U.S. SEC chair Gensler says investors should beware of crypto returns that seem “too good to be true”

by Reuters June 14, 2022

By: Reuters

By Katanga Johnson

WASHINGTON -U.S. Securities and Exchange Commission (SEC) Gary Gensler said on Tuesday that investors should beware promised returns from crypto lending platforms and products that seem “too good to be true.”

The Wall Street watchdog’s comments come a day after the world’s largest cryptocurrency fell 15% on Monday, its sharpest one-day drop since March 2020.

Bitcoin, which steadied on Tuesday, had earlier hit a new 18-month low as major crypto lender Celsius Network’s freezing of withdrawals and the prospect of sharp U.S. interest rate rises shook the volatile asset class.

“We’ve seen again that lending platforms are operating a little like banks. They’re saying to investors ‘Give us your crypto. We’ll give you a big return 7% or 4.5% return.’ How does somebody offer (such large percentage of returns) in the market today and not give a lot of disclosure?” Gensler said during an industry event.

“I caution the public. If it seems too good to be true, it just may well be too good to be true.”

New Jersey-based Celsius, which has around $11.8 billion in assets, offers interest-bearing products to customers who deposit cryptocurrencies with its platform. It then lends out cryptocurrencies to earn a return.

Focus on crypto markets has intensified again this week amid more volatility that has long-alarmed watchdogs.

Companies exposed to cryptocurrencies have previously warned that declines in token prices could have ripple effects, including by triggering margin calls.

Gensler has repeatedly touted that in his view, typical crypto trading platforms, which can have dozens of tokens on it, may well meet the definition of “securities,” and should be traded and regulated as such.

(Reporting by Katanga Johnson in WashingtonEditing by Chizu Nomiyama)

June 14, 2022 0 comments

Murphy Administration Threatened Shore Town Mayors Who Expressed Pop-Up Party Concerns

by Phil Stilton June 14, 2022

By: Phil Stilton

TRENTON, N.J. – Last week, we reported on local Point Pleasant Beach Mayor Paul Kanitra response to the state’s inaction to help shore towns prevent large urban pop-up parties that disrupt their communities from happening.

In that story, Kanitra mentioned a recent meeting between shore mayors and members of Governor Phil Murphy’s inner circle where those members actually threatened shore mayors not to act unkindly to their town’s rowdy guests.

Murphy’s response to the popup parties wasn’t to provide assistance but to simply tell shore town mayors to watch their rhetoric against the parties. In response, Mayor Kanitra ratcheted up his rhetoric against the parties and the Murphy administration.

“Being nice and politely asking for help has gotten me nowhere with the State of New Jersey In terms of stopping violent and destructive pop up parties from occurring,” Mayor Paul Kanitra said. “It’s time people heard the truth. To my incredible residents and other sane people across the country, I’m asking you to share this video to help Point Pleasant Beach and countless other towns across our state from continually being destroyed and wasting taxpayer dollars. We’ve had enough.”

In a letter to New Jersey Acting Attorney General Matthew J. Platkin, eight Republican lawmakers say Gov. Phil Murphy’s administration is refusing to proactively prevent destructive mobs at local shore towns, because of the rhetoric that strategy supposedly supports. They urged the state’s top law enforcement official to reconsider the reactive response to pop-up parties ahead of rumored ones in Point Pleasant Beach and Long Branch this upcoming weekend.

“With most of the participants in these parties arriving by train and 10 NJ Transit stops at 10 different shore towns in our districts, our communities are uniquely vulnerable to the threat posed by these parties. Yet, when our mayors called upon your office to help, they were warned to watch their rhetoric and told that state resources would be available as incidents occurred,” wrote the legislators. The letter was signed by Sens. Robert Singer and James Holzapfel, Assemblymen Ned Thomson, Sean Kean, Gregory McGuckin and John Catalano, and Assemblywomen Kim Eulner and Marilyn Piperno

According to the New Jersey Assembly Republican caucus, a Long Branch pop-up party on May 21 drew 5,000 people and resulted in more than a dozen arrests, a 9 p.m. curfew, business closures, littered streets and vandalism. In 2021, the city faced a similar situation. In 2020, Point Pleasant Beach was the host city for a pop-up party. In Belmar, pop-up car parties have threatened the safety of neighborhoods as attendees drive recklessly through local streets late at night.

“Now, via social media, partygoers are being encouraged to bring their own weed and liquor to Point Pleasant Beach on June 18 and Long Branch on June 19. Boxing matches and gun violence at these events are also being promoted,” Repubicans said today. “Despite repeated incidents wherein municipalities have faced property damage, ordinance violations, violence, and been forced to pay out exorbitant amounts in overtime for law enforcement officers, your office has taken no meaningful action to put a stop to this established threat to public safety and the welfare of our communities.:”

The legislators implored the AG to be collaborative and proactive while issuing directives that would apply repercussions to the planners, promoters and participants of the pop-up parties.

June 14, 2022 0 comments

Top Headlines US and World News

In hottest city on Earth, mothers bear brunt of climate change

by Reuters June 14, 2022

By: Reuters

By Charlotte Greenfield and Gloria Dickie

JACOBABAD, Pakistan – Heavily pregnant Sonari toils under the burning sun in fields dotted with bright yellow melons in Jacobabad, which last month became the hottest city on Earth.

Her 17-year-old neighbour Waderi, who gave birth a few weeks ago, is back working in temperatures that can exceed 50 Celsius (122 Fahrenheit), with her newborn lying on a blanket in the shade nearby so she can feed him when he cries.

“When the heat is coming and we’re pregnant, we feel stressed,” said Sonari, who is in her mid-20s.

These women in southern Pakistan and millions like them around the world are at the searing edge of climate change.

Pregnant women exposed to heat for prolonged periods of time have a higher risk of suffering complications, an analysis of 70 studies conducted since the mid-1990s on the issue found.

For every 1 degree Celsius in temperature rise, the number of stillbirths and premature deliveries increases by about 5%, according to the meta-analysis Global Consortium on Climate and Health Education at Columbia University, which was carried out by several research institutions globally and published in the British Medical Journal in September 2020.

Cecilia Sorensen, director of the Global Consortium on Climate and Health Education at Columbia University, said the unfolding impact of global warming on the health of women was “highly underdocumented”, partly because extreme heat tended to exacerbate other conditions.

“We’re not associating health impacts on women and often times it’s because we’re not collecting data on it,” she said. “And often women in poverty are not seeking medical care.”

“Heat is a super big deal for pregnant women.”

Women are especially vulnerable to rising temperatures in poor countries on the frontlines of climate change because many have little choice but to work through their pregnancies and soon after giving birth, according to interviews with more than a dozen female residents in the Jacobabad area as well as half a dozen development and human rights experts.

Further adding to the risks, women in socially conservative Pakistan – and many other places – typically cook the family meals over hot stoves or open fires, often in cramped rooms with no ventilation or cooling.

“If you’re inside cooking next to a hot open fire you have that burden of that heat in addition to the ambient heat which makes things that much more dangerous,” Sorensen added.

EXTREME HUMID HEAT EVENTS

South Asia has suffered unseasonably hot temperatures in recent months. An extreme heatwave that scorched Pakistan and India in April was 30 times more likely to happen due to climate change, according to scientists at World Weather Attribution, an international research collaboration. Global temperatures have risen by about 1.2 degrees Celsius above pre-industrial levels.

As temperatures continue rising, extreme heatwaves are only expected to increase.

Jacobabad’s roughly 200,000 residents are well aware of their reputation as one of the world’s hottest cities.

“If we go to hell, we’ll take a blanket,” is a common joke told in the area.

Few places are more punishing. Last month, temperatures hit 51 Celsius (124 Fahrenheit) on May 14, which local meteorological officials was highly unusual for that time of year. Tropical rains can also conspire with warm winds from the Arabian Sea to drive up humidity later in the year.

The more humid it is, the harder it is for people to cool down via sweating. Such conditions are measured by “wet bulb temperatures,” taken by a thermometer wrapped in a wet cloth. Wet bulb temperatures of 35C or higher are considered the limit to human survival.

Jacobabad has crossed that threshold at least twice since 2010, according to regional weather data. And, globally, such “extreme humid heat events” have more than doubled in frequency in the last four decades, according to a May 2020 study in the journal Science.

Sonari, who is in her 20s, and Waderi work alongside about a dozen other women, several of them pregnant, in the melon fields about 10 km from Jacobabad’s centre.

They begin work each day at 6 a.m. with a short afternoon break for housework and cooking before returning to the field to work until sundown. They describe leg pains, fainting episodes and discomfort while breastfeeding.

“It feels like no one sees them, no one cares about them,” aid worker Liza Khan said more broadly about the plight facing many women in Jacobabad and the wider Sindh region which straddles the border of Pakistan and India.

Khan’s phone rings constantly as she drives to one of three heatstroke response centres she has helped set up in recent weeks as part of her work with a non-profit group called the Community Development Foundation.

With a finance degree, Khan has lived in cooler cities across Pakistan but returned to her hometown because she wanted to be a voice for women in the conservative area.

“Nowadays I’m working 24/7,” said the 22-year-old, adding that her organization was finding the impact of extreme heat increasingly intertwining with other social and health issues affecting women.

GRAPHIC-Scorching South Asia: https://tmsnrt.rs/3MGhxIN

THE FRONTLINES OF SUFFERING

The harsh conditions facing many women were brought into tragic focus on May 14, the day temperatures in Jacobabad hit 51 C, making it the world’s hottest city at that time.

Nazia, a young mother of five, was preparing lunch for her visiting cousins. But with no air conditioning or fan in her kitchen, she collapsed and was taken to a nearby hospital, where she was pronounced dead from a suspected heat stroke

District health officials did not answer requests for comment about Jacobabad’s record of heat-related deaths in recent years, or more specifically about Nazia’s case.

Her body was taken the following day to her ancestral village to be buried and her children, the youngest a one-year old who was still breastfeeding, regularly cry for their mother, a relative said.

Widespread poverty and frequent power cuts mean many people can’t afford or use air conditioning or at times even a fan to cool down.

Potential strategies recommended by experts include providing clean-energy stoves to replace open-fire cooking, offering women’s medical and social services during early morning or evening hours when it is cooler and replacing tin roofs with cooler material in white to reflect solar radiation away from the home.

Climate Change Minister Sherry Rehman told Reuters that women were likely bear the brunt of rising temperatures as they continued to scorch the country, adding that climate change policies in the future needed to address the specific needs of women.

“A megatrend like climate change … poses a significant threat to the well-being of unempowered women in rural areas and urban slums,” she added. “Pakistani women, especially on the margins, will be impacted the most.”

Some in Jacobabad find it galling that Pakistan is responsible for just a fraction of the greenhouse gases released in the industrial era and now warming the atmosphere.

“We are not contributing to the worsening, but we are on the frontlines as far as suffering is concerned,” said Hafeez Siyal, the city’s deputy commissioner.

NO WATER, NO POWER, WE PRAY

In a residential neighbourhood of the city, a donkey-drawn cart stacked with blue plastic jerrycans stops near the entrance to warren-like lanes leading to a cluster of homes. The cart’s driver runs back and forth delivering 20-litre containers of water from one of a few dozen private pumps around the city.

Most residents of Jacobabad rely on such water deliveries, which can cost between a fifth and an eighth of a household’s meagre income. Still, it’s often not enough, and some families are forced to ration.

For young mother Razia, the sound of her six-month-old Tamanna crying in the afternoon heat was enough to persuade her to pour some of her precious water over the baby. She then sat Tamanna in front of a fan, and the child was visibly calmer, playing with her mother’s scarf.

Local officials said water shortages were partly due to electricity cuts, which mean water cannot be filtered and sent via pipes throughout the city. There are also severe water shortages across Sindh, with climate change minister Rehman flagging shortfalls of up to 60% of what is needed in the province’s key dams and canals.

Rubina, Razia’s neighbour, fried onions and okra over an open fire, explaining she usually felt dizzy in the heat and tried to soak herself in water each time she cooked to prevent herself from fainting.

There was not always enough water to do so, though.

“Most of the time, it ends before it’s time to buy more and we must wait,” Rubina said as she closely supervised her children and grandchildren sharing a cup of water. “On the hot days with no water, no electricity we wake up and the only thing we do is pray to God.”

($1 = 197.6000 Pakistani rupees)

(This story refiles with new link to photo essay in bullet points)

(Charlotte Greenfield reported from Jacobabad and Gloria Dickie from London; Editing by Mike Collett-White, Katy Daigle and Pravin Char)

June 14, 2022 0 comments

Financial News

JPMorgan wins London oil trial in which Nigeria sought $1.7 billion

by Reuters June 14, 2022

By: Reuters

By Sinead Cruise and Estelle Shirbon

LONDON -JPMorgan Chase has won a London High Court battle against Nigeria, which was seeking $1.7 billion in damages over the U.S. bank’s role in a disputed 2011 oilfield deal.

JPMorgan said the judgment reflected its commitment to acting with high professional standards everywhere it operates, while Nigeria said it was disappointed and would review the judgment carefully before considering its next steps.

The civil case, which was heard earlier this year, relates to the purchase by Shell and Eni of Nigeria’s OPL 245 offshore oilfield.

Nigeria had alleged JPMorgan was “grossly negligent” in its transfer of funds paid by the energy majors to a company linked to the country’s disgraced former oil minister Dan Etete, as per instructions received from Nigerian government officials.

Nigeria now says those officials were party to a fraudulent scheme.

According to Nigeria’s legal argument, the transactions put JPMorgan in breach of its Quincecare duty, which obliges banks to disregard a customer’s instructions if following those instructions might facilitate a fraud against that customer.

JP Morgan rejected the legal argument, putting the emphasis on its primary duty to comply promptly with payment instructions from its customer, and also contested some of the factual elements put forward by Nigeria.

London High Court Judge Sara Cockerill said in a 137-page ruling issued on Tuesday that no Quincecare breach had occurred.

JPMorgan said the outcome reflected “how we are prepared to robustly defend our actions and reputation when they are called into question”.

The Nigerian government said it would continue its fight against fraud and corruption and work to recover funds for the people of Nigeria.

Campaign group Spotlight on Corruption described the ruling as “a huge setback in the fight against corruption”, saying it gave a “free pass” to banks who ignored red flags.

The damages sought included cash sent to Etete’s company Malabu Oil and Gas, around $875 million paid in three instalments in 2011 and 2013, plus interest, taking the total to over $1.7 billion.

Nigerian military ruler Sani Abacha had awarded licence OPL 245 to a company Etete owned in 1998.

Subsequent Nigerian administrations had challenged Etete’s rights to the field over many years until a deal to resolve the impasse via a sale to Shell and Eni was struck in 2011.

The transaction is also at the centre of ongoing legal action in Italy.

(Additional reporting by Kirstin Ridley; editing by Louise Heavens and Jason Neely)

June 14, 2022 0 comments

Financial News

EU cartel raids target fashion designers proposing sales periods, discount changes – sources

by Reuters June 14, 2022

By: Reuters

By Foo Yun Chee

BRUSSELS -EU antitrust regulators, which raided some fashion companies last month, are focusing on a group of designers who two years ago called for changes in sales periods and discounts, people familiar with the matter said.

The European Commission, which did not name the companies nor the countries in which it conducted the dawn raids, said the firms may have violated EU cartel rules against restrictive business practices, which include price-fixing.

The EU competition watchdog is looking into some signatories of an open letter issued in 2020 which called for fundamental changes in the industry to make it more environmentally and socially sustainable, the people said.

Hundreds of companies around the world have signed up to the open letter and signatories included Dries Van Noten, Thom Browne, Proenza Schouler, Lane Crawford, Mary Katrantzou, Gabriela Hearst, Altuzarra and Missoni Group. These companies did not respond to emails requesting comment.

The Commission declined to comment.

The open letter proposed moving the autumn/winter season to August through January and the spring/summer season to February through July to align with the actual seasons they correspond to.

It also proposed discounts at the end of the season to allow for more full-price selling, with the goal of reducing waste in fabrics and inventory. The open letter came as the fashion industry felt the impact of the COVID-19 pandemic, leading to delays in deliveries.

The Commission also sent short questionnaires to other fashion companies asking if they had signed up to the open letter and details of their businesses in the European Union, one of the people said.

There was also a possibility that a chatroom may have been set up to discuss the topic, the person said, a practice usually frowned upon by regulators and which has resulted in hefty fines for some banks after their traders colluded via chatrooms to rig financial benchmarks.

Companies found breaching EU cartel rules face fines as much as 10% of their global turnover.

(Reporting by Foo Yun Chee; editing by David Evans)

June 14, 2022 0 comments

Breaking News Pennsylvania News Police Blotter Politics

Krasner Blames Republicans for Out of Control Violence in Philadelphia in Scathing Partisan Rant

by Jeff Jones June 14, 2022

By: Jeff Jones

PHILADELPHIA, PA – Philadelphia District Attorney Larry Krasner put on his Democrat party hat today to condemn city Republicans’ attempt to investigate alleged election fraud.

Philadelphia District Attorney Larry Krasner said efforts by Republicans to investigate elections is nothing more than, “Ongoing and increasingly desperate attempts to overturn elections they can’t win because of their multi-decade record of failure to deliver what communities across the Commonwealth want and deserve to be peaceful and safe.”

Krasner fired up the rhetoric in an attempt to sway public opinion on elections in the favor of the Democrat party for which he is a member.

“Far too many American media outlets dismissed extremist threats to American democracy up until January 6, 2021, when journalists, members of Congress, Capitol staff, and police found themselves under siege from a violent, bloodthirsty mob that almost certainly would have hanged then-Vice President Mike Pence – as threatened – had they gotten their hands on him. That coup continues with less violent but no less serious anti-democratic efforts to reverse the outcome of free and fair elections by legislators who would reverse elections they cannot win,” Krasner said.

He blamed Republicans for the gun violence and murder wave sweeping his city that has left young children, women and young black adults dead in droves from gang related violence in his city.

“Pennsylvania House Republicans want to distract you from their decades of failed governance that have led to greater economic inequality and the current crisis of gun violence as they have encouraged the flooding of our communities with deadly firearms,” Krasner said in a politically charged statement today.

Krasner then advertised the Democrat party’s one-sided House Select Committee performance on national television last week.

“More than 20 million Americans watched the first hearing of the House Select Committee investigating the January 6th attack on our nation. Harrisburg Republicans’ political stunt comes on day 2 of the hearings, suggesting they are desperate to change the topic. PA House Judiciary Committee Republicans also moved to table four legislative proposals that would actually address gun violence in Pennsylvania – which they would hate for the media to report (h/t local news) to the people they are supposed to represent,” he said. “Democracy- and freedom-loving Pennsylvanians will not be fooled by these anti-democratic efforts to de-value Philadelphia’s diverse votes. Philadelphia is not Pennsylvania’s colony. Our votes count in full, not as 3/5ths of a vote. Stay tuned for these and other efforts nationwide of legislators who would hold hands with hate groups to defeat democracy by both violent and non-violent means. The coup continues as some Republicans try nationally and locally to overturn more elections they lost badly.”

June 14, 2022 0 comments

Breaking News Central Jersey News Events New Jersey News Police Blotter

North Brunswick to Host National Night Out August 2nd

by Charlie Dwyer June 14, 2022

By: Charlie Dwyer

NORTH BRUNSWICK, NJ – The North Brunswick Police Department again invites all residents to attend our annual National Night Out festivities. This year’s event will be held on Tuesday, August 2nd, from 5:00pm-8:00pm, at our Police Headquarters located at 710 Hermann Road. There will be several vendors, “bounce houses” for children, face painting, and of course food, drinks, music, and the opportunity to meet many of your local Police Officers! National Night Out was created as a night out with your community members to prevent crime, and it has developed into quite an event! So, come out, get some food, and enjoy… hopefully see you all there!

Is your business interested in being a part of National Night Out?
Reach out to Ms. Tangie Cobb for more information.
[email protected]
732-247-0922 x287

287983547_393541592798372_87186984837647

June 14, 2022 0 comments

Breaking News New Jersey News Police Blotter

New Jersey Democrats Push Bill to Allow Lawsuits Against Gun Manufacturers

by Conservative Times June 14, 2022

By: Conservative Times

Trenton, NJ – New Jersey Democrats want more than your guns under sweeping legislative gun control reforms being discussed in Trenton; they also want gun manufacturers to be held liable for the out-of-control crime spree facing America today.

Nevermind violent repeat offenders using guns to commit crime after crime in New Jersey, the Democrat party says it’s the gun manufacturer’s fault, not their own defund the police and relaxed progressive stances against violent offenders.

“In an effort to hold firearm industry leaders accountable for the gun violence epidemic, the Senate Judiciary Committee today advanced legislation sponsored the Senate Majority Leader M. Teresa Ruiz and Senator Nellie Pou which would allow the Attorney General to file public nuisance claims against gun industry members,” the Democrats said today.

“Far too many families have been torn apart by gun violence. We cannot stand by and accept the fact that firearms are the leading cause of death for children in the United States. While we desperately need federal legislation, this measure will allow the State Attorney General to take action and seek damages for shootings here in New Jersey,” said Senator Ruiz (D-Essex). “We must do everything we can to stop this, which starts with holding those responsible accountable for their actions.”

Under the bill, S-1893, the Attorney General may seek appropriate remedies for public nuisance violations committed by firearm manufacturers, retailers, and other gun industry members who knowingly or recklessly endanger public health and safety. Remedies may include abatement or other injunctive relief of the activity creating the public nuisance, damages, and attorney’s fees and costs.

“This senseless violence has gone on long enough. We cannot in good conscience continue on the path we are on now,” said Senator Pou (D-Passaic/Bergen). “If gun manufacturers or retailers act in ways that constitute a ‘public nuisance’ in the eyes of the Attorney General they should be held liable for appropriate penalties.”

This bill is similar to a law enacted in New York, which subjects gun industry members to liability for public nuisance if they knowingly or recklessly create, maintain, or contribute to a condition that endangers the safety or health of the public through the sale, manufacturing, importing, or marketing of guns.

Here is the roll call for the vote:

Stack, Brian P. (P) – Yes
Pou, Nellie (V) – Yes
Bramnick, Jon M. – Not Voting
Bucco, Anthony M. – No
Corrado, Kristin M. – No
Doherty, Michael J. – No
Lagana, Joseph A. – Yes
Madden, Fred H. – Yes
Scutari, Nicholas P. – Yes
Singleton, Troy – Yes
Smith, Bob – Yes

June 14, 2022 0 comments

Breaking News New York News Police Blotter

Suspect Charged With Attempted Murder After Multiple Attacks in New York City

by Adam Devine June 14, 2022

By: Adam Devine

NEW YORK, NY – A man who went on a violent crime spree in New York City last week has been charged with multiple crimes after he was captured this week by the New York Police Department.

According to Queens District Attorney Melinda Katz, Donny Ubiera, 32, has been charged with attempted murder, assault and other crimes for three attacks last week. Ubiera allegedly used a nail-embedded board to strike a man inside a Roosevelt Avenue bakery on June 8, 2022. The defendant is also accused of knife attacks on two men on subway platforms in Queens on June 10th and June 11^th.

District Attorney Katz said, “The subway system provides a crucial lifeline to millions of New Yorkers and the safety of our riders is paramount. As alleged, the defendant began his three days of terror by violently attacking a man inside a bakery, before going on a rampage inside the transit system and repeatedly stabbing two straphangers without provocation over the course of two days. Violence on our subways will never be tolerated and those who display a blatant disregard for the lives of fellow residents will be held accountable. The defendant now faces serious criminal charges for his actions.”

“Ubiera, of 202^nd Street in Bayside, Queens, was arraigned today before Queens Criminal Court Judge Diego Friere on two separate complaints. In one criminal complaint, the defendant is charged with assault in the second degree and criminal possession of a weapon in the third and fourth degree,” the D.A.’s office reported. “In a second complaint, Ubiera is charged with attempted murder in the second degree, assault in the first and second degree, robbery in the first degree and criminal possession of a weapon in the third and fourth degree. Judge Friere ordered the defendant to return to Court on July 6, 2022. Ubiera faces up to 50 years in prison, if convicted.”

District Attorney Katz said, “According to the charges, at approximately 10:45 a.m. on Wednesday, June 8, 2022, the defendant approached a man from behind as he entered a bakery near Warren Street and Roosevelt Avenue. The defendant was allegedly holding a board with a nail protruding from it in one hand and a rock in the other and in sum and substance yelled for the man to ‘come outside and fight me!’ The victim attempted to evade the defendant by running behind the bakery counter, but Ubiera allegedly reached over and struck him on the head with the nail-imbedded board.”

The victim was treated at an area hospital.

The District Attorney’s Office provided the following account of the events that unfolded next:

Continuing, according to the charges, at approximately 8:40 a.m. on Friday, June 10^th, the defendant stood over a man as he sat on a bench waiting for a train at the Queens Plaza subway station. The victim was looking at his phone when he realized the defendant was hovering over him and heard something drop to the floor. The victim spotted the knife and that is when the defendant allegedly picked it up and mumbled something that was inaudible.

Without provocation, the DA said, the defendant allegedly began to stab and slash the man. The victim raised his hands to protect himself, but Ubiera did not relent. The victim sustained numerous cuts and slash wounds to his hands, fingers and face.

According to the charges, the defendant allegedly fled the scene but was observed by two officers allegedly throwing two cellphones, one of which belonged to the victim who had been attacked.

The victim was taken to a local hospital where he required thirty-six stitches to close his wounds.

The following day, on June 11^th, at approximately 7:15 a.m. at the 74^th Street and Roosevelt Avenue subway station, the defendant approached a group of four to five people waiting for the train. Again, without provocation, Ubiera allegedly struck one of the men from behind and fled. The victim was taken to a local hospital and treated for a stab wound to his neck. This victim required two life-saving surgeries in order to repair the damage from the puncture wound.

The defendant was arrested yesterday on Utopia Parkway in Whitestone, Queens, by detectives who recognized his image from video surveillance footage

June 14, 2022 0 comments

Breaking News Featured News New York News Police Blotter

Jagger Freeman Convicted of Murder of NYPD Detective Brian Simonsen

by Adam Devine June 14, 2022

By: Adam Devine

NEW YORK, NY – The man who shot and killed New York City Police Detective Brian Simonsen has been convicted of murder, robbery, and assault. Jagger Freeman, 28, was involved in an armed robbery of a cell phone shop in 2019 that led to the eventual death of Detective Simonsen.

A second police officer was also wounded when uniformed police responded to the scene and multiple rounds were fired.

Queens District Attorney Katz said, “The jury has spoken. The defendant’s actions set in motion a terrible chain of events that began with an armed robbery in progress and resulted in the tragic loss of Detective Brian Simonsen as well as Sergeant Matthew Gorman being shot in the leg. Following an eight-week-long trial, a jury found the defendant guilty of murder. We express our condolences to Detective Simonsen’s family and hope today’s verdict brings them a measure of closure.”

According to court records, Freeman, of Merrick Boulevard in Jamaica, Queens, was found guilty of murder in the second degree, robbery in the first and second degree, assault in the second degree and grand larceny in the third and fourth degree.

The jury rendered its verdict after five days of deliberations. Queens Supreme Court Justice Kenneth C. Holder, who presided at trial set sentencing for June 30, 2022. At that time, Freeman faces up to 40 years-to-life in prison.

Freeman’s co-defendant, Christopher Ransom, 30, formerly of St. John’s Place in Brooklyn, pleaded guilty in October 2021, to aggravated manslaughter in the second degree and robbery in the first degree before Justice Holder. Ransom is currently serving 33 years in prison, to be followed by five years’ post release supervision,” Katz reported.

According to Court records, “On February 12, 2019, Ransom and Freeman arrived at the T-Mobile store on 120th Street in Richmond Hill, Queens, shortly after 6 p.m. Defendant Ransom entered the cell phone business brandishing a black pistol. Ransom ordered two employees inside the establishment to surrender both cash and merchandise from the back room of the store. Ransom was still inside the business when police officers responded to the scene. Ransom pointed his gun – which appeared real – at the police officers, who discharged their weapons in response.”

Today’s conviction included robbery in the second and grand larceny in the third degree related to Freeman’s participation in a separate cell phone store robbery on February 8, 2019.

Detective Brian Simonsen, a 19-year-veteran of the NYPD was fatally shot once in the torso. He was 42 years old. Sergeant Matthew Gorman was seriously injured with a bullet wound to his left leg.

June 14, 2022 0 comments

Financial News

Analysis-U.S. stocks’ bear market growl could beckon recession

by Reuters June 14, 2022

By: Reuters

By Lewis Krauskopf

NEW YORK – The bear market in U.S. stocks could be a prelude to even tougher times to come: a market swoon has often come hand-in-hand with recession.

Worries that a hawkish Federal Reserve will hurt U.S. growth as it attempts to tame inflation has helped drive the benchmark S&P 500 to a more than 20% decline from its all-time high on Jan 3, a drop that many analysts define as a bear market.

If history is a guide, the market’s action may indicate a recession is in the wings. Nine of 12 bear markets that have occurred since 1948 have been accompanied by recessions, according to investment research firm CFRA. That recession could begin as early as August, history indicates, and there could be more downside in markets to come.

“The market anticipates recessions,” said Sam Stovall, CFRA’s chief investment strategist. “The market usually goes into a bear market mode if it believes that things are not going to be doing very well for the economy as a whole.”

Despite the tumble in stocks, the latest economic and corporate data show a mixed picture. The latest U.S. monthly jobs report found employers hired more workers than expected in May, while S&P 500 earnings are expected to rise by nearly 10% this year.

On the flip side, the CPI report on Friday said consumer prices accelerated and resulted in the largest annual increase in nearly 40-1/2 years, while gasoline prices are at all-time highs and threatening consumer spending.

Fed Chairman Jerome Powell has pledged that the U.S. central bank would ratchet interest rates as high as needed to kill a surge in inflation. Surging inflation data and fast-changing views in financial markets have opened the door to a larger-than-expected three-quarter-percentage point interest rate increase when Fed officials meet this week.

Warnings of an approaching recession have grown louder on Wall Street and in Corporate America. On Monday, Morgan Stanley CEO James Gorman said he thinks there is a roughly 50% chance that the U.S. economy will enter a recession.

Another widely followed recession signal flashed on Monday, as it did in March, when a key part of the U.S. Treasury yield curve inverted – a reliable indicator that a recession will follow.

CFRA found that bear markets on average start seven months before a recession begins. If that holds this time, the recession would begin in early August, seven months after the S&P 500 peaked on Jan 3.

A bear market accompanied by a recession could mean more pain for investors.

In 12 recessions since World War Two, the S&P 500 has contracted by a median of 24%, according to Goldman Sachs. Should such a decline occur this time, that would take the S&P 500 down to 3,650, nearly 3% below Monday’s closing level of 3,749.63.

Bespoke Investment Group analyzed 14 bear markets since World War Two, eight of which started within two years of a recession, and six where the next recession did not start for at least two years.

In the eight where the recession came within two years, the median decline of a bear market was steeper — about 35% for the S&P 500 versus 28.2% for bear markets when a recession did not come within that time period, according to Bespoke.

The eight recession-related bear markets were also longer generally, with a median length of 495 days compared to 198 days for the six other bear markets.

Not all bear markets have been linked with recessions. According to CFRA, three of 12 bears occurred without recessions, while three recessions were not preceded by bear markets.

The potentially good news for investors is that, according to LPL Research, once stocks reach the threshold of a decline of 20%, they tend to rebound over the next year. After officially marking a bear market, the S&P 500 rose by a median of 23.8% over the next year, according to LPL’s analysis of 10 bear markets since 1957.

The three instances in which stocks were lower were associated with “major recessions,” according to LPL.

This time, the environment is probably “more like a mid-cycle slowdown where the economy can catch its breath, the stock market can catch its breath after a huge rally,” said LPL’s chief market strategist Ryan Detrick.

“As uncomfortable as this year has been, this is still probably for a longer-term investor, a great opportunity,” Detrick said.

(Reporting by Lewis Krauskopf; editing by Megan Davies and Nick Zieminski)

June 14, 2022 0 comments

Breaking News Maryland News Police Blotter

Howard County Crime Reports: June 14, 2022

by Jeff Jones June 14, 2022

By: Jeff Jones

HOWARD COUNTY, MD – The Howard County Police Department has issued the following crime reports for the period of June 9th through the 12th.

Weapon violation
Columbia, 21044: 6000 block of Merriweather Drive, June 12 3:07 p.m.
Police responded for a report that a male suspect displayed a handgun following a verbal altercation with another male. No one was injured. Police are investigating whether the two involved individuals are acquaintances.

Ellicott City, 21043: 2000 block of Daniels Road, June 12 6:25 p.m.
Three adult male victims reported that three individuals accosted them and one of them displayed a handgun. Police responded and arrested the suspect who displayed the handgun. No one was injured.
ARRESTED: Daniel Ernesto Rivas-Cuellar, 23, of Gwynn Oak, charged with weapon violations

Columbia, 21044: 10300 block of Daystar Court, June 12 7:55 p.m.
Police responded for a report of shots fired and located shell casings in the area and a vehicle that had been struck. No one was injured.

Assault
Laurel, 20723: 9300 block of Daly Court, June 12 8:34 p.m.
Police received multiple calls for multiple suspects in a vehicle shooting a gel ball gun at people and property. Two people were hit with gel balls, but no one was injured. Police located the vehicle and arrested the four occupants.
ARRESTED: four juvenile males, 16 and 17, from Columbia and Ellicott City, charged with assault, reckless endangerment, and disorderly conduct

Residential burglary
Ellicott City, 21042: 10200 block of Burleigh Cottage Lane, June 3-10
Unknown suspect(s) entered a possibly opened attached garage door and stole a bicycle.

Ellicott City, 21042: 3100 block of Pine Orchard Lane, June 10-13
Unknown suspect(s) entered a storage locker and stole a bicycle.

Theft from vehicle/vehicle break-in
Columbia, 21045: 6700 block of Oak Hall Lane, June 5-12, catalytic converter

Laurel, 20723: 9500 block of Canterbury Riding, June 9-10 overnight, tag
9900 block of Washington Boulevard, June 10-11 overnight, various items
9000 block of Thamesmeade Road, June 11-12 overnight, catalytic converter
9100 block of Stebbing Way, June 12-13 overnight, wallet
Horsham Drive & Knights Bridge Road, June 12-13 overnight, catalytic converter

Elkridge, 21075: 7100 block of Ducketts Lane, June 9-10 overnight, various items
6700 block of Iron Ore, June 9-10 overnight, various items
Columbia, 21046: 7100 block of Oakland Mills Road, June 12, bicycles

Columbia, 21044: 10200 block of Greek Boy Place, June 12-13 overnight, wallet

Ellicott City, 21043: 6000 block of Otterbein Lane, June 12-13 overnight, various items
8800 block of Montjoy Place, June 12-13 overnight, multiple vehicles: wallets

Ellicott City, 21042: 4700 block of Columbia Road, June 13, credit card

Savage, 20763: 8900 River Island Drive, June 13, catalytic converter

Vehicle theft
Columbia, 21044: 5300 block of Columbia Road, June 11
2014 Silver Honda Accord, tags: MD/5CV9797

June 14, 2022 0 comments

Breaking News Camden County News Featured News New Jersey News Police Blotter South Jersey News

New Jersey Prosecutor Asking Public to Stop Vigilante ‘Catch a Predator’ Stings

by Conservative Times June 14, 2022

By: Conservative Times

CAMDEN, NJ – In recent years, there has been a growing trend in New Jersey where internet actors have been publicly attempting to catch child predators online. While the effort has led to several arrests in the past, the Camden County Prosecutor’s Office says it isn’t helping their effort. Now, they are asking these vigilantes, viewed in their own towns as local heroes in many cases to stop.

Many of New Jersey’s prosecutors are now appointees of Governor Phil Murphy, replacing those appointed by former Governor Chris Christie.

“The Camden County Prosecutor’s Office has seen an uptick in citizens attempting to lure individuals suspected of criminal activity to public locations,” the prosecutor’s office said. “Actions such as these have the potential to put all parties and innocent bystanders in danger. These activities are not appropriate and may actually jeopardize law enforcement investigations and prosecutions of offenders.”

The Camden Prosecutor’s Office says leave the act of catching child predators to the professionals. Except in many cases, the professionals don’t act on leads provided to them by the community and many child sexual predators are released hours after capture under New Jersey’s bail reform act.

So, public humiliation has become the next best thing for many in these cases.

“Law enforcement officers are extensively trained on the proper methods to safely and successfully apprehend individuals suspected of criminal activity,” the office said today. “The Camden County Prosecutor’s Office is requesting that the public exercise restraint and allow law enforcement personnel to follow the proper procedures to conduct investigations and make safe apprehensions that culminate in successful prosecutions.”

June 14, 2022 0 comments

Breaking News Burlington County News New Jersey News Police Blotter South Jersey News

66-Year-Old Mount Holly Man Gets 21 Years for Assaulting Underage Victim

by Charlie Dwyer June 14, 2022

By: Charlie Dwyer

MOUNT HOLLY, NJ – George F. Young pleaded guilty to criminal sexual contact with his victim, a young girl in Burlington County and today was sentenced to 21 years in prison for his heinous crime.

Burlington County Acting Prosecutor LaChia L. Bradshaw announced Young was sentenced to 21 years in New Jersey state prison for sexually assaulting an underage female and engaging in sexual conduct with two other minors.

“The investigation began after an acquaintance of one of the victims became aware of Young’s abuse and told an adult, who then contacted law enforcement,” Bradshaw said. “The abuse occurred over a two-year period leading up to Young’s arrest in September 2021. Additional details about the case are being withheld to protect the identity of the victims.”

Young was prosecuted by Assistant Prosecutor Stephen Eife, supervisor of the BCPO Special Victims Unit.

June 14, 2022 0 comments

Financial News

Euro most resilient to climate change, yuan most exposed – Barclays

by Reuters June 14, 2022

By: Reuters

By Joice Alves

LONDON – Climate change could play out to the advantage of the euro, while China’s yuan and the Japanese yen are set to suffer the most without greater efforts to mitigate the effects of global warming, Barclays said in a report.

The British bank mapped the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could pose “rising and costly risk, with tangible FX impact”.

In the bank’s most severe scenario, the euro is the outperformer, appreciating 0.5% against the dollar by 2030 and 3.9% on average over the next five decades, with euro zone’s trade openness helping soften the economic impact of global warming.

In contrast, Chinese yuan could lose 5.5% by 2030, with a further a 7% depreciation over the next decade, which could worsen to more than 10% per decade over time.

Graphic: Climate change impact on FX – https://fingfx.thomsonreuters.com/gfx/mkt/mopanrmbqva/Climate%20change%20impact%20on%20FX.png

Barclays said it used national productivity and capital flows forecasts for the next five decades to model how, given their current conditions, countries’ growth and consequently their currencies could be affected by climate change.

Rising sea levels, variation in crop yields, changes in the occurrence of diseases, tourism, or even heat-induced hits on labour productivity are some of the factors included in the analysis, Barclays analysts said in a report.

Worldwide losses from extreme weather events totalled $1.38 trillion in the previous decade, rising nearly eight-fold since the 1970s and are expected to top $2 trillion this decade, according to the report.

“Countries experiencing drops in productivity and other production inputs will likely also experience less capital inflow,” and as a result, weaker currencies, Barclays said.

The yuan could lose 53% of its real value over the next 50 years as a result of China’s rapid industrialisation over the past two decades and “lenient environmental policies,” it said.

“The risk of prioritizing growth over environment and a lack of local environmental network (eg, NGOs, lawyers, journalists) remain significant challenges,” Barclays said.

For Japan, rising sea levels pose the biggest threat, it said, projecting environmental factors to shave almost 3% of the yen’s value by 2030. It could lose 55% in total over 50 years and become the world’s worst-performing currency as early as mid-century, the bank said.

The U.S. dollar is seen outperforming, benefiting from “the diverse nature of the U.S. economy,” Barclays said.

Its model suggests the Australian dollar would also outperform despite similar exposure to rising sea risks as Japan, with commodity exports and trade openness limiting damage to growth, while emerging market currencies were seen coming under pressure.

(Reporting by Joice Alves; Editing by Tomasz Janowski)

June 14, 2022 0 comments

Breaking News Maryland News Police Blotter

Suspect Arrested for Murder of Wicomico County Deputy

by Jeff Jones June 14, 2022

By: Jeff Jones

DELMAR, MD – Police have arrested the man who allegedly shot and killed Wicomico County Sheriff’s Office Deputy Glenn Hilliard on Sunday..

The suspect, Austin Jacob Allen Davidson, 20, of Delmar, Maryland, was charged with first-degree murder, second-degree murder, first-degree assault, second-degree assault, reckless endangerment and the use of a firearm in the commission of a violent crime. He is being held without bond at the Wicomico County Detention Center.

“Shortly before 8:30 p.m. on Sunday, Wicomico County Sheriff’s Deputy First Class Glenn Hilliard located Davidson in the area of the Talbot Street Apartments in the 7400 block of Gumboro Road in Pittsville, Maryland. Davidson was wanted for four outstanding arrest warrants,” police said. “According to a preliminary investigation, a brief foot pursuit occurred and Davidson shot Deputy First Class Hilliard with a handgun before fleeing the scene. Deputy First Class Hilliard, 42, was transported by ambulance to TidalHealth Peninsula Regional Hospital in Salisbury, Maryland, where he was declared deceased.”

Hilliard’s murder sent shockwaves through the national police community as law enforcement officials nationwide sent their condolences to the department and the deputy’s family. His murder highlighted, for many police officers the danger of their job, even in the most assumingly routine situations.

“Following an extensive manhunt, involving local, state and federal agencies, Davidson surrendered to law enforcement without incident about two hours after the shooting,” police said regarding the search for his killer.

A multi-agency search for the suspect included Maryland State Police, Wicomico County Sheriff’s Office, Worcester County Sheriff’s Office, Dorchester County Sheriff’s Office, Talbot County Sheriff’s Office, Caroline County Sheriff’s Office, Fruitland Police, Salisbury Police, Berlin Police, Princess Anne Police, Ocean City Police, Ocean Pines Police, Pocomoke City Police, Maryland Natural Resources Police, Delaware State Police, the ATF, DEA and the U.S. Marshal’s. Other agencies that offered support included Wicomico County Emergency Management, Pittsville Fire and EMS Department and the Maryland Department of Transportation State Highway Administration.

June 14, 2022 0 comments

Financial News

U.S. financial firms push back on SEC bid to rein-in blank check company deals

by Reuters June 14, 2022

By: Reuters

By Katanga Johnson

WASHINGTON – U.S. financial industry groups are pushing to water down a draft Securities and Exchange Commission (SEC) rule aimed at reining-in special purpose acquisition companies or SPACs, arguing it could kill the industry.

The American Securities Association (ASA), the SPAC Association and the CFA Institute are among groups warning that the SEC’s proposed March rule would create too much liability for parties involved in SPAC deals, and as such goes further than traditional initial public offering (IPO) and M&A rules.

The deadline for submitting comments to the SEC was Monday.

“The agency should protect investors, but don’t kill industry,” said Kurt Schacht, Head of Advocacy at professional investor group the CFA Institute, adding his organization has urged the SEC in a comment letter and in meetings not to regulate SPACs out of business.

Wall Street’s biggest gold rush of recent years, SPACs are shell companies that raise funds through a public listing with the goal of acquiring a private company and taking it public.

The process allows the target to sidestep the stiffer regulatory scrutiny of a traditional IPO, sparking criticism that many deals are of poor quality or suffer from lax due diligence, and in turn have left investors nursing losses.

Investment banks have raked in billions of dollars feeding a frenzy in SPAC deals while putting little of their own cash at risk, Reuters reported in May, although some banks have stepped back from SPAC deals following the SEC proposal.

That draft rule aims to offer SPAC investors protections similar to those they would receive during the IPO process. It would increase the liability for parties involved in such deals, remove a legal safe harbor for earnings projections, and boost investor disclosures.

“If you add up all of that, it’s going to certainly make people a little bit more skittish in using SPACs,” said Morris DeFeo, a partner at law firm at Herrick, Feinstein LLP who advises SPAC sponsors and target companies.

In particular, the rule would enhance disclosures about the target takeover, known as the “de-SPAC” transaction, including by requiring the sponsor to explain whether the proposed deal is fair to investors and has been vetted by third parties.

Anna Pinedo, a partner at Mayer Brown who advises SPAC sponsors, said that while the SEC wants to treat SPACs like IPOs, the proposal actually puts SPACs at a disadvantage compared to IPOs, “particularly around the de-SPAC transaction stage.” The rule goes much further than many state laws and current M&A best practices, she said.

The proposal would expand liability for financial advisors in a de-SPAC transaction beyond the current rules for underwriters in traditional IPOs, the American Securities Association wrote in its comment letter.

“This risk would make it untenable for investment banks to continue advising on de-SPAC transactions,” said Chris Iacovella, CEO of the ASA.

It was unclear how receptive the SEC is likely to be to such complaints. The Wall Street regulator is under pressure from some lawmakers, including leading Democratic Senator Elizabeth Warren, to crack down on the SPAC industry.

An SEC spokesperson said the agency “benefits from robust engagement from the public and will review all comments submitted during the open comment period.”

Samir Kapadia, who represents the SPAC Association, said policymakers should recognize that SPACs serve a crucial market function by increasing access to capital.

“We’ve seen tremendous economic impact in the form of job creation and capital investment in industries such as clean energy, healthcare and technology,” said Kapadia.

“The regulator needs to value the data, not the politics.”

(Reporting by Katanga Johnson in Washington; Editing by Michelle Price and Nick Zieminski)

June 14, 2022 0 comments

Breaking News New York News Police Blotter

East Amherst Baseball Coach Pleads Guilty to Stealing Funds From Youth League

by Adam Devine June 14, 2022

By: Adam Devine

BUFFALO, NY – An East Amherst man has pleaded guilty to grand larceny after he was accused of stealing funds from a youth baseball organization in which he served as coach.

Erie County District Attorney John J. Flynn announces that 40-year-old Peter J. Pavlovich of East Amherst pleaded guilty this morning before Erie County Court Judge Suzanne Maxwell Barnes to one count of Attempted Grand Larceny in the Fourth Degree (Class “A” misdemeanor).

“The defendant admitted to stealing approximately $15,000 while serving as a baseball coach for the Town of Clarence Baseball Association. Between June 2017 and June 2020, the defendant made numerous unauthorized ATM withdrawals and deposited some player registration fees into his personal bank account,” the Erie County District Attorney alledges. “The theft was discovered following complaints by parents about team finances and suspicious team accountings filed with the Clarence Baseball Association. The defendant subsequently admitted to the crime when questioned by members of the Erie County Sheriff’s Office and the Erie County District Attorney’s Office during the investigation.”

As part of his guilty plea today, Pavlovich paid full restitution to the Clarence Baseball Association.

Pavlovich faces a maximum of one year in jail when he is sentenced on Friday, September 16, 2022 at 9:30 a.m. He remains released on his own recognizance as the charge is a non-qualifying offense for bail.

June 14, 2022 0 comments

Breaking News Pennsylvania News Police Blotter

Philadelphia D.A. Seeks to Revoke Bail of Accused January 6th Coordinator

by Ryan Dickinson June 14, 2022

By: Ryan Dickinson

PHILADELPHIA, PA – Philadelphia district attorney Larry Krasner is seeking to revoke the bail of a man accused of being a planner of the January 6th protest at the U.S. Capitol. Joshua Macias is being accused of criminal contempt by the City of Philadelphia after it was learned that he attended a January 5th meeting to plan the rally and eventual U.S. Capitol incursion on January 6th.

Macias has already been charged by the DAO with firearms crimes and attempting to interfere with the 2020 presidential election, after he was arrested by Philadelphia Police outside of the Pennsylvania Convention Center as election workers were still canvassing votes, Krasner’s office reported today.

The DAO has previously filed motions seeking to revoke his bail, as he has repeatedly violated conditions restricting social media use and rally activity set by the courts.

“In the bail revocation motion, the Commonwealth accused Macias of violating the court’s pre-trial conditions by posting his support for Bianca Garcia, a then-state legislative candidate in Texas, on social media,” Krasner said. “Since then, federal authorities have placed Garcia and Macias at a meeting in a Washington, D.C., underground parking garage, that took place the day before the insurrection, along with Stewart Rhodes, the leader of the violent extremist group Oath Keepers, and Enrique Tarrio, the leader of the violent extremist group Proud Boys.”

On January 12, 2022, Rhodes along with 10 other Oath Keepers were federally indicted for seditious conspiracy, related to their roles in the breach of the U.S. Capitol. On June 6, 2022, Tarrio and four other Proud Boys members were federally indicted for seditious conspiracy, related to their roles in the breach of the U.S. Capitol. Seditious Conspiracy is the most serious charge federal authorities have brought against Insurrection defendants to date. It has been brought against a small number of Insurrection defendants.

“The crimes we allege against Joshua Macias were always extremely serious, and as prosecutors we have an obligation to continuously review this case as new facts and information come to light,” District Attorney Larry Krasner said. “What we now allege is as follows: Macias, heavily armed, travelled from Virginia to Philadelphia on November 5, 2020, in an effort to interfere with the counting of presidential votes, motivated by his anti-democratic wish to preserve the power of Donald Trump, who lost re-election decisively. One month later, after he was released on cash bail over the Commonwealth’s objection, Macias attended a small, secretive meeting that included two persons now federally indicted for seditious conspiracy in connection with the Capitol insurrection.”

June 14, 2022 0 comments

Top Headlines US and World News

Southern California mountain communities residents told to flee wildfire

by Reuters June 14, 2022

By: Reuters

LOS ANGELES – Authorities issued evacuation orders on Monday for communities in the path of a wildfire that broke out over the weekend in the San Gabriel Mountains northeast of Los Angeles and was burning toward populated areas.

The so-called Sheep Fire, which erupted on Saturday evening in the Angeles National Forest, had burned across some 990 acres of brush and vegetation as of Monday afternoon.

The area has been left parched by an ongoing drought plaguing California and much of the U.S. Southwest.

The San Bernardino County Sheriff’s Office ordered evacuations for Wrightwood, a ski town of some 4,500 people at along the Pacific Crest Trail, as well as homes dotted along Highway 2.

The blaze was listed as only 5 percent contained as of Monday morning and the nearly 700 firefighters were hampered by flames burning in dense vegetation and steep terrain, fanned by erratic winds, fire managers said on tracking website InciWeb.

No casualties had been reported and no structures burned, according to fire managers, but downed power lines were hampering communications.

An evacuation center for pets and small animals had been set up in San Bernardino, according to the website.

California has endured a string of devastating wildfires over the past several years as a lingering drought and warmer temperatures have left forest and grasslands bone dry.

In Arizona, hundreds of residents near Flagstaff were evacuated over the weekend as a wind-driven blaze threatened communities there.

(Reporting by Dan Whitcomb; Editing by David Gregorio)

June 14, 2022 0 comments

Financial News

OPEC keeps forecast for 2022 oil demand to exceed pre-pandemic levels, sees risks

by Reuters June 14, 2022

By: Reuters

By Alex Lawler

LONDON -OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Russia’s invasion of Ukraine and developments around the coronavirus pandemic pose a considerable risk.

In a monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast that world oil demand would rise by 3.36 million barrels per day (bpd) in 2022, extending a recovery from 2020’s slump.

The Ukraine war sent oil briefly above $139 a barrel in March, the highest since 2008, worsening inflationary pressures. COVID lockdowns in China, where a Beijing outbreak has prompted the resumption of mass testing, have curbed oil demand.

“Looking ahead, current geopolitical developments and the uncertain roll-out of the pandemic toward the end of the second half of the year continue to pose a considerable risk to the forecast recovery to pre-pandemic levels,” OPEC said in the report.

“Inflationary pressures are likely to persist and it remains highly uncertain as to when geopolitical issues may be resolved. Nevertheless, oil demand is forecast at healthy levels in the second half of this year.”

The report expects world consumption to surpass the 100 million bpd mark in the third quarter, in line with earlier projections, and for the 2022 average to reach 100.29 million bpd, just above the pre-pandemic rate in 2019.

OPEC kept this year’s global economic growth forecast at 3.5%, adding the downside “remains significant” and the upside potential “quite limited”.

Oil extended an earlier gain after the report was released, trading further above $123. [O/R]

OUTPUT FALLING

OPEC and its allies, which include Russia, known as OPEC+, are ramping up output in monthly increments after record cuts put in place during the worst of the pandemic in 2020.

At its last meeting on June 2, OPEC+ brought forward oil production rises to offset Russian losses and smooth the way for a visit to Saudi Arabia by U.S. President Joe Biden.

Still, OPEC+ has been undershooting the increases due to underinvestment in oilfields by some OPEC members and, more recently, losses in Russian output as a result of sanctions and buyer avoidance.

OPEC’s report showed that trend continued in May and said OPEC output fell by 176,000 bpd to 28.51 million bpd due to losses in Libya, Nigeria and other countries.

The growth forecast for non-OPEC supply in 2022 was reduced by 300,000 bpd to 2.1 million bpd. OPEC cut its forecast for Russian output by 250,000 bpd and left its U.S. output growth estimate steady.

OPEC expects supply of U.S. tight oil, another term for shale, to rise by 880,000 bpd in 2022, unchanged from last month, despite high prices that in previous years have encouraged growth.

(Editing by Bernadette Baum and Jane Merriman)

June 14, 2022 0 comments

Financial News

EU lawmaker panels object to ‘green’ label for gas, nuclear investments

by Reuters June 14, 2022

By: Reuters

By Kate Abnett

BRUSSELS -Two European Parliament committees on Tuesday backed an attempt to stop the EU labelling gas and nuclear energy as climate-friendly investments, setting the stage for a full parliament vote on whether to reject the rules next month.

Parliament’s environment and economic committees supported a resolution which attempts to block a plan by the European Commission to include gas and nuclear in the European Union’s taxonomy – a labelling system for “sustainable” investments designed to steer private capital towards those that support climate change targets.

EU countries and lawmakers are split over whether the fuels are green enough to earn that label – reflecting broader disagreements over how Europe should meet climate goals – and could yet reject the EU proposal.

The full European Parliament will vote on the resolution in early July. Support from at least half of its 705 lawmakers would block the gas and nuclear rules.

The resolution says gas and nuclear cannot be considered sustainable based on existing EU laws, and labelling them as green would confuse investors. It passed with 76 votes in favour and 62 against on Tuesday.

“We are already short of cash and need every euro for solar and wind power,” said German Green lawmaker Michael Bloss, who supported the resolution.

Environment committee chair Pascal Canfin was among those to oppose it, pointing to the proposed rules, which deem gas and nuclear climate-friendly with the caveat that they are “transitional activities” that cannot yet be made fully green.

“This delegated act is therefore ultimately in line with the reality of the options available to move towards carbon neutrality,” said Canfin, a French lawmaker.

The invasion of Ukraine by top gas supplier Russia has heightened divisions about reliance on gas. Eastern European countries have said gas investments are needed to replace more-polluting coal, while others say labelling CO2-emitting gas as sustainable undermines efforts to curb climate change.

Meanwhile, pro-nuclear states including France view the CO2-free energy source as crucial to meet climate targets, while opponents like Germany cite concerns over waste disposal.

(Reporting by Kate Abnett; Editing by Susan Fenton and Bernadette Baum)

June 14, 2022 0 comments

Breaking News New York News Police Blotter

Man Slashed in Face in Manhattan

by Adam Devine June 14, 2022

By: Adam Devine

NEW YORK, NY – A 37-year-old man was slashed across his face in Manhattan last week, and now police have released an image of the suspect captured on nearby surveillance video cameras. The New York Police Department said on June 6th, at 2:20 am, the man was approached by an unknown suspect in the area of 323 Avenue of the Americas when he was slashed in the face. The suspect fled on foot. Police are asking anyone who might recognize the suspect to notify them.

June 14, 2022 0 comments

Featured News Top Headlines US and World News

Dems Still Focused On Punishing Big Oil As Gas Tops $5 A Gallon

by The Daily Caller June 14, 2022

By: The Daily Caller

Dems Still Focused On Punishing Big Oil As Gas Tops $5 A Gallon

Thomas Catenacci on June 13, 2022

Democratic leaders on the House Natural Resources Committee sent letters to five public relations (PR) firms Sunday, requesting information about their work with the fossil fuel industry.

New Mexico Rep. Raúl Grijalva, the committee’s chairman, and California Rep. Katie Porter, the top Democrat on the panel’s oversight and investigations subcommittee, accused the PR firms of working with oil and gas companies to wage a decades-long misinformation campaign to deny climate change, in an announcement Monday. The Democrats said the five firms — FTI Consulting, Story Partners, DDC Advocacy, Blue Advertising and Singer Associates — have used tactics employed by the tobacco industry in the past.

“Fossil fuel companies have been lying to the public for decades to cover up the damage they’re doing to the planet and our long-term economic wellbeing,” Porter said in a statement. “The American people deserve the truth—and Big Oil needs to be held accountable. Chair Grijalva and I want answers.”

In their letters, the Democrats cited comments from senior ExxonMobil lobbyist Keith McCoy discreetly recorded in June 2021. McCoy said the Big Oil company had previously used “shadow groups” to fight back against climate change messaging, The New York Times reported at the time.

“Thanks to the accidental truth-telling by the former ExxonMobil lobbyist, we know there is a lot to uncover about the ways fossil fuel companies spread disinformation and lies about climate change,” Grijalva said. “If we’re going to take meaningful action against climate change, we need to be armed with facts and science, not industry propaganda. The American people deserve to know the truth and we intend to do our job to find it.”

FTI Consulting declined to comment on the Democrats’ letter. The four other firms probed didn’t immediately respond to a request for comment from The Daily Caller News Foundation.

Meanwhile, the average price of gasoline nationwide surged to an all-time record of $5.01 a gallon on Monday, according to AAA data.

The letters from Grijalva and Porter are part of a broader committee effort to uncover information about the fossil fuel industry’s “misinformation campaign” using outside consulting groups. The two lawmakers similarly sent letters to six organizations that give out PR-related awards in February, demanding information about the alleged campaign.

In addition, the two Democratic leaders sent a letter to American Petroleum Institute (API) President Mike Sommers on Sunday asking for information on FTI Consulting’s work for oil and gas companies.

“At a time of record inflation and rising energy costs, we need solutions to unlock more American energy to keep the lights on and meet demand while reducing US emissions. And that’s exactly what our industry has been focused on,” API spokesperson Megan Bloomgren said in a statement shared with TheDCNF. “Any suggestion to the contrary is false.”

“American energy is produced safer, more reliably, and to among the highest environmental standards in the world,” she continued.

Representatives for Grijalva and Porter did not immediately respond to TheDCNF’s request for comment.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact The Daily Caller News Foundation

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]. Read the full story at the Daily Caller News Foundation

June 14, 2022 0 comments

Featured News Top Headlines US and World News

We Asked Every Jan. 6 Committee Member When They’d Hold Hearings On The 2020 Riots. Here’s What They Said

by The Daily Caller June 14, 2022

By: The Daily Caller

We Asked Every Jan. 6 Committee Member When They’d Hold Hearings On The 2020 Riots. Here’s What They Said

Gabe Kaminsky on June 13, 2022

The Daily Caller News Foundation contacted offices for every member of the special committee probing the Jan. 6 Capitol riot to see if and when there will be televised hearings on the 2020 unrest that occurred after the murder of George Floyd.
None of the offices provided a date for those hearings or indicated that the committee members are interested in separately investigating the riots.
“The Democrats have hired a Hollywood producer to put on a campaign,” Republican Texas Sen. Ted Cruz told TheDCNF. “They’re not seeking the truth. They’re not interested in what actually happened. They’re engaged in politics.”

House members on the committee probing the Jan. 6 Capitol riot have not informed The Daily Caller News Foundation after multiple inquiries whether they will separately hold televised hearings on the nationwide unrest that occurred after George Floyd’s murder.

The committee composed of Democratic and Republican members held a prime-time hearing Thursday featuring new footage and interviews related to the Capitol riot that occurred on Jan. 6, 2021, and is set to hold another on Monday. The committee has subpoenaed over 100 people, including many former Trump administration officials, and claimed Sunday it has enough evidence to indict former President Donald Trump.

Given committee members have referred to the riot as an “insurrection” and an act of “domestic terrorism” or “extremism,” TheDCNF contacted the offices of each to understand if they intend to probe the 2020 riots at a later date. Rioters set fire to a federal courthouse in Portland on July 28 and a police station in Minneapolis was burned down in May.

Offices for Democratic Reps. Bennie Thompson of Mississippi, Zoe Lofgren of California, Elaine Luria of Virginia, Adam Schiff of California, Pete Aguilar of Califonia and Stephanie Murphy of Florida did not respond, nor did Republican Illinois Rep. Adam Kinzinger’s office.

“I haven’t been able to talk to the congressman about this yet,” a spokesman for Democratic Maryland Rep. Jamie Raskin told TheDCNF. “I’ll let you know if I’m able to discuss with him.”

A spokesman for Republican Wyoming Rep. Liz Cheney, the committee’s vice chair, pointed TheDCNF to a statement made by the congresswoman in 2020 denouncing the nationwide unrest after Floyd’s death. The spokesman did not respond to a follow-up question as to whether Cheney will launch hearings and a special committee on it.

Violence in 20 states across the U.S. between May 26, the day after Floyd was murdered, and June 8, 2020 caused roughly $2 billion of property damages, making it the costliest vandalism and looting in insurance history, according to an estimate that year first reported by Axios. Violence took place in many cities after June 8.

The Jan 6. committee’s spokesman did not respond to a request for comment, nor did its senior counsel.

The offices of Minority Leader Kevin McCarthy and Minority Whip Steve Scalise, the two top-ranking House Republicans, told TheDCNF the members think those on the committee should also be concerned with looking into the 2020 unrest.

McCarthy “has long been critical of the Democrats not having a wide enough scope” in their probing of “political violence” before Jan. 6 and after, a spokesman for his office told TheDCNF. In May 2021, McCarthy criticized the Jan. 6 commission that stalled in the Senate for not showing interest in investigating “interrelated forms of political violence in America.”

Republicans, like Texas Sen. Ted Cruz, have continued to voice opposition to the committee as it publicizes its investigative findings.

Cruz told TheDCNF that its members are “not seeking the truth” and “engaged in politics” to distract from left-wing policies that “have been a miserable, miserable failure.”

“People across the country are suffering,” Cruz said. “We’re facing skyrocketing inflation, incredibly high gas prices. We’re seeing the economy headed south.”

“We’re seeing crime rates rising across the country, we’ve got utter chaos on the southern border because this administration won’t secure the border,” he added. “And the American people are understandably unhappy with those results.”

June 14, 2022 0 comments

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