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    Former President TrumpDonald TrumpGOP grapples with chaotic Senate primary in Pennsylvania ​​Trump social media startup receives commitment of billion from unidentified 'diverse group' of investors Iran thinks it has the upper hand in Vienna — here's why it doesn't MORE on Saturday called Joint Chiefs of Staff Chairman Gen. Mark MilleyMark MilleyThe bully who pulls the levers of Trump's mind never learns Overnight Defense & National Security — US tries to deter Russian invasion of Ukraine National Guard Bureau chief tests positive for COVID-19 MORE a "f---ing idiot" during an event at Mar-a-Lago on Saturday, while talking about the U.S. withdrawal from Afghanistan. In video shared by Florida attorney Ron Flipkowski on Saturday, Trump could be seen addressing a crowd and speaking about the military planes that were left behind when the U.S. pulled forces out of Afghanistan. Trump claimed that Milley told him leaving the planes behind was cheaper than moving them to another country. "That's when I realized he was a f---ing idiot," Trump said, eliciting a wave of laughter from the crowd. Trump had apparently suggested filling the...
    President Joe Biden’s massive Afghan resettlement operation, with no end date, has been funded by Congress to the sum of more than $13 billion thanks to 19 Senate Republicans who helped advance the plan. Late Thursday evening, House Democrats and Rep. Adam Kinzinger (R-IL) passed a government funding bill that will keep the federal government operating through mid-February. In the bill is more than $7 billion in funding for the Biden administration to resettle an unlimited number of Afghans across the United States. In the Senate, 19 Senate Republicans joined Senate Democrats to send the bill to Biden’s desk — now authorizing, in total, $13.3 billion for the administration to resettle Afghans after 49 House and Senate Republicans voted in September to fund the resettlement operation $6.4 billion. These 19 Senate Republicans who backed the bill are: Roy Blunt (R-MO) Richard Burr (R-NC) Shelley Moore Capito (R-WV) Bill Cassidy (R-LA) Susan Collins (R-ME) John Cornyn (R-TX) Lindsey Graham (R-SC) Cindy Hyde-Smith (R-MS) John Kennedy (R-LA) Mitch McConnell (R-KY) Jerry Moran (R-KS) Lisa Murkowski (R-AK) Rob Portman (R-OH) Mike Rounds...
    Republican Louisiana Sen. John Kennedy pressed Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen on the continuing rise of inflation on the Senate floor Tuesday. “Is the Fed considering increasing the pace of its tapering? We’ve got to get control of inflation, it’s ravaging our people,” Kennedy told Powell. “I think what we missed about inflation was we didn’t predict the supply side problems and those are highly unusual and very difficult. Very nonlinear and it’s very hard to predict those things,” Powell replied. “But that’s really what we missed and that’s why all of the professional forecasters had much lower inflation projections.” Powell said the Fed will discuss at a December meeting whether it is “appropriate” to finish their taper purchases and accelerate their tapering a few months earlier than scheduled, due to inflated pressures and the supply chain issues. (RELATED: Fed Inflation Experts Are About As Credible As ‘Late-Night Psychic Hotlines,’ GOP Senator Says)  Inflation has hit its highest levels in three decades, with the Consumer Price Index (CPI) hitting 6.2% on a year-over-year measure....
    People ride on the elevator as shoppers show up early for the Black Friday sales at the King of Prussia shopping mall in King of Prussia, Pennsylvania, November 26, 2021.Rachel Wisniewski | Reuters Online spending during the holiday season is on track to top $200 billion for the first time, but Thanksgiving day sales were on the low end of projections, according to data from Adobe Analytics, which tracks consumer sales on retailers' websites. Sales online on Thanksgiving day rang in at $5.1 billion, according to Adobe. That matches last year's Thanksgiving day spending. It is a roughly 21% increase from that day in 2019, the company said. However, the level of e-commerce spending was at the bottom of Adobe's predicted range, which was between $5.1 billion and $5.4 billion. The company expects total online sales this season to hit $207 billion — a 10% year over year increase and all-time high. The results raise questions about whether holiday demand will be as strong as predicted or whether Thanksgiving has diminished in importance as shoppers buy gifts throughout the...
    A succession battle has been looming over the late Scholastic owner's decision to leave the $1.2billion Harry Potter publisher to his lover after his death this summer - and the boss's sons have refused to sign legal documents saying they will not contest his will.  M Richard 'Dick' Robinson Jr died unexpectedly on June 5 aged 84 after collapsing while on a walk in Martha's Vineyard with one of his sons. Upon his death it was revealed that Robinson shockingly left Scholastic Corp - which published popular children's books such as Clifford The Big Red Dog, Captain Underpants and Magic Schoolbus - to Iole Lucchese, 55, Scholastic's chair of the board, executive vice president and president of Scholastic Entertainment. The owner of $1.2billion Scholastic Corp M Richard 'Dick' Robinson Jr (left) died suddenly at age 84 and - as a shock to his two sons and ex-wife - left the company to Iole Lucchese (right), a worker he was in a relationship with John Benham 'Ben' Robinson, 34, declined to sign a document waiving his right to contest his late father's will. He...
    Tesla’s new vehicle factory in Austin, Texas, is racking up a considerable price tag. The facility, which Tesla calls the “Gigafactory,” is estimated to cost roughly $1.06 billion, with much of the factory expected to be completed by Dec. 31, according to filings with the Texas Department of Regulation and Licensing, Electrek reported. The plant will reportedly produce Tesla’s Model 3 and Model Y cars in addition to the company’s Cybertruck and Semi. Tesla announced construction of the factory in July 2020 during an earnings call, with the expectation that the facility would create roughly 5,000 jobs. “We’re going to make it a factory that is going to be stunning; it’s right on the Colorado River,” Tesla chief executive Elon Musk said in the announcement, CNBC reported. “So we’re actually going to have to have a boardwalk over you, hiking, biking trail. It’s going to basically be an ecological paradise.” An aerial view of the Tesla Factory on May 13, 2020 in Fremont, California. (Justin Sullivan/Getty Images) The announcement was welcomed by Republican Texas Gov. Greg Abbott, who has pushed for more investment in...
    In this photo illustration of the ripple cryptocurrency 'altcoin' sits arranged for a photograph on April 25, 2018 in London, England. Jack Taylor | Getty Images News | Getty Images Fintech company Ripple is making great strides in its legal feud with the U.S. Securities and Exchange Commission, CEO Brad Garlinghouse told CNBC on Monday. Garlinghouse said he expects the case, which centers on XRP, the world's seventh-biggest cryptocurrency, will likely reach a conclusion next year. "We're seeing pretty good progress despite a slow-moving judicial process," he told CNBC's Dan Murphy. "Clearly we're seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications." Garlinghouse said he was hopeful there would be closure next year. Ripple, which is based in San Francisco, generated a lot of buzz during the crypto frenzy of late 2017 and 2018, which saw the prices of bitcoin, ether and other cryptocurrencies skyrocket to record highs. XRP, a token Ripple is closely associated with, benefited from that rally, hitting an all-time high above $3....
    Arizona and West Virginia would stand to gain a great deal from President Biden's Build Back Better package but holdout Sens. Kyrsten Sinema and Joe Manchin — the two "centrist" Democrats who represent those states — still haven't committed to supporting the plan, even after extracting major concessions. On Friday, the House passed Biden's $1.75 trillion package, including climate measures, health care and affordable housing investments, and child care funding. But the bill still faces major changes in the Senate, where Manchin and Sinema have led the charge to gut Biden's initial $3.5 trillion proposal. Sinema hinted that she still may not be on board with the House version of the bill, telling The Washington Post that it was "not the agreement the president put out in his framework." Manchin has raised "concerns" for months about the size of the bill, the scope of proposed policy changes and the risks of inflation, calling for the party to delay the bill until next year. Both senators' constituencies have a lot to gain in the bill, according to a new report from...
    Gov. Ron DeSantis on Monday said he is proposing over $1 billion in tax relief to help lower gas prices in Florida. DeSantis spoke at a news conference in Daytona, Florida, where he said the state legislature is looking to remove the 26.5 cents per gallon state gas tax, which would, in turn, lead to gas stations lowering their prices. DeSantis said he spoke to multiple gas stations, including Buc-ee's and Wawa, all of whom said they would lower their gas prices if the relief is passed by the legislature. “I'm really happy that that's being done," DeSantis said. "And quite frankly, I mean, it's the right thing to do, but it's also smart. You know, a place like Buc-ee's, the more people that come in here, they're not just buying gas, they're buying all this other stuff, where there's a lot here to be able to do, so that's really really good." BIDEN ADMINISTRATION MOVES TO BAN DRILLING NEAR NEW MEXICO'S CHACO CANYON TRIBAL LAND DeSantis noted how much inflation has affected gas prices...
    U.S. Treasury yields rose Monday after President Joe Biden renominated Jerome Powell for a second term as Federal Reserve chair. The yield on the benchmark 10-year Treasury note climbed by 5.1 basis points to 1.586% at 9:05 a.m. ET. The yield on the 30-year Treasury bond advanced by 2.8 basis points to 1.935%. Yields move inversely to prices and 1 basis point is equal to 0.01%.Treasurys Biden on Monday morning announced Powell as his pick for the central bank chief nomination in a closely-watched decision. The president named Fed Governor Lael Brainard as vice chair. If Brainard had been nominated for the top Fed position, many expected more dovish monetary policy, meaning it may have taken the Fed longer to pull back its emergency stimulus measures.Stock picks and investing trends from CNBC Pro:Goldman Sachs upgrades 4 Asian stock markets for 2022 — and lists stocks to buy Goldman Sachs says now's the time to buy these 7 stocks These are the stocks retail investors love that UBS says can go higher Buffett disciple Guy Spier reveals his biggest mistakes — and...
    DUBAI, United Arab Emirates (AP) — Airbus receives order for up to 33 new aircraft to Kuwait’s Jazeera Airways in deal valued over $3.3 billion. Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    In this article TSLAU.S. Senator Bernie Sanders (I-VT) greets reporters as he arrives for a vote at the U.S. Capitol in Washington, U.S. November 1, 2021.Jonathan Ernst | ReutersTesla and SpaceX CEO Elon Musk sparred with Senator Bernie Sanders over tax policy this weekend on Twitter, and tried to provoke him again on Monday morning. According to his website, the independent Senator (who generally caucuses with Democrats) is a proponent of transitioning the U.S. energy system to renewables, providing $200 billion to a Green Climate Fund, and other environment-oriented policies that would serve Tesla well. But he is also a proponent of hiking taxes for the super-rich, as is Oregon Democratic Senator Ron Wyden, who Musk needled on Twitter in a similar exchange earlier in November. Musk, who has the highest net worth in the world today, is staunchly against a so-called "billionaire's income tax." Last week, Musk sold about $6.9 billion worth of stock. (As of Monday morning, Musk still holds more than 166 million shares in the company.) In recent weeks, sales from Musk and other insiders have...
    Mohamed El-Erian, chief economic adviser of Allianz SE, listens during a Bloomberg Television interview on the sidelines of the Bloomberg New Economy Forum in Singapore, on Tuesday, Nov. 6, 2018.Wei Leng Tay | Bloomberg | Getty Images The Federal Reserve is losing credibility over its long-standing view that inflation is transitory, according to Allianz Chief Economic Advisor Mohamed El-Erian. "I think the Fed is losing credibility," El-Erian said on Monday. "I've argued that it is really important to reestablish a credible voice on inflation and this has massive institutional, political and social implications." He was speaking to CNBC's Dan Murphy at the ADIPEC energy industry forum in Abi Dhabi, the United Arab Emirates. El-Erian argued that the Fed's inflation stance weakened the central bank's forward guidance and undermined President Joe Biden's economic agenda. He said that people shouldn't forget that those on low incomes are hardest hit by rising consumer prices. "So, it is a big issue and I hope that the Fed will catch up with developments on the ground," he added. A spokesperson for the Federal Reserve was...
    SEATTLE (AP) — Having rejected a half-billion-dollar settlement offer, Washington Attorney General Bob Ferguson is taking the state’s case against the nation’s three biggest drug distributors to trial Monday, saying they must be held accountable for their role in the opioid crisis. But his gamble isn’t without risk, as a loss by three California counties in a similar case this month demonstrates. Orange County Superior Court Judge Peter Wilson issued a tentative ruling Nov. 1 that the counties, plus the city of Oakland, had not proven the pharmaceutical companies used deceptive marketing to increase unnecessary opioid prescriptions and create a public nuisance. In an email, Ferguson stressed that the relevant Washington laws differ from California’s and called the cases “apples and oranges.” “There is always uncertainty when you take a case to trial,” he said. “However, we feel confident in the strength of our case.” The attorney general’s office sued McKesson Corp., Cardinal Health Inc. and AmerisourceBergen Corp. in 2019, alleging they made billions off the opioid epidemic by shipping huge amounts of prescription painkillers into the state even...
    Elon Musk threatened to sell some more of his Tesla shares after Democratic-socialist Sen. Bernie Sanders demanded the uber-rich ‘pay their fair share’ of taxes as a renowned financial expert warned the electric carmaker's stock is primed for a crash. Sanders, 80, called on the nation’s ‘extremely wealthy’ to pony up more cash in a tweet Saturday, drawing the attention of Musk, who last week sold more than $5billion of his Tesla stake. He did so after launching a Twitter poll that guided him toward selling $25billion in stock to fund President Joe Biden’s proposed billionaire tax. Musk, responding to Sanders’ demands, indicated he wouldn’t draw the line there. ‘I keep forgetting that you’re still alive,’ Musk, the world’s richest man, tweeted at the senator. ‘Want me to sell more stock, Bernie? Just say the word …’ Meanwhile, British investor Jeremy Grantham is sounding the alarm on the stock market, warning that Tesla’s stock is in a bubble and doomed to crash. Democratic-socialist Sen. Bernie Sanders said on Twitter that the nation's wealthiest people must pay their fair share of...
    In this article TSLAElon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event.Patrick Pleul | picture alliance | Getty ImagesAccording to financial filings out Wednesday, CEO Elon Musk is selling a block of Tesla shares via a plan that he set in motion on September 14 this year. The sales amount to more than 930,000 shares worth over $1.1 billion. He still holds more than 170 million shares. Musk sold these shares in part to satisfy tax obligations related to an exercise of stock options. Before the sale plan was made public, Elon Musk asked his 62.5 million Twitter followers to vote in an informal poll, telling them their vote would determine the future of his Tesla holdings. The filings reveal that, in fact, he knew some of his shares were slated for sale this week. Following the Twitter poll, shares of Tesla slumped more 15% over Monday and Tuesday, before rebounding more than 4% on Wednesday. Previously, Musk signaled that he was likely to sell "a huge block" of his options in the fourth quarter. At an appearance...
    TOKYO (AP) — SoftBank Group Corp. sank into red ink for the July-September period, dragged down by losses on its investments in China, the Japanese technology conglomerate said Monday. SoftBank reported a 397.9 billion yen ($3.5 billion) loss for the fiscal second quarter, compared to a 627 billion yen profit recorded the same period the previous year. Quarterly sales grew 11% to 1.5 trillion yen ($13 billion). Tokyo- based SoftBank said its investment portfolio called Vision Fund suffered losses, including the value of its stake in South Korean online retailer Coupang. But it said it booked gains on its shares in DoorDash, an online food-ordering service based in San Francisco. SoftBank said the recent crackdown in China on the technology sector weighed on Chinese share prices. SoftBank’s Vision Fund was hit by a 1 trillion yen ($9 billion) loss in the July-September quarter, according to its chief executive, Masayoshi Son. Son, who founded the company, acknowledged the latest losses were a big contrast to the booming results it reported for the previous fiscal year. ...
    The California Public Utilities Commission voted unanimously on Thursday in favor of a controversial plan to increase the amount of natural gas that can be stored at the troubled Aliso Canyon facility. The plan allows for up to 41.16 billion cubic feet of natural gas to be stored at the facility, where a catastrophic 2015 blowout became the largest methane leak in U.S. history. That amounts to about 60% of capacity — a compromise between the ultimate goal of decommissioning the site entirely and utilizing all 68.6 billion cubic feet of available storage, said Commissioner Martha Guzman Aceves, who proposed the measure. The facility had been limited to around 34 billion cubic feet — less than half the available space. “We have seen, once again, very high fluctuations in our changing climate,” she said. “Drought has impacted our availability of hydroelectricity and increased our short-term reliance on natural gas.” Guzman Aceves said she recognizes that residents and activists won’t be happy with Thursday’s vote. The storage proposal is not permanent and “in no way diminishes the...
    New York (CNN Business)Peloton investors are going to have to take a meditation class (or several) after its latest earnings report that sent its shares plunging by about a third.The once-hot fitness company reported late Thursday that sales of its stationary bikes and treads, which makes up 60% of its business, fell 17%. Revenue grew just 6% to $805 million, which was below analysts' expectations. In a call with analysts, Peloton's Chief Financial Officer Jill Woodworth said it's "clear that we underestimated the reopening impact on our company and the overall industry." Simply put, more people are returning to brick-and-mortar gyms or buying a Peloton rival. Planet Fitness (PLNT)' stock closed 12% higher Thursday after reporting a strong earnings report and revealing that its membership levels nearly returned to its pre-pandemic peak of nearly 16 million. Its stock is up 25% for the year.Demand for its products are also slower-than-expected, which prompted Peloton (PTON) to cut its full-year sales outlook to $4.4 billion and $4.8 billion, which is about $1 billion less than previously forecast.Read MorePeloton's move to slash the...
    TOKYO (AP) — Japanese automaker Honda lowered its profit and vehicle sales forecasts for the fiscal year, pointing Friday to shortages of computer chips and rising material costs. Honda Motor Co. recorded a 31% drop in its fiscal second quarter profit, to 166.6 billion yen ($1.5 billion) from 240.9 billion yen last year. Quarterly sales slipped 7% to 3.4 trillion yen ($30 billion). Honda is among many global manufacturers hard hit by a shortage of computer chips due to disruptions related to the pandemic. Honda Executive Vice President Seiji Kuraishi apologized for the problem. “We feel so sorry about all those people waiting eagerly for our cars,” he said, making a slight bow at a news conference. Kuraishi said the supply situation was starting to improve, but the recovery in Honda production likely won’t come in this fiscal year. Honda plans to rev up production in the next fiscal year to make up for the loss, and the current problems won’t hurt investments in future technology such as electric vehicles, he said. Honda...
    FORT WORTH (CBSDFW.COM) — It is often said that every vote counts — on Tuesday in Fort Worth voters proved it. Proposition A, the $1.21 billion Fort Worth Independent School District bond, passed by just 42 votes. The controversial bond, the largest in history for the district, will fund the building of four new elementary schools and the interior remodeling of all middle schools in the district. READ MORE: Southwest Airlines Pilot Cited For Alleged Assault Over Masks With Flight AttendantIn all, Fort Worth voters decided on four bond proposals and not all got the green light. READ MORE: Fort Worth ISD Vote Too Close To Call On School Buildings, Saying 'No' To Everything Else On $1.5B Bond PackageProposition B, which would have provided just under $100 million for the renovation of middle and high school auditoriums, lost. Those who headed to the polls voted against Proposition C, the proposal that would have given more than $100 for the building of three new stadiums. And they also nixed Proposition D, the $76 million proposal to renovate school gyms and athletic...
    Justin Sullivan/Getty Images Facebook made a surprise announcement Tuesday that it’s shutting down its facial recognition software. VP of Artificial Intelligence Jerome Pesenti said they will be shuttering that system and removing the faceprints of more than a billion people. [T]he many specific instances where facial recognition can be helpful need to be weighed against growing concerns about the use of this technology as a whole. There are many concerns about the place of facial recognition technology in society, and regulators are still in the process of providing a clear set of rules governing its use. Amid this ongoing uncertainty, we believe that limiting the use of facial recognition to a narrow set of use cases is appropriate. This includes services that help people gain access to a locked account, verify their identity in financial products or unlock a personal device. These are places where facial recognition is both broadly valuable to people and socially acceptable when deployed with care. While we will continue working on use cases like these, we will ensure people have transparency and control over...
    Facebook announced Tuesday that it is shutting down its 10 year-old facial recognition system and deleting the face prints of over 1 billion people after coming under pressure for the program's privacy implications and legal and regulatory risks. The facial-rcognition software would automatically identify and save the faces of people who were in other users' photo albums and suggested that the person who posted the photo "tag" everyone else in them, thereby linking the people's Facebook accounts to the image. Facebook has one of the biggest collections of digital photos in the world thanks to the software. "This change will represent one of the largest shifts in facial recognition usage in the technology’s history," Jerome Pesenti, vice president of artificial intelligence at Meta, Facebook's new parent company, said in a blog post . "More than a third of Facebook’s daily active users have opted in to our Face Recognition setting and are able to be recognized, and its removal will result in the deletion of more than a billion people’s individual facial recognition templates." This is a developing story. ...
    Rivian R1T electric truckSource: Rivian Electric vehicle start-up Rivian Automotive is targeting a valuation of more than $60 billion in its initial public offering, sources familiar with the matter confirmed to CNBC. Rivian plans to go public as soon as next week and the valuation could shift by then, those sources said. It plans to list on the Nasdaq under the ticker symbol "RIVN," according to Rivian's IPO prospectus filed last month. The valuation would make Rivian the titan among a crop of electric vehicle start-ups and recently public companies from the U.S., including Fisker, Lordstown Motors, and Lucid, and would put it on par with Chinese electric vehicle maker Nio. It would also mean Rivian is only slightly less valuable than traditional automotive giants like Ford (which is an investor), GM, and Stellantis (created from the merger of Fiat-Chrysler and PSA). Rivian is developing commercial last-mile delivery vans for Amazon, which has said it plans to have 10,000 vans on the road by 2022 and 100,000 by 2030. It also beat Tesla, GM and Ford to the market with...
    The cigarette boom seen in the U.S. during the COVID-19 pandemic seems to have ended over this summer, a new report finds. Data released by Altria Group, the largest cigarette company in the U.S. - which accounts for half of sales in the nation - shows that Quarter 3 sales fell by 6.5 percent in 2021 when compared to the same period last year. It marks the potential end of a spike in sales for the cigarette industry after 2020 saw purchases rise for the first year in nearly two decades with years of legislation and public campaigns to reduce smoking worldwide largely successful.  Altria reports that there were more than $7 billion worth of cigarette sales in Q3 of 2020, compared to only $6.7 billion during the same part of 2021. Cigarette sales decreased by 6.5% in Q3 2021 when compared to the same period in 2020, falling from 7.1 billion in sales last year to 6.7 billion this year The number of cigarettes bought by wholesalers and retailers went from 202.9 billion in 2019 to 203.7 billion in...
    By Subrat Patnaik | Reuters Apple Inc. lost its crown as the world’s most valuable public company to Microsoft Corp. on Friday, as the iPhone maker’s shares continued their downward slide. Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to a nagging global supply chain problem, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter. read more “Compared to less hardware focused FAANG peers, Apple is also a lot more exposed to supply chain disruption,” said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown. Cupertino, California-based Apple’s shares were down 3.6% at $147, implying a market capitalization of $2.41 trillion. The Windows software maker’s shares were up 0.7% at $326.8 at a market valuation of $2.46 trillion. Microsoft’s shares were trading at a record high. Apple, which has repurchased $421.7 billion over the years, had announced a massive $90 billion share buyback in April. As a result, the company’s outstanding stock pool keeps shrinking, ending its fiscal fourth...
    MIAMI (CBSMiami) – Art Basel, the show of shows for international art galleries, high roller collectors, artists, and those that just love seeing great art is back and set to go. This year’s show, emerging from COVID cancellation, is the annual apex of the South Florida art scene. READ MORE: Coalition Of Engineers, Architects Calls For Beach Condo Inspections Every 20 Years Following Surfside Condo CollapseMarc Spiegler, Art Basel’s global director said, “We have 254 galleries coming. Almost as many as 2019 and they are coming from all over the world.” COVID killed off the 2020 version of Art Basel Miami Beach. This year, there were rumors and concerns the show would be on hold again because of travel restrictions. Organizers worried European galleries and artists would have difficulty showing. But just in time, the U.S. Government announcement came: Vaccinated Europeans can enter the U.S. beginning November 8th. “As soon as we heard the news it was going to happen, we got really excited. Art Basel Miami Beach is a show we all missed,” said Spiegler. Not...
    As the climate emergency wreaks havoc and displaces growing numbers of vulnerable people around the globe, the world's richest countries and biggest greenhouse gas emitters are responding in a dangerous manner—by prioritizing border militarization over efforts to mitigate fossil fuel pollution and adapt to a hotter planet. That's according to Global Climate Wall, a new report published Monday by the Transnational Institute, which finds that rather than addressing the root causes of the climate crisis that is forcing millions of people from their homes, the world's wealthiest nations are investing more in violently repressing migrants. Although "this is a global trend," the report focuses on the United States, Germany, Japan, the United Kingdom, Canada, France, and Australia. Those seven high-income countries—responsible for 48% of the world's historic GHG emissions—spent an average of 2.3 times as much on arming their borders ($33.1 billion) as on climate finance ($14.4 billion) from 2013 to 2018. When it comes to the ratio of spending on border militarization versus climate finance, the report spotlights the three worst offenders:...
    Robert Sarver, the owner of the Phoenix Suns, is reportedly under fire over allegations of racism, sexism and sexual harassment. Things are about to get ugly in Phoenix. On Friday, NBA insider Jordan Schultz dropped word of serious allegations against Suns owner Robert Sarver. “The NBA is preparing for a massive story accusing #Suns owner Robert Sarver of racism, sexism and sexual harassment in a series of incidents, sources say,” Shultz tweeted. “With enough evidence to support such claims, there’s a real chance the league would forcibly remove Sarver.” Said report has not dropped yet, but the contents of it would certainly have to be major if it could threaten Sarver’s ownership of the team.Robert Sarver could be removed as Suns owner after allegationsThe idea of removing an owner has recent precedence in the NBA. Clippers owner Donald Sterling was banned from the league after he was caught on tape making racist comments. That team was eventually sold for $2 billion to Steve Ballmer. The Suns are nearly a multi-billion-dollar franchise, according to beat writer Evan Sidery. Saver purchased the...
    Texas urges Supreme Court to leave abortion law in place House is poised to hold Steve Bannon in contempt for snubbing Jan. 6 committee JOHANNESBURG (Reuters) - South Africa is seeking cheap finance for more than 400 billion rand ($27.6 billion) of electricity infrastructure as part of its plans to move away from heavily polluting coal, a senior presidency official said on Thursday. © Reuters/Siphiwe Sibeko FILE PHOTO: Steam rises at sunrise from the Lethabo Power Station, a coal-fired power station owned by state power utility ESKOM near Sasolburg Through a funding facility backed by rich nations and development finance institutions, South Africa hopes to build more than 180 billion rand of cleaner power generation, 120 billion rand of transmission equipment, as well as substations, transformers and distribution technology. Load Error More than 80% of the country's electricity is currently generated by burning coal, making it the world's 12th biggest carbon emitter. But last month the government adopted a more ambitious emissions reduction target ahead of the United Nations COP26 climate summit in November. "South Africa's message: We...
    A health worker inoculates a man with a dose of the Covishield vaccine against the Covid-19 coronavirus inside a vaccination centre in Ghaziabad on October 20, 2021.Prakash Singh | AFP | Getty Images India has administered more than 1 billion doses of Covid-19 vaccines since starting its ambitious vaccination program in January. Government data showed 708 million people, or around 75% of the eligible population, received at least one dose of vaccine while 30% are now fully inoculated against the disease. Only those above 18 are currently allowed to receive the shots. "This achievement belongs to India, every citizen of India," Prime Minister Narendra Modi said on Twitter, according to CNBC's translation of his remarks in Hindi. "I express my gratitude to all the vaccine manufacturing companies of the country, workers engaged in vaccine transportation, health sector professionals engaged in vaccine development." New Delhi wants to fully vaccinate all of India's adult population by the end of the year — but some, including the Delhi High Court, have raised doubts over the country's ability to meet the target within that...
    TRENTON, N.J. (CBSNewYork) — More than $1 billion in sports bets were placed in New Jersey in September. New Jersey is the first state to reach that milestone. After winning bets and expenses were paid, $82 million went to casinos and tracks. Overall, the New Jersey gambling industry saw a 40% increase in revenue from a year ago.
                      by Andrew Kerr  Harvard University announced Thursday that its endowment grew by $11.3 billion to a record $53.2 billion during the fiscal year ending in June, a year-over-year increase of 33.6%. The announcement comes after Harvard, which runs the nation’s largest private university endowment, defeated a lawsuit from students who took umbrage with the school’s decision to not offer partial tuition refunds when it moved to online-only classes during the early stages of the COVID-19 pandemic. “Fiscal year 2021 was an extraordinary year. Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the University, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education,” Harvard Management Company Chief Executive N.P. Narvekar said in a report Thursday. Experts speculated during the first months of the pandemic that the crisis would wreak financial havoc on Harvard, according to The Harvard Crimson. The Harvard endowment distributed just over $2 billion to the university during the 2021 fiscal year, helping the...
    Harvard University announced Thursday that its endowment grew by $11.3 billion to a record $53.2 billion during the fiscal year ending in June, a year-over-year increase of 33.6%. The announcement comes after Harvard, which runs the nation’s largest private university endowment, defeated a lawsuit from students who took umbrage with the school’s decision to not offer partial tuition refunds when it moved to online-only classes during the early stages of the COVID-19 pandemic. “Fiscal year 2021 was an extraordinary year. Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the University, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education,” Harvard Management Company Chief Executive N.P. Narvekar said in a report Thursday. Experts speculated during the first months of the pandemic that the crisis would wreak financial havoc on Harvard, according to The Harvard Crimson. The Harvard endowment distributed just over $2 billion to the university during the 2021 fiscal year, helping the university to end the year with a $283...
    An international group of researchers have discovered that more than 1,600 Fast Radio Bursts (FRBs) were released from FRB 121102 over a span of 47 days in 2019, more than all the recorded brief flashes of energy combined. The experts, led by those at National Astronomical Observatories of Chinese Academy of Sciences, discovered 1,652 FRBs were released between August 29 and October 29, 2019. This independent group of bursts were detected over a span of 59.5 hours. The highest cadence during the burst saw a peak of 122 FRBs over the span of one hour, the highest rate of any FRB observed so far. Researchers discovered more than 1,600 fast radio bursts from FRB 121102 over a span of 47 days, more than all the recorded FRBs combined The 1,652 FRBs were released between August 29 and October 29, 2019 Fast Radio Bursts emits very short-duration bright radio pulses from deep space. FRB 121102 emanates from a dwarf galaxy 3 billion light-years from Earth FRBs are very short but very intense pulses of radio waves that can last as little as...
    SACRAMENTO (CBS SF/AP) — Ongoing negotiations between the California legislature and transportation officials continues to delay the state’s high-speed rail project, with the most recent hurdle being a debate over whether the train should be high speed when it launches. That’s a conversation Democrats in the state Assembly want to have amid negotiations over whether to release about $4 billion in bond money for the project. The California High-Speed Rail Authority said it needs that money to continue construction beyond next summer. Democratic Gov. Gavin Newsom included it in his state budget, but negotiations between his administration and the Legislature have stalled. They’re hoping to reach an agreement when the Legislature returns for session in January. READ MORE: Homeless Man Dies of Injuries After Being Set On Fire In San Francisco Mission DistrictIt’s the latest setback for the project, originally expected to cost $33 billion and be completed last year. Today the vision of shuttling passengers between Los Angeles and San Francisco in less than three hours is a distant dream. The first leg of rideable track, connecting two cities...
    Louisiana’s two U.S. senators are raising concerns about a provision in the proposed $3.5 trillion congressional budget reconciliation bill that would allot billions in direct government loans to small businesses. U.S. Sens. John Kennedy and Bill Cassidy, both Louisiana Republicans, called the plan “inefficient, costly and inequitable,” along with 13 other senators in a letter addressed to U.S. House and Senate leadership and chairs of both chambers’ Small Business Committees. The provision, known as Section 100502, or the Funding for Credit Enhancement and Small Dollar Loan Funding, would authorize nearly $4.5 billion over 10 years for the U.S. Small Business Administration (SBA) to issue direct 7(a) loans. The 7(a) loan program provides up to $5 million for eligible borrowers to use for real estate, short- and long-term working capital, refinancing of current business debt and “furniture, fixtures and supplies.” The main concern offered by the opposing senators pertains to taxpayer accountability. Whereas the inclusion of private banking lenders in the SBA’s loan process involves built-in financial oversight, they said, direct government loans invites abuse. “Aiming to get more 7(a)...
    By Jennifer Gray | CNN meteorologist Weather and climate disasters in the US have taken more than 500 lives and cost over $100 billion so far this year, according to the National Oceanic and Atmospheric Association. In the first nine months of 2021, the US has already faced 18 disasters that have cost more than a billion dollars each, according to a report from NOAA’s National Centers for Environmental Information. This is the seventh consecutive year the US has had more than 10 disasters totaling more than a billion dollars. September alone brought “devastating impacts from four of the 18 disasters: flooding from Hurricane Ida, landfall of Hurricane Nicholas, and ongoing drought and wildfires tormenting communities in the West,” NOAA said. These disasters for 2021 include: nine severe storms, four tropical cyclones, two flooding events, one combined drought and heat wave, one wildfire event, and one combined winter storm and cold wave. From these disasters, 538 people have died so far in 2021. This is “more than twice the number of fatalities than from all the events that occurred in...
    A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department.Cherokee County Fire DepartmentTVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
    ATLANTIC CITY, N.J. (AP) — A group studying the economics of offshore wind energy in the U.S. says building and operating the nascent industry will be worth $109 billion to businesses in its supply chain over the next 10 years. The report by the Special Initiative on Offshore Wind comes as states on both coasts and the Gulf of Mexico are moving to enter or expand their role in the industry, and are making crucial decisions on what to spend and where to spend it. Multiple states, including New Jersey, want to become the hub of the supply chain that will support offshore wind energy in the U.S., planning and building onshore support sites for manufacturing turbine blades and other components of wind power. The group, affiliated with the University of Delaware, estimated the market at $70 billion just two years ago, but updated its estimates as the industry continues to grow quickly. One caveat: the report notes that most of the initial components to be used for U.S. offshore wind projects will come from Europe. It does not attempt...
    President Donald Trump lost more than $73 million on his luxury D.C. hotel even while claiming multi-million profits on his disclosure forms, the House Oversight Panel says after reviewing government documents. The hotel, which the Trump Organization refurbished and leases from the federal government, was a fixture of Trump's 2016 presidential campaign and became a hub of activity for supporters during his administration. But far from being a revenue-generator, it was a 'failing business saddled by debt,' according to a letter the Democratic-run Oversight panel wrote to the General Services Administration, known as the nation's landlord.  'Taken together, these documents show that far from being a successful investment, the Trump Hotel was a failing business saddled by debt that required bailouts from President Trump’s other businesses,' panel chair Rep. Carolyn Maloney (D-N.Y.) wrote. 'In deciding to conceal the Trump Hotel’s true financial condition from federal ethics officials and the American public, President Trump hid conflicts of interest stemming not just from his ownership of the hotel but also from his roles as the hotel’s lender and the guarantor of its...
    "That feels like a betrayal of democracy to me," she said. Facebook on its own boasts almost 3 billion users. Some critics of the company used the outage to push for congressional action to break up Facebook. "If Facebook's monopolistic behavior was checked back when it should've been (perhaps around the time it started acquiring competitors like Instagram), the continents of people who depend on WhatsApp & IG for either communication or commerce would be fine right now," tweeted Rep. Alexandria Ocasio-Cortez (D-N.Y.). If Facebook's monopolistic behavior was checked back when it should've been (perhaps around the time it started acquiring competitors like Instagram), the continents of people who depend on WhatsApp & IG for either communication or commerce would be fine right now. Break them up.— Alexandria Ocasio-Cortez (@AOC) October 4, 2021 "Break them up," she added. Users reported that the social media platforms came back back online Monday evening. Despite losing $6 billion in one day, Zuckerberg remains one of the richest people on the globe with about $121.6 billion. Here's...
    BEIRUT (AP) — Lebanon’s Finance Ministry said Monday it has resumed “interactions” with the International Monetary Fund in an effort to pull the small nation out of its worst economic crisis in its modern history. The ministry said the government will work for a fair solution for creditors, but did not give details about the talks. The announcement came a week after the new Cabinet named a delegation to resume bailout negotiations with the international agency after talks were suspended last year. Deep disagreements festered within the Lebanese delegation during last year’s negotiations with the IMF, with the government on one side and the central bank and local lenders on the other. The ministry said that Lebanon’s government “remains fully committed to engage in a constructive, transparent and equitable debt restructuring process” with all other stakeholders and welcomes bondholders to participate in the process. In early March 2020, Lebanon defaulted on paying back $1.2 billion in loans, marking its first ever default. Since the crisis began in October 2019, the local currency has lost more than 90% of...
    Rep. Ted Budd, R-N.C., told "Fox Report" he found a few "ashen" Democrats in the House elevators following the failure to vote on President Biden's infrastructure plan, which he called a "Trojan horse." The infrastructure measure passed the Senate in August, but the House hasn't had as much luck, facing infighting between progressives and moderates over Biden's massive $3.5 trillion budget reconciliation package. The far-left wing of the Democratic caucus, which is in favor of the spending package, refused to back the former without agreement on the latter.  Budd called the infrastructure bill "a Trojan horse to get us more socialism," suggesting Biden had misled when he campaigned as a moderate during the 2020 presidential election.   "And Joe Biden is fully onboard even to the point of taking the $1.2 trillion bill yesterday so that he can even more quickly get to the $3.5 trillion Bernie Sanders level of spending," the North Carolina Republican said. Budd said the infrastructure plan may have been advertised as bipartisan, but "only 10% of the 1.2 trillion" of the $110 billion would be funneled...
    Democratic Representative Josh Gottheimer, a leader of the moderates, said in a statement it was 'deeply regrettable' that House Speaker Nancy Pelosi broke her commitment to hold a vote on the infrastructure bill claiming 'a small far left faction' of the House blocked the vote. Gottheimer, a New Jersey Democrat, has clashed with those in the 'progressive' wing of the party over the two huge pieces of legislation Democrats are hoping to pass.  Gottheimer urged Democrats to pass the bipartisan infrastructure deal right away and then proceed to focus on the$3.5 trillion reconciliation bill separately.  Democratic Representative Josh Gottheimer, a leader of the moderates, said in a statement it was 'deeply regrettable' that House Speaker Nancy Pelosi broke her commitment to hold a vote on the infrastructure bill claiming 'a small far left faction' of the House blocked the vote Hours later, Gottheimer put out a statement slamming 'this far left faction' accusing them of 'putting civility and bipartisan governing at risk.' But Congressional Progressive Caucus chair Pramila Jayapal, a Democrat from Washington State is pushing for the two to...
    In this article ASML-NL TSLA ASML Holding Semiconductor company logo seen displayed on smart phone. ASML is a Dutch company and currently the largest supplier in the world of photolithography systems for the semiconductor industry. (SOPA Images | LightRocket | Getty ImagesASML has raised its long-term outlook following a surge in demand for the semiconductors that its machines help to make. The Dutch company, which makes the lithography equipment that's used to produce the world's most advanced chips, said in a statement on its investor day that it now expects annual revenue to hit 24-30 billion euros ($28-$35 billion) by 2025, with gross margins up to between 54% and 56%. The prediction is significantly higher than the 15-24 billion euro range it had previously forecast. "We see significant growth opportunities beyond 2025," the company said, adding that it expects to achieve an annual revenue growth rate of around 11% between 2020 and 2030. Demand for chips has soared worldwide in the last year after the coronavirus pandemic led to a chip crunch that wreaked havoc on the automotive industry...
    BERLIN (AP) — A Munich court on Tuesday heard a claim for compensation from a German certification company over a devastating dam collapse in Brazil in January 2019. More than 270 people died when the dam at a mine operated by Brazilian mining company Vale collapsed, flooding nearby Brumadinho with mud. A local unit of Germany’s TUeV Sued had been involved in inspecting the structure. The city of Brumadinho and relatives of an engineer who was killed in the collapse sued TUeV Sued for compensation and damages at the state court in Munich. Lawyers for TUeV Sued rejected any responsibility on its part at Tuesday’s hearing, arguing that the probable cause was drilling and blasting for which Vale was responsible on the day of the collapse, German news agency dpa reported. The plaintiffs’ lawyers contended that the company had issued a declaration of stability for the dam although it knew that there were problems. Presiding judge Ingrid Henn said she will announce a decision on Feb. 1. In February, Vale signed a settlement deal to pay 37.7 billion reais ($7...
    In light of the Dominion and Smartmatic lawsuits against Rudy Giuliani and Fox News—over false accusations made by the Trump consigliere and various pundits on the right-wing news network that the companies’ voting machines were rigged during the 2020 presidential election (that Donald Trump lost by over 7 million votes)—Giuliani and his son Andrew have reportedly been suspended from appearing on any Fox News shows for three months. “They banned Rudy from Fox News? That’s like banning a turtle from its shell, or like banning the Turtle [of Entourage fame] from the Nike store,” cracked Late Night host Seth Meyers on Monday night. Fox News disputed that the Giulianis were “banned” from the network’s airwaves, with sources telling Deadline that they simply haven’t found the Giulianis “relevant” in recent months. “I mean, damn, it’s one thing to ban him because you’re afraid of the Dominion lawsuit, but to tell him you just don’t want him anymore? It’s like breaking up with a boyfriend and telling him, ‘No, it’s not because my mother doesn’t like you! You’re ugly and...
    LOS ANGELES (CBSLA) — A settlement was reached Monday in the years-long battle over the Aliso Canyon storage facility which leaked natural gas beginning in 2015. Attorneys representing more than 35,000 people impacted by the leak said Southern California Gas Co. and its parent company, Sempra Energy, will have to pay up to $1.8 billion to their clients. READ MORE: Im Ready: Rep. Karen Bass Running For LA Mayor SoCalGas, which operates the facility, said the settlement will not affect ratepayers. READ MORE: Woman Dies, 2 Children Hurt In E-Bike Crash On San Juan Capistrano Trail The Aliso Canyon blowout remains the biggest natural gas leak in U.S. history. MORE NEWS: Newsom Makes Voting By Mail Permanent In California (© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)