend the night. Byron and Leidy, both 28, said they left the country's capital Bogota because they were having trouble finding work. They did not provide their last name."It's a little easier to enter the country now, before it was very hard to come here with children," said Leidy, who traveled with her kids Mariana, 7, and Nicolas, 13. She said the family had hoped someone they knew in New York would take them in, but that plan did not work out. "We came here because they said they would help us find a place to sleep to not have to stay in the street," Leidy said.Abbott, who is running for a third term as governor in November elections, has already 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 Biden came into office in January 2021 pledging to reverse many of the hardline immigration policies of his Republican predecessor, former President Donald Trump, but some efforts have been blocked in court.Abbott 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.'POLITICAL PAWNS'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 BelloAdams' office has in recent weeks criticized the busing 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.White House press secretary Karine Jean-Pierre on Friday called the Texas initiative "shameful" and an unnecessary burden on taxpayers in that state.Costs for the effort amounted to $1.6 million in April and May, a local NBC News affiliate reported in June, more than $1,400 per rider.Texas officials declined to provide the cost when asked by Reuters.Washington Mayor Muriel Bowser has also said her city's shelter system has been strained 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.Bowser suggested on Friday that she would submit a more targeted troop request, reiterating her stance that the federal government should handle what she called a "growing humanitarian crisis.""If the federal government's not going to do it, they need to at least get out of our way and give us the resources that we need," she told reporters.Many migrants are arriving after long and difficult journeys through South America.Venezuelan migrant Jose Gregorio Forero said before traveling more than a day by bus from Texas he had crossed through eight countries. "It's taken 31 days to get here, on foot and asking for rides," he said, saying he was glad to be in New York where he thought there would be more job opportunities.New York City, he said, "is very beautiful. I love it."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 and Jeff Mason in Washington, Roselle Chen and Dan Fastenberg in New York; 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.

"The past two years have been an absolutely nightmare of supply chain disruptions, one thing after another, and we are not out of it yet," Tesla CEO Elon Musk said.Patrick T. Fallon | ReutersThe Twitter-Elon Musk saga continued this week, as the two parties traded barbs in legal filings ahead of a five-day trial that's scheduled to start Oct. 17.Newly released legal documents from lawyers representing Musk in a countersuit against Twitter claim the social media company engaged in a scheme to "mislead investors" by providing false numbers in financial filings with the Securities and Exchange Commission. Musk says Twitter's platform has at least double the number of bots the company claims in SEC filings and fewer "monetizable daily active users" than claimed.Twitter responded that the billionaire CEO of Tesla and SpaceX is making incorrect assumptions, and looking for an excuse to back out of his $44 billion agreement in April to buy the social network.Both sides are building their case as they head to court in Delaware to resolve their initial dispute over whether Musk has to follow through with the deal.The drama began in early April, when Musk disclosed a significant stake in Twitter. After Musk agreed to join Twitter's board, he reversed course and instead offered to buy the company or sell his Twitter holdings.Twitter was initially opposed to the deal, and sought another route, but eventually came to an agreement to sell to Musk for around $54.20 per share. After that, as the market tanked and Twitter's share price declined, Musk started badmouthing Twitter in public in a clear effort to get out of the deal.Here's a rundown of the latest developments based on new, and some previously confidential, filings to the court from both parties:Numbers 'far from true'In a legal filing, Musk accused Twitter of including statements in its SEC disclosures that "were far from true." Through his corporate law firm Skadden-Arps, Musk said that Twitter is "miscounting the number of false and spam accounts on its platform" to give a rosy picture to investors.Musk has complained about scams, spam and bots on Twitter for years.In a press release announcing his agreement to buy Twitter, Musk wrote that "defeating the spam bots," was one of his goals and motivations for taking over the company.Twitter responded in a separate filing in the Delaware court this week that Musk and his team have "spent months trying to invent a spam disclosure problem and have found nothing."Ill-defined metricsMusk's attorneys also said in their countersuit that Twitter's "monetizable daily active users," or mDAU, are "not as closely tied to revenue as Twitter leads the public to believe." They allege that Twitter does not accurately explain to shareholders or to Musk how they derive the key metric of mDAU.In response, Twitter said that Musk never brought up concerns about mDAU as a reason to terminate the deal.Musk's allegations about misleading mDAU statistics "are a newly invented litigating position," Twitter's lawyers wrote. Additionally, Twitter said it "accurately discloses in its SEC filings" how it defines the mDAU metric and its significance to the company. Reliance on filingsMusk said, in his countersuit, that he relied on Twitter's SEC filings to ascertain details about the social network's business and challenges.What Musk doesn't say is that he's been friends for years with former Twitter CEO Jack Dorsey. As CNBC reported in January 2020, the two executives even exchanged ideas about how to improve Twitter.Musk also has a longstanding business relationship with Silver Lake, a financial firm run in part by Twitter board member Egon Durban. Silver Lake was a big and early backer of SolarCity, where Musk was chairman, and was reportedly one of the firms advising Musk when he said he was considering taking Tesla private for $420 a share, and had "funding secured" to do so.  Twitter reiterated in its filings that the company's "SEC disclosures are accurate" and that company "misrepresented nothing." Twitter said Musk's claims "are not supported by any facts.""Musk sought an urgent deal, undertook no due diligence, and offered a self-described 'seller friendly' merger agreement that contained no representations about false or spam accounts or mDAU," the Twitter lawyers wrote.StonewallingMusk said Twitter rebuffed his team, failing to hand over requested and necessary information about bots and spam on the platform. The complaint doesn't mention that Musk has said he may start a competing social media platform.Twitter attorneys alleged that "Musk invents representations Twitter never made and then tries to wield, selectively, the extensive confidential data Twitter provided him to conjure a breach of those purported representations."The lawyers said that Musk "incoherently asserts" that Twitter "breached the merger agreement by stonewalling his information requests."Double the botsIn accusing Twitter of having at least twice as many bots on its platform as the company disclosed, Musk's team relied on "accounts visible on the Firehose using the University of Indiana Botometer tool," the counterclaim says.Twitter questioned Musk's methods of analyzing spam and bots, particularly the use of the Botometer tool. The lawyers wrote that this tool "applies different standards than Twitter does and which earlier this year designated Musk himself as highly likely to be a bot."WATCH: Twitter legal team subpoenas Elon Musk associates related to deal breakup

Twitter-Musk drama escalates as both sides hurl claims of bad behavior in new filings.

MoneyWatch August 5, 2022 / 10:34 AM / MoneyWatch Equifax's credit score error Equifax accidentally sends out wrong credit scores 03:02 Equifax this week admitted that it misreported some consumers' credit scores, potentially affecting applications for mortgages, auto loans or credit cards.The Wall Street Journal on Tuesday reported that, between March 17 and April 6, the company sent out millions of incorrect credit scores for consumers. Yet Equifax said that less than 300,000 customers had their credit scores change by 25 points or more in either direction. Errors in how different elements in a credit report are weighted led to the swings, the company said.A 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-week 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. Although Equifax said the underlying information was not changed, a credit-score shift of 25 points can make the difference between being approved or denied financial products as well as affect how much interest you pay. Read on to learn whether the errors affect you, and what you can do if your credit score was affected. Did you apply for a loan or credit this spring?Unless you applied for a loan, credit card or other financial products between March 17 and April 6, it's hard to know if you were affected by Equifax's scoring errors."If you haven't been monitoring your credit score and your credit report regularly, how would you know?" said Bruce McClary, senior vice president of membership and communications at the National Foundation for Credit CounselingHowever, "If you went to a lender and were rejected … that might be a clue that you were possibly a victim," he said. What did the lender say?If you were turned down for a loan, or if you received worse financial terms because you were considered a credit risk, the lender is required to send you a notice explaining the decision.  McClary advises going back to the rejection notice to see what factors were involved. If you can't find it, call up the lender and ask if they can pull it from their record."You want to be very sure what caused the lender to decline your application," he said."It's not right to assume it's always going to be the credit score," McClary added. "Maybe your debt-to-income ratio wasn't what they wanted. Maybe your employment history didn't reflect the kind of stability they were looking for."There are two types of notices lenders send when they deny credit, according to the Federal Trade Commission. If you were denied based on information in a consumer report, the lender is required to send an "adverse action notice." If you received less generous terms, the lender must send a "risk-based pricing" notice. If you applied for a credit card or loan and haven't received either notice, you were not adversely affected by the Equifax error, according to Nerdwallet. Check your credit reportThe next step is to request your credit report. Consumers are entitled to a free credit report periodically, which they can request from annualcreditreport.com. If anything in the report is wrong, dispute it. You can also try calling Equifax's support line at 1-888-378-4329.Once any issues on your credit report have been corrected, "It's worth going back and asking for a reconsideration. That means applying for the loan again," McClary said. McClary noted that the current case is unusual. Unlike financial institutions that have been hit by data breaches, Equifax has not reached out to customers to alert them about the issue.The credit bureau did not answer questions from CBS MoneyWatch on whether it plans to contact customers.Some lawmakers are now pushing the company to explain the error and compensate any customers who were affected. 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

Has the Equifax credit report error affected you? Here's how to find out.

MoneyWatch August 5, 2022 / 11:33 AM / MoneyWatch Elon Musk, the world's wealthiest person, said his main home is now a three-bedroom property that he bought for $45,000, chiefly for its location in Boca Chica, Texas, near his SpaceX facility."It cost like $45,000 or something," Musk said on the Full Send podcast, which aired late Thursday. "It's very small."The home is within walking distance of the facility where SpaceX is working on building "a giant rocket," Musk added. He noted that he also has a Boxable tiny home in Boca Chica, which he uses as a guest house for friends who come to visit.  Musk, who is worth an estimated $268 billion, has long drawn attention for his unusual lifestyle, such as a recent report that he had twins with of his top executives last year, or roughly around the time he had a second child with the musician Grimes."Friends of mine come and they can't believe I'm staying in this house," Musk said in the podcast. Asked if he likes staying there, Musk responded, "If I'm there by myself, it's fine." The home was originally a two-bedroom property, but Musk said he converted the garage into a third bedroom. He added that he's trying to change the name of the street from Weems Street to Meme Street. Twitter reports low earnings amid Elon Musk deal fallout 03:44 That $45,000 price tag is extremely low for a U.S. home, with the median listing price reaching $450,000 in June, according to Realtor.com. Musk didn't mention when the house was bought, which could have occurred prior to the run-up in home prices during the pandemic. One property currently for sale on Weems Street, a 1,000-square foot home listed as a "fixer upper" for "SpaceX enthusiasts," is listed for $375,000.Musk hasn't always lived in a modest home. The billionaire reportedly held a real estate portfolio worth $100 million at one point, although in 2020 he declared on Twitter that he was selling his properties and vowed to "own no house." In December, it was reported Musk was actually living in an Austin mansion owned by Ken Howery, according to the Wall Street Journal. Howery, who co-founded PayPal along with Musk and others, bought the 8,000-square-foot home in 2018 for $12 million, when it was the most expensive property in Austin, according to Forbes. In: Elon Musk 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

Elon Musk says he lives in a $45,000 house: "It's very small".

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd WiegmannRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Tesla Inc (TSLA.O) said on Friday trading in its three-for-one split shares will start on Aug. 25, after the electric vehicle maker's shareholders approved the proposal during its annual meeting.Shareholders of the EV maker voted for board recommendations on most issues at the company's annual meeting on Thursday, including re-electing directors, approving a stock split, while rejecting proposals focused on environment and governance.Chief Executive Elon Musk owns 15.6% of Tesla, according to Refinitiv data, after selling millions of shares last year.Register now for FREE unlimited access to Reuters.comEach stockholder of record on Aug. 17 will get a dividend of two additional shares for each share held, to be distributed after close of trading on Aug. 24, the company said.The new share split comes two years after a five-for-one split helped bring down the price of the high-flying stock within the reach of ordinary investors.While a split does not affect a company's fundamentals, it could buoy the share price by making it easier for a wider range of investors to own the stock.Tesla shares, which debuted at $17 apiece in 2010, rose to more than $1,200 late year after the 2020 stock split, taking the company's market capitalization above $1 trillion.Tesla shares, which ended 6.6% lower on Friday, are down about 18% this year.At the Thursday meeting, shareholders narrowly approved an advisory proposal that would increase investors' ability to nominate directors, with 339.2 million votes for the proposal and nearly 319 million votes against it.Shareholder proposal asking Tesla to report its efforts in preventing racial discrimination and sexual harassment annually was rejected, with 350.7 million votes against it versus 310 million votes for the proposal. read more Register now for FREE unlimited access to Reuters.comReporting by Yuvraj Malik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Tesla sets Aug 25 as trading day for three-for-one split shares.

Air travelers wait in the ride share lot near a sign for Uber at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.Mario Tama | Getty ImagesShares of gig economy companies Uber, Lyft, DoorDash and Airbnb popped this week after each posted quarterly reports that showed strong demand.Lyft finished the week up 46% and Uber jumped 37%, the best week ever for both stocks. DoorDash closed up 15% and Airbnb rose for a third straight week, climbing 5.5%.Investors are encouraged to see that gig companies in the consumer market are, so far, withstanding inflationary pressures that have rocked other sectors like retail. And it may be an indication that grocery delivery platform Instacart can form a stronger pitch for an IPO. Instacart confidentially filed for an IPO in May, though it's had to bring its private market valuation down.Uber CEO Dara Khosrowshahi said he's noticed a change in consumer spending from retail to services. And inflation may have even helped. Khosrowshahi said Uber saw a boost in drivers on the platform as consumers look to other ways to increase their income.Airbnb, meanwhile, posted an all-time high in bookings. DoorDash said it had a record number of orders. Lyft, which still had a net loss, posted its highest adjusted earnings figure in history.Here are some of the highlights:Uber reported revenue of $8.07 billion, well above analyst estimates of $7.39 billion. Khosrowshahi said that driver engagement reached another post-pandemic high during the quarter.Lyft reported a 16% increase in active riders, to 19.9 million, the highest since the start of the pandemic.DoorDash posted better-than-expected revenue. Though it reported a wider loss per share than estimated, the company recorded 23% growth in the total number of delivered orders. Shares of Airbnb were up for the third week in a row. The company posted higher-than-expected earnings on Tuesday and revenues in line with expectations for the second quarter. Airbnb said gross nights booked for cross-border travel exceeded pre-pandemic levels and doubled compared to the same period last year.

Gig economy stocks popped this week after showing strong demand for their services.

Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - The roughly $430 billion climate, drugs and tax bill that U.S. Senate Democrats are trying to push through Congress will include a new excise tax on stock buybacks, Majority Leader Chuck Schumer said on Friday.Lawmakers agreed to add that provision after reaching a deal with Democrat Kyrsten Sinema, a maverick who has often stood in the way of President Joe Biden's priorities, to drop another provision that would have imposed new taxes on carried interest."We are adding in an excise tax on stock buybacks that will bring in $74 billion," Schumer told reporters. He did not provide the effective date for the new tax if the legislation is enacted into law.Register now for FREE unlimited access to Reuters.com"I hate stock buybacks," Schumer said, adding, "I think they are one of the most self-serving things that corporate America does." The New York Democrat said that companies instead should be investing in worker training, research, modernizing equipment and other activities.Democrats are currently awaiting a ruling from the chamber's parliamentarian on whether they can use a special procedure to pass the bill by a simple majority, rather than the normal 60 of 100 votes required, to bypass united Republican opposition.They currently plan to hold an unusual weekend session to push forward on the bill, which would deliver on key goals of the Biden administration ahead of the Nov. 8 midterm elections, when control of Congress is at stake.All 100 senators will be given an opportunity over the weekend to amend the legislation, amid solid Republican opposition.U.S. Senate Majority Leader Chuck Schumer (D-NY) departs after a news conference to tout the $430 billion drug pricing, energy and tax bill championed by Democrats at the U.S. Capitol in Washington, U.S. August 5, 2022. REUTERS/Jonathan ErnstThe bill, called the Inflation Reduction Act, was unveiled last week by Schumer and Senator Joe Manchin, who like Sinema has often blocked the party's agenda.It aims to reduce prescription drug costs by allowing Medicare, the government-run healthcare plan for the elderly and disabled, to negotiate prices on a limited number of drugs.It also would address climate change through new investments in non-carbon emitting energy, while improving tax collections on companies and wealthy individuals.The bill as initially written would have spent around $430 billion, while reducing government budget deficits by around $300 billion.The final price tag could change once the legislation is formally introduced this weekend, if all goes as planned.Sinema revealed late on Thursday that she would support the bill with some changes, including adding funding for drought relief.Sinema said she would not back the bill unless Democrats nixed the carried interest provision, a longstanding Wall Street tax break that let many private equity and hedge fund financiers pay a lower capital gains tax rate on much of their income, instead of the higher income tax rate paid by wage-earners.In its place, Democrats added the excise tax, which is estimated to bring in over $70 billion.Register now for FREE unlimited access to Reuters.comReporting by Moira Warburton, Rose Horowitch and Richard Cowan; Editing by Scott Malone and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

U.S. Senate's $430 billion climate bill to add tax on stock buybacks.

U.S. August 5, 2022 / 5:54 PM / CBS/AP A Texas jury has ordered far-right conspiracy theorist Alex Jones to pay the parents of a victim of the Sandy Hook school shooting $45.2 million in punitive damages. The same jury a day earlier awarded the family $4.1 million in compensatory damages, after Jones had been found liable for defamation by a judge over his claims the shooting was "a hoax."Neil Heslin and Scarlett Lewis, whose 6-year-old son Jesse was one of 20 children and six adults killed during the 2012 shooting at Sandy Hook Elementary School in Newtown, Connecticut, sued Jones and his media company, Free Speech Systems, in 2018. The couple originally sought at least $150 million in damages.The decision comes after a week and a half of sometimes emotional testimony in the trial, as Heslin and Lewis described how their lives were affected by Jones' false claims.  "I can't even describe the last nine and a half years, the living hell that I and others have had to endure because of the recklessness and negligence of Alex Jones," Heslin said in testimony Tuesday, describing the abuse the couple suffered from Jones' followers. The two said people shot at their home and car and received threatening emails, among other harassment."Jesse was real. I am a real mom," Lewis said in her testimony, addressing Jones. "...I know you know that, and that's the problem."  Jones shook his head in response."I know you believe me," she said. "And yet you're going to leave this court house and you're going to say it again on your show." The "Infowars" host, who faces two more damages trials related to his false claims the shooting was staged, admitted in his testimony the shooting was "100% real" but slammed the trial as a "kangaroo court" Jones and his company Free Speech Systems are worth up to $270 million, economist Bernard Pettingill, who was hired by the plaintiffs to study Jones' net worth, testified Friday. Pettingill said records show that Jones withdrew $62 million for himself in 2021, when default judgments were issued in lawsuits against him. "That number represents, in my opinion, a value of a net worth," Pettingill said. "He's got money put in a bank account somewhere."The money that flows into Jones' companies eventually funnels its way to him, said Pettingill, who added that he has testified in approximately 1,500 cases during his career."He is a very successful man," Pettingill said, calling Jones a "maverick" and "revolutionary" for finding ways to monetize his online messaging.Jones — who was in the courtroom briefly Friday but left before Pettingill's testimony — told jurors earlier this week that any award over $2 million would "sink us." And a week ago, his company Free Speech Systems, which is Infowars' parent company, filed for federal bankruptcy protection.Jones faces penalty trials in two more lawsuits, one in Texas and one in Connecticut, brought by families of the victims in the Sandy Hook shooting. Judges in each of those trials have already issued default judgments against Jones. 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

Jury awards parents of Sandy Hook shooting victim an additional $45.2 million in punitive damages in Alex Jones defamation case.

An ambulance drives outside a hospital for patients infected with the coronavirus disease (COVID-19) on the outskirts of Moscow, Russia February 1, 2022. REUTERS/Maxim ShemetovRegister now for FREE unlimited access to Reuters.comMOSCOW, Aug 5 (Reuters) - Russia has registered a total of 820,307 COVID-related deaths since the start of the pandemic in the country in April 2020, the state statistics service Rosstat said on Friday.It said 4,991 people had died of COVID-19 or related causes in June, down from 7,098 in May.Russia recorded more than 965,000 excess deaths between April 2020 and June 2022 compared with the average mortality in 2015-2019, Reuters calculations showed.This number decreased in June, because about 9,900 fewer people than average died in that month.Some epidemiologists say that calculating excess deaths is the best way to assess the true impact of a pandemic.Register now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.

Russia's official toll of COVID-related deaths exceeds 820,000.

Alex Jones attempts to answer questions about his emails 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 REUTERS Register now for FREE unlimited access to Reuters.comAug 5 (Reuters) - U.S. conspiracy theorist Alex Jones must pay the parents of a 6-year-old boy killed in the 2012 Sandy Hook massacre $45.2 million in punitive damages - on top of $4.1 million in compensatory damages already awarded - for falsely claiming the shooting was a hoax, a Texas jury decided on Friday.Neil Heslin and Scarlett Lewis, separated parents of slain 6-year-old Jesse Lewis, testified that followers of Jones harassed them and sent them death threats for years in the false belief that they were lying about their son's death in the Dec. 14, 2012, shooting that killed 20 children and six staff at Sandy Hook Elementary School in Newtown, Connecticut.The 12-person jury on Thursday decided on the compensatory damages following a two-week trial in the defamation lawsuit presided over by Judge Maya Guerra Gamble in state court in the Texas capital of Austin, where Jones' radio show and webcast Infowars are based.Register now for FREE unlimited access to Reuters.comThe parents had sought $145.9 million in punitive damages and $150 million in compensatory damages. Compensatory damages are awarded to cover a plaintiff's suffering and losses. Punitive damages are awarded to punish a defendant's actions.Jones, who has been a prominent figure in American right-wing circles and a supporter of former President Donald Trump, had called the Sandy Hook massacre a hoax by the U.S. government staged using crisis actors to serve as a pretext for taking away Americans' guns."We ask that you send a very, very simple message, and that is: stop Alex Jones. Stop the monetization of misinformation and lies," Wesley Todd Ball, a lawyer for the parents, told jurors earlier on Friday before they began deliberations on punitive damages.The Sandy Hook gunman, Adam Lanza, used a Remington Bushmaster rifle to carry out the massacre. It ended when Lanza killed himself with the approaching sound of police sirens.An attorney for Jones, Federico Andino Reynal, asked jurors to return a verdict of $270,000 based on the number of hours Infowars devoted to Sandy Hook coverage.Forensic economist Bernard Pettingill testified on Friday on behalf of Lewis' parents that Jones "promulgated some hate speech and some misinformation" and "made a lot of money." Jones and Infowars are worth between $135 million and $270 million combined, Pettingill said.Jones sought to distance himself from the conspiracy theories during his testimony, apologizing to the parents and acknowledging that Sandy Hook was "100% real."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.During closing arguments on Wednesday, Kyle Farrar, a lawyer for the parents, urged the jury to end what he called their nightmare and hold Jones accountable for profiting off their son's death. Reynal acknowledged during his closing argument that Jones and Infowars reported "irresponsibly" on Sandy Hook but said his client was not responsible for the harassment.The plaintiffs also have accused Jones of approaching the trial in bad faith, citing broadcasts in which he said the proceedings were rigged against him and that the jury pool was full of people who "don't know what planet they're on."Register now for FREE unlimited access to Reuters.comReporting by Jack Queen in New York; Editing by Will Dunham, Howard Goller and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Jury awards $45.2 million in punitive damages in Alex Jones Sandy Hook trial.

The United States Patent and Trademark Office (USPTO) is seen in Alexandria, Virginia, U.S. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comSummaryLaw firmsRelated documentsThaler had asked for patents on behalf of his AI systemCourt affirms ruling that patent 'inventor' must be human being(Reuters) - An artificial intelligence system cannot be an inventor under United States patent law, a U.S. appeals court affirmed Friday.The Patent Act requires an "inventor" to be a natural person, the U.S. Court of Appeals for the Federal Circuit said, rejecting computer scientist Stephen Thaler's bid for patents on two inventions he said his DABUS system created.Thaler said in an email Friday that DABUS, which stands for "Device for the Autonomous Bootstrapping of Unified Sentience," is "natural and sentient."Register now for FREE unlimited access to Reuters.comHis attorney Ryan Abbott of Brown Neri Smith & Khan said the decision "ignores the purpose of the Patent Act" and has "real negative social consequences." He said they plan to appeal.The U.S. Patent and Trademark Office declined to comment on the decision.Thaler has undertaken a global effort to win patents for DABUS. He has lost other bids for patents that name DABUS as their inventor in the European Union and Australia.The PTO and a Virginia court both rejected two Thaler applications for DABUS patents, covering a beverage holder and a light beacon, because the system is not a human being.Thaler challenged the Virginia decision before the Federal Circuit, which hears patent appeals. Abbott told the Federal Circuit during an oral argument in June that the ruling was "at odds with the plain language and purpose of the Patent Act," which is meant to promote innovation and does not specify that an inventor must be a natural person.But "there is no ambiguity: the Patent Act requires that inventors must be natural persons; that is, human beings," Circuit Judge Leonard Stark wrote Friday for a unanimous three-judge panel.Stark said the Patent Act requires inventors to be "individuals." He said that "individual" means a human being, citing the word's ordinary use and how it used in the Patent Act."For instance, the Act uses personal pronouns – 'himself' and 'herself' – to refer to an 'individual," Stark said. "It does not also use 'itself,' which it would have done if Congress intended to permit non-human inventors."Thaler's argument that awarding patents to AI systems would encourage innovation was "speculative," Stark said. He also dismissed Thaler's concerns that denying AI patents would undermine the purpose of patents outlined in the U.S. Constitution to "promote the progress of science and the useful arts."The case is Thaler v. Vidal, U.S. Court of Appeals for the Federal Circuit, No. 21-2347.For Thaler: Ryan Abbott of Brown Neri Smith & KhanFor the PTO: Dennis Barghaan of the U.S. Attorney's Office for the Eastern District of VirginiaRead more:Artificial intelligence can be a patent 'inventor,' U.S. appeals court toldCase to Watch: Can AI be a patent inventor? Virginia judge asked to weigh inRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.Blake BrittainThomson ReutersBlake Brittain reports on intellectual property law, including patents, trademarks, copyrights and trade secrets. Reach him at blake.brittain@thomsonreuters.com

U.S. appeals court says artificial intelligence can't be patent inventor.

CBS Mornings August 5, 2022 / 11:19 AM / CBS News Biden administration's monkeypox response Dr. Ashish Jha on what the Biden administration is doing about monkeypox 05:24 The U.S. has declared a public health emergency after weeks of pressure to do more to stop the monkeypox outbreak. The U.S. leads the world in infections, and demand for the monkeypox vaccine is overwhelming the supply, with cases roughly doubling by the week in some states.White House COVID response coordinator Dr. Ashish Jha, who is assisting on the monkeypox virus response, told "CBS Mornings" that declaring a public health emergency will help speed up vaccinations, treatment and the acquisition of data to track the outbreak."Thankfully, no one has died, so we are still at a point in this outbreak where I do believe that, while it is very serious, it is not something that is reason for widespread alarm," Dr. Jha said. U.S. cases have surpassed 7,100, with six states reporting more than 500 confirmed cases."The goal of this is still to eliminate this virus — to get it under control and ultimately eliminate it. In terms of vaccines, we have substantially ramped up vaccine acquisition from abroad," Dr. Jha said. "There's one small company in Denmark that makes these vaccines. We have gotten more vaccines than the rest of the world combined. And we're primarily targeting those vaccines to the community where this virus is spreading." The vast majority of cases so far have been found among men who have sex with men, but health officials stress anybody can get it. At least five children and a pregnant woman have contracted the virus.Monkeypox is primarily transmitted through skin-to-skin contact or exposure to contaminated clothing or bedding, but it can also spread through prolonged close exposure to respiratory droplets. Dr. Jha emphasized that most cases are spread through skin-to-skin contact."There is a theoretical risk and then there is the reality," he said. "Ninety-eight percent of the cases so far have been among gay and bisexual men. It is largely spreading through prolonged skin-to-skin contact." While it is rarely fatal, patients say monkeypox is excruciating.San Francisco was the first major city to declare a public health emergency, and this week, lines formed around the block outside Zuckerberg General Hospital for the vaccine. And in Washington state, some residents are even driving to Canada for shots.Dr. Jha said those seeking the vaccine should look up their local health department."Almost every state has a website on monkeypox, you can go to that, it will tell you where vaccines are available," he said. In: Monkeypox 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

Monkeypox very serious, but no reason for widespread alarm, White House doctor says.

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 & 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, board member and interim CEO Sue Gove said the company's sales results were "not up to our expectations."Jason Haas, a retail analyst at 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 Covid 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 in its fiscal first quarter, 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.

Politics August 5, 2022 / 10:41 AM / CBS/AP Andy Ogles speaks to supporters after being declared the winner in Tennessee's 5th Congressional District Republican primary, Aug. 4, 2022, in Franklin, Tenn. Mark Humphrey / AP Andy Ogles, a far-right county mayor, won Tennessee's crowded Republican primary on Thursday in a reconfigured congressional district in left-leaning Nashville that the party is hoping to flip in November. In a warning ahead of the general election, he said, "Liberals, we're coming for you." Ogles, the Maury County mayor and onetime leader of the Koch-backed Americans for Prosperity's state chapter, emerged among nine candidates after a hard-fought primary for the state's 5th Congressional District. The seat drew heavy interest from Republicans after GOP state lawmakers carved Nashville into three districts, leading incumbent Democratic Rep. Jim Cooper to announce his retirement."We're at war. This is a political war, a cultural war, and it's a spiritual war," Ogles said in his victory speech. "And as we go forward, we've got to get back to honoring God and country."Ogles will face Democratic state Sen. Heidi Campbell in November. The new district favored Donald Trump over Joe Biden by 12 percentage points in 2020. Voters in Tennessee's primary elections also cast ballots for a Democratic gubernatorial nominee to take on Republican Gov. Bill Lee in November. The Democratic primary remained too early to call Friday morning between Nashville physician Jason Martin and Memphis City Councilman JB Smiley Jr.Smiley would be the state's first Black nominee for governor. Martin, a political newcomer, said he was spurred to run by Lee's hands-off response to the COVID-19 pandemic. Lee will have a strong advantage in November in a state that has not elected a Democrat to statewide office since 2006. He defeated a Democratic opponent by 21 percentage points in 2018. In the congressional race, Ogles won Republican Sen. Ted Cruz's endorsement and overcame a fundraising advantage from his top opponents, former Tennessee House Speaker Beth Harwell and retired Tennessee National Guard Brig. Gen. Kurt Winstead. He also benefited the most from third-party groups, which ran TV ads touting his opposition to COVID-19 mandates and dragging down his opponents as insufficiently conservative.Ogles described the GOP primary as "establishment versus the conservative wing of the party," saying voters were getting a "true conservative" in his nomination. He didn't shy from inflammatory comments during his victory speech, calling for the impeachment of President Joe Biden and Vice President Kamala Harris, as well as treason charges against Department of Homeland Security Secretary Alejandro Mayorkas over the administration's handling of immigration issues.At a debate in July, Ogles accused the Biden administration of "deliberately and intentionally" attacking Americans "by weaponizing COVID" and "destroying our energy policy." "It's time we impeached 'Slow Joe.' It's time we impeached Kamala Harris, and it's time we get rid of Nancy Pelosi," he said.Campbell, who was unopposed in her Democratic primary, said the race was "symbolic of the crossroads" the country finds itself at."One where we move forward together, protecting working families, our freedoms, and future — or one where extreme politicians turn us backward, controlling our lives and ruling for the wealthy few," she said before the GOP primary was called for Ogles.Redrawn congressional districts helped put Tennessee among the states where Republicans hope to flip a seat in a push to reclaim control of the U.S. House. Tennessee held the only statewide elections in the nation Thursday.In the other two Nashville-area districts, the Republican incumbents had no primary opponents. The new maps weight their districts in their favor.In the new 6th District, which includes more of the city, Republican U.S. Rep. John Rose brings a huge fundraising edge into a general election against Democrat Randal Cooper, who defeated a primary opponent. Over in the new 7th District, Republican U.S. Rep. Mark Green ran unopposed and will face Democrat Odessa Kelly, who also didn't face an opponent.But at least in Nashville, anyone who turned on a TV was more likely to see ads for a Republican running for the 5th Congressional District than a candidate for anything else. The election marked the first time voters get a say over a seat that had been subject to months of Republican political brokering.Political infighting over the carefully crafted district that meanders through six counties led the state Republican Party to boot three candidates off the ballot, including Trump's pick, former State Department spokesperson Morgan Ortagus. One of the booted candidates, video producer Robby Starbuck, was attempting a write-in campaign.One local contest stood out Thursday.In the Shelby County district attorney's race, Democratic challenger Steve Mulroy was leading incumbent Republican Amy Weirich, who drew national attention when she prosecuted Pamela Moses, a Black woman, for registering to vote erroneously, resulting in a six-year prison sentence that was later discarded. Weirich has been criticized for failing to say outright whether she will or won't prosecute doctors who perform abortions. Mulroy said he would make abortion prosecutions "extremely low priority."Lee, meanwhile, is the first governor to avoid a primary challenge since Democratic Gov. Ned McWherter in 1990, said Tennessee legislative historian Eddie Weeks.Weeks said he could not find an African American nominee for governor, Democrat or Republican, in state history. Yet, he noted that in 1876, William Yardley, an African American Knoxville official later elected to the county court, ran as an independent when the Republican Party declined to nominate a candidate for governor. Democratic Gov. James Davis Porter won reelection that year.Tennessee had a Black Democratic nominee for U.S. Senate as recently as 2020. In: United States Congress Donald Trump tennessee nashville Elections United States House of Representatives 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

Far-right candidate Andy Ogles wins GOP primary for Nashville U.S. House seat.

When you live exclusively off of your investments, the last thing you want to see is a market downturn. But for Steve Adcock — who retired in 2016 at 35 — the current bear market and potential recession hasn't been a cause for alarm.Despite seeing his net worth drop by more than $200,000 — from $1.4 million to a little under $1.2 million since last year — Adcock hasn't even considered the possibility of returning to full-time work, or even picking up a side hustle."Absolutely, positively not. That's never entered my head even a little bit," says Adcock, who previously worked in information technology for 14 years. "That is the worst-case scenario."I wouldn't go back to a job unless I absolutely had to. I would sell a lot [of stock].Steve AdcockEarly retireeAdcock and his wife Courtney, a fellow early retiree, keep their spending low and have a savings account with two years worth of expenses in it. If the market downturn were to last longer than that, he is prepared to sell off some investments from their retirement funds rather than go back to work."I wouldn't go back to a job unless I absolutely had to. I would sell a lot [of stock]," he says. "I probably wouldn't [let my balance] go down more than $500,000, but I might let it get that low."As for staying level-headed while the market slides, Adcock's secret is simple: Don't spend too much time looking at your money. He spends less than 30 minutes a month checking his account balances, because he has no plans to change his allocations.On top of that, Adcock doesn't like to spend much time watching financial news. Following the daily ups and downs of the market is a recipe for emotional decision-making, he says, which is exactly what he doesn't want to do."Staying out of the nitty gritty financial news is one way that we keep ourselves grounded," he says. "That helps us to make some more intelligent decisions that aren't wrapped up purely in financial emotions."In fact, Adcock says that the only thing he would change about his investments during the current down market is that he would buy more stocks if he had any income coming in."For a lot of people out there who have full-time jobs and make good money, this is absolutely, absolutely the time to buy," he says. "In the last four or five years I don't think there's been a better time to buy than right now. Stocks are on sale, you might as well take advantage of it."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Tony Hawk is entering the world of NFTs with 'the biggest skatepark in the metaverse'

Early retiree's net worth is down over $200,000 since 2021, but he's not going back to work: 'That is the worst-case scenario'.

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.comWASHINGTON, Aug 5 (Reuters) - China's decision to halt bilateral talks on climate change with the United States has cast a cloud of doubt over whether the world can rally enough ambition to address global warming in time to avert its worst impacts.Tackling climate change has been a key area of cooperation between the two superpowers and two biggest emitters of greenhouse gas emissions.But China has suspended talks on the issue less than 100 days before the next landmark international climate summit, COP27, as part of its escalating retaliation over U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan.Register now for FREE unlimited access to Reuters.com"No country should withhold progress on existential transnational issues because of bilateral differences," said John Kerry, the former U.S. Secretary of State, who is currently the Biden administration's top climate diplomat."Suspending cooperation doesn’t punish the United States – it punishes the world, particularly the developing world," he said.Over the last few years, climate change has remained an open avenue for cooperation between the United States and China even as tensions have escalated on other issues like human rights, forced labor, Hong Kong and Taiwan sovereignty, and trade.U.S. and Chinese officials had started to ramp up engagement on climate issues in the lead-up to the COP27 United Nations climate summit, which takes place in Egypt in November.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.Previous bilateral engagement on climate change between the two countries helped pave the way for the Paris Climate Agreement in 2015, and reignited flailing international climate negotiation in Glasgow in 2021.With the pivotal climate summit on the horizon and countries backsliding on the emission reduction pledges they made in Glasgow, a lack of engagement between the superpowers could upend negotiations and sap ambition among other countries, analysts said."The fear is that the U.S.-China tension can become an excuse for those countries that are unwilling to step up," said Bernice Lee, executive director of the Centre for Sustainable Resource Economy at Chatham House."It is definitely important that the international community -- especially vulnerable developing countries - continue making sure that large emitters continue to deliver what they promised," she said.John Kerry, the U.S. Special Envoy on Climate Change, often repeated that the U.S. and China could isolate climate change as an area for joint discussion given its global importance without getting entangled in other complex issues.“By letting geopolitics now be the tail that wags the climate dog, it represents a shift in Beijing’s approach — from seeing the merits of allowing climate to be a standalone 'oasis' in the relationship to instead succumbing to those thinking purely through a geopolitical prism,” said Thom Woodroofe, a fellow at the Asia Society Policy Institute.Domestic pressure may force China to continue to address some of its emissions despite the diplomatic chill. China may forge ahead, for example, with a plan to slash its methane, analysts said. Much of its methane emissions derive from coal mines in the huge producer nation."There's a huge effort right now by policymakers in China to come up with a domestic plan to curb methane emissions," said Joanna Lewis, professor of energy and environment at Georgetown University. "Even if international engagement on this topic comes to a pause, this domestic war on methane is not going to come to a halt because it is very much part of China's strategic plan to control emissions."Other observers say the pause in negotiations may only be temporary and that the U.S. and China have still joined forces even amid years of changing relations."This has always been an up-and-down relationship," said Alden Meyer, a senior associate of consultancy E3G. "I think the question here is this a short term tactical move by Beijing to try to get Washington's attention or is this part of bigger, longer term strategic adjustment by China?"Register now for FREE unlimited access to Reuters.comReporting By Valerie Volcovici; additional reporting by Michelle Nichols at the United Nations; Editing by Doina Chiacu and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

U.S.-China diplomatic breakdown clouds outlook for global climate progress.

U.S. House of Representatives Speaker Nancy Pelosi meets with South Korea's National Assembly Speaker Kim Jin-pyo in Seoul, South Korea August 4, 2022. Kim Min-Hee/Pool via REUTERS/File PhotoRegister now for FREE unlimited access to Reuters.comSEOUL, Aug 6 (Reuters) - North Korea denounced U.S. House of Representatives Speaker Nancy Pelosi on Saturday for supporting deterrence against North Korea during her visit to South Korea this week.Pelosi and her South Korean counterpart, National Assembly Speaker Kim Jin-pyo, vowed on Thursday to achieve North Korean denuclearisation during her stop in South Korea after visiting Taiwan. read more North Korean state media KCNA said Pelosi's remarks were part of a U.S. scheme to escalate tensions in the Korean peninsula. KCNA also said Pelosi was trying to justify hostile American policy against North Korea and support U.S. arms buildup.Register now for FREE unlimited access to Reuters.com"Pelosi, the worst destroyer of international peace and stability, had... incurred the wrath of the Chinese people for her recent junket to Taiwan," the KCNA statement said, citing Jo Yong Sam, director general of the Department of Press and Information at North Korea's Foreign Ministry."The U.S. will have to pay dearly for all the sources of trouble spawned by her wherever she went."North Korea made preparations for a nuclear test during the first six months of this year, according to an excerpt of a confidential United Nations report seen by Reuters on Thursday. read more Register now for FREE unlimited access to Reuters.comReporting by Joyce Lee; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

North Korea denounces Pelosi for deterrence talks during S.Korea visit.

Soccer Football - Europa Conference League - Play Offs First Leg - Fenerbahce v Slavia Prague - Sukru Saracoglu Stadium, Istanbul, Turkey - February 17, 2022 General view inside the stadium before the match REUTERS/Murad Sezer/File PhotoRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Fenerbahce have been handed a one-game partial stadium closure, suspended for two years, after their fans chanted Russian President Vladimir Putin's name in a game against Dynamo Kyiv, European soccer's governing body said on Friday.The chants of "Vladimir Putin" by some Fenerbahce fans came after Vitaliy Buyalskyi put Kyiv ahead in the 57th minute of the Champions League qualifier that the Ukrainian side won 2-1 last month after extra time thanks to Oleksandr Karavaev's goal.An online backlash followed, condemning the Istanbul team's supporters and calling on UEFA to take action against the club. read more Register now for FREE unlimited access to Reuters.comUEFA's Appeals Body fined Fenerbahce 50,000 euros ($50,895) and ordered the partial closure of their Sukru Saracoglu stadium -- which should consist of at least 5,000 seats -- for the next UEFA club competition match that they will host.It said the punishment was for "throwing of objects and transmitting a provocative message of an offensive nature, i.e. illicit chants" and that the partial stadium closure was subject to a "probationary period" of two years.Fenerbahce previously said that the chants lasted 20 seconds and had been prompted by the "exaggerated" celebrations of some Kyiv players after the goal.The club's hopes of competing in Europe's elite Champions League were dashed by the second qualifying round defeat.Russia launched a large-scale invasion of Ukraine in February, describing its actions as a "special military operation."($1 = 0.9824 euro)Register now for FREE unlimited access to Reuters.comReporting by Shrivathsa Sridhar in Bengaluru; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Fenerbahce given one-game partial stadium closure after 'Putin' chants.

Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., July 27, 2022. REUTERS/Elizabeth FrantzRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - U.S. Federal Reserve Chair Jerome Powell had a flurry of activity with his rate-setting colleagues one day before the central bank's June policy meeting, when it pivoted last-minute to a larger-than-expected interest rate hike.Powell met with two regional Fed bank presidents and three board members on Monday, June 13, his monthly schedule published on Friday shows, including a virtual meeting with a member of the Fed Board of Governors for just 10 minutes that day at 3 p.m. (1900 GMT).The Fed's policy meeting was held June 14-15, with its policy decision released at the close of the meeting on Wednesday, June 15.Register now for FREE unlimited access to Reuters.comTypically, the meetings that Powell has with his colleagues in the run-up to policy meetings last 30 minutes each. He had a 15-minute meeting with another unnamed Board member later in the day on June 13. It was the first time he had met more than two policymakers on a Monday preceding a policy meeting since April 2021.That same afternoon the Wall Street Journal reported the U.S. central bank was considering a 75 basis point interest rate hike, which was interpreted as being an informal communication by the Fed and was the catalyst for economists and investors to sharply raise their rate hike forecasts to a 75 basis point move.Fed officials had previously flagged a half percentage point rise as the likely outcome on June 15. The central bank's own rules forbid policymakers' commenting publicly on monetary policy in the 10 days running up to interest-rate-decision meetings.The Fed ended up raising interest rates at the June meeting by 75 basis points, the largest hike in more than a quarter of a century, as it ramped up its battle to quell inflation running at a four-decade high.Following the meeting, Powell told reporters the Fed's hand had been forced over the preceding days by "quite eye-catching" inflation expectations data, as well as data on price pressures the prior Friday, and that he had settled on such an outcome with his colleagues before the meeting.Last week, the Fed raised its benchmark overnight lending rate by another three-quarters of a percentage point to a target range between 2.25% and 2.50%. It has hiked that rate by a total of 225 basis points since March in an increasingly aggressive effort to quash stubbornly high inflation even as recession fears gather pace. read more Register now for FREE unlimited access to Reuters.comReporting by Lindsay Dunsmuir and Ann Saphir; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Fed Chair Powell had flurry of policymaker meetings a day before June rate decision.

World Updated on: August 5, 2022 / 12:46 AM / CBS/AFP China conducts precision launches near Taiwan China conducts precision launches near Taiwan 01:56 China fired ballistic missiles and deployed fighter jets and warships on Thursday as it began its largest-ever military exercises around Taiwan, a show of force sparked by U.S. House Speaker Nancy Pelosi's visit to the island. Pelosi was the highest-profile U.S. official to visit Taiwan in years, defying a series of stark threats from Beijing, which views the self-ruled island as its territory. In retaliation, China launched a series of exercises in multiple zones around Taiwan, straddling some of the busiest shipping lanes in the world and at some points just 12 miles from the island's shore. The drills involved a "conventional missile firepower assault" in waters to the east of Taiwan, the Chinese military said. The aim was to test the precision of the missiles and their ability to deny an enemy access to or control of an area, Eastern Theater Command spokesman Senior Colonel Shi Yi said in a statement. Taiwan said the Chinese military fired several Dongfeng-class ballistic missiles, and condemned the exercises as "irrational actions that undermine regional peace." A TV screen shows that China's military started exercises including live firing on the waters and the airspace surrounding Taiwan, as reported by Chinese state television, in Hong Kong, China August 4, 2022. TYRONE SIU / REUTERS Taipei didn't say where the missiles landed or whether they flew over the island. Agence France-Presse journalists on the border island of Pingtan saw several small projectiles flying into the sky followed by plumes of white smoke and loud booming sounds. On the mainland, at what is said to be China's closest point to Taiwan, AFP saw a batch of five military helicopters flying at a relatively low altitude near a popular tourist spot. Chinese navy ships and military aircraft briefly crossed the median line dividing thee Taiwan Strait several times, the Reuters news agency quoted a Taiwanese source who'd been briefed on the exercises as saying.Taiwan sent jets and deployed missile systems to keep tabs on numerous Chinese aircraft that crossed the line.Reuters reported that its source said, "They flew in and then flew out, again and again. They continue to harass us."The drills will conclude at midday on Sunday, Beijing has said.China's nationalist state-run tabloid Global Times had said, citing military analysts, that the exercises were "unprecedented" and that missiles would fly over Taiwan for the first time.Beijing has defended the drills as "necessary and just," pinning the blame for the escalation on the United States and its allies. "In the current struggle surrounding Pelosi's Taiwan visit, the United States are the provocateurs, China is the victim," foreign ministry spokeswoman Hua Chunying told a regular briefing Wednesday. A Chinese military source also told AFP the exercises would be staged "in preparation for actual combat". "If the Taiwanese forces come into contact with the PLA on purpose and accidentally fire a gun, the PLA will take stern countermeasures, and all the consequences will be borne by the Taiwanese side," the source said. The maneuvers are taking place along some of the busiest shipping routes on the planet, used to supply vital semiconductors and electronic equipment produced in East Asian factory hubs to global markets. Taiwan's Maritime and Port Bureau has issued warnings to ships to avoid the areas being used for the Chinese drills. The Taiwanese cabinet said the drills would disrupt 18 international routes passing through its flight information region (FIR).In Japan, echoing comments she made at her earlier press conference in Taiwan, Pelosi told reporters 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." Taiwan's 23 million people have long lived with the possibility of an invasion, but that threat has intensified under President Xi Jinping, China's most assertive ruler in a generation. Analysts said the Chinese leadership is eager to project strength ahead of a crucial ruling party meeting this autumn at which Xi is expected to be given an unprecedented third term. "China's announced military exercises represent a clear escalation from the existing baseline of Chinese military activities around Taiwan and from the last Taiwan Strait Crisis in 1995-1996," said Amanda Hsiao, senior analyst for China at the International Crisis Group. "Beijing is signaling that it rejects Taiwan's sovereignty." Nevertheless, analysts have told AFP that China isn't aiming to escalate the situation beyond its control -- at least for now. Titus Chen, an associate professor of political science at the National Sun Yat-Sen University in Taiwan, said: "The last thing Xi wants is an accidental war."Ellis Kim contributed to this report. In: Taiwan Nancy Pelosi China 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 starts biggest-ever military drills around Taiwan in wake of Pelosi's visit.

Abbott Laboratories logo is displayed on a screen at the New York Stock Exchange (NYSE) in New York City, U.S. REUTERS/Brendan McDermidRegister now for FREE unlimited access to Reuters.comSummaryLaw firmsRelated documentsAbbott did not oppose MDL in Chicago, where separate claims over preterm illness are pendingClaims that Merck's human papillomavirus vaccine caused autoimmune disease head to North Carolina(Reuters) - A federal judicial panel has created new federal mass tort dockets to handle claims that babies sickened by formula from an Abbott Laboratories plant closed earlier this year over safety concerns, and that Merck & Co Inc's Gardasil vaccine against human papillomavirus caused serious autoimmune conditions.The Judicial Panel for Multidistrict Litigation on Friday transferred 18 lawsuits over the Abbott formula - of which 17 are proposed class actions - to U.S. District Judge Matthew Kennelly in Chicago. A separate multidistrict litigation (MDL), including 97 lawsuits, over claims that Abbott formula led to a deadly illness in preterm infants is already pending in that district before U.S. District Judge Rebecca Pallmeyer.Plaintiffs in the new MDL allege that their babies became ill after consuming formula from the plant. Abbott, which did not immediately respond to a request for comment, has said there is no evidence it ever sold any contaminated formula.Register now for FREE unlimited access to Reuters.comSam Geisler of Aylstock, Witkin, Kreis & Overholtz, a lawyer for some of the plaintiffs, said in a statement that he was pleased with the panel's order."On behalf of all of the families impacted by Abbott's negligence, disregard for safety and heinous misconduct, we will continue to fight and hold them accountable," he said.The company earlier this year voluntarily recalled batches of formula from a Sturgis, Michigan, plant after U.S. Food and Drug Administration inspectors found unsafe conditions and bacterial contamination and ordered it closed. The closure, which continued until early July, contributed to a nationwide formula shortage.The order came a day after the panel sent 31 lawsuits over Gardasil, Merck's vaccine against the potentially cancer-causing human papillomavirus (HPV), to U.S. District Judge Robert Conrad in Charlotte, North Carolina.Plaintiffs in the cases claim that the vaccine caused an autoimmune reaction leading to a wide range of problems including postural orthostatic tachycardia syndrome, which can cause dizziness and fainting."Our clients are looking forward to getting their day in court," said Bijan Esfandiari of Baum Hedlund Aristei & Goldman, a plaintiffs' attorney in the litigation.Merck said in a statement that the "overwhelming body of scientific evidence" shows that its vaccines are safe and effective.The company had opposed creating an MDL, arguing that plaintiffs alleged different injuries and should litigate their claims individually. The panel, however, found that the basic scientific theory behind the cases was the same and that all would involve similar evidence.The U.S. Centers for Disease Control and Prevention (CDC) recommends vaccination against HPV for all children at 11 or 12 years old. Gardasil, which can be administered in two- or three-dose regimens, is the only HPV vaccine approved in the United States.According to the CDC, an estimated 75% of children aged 13 to 17 had received at least one dose of the vaccine in 2020, the most recent year for which survey data was available.The formula case is In re Recalled Abbott Infant Formula Products Liability Litigation, U.S. District Court, Northern District of Illinois, case number not yet assigned.For plaintiffs: Sam Geisler and Bryan Aylstock of Aylstock, Witkin, Kreis & Overholtz and othersFor Abbott: James Hurst of Kirkland & EllisThe Gardasil case is In re Gardasil Products Liability Litigation, U.S. District Court, Western District of North Carolina, case number not yet assigned.For plaintiffs: Bijan Esfandiari of Baum Hedlund Aristei & Goldman and othersFor Merck: Allyson Julien of Goldman Ismail Tomaselli Brennan & BaumNOTE: This article has been corrected to state that the new Abbott MDL is before Judge Kennelly, and the preterm infant MDL is before Judge Pallmeyer.Read more:Plaintiffs in baby formula litigation to push for case-consolidation at MDL hearingFDA probe of Abbott facility finds quality control issuesAbbott says it has reopened Michigan baby formula plantRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.Brendan PiersonThomson ReutersBrendan Pierson reports on product liability litigation and on all areas of health care law. He can be reached at brendan.pierson@thomsonreuters.com.

Panel launches new MDLs for Abbott baby formula, Merck's Gardasil.

Register now for FREE unlimited access to Reuters.comNEW YORK, Aug 5 (Reuters) - A rally in U.S. stocks that has powered on despite skepticism from Wall St faces a reality check in the coming week, as key inflation data threatens to shut the door on expectations of a dovish shift from the Federal Reserve. read more The S&P 500 (.SPX) has walked a tightrope this summer, rising 13% from its mid-June lows on hopes that the Fed will end its market-bruising rate increases sooner than anticipated. A blowout U.S. jobs number on Friday bolstered the case for more Fed hikes but barely dented stocks – the S&P fell less than 0.2% on the day and eked out its third straight week of gains. read more More upside could hinge on whether investors believe the Fed is succeeding in its fight against soaring consumer prices. Signs that inflation remains strong despite a recent drop in commodity prices and tighter monetary policy could further weigh on expectations that the central bank will be able to stop hiking rates early next year, drying up risk appetite and sending stocks lower once again.Register now for FREE unlimited access to Reuters.com"We’re at the point where consumer price data has reached a Super Bowl level of importance," said Michael Antonelli, managing director and market strategist at Baird. "It gives us some indication of what we and the Fed are facing."UNLOVED RALLYRebounds in the midst of 2022’s bear market have been short-lived and three previous bounces in the S&P 500 have reversed course to make fresh lows, fueling doubts that the most recent rally will last. read more Investors' dour outlook was highlighted by recent data from BofA Global Research, which showed the average recommended allocation to stocks by sell-side U.S. strategists slipped to its lowest level in over five years in July, even as the S&P 500 rose 9.1% that month for its biggest gain since November 2020.Institutional investors' exposure to stocks has also remained low. Equity positioning for both discretionary and systematic investors remains in the 12th percentile of its range since January 2010, according to Deutsche Bank published last week.For their part, Fed officials have over the past week opposed the narrative of a so-called dovish pivot, with one of them – San Francisco Fed President Mary Daly - saying she was "puzzled" by bond market prices that reflected investor expectations for the central bank to start cutting rates in the first half of next year. read more U.S. rate futures have priced in a 69% chance of a 75 bps hike at its September meeting, up from about 41% before the payrolls data. Futures traders have also factored in a fed funds rate of 3.57% by the end of the year.A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermidPositioning in options markets, meanwhile, shows little evidence of investors rushing to chase further stock market gains.One-month average daily trading volume in U.S. listed call options, typically used for placing bullish bets, is down 3% from June 16, Trade Alert data showed."We are surprised to not see investors start to chase upside calls in fear of underperforming the market," said Matthew Tym, head of equity derivatives trading at Cantor Fitzgerald. "People are just watching."Celia Rodgers Hoopes, portfolio manager at Brandywine Global, believes much of the recent rally has been driven by short covering, especially among many of the high-flying tech names that haven't done well this year."The market doesn't want to miss out on the next rally," she said. "Whether or not it's sustainable is hard to tell."Of course, investors aren't uniformly bearish. Corporate earnings have come out stronger than expected for the second quarter, with some 77.5% of S&P 500 companies beating earning estimates, according to I/B/E/S data from Refinitiv, fueling some of the market's gains.Antonelli of Baird also said a cooler than expected inflation number next week could push more investors back into stocks.“Is there a scenario right now where inflation comes down and the Fed isn’t going to engineer a hard landing? There could be, and nobody is positioned for that.”Others, however, are more skeptical.Tom Siomades, chief investment officer of AE Wealth Management, believes the market is yet to see a bottom and has urged investors to avoid chasing stocks."The market seems to be engaging in some wishful thinking," he said. Investors "are ignoring the age-old adage, 'don’t fight the Fed.'"Register now for FREE unlimited access to Reuters.comReporting by Saqib Iqbal Ahmed; Writing and additional reporting by Ira Iosebashvili; Editing by Ira Iosebashvili and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Wall St Week Ahead: Inflation data may seal fate of unloved U.S. stock rally.

Brand new Tesla cars sit in a parking lot at a Tesla showroom on June 27, 2022 in Corte Madera, California. Justin Sullivan | Getty Images News | Getty ImagesThe California Department of Motor Vehicles has accused Tesla of engaging in deceptive practices around the marketing of its driver assistance systems, which are branded Autopilot and Full Self Driving in the U.S., according to filing with a state administrative agency.Elon Musk's electric car business risks more than its reputation -- in a worst-case scenario, the company could temporarily lose the licenses which allow it to operate as a vehicle manufacturer and auto dealer in California.In a pair of July 28 filings with California's Office of Administrative Hearings, an official and attorneys for the DMV wrote:"Instead of simply identifying product or brand names, these 'Autopilot' and 'Full Self-Driving Capability' labels and descriptions represent that vehicles equipped with the ADAS features will operate as an autonomous vehicle, but vehicles equipped with those ADAS features could not at the time of those advertisements, and cannot now, operate as autonomous vehicles."California DMV's Deputy Director for the Office of Public Affairs, Anita Gore, told CNBC via e-mail that if the department prevails, it "will ask that Tesla will be required to advertise to consumers and better educate Tesla drivers about the capabilities of its 'Autopilot' and 'Full Self-Driving' features, including cautionary warnings regarding the limitations of the features, and for other actions as appropriate given the violations."The Los Angeles Times previously reported on the DMV's filings to the administrative body.Tesla has fifteen days to respond to the accusations before the administrative court, otherwise the DMV will take a default decision.Tesla includes its Autopilot driver assistance features in all its newly manufactured cars, and sells a premium FSD (or Full Self Driving) option for $12,000 up-front or on a subscription basis for $199 per month. Sometimes, the company sells an Enhanced Autopilot option with a portion of the premium features included.Elon Musk's electric vehicle maker also allows drivers to test unfinished driver assistance features on public roads in the U.S. through a program called FSD Beta (or Full Self Driving Beta).Only Tesla owners who have the company's premium FSD system installed can participate in FSD Beta. Owners must obtain a high driver-safety score, as determined by Tesla software that monitors their driving, then maintain it to keep using FSD Beta. The company said it has rolled out FSD Beta access to more than 100,000 drivers already, most in the U.S.Automakers, including Tesla, are now required to report significant collisions involving advanced driver-assist systems to the The National Highway Traffic Safety Administration.Tesla vehicles comprised around 70%, or more than 270, of reported crashes involving these systems between June 2021 and July 2022, according to federal figures released in early July. The data isn't meant to indicate which carmaker's systems might be safest.NHTSA has also initiated at least 37 special crash investigations into collisions that involved Tesla vehicles where the company's driver assistance systems were thought to be a factor. At least 17 fatalities resulted from those collisions that inspired NHTSA special crash investigations.NHTSA has also opened an evaluation of Tesla's Autopilot technology to confirm whether it is defective and needs to be recalled, after a string of crashes in which Tesla vehicles crashed into emergency responder vehicles that were standing still.

California DMV accuses Tesla of deceptive practices in marketing Autopilot and Full Self-Driving options.

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) - A jury in Austin, Texas decided on Friday that U.S. conspiracy theorist Alex Jones must pay the parents of a child killed in the 2012 Sandy Hook massacre $45.2 million in punitive damages for falsely claiming the shooting was a hoax, on top of a $4.1 million in compensatory damages. read more Here are some of the other legal challenges Jones and his company now face.CONNECTICUT LAWSUITJones is due to stand trial to decide damages in a different case in Waterbury, Connecticut, after he was found liable by default judgment for defaming families of several victims with falsehoods about the Sandy Hook Elementary School mass shooting that killed 20 children and six staff in Newtown, Connecticut.Register now for FREE unlimited access to Reuters.comJones had called the shooting a hoax by the U.S. government staged using crisis actors to serve as a pretext for taking away Americans' guns. He has since acknowledged that the massacre was real.The Connecticut trial, which had been set to begin in September, was put on hold after Jones's company, Free Speech Systems LLC, declared bankruptcy last week. Jones said during a Monday broadcast of his Infowars program that the filing will help the company stay on the air while it appeals.TEXAS BANKRUPTCYIn the bankruptcy case, Sandy Hook parents told a Houston judge this week that Jones might continue to draw money from Free Speech Systems, the parent company of his far-right Infowars website, while using its bankruptcy case to avoid paying court judgments in the defamation cases.The families have said Jones took $62 million from Free Speech Systems while burdening it with $65 million in "fabricated" debt owed to PQPR Holdings, a company owned by Jones and his parents. They asked the bankruptcy court not to allow Free Speech Systems to send money to Jones or his companies until they have an opportunity to get to the bottom of Infowars' finances.POSSIBLE PERJURY CHARGEA lawyer for the plaintiffs in the Texas trial on Wednesday disclosed that Federico Andino Reynal, a lawyer for Jones, had inadvertently sent him a file containing two years of Jones's text messages, along with trial strategy notes and medical records.Jones has maintained that he searched his phone for texts about Sandy Hook and never found any. He denied on the witness stand that he had lied, but the disclosure raised the possibility that Jones could now be charged with perjury, a crime.Judge Maya Guerra Gamble on Tuesday admonished Jones for not being truthful during his testimony when he said he was bankrupt and had complied with plaintiffs requests for information before the trial.Defense lawyers in Texas said perjury prosecutions are rare, particularly for conduct in a civil case.ATTORNEY REPERCUSSIONSThe judge in the Connecticut case on Thursday ordered Reynal and another lawyer for Jones to appear for hearings this month on whether they should be face sanctions for the unauthorized release of the plaintiffs' medical information, apparently in reference to the disclosure of Jones's records in Texas. Reynal did not immediately respond to a request for comment on the matter.U.S. CAPITOL ATTACK FALLOUTThe disclosure could also have implications for the inquiry by a U.S. House of Representatives committee into the Jan. 6, 2021, attack on the U.S. Capitol by supporters of former President Donald Trump. Mark Bankston, a lawyer for the parents in the Texas defamation case, said in court on Thursday that the committee asked him to hand over the text records he received.Jones marched with supporters to the Capitol on the day of the riot but has not been charged with any criminal wrongdoing in connection with it.Register now for FREE unlimited access to Reuters.comReporting by Jack Queen and Dietrich Knauth in New York; Editing by Will Dunham and David BarioOur Standards: The Thomson Reuters Trust Principles.

Explainer: What's next for conspiracy theorist Alex Jones.

Politics August 5, 2022 / 5:37 PM / CBS News Barr: DOJ "taking a hard look" at Trump Barr says Justice Department appears to be "taking a hard look" at Trump and his inner circle 01:54 Former Attorney General Bill Barr called the newest federal grand jury subpoenas probing the Jan. 6, 202, Capitol riot "a significant event," one that suggests that government prosecutors are probing high-ranking Trump administration officials and allies, and even former President Donald Trump."This suggests to me that they're taking a hard look at the group at the top, including the president and the people immediately around him who were involved in this," Barr told CBS News' Catherine Herridge in an interview Friday. The grand jury has been meeting weekly; in late July, Marc Short, former Vice President Mike Pence's chief of staff, testified, and according to The Washington Post, Greg Jacob, Pence's chief counsel, was also interviewed by the grand jury. The Justice Department's criminal investigation into Jan. 6 now includes questions for witnesses about the communications of people close to Trump and his reelection campaign, though it is not evident from CBS News' reporting that Trump himself is a target of the investigation — only that that prosecutors have been asking questions related to him and his aides.Barr also surmises that it looks like prosecutors are "going to try to get a ruling on the issue of executive privilege," given reports by ABC News and other news outlets that former White House counsel Pat Cipollone has been subpoenaed to appear before the grand jury. The former attorney general noted that Cipollone, as then-counsel to the Office of the President, "has the strongest claim to executive privilege." "That's sort of the biggest mountain for them to climb, and the fact that they lead off with that to me suggests that they want a definitive resolution — not only on Cipollone — but you know, this would affect [former White House chief of staff Mark] Meadows and some of the other people, too," he said. Barr also spoke with Herridge about why he doesn't think Trump should be the 2024 GOP presidential nominee and why a possible prisoner swap with Russia is ill-advised. Watch more of Catherine Herridge's interview with former Attorney General Bill Barr on streaming on the CBS News app at 7 p.m. ET. In: William Barr Donald Trump 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

Former Attorney General Bill Barr says Jan. 6 grand jury activity suggests prosecutors "taking a hard look at the group at the top, including the president".

U.S. Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters after the weekly senate party caucus luncheons at the U.S. Capitol in Washington, U.S., June 14, 2022. REUTERS/Sarah Silbiger/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 5 (Reuters) - A group of 10 U.S. House Democrats on Friday asked President Joe Biden's administration to build electric vehicle charging stations together with broadband internet infrastructure under the $1 trillion infrastructure law approved in November 2021.As part of that measure, Congress set aside $42.45 billion in grants to expand broadband, including building fiber or other networks. It also included $5 billion for EV charging.The lawmakers led by Representatives Doris Matsui and Anna Eshoo urged officials to coordinate broadband and EV charging infrastructure efforts to encourage "co-location" of EV and broadband, especially in underserved areas.Register now for FREE unlimited access to Reuters.com"This approach can address multiple national priorities simultaneously and avoid duplicative efforts," the lawmakers wrote.The Biden administration has set a goal of getting 500,000 chargers in place by 2030 to ensure EVs are accessible.The Transportation Department's EV charging rules require EV charging stations to have at least four ports capable of simultaneously fast charging four EVs and include data standards that will ensure third-party apps can provide real-time charging status information.The lawmakers cited the EV "charging network’s connectivity requirements" in making the case for locating both EV charging and broadband.Many rural and poorer areas lack EV charging as well as high-speed broadband access. "This approach can address multiple national priorities simultaneously and avoid duplicative efforts," the lawmakers wrote.Congress last year approved $14.2 billion for subsidies for low-income families to use toward internet service plans. More than 13 million households are taking part.Earlier this week, the Transportation Department announced all 50 states, the District of Columbia and Puerto Rico have submitted EV infrastructure deployment plans. The administration hopes to approve state plans by Sept. 30.Register now for FREE unlimited access to Reuters.comReporting by David Shepardson; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

U.S. lawmakers urge joint use of funds for broadband, EV charge stations.

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 Urban-Brookings 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. The change to carried-interest rules — which allow certain private equity and other investors to pay a preferential tax rate on profits — is likely dead, though, after Democratic leaders agreed to scrap it to win support from Sen. Kyrsten Sinema, D-AZ.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.

Alex Jones speaks with media after day six of trial at the Travis County Courthouse, in Austin, August 2, 2022.Briana Sanchez | Pool | via ReutersA Texas jury on Friday ordered Alex Jones to pay $45.2 million in punitive damages to the parents of a Sandy Hook Elementary School shooting victim, a day after deciding the Infowars host must pay them $4.1 million in compensatory damages for the suffering caused by his lies about the 2012 massacre.Wesley Ball, an attorney for Scarlett Lewis and Neil Heslin, whose 6-year-old son, Jesse, was killed in the attack in Newtown, Connecticut, had asked the jury to award them $149.5 million to reach the $150 million they initially sought.Ball argued that only such a large sum would be enough to "take the bullhorn away" from Jones."I ask that with your verdict, you not only take Alex Jones' platform that he talks about away. I ask that you make sure that he can't rebuild the platform. That's what matters," he said. "That is punishment, that is deterrence."Jones' attorney Andino Reynal told jurors they had already sent a message to Jones and other talk show hosts with the $4.1 million judgment that "their standard of care has to be different." He also argued that a substantial award would only serve to discourage people who question "government officials who dropped the ball" from doing so.Reynal objected to the decision, arguing that the verdict did not comply with Texas law, which caps the actual award at $750,000 per plaintiff. The judge acknowledged the objection and added that the law implies that in the state "we don't trust our juries."Punitive damages are intended to punish someone for especially harmful behavior.The jury's decision followed expert testimony from forensic economist Bernard Pettingill whose testimony was intended to give jurors a picture of how much money Jones has and, by extension, how much it would take to punish him for his behavior. Pettingill estimated that Jones and his companies are worth $135 million to $270 million — an amount his defense team disputed — and said that Jones and his companies made more money after being "deplatformed" by several social media outlets in 2018. Jones has maintained throughout the trial that his companies suffered losses since he was removed from the sites.Pettingill also testified that Jones began paying $11,000 a day into a shell company he controls after he was found liable in a default judgment in the Sandy Hook case. "He is a very successful man," he testified. "He promulgated some hate speech and some misinformation but he made a lot of money and he monetized that." The jury in this case had only been asked to decide whether Jones, who has already been found liable by a judge because he did not hand over critical evidence before the trial began, must also pay Jesse's parents for the emotional distress and reputational damage caused by his false claims. The trial included testimony from both parents and Jones, who has portrayed the lawsuit as an attack on his First Amendment rights. Following the massacre, he had asserted that it was fabricated and included crisis actors. He later acknowledged that it took place.Heslin and Lewis testified Tuesday that Jones' lies left them in fear for their lives and compounded their grief."Having a 6-year-old son shot in front of his classroom is unbearable and you don't think you're going to survive and then to have someone on top of that perpetuate a lie that it was a hoax, that it was a false flag," Lewis said, speaking directly to Jones during her testimony. "I don't think you understand the fear you perpetuate, not just to the victim's family but to our family, our friends and any survivor from that school."The crux of the trial is a 2017 episode of NBC's "Sunday Night With Megyn Kelly," on which Heslin appeared and challenged Jones' denial of the shooting. Heslin says in the episode: "I held my son with a bullet hole through his head."Jones and another Infowars host, Owen Shroyer, later implied that Heslin had lied. Heslin and Lewis are among several Sandy Hook families who have filed lawsuits against Jones arguing that his statements that the mass shooting was a hoax have led to years of abuse from his followers.

Alex Jones must pay more than $45 million in punitive damages to the family of a Sandy Hook massacre victim, jury orders.

The Washburn Fire burns between the Mariposa Grove and the southern entrance into Yosemite National Park in Wawona, California, U.S. July 11, 2022. REUTERS/Tracy BarbutesRegister now for FREE unlimited access to Reuters.comAug 5 (Reuters) - Carbon offsets generated from forests to counteract future climate-warming emissions from California's big polluters are rapidly being depleted as trees are ravaged by wildfire and disease, new research published on Friday suggests.One of California's key policy tools to combat climate change may be falling far short of its goals, the researchers said - raising questions about similar carbon offset programs around the world.The study, published in the journal Frontiers in Forests and Global Change, was conducted by CarbonPlan, a San Francisco-based non-profit that researches the integrity of programs designed to offset carbon emissions. The group's research has questioned the value of the California forest carbon offset program in fighting climate change in the past.Register now for FREE unlimited access to Reuters.com“The problems we observe here aren’t unique to the California program and raise broader concerns about the integrity of offsets’ permanence claims,” Freya Chay, one of the study's authors, said in a statement.Under California law, large emitters face carbon limits and must buy allowances for the greenhouse gases they emit. They may offset up to 4% of their emissions with offset credits, such as those generated from the program's forest conservation projects in 29 states, according to the California Air Resources Board.A portion of those credits are put into a buffer account, an insurance mechanism tapped in the event that projects are lost to wildfire, disease, pests or financial risks such as bankruptcy. Those credits are meant to guarantee carbon stocks for at least 100 years. But that promise is falling short as climate change fuels intense wildfires, drought and disease, the researchers said.Wildfires have depleted nearly one fifth of that buffer pool in less than a decade, the analysis found.The researchers also projected potential losses associated with the disease sudden oak death, which has killed millions of trees in California and Oregon in the last two decades. Widespread tree mortality due to sudden oak death could wipe out all the credits set aside for disease and insect risks to offset projects, the study estimated.In an emailed statement, a spokesman for the California Air Resources Board (CARB) said its Compliance Offsets Program was "a prudent part of our program," and that its risk metrics were based on the information available to the state agency at the time the policy was developed."We will of course again assess all relevant science and new information when we conduct our next protocol update," CARB spokesman David Clegern said, without giving a timeline.(The story corrects description of California policy in 5th paragraph, to show large emitters may not exceed set limits and must buy allowances if they exceed them, not that they may buy allowances if they exceed limits)Register now for FREE unlimited access to Reuters.comReporting by Nichola Groom; Editing by Katy DaigleOur Standards: The Thomson Reuters Trust Principles.

Wildfires are destroying California's forest carbon credit reserves -study.

In 2017, by age 24, Rachel Richards had already worked as a financial advisor and then as a financial analyst at a manufacturing firm. After picking up her license, she began working as a Realtor. No matter what kind of work she was doing, one thing remained constant: People in her life were constantly looking to her for help with their finances."I began to wonder, 'Why aren't they learning on their own? Why aren't they reading books, or listening to podcasts or looking on websites?'" says Richards, now 30.Then it dawned on her: Most of the financial books she'd come across were boring and esoteric, bordering on intimidating. And few were targeted toward young women. "So I thought to myself, 'How can I make this topic sassy and fun and simple?'"Richards began writing her first book, "Money Honey" in January 2017 and self-published on Amazon that September. By just about any measure, it was a massive success. In its first month, the book brought in $600. The next month it brought in $1,000. "After that, it was pulling in $1,500 a month pretty consistently," she says.In the same year, Richards had begun building a thriving real estate business. Soon, income from her rental properties would allow her to retire in 2019 at the age of 27.The robust income she earned from publishing didn't hurt. All told, through the end of July 2022, Richards has sold about 25,000 copies each of "Money Honey" and her second self-published book, "Passive Income, Aggressive Retirement," a 2019 release which details her strategies for early retirement. In 2021, royalties from the two titles netted Richards more than $97,000 in profit. Here's how she did it.She self-published onlineRichards, like many aspiring authors, dreamed of seeing her name in print through the window of her local bookstore. She also hoped that with a traditional book deal, the publisher would handle the labor-intensive task of promoting the book. That turned out not to be the case."The more I asked authors about their experience, the more I learned that publishers expect you to do 99% of the marketing and promotion," Richards says. "If you're an author with no platform, they're not going to send you out on a national book tour."Once she learned she'd have to flog the book herself no matter what, Richards was far less inclined to give a publisher a big chunk of her royalties. "When you get a book deal, you earn a 10% to 15% royalty. When you publish on Amazon, you earn a 35% to 70% royalty." (Royalty structures vary between different formats, such as e-books and paperbacks, and factor in costs such as shipping and tax.)She also says that self-publishing guarantees creative control, even if it comes at a cost. Thinking her book wouldn't sell and hoping to limit her losses, Richards spent just $561 to hire an editor and a cover designer for "Money Honey." She says a more "realistic" minimum budget is at least $2,000 and ideally would include an interior formatter as well. She spent $3,500 putting together her second book.Self-publishing on Amazon has also given Richards the ability to offer her books in different formats for different types of readers. These days, the e-book version of "Money Honey" sells for $9.99, the paperback goes for $15.99 and the audiobook costs $17.46.She launched her book strategicallyDuring the course of reading books on self-publishing, it became clear to Richards that she would need a launch team — a dedicated group of supporters who would buy and champion her book. But in 2017, she didn't have a large social media following or an email list of clients.But she was involved in several Facebook groups filled with younger women. "Here was 13 million female millennials. The groups weren't necessarily financial, but I would go on and say, 'My name is Rachel. I'm a former financial advisor. Here's what I think,'" she says. After a while, she says, Richards became the go-to person in the groups for financial advice. "These Facebook groups really helped me build credibility with these women."Richards began introducing the idea that she was working on a book. She asked her fellow group members to vote on potential titles and cover designs. "They became emotionally invested," she says. "They were my informal launch team."Once the book was published, Richards began interacting 1-on-1 with anyone and everyone she thought she could get interested in the book. "I would personally message people and say, 'Hey it's out. Could you go download it?'" she says. "I sent out hundreds of emails. I texted every contact in my phone. I was really aggressive."Her other big ask, besides downloads: Reviews. "Getting reviews early on is as important as getting sales," Richards. "Amazon will put your book in front of more organic people if they see you have a lot of reviews and activity."After its first few days on the market, Richards' book had 60 reviews.She found a market nicheEven with a solid launch, Richards doesn't think her book would have enjoyed sustained sales had it not occupied a particular niche in the market. "You have to have a unique value proposition. Why would somebody buy my book over the thousands that are already out there?" she says. "For me, at the time, there weren't many books out there that made finance funny — that had humor and were sassy and sarcastic. It was a lot of books by old white men."Richards also made sure her book was available and attractively priced for different types of readers. Initially, that meant a five-day launch period during which the book could be digitally downloaded for free. "It's worth giving up some profits to get the book into the hands of more people," Richards says. "Then you go to $0.99, $1.99 and so forth."Richards has played around with the pricing over the years to see how it affected profitability, but always kept an eye on her competitors. "I always wanted to be priced a little bit lower. If [a competitor's book] is at $6.99, I intuitively want to be at $5.99."After some recent pricing changes, Richards now earns the largest royalty — $6.68 — from sales of e-book versions of "Money Honey." She nets $6.39 on paperbacks and $4.31 per audiobook. (Profits on sales of her second book are similar.)Pricing tactics aside, Richards chalks up her books' continued success to the service they provide for readers. "I published telling myself that if I could help one person, I'd be happy," she says. "And then about six months after I published I started getting emails from strangers and random people all over the country."Readers had paid off their student loans. They had paid down their credit card debt. People told Richards the book had changed their lives. Richards had spent just $75 to advertise her book, and here it was doing more than she had ever set out to do."I thought, it must be selling off word-of-mouth," she says. "And if it's helping people like this, I must have written something good."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

30-year-old retiree earned $97,000 in passive income from Amazon last year: Here's how she got started.

A logo of the electric vehicle maker Tesla is seen near a shopping complex in Beijing, China January 5, 2021. REUTERS/Tingshu WangRegister now for FREE unlimited access to Reuters.comWASHINGTON/NEW YORK Aug 5 (Reuters) - Tesla Inc (TSLA.O), the electric car company run by billionaire Elon Musk, has been accused by a California state transportation regulator of falsely advertising its Autopilot and Full Self-Driving features as providing autonomous vehicle control.In complaints filed with the state Office of Administrative Hearings, California's Department of Motor Vehicles (DMV) said Tesla misled prospective customers with advertising that overstated how well its advanced driver assistance systems (ADAS) worked.Tesla "made or disseminated statements that are untrue or misleading, and not based on facts," the DMV said in complaints dated July 28 and which it made public on Friday.Register now for FREE unlimited access to Reuters.comVehicles equipped with Autopilot and Full Self-Driving technology "could not at the time of those advertisements, and cannot now, operate as autonomous vehicles," the DMV added.The DMV is seeking remedies that could include suspending Tesla's license to sell vehicles in California and requiring the company to make restitution to drivers.Tesla, which has disbanded its media relations department, did not immediately respond to emailed requests for comment.The Los Angeles Times earlier reported the DMV complaints.Tesla has said Autopilot "enables your car to steer, accelerate and brake automatically within its lane," while Full-Self Driving also enables vehicles to obey traffic signals and make lane changes.According to Tesla's website, both technologies "require active driver supervision," with a "fully attentive" driver whose hands are on the wheel, "and do not make the vehicle autonomous."But the DMV said Tesla's disclaimer "contradicts the original untrue or misleading labels and claims, which is misleading, and does not cure the violation."California is Tesla's largest U.S. market. The company sold 121,000 vehicles there in 2021, out of an estimated 352,000 sold nationwide.Since 2016, the National Highway Traffic Safety Administration (NHTSA) has opened 38 special investigations of crashes involving Tesla vehicles where ADAS systems were suspected of being used. Nineteen deaths were reported from those crashes, including a motorcyclist killed last month in Utah.NHTSA had no immediate comment on the DMV complaints.National Transportation Safety Board chair Jennifer Homendy in a Reuters interview last year said "there is zero comparison” between Tesla's Autopilot and the tool used in aviation."Some manufacturers are going to do what they want to do to sell a car and it's up the government to rein that in," she said.Register now for FREE unlimited access to Reuters.comReporting by David Shepardson in Washington, D.C. and Jonathan Stempel in New York; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

California regulator claims Tesla falsely advertised Autopilot, Full Self-Driving.

Crime Updated on: August 5, 2022 / 6:16 PM / CBS/AP A 37-year-old woman is facing vehicular manslaughter charges in connection with a fiery wreck near Los Angeles Thursday afternoon that left five people dead, including a pregnant woman and a child. California Highway Patrol said Friday that Nicole Lorraine Linton was behind the wheel of a Mercedes-Benz sedan when it sped through a red light and slammed into several vehicles in Windsor Hills, a neighborhood southeast of downtown L.A. Linton remains hospitalized with moderate injuries and has been arrested on suspicion of vehicular manslaughter with gross negligence, CHP said. Her case is being forwarded to the L.A. County District Attorney's Office. "Our office is in close contact with the lead law enforcement agency investigating," the district attorney's office said in a statement. "A prosecutor has already been assigned and will be working with law enforcement throughout the weekend. We will provide updates as more information becomes available. The case could be presented to us as early as Monday."The violent crash was captured on security video. Multiple people were ejected and two vehicles were engulfed in flames, CHP said. The car was going at least 50 mph as it raced through the crowded intersection, CHP Officer Franco Pepi said. Officials investigate a fiery crash where multiple people were killed near Los Angeles on Aug. 4, 2022.  (Jason Armond/Los Angeles Times/Getty Images) The coroner's office Friday identified one of the deceased victims as Asherey Ryan, a 23-year-old pregnant woman. Her unborn child was listed as "baby boy Ryan" in online coroner's records. Two other women and a man, as well as a boy, were killed but their names were not made public. Pepi said eight others were hurt, including Linton. The other victims had minor injuries and included a 33-year-old woman and six children ranging in age from 13 months old to 15 years old, Pepi said. CHP said Friday that "due to extensive fire damage, it is unknown at this time the make and model of the involved vehicles and which vehicle the involved parties were traveling in." A memorial grew outside the intersection Friday, as mourners left flowers and candles in memory of the dead. Henry Sanchez, who works at nearby Sinclair Gas, was at the indoor register when he heard "the loudest noise I've ever heard." "The sound of it, it was gut-wrenching," he told The Associated Press on Friday. "It was like two trains hitting each other, metal on metal." He saw people rush to the cars to offer aid but they were kept back by the flames until firefighters arrived. "I remember everybody trying to get the fire down and help people out as much as they could, but nobody could do anything," he said. Another witness to the crash, Veronica Esquivel, told KTLA-TV that a baby was ejected from the vehicle and landed near her. "All of the sudden, a baby literally flew from the middle of the intersection to the middle of the gas station and landed right on the floor in front of me," Esquival said. "One of the workers came and saw me with the baby and took the baby out of my hands. ... Somebody tried to resuscitate the baby but the baby was gone." Debra Jackson told CBS Los Angeles she was about to get out of her car to pump gas when she heard a big explosion. "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 get out of my car, to go to the gas pump. And I jumped out of my car and just left my car sitting right there." In: Los Angeles Manslaughter 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

37-year-old woman arrested in fiery wreck near Los Angeles that killed 5.