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Business News

US inflation cooling as consumer prices rise moderately again

by Reuters August 10, 2023
By Reuters

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. consumer prices increased moderately in July as higher rents were mostly offset by declining costs of goods such as motor vehicles and furniture, a trend that could persuade the Federal Reserve to leave interest rates unchanged next month.

The report from the Labor Department on Thursday also showed underlying inflation pressures subsided further last month. The annual increase in prices excluding the volatile food and energy components, the so-called core inflation, was the smallest in nearly two years.

Moderate inflation, together with a cooling labor market, bolstered economists’ conviction that the U.S. central bank will be able to engineer a “soft landing” for the economy, after a year of hand-wringing about a recession.

“Significant progress on the inflation front has been made, a persistent trend of disinflation is evident,” said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. “It is time for the central bank to stop its campaign to beat inflation, it should wait and see for a while.”  

The consumer price index rose 0.2% last month, matching the gain in June. Shelter accounted for more than 90% of the increase in the CPI, with rental costs increasing 0.4%.

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Food prices gained 0.2%. Grocery food prices increased 0.3% after being unchanged in June. They were boosted by higher prices for eggs, beef, dairy as well as fruit and vegetables. Still, grocery store prices have slowed considerably, increasing 3.6% on a year-on-year basis in July after peaking at 13.5% in August 2022.

Restaurant meal prices rose 0.2%, slowing back to pre-pandemic trends. The cost of energy products edged up 0.1%, with gasoline prices rising slightly. A jump in prices at the pump in late July will likely be reflected in the August inflation report.

The CPI advanced 3.2% in the 12 months through July. That followed a 3.0% rise in June, which was the smallest year-on-year gain since March 2021.

The increase in the annual CPI rate picked up for the first time in 13 months as it was calculated from a lower base after prices subsided last July following a jump that had boosted inflation to a pace not seen in more than 40 years.

Annual consumer prices have come down from a peak of 9.1% in June 2022. The CPI increased at a 1.9% annualized rate over the last three months, the slowest pace since June 2020, from 2.7% in June. The Fed has a 2% inflation target.

Economists polled by Reuters had forecast the CPI would rise 0.2% last month and by 3.3% on a year-on-year basis.

“Consumers are seeing broad-based relief on prices as the economy operates in lower gear and a small margin of slack opens in the labor market,” said Bill Adams, chief economist at Comerica Bank in Dallas.

The CPI report is one of two before the Fed’s Sept. 19-20 policy meeting. Financial markets overwhelmingly expect the central bank to leave its policy rate unchanged at that meeting, according to CME Group’s FedWatch tool. Since March 2022, the Fed has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.

Stocks on Wall Street were trading higher. The dollar edged down against a basket of currencies. U.S. Treasury prices fell.

RENTAL COSTS REMAIN HIGH

Excluding food and energy, the CPI gained 0.2% in July, matching the rise in June. Underlying inflation was curbed by a 0.3% drop in core goods prices, which followed a 0.1% dip in June. Goods deflation was driven by used cars and trucks, whose prices dropped 1.3%. There were also decreases in the prices of new cars and household furnishings.

But services inflation remained sticky, rising 0.3% for a third straight month. Services were lifted by higher rental costs. Owners’ equivalent rent (OER), a measure of the amount homeowners would pay to rent or would earn from renting their property, rose 0.5% after climbing 0.4% in June.

Independent measures have been showing rental costs on a downward trend as more apartment buildings come on the market. Rent measures in the CPI tend to lag the independent gauges by several months. The annual increase in rents slowed to 7.7% in July after topping 8.1% in March.

“Housing disinflation will pick up momentum in the coming months,” said Lydia Boussour, senior economist at EY-Parthenon in New York.

There were also increases in the costs of motor vehicle insurance, education and recreation. But airline fares declined 8.1%, falling for the fourth consecutive month. Hotel and motel rooms were cheaper last month.

In the 12 months through July, the so-called core CPI increased 4.7%. That was the smallest year-on-year advance since October 2021 and followed a 4.8% rise in June. The core PCE increased at a 3.1% annualized rate in the past three months, the slowest pace since September 2021, after rising 4.1% in June.

But the economy is not out of the woods yet. Though the labor market is slowing, conditions remain tight, keeping wages elevated and driving solid economic growth. A spate of strikes, heat waves across the country and the on-going Russia-Ukraine war could fan inflation pressures, economists warned.

Cooling inflation also means improved purchasing power for households, underpinning demand. Real average hourly earnings for all employees increased 0.3% in July.

“This report does not yet guarantee that we have seen the last rate increase,” said Richard de Chazal, macro analyst at William Blair in London.

In another report on Thursday, the Labor Department said initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 248,000 for the week ended Aug. 5, exceeding economists’ expectations for a reading of 230,000.

The larger-than-expected rise was driven by an outsized jump in filings in Ohio, a state that has previously experienced problems with fraudulent applications. The collapse of Yellow Trucking was also cited as a factor by economists.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 8,000 to 1.684 million during the week ending July 29, the claims report showed. Some laid-off workers are experiencing short spells of unemployment.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

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Business News

Kellogg’s ‘woke’ workplace diversity programs are illegal, group claims

by Reuters August 10, 2023
By Reuters

By Daniel Wiessner

(Reuters) -A conservative legal group on Wednesday urged a U.S. anti-discrimination agency to investigate Kellogg Co over workplace diversity policies that it says are unlawful, and accused the cereal maker of sexualizing its products.

This is the second complaint filed this week against a company by America First Legal, a nonprofit run by Stephen Miller, who was an adviser to then-President Donald Trump.

America First in a letter to the U.S. Equal Employment Opportunity Commission (EEOC) said Kellogg’s hiring, training and promotion practices are designed to achieve a balance based on race and sex that violates the federal law banning workplace bias.

It also criticized marketing campaigns including boxes of Cheez-It crackers featuring drag queen RuPaul and cereal boxes celebrating LGBTQ Pride Month.

“Management has discarded the company’s long-held family friendly marketing approach to politicize and sexualize its products,” the group said.

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Kellogg in a statement on Thursday said the company is committed to complying with employment laws and has policies in place prohibiting workplace discrimination.

“At Kellogg, our aspiration is to better reflect the diversity of our consumers and to strengthen our inclusive culture,” the company said.

The EEOC typically investigates companies based on complaints filed by workers, known as charges. But the agency’s five individual commissioners have the power to launch their own probes and file charges if they find that discrimination has occurred.

So-called “commissioner’s charges” are rare, with only a few filed in most years. But, last year commissioners filed 29 charges when a vacancy on the commission created a 2-2 stalemate between Democratic and Republican appointees that hampered the agency’s ability to bring large-scale cases through the normal process.

The U.S. Senate last month confirmed a nominee of Democratic President Joe Biden to a vacancy at the EEOC, handing Democrats a 3-2 majority.

The five current EEOC commissioners did not immediately respond to requests for comment.

Many legal experts expect an uptick in legal challenges to corporate diversity programs in the wake of a June U.S. Supreme Court ruling barring race-conscious admissions policies in higher education.

America First in the letter said Kellogg, for example, has said it wants to have “25% underrepresented talent at the management level” by 2025 and runs fellowship programs that are only open to racial minorities.

“Kellogg’s employment practices are unlawfully based on ‘equity,’ which is a euphemism for illegal discrimination,” Reed Rubenstein, a lawyer with the group, wrote in the letter.

America First said it also had sent a letter to Kellogg’s board of directors on Wednesday threatening shareholder litigation if the company maintains the allegedly illegal policies.

The nonprofit on Tuesday sued Target Corp on behalf of an investor, saying the retailer failed to anticipate customer backlash over LGBTQ-themed merchandise that hurt its stock value.

The complaints are part of a campaign conservative legal groups and Republican legislators are waging against corporations that have enacted so-called woke policies on social issues such as race, gender and diversity.

(Reporting by Daniel Wiessner in Albany, New York; Editing by Stephen Coates, Alexia Garamfalvi and Jonathan Oatis)

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Universities Are Spending Like Crazy To Grow Their Bureaucracies, And Students Are Footing The Bill, Analysis Finds

by The Daily Caller August 10, 2023
By The Daily Caller

Universities Are Spending Like Crazy To Grow Their Bureaucracies, And Students Are Footing The Bill, Analysis Finds

Reagan Reese on August 10, 2023

Public universities across the United States are spending money to increase their workforce and then passing the bill along to students, according to an analysis by The Wall Street Journal.

Since 2002, the average flagship university’s spending rose 38%, with a majority of the money being spent on salaries and benefits, which rose by 40% in the same time period, according to an analysis by the WSJ. However, the average tuition cost per student rose 64% to cover the costs of salaries and benefits in the same time period.

For example, from 2017 to 2022, the University of Florida about doubled the number of directors, associate directors or assistant directors of communications it had, the WSJ reported. During the 2022-2023 school year, the university employed 130 more assistant deans, associate deans, executive deans and other types of deans than it did in 2017.

“Students do not have the resources right now to continue to foot the bill for all of the things that the university wants to do,” Crispin South, a 2023 Oklahoma graduate, told the WSJ. “You can’t just continue to raise revenue by turning to students.”

From 2010 to 2022, the average salary of athletic coaches rose by about half, the WSJ reported. The University of Connecticut’s athletic department has received more than $35 million annually from student fees and university subsidies since 2016 to keep operating.

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The average flagship has brought in more than double the revenue from undergraduate and graduate tuition in 2022 than it did in 2002, the WSJ reported. The median flagship university increased tuition and fee revenue by almost $2.40 for every $1 lost in state support sent to universities over the last 20 years.

Other universities raised tuition after spending thousands on campus renovations; the University of Kentucky spent about $805,000 a day to update its facilities while charging its freshman an average of $18,693 during the 2021-2022 school year, the WSJ reported.

Tuition at higher education institutions is rising as the nation faces $1.6 trillion in federal student loans; in June, the Supreme Court ruled that the Biden administration’s plan to grant student loan forgiveness to nearly 40 million Americans was unconstitutional. In an effort to curb the recent ruling, the Biden administration is looking to utilize income-driven repayment plans which is estimated to cost taxpayers as much as $558.8 billion over the next ten years.

The government subsidization of student loans has also caused tuition to rise over the last several years; on average, student loan expansion is responsible for as much as 60 cents per dollar of tuition increases, according to a 2017 Federal Reserve Bank of New York study.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

August 10, 2023 0 comments
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US and World News

U.S. forecasters raise 2023 hurricane forecast

by Reuters August 10, 2023
By Reuters

By Erwin Seba

HOUSTON (Reuters) -U.S. government forecasters on Thursday said they expect a more dangerous Atlantic storm season than previously projected, raising their Atlantic hurricane outlook due to high sea surface temperatures.

The U.S. National Oceanic and Atmospheric Administration (NOAA) forecast 14-21 named storms, with 6-11 potentially becoming hurricanes with winds of 74 miles per hour (119 kmh) or greater. Two to five of those hurricanes could become major events with sustained winds above 111 miles per hour (179 kmh), NOAA said.

In May, NOAA had predicted 12-17 named storms, 5-8 hurricanes and one to four major hurricanes. The raised outlook follows a similar projection by Colorado State University researchers.

An average Atlantic season has 14 named storms, seven hurricanes and three major hurricanes. The season lasts to the end of November.

NOAA’s forecast was raised “to account for record warm sea surface temperatures in the Atlantic,” said meteorologist Matthew Rosencrans with the agency’s Climate Prediction Center. Sea surface temperatures in the Atlantic where storms generally form are the warmest since 1950, he said.

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El Nino, a weather system that forms from warm ocean surface temperatures in the central and eastern Pacific, increases vertical wind shear across the southern United States, lessening or breaking up tropical storms.

But this year’s El Nino may not develop soon enough to reduce the number of storms and their intensity, said Rosencrans.

Storms have not been unusually frequent so far.

“This season is actually right on a schedule,” said Jim Foerster, chief meteorologist at DTN, an agricultural, energy and weather data services provider.

“We normally have our 4th named storm on August 14th and first hurricane on August 11th, and we are at 4 named storms and one hurricane.”

Pacific winds have been blamed for fanning fierce wildfires in Hawaii this week. Hawaii is normally at increased risk of tropical cyclones during El Nino years.

Hurricane Dora’s epicentre currently lies hundreds of miles southwest of the archipelago. It is too early to say whether El Nino had contributed to the storm’s formation, said Chris Hewitt, director of climate services at the World Meteorological Organization.

Major hurricanes can disrupt offshore crude oil and natural gas production in the Gulf of Mexico as well as heavily damage refineries along the Gulf Coast states of Texas, Louisiana and Mississippi.

(Reporting by Erwin Seba; Additional reporting by Gloria Dickie in London; editing by John Stonestreet)

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Bronx Man Arraigned for Richmond Hill Smoke Shop Murder

by Leo Canega August 10, 2023
By Leo Canega

QUEENS, NY – District Attorney Melinda Katz has recently announced the arraignment of Albert Edwards, 24, from the Bronx, on charges stemming from the March 18 robbery of a Richmond Hill smoke shop.

During the robbery, Darryus Clarke, a 20-year-old employee, was fatally shot.

Surveillance footage from March 18 shows Edwards driving a ZipCar-owned vehicle to The Plug smoke shop at 109-27 Jamaica Avenue.

Three men exited the car, entered the shop, brandished a loaded gun, and took property. Clarke was shot in the torso during the incident.

The assailants fled the scene, and Clarke was later pronounced dead at a local hospital. The other two suspects remain at large. Edwards is scheduled to return to court on August 16.

August 10, 2023 0 comments
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Bank Robbery Reported in Pittsburgh

by Leo Canega August 10, 2023
By Leo Canega

PITTSBURGH, PA – Recently, Pittsburgh Police were dispatched to 106 Isabella Street following reports of a bank robbery.

The suspect, estimated to be in his late 30s or early 40s, demanded cash from the teller without displaying any weapon.

After obtaining an undisclosed sum, he was last seen heading towards E. Lacock Street via Sandusky Street.

The Major Crimes Robbery Unit detectives have taken over the investigation.

Anyone with information is asked to contact the Pittsburgh Police headquarters at (412) 323-7800 or FBI Pittsburgh at (412) 432-4000.

August 10, 2023 0 comments
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US and World News

US FDA approves Johnson & Johnson’s blood cancer therapy

by Reuters August 10, 2023
By Reuters

By Mariam Sunny

(Reuters) -Johnson & Johnson said on Thursday the U.S. Food and Drug Administration had approved its antibody-based therapy for patients with a difficult-to-treat type of blood cancer.

The therapy, Talvey, belongs to a class of treatments called bispecific antibodies designed to bring a cancer cell and an immune cell together so the body’s immune system can kill the cancer.

Talvey will be sold at a list price of $45,000 per month, the company told Reuters, adding the price could vary based on a patient’s weight, prescribed dosing and treatment duration.

J&J estimates a pricing range of $270,000 to $360,000 for an average treatment duration of six to eight months.

The company expects to make the therapy available to patients within three weeks.

Talvey was approved as a weekly or biweekly injection given under-the-skin to treat patients with relapsed multiple myeloma who have received at least four prior lines of treatment.

While the FDA approved J&J’s Tecvayli, another bispecific antibody, last year, Talvey is the first of its kind to target a protein known as GPRC5D, which is mainly present in cancerous plasma cells.

Around 35,730 people in the U.S. are expected to be diagnosed with multiple myeloma this year. The cancer starts in the bone marrow and disrupts production of normal blood cells.

“Although options for the treatment … have expanded significantly in recent years, the disease remains incurable, and therefore, patients are in need of new treatment options,” said Michael Andreini, CEO of the non-profit Multiple Myeloma Research Foundation.

The therapy’s approval comes with FDA’s “boxed” safety warning, flagging the risk of a type of aggressive immune response and neurologic toxicity.

The accelerated approval is based on mid-stage trial data, which showed 73.6% patients achieved either partial or complete disappearance of cancer from their body.

(Reporting by Mariam Sunny in Bengaluru; Editing by Krishna Chandra Eluri and Maju Samuel)

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August 10, 2023 0 comments
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Deadly Tesla Crash in Virginia Sparks New Federal Investigation

by Jeff Jones August 10, 2023
By Jeff Jones

WARRENTON, VA – On Thursday, U.S. auto safety regulators announced the initiation of a new special crash investigation into a deadly incident involving a Tesla Model Y in Virginia.

This investigation centers on the suspicion that the vehicle was utilizing advanced driver assistance systems at the time of the accident.

The National Highway Traffic Safety Administration (NHTSA) revealed its inquiry into a tragic collision that occurred on July 21. In this incident, a Tesla driver lost their life after colliding with a tractor-trailer truck in Warrenton, Virginia. Since 2016, the NHTSA has launched over 30 special crash investigations involving Tesla vehicles, particularly cases where driver-assistance features like Autopilot were suspected to have been engaged.

As of Tuesday, there have been 23 reported crash fatalities associated with these investigations.

August 10, 2023 0 comments
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Scientists Increase 2023 Hurricane Predictions, Bad News for the Jersey Shore

by Pamela Rosenthal August 10, 2023
By Pamela Rosenthal

TOMS RIVER, NJ- Eleven years after one of the worst hurricanes to impact the Jersey Shore made landfall in Ortley Beach, a section of Toms River; hurricane forecasters are predicting an increase in major storms in 2023.

That’s not good news for a community still digging out and recovering a decade later.

U.S. government forecasters on Thursday expect a more dangerous Atlantic storm season this year, raising their Atlantic hurricane outlook due to high sea surface temperatures. The U.S. National Oceanic and Atmospheric Administration forecast 14-21 named storms, with 6-11 potentially becoming hurricanes with winds of 74 miles per hour (119 kmh) or greater. Two to five of those hurricanes could become major events with sustained winds above 111 miles per hour (179 kmh), NOAA said.

In May, NOAA had projected between 12-17 named storms, 5-8 hurricanes and one to four major hurricanes. The Atlantic season lasts to the end of November. An average Atlantic season has 14 named storms, seven hurricanes and three major hurricanes.

“Record-warm Atlantic sea surface temperatures are likely to counterbalance the usually limiting atmospheric conditions associated with the ongoing El Nino event,” NOAA said.

El Nino, a weather system that forms from warm ocean surface temperatures in the central and eastern Pacific, increases vertical wind shear, lessening or breaking up tropical storms.

The higher number of storms now expected follows a similar forecast from Colorado State University. But storms have not been unusually frequent so far.

“This season is actually right on a schedule,” said Jim Foerster, chief meteorologist at DTN, an agricultural, energy and weather data services provider. “We normally have our 4th named storm on August 14th and first hurricane on august 11th, and we are at 4 named storms and one hurricane,”

Foerster said. Pacific winds have been blamed for fanning fierce wildfires in Hawaii this week. Hawaii is normally at increased risk of tropical cyclones during El Nino years.

It is too early to say whether El Nino had contributed to the formation and intensity of Hurricane Dora, said Chris Hewitt, director of climate services at the World Meteorological Organization.

August 10, 2023 0 comments
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US and World News

Bone dry on the range: Texas cattle ranchers battle drought, extreme heat

by Reuters August 10, 2023
By Reuters

By Evan Garcia

TENNESSEE COLONY, Texas (Reuters) – The brown and black cattle of Texas, beloved symbols of the Lone Star state, walk through desiccated grass and stand in shrunken watering holes while their ranchers struggle to get them enough food.

For the second summer in a row, drought and extreme heat are stressing the health of cattle in Texas – the top beef-producing state in the U.S. by far – leading some ranchers to think about thinning their herds to save money on animal feed and hay.

“The grass is just not growing and primarily because it’s thirsty,” said rancher David Henderson. “Now we hit August and this is normally our hottest, driest time of the year … and the only thing I can think of, sometimes it calls for selling cows.”Henderson, 62, manages a herd of about 150 cows in Tennessee Colony in East Texas, and said he sold roughly 30 cows in 2022 due to the drought.

Dry conditions last year drove ranchers in East Texas to sell more than 2.66 million cattle from January 2022 through August 2022 — an increase of more than 480,000 cattle compared to that time period the previous year, according to the Texas Farm Bureau. 

Texas State Climatologist John Nielsen-Gammon predicts extreme heat spurred by global warming will become the norm.

“Well, certainly for the next few decades, the trends are going to continue,” Nielsen-Gammon said. “This sort of heat will become normal in the summertime for Texas. And that, in addition, means that the heat extremes will be that much hotter and that much more severe.”

The drought, triple-digit heat and lack of food impacts just about every facet of the cattle industry – how much milk the calves get, how the cows fatten up, how much they reproduce, and how much that coveted steak will cost.

Jimmy Reed owns the Cattle Ranch Supply store in Tennessee Colony and, with pastures diminished, has been sending out feed deliveries to ranchers in early August instead of the normal time in mid-November.

“With everybody wanting to eat that rib eye and that T-Bone or those ribs, there’s going to be less supply. So the price of beef will once again take a rise,” Reed said.

Rancher Corey Davis, 39, said after plentiful spring rains he had been optimistic.

“This year, I thought being a young farmer, I said, ‘Well, we’re going to make a bunch of hay,'” Davis said.

“I was excited and you know, four or five months later, no rain for a month. So, we’re back in a drought again.”

(Reporting by Evan Garcia; Writing by Mary Milliken; Editing by Rosalba O’Brien)

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Breaking NewsMaryland NewsPolice Blotter

Pickup Truck Drives Into Rockville Home

by Jeff Jones August 10, 2023
By Jeff Jones

ROCKVILLE, MD – Early this morning, at around 7:45 am., the Rockville City Police Department and Montgomery County Fire/Rescue responded to an incident in the 2200 block of McAuliffe Drive.

The report indicated that a vehicle had collided with a residential home.

Upon arrival, officers discovered a pickup truck lodged within the house’s structure. The vehicle’s driver, a 67-year-old male, was not the homeowner.

The incident appears to have resulted from the driver’s judgment error.

The driver sustained minor injuries and was taken for medical care.

The driver has been issued citations for multiple traffic violations. At present, housing inspectors are present at the scene to assess the extent of the structural damage caused by the collision.

August 10, 2023 0 comments
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US and World News

The odd behavior of a subatomic particle may shake up physics

by Reuters August 10, 2023
By Reuters

By Will Dunham

WASHINGTON (Reuters) – The peculiar wobble of a subatomic particle called a muon in a U.S. laboratory experiment is making scientists increasingly suspect they are missing something in their understanding of physics – perhaps some unknown particle or force.

Researchers on Thursday announced new findings about the muon (pronounced MEW-on), a magnetic and negatively charged particle similar to its cousin the electron but 200 times more massive, in their experiment at the U.S. Energy Department’s Fermi National Accelerator Laboratory in Batavia, Illinois.

The experiment studied the wobble of muons as they traveled through a magnetic field. The muon, like the electron, has a tiny internal magnet that causes it to wobble – or, technically speaking, “precess” – like the axis of a spinning top while in a magnetic field.

But the wobble’s speed, as measured in the experiment, varied considerably from what was predicted based on the Standard Model of particle physics, the theory that explains how the basic building blocks of matter interact, governed by four fundamental forces in the universe.

The new findings, building on data released in 2021, continue to hint at some mysterious factor at play as the researchers try to sort out the discrepancy between the theoretical prediction and the actual experimental results.

“We are looking for an indication that the muon is interacting with something that we do not know about. It could be anything: new particles, new forces, new dimensions, new features of space-time, anything,” said Brendan Casey, a senior scientist at Fermilab and one of the authors of a research paper on the findings published in the journal Physical Review Letters.

“I like crazy so I would love this to be something like Lorentz violation or some other new property of space-time itself. That would be insane and revolutionary,” Casey added.

Casey was alluding to a principle called Lorentz invariance that holds that the laws of physics are the same everywhere.

“Yes, it is fair to say that it could be pointing to unknown particles or forces,” University College London physicist and study co-author Rebecca Chislett said. “Currently due to new results in the theory community, it is difficult to say exactly what the discrepancy between the two (predicted muon behavior and observed behavior) is, but theorists are working hard to resolve this.”

The experiment was conducted at minus-450 degrees Fahrenheit (minus-268 degrees Celsius). The researchers shot beams of muons into a donut-shaped superconducting magnetic storage ring measuring 50 feet (15 meters) in diameter. As the muons zipped around the ring traveling nearly the speed of light, they interacted with other subatomic particles that, like tiny dance partners, altered their wobble.

The 2021 results similarly showed an anomalous wobble. The new results were based on quadruple the amount of data, bolstering confidence in the findings.

“With all this new knowledge, the result still agrees with the previous results and this is hugely exciting,” Chislett said.

The researchers hope to announce their final findings using all of their collected data in about two years.

“The experiment measures how fast muons spin in a magnetic field. The concept is simple. But to get to the required precision takes years of building the experiment and taking data. We took data from 2018 to 2023. The new result is based on our 2019 and 2020 data,” Casey said.

“We have to be patient because we need the Standard Model prediction to catch up to us for us to make the strongest use of our data,” Casey added. “We are also very baffled because there are different ways to predict what our experiment should see and they don’t agree well. So there is something very fundamental here we must be missing, which is very intriguing.”

(Reporting by Will Dunham, Editing by Rosalba O’Brien)

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August 10, 2023 0 comments
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Man Shot, Carjacked at Greenbelt Gas Station

by Jeff Jones August 10, 2023
By Jeff Jones

GREENBELT, NC – At around 3:35 am, the police were dispatched to the Exxon Gas station situated at 7619 Greenbelt Road due to an attempted armed carjacking incident. During this incident, one Hispanic male was targeted and sustained gunshot wounds to the head and neck area, inflicted by a rifle.

A witness account reveals that two males approached the victim while he was refueling his vehicle, while a third individual remained in a car. A confrontation ensued, resulting in the victim being shot.

The injured male was swiftly transported to Capital Regional Medical Center, where he is currently undergoing treatment for injuries that were initially believed to be life-threatening.

(UPDATE: His condition has been upgraded to stable.)

The suspects escaped in a black sedan, heading down Hanover Parkway.

At this point, no additional details are available for release.

August 10, 2023 0 comments
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Senator Calls for Stopping Phil Murphy’s “Social Experiment” in Public Schools

by Conservative Times August 10, 2023
By Conservative Times

Senator Joe Pennacchio has strongly criticized the Murphy administration regarding a recent contentious decision made by the State Board of Education. This decision has caused both parents and legislators to express concerns about the direction of education policy in New Jersey.

Pennacchio stated that residents of New Jersey, including some Democratic leaders, are voicing their objections against the Murphy administration’s efforts to introduce identity politics into the classroom.

He expressed that parents are growing weary of their children being subjected to a continuous social engineering experiment while important issues like learning loss remain unaddressed. He criticized the substitution of equity for equality, which he views as contrary to constitutional principles.

These changes are targeted specifically at children, making them even more troubling. Pennacchio urged Governor Murphy to respect parental rights and veto the Department of Education’s meeting minutes to prevent these misguided policies from being implemented.

The Senator emphasized that these concerns add to New Jersey families’ grievances with the Murphy administration.

He cited the Department of Education’s decisions during the pandemic, which he believes harmed students academically by shutting down schools and imposing mask mandates even as COVID-19 cases decreased. Pennacchio criticized the State Board of Education for introducing controversial curriculum into classrooms and called for government officials to step aside and allow parents, teachers, and local school boards to decide what’s best for their communities collaboratively.

The State Board of Education narrowly approved new guidelines on August 2nd, prompting school districts to implement these changes within 60 days or risk losing state and federal financial aid.Senate Republicans have announced plans to introduce legislation overturning the state board’s decision. They are urging the Legislature to reconvene in Trenton for a vote before the new policies take effect. Even Democratic legislative leaders have expressed concerns about the NJ School Board, prompting these actions.

August 10, 2023 0 comments
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Business News

Luxury stocks, Fed rate pause bets boost European shares

by Reuters August 10, 2023
By Reuters

By Amruta Khandekar, Shristi Achar A and Shashwat Chauhan

(Reuters) -European stocks climbed on Thursday after a modest rise in U.S. consumer prices fuelled hopes that the Federal Reserve was close to the end of its rate hikes, while the luxury sector got a boost from China easing travel restrictions.

The pan-European STOXX 600 added 0.8%, scaling its highest level in a week and rising for the second straight session.

U.S. inflation increased moderately in July as costs for goods including used motor vehicles declined. The consumer price index (CPI) rose 3.2% in the 12 months through July, below expectations of 3.3%, per a Reuters poll of economists.

The data bolstered hopes that inflation in the world’s largest economy was trending lower, potentially allowing the Fed to hit the brakes on its rate hikes next month.

“There’s no incremental information out of the CPI report that should force the Fed to do another hiking. The numbers themselves are decelerating and that should be enough for the Fed to be on hold,” said Marcus Poppe, co-head of European equities at DWS Group.

Rate-sensitive real estate stocks rose 1.6%, while Europe’s personal and household goods index topped sectoral gainers, rising 2.2% after China lifted its pandemic-era restrictions on group tours for more countries, in a potential boon for its tourism sector.

The index, which comprises the region’s largest luxury brands with significant exposure to China, logged its biggest one-day percentage gain in nearly four months.

French luxury group LVMH, currently Europe’s most valuable company, gained 3.4%, pushing Paris’ blue-chip index up 1.5%.

The travel and leisure sector added 1.5%.

“Maybe they are allowed to travel more (but) the other part is you have domestic economic issues. So I am not sure I would be betting on the Chinese consumer to help Western luxury,” said Poppe.

Aiding insurers , Germany’s Allianz climbed 4.9% after reporting better-than-expected quarterly profit.

Germany’s LEG Immobilien rose 3.6% after reporting higher first-half results.

Signs of easing inflation in the United States and euro zone pushed the STOXX 600 to an over one-year high last month, but slowing business activity across the globe and rising Treasury yields have piled pressure on equities in recent weeks.

Siemens dropped 4.8% after the German engineering group missed third-quarter profit estimates.

Denmark’s Novo Nordisk slipped 1.2% after the drugmaker said it will continue to restrict U.S. supplies of starter doses of its hugely popular Wegovy weight-loss drug.

(Reporting by Shashwat Chauhan and Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips, Sonia Cheema and Richard Chang)

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Business News

Novo Banco yet to decide on frozen Venezuelan funds after ruling

by Reuters August 10, 2023
By Reuters

LISBON (Reuters) – Portugal’s Novo Banco said its lawyers were studying a ruling by a Lisbon court that Venezuela claims unblocks around $1.5 billion in Venezuelan state assets being held by the bank.

Venezuela’s government has decried sanctions imposed by the United States that have led to banks freezing the country’s assets overseas, as well as international support for the opposition, arguing they have “stolen” Venezuelan resources.

Information Minister Freddy Nanez announced on Wednesday the country had won a key court battle, allowing the release of the frozen funds held in Portugal.

In a response to questions from Reuters, Novo Banco said the Lisbon District Court of Justice had ruled in response to the lender’s request to “clarify existing doubts about the legal representation of Venezuelan public entities”.

Asked whether it planned to appeal or transfer the money to Venezuela, it replied that “Novo Banco and its lawyers are analysing the practical effects of the ruling”, without providing further details. It said any transfer of the funds, which are held in an escrow account, would not affect the bank’s capital ratios.

In November, Nicolas Maduro’s ruling Socialists and the opposition reached an agreement to create a fund using the frozen money to back health, education and other services. The $1.5 billion tied up in the Novo Banco account was meant to kick off the fund.

Novo Banco is 75% owned by U.S. private equity fund Lone Star.

The Lisbon court has not replied to a Reuters request for comment nor would it provide a copy of the ruling.

Since taking office, U.S. President Joe Biden has eased some sanctions on Venezuela – many imposed by his predecessor Donald Trump in a “maximum pressure” campaign – to encourage dialogue. But negotiations have stalled again.

The United States says it will ease sanctions on the OPEC nation only in return for concrete steps toward free elections there.

(Reporting by Andrei Khalip, additional reporting by Corina Pons and Catarina Demony;Editing by Elaine Hardcastle)

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MIsc. News

CBP officers apprehend fugitive wanted for sexual abuse of a child at Anzalduas International Bridge

by US Border Patrol August 10, 2023
By US Border Patrol

MISSION, Texas—U.S. Customs and Border Protection, Office of Field Operations officers at the Anzalduas International Bridge apprehended Inocencio Garza De La Rosa, a male Lawful Permanent Resident from Robstown, Texas wanted on an outstanding felony warrant for sexual abuse of a child.  

“CBP screens all travelers entering the United States. We are committed to bringing in those individuals to face criminal charges, especially those wanted for heinous crimes against children,” said Port Director Carlos Rodriguez, Port of Hidalgo/Pharr/Anzalduas. 

CBP officers escort a wanted person at a U.S. port of entry.
CBP officers escort a wanted person at a U.S. port of entry.

On August 7, 2023, 79-year-old Inocencio Garza de la Rosa, arrived from Mexico at the Anzalduas International Bridge and a CBP officer immediately secured him after discovering he was a possible match to an arrest warrant. Once in secondary, CBP officers utilizing biometric verification confirmed his identity along with the active arrest warrant from Euless, Texas Police Department. Garza has been wanted since July of 2023 and is charged with sexual abuse of a child, a second-degree felony in the State of Texas. 

A Mission police officer arrived to take custody of Garza and transported him to the county jail pending extradition to Euless, Texas. 

Criminal charges are merely allegations. Defendants are presumed innocent unless proven guilty in a court of law.

Visit CBP’s website for more information on the Immigration Inspection Program.

Follow the Director of CBP’s Laredo Field Office on Twitter at @DFOLaredo and also U.S. Customs and Border Protection at @CBPSouthTexas for breaking news, current events, human interest stories and photos.

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Train Company That Caused Massive Chemical Leak Slapped With Worker Safety Fines

by The Daily Caller August 10, 2023
By The Daily Caller

Train Company That Caused Massive Chemical Leak Slapped With Worker Safety Fines

Will Kessler on August 10, 2023

Norfolk Southern Corp. announced a settlement with the Department of Labor Wednesday that included a fine and required new training following the cleanup of a massive hazardous chemical spill, according to the Occupational Safety and Health Administration (OSHA).

A Norfolk Southern train derailed on Feb. 2 in East Palestine, Ohio, causing a 49-railcar pileup that included 11 rail cars carrying hazardous chemicals, according to a press release from OSHA. In a deal with the Department of Labor and the Teamsters’ railway union, Norfolk Southern agreed to implement a medical surveillance program for employees at the site, create a training program on lessons learned from the derailment, give union employees 40 hours of hazardous waste training and pay $49,111 in penalties.

“This agreement will improve the safety and health controls in place for Norfolk Southern employees who responded and help educate the rail operator’s employees on the lessons learned so they are prepared should another emergency occur,” Howard Eberts, OSHA area office director in Cleveland, said in the press release. “We are pleased by the collaborative safety and health efforts of Norfolk Southern Corp, Brotherhood of Maintenance of Way Employees Division and contractors from the clean-up site who have been working together on this site remediation.”

The almost $50,000 worth of fines stem from four violations by Norfolk Southern, according to the press release. The violations were failing to develop an emergency response plan with proper communication and site control, failing to require chemical-resistant footwear for workers walking on contaminated soil, not requiring workers to wear respiratory protection to pour cement on contaminated soil and not training workers about hazardous chemicals.

Congress has so far failed to agree on legislation to address the train derailment, with a bipartisan coalition including Ohio senators Republican J.D. Vance and Democrat Sherrod Brown proposing the Railway Safety Act of 2023. Under the bill, new restrictions would be put in place requiring emergency response plans and that emergency response officials be notified of hazardous materials passing through their jurisdiction.

The Department of Labor deferred to the press release, and Norfolk Southern did not immediately respond to a request for comment from the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

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Kim Jong Un Announces Military, Weapons Boost For ‘Overwhelming’ Retaliation Against ‘Hostile Forces’

by The Daily Caller August 10, 2023
By The Daily Caller

Kim Jong Un Announces Military, Weapons Boost For ‘Overwhelming’ Retaliation Against ‘Hostile Forces’

Jake Smith on August 10, 2023

North Korean leader Kim Jong Un announced a significant boost in weapons production and military drills as the country makes “full preparations” for war, state media KCNA reported on Thursday.

Kim called on the North Korean military during a meeting of the Central Military Commission on Wednesday to run drills with the latest weapons and equipment to ensure his forces would display “maximum effect in combat,” according to KCNA. Kim also removed his top general, Chief of the General Staff Pak Su II, and replaced him with Vice Marshal Ri Yong Gil, who previously served as the country’s defense minister.

North Korean state media has stated that offensive battle plans and major military actions against South Korea were discussed at the enlarged Central Military Commission. pic.twitter.com/UMt4GF9RB9

— Global: Military-Info (@Global_Mil_Info) August 9, 2023

Kim’s calls for increased weapons production and military drills come ahead of a militia parade on Sept. 9, which marks the 75th anniversary of the founding of the Democratic People’s Republic of Korea, Reuters reported. It also comes amid joint military drills between the United States and South Korea set to take place between Aug. 21 and 24.

Though the U.S. and South Korea weren’t mentioned by name, Kim and the Central Military Commission said that the increased military activity of “hostile forces” required an “overwhelming” response, according to KCNA.

Kim visited multiple missile and arms production facilities last week, and tested a variety of weapons himself, Reuters reported on Aug. 6.

The State Department did not immediately respond to the Daily Caller News Foundation’s request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

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City Spied on Rabbi for Hosting Religious Services in His Home

by Phil Stilton August 10, 2023
By Phil Stilton

Kate Anderson on August 10, 2023

JACKSON, NJ – A popular California city is under fire after city officials spied on Jewish residents praying in a home that was hosting private religious services. The incident eerily resembles a recent incident in Jackson Township, New Jersey where former town council member Robert Nixon was accused of spying on homes where Jewish neighbors were praying together.

Several years later, after multiple civil rights lawsuits, a Department of Justice investigation and a lawsuit by the New Jersey Attorney General’s Office, Jackson is finally digging out of years of lawsuits from that encounter and the town’s attempt to limit religious services.

It didn’t end well in Jackson.

Now, the city of Beverly Hills in California sent a Notice of Violation to a rabbi in June, ordering him to cease holding religious meetings in his home after putting him under surveillance, according to a Wednesday press release from First Liberty.

Rabbi Levi Illulian has been hosting many worship meetings inside his home in order to support an “aging, home-ridden” Holocaust survivor, and after several complaints, the city allegedly responded by opening an investigation into the proceedings before sending the notice on June 12, according to the press release. In response, Illulian and First Liberty sent a letter to Beverly Hills Code Enforcement Attorney Steven Rosenblit and demanded the city withdraw the notice, arguing that it was a violation of his rights under constitutional law, according to the letter.

City Spied on Rabbi for Hosting Religious Services in His Home

“It is chilling that Beverly Hills officials have resorted to surveilling a small group of Jewish residents who meet together for worship,” Elizabeth Kiernan of Gibson, Dunn & Crutcher, who is also representing Illulian, said in the press release. “The law and constitution protect his right to host gatherings of family and friends to meet their spiritual needs.”

Illulian has hosted the Jewish celebration of Passover, which lasts over several days, and Shabbat, the Jewish Sabbath, as well as an Orthodox ministry called One Lev, according to the letter. The number of attendees was limited to what the “home can comfortably and safely accommodate” and Illulian asked visitors to park farther away in order to make sure they were not bothering neighbors or violating city ordinances regarding parking.

In February, a private citizen complained about noise and trash from the gatherings, but a city investigation found that the allegations were unfounded, according to the letter. After another complaint, a second investigation was launched in March using “stakeouts,” photographing and tallying individuals who came and went from the house, and allegedly “upon information and belief” the city used drones to surveil the house.

Illulian was eventually given a notice that demanded an end to “all religious activity at the home with non-residents,” according to the letter. First Liberty said that the notice’s requirements violated the rabbi’s First Amendment rights by discriminating based on the religious nature of the gatherings, arguing that a neighbor’s similar, secular gathering would not be prohibited under these terms.

“For example, on information and belief, poker nights of similar size to Rabbi Illulian’s prayer meetings occur on a regular basis in the neighborhood, undisturbed by threat of civil and criminal proceedings,” the letter reads. “And larger parties (like Christmas parties) are likely to have occurred of similar size to his larger gatherings for major Jewish holidays. Yet the City has targeted Rabbi Illulian’s home with an overly aggressive interpretation of its zoning code while failing to enforce a similarly aggressive position against other private gatherings in neighboring homes.”

First Liberty demanded that the notice be revoked or legal action would follow, according to the letter.

Rosenblit and the city did not immediately respond to the Daily Caller News Foundation’s request for comment.

Localization by Phil Stilton / Shore News Network.

City Surveilled Rabbi’s House For Hosting Religious Gatherings, Lawyers Say

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

August 10, 2023 0 comments
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Breaking News

Aberdeen Man Wins $50k on Instant Lottery Ticket

by Jessica Woods August 10, 2023
By Jessica Woods

ABERDEEN, MD – Liam Ferns, a 48-year-old man from Aberdeen, experienced great excitement as he claimed a $50,000 top prize on the $50,000 Cash scratch-off this week, and his smile was impossible to contain.

His decision to purchase a scratch-off game happened unexpectedly.

Liam decided to get his car washed on a hot Sunday two weeks ago. Feeling thirsty, he stopped by the Abingdon Royal Farms store next door to buy a water bottle

. As he passed the Lottery vending machine, he felt a sudden urge.

“I just got a funny feeling,” the lucky winner shared. “So, I went over to the machine, closed my eyes, and randomly picked a ticket.” His finger happened to land on the $50,000 Cash game, so he went ahead and purchased it.

Liam patiently waited to scratch the game until after the car wash, just before vacuuming the interior of his car. As he scratched off the surface of the $20 game, he reached the fourth row and discovered that his matched number revealed a $50,000 prize beneath it.”I thought, ‘This has got to be wrong,'” he recalled. “But, when I scanned it back at the store, it said ‘See Lottery,’ so it had to be right.”Excited about his newfound fortune, the Harford County resident headed home to show the fortunate scratch-off to Danielle, his long-term girlfriend.”We tease each other all the time,” mentioned Danielle, who accompanied Liam to Lottery headquarters in Baltimore to claim the prize. “I was convinced the ticket was fake, so I was overjoyed to discover it wasn’t.”This week, Liam claimed his $50,000 top prize. Currently working as a shift leader at an oil refinery, he intends to retire in about 12 years and plans to add the prize money to his retirement fund.

Sharing in Liam’s good luck is the store where he bought the winning instant ticket. Royal Farms #187, located at 10 Box Hill South Parkway in Abingdon, receives a $500 bonus from the Lottery. The bonus is equal to 1% of the prize and given for selling a $50,000 top-prize winning scratch-off.

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US and World News

Schools shut, exams cancelled: War shatters Sudan’s education sector

by Reuters August 10, 2023
By Reuters

By Adam Makary

CAIRO (Reuters) – When war in Sudan’s capital forced Sarah al-Sharif and her family to flee, the 19-year-old information technology student left her books and computer behind.

Now in Sennar, 30km (18 miles) southeast of Khartoum, she lacks a stable internet connection or passport to travel abroad and like many others sees no way of continuing her studies while fighting between rival military factions rages.

The conflict, which began in mid-April, has pushed Sudan’s faltering education system into a state of collapse, with many schools shut down or repurposed to host displaced people, and most national end-of-year exams cancelled.

“This war has spelled the end of education in Sudan, and things have turned from bad to impossible,” said Sharif.

The conflict has brought daily battles to the streets of Khartoum, a revival of ethnically-targeted attacks in Darfur, and the displacement of more than 4 million people within Sudan and across its borders.

According to Simone Vis of UNICEF in Sudan, there are “an alarming number of reports that both boys and girls are being recruited by armed groups”.

At least 89 schools across seven states are being used as shelters for the displaced, according the United Nations, raising fears that many children will have no access to schools in the new academic year and could be exposed to child labour and abuse.

On Wednesday, the education minister cancelled most end of year school exams in war-affected areas.

“In the current circumstances, anyone would see that it is impossible to have a new academic year,” said Sahar Abdullah, a displaced teacher from Khartoum also seeking refuge in Sennar.

TEACHERS STRIKE

Even before the war between Sudan’s army and the paramilitary Rapid Support Forces (RSF), Save The Children ranked Sudan as one of the top four countries globally where education was at extreme risk.

Now the number of children out of school has risen to 9 million from 6.9 million, more than one million school-aged children have been displaced and at least 10,400 schools have been closed since fighting started, according to the charity.

While Khartoum has a proud intellectual tradition, the schooling system had been run down by underinvestment, political interference and a grinding economic crisis. It was then disrupted by street protests before and after the 2019 ousting of former leader Omar al-Bashir, by unusually heavy floods in 2020 and by the coronavirus pandemic.

Due to overcrowded school classrooms, “some of the students would bring chairs with them to class. There weren’t enough textbooks to help teachers do their job,” said Abdullah, the displaced teacher.

State-employed teachers staged a three-month strike over pay and working conditions just before the war broke out. As many as 300,000 teachers have not been paid since March, a senior member of the Sudanese Teachers’ Committee said.

“I haven’t been paid a salary in four months, and I have no idea when I’ll return to work,” said Fatima Mohamed, a displaced teacher who fled Khartoum to Gedaraf state after her school was overtaken by the RSF.

‘WAIT AND HOPE’

Despite the interruptions in recent years, Rabab Nasreldeen had managed to get to the third year of law studies at the University of Khartoum when the war broke out.

Then she too had to flee, abandoning educational certificates and papers that might allow her to continue studying elsewhere. “The only option we have is to wait and hope for the best,” she said.

Aid workers are trying to help alleviate the crisis, setting up safe learning spaces and providing children with psychosocial support.

Education Cannot Wait, the U.N. global fund dedicated to education in emergencies, has raised $12.5 million and aims to provide educational services for 120,000 children in Sudan and neighbouring countries.

During the COVID-19 pandemic, parents in wealthy countries “didn’t want the children to wait a year or a month for their education,” said Yasmine Sherif, the fund’s executive director.

“So why should we expect them (in Sudan) to wait for education until the conflict is over?”

Some of those who have fled Sudan are seeking entry to schools and universities outside its borders, including in Egypt. But in Chad, where more than 377,000 refugees have arrived, there are no such options.

“I cannot go back to continue my education and I lost contact with my family,” Khalifa Adam, a displaced student who escaped to Adre, Chad from Darfur, told Reuters. “I was told I can continue studying online but the internet connection here in Adre is very bad.”

(Reporting by Adam Makary in Cairo; additional reporting by Khalid Abdelaziz in Dubai and El Tayeb Siddig in Adre, Chad; editing by Aidan Lewis, William Maclean)

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Breaking News

New Yorker Wins $50k in Powerball Drawing

by Jessica Woods August 10, 2023
By Jessica Woods

The New York Lottery has announced the sale of a third-prize-winning ticket for the Powerball drawing on August 9.

The winning ticket was purchased at Patriot Wines & Spirits, located at 785 Route 17M ShopRite Plaza in Monroe. This ticket secured a prize of $50,000.

In the Powerball game, the winning numbers are selected from a range of one to 69, while the red Power Ball is drawn from a separate range of one to 26. The Powerball drawing is broadcasted on television every Monday, Wednesday, and Saturday at 10:59 p.m.

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Business News

Daly: Premature to say if Fed has done enough on rates

by Reuters August 10, 2023
By Reuters

(Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Thursday said that while recent inflation data is moving in the right direction, more progress is needed before she would feel comfortable the Fed has done enough.

“Whether we raise another time, or hold rates steady for a longer period — those things are yet to be determined,” Daly said in an interview with Yahoo Finance. “It would be premature to project what I think would happen because there’s a lot of information coming in between now and our next meeting.”

Daly spoke a couple hours after the U.S. Labor Department reported that underlying consumer price inflation moderated in July, with the core CPI, which excludes food and gas prices, rising 4.7% from a year earlier, after a 4.6% increase in June.

The Fed targets 2% inflation.

While goods inflation is receding, and newly signed lease trends signal inflation from housing will also cool, core services inflation excluding housing has so far made little progress, Daly said.

“We do need to see that come back to prepandemic levels if we’re going to be confident that we can get to 2% on a sustainable basis,” Daly said. “I’m going to need to see some traction in getting there before I feel comfortable that we’ve done enough.”

The Fed raised its policy a quarter of a percentage point last month, to a range of 5.25% to 5%, and policymakers will consider whether to raise rates further when they meet again in September, November and December.

Traders are betting they won’t.

Daly before the most recent rate hike had thought a total of two more interest-rate increases would likely be needed before year’s end, but she did not reiterate that view on Thursday.

She did note that inflation is still a key worry for people she talks with, and that volatile oil prices and worries about a possible resurgence in housing inflation were important information for her as she considers next steps. She also said the economy is slowing, but that job gains still far exceed what would be needed just to keep up with population growth.

“I was very supportive of the rate hike we took and I’m very supportive of not prematurely projecting what we’ll be doing,” she said.

She said the conversation is a “long way” from a focus on the possibility of rate cuts, though she expects it will be time for those questions next year.

(Reporting by Ann Saphir; editing by Jonathan Oatis)

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New Jersey Lottery Sign. Pick 6, Mega Millions, Cash 5, Powerball NJ
Breaking NewsLottery WinnersNew Jersey News

Powerball Jackpot $194 Million As New Jerseyans Win $158k

by Jessica Woods August 10, 2023
By Jessica Woods

There were no major wins in New Jersey, but many in the state won small prizes in last night’s Powerball lottery drawing.

On Wednesday, August 9, the drawn numbers were 10, 15, 21, 67, and 69, along with a Red Power Ball number of 03. The Power Play multiplier was 2X. A total of 30,679 players from New Jersey won prizes, ranging from $4 to $200, accumulating an estimated total of $158,718.

The Powerball jackpot increased to $194,000,000 for the upcoming Saturday, August 12 drawing.

For those who chose to participate in the Double Play feature, an additional drawing called the Double Play drawing took place. The results for the Double Play drawing on Wednesday, August 9, included the numbers 01, 42, 51, 61, and 63. The Double Play Ball number was 17.

August 10, 2023 0 comments
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