BRIGHTON BEACH, NY – Perhaps playing the role of an oddball wiseguy Italian from New York wasn’t as hard to imagine for Tony Sirico as it really was. He came from the streets of New York only to land roles in Hollywood as the bad guy, mostly as a mobster or criminal of some kind.

This week, we lost Sirico at the age of 79, but we also found this gem of Sirico on the beach in New York City in this amazing fashion ensemble was posted on Twitter a year before his death.

“You got a problem wit dat?” he would probably say if you questioned his choice of beachwear.

This rare photo from Brighton Beach, circa 1978 was shared this week on Instagram, taken by Photographer Seymore Jacobs. You can check out more Brighton Beach pictures taken during the period by Jacobs here.

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OCEAN CITY, NJ – As you come across the Ocean City Causeway or other areas of the Jersey Shore, you might be puzzled to see blue traffic signs with simple white question marks on them. But what do they mean?

It has been suggested that if you hit it, you might get a few coins to pop out. Of course, that’s a joke, but what are they? They’re found on bridges, near parkway exits and along the coast of the Jersey Shore and in other places of New Jersey.

After looking into it, we found the answer. It’s simply a sign telling motorists that some sort of informational kiosk, tourist center or informational tourism information is available ahead. These are placed on roads out side visitors centers and other tourist destinations that provide information to visiting travelers.

It’s kind of like the blue H signs that mean a hospital is nearby.

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VERNON, NJ – You never know what you’re going to find on the roads in New Jersey. Every day is a mystery, but for this driver in Vernon in New Jersey, a decal with a man holding a gun to the back of the head while another is kneeling in front of him is raising quite a few eyebrows.

But does this anti-child abuse message go too far? It says simply, “Shoot your local pedophile.”

The photo was taken by an r/NewJersey sub follower and posted saying, “I have seen some weird $shit on New Jersey cars, but this one is really something else.”

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By Lewis Krauskopf

NEW YORK -With a miserable first half for the stock market now in the history books, investors are assessing whether the U.S. economy can avoid a significant downturn as the Federal Reserve raises rates to fight the worst inflation in decades.

The answer to that question stands to have a direct impact on markets. Strategists say an economic slump coupled with weak corporate earnings could push the S&P 500 lower by at least another 10%, compounding losses that have already pushed the benchmark index down 18% year-to-date.

Conversely, in a scenario that includes solid profit increases and moderating inflation, stocks could bounce to around where they started the year, according to some analysts’ price targets.

For now, “investors are anticipating that we are seeing a slowdown,” said Lindsey Bell, chief markets and money strategist at Ally. “The big question is how deep is this slowdown going to be?”

The case for an imminent economic downturn took a hit on Friday, after a Labor Department report showed employers hired far more workers than expected in June, giving the Fed ammunition to deliver another 75 basis-point interest rate hike this month.

“The June employment report indicates that the economy is neither on the cusp of a recession – much less already in one – nor in an overheated state,” Oxford Economics said in a note.

It predicted more market volatility “amid heightened speculation over what the Fed will do.”

More key information on the course of the economy is expected later this month, as second-quarter earnings reports flood in over the next few weeks and investors parse fresh data, including Wednesday’s closely watched consumer prices report for June.

Though the Fed has said it is confident in achieving a so-called soft landing by bringing down inflation without upsetting the economy, some investors believe this year’s steep stock declines suggest a degree of economic slowdown is already baked in to asset prices.

The S&P 500, for instance, has fallen as low as 23.6% from its January record high this year, in line with the 24% median decline the index has registered in past recessions, indicating that “at least some of the challenging environment is reflected in stock prices,” Keith Lerner, co-chief investment officer at Truist Advisory Services, said in a report.

Recessions are officially called in hindsight, with the National Bureau of Economic Research declaring one when there has been a “significant decline in economic activity that is spread across the economy and lasts more than a few months.”

COMPETING SCENARIOS

Forecasts vary for how rocky the economy can get.

A note outlining various economic scenarios from UBS Global Wealth Management said the S&P 500 could fall to 3,300 – some 31% from its January high – if an economic slump leads to a steep drop in corporate earnings, as well as in the case of “stagflation,” which typically involves a cocktail of persistently high inflation combined with slow growth.

The bank’s analysts gave a 30% chance for the “slump” scenario, and pegged the chances of stagflation at 20%.

A “soft landing” scenario is their most likely outcome, however, and would include the S&P 500 finishing the year at 3,900 – right around where it closed on Friday.

Such a scenario, to which UBS assigned a 40% weighting, depends on investors believing that inflation is under control and earnings can remain resilient despite tighter financial conditions, they said.

In a recent note outlining the “increasing likelihood of a stagflationary environment,” strategists at BofA Global Research recommended investors combine areas of the stock market that would benefit from inflation, such as energy, with defensive sectors like healthcare.

Wells Fargo Investment Institute strategists, meanwhile, earlier this week called for a “moderate U.S. recession” and lowered their year-end S&P 500 target to a range of 3,800-4,000.

Some investors hold a more optimistic view of the economy and believe stocks could head higher from current levels.

Citi’s strategists weighted a “soft landing” scenario at 55%, although they also saw a 40% chance of a mild recession and a 5% chance of a severe one. Their year-end S&P target is 4,200.

John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, this week lowered his S&P 500 price target to 4,800 from 5,330 that he had initiated in December – with the new level still 23% above where the index closed on Friday.

He expects consumer demand, business investment and government spending to support growth.

“It’s a resilient economy,” Stoltzfus said.

(Reporting by Lewis Krauskopf in New YorkEditing by Ira Iosebashvili and Matthew Lewis)

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BALTIMORE, MD – Residents in Baltimore were once again woken up by early morning gunfire on Sunday. Police here said that at around 6:18 a.m., Southeast District patrol officers were advised of a shooting in the 2400 block of East Fayette Street.

“Once there, officers located an unidentified male victim suffering from apparent gunshot wounds,” the department said. “The victim was transported to an area hospital where he later died.”

Homicide detectives are investigating this incident. Anyone with information is urged to contact detectives at 410-396-2100 or Metro Crime Stoppers at 1-866-7Lockup.

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WEST LONG BRANCH, NJ – One of the major access roads to the Jersey Shore will be shut down for a fair amount of time on Sunday. Route 36 eastbound near Route 71 will be detoured while crews work to repair damaged traffic and utility police caused by an earlier crash.

Police said to avoid the area of Route 36 and Broadway completely.

“Detours of Rt 36 Eastbound in Place. Closed at Rt 71 Area closed for at least 16 to 20 Hours plus Updates to follow. WLB police, NJSP DOT and all Utility company’s working. Please Stay clear of area and let them work,” police said this morning.

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By Tim Kelly

NARA, Japan -The man arrested for Shinzo Abe’s killing believed the former Japanese leader was linked to a religious group he blamed for his mother’s financial ruin and spent months planning the attack with a homemade gun, police told local media on Saturday.

Tetsuya Yamagami, an unemployed 41-year-old, was identified by police as the suspect who approached Japan’s longest-serving prime minister from behind and opened fire, an attack that was captured on video and shocked a nation where gun violence is rare.

Wiry and bespectacled with shaggy hair, the suspect was seen stepping into the road behind Abe, who was standing on a riser at an intersection, before unloading two shots from a 40-cm-long (16-inch) weapon wrapped with black tape. He was tackled by police at the scene.

Yamagami was a loner who did not reply when spoken to, neighbours told Reuters. He believed Abe had promoted a religious group that his mother made a “huge donation” to, Kyodo news agency said, citing investigative sources.

He told police his mother went bankrupt from the donation, the Yomiuri newspaper and other media reported.

“My mother got wrapped up in a religious group and I resented it,” Kyodo and others quoted him as telling police. Nara police declined to comment on the details reported by Japanese media of Yamagami’s motive or preparation.

Media have not named the religious group he was reportedly upset with.

Yamagami jury-rigged the weapon from parts bought online, spending months plotting the attack, even attending other Abe campaign events, including one a day earlier some 200 km (miles) away, media said.

He had considered a bomb attack before opting for a gun, according to public broadcaster NHK.

The suspect told police he made guns by wrapping steel pipes together with tape, some of them with three, five or six pipes, with parts he bought online, NHK said.

Police found bullet holes in a sign attached to a campaign van near the site of the shooting and believe they were from Yamagami, police said on Saturday. Videos showed Abe turning toward the attacker after the first shot before crumpling to the ground after the second.

HOSTESS BARS

Yamagami lived on the eighth floor of a building of small flats. The ground floor is full of bars where patrons pay to drink and chat with female hostesses. One karaoke bar has gone out of business.

The elevator stops on only three floors, a cost-saving design. Yamagami would have had to get off and walk up a flight of stairs to his flat.

One of his neighbours, a 69-year-old woman who lived a floor below him, saw him three days before Abe’s assassination.

“I said hello but he ignored me. He was just looking down at the ground to the side not wearing a mask. He seemed nervous,” the woman, who gave only her surname Nakayama, told Reuters. “It was like I was invisible. He seemed like something was bothering him.”

She pays 35,000 yen ($260) a month in rent and reckons her neighbours pay around the same.

A Vietnamese woman living two doors down from Yamagami who gave her name as Mai, said he appeared to keep to himself. “I saw him a couple of times. I bowed to him in the elevator, but he didn’t say anything.”

NAVY GUN EXPERIENCE

A person named Tetsuya Yamagami served in the Maritime Self-Defence Force from 2002 to 2005, a spokesman for Japan’s navy said, declining to say whether this was the suspected killer, as media have reported.

This Yamagami joined a training unit in Sasebo, a major navy base in the southwest, and was assigned to a destroyer artillery section, the spokesperson said. He was later assigned to a training ship in Hiroshima.

“During their service, members of the Self-Defence Force train with live ammunition once a year. They also do breakdowns and maintenance of guns,” a senior navy officer told Reuters.

“But as they are following orders when they do it, it’s hard to believe they gain enough knowledge to be able make guns,” he said. Even army soldiers who serve “for a long time don’t know how to make guns”.

    Some time after leaving the navy, Yamagami registered with a staffing company and in late 2020 started work at a factory in Kyoto as a forklift operator, the Mainichi newspaper reported.

He had no problems until the middle of April, when he missed work without permission and then told his boss he wanted to quit, the newspaper said. He used up his holidays and finished on May 15.

($1 = 136.0800 yen)

(Reporting by Tim Kelly in Nara; Additional reporting by Satoshi Sugiyama in Nara and Nobuhiro Kubo, Chang-Ran Kim and Yukiko Toyoda in Tokyo; Writing by David Dolan; Editing by William Mallard)

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By Ju-min Park and Daniel Leussink

TOKYO – The man suspected of killing former Japanese premier Shinzo Abe with a hand-made gun on Friday could have made the weapon in a day or two after obtaining readily available materials such as wood and metal pipes, analysts say.

The attack showed gun violence cannot be totally eliminated even in a country where tough gun laws mean it is nearly unheard of for citizens to buy or own firearms.

There have been some cases in recent years where people illicitly made weapons themselves in Japan. But still, gun crime is very rare in Japan: last year there were 10 shooting incidents, eight involving gangsters, according to police data. One person was killed and four wounded.

“The making of guns with a 3D printer and the manufacturing of bombs can nowadays be learned off the internet from anywhere in the world,” said Mitsuru Fukuda, a Nihon University professor specialised in crisis management and terrorism.

“It can be done in two to three days after obtaining parts such as pipes,” said Fukuda, who analysed images of the gun used in Abe’s shooting.

Video images showed the assailant fired at Abe with a device that had a pistol grip and what appeared to be two pipes covered in black electrical tape. Police arrested a 41-year-old man at the scene and said he had admitted shooting Abe; the suspect was later identified as Tetsuya Yamagami.

“Anyone with a basic understanding of how guns work could have made it with minimum knowledge,” said firearms commentator Tetsuya Tsuda, adding that it may not even have taken half a day to manufacture the weapon used in the attack.

Japanese media said on Saturday the suspect had told investigators he had searched online for instructions how to make firearms, and ordered parts and gunpowder on the internet as well.

The gun measured 40 by 20 centimetres (15.7 by 7.9 inches), and was made of materials such as metal and wood, officials from the Nara prefectoral police told reporters on Friday.

Police did not rule out the possibility that the bullets were also made by hand but said they were still investigating.

Investigators seized what appeared to be five hand-made guns from Yamagami’s house, the Mainichi newspaper reported on Saturday.

SIMPLE TO MAKE

“Crude, yet lethal, craft-produced (…) firearms such as this are simple to make,” said N. R. Jenzen-Jones, an arms and munitions intelligence specialist of the Australia-based Armament Research Services.

The images of the firearm showed that an electrical wire passed through the cap on the end of each pipe.

That pointed to the use of an electric firing mechanism, Jenzen-Jones said.

“The electrical initiation method (…) was likely selected in this case as conventional cartridges are much harder to acquire in Japan than in many other regions,” he added.

There have been several cases in recent years of people arrested in Japan for illegally making firearms.

In 2018, police arrested a 23-year-old man in the western city of Himeji for making a gun and more than 130 bullets at home. Also that year, police detained a 19-year-old university student in Nagoya city for manufacturing explosives as well as a gun with help of a 3D printer.

In 2014, police arrested a 27-year-old man for illegally possessing handguns made by a 3D printer in Kawasaki, south of Tokyo.

The issue of illicit weapons making is not confined to Japan. For example, officials in Spain found a replica assault rifle and small arms in a raid of an illegal factory discovered to be producing 3D-printing weapons in April 2021.

The suspect in Abe’s shooting told investigators he had manufactured guns with three, five and six metal pipes in addition to the one he used in the attack, media said.

Arms specialist Jenzen-Jones said the weapon used in the incident was at the lower end of the capability spectrum.

“Nonetheless, it was clearly lethal,” he added.

(Reporting by Ju-min Park and Daniel Leussink; Additional reporting by Sakura Murakami; Editing by Frances Kerry)

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HONG KONG – Chinese property developer Ronshine China Holdings Ltd has not made interest payments on its June 2023 and December 2023 notes, totalling $27.9 million, in the latest blow to China’s embattled property market.

Ronshine has not made payment of $12.798 million interest on the 8.1% senior notes due June 2023, which became due and payable on June 9 and has a 30-day grace period to pay such interest, it said in a HKEx filing late on Sunday.

The company also said it has not made payment of $15.07 million interest on the 7.35% senior notes due December 2023, which became due and payable on June 15 and has a 30-day grace period to pay the interest.

“In light of its current liquidity position, the group cannot guarantee that it will be able to perform repayment obligations of the interest on senior notes mentioned above and other senior notes when they fall due or within the relevant grace period,” chairman Ou Zonghong said.

Ronshine said it has not received any notice so far regarding accelerated repayment from the holders of the June 2023 notes or the December 2023 notes.

The developer said it hoped that creditors will give it certain buffer time to resolve the funding issues, and it intends to engage external advisors to explore feasible solutions with overseas creditors to seek a solution to the relevant debts.

The statement came a week after rival Shimao Group said it missed the interest and principal payment of a $1 billion offshore bond.

China’s property sector has been hit by a series of defaults on offshore debt obligations, highlighted by China Evergrande Group, once the country’s top-selling developer but now the world’s most indebted property company.

Three of the top five issuers – Evergrande, Kaisa Group and Sunac China – have already defaulted on their dollar bonds.

(Reporting by Donny Kwok; editing by David Evans)

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CAPE MAY, NJ – If you look up in the sky over South Jersey, you’ve probably seen strange helicopters. Sightings have been reported across the state, but this week, they have increased over the Delaware Bay region of South Jersey and Delaware.

The helicopters are carrying large rings that resemble hula hoops as they fly low to the ground. Sometimes just 100 feet above the ground, flying low around woodlands and neighborhoods. But what are they and why are they here?

According tot he U.S. Geological Survey, they’re testing underground water salinity.

“Starting around July 8 and lasting up to a month, a helicopter towing a large hoop from a cable will begin making low-level flights over Delaware Bay and nearby regions in Delaware and New Jersey as part of the U.S. Geological Survey’s Next Generation Water Observing System project in the Delaware River Basin,” the USGS said. “USGS scientists and researchers from the University of Delaware will use the data to improve understanding of groundwater salinity and below-ground geology.  Rising sea level, increasing frequency and intensity of coastal storms and increasing demand for groundwater have amplified the risk of saltwater impacting water supplies in the region.”

The USGS says the data from this survey will serve as a benchmark against which future changes in groundwater salinity in the Delaware Bay region can be compared. 

“The helicopter will fly along pre-planned flight paths relatively low to the ground at 100-200 feet above the surface. A sensor that resembles a large hula-hoop will be towed beneath the helicopter to measure tiny electromagnetic signals that can be used to map features below Earth’s surface. Flight lines will be separated by about 1/3 mile near shore and just under two miles crossing over Delaware Bay, so the helicopter system will be visible from any location for a short period of time. Several flight lines will follow nearby river paths to map the extent of saline water upstream,” the USGS reported.

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TOMS RIVER, NJ – Traffic in the area of Whitesville Road and Cox Cro Road came to a standstill on Thursday after a tractor-trailer took out a street light at the intersection while turning north onto Whitesville toward Route 70. The road was reopened and county contractors cleared the debris.

Photo BY OCSD.

Related: There’s a New Sheriff in Town as Gilmore Defeats Mastronardy in OC GOP Chairman’s Election

Shore News Network has been covering the Five Towns NJ, including Lakewood, Brick, Toms River, Jackson and Howell Since 2008! Here’s what else is going on in the 5 Towns NJ area.

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JACKSON TOWNSHIP, NJ – A 50-year-old woman was arrested and charged after refusing to adhere to security protocols at the entrance to Six Flags Hurricane Harbor. After creating a disturbance, Jackson Police Officers and Ocean County Sheriff’s Officers responded to the par. During their investigation, police arrested one member of the group and Gonzalez attacked an officer, biting him twice. The officer was treated for minor injuries and returned to work.

Shore News Network has been covering the Five Towns NJ, including Lakewood, Brick, Toms River, Jackson and Howell Since 2008! Here’s what else is going on in the 5 Towns NJ area.

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LAKEWOOD, NJ – Lakewood Township was targeted by car thieves on Shabbos, the Jewish holy day between sundown Friday night and sundown Saturday night. According to police, multiple vehicles were broken into during shabbos in the area of Williams Street in an operation that appears to have targeted the Orthodox Jewish community during the period of religious observance. Victims are encouraged to contact the Lakewood Police Department.

Related: After Making Nice, Jackson Mayor Reina Gets 5-Year Six-Figure County Contract

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LAKEWOOD, NJ – Police in Lakewood suspect a couple was dealing methamphetamines in the town when they were pulled over. Officers said a 5-year-old child was in the back seat of the car sleeping at the time of the arrest.

According to police, Detectives assigned to the Street Crimes Unit observed a passenger of a Nissan Pathfinder engaged in what they felt was drug activity.

Related: After Crushing Defeat, Ginny Haines Caught Emptying Out GOP Headquarters in Toms River

“After observing a traffic violation, a motor vehicle stop was conducted on the Nissan. As a result of the MV stop, Luis Rojas-Ramos and Blanca Mota were placed under arrest for Possession of Methamphetamine and Possession with the Intent to Distribute,” police said. “A five year old child was sleeping in the backseat throughout the MV stop. The child’s parent responded to the scene to pick up the child and DCP&P was notified. Luis and Blanca were charged and released on summonses. Several MV summonses were issued to both defendants.”

Shore News Network has been covering the Five Towns NJ, including Lakewood, Brick, Toms River, Jackson and Howell Since 2008! Here’s what else is going on in the 5 Towns NJ area.

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LAKEWOOD, NJ – A Brick Township woman was charged with DWI after a crash in Lakewood. Later, while in police custody, officers said she spit at them.

According to police, on Wednesday. at approximately 1030 pm, officers were dispatched to the area of Brook Road and East County Line Road for a motor vehicle accident without injuries.

Related: After Crushing Defeat, Ginny Haines Caught Emptying Out GOP Headquarters in Toms River

“As a result of their investigation at the scene, Officers suspected one of the drivers of being under the influence. Tia Merrill, 25, from Brick, was arrested and charged with Driving while Intoxicated and Reckless Driving,” police said. “During the booking process its alleged that Merrill became uncooperative and refused to enter the holding cell.”

After being placed in the cell, it is alleged that Merrill spat on Officer Laird. Merrill was also charged with Obstruction and Agg Assault on a Police Officer.

The investigation was handled by Officers Laird, Cusanelli and Sgt. Marzocca.

Shore News Network has been covering the Five Towns NJ, including Lakewood, Brick, Toms River, Jackson and Howell Since 2008! Here’s what else is going on in the 5 Towns NJ area.

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LAKEWOOD, NJ – On July, 3 at approximately 9 am, Officers were dispatched to the area of West County Line Road and Hope Chapel Road for a report of an active dispute. Further investigation resulted in the arrest of Steven Butler (42 years from Lakewood) for Domestic Simple Assault and False Imprisonment as well as Driving while Intoxicated, Refusal of Breath Testing and Reckless Driving.

Related: After Crushing Defeat, Ginny Haines Caught Emptying Out GOP Headquarters in Toms River

The investigation was handled by Officer D. Mcavoy

Shore News Network has been covering the Five Towns NJ, including Lakewood, Brick, Toms River, Jackson and Howell Since 2008! Here’s what else is going on in the 5 Towns NJ area.

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TOMS RIVER, NJ – A murder suspect who was recently reincarcerated for violating his terms of pre-trial release is about to be released again by Superior Court Judge Lourdes Lucas. Marcus Morrisey was arrested for murder after he and two others used a stun gun on 43-year-old dad Randolph Goodman in 2018. The three men then shot and killed Goodman.

Morrisey, of Toms River, is facing a murder charge in Monmouth County.

Related Local News: After Crushing Defeat, Ginny Haines Caught Emptying Out GOP Headquarters in Toms River

He was released by Judge Lucas under certain conditions but violated that release order on his first day out of jail with an ankle bracelet for driving near the home of a ‘victim or witness’.

An alert was issued and he was ordered back to jail the same day. His attorney said he simply stopped to get gas, grab food at McDonald’s, and visited his sister when he was supposed to drive from his house, directly to his attorney’s office and back.

He was buying a Happy Meal for his 12-year-old son, according to his attorney.

Morrisey was sent back to jail, but now Judge Lucas is ready to set him free again with even stricter conditions, saying his violation was not enough to permanently revoke his pre-trial release under New Jersey’s Bail Reform Act of 2017.

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By Alistair Smout

LONDON -The contest to replace British Prime Minister Boris Johnson gathered pace on Sunday as five more candidates declared their intention to run, with many pledging lower taxes and a clean start from Johnson’s scandal-ridden premiership.

Johnson on Thursday said he would resign as prime minister, after lawmakers and cabinet colleagues rebelled over his handling of a series of scandals, including breaches of lockdown rules in gatherings at his Downing Street office.

He said he would stay on until a new leader was elected.

A member of a Conservative party committee which sets the rules for leadership elections said on Sunday the final result would be announced in September.

Junior trade minister Penny Mordaunt officially declared she was running on Sunday, joining transport Secretary Grant Shapps, finance minister Nadhim Zahawi and former ministers Jeremy Hunt and Sajid Javid, who announced their candidacies for the leadership in time for the Sunday newspapers, taking the total to nine.

“This is a critical inflection point for our country. I believe that a socialist or socialist-led coalition government at the next election would be a disaster for the UK,” Mordaunt said in a statement. “We must win the next election.”

The Conservative Party’s 1922 Committee of legislators, which sets rules for the party in parliament, will set out the exact timetable after a meeting on Monday.

Bob Blackman, an officer on the 1922 Committee’s executive, said that nominations would close on Tuesday evening, followed by a process to whittle candidates down to a final two by July 21.

Party members would elect a new party leader over the summer, who would then become prime minister.

“We’ll (select the final two) by the 21st of July, to allow the party membership sufficient time to have husting sessions and a postal ballot to then lead to a new leader being in place by the fifth of September,” he told Sky News.

LOWER TAX

Entering the race, Shapps, Zahawi, Hunt and Javid all pledged tax cuts, setting them against current favourite, former finance minister Rishi Sunak, whose budget last year put Britain on course for its biggest tax burden since the 1950s.

“I believe in a lower tax, lower regulation, cut-the-red-tape economy,” Shapps told Sky News, adding he would hold an emergency budget to bring forward a one pence reduction in the income tax rate which is currently planned in 2024, freeze a planned rise in corporation tax and look to reduce the size of the civil service.

Hunt, a former foreign minister who came second in the leadership contest in 2019 when Johnson came to office, and Javid, who twice resigned from Johnson’s government, both said they would cut corporation tax to 15%.

Hunt said that no Conservative should either raise taxes or offer unfunded tax cuts. Asked if cutting taxes would lead to inflation, Hunt said: “I don’t agree with that when it comes to business taxes.”

“If you stimulate consumer demand, when there’s some demand-led inflation, there is that risk, but we must bear down on inflation. That’s why I’d be very careful not to promise (tax) cuts that would stoke inflation,” he said.

The Mail on Sunday said Foreign Secretary Liz Truss would launch her campaign on Monday with a promise to cut taxes and tackle the cost-of-living crisis, while one of her main rivals for the role, Defence Secretary Ben Wallace, has ruled himself out.

(Reporting by Alistair Smout; editing by Barbara Lewis and Raissa Kasolowsky)

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PARIS – The planned nationalisation of French power utility EDF will not result in an increase in the electricity bills of French households, government spokesman Olivier Veran said on Sunday.

“The nationalisation of EDF will have no impact on the cost of electricity for the French people,” Veran told LCI television.

EDF and the French government are seeking a new boss to overhaul the power utility and build more nuclear reactors, they said on Thursday, a day after France announced it would fully nationalise the debt-laden company.

EDF, in which the state already has an 84% stake, is one of Europe’s biggest utilities and is central to France’s nuclear strategy, which the government is banking on to blunt the impact of soaring energy prices exacerbated by the war in Ukraine.

(Reporting by Dominique Vidalon; Editing by Alison Williams)

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ASBURY PARK, NJ – Police and firefighters rescued a driver who drove his SUV into Deal Lake Friday night. Police said the male driver was taken to the hospital with minor injuries.

According to police, the driver was heading north on Kingsley Street when he blew a stop sign and drove his vehicle into the lake. The incident happened at around 10:20 pm, police said.

The victim was found sitting atop the vehicle that was partially submerged in the lake. Although the water was just several feet deep at the scene, the driver remained with the car, forcing a rescue by firefighters using a long board to rescue him.

Photos by Asbury Park Fire Department.

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ATHENS – Holiday group TUI expects the highest level of demand for Greece on record this year, its director of Communications Aage Duenhaupt told Athens news agency on Sunday.

Tourism accounts for about 20% of Greece’s gross domestic product and has a crucial role in helping the economy to emerge from a decade-long debt crisis followed by the COVID-19 pandemic.

“Greece is again this summer one of the most popular holiday destinations. We expect the highest level of demand ever,” Duenhaupt said.

“In total the group is expected to bring around 3 million holidaymakers to Greece. A higher number of visitors than before the pandemic, when it was 2.8 million,” he added.

TUI has said it expects to become profitable again in 2022 as countries have lifted restrictions on movement.

Greek officials have said they expect the sector to bring in 80% of the record 18 billion euros ($18.33 billion) of revenues generated in 2019, before the pandemic, on the basis of 33 million arrivals, compared with the 14 million visitors from abroad last year.

They could face disruption, however, as strikes and staff shortages have forced thousands of flight cancellations across Europe.

($1 = 0.9820 euros)

(Reporting Lefteris Papadimas; editing by Barbara Lewis)

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By Tom Hals

WILMINGTON, Del -Twitter Inc has a strong legal case against Elon Musk walking away from his $44 billion deal to acquire the U.S. social media company but could opt for a renegotiation or settlement instead of a long court fight, according to legal experts.

Delaware courts, where the dispute between the two sides is set to be litigated, have set a high bar for acquirers being allowed to abandon their deals. But target companies often choose the certainty of a renegotiated deal at a lower price or financial compensation rather than a messy court battle that can last for many months, three corporate law professors interviewed by Reuters said.

“The argument for settling at something lower is that litigation is expensive,” said Adam Badawi, a law professor at UC Berkeley. “And this thing is so messy that it might not be worth it.”

Twitter and Musk spokespeople did not immediately respond to requests for comment.

Musk’s main claim against Twitter is that the San Francisco-based company breached their deal because it will not share with him enough information to back up its claim that spam or fake accounts constitute less than 5% of its active users. Twitter has stood by this estimate but also said it’s possible the number of these accounts is higher.

Musk also said in a letter to Twitter on Friday that the company’s misrepresentation of the number of spam accounts might be a “material adverse effect (MAE)” that would allow him to walk away under the terms of the deal contract.

But legal experts said Delaware courts view MAEs as dramatic, unexpected events that cause long-term harm to a company’s performance. Deal contracts such as the one between Musk and Twitter are so prescriptive that a judge has ruled that an MAE has validly been triggered only once in the history of such litigation — in the case of German healthcare group Fresenius Kabi AG ending its deal for U.S. generic drugmaker’s Akorn Inc in 2018.

In that case, a court ruled that Akorn’s assurances to Fresenius that it was in compliance with its regulatory obligations were inaccurate. It also found that Akorn had withheld facts about its deteriorating performance that emerged in whistleblower allegations.

Legal experts were dismissive of the idea that inaccurate spam account numbers would amount to an MAE for Twitter on the same level as the problems that plagued Akorn.

“If it goes to court, Musk has the burden to prove more likely than not, that the spam account numbers not only were false, but they were so false that it will have significant effect on Twitter’s earnings going forward,” said Ann Lipton, associate dean for faculty research at Tulane Law School.

Musk also claimed that Twitter breached their agreement by firing two key high-ranking employees, its revenue product lead and general manager of consumer, without his consent as required by their contract.

“That’s probably the only claim that has any purchase,” said Brian Quinn, a professor at Boston College Law School, but he added he did not believe the firings were serious enough to affect Twitter’s business.

In 2020, the Delaware court allowed Mirae Asset Capital Co of South Korea to walk away from a $5.8 billion luxury hotel deal because the pandemic caused the seller, Anbang Insurance Group of China, to alter its ordinary course hotel operations.

SETTLING RATHER THAN LITIGATING TO THE END

Most of the times the courts find in favor of the target companies and order acquirers to complete their deals – a legal remedy known as “specific performance.”

In 2001, for example, Tyson Foods, the largest U.S. chicken processor, decided it no longer wanted to buy the largest meatpacker, IBP Inc. A judge ordered that the deal be completed.

Many companies, however, choose to settle with their acquirers to end uncertainty about their future that can weigh on their employees, customers and suppliers.

This happened more frequently when the COVID-19 pandemic broke out in 2020 and delivered a global economic shock. In one instance, French retailer LVMH threatened to walk away from a deal with Tiffany & Co. The U.S. jewelry retailer agreed to lower the acquisition price by $425 million to $15.8 billion.

Simon Property Group Inc, the biggest U.S. mall operator, managed to cut its purchase price of a controlling stake in rival Taubman Centers Inc by 18% to $2.65 billion.

Other companies let the acquirers walk away in exchange for financial compensation. That includes medical technology firm Channel Medsystems Inc, which sued Boston Scientific Corp for trying to walk away from their $275 million deal. In 2019, a judge ruled the deal should be completed and Boston Scientific paid Channel Medsystems an undisclosed settlement.

(Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Hyn Joo Jin and Krystal HuEditing by Greg Roumeliotis & Shri Navaratnam)

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COLOMBO – Leaders of the protest movement in Sri Lanka who have forced the president and prime minister out of their official residences said on Sunday they will occupy the buildings until the two quit office.

“The president has to resign, the prime minister has to resign and the government has to go,” said playwright Ruwanthie de Chickera at a news conference at the protest site, flanked by other leaders helping coordinate the movement against the government.

President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe plan to step down, the country’s parliamentary speaker said on Saturday, bowing to intense pressure after a day of protests in which demonstrators stormed the president’s official residence and set fire to the prime minister’s home in Colombo.

(Reporting by Uditha Jayaeshinghe and Devjyot Ghoshal; Editing by Raju Gopalakrishnan)

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BALTIMORE, MD – It was another day, another shooting in the city of Baltimore when a 43-year-old man became the latest victim of violence.

On Saturday, at approximately 4:53 p.m., Southeast District officers were patrolling the 2700 block of Jefferson Street, when they were flagged down by a male suffering from multiple gunshot wounds.

“Officers immediately rendered aid until medics arrived and transported the 43-year-old male victim to an area hospital for treatment,” Baltimore police reported.

The victim is currently listed in stable condition.

Southeast District detectives are asking anyone with information to contact them at 410-396-2422 or Metro Crime Stoppers at 1-866-7Lockup

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NEWARK, NJ – After multiple complaints by residents, the Newark Public Works Department finally cleaned up trash that has been accumulating at the underpass of Magazine Street near Rome Street. Complaints to 3rd Precinct Community Service Officers R. Barbosa and A. Hart responded to complaints about the garbage left at the underpass were forwarded to Public Works and the issue was quickly remedied for residents.

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