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Business News

CON EDISON TO REPORT 1ST QUARTER 2022 EARNINGS ON MAY 5

by Your News April 11, 2022
By Your News

NEW YORK, April 7, 2022 — Consolidated Edison, Inc. (Con Edison) (NYSE:ED) plans to report its 1st Quarter 2022 earnings on May 5, 2022 after the market closes.

Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy-delivery companies, with approximately $14 billion in annual revenues and $63 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., the second-largest owners of solar electric projects in North America, which, through its subsidiaries develops, owns and operates renewable and sustainable energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and through its subsidiaries invests in electric transmission projects supporting its parent company’s effort to transition to clean, renewable energy. Con Edison Transmission manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York, New England, the Mid-Atlantic states and the Midwest.

SOURCE Consolidated Edison, Inc.

CON EDISON TO REPORT 1ST QUARTER 2022 EARNINGS ON MAY 5

April 11, 2022 0 comments
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Business News

FERRERO VOLUNTARILY RECALLS KINDER® HAPPY MOMENTS CHOCOLATE ASSORTMENT AND KINDER® MIX CHOCOLATE TREATS BASKET BECAUSE OF POSSIBLE HEALTH RISK

by Your News April 11, 2022
By Your News

The voluntary recall is for two products in the U.S.

Product

Kinder Happy Moments Milk Chocolate and Crispy Wafers Assortment

Kinder Mix Chocolate Treats Basket

Size and Package Type

14.1 OZ (400g) square box with lid

5.3 OZ (152g) cardboard basket

Best By Date and location

July 18, 2022 (back panel)

July 30, 2022 (bottom of package)

Lot Codes and location

48RUP334; 48RUP335; 48RUP336; 48RUP337 (back panel)

03L 018AR – 306 (bottom of package)

UPC Code and location

09800 52025 (right side panel)

09800 60209 (bottom of package)

Retail Locations

Costco in the Bay Area and Northern Nevada and BJ’s Wholesale Club stores

14 Big Y Supermarket locations in Connecticut and Massachusetts

The products are being recalled because they were manufactured in a facility where Salmonella typhimurium was detected. While there are no reports of illness in the United States to date, Ferrero is voluntarily recalling the products out of an abundance of caution due to reported cases of Salmonella in consumers that consumed products in Europe that were manufactured at the same facility.

No other Kinder products produced for the U.S. market are included in this recall.

Consumers who have purchased the affected product should not eat the product and may contact the Ferrero customer service line Monday – Friday 9am-6pm EST at 1-800-688-3552 or via https://www.ferreronorthamerica.com/contact-US-residents for product refund.

Ferrero deeply regrets this situation. We take food safety extremely seriously and every step we have taken has been guided by our commitment to consumer care. We will continue to work cooperatively with the Food and Drug Administration to address this matter.

Consumer Inquiries:  1-800-688-3552
Media and Other Inquiries:  Cheryll Forsatz, (732) 584-4146

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SOURCE Ferrero North America

FERRERO VOLUNTARILY RECALLS KINDER® HAPPY MOMENTS CHOCOLATE ASSORTMENT AND KINDER® MIX CHOCOLATE TREATS BASKET BECAUSE OF POSSIBLE HEALTH RISK

April 11, 2022 0 comments
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Business News

NEW YORK COMMUNITY BANK RANKED HIGHEST IN OVERALL CUSTOMER SATISFACTION IN THE NEW YORK TRI-STATE REGION BY J.D. POWER

by Your News April 11, 2022
By Your News

HICKSVILLE, N.Y., April 8, 2022 — New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”), the parent of New York Community Bank (the “Bank”) announced today that the Bank was named as the top retail bank in the New York tri-state region (New York, New Jersey, and Connecticut) based on overall customer satisfaction in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study,SM which was released yesterday.  The Bank received the highest satisfaction score in the New York tri-state region, based on several criteria, scoring 42 points higher than the region average.

Commenting on the results, New York Community Bancorp, Inc. Chairman, President, and Chief Executive Officer Thomas R. Cangemi stated: “We are very satisfied with this award recognizing New York Community Bank as the top bank in the tri-state New York region in terms of overall customer satisfaction.  This honor is even more satisfying given that the recognition comes from our customers and underscores our customer first philosophy.  The award not only demonstrates our commitment to serving our customers, it also shows how all of our team members go above and beyond to support our customers and address their financial needs, especially during tough economic times.  The J.D. Power award comes on the heels of several other retail banking accolades the Bank received over the past year, reflecting the on-going success of our updated retail banking strategy.”

The J.D. Power U.S. Retail Banking Satisfaction Study analyzes retail banking customers’ satisfaction with their primary financial institution.  Now in its 17th year, the study was redesigned for 2022.  It measures satisfaction across seven factors (in order of importance): trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.  The study is based on responses from 101,587 retail banking customers of the largest banks in the United States regarding their experiences with their retail bank.  It was fielded from April 2021 to January 2022.

About New York Community Bancorp, Inc.  

Based in Hicksville, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank. At December 31, 2021, the Company reported assets of $59.5 billion, loans of $45.7 billion, deposits of $35.1 billion, and stockholders’ equity of $7.0 billion.

Reflecting our growth through a series of acquisitions, the Company operates 237 branches through eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.

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Investor/Media Contact: 

Salvatore J. DiMartino


(516) 683-4286 



SOURCE New York Community Bancorp, Inc.

NEW YORK COMMUNITY BANK RANKED HIGHEST IN OVERALL CUSTOMER SATISFACTION IN THE NEW YORK TRI-STATE REGION BY J.D. POWER

April 11, 2022 0 comments
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Business News

Brother Expands Sustainability Efforts with a New Partnership with Clean Ocean Action

by Your News April 11, 2022
By Your News

Brother announced a new partnership, CSR activities, and Environmental Action to fight climate change.


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In addition, on Earth Day, Brother employees will be making their annual ‘Brother Earth Promise,’ an individual commitment to help protect the environment, such as addressing pollution by recycling and cutting their use of single-use plastics, amongst other efforts.

“I am proud to see Brother employees rally around our environmental activities and Brother Earth Promise, and I am thrilled to see a collective effort to address the urgent global climate change crisis across our organization,” said Don Cummins, President, Brother International Corporation. “While we think globally, we must also act locally, and our sponsorship of Clean Ocean Action activities in New Jersey will help ensure that our own shores are free from ocean plastics and pollution.” 

Brother’s partnership with Clean Ocean Action builds on Brother’s existing flagship environmental programs such as their Recycling Program for printers and ink cartridges, employee volunteer activities supporting the Friends of the Great Swamp National Wildlife Refuge in New Jersey for the past ten years, a long-standing sponsorship of the Wolf River Conservancy Restoration Series that includes lectures and volunteer events to restore the Wolf River in West Tennessee, and an annual $25,000 donation to the Arbor Day Foundation in support of their mission to plant, nurture, and celebrate trees.

These activities complement Brother’s ongoing sustainability commitments, which include A Commitment to Meeting EPEAT Requirements, Brother Product Recycling Program, Brother Toner & Ink Cartridge Recycling Program, Brother’s Environmental Management System, ENERGY STAR®-Compliant Products. 

Brother considers the environment at all stages of a product’s life cycle, from development, design, and manufacturing to use, disposal, and reuse, as the social responsibility of a manufacturing company. In fact, over the past 5 years (2016-2020), carbon emissions across Brother Americas have been reduced by 9.7% and over 30% since 2012. Brother has remanufactured more than 5.5 million toner cartridges (2017-2021) and recycles more than 99% of its waste, with less than 1% of waste going to landfills. Brother has also supported biodiversity conservation and restoration activities across the Americas with $650,000 donated, 159,369 trees planted (US/CAN), and 26,843,750 sq. ft. of rainforest protected in Guatemala through a partnership with the Arbor Day Foundation.

“Brother strives to positively and continuously act to decrease the environmental impact and increase the sustainability of our business operations in alignment with the Brother Group globally,” says Vickie Berry, Manager of Environmental, Health and Safety. “The Brother Group aims to achieve carbon neutrality in all business operations and minimize CO2 emissions from the entire value chain by 2050 so as to contribute toward creating a carbon-free society.” 

About Brother International Corporation  
Brother International Corporation has earned its reputation as a premier provider of home office and business products, products for the sewing and crafting enthusiast as well as industrial solutions that revolutionize the way we live and work. Brother International Corporation is a wholly-owned subsidiary of Brother Industries Ltd. With worldwide sales exceeding $6 billion, this global manufacturer was started more than 100 years ago. Bridgewater, New Jersey is the corporate headquarters for Brother in the Americas. It has fully integrated sales, marketing services, manufacturing, research and development capabilities located in the U.S. In addition to its headquarters, Brother has facilities in California, Illinois and Tennessee, as well as subsidiaries in Canada, Brazil, Chile, Argentina, Peru and Mexico. For more information, visit www.brother.com.

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Contact
Brother International Corporation USA 
Loren Waldron
The Daily Caller News Foundation

SOURCE Brother International Corporation

Brother Expands Sustainability Efforts with a New Partnership with Clean Ocean Action

April 11, 2022 0 comments
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Business News

Free Webinar Offers Families Tips and Programs to Maximize Summer Learning

by Your News April 11, 2022
By Your News

“Strike the perfect balance between meaningful engagement and relaxation this summer,” said Jennifer Walsh-Rurak, EdD 


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Attendees will learn to:

  • Plan for a boring-free summer
  • Balance Respite and Routine
  • Attain ideas for teen summer enrichment
  • Consider Fusion Education Group’s 250+ programs

After the presentation, there will be time for Q+A. Attendees can register here.

“Take some time to get curious about what your teen is interested in, and you might be surprised at how their answers align with so many available summer programs,” said Walsh-Rurak. She offered families conversation starters to identify their teens interests:

  1. Think about your future self when you start the next school next year. What would you have liked to learn more about, experience, or accomplish this summer?
  2. Look back to the recent school year. What was particularly difficult that you’d like to work through this summer so you it’s no longer a challenge next year?
  3. Let’s consider your goals for the next year. What can we do this summer to further them? What’s sparking your interest right now that would be fun to learn more about alongside an expert?

Summer’s lazy days can throw routines awry and stagnate academic growth. Research suggests that adolescents’ social skill development hit the brakes during the pandemic. Fusion Education Group’s education team crafted three summer program tracks that support students in the exact area where they need it, they are:

  • Build Key Skills with Skill Launch Camps: FEG’s skill launch camps help students sharpen the life skills they need for student and lifelong success and include, Study Skills, Organizational Skills, Finance Skills, Modern Etiquette and How to Crush Your College Essay.
  • Keep Learning with Accelerate: Students looking to get a leg up on their next academic year can take advantage of classes for credit in a personalized, one-to-one setting. AP Classes can be taken at Fusion Global Academy. Post-secondary counseling including test prep is also available.
  • Catch Up with Remediate: Whether students are looking to strengthen their learning foundation, fill learning loss gaps, or recover failed credits, courses for credit and tutoring are available.

“Parents keep telling us their teens missed the boat when it comes to learning many of the basic skills needed to succeed as a high school student and as an adult,” said Walsh-Rurak. “That’s why our programs are hardly cookie cutter. Our skill launch camps cover everything from taking the awkwardness out of social interaction, to learning how to get organized and staying that way. And our academic courses run the gamut of tutoring, courses for credit to makeup a class or get ahead. Instruction is custom-built around what students need and adapted to how they learn.”

Students have three options for enrolling in FEG’s summer programs:

  • Fusion Academy‘s curriculum meets or exceeds state standards and includes over 250 courses that are available at varying levels depending on your child’s academic goals and has 67 campuses in 18 states plus the District of Columbia for in-person or hybrid learning.
  • Fusion Global Academy offers families on the go this summer customized learning for middle and high school students through one-to-one virtual learning. Online summer school options are engaging and fun. Families can vacation and still fit learning in.
  • Futures Academy offers California families 15 campuses where students can complete a course in as little as 5 weeks or up to 10 weeks. More than 170 courses are available from mastering math, succeeding in science, loving foreign languages, and making headway in history.

“We’re offering the strategies and tips that parents need to keep teens engaged, and the summer programs that we created to support them,” said Walsh-Rurak.

Families can read about summer planning strategies by visiting Fusion’s Resource page here.

Walsh-Rurak serves as a Vice President in the Northeast region for Fusion Education Group. She has more than 20 years of experience in educational leadership and earned her doctorate from Northeastern University.

About Fusion Education Group:

Fusion Education Group (FEG) is a revolutionary innovator in personalized education. FEG provides accredited personalized education for than 5,000 middle and high school students at Fusion Academy, with 67 campuses that offer one-to-one instruction; Futures Academy, which offers one-to-one, small group instruction and online learning at 15 California campuses; Barnstable Academy, which offers traditional college-prep in a small school setting in New Jersey; and Fusion Global Academy, which offers one-to-one personalized education through a completely virtual campus that currently serves students in 45 states and 18 countries. More information about FEG’s national events can be found here. FEG has more than 80 campuses in 18 states and the District of Columbia.

SOURCE Fusion Education Group

Free Webinar Offers Families Tips and Programs to Maximize Summer Learning

April 11, 2022 0 comments
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Business News

CAMP, THE FAMILY EXPERIENCE COMPANY, OPENS LOS ANGELES FLAGSHIP STORE AT WESTFIELD CENTURY CITY

by Your News April 11, 2022
By Your News

Opening on April 23rd, this 7,000 square foot location will feature a curated ‘Canteen’ where families will shop for their favorite toys, gifts, books and accessories for all ages. Here, guests will discover CAMP’s signature ‘Magic Door,’ a speakeasy-style pivoting wall that leads to interactive themed experiences that change seasonally. CAMP will open with its signature theme, Base CAMP, an immersive summer camp-themed experience where kids will go from cabin to cabin, enjoying signature arts & crafts, sports, dance, theater, friendship and fun!

“When we open new locations we are doing more than just opening a store, we are entering a new community. Families have very few places that become part of their routine where they can have fun, escape, and build memories together.” said Ben Kaufman, CAMP’s Founder and CEO. “Los Angeles has been at the top of our wish list for several years, and we are incredibly excited to build our community on the West Coast.” 

CAMP has also partnered with Barbie® and RVshare to create one-of-a-kind experiences designed specifically for our LA community, from an in-store Barbie® themed disco cabin to a cool interactive RV campsite. Visitors of all ages are invited to take part in camping-themed play and nature activities, such as RV-inspired activity books, showcasing the wonders of hitting the open road for summertime family vacations. CAMP will host free themed activities in partnership with Barbie®, RVshare and Visit California at launch. Families can sign up to participate starting April 20th.

To kick things off on April 14th, families can enter a sweepstakes on camp.com for a chance to win a weekend camping trip in a decked-out RV, inspired by the Barbie® DreamCamper™, in partnership with RVshare, the leading peer-to-peer RV rental platform. The winning family will also receive a prize package from Barbie®, RVshare, and CAMP which includes a Barbie® bike from Dynacraft, a (doll-sized) DreamCamper™ and more!

Families can discover even more answers to “What should we do today?” on CAMP.com, with a curated selection of new and beloved toys and gifts as well as activities, crafts, and ways to play. Follow CAMP on Instagram and Facebook (@campstores) to keep up with all the latest news. To learn more about CAMP Los Angeles at Westfield Century City, please visit https://camp.com/locations/los-angeles.

ABOUT CAMP:
CAMP is a Family Experience Company that helps answer the question, “What should we do today?” through a unique combination of retail and media. Launched in December of 2018, CAMP operates nine retail locations in New York, New Jersey, Massachusetts, Texas, California and Connecticut and serves families everywhere via its digital platforms. To learn more about CAMP, please visit CAMP.com

ABOUT RVSHARE: 
RVshare is the first and largest peer-to-peer RV rental marketplace. With more than 100,000 vehicles available, RVshare’s diverse inventory ranges from affordable travel trailers to luxury motorhomes and can accommodate any outdoor adventure, whether it’s a weekend of camping or a cross-country tour of national parks. Through RVshare, families and groups can experience a one-of-a-kind trip and create memories that will last a lifetime. In addition to offering a unique travel experience, RVshare provides RV owners in North America the opportunity to turn their RV into a second income. For more information, visit rvshare.com, and follow us on Facebook and Instagram @rvshare.

ABOUT MATTEL: 
Mattel is a leading global toy company and owner of one of the strongest catalogs of children’s and family entertainment franchises in the world. We create innovative products and experiences that inspire, entertain, and develop children through play. We engage consumers through our portfolio of iconic brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends®, UNO®, Masters of the Universe®, Monster High® and MEGA®, as well as other popular intellectual properties that we own or license in partnership with global entertainment companies. Our offerings include film and television content, gaming and digital experiences, music, and live events. We operate in 35 locations and our products are available in more than 150 countries in collaboration with the world’s leading retail and ecommerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering children to explore the wonder of childhood and reach their full potential. Visit us online at mattel.com.

SOURCE CAMP

CAMP, THE FAMILY EXPERIENCE COMPANY, OPENS LOS ANGELES FLAGSHIP STORE AT WESTFIELD CENTURY CITY

April 11, 2022 0 comments
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Pennsylvania NewsPolice Blotter

Philadelphia Armed Robbery Suspects Leave With Just $200

by Kristen Harrison-Oneal April 11, 2022
By Kristen Harrison-Oneal

PHILADELPHIA, PA – Two armed robbers robbed a deli in Philadelphia and made off with just $200. Now, they are wanted by the Philadelphia Police Department.  

Police said, on April 6th, in Southwest Philadelphia. Just before 3:00 PM, two unknown black males enter the JYM Deli located at 5700 Hadfield Avenue.

“The two waited for the customers to leave before one male goes behind the counter, points a handgun at the employee and demands money,” the Philadelphia Police Department said. “After taking approximately $200 the suspects fled the scene in a dark colored sedan. Surveillance cameras at the store capture parts of the incident.”

One suspect is described as a black male, 5’8″, thin build, wearing a black jacket over a blue hooded sweatshirt and armed with a handgun.

The second suspect was described by police as a black male, 5’8″, thin build, wearing a black jacket, beige pants and a mask.

If you have any information about this crime or these suspects, please contact:
Southwest Detective Division:
215-686-3183/3184
DC 22-12-018475

April 11, 2022 0 comments
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Financial News

Italy to set up unit to scrutinise takeovers of strategic firms -sources

by Reuters April 11, 2022
By Reuters

By Giuseppe Fonte

ROME – Italy plans to beef up its scrutiny of corporate takeovers with a new dedicated division at the cabinet office to oversee merger deals involving strategic companies, two sources close to the matter told Reuters.

Prime Minister Mario Draghi’s 14-month old government has used so-called “golden powers” to set conditions on scores of mergers and has blocked several attempts by China to extend its presence in the euro zone’s third-largest economy.

Now Draghi’s closes aides are working to create a new Directorate-General in his office to strengthen Rome’s capacity to police any changes to the ownership structure of strategic firms, the sources said, asking not to be named.

Among the tasks of the new bureau will be “strategic analysis of what is happening in relevant markets,” one of the sources said, adding that the restructuring will increase the staff dedicated to takeover issues.

As part of the drive to strengthen the golden powers, the government plans to finalise by the end of May new rules forcing companies that own sensitive assets to inform it of preliminary discussions with potential suitors, the second source said.

If already in place, such a rule would have allowed the government to have a direct say over KKR’s failed takeover approach for Telecom Italia.

The moves come after Rome introduced new measures last month requiring firms operating 5G networks to supply, on an annual basis, considerably more detailed notification to the authorities over proposed mergers and supply deals.

The government also permanently extended the special powers to cover banks and insurance companies as well as proposed takeovers of Italian companies by other EU firms.

Until former European Central Bank chief Draghi took office in Italy in February 2021, the golden power veto had been used just twice in a decade to curb foreign forays in Italy. Draghi used it four more times in just over a year, heading off as many Chinese bids.

The latest episode, last month, saw Rome annul a 2018 sale of a military drones company to Chinese investors.

However, Draghi’s approach has triggered legal challenges from both foreign predators and their Italian prey.

The notification requirements have also increased red tape for firms, which in order to avoid the risk of infractions and fines are informing the government of any mergers and deals even when it would not be necessary.

Last year the number of notifications jumped to almost 500, compared with 342 in 2020 and just 83 in 2019.

(Reporting by Giuseppe Fonte, editing by Gavin Jones and Susan Fenton)

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April 11, 2022 0 comments
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Pennsylvania NewsPolice Blotter

Philadelphia Carjacker Held Gun To Her Head

by Kristen Harrison-Oneal April 11, 2022
By Kristen Harrison-Oneal

PHILADELPHIA, PA – The Philadelphia Police Department is searching for three men who carjacked a 33-year-old woman in the area of Sedgley Avenue on April 3rd.

According to police, “On April 3, 2022, at 2:55 AM, the victim, a 33-year-old female, was sitting inside her car on the 2800 block of Sedgley Ave when she was approached by an unknown black male.

That male opened her driver’s side door, put a gun to her head, told her to get out of the vehicle. He then demanded her keys.

“After complying with the suspect’s demands the suspect entered the driver seat and two additional people entered the passenger seats,” the Philadelphia Police Department said. “The suspects then fled and were last seen west on Sedgley St towards Ridge Ave. There were no injuries reported during this incident.”

Det. Waring
DC 22-22-018130

April 11, 2022 0 comments
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Pennsylvania NewsPolice Blotter

Police Issue Alert for Missing 69-Year-Old Man in Philadelphia

by Kristen Harrison-Oneal April 11, 2022
By Kristen Harrison-Oneal

Police Issue Alert for Missing 69-Year-Old Man in Philadelphia

The Philadelphia Police Department needs the public’s assistance in locating a 69-year-old Missing Person Chetney Brown. He was last seen on Thursday, April 7, 2022, on the 73XX block of Theodore Street.

He is 5’8″, 130 lbs., brown eyes, gray hair. He was last seen wearing a green jacket, dark color hoody and blue sweatpants.

Anyone with any information on Chetney’s whereabouts is asked to please contact Southwest Detectives Division at 215-686-3183 or 911.

April 11, 2022 0 comments
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Pennsylvania NewsPolice Blotter

12-Year-Old Reported Missing in Philadelphia

by Kristen Harrison-Oneal April 11, 2022
By Kristen Harrison-Oneal

The Philadelphia Police Department needs the public’s assistance in locating a 12-year-old Missing Child Kailani Hales. She was last seen at 10:00 A.M., on Sunday, April 10, 2022, on the 38XX block of North Franklin Street.

She is 5’7″, 125 lbs., thin build, brown eyes, long brown hair. She was last wearing burgundy colored hooded sweatshirt and grey pants.

Anyone with any information on Kailani’s whereabouts is asked to please contact East Detectives Division at 215-686-3243 or 911.

April 11, 2022 0 comments
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Financial News

TikTok’s ad revenue to surpass Twitter and Snapchat combined in 2022 – report

by Reuters April 11, 2022
By Reuters

(Reuters) – Video-sharing app TikTok’s advertisement revenue is likely to triple in 2022 to more than $11 billion, exceeding the combined sales of its rivals Twitter Inc and Snap Inc, according to research firm Insider Intelligence.

TikTok, which is owned by Chinese company ByteDance, is one of the world’s most popular social media apps, with more than 1 billion active users.

“TikTok’s user base has exploded in the past couple of years, and the amount of time users spend on the app is extraordinary,” said Debra Aho Williamson, analyst at Insider Intelligence. 

Twitter and Snapchat are expected to generate $5.58 billion and $4.86 billion, respectively, in advertising revenue for 2022, with the combined value still less than the $11 billion projected for TikTok.

Nearly $6 billion, or more than half, of this year’s ad revenue is expected to come from the United States, despite regulatory concerns over user data from U.S being passed on to China.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri)

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Top HeadlinesUS and World News

Italy unions protest over projected decline in school spending

by Reuters April 11, 2022
By Reuters

By Gavin Jones and Angelo Amante

ROME – Italian government forecasts showing a steady decline in education spending triggered an angry reaction on Monday from the country’s trade unions, which threatened strikes and protests.

The government’s multi-year economic planning document (DEF) published on Friday showed education expenditure projected to fall to 3.5% of gross domestic product in 2025 from 4% in 2020.

The 2020 level was already well below the European Union average of around 5% of GDP, Eurostat data shows.

The DEF projections “show grave short-sightedness that our country will pay heavily for in the future,” said Rino Di Meglio, the head of the Gilda teachers union. “We will consult our members and organise protests over the next few days.”

The education ministry was not immediately available to comment.

Italian students are among the worst performers in the European Union in mathematics, science and reading, according to the Programme for International Student Assessment tests overseen by the Organisation for Economic Cooperation and Development.

The DEF linked the projected fall in education spending to Italy’s falling birth rate. This was rejected by the unions who said the fall in school age Italians was being compensated for by immigration.

“We expect no decline in the school population, we have just absorbed 10,000 Ukrainian children in our schools in the last few weeks, this is what we have to face,” said Di Meglio.

The teachers’ section of Italy’s largest union confederation, the CGIL, said it was “madness” for the government to be projecting education cuts while increasing military spending, as Prime Minister Mario Draghi has pledged to do.

The unions accused the government of backtracking on the priorities Draghi set out when he stressed the importance of education in his maiden speech to parliament 14 months ago.

“After heaps of rhetoric, we’re heading for spending cuts,” said Francesco Sinopoli, head of the CGIL’s teaching union.

“We are returning to an austerity scenario when we should be increasing investment. If this goes ahead we will take to the streets with every possible protest, including strikes.”

(Reporting by Gavin Jones and Angelo Amante; editing by Grant McCool)

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April 11, 2022 0 comments
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Department of Justice Press Releases

Three Plead Guilty to Cedar Rapids Heroin Conspiracy Uncovered by Wiretap Investigation

by DOJ Press April 11, 2022
By DOJ Press

Three individuals who were caught conspiring to distribute heroin during a wiretap investigation pled guilty recently in federal court in Cedar Rapids.

Cody Scott Deklotz, age 31, from Shellsburg, Iowa, Andrew James Lehman, 29, from Marion, Iowa, and Jerry Dwayne Banghart, age 20, from Cedar Rapids, Iowa, were all convicted of conspiring to distribute heroin.  Deklotz admitted to conspiring to distribute more than 100 grams of heroin.

At their plea hearings, all three individuals admitted that they joined a conspiracy to distribute heroin with others in Cedar Rapids.  The conspiracy had been running since at least 2017 and continued until June 2021.  Evidence at a prior hearing showed that Deklotz allowed a heroin dealer from Chicago, Brian Dennis, to sell heroin out of Deklotz’s Cedar Rapids residence in early 2020.  The DEA in Cedar Rapids initiated a wiretap investigation of Dennis in early 2021.  Deklotz was intercepted over the wire purchasing heroin and also facilitating transactions between the suppliers and users.  Court records also reflect that Deklotz was stopped by officers in May 2021 while in possession of over two grams of a mixture containing heroin, fentanyl, and a powerful synthetic opioid called metonitazene, as well as about 22 grams of methamphetamine.

In a plea agreement, Banghart admitted that he bought heroin from Dennis and others, some of which he redistributed to others.  In March 2021, Banghart called Dennis and asked for “half a zip,” or a half ounce, of heroin for $1,400.  Banghart ended up purchasing approximately 10.5 grams of a substance that contained heroin, fentanyl, acetyl fentanyl, para-fluorofentanyl, and metonitazene, which he distributed to another co‑conspirator, Taylor Leyden.  Banghart also admitted to tipping off Dennis when another co‑conspirator was arrested to try to warn Dennis that the other co‑conspirator may have cooperated with police.

Two other individuals, Ryan Rick Schlitter and Melinda Salvatora Werning, previously pled guilty to the heroin conspiracy and are awaiting sentencing.  Six other individuals, including Dennis, charged in the same indictment are still pending trial.  As with any criminal case, a charge is merely an accusation and a defendant is presumed innocent until and unless proven guilty.

Sentencing before United States District Court Judge C.J. Williams will be set after presentence reports are prepared.  All three defendants remain in custody of the United States Marshal pending sentencing.  Deklotz faces a mandatory minimum sentence of 5 years’ imprisonment and a possible maximum sentence of 40 years’ imprisonment, a $2,000,000 fine, and a lifetime term of supervised release following any imprisonment.  Lehman and Banghart both face a possible maximum sentence of 20 years’ imprisonment, a $1,000,000 fine, and a lifetime term of imprisonment following any imprisonment.

The case was investigated by the Drug Enforcement Administration (DEA) Task Force consisting of the DEA; the Linn County Sheriff’s Office; the Cedar Rapids Police Department; the Marion Police Department; and the Iowa Division of Narcotics Enforcement, and is being prosecuted by Assistant United States Attorney Dan Chatham. 

Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl. 

The case file number is 21-CR-32-CJW.

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Department of Justice Press Releases

Former Alabama Correctional Sergeant Sentenced for Assaulting Inmates

by DOJ Press April 11, 2022
By DOJ Press

           Montgomery, Alabama – The Justice Department today announced that Ulysses Oliver Jr., 47, a former Alabama Department of Corrections Sergeant, was sentenced in federal court to 30 months of imprisonment, to be followed by three years of supervised release. There is no parole in the federal system. Oliver previously pleaded guilty to assaulting two inmates at ADOC’s Elmore Correctional Facility.

           According to court documents, on Feb. 16, 2019, Oliver went to an observation room holding the two inmate victims, who were handcuffed and sitting quietly. Oliver pulled the first victim from the observation room into an adjacent hallway, where he struck the victim multiple times with his fists and feet, and then used his collapsible baton to strike the victim approximately nineteen times. After assaulting the first victim, Oliver returned to the observation room and pulled the second victim into the hallway. Oliver kicked the second victim and used his baton to strike the victim approximately ten times. During the assaults, the victims were handcuffed behind their backs, did not resist, and posed no threat. Afterward, Oliver returned to the observation room where the victims were being held and shoved the tip of his baton into the face of one of the victims, lacerating the victim’s face. Oliver assaulted the victims as punishment because he believed that the victims had brought contraband into the facility. Oliver assaulted the victims in the presence of, or within earshot of, other ADOC correctional officers, who did not intervene to prevent the assaults.  

           Two other former corrections officers have pleaded guilty in connection with this incident, and a third was convicted at trial. Former ADOC correctional officers Bryanna Mosley and Leon Williams pleaded guilty in May and July 2019, respectively, to failing to intervene to stop the assaults. Another officer, former ADOC correctional lieutenant Willie Burks, who was the shift commander during the Feb. 16, 2019 incident, was convicted by a federal jury on July 21, 2021, of failing to intervene to stop Oliver from assaulting the second inmate.

           “The Constitution forbids cruel and unusual punishment, which includes malicious uses of force by correctional officers,” said Assistant Attorney General Kristen Clarke of the Civil Rights Division. “The Department of Justice will hold to account officers who brutalize incarcerated persons.”

           “The actions of Mr. Oliver and his co-defendants run completely counter to the responsibilities and trust given to correctional officers,” said U.S. Attorney Sandra J. Stewart for the Middle District of Alabama. “Oliver knew that the use of force in this case was unnecessary and excessive, and so did the other officers involved. While I fully support the difficult and dangerous jobs that these officers undertake each day, my office remains committed to holding those that ignore their oaths accountable.”

           “Corrections officers are expected to safeguard the civil rights of prisoners,” stated Special Agent in Charge Paul Brown with the FBI’s Mobile Division. “These officers ignored their duties and must be held to account for their actions. The FBI will continue to work with our law enforcement partners to investigate violations of people’s civil rights.”

           “The ADOC has zero tolerance for violence within its facilities, including excessive use-of-force by staff. Excessive use-of-force is not acceptable under any circumstances, and preventing these incidents is a high priority for the Department,” said Chief Law Enforcement Officer Arnaldo Mercado of the Alabama Department of Corrections Law Enforcement Services Division. “When an allegation of excessive force is made, or an incident of such nature is reported or discovered, the Department conducts a thorough investigation. Employees who are found to have violated the highest standards of law enforcement, to which the ADOC is steadfastly committed, will be referred for prosecution and the LESD will support prosecution to the full extent of the law.”

           This case was investigated by the FBI’s Mobile Division and ADOC’s Law Enforcement Services Division. Assistant U.S. Attorney Eric Counts of the Middle District of Alabama and Trial Attorney David Reese of the Civil Rights Division prosecuted the case.

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Financial News

Russia threatens legal action if forced into sovereign debt default

by Reuters April 11, 2022
By Reuters

(Reuters) -Russia will take legal action if the West tries to force it to default on its sovereign debt, Finance Minister Anton Siluanov told the pro-Kremlin Izvestia newspaper on Monday, sharpening Moscow’s tone in its financial wrestle with the West.

Russia faces its first external sovereign default in more than a century after it made arrangements to make an international bond repayment in roubles last week, even though the payment was due in U.S. dollars.

It had been due on April 4 to make a payment of $649 million to holders of two of its sovereign bonds, but the U.S. Treasury blocked the transfer, preventing Russia from using any of its frozen foreign currency reserves to service its debt.

“Of course we will sue, because we have taken all the necessary steps to ensure that investors receive their payments,” Siluanov told the newspaper in an interview.

“We will present in court our bills confirming our efforts to pay both in foreign currency and in roubles. It will not be an easy process. We will have to very actively prove our case, despite all the difficulties.”

Siluanov did not elaborate on Russia’s legal options and did not say where any court hearing could happen.

The bonds in question were issued under English law, which allows a borrower to defend itself by saying that an external force made it impossible to honour obligations, so the court may postpone the payment, said Mitu Gulati, professor of law at the University of Virginia.

“So I think Russia is going to argue this but … this is a war … caused by Russia,” said Gulati, also an expert on debt restructuring, adding: “This is not a completely implausible legal argument.”

DELIBERATE POLICY

Siluanov has said Russia will do everything possible to make sure its creditors are paid.

“Russia tried in good faith to pay off external creditors,” Siluanov was quoted saying. “Nevertheless, the deliberate policy of Western countries is to artificially create a man-made default by all means.”

Siluanov said Russia’s external liabilities amount to about 20% of the total public debt, which stood at about 21 trillion roubles ($262 billion). Of that, about 4.5-4.7 trillion roubles were external liabilities.

The finance ministry did not reply to a Reuters for a comment on what specific legal actions Russia may take.

Russia has not defaulted on its external debt since the aftermath of its 1917 revolution, but its bonds have now emerged as a flashpoint in its economic tussle with Western countries.

The key question is whether Russian assets previously frozen by Western countries, such as nearly a half of Russia’s $640 billion in gold and foreign exchange reserves, could be claimed by creditors following the default, said Artur Starikov, a partner with Capital Law Office.

A default was unimaginable until recently, with Russia rated as investment grade in the run-up to its Feb. 24 invasion of Ukraine, which Moscow calls a “special military operation”.

“If an economic and financial war is waged against our country, we are forced to react, while still fulfilling all our obligations,” Siluanov said. “If we are not allowed to do it in foreign currency, we do it in roubles.”

($1 = 80.2500 roubles)

(Writing by Lidia Kelly in Melbourne, Karin Strohecker in London and Reuters reporters; Editing by Daniel Wallis and David Holmes)

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Financial News

German investor Kuehne boosts stake in Lufthansa to 10%

by Reuters April 11, 2022
By Reuters

ZURICH – German logistics entrepreneur Klaus-Michael Kuehne has increased his stake in Germany’s flag carrier Lufthansa to 10%, Kuehne Holding AG said in a statement on Monday.

Kuehne, 84, had earlier boosted his stake in Lufthansa to 5% about a month ago, becoming the airline’s second-biggest shareholder behind the German government, according to Refinitiv data.

Kuehne Holding AG has acquired a stake of 10% in Deutsche Lufthansa AG on the market via a wholly owned German subsidiary, the holding company owned by Klaus-Michael Kuehne said.

“The investment in Deutsche Lufthansa represents an excellent rounding off of the existing portfolio, in which logistical knowhow is bundled through various independent holdings,” Kuehne was quoted as saying in the statement.

The German billionaire is also the controlling shareholder of Swiss logistics firm Kuehne & Nagel and has a 30% stake in container shipping company Hapag-Lloyd AG.

Lufthansa said last week it had signed a revolving credit facility of 2.0 billion euros ($2.18 billion) with a syndicate of international relationship banks to boost its liquidity.

($1 = 0.9189 euros)

(Reporting by Silke Koltrowitz; Editing by Bernadette Baum)

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Top HeadlinesUS and World News

Explainer-I’m eligible for a second COVID booster. Should I get one?

by Reuters April 11, 2022
By Reuters

By Julie Steenhuysen

CHICAGO – U.S. officials now say that people 50 and older can get a second COVID-19 booster shot to fortify their immune defenses against COVID-19. But for individuals in that group, the decision is complicated.

Here are considerations health experts say people should weigh.

WHAT IS THE RECOMMENDATION?

Last month, the U.S. Food and Drug Administration and the Centers for Disease Control and Prevention said any person aged 50 and older can get a second COVID-19 booster of an mRNA vaccine from Moderna and Pfizer/BioNTech at least four months following their last shot.

The same goes for people who are severely immunocompromised aged 12 and up as well as those who have received two doses of Johnson & Johnson’s shot.

Dr. Peter Marks, director of FDA’s Center for Biologics Evaluation and Research, said the aim is to give older adults the option to top up waning vaccine protection against severe disease as the virus continues to circulate.

The highly transmissible Omicron BA.2 subvariant has fueled cases in other countries and is now sweeping the United States, accounting for the majority of all coronavirus infections here.

WHAT IS THE EVIDENCE?

Data presented to a panel of FDA advisers last week showed that current vaccines lose much of their effectiveness in staving off infections from the Omicron variant but still do a good job at preventing severe disease, especially in people with healthy immune systems. Concerns about the variant’s ability to evade the vaccine as well as data showing the shots become less protective over time prompted U.S. health officials to authorize a second booster.

Evidence in favor of a second booster comes from an Israeli study of more than 1.2 million adults published last week in the New England Journal of Medicine. It showed that a fourth dose of the Pfizer/BioNTech vaccine lowered rates of severe COVID-19 among those age 60 and older but offered only short-lived additional protection against infection.

WEIGHING THE RISK

The decision to get a fourth dose should take into account a person’s individual risk factors, experts say.

For people 65 and older, the immune compromised, or those 50 and older with serious medical conditions, the answer is “pretty easy,” said Dr. William Schaffner, an infectious disease expert at Vanderbilt University Medical Center. They should get a second booster.

But for healthy people over 50, experts are unsure available data makes a clear case for them to get another booster.

“There’s no clear evidence that vaccine protection against severe illness is waning in healthy adults with functioning immune systems,” said Dr. Michael Daignault, and emergency physician and chief medical advisor to Reliant Health Services, an Atlanta-based testing company.

Daignault said the Israeli study may have been flawed by confounding factors such as other preexisting health conditions and behavior.

“I’m not convinced that most people need a fourth dose – or second booster – at this time,” he said.

Dr. Gregory Poland, a former FDA vaccine advisory panel member and head of Mayo Clinic’s Vaccine Research Group, said the decision is challenging for many.

“I get many, many calls from my physician colleagues at the clinic and around the United States, wondering what to do,” he said.

For people who have had a third shot, the risk of severe disease is already pretty low, said Dr. Jesse Goodman, an infectious disease expert at Georgetown University and a former FDA chief scientist.

Goodman said a fourth dose “may reduce it further, but we don’t know for how long. That’s why this is such a difficult call,” he said.

Goodman, who is 70, and Poland, who is 66, both said they are holding off on a fourth dose based on their current health.

Because protection from a second booster is likely short-lived, Poland suggested people may want to time their shot for a trip, a high-risk event, or a new surge in cases.

(Reporting by Julie Steenhuysen; editing by Caroline Humer and Bill Berkrot)

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WHO says it is analysing two new Omicron COVID sub-variants

by Reuters April 11, 2022
By Reuters

By Jennifer Rigby

(Reuters) – The World Health Organization said on Monday it is tracking a few dozen cases of two new sub-variants of the highly transmissible Omicron strain of the coronavirus to assess whether they are more infectious or dangerous.

It has added BA.4 and BA.5, sister variants of the original BA.1 Omicron variant, to its list for monitoring. It is already tracking BA.1 and BA.2 – now globally dominant – as well as BA.1.1 and BA.3.

The WHO said it had begun tracking them because of their “additional mutations that need to be further studied to understand their impact on immune escape potential”.

Viruses mutate all the time but only some mutations affect their ability to spread or evade prior immunity from vaccination or infection, or the severity of disease they cause.

For instance, BA.2 now represents nearly 94% of all sequenced cases and is more transmissible than its siblings, but the evidence so far suggests it is no more likely to cause severe disease.

Only a few dozen cases of BA.4 and BA.5 have been reported to the global GISAID database, according to WHO.

The UK’s Health Security Agency said last week BA.4 had been found in South Africa, Denmark, Botswana, Scotland and England from Jan. 10 to March 30.

All the BA.5 cases were in South Africa as of last week, but on Monday Botswana’s health ministry said it had identified four cases of BA.4 and BA.5, all among people aged 30 to 50 who were fully vaccinated and experiencing mild symptoms.

(Reporting by Jennifer Rigby, additional reporting by Brian Benza in Gaborone; Editing by Josephine Mason and Hugh Lawson)

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Financial News

Wall St opens lower as surging yields hit growth stocks

by Reuters April 11, 2022
By Reuters

(Reuters) – U.S. stock indexes opened lower on Monday, dragged down by high-growth stocks as Treasury yields surged, ahead of Tuesday’s inflation data that could back a more hawkish stance from the Federal Reserve.

The Dow Jones Industrial Average fell 90.9 points, or 0.26%, at the open to 34630.27.

The S&P 500 fell 25.6 points, or 0.57%, at the open to 4462.64​, while the Nasdaq Composite dropped 163.7 points, or 1.19%, to 13547.293 at the opening bell.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)

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Financial News

Factbox-JetBlue, Frontier in high-stakes battle for budget airline Spirit

by Reuters April 11, 2022
By Reuters

(Reuters) – JetBlue Airways and Frontier Group are in a tug of war for low-cost carrier Spirit Airlines, as U.S. airlines jostle for a larger share of the rebounding leisure travel market to better compete with legacy carriers.

JetBlue made an unsolicited offer of $33 per share in cash, surpassing a near $25 per share cash-and-stock bid from Frontier made in February, prompting Spirit to open talks with the New York-based airline.

Here is a brief look into the companies at the heart of the latest consolidation in the U.S. airline industry:

Spirit Airlines Inc

Spirit Airlines was founded in 1964 as Clippert Trucking Co. It operates in more than 85 destinations across 16 countries, including the United States, Latin America and the Caribbean.

Headquarters Miramar, Florida

Fleet Operated 173 aircraft as of Dec. 31,

2021

Fleet type Airbus (A319, A320ceo, A320neo, A321)

Revenue $3.23 billion for year ended 2021

Market Cap $2.85 billion, according to Refinitiv

data

Routes 360 markets served by 85 airports

Employees 9,823 active employees as of Dec 31,

2021

JetBlue Airways Corp

JetBlue Airways, incorporated in August 1998, primarily operates routes across the United States.

Headquarters Long Island City, New York

Fleet Operated 282 aircraft as of Dec. 31,

2021

Fleet type Airbus A220, Airbus A320, Airbus

A321, Airbus A321neo, and Embraer

E190

Revenue $6.04 billion for year ended 2021

Market Cap $3.82 billion, according to Refinitiv

data

Routes Over 100 destinations across the

United States, the Caribbean and

Latin America, and between New York

and London

Employees Employed an average of 15,452

full-time and 4,014 part-time crew

members for the year ended Dec. 31,

2021

Frontier Group Holdings:

Frontier Group, operating as Frontier Airlines, was incorporated in September 2013 by ultra-low-cost airline pioneer Bill Franke. The carrier flies Airbus aircraft across the United States and some international destinations.

Headquarters Denver, Colorado

Fleet Operated 110 aircraft as of Dec 31,

2021

Fleet type Airbus single-aisle aircraft;

A320ceos, A320neos , A321ceos

Revenue $2.06 billion for year ended 2021

Market Cap $2.33 billion, according to Refinitiv

data

Routes U.S., Mexico, Puerto Rico, Jamaica,

Guatemala, El Salvador, Dominican

Republic, and Canada

Employees 5,502 total employees, as of Dec 31,

2021

(Reporting by Nilanjana Basu in Bengaluru, Additional reporting by Sriraj Kalluvila; Editing by Devika Syamnath)

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Financial News

GM develops continuity plan amid China’s COVID-19 outbreak

by Reuters April 11, 2022
By Reuters

(Reuters) – General Motors Co said on Monday it has developed a global continuity plan with its partners and suppliers to mitigate the uncertainty faced by the auto industry following China’s COVID-19 outbreak.

The Detroit-based automaker said it was on track to launch more than 20 new and refreshed models in the world’s biggest auto market despite the pandemic’s impact.

The COVID-19 curbs introduced in China to fight the worst outbreak in two years caused auto sales in the country to plunge in March, with automakers like Tesla Inc feeling the pain of limits on production.

GM’s sales fell 21.4% to 613,000 vehicles in China in the first quarter compared with a year earlier. Sales of its top-selling Chevrolet brand declined nearly 20% in the same period.

The lockdown, one of the biggest tests for China’s “zero-COVID” strategy, has forced automakers and suppliers to either try to adapt with extreme measures to keep factories running or to shut down and risk delayed shipments at a time when demand for vehicles is strong.

China’s financial center of Shanghai started easing its lockdown measures in some areas on Monday despite reporting more than 25,000 new COVID-19 infections.

GM had said in March its manufacturing facilities were operating normally in Shanghai and were not affected by the city’s lockdown measures.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Krishna Chandra Eluri)

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Hungary, Austria questioned EU blacklisting of Russia oligarchs – sources

by Reuters April 11, 2022
By Reuters

By Francesco Guarascio

BRUSSELS – Hungary and Austria questioned an EU decision to blacklist two Russian oligarchs but eventually accepted the move after pressure from other governments, European Union diplomats and officials said.

The EU adopted a new package of sanctions against Russia last Friday over its invasion of Ukraine, including the blacklisting of oligarchs close to the Kremlin, among them Moshe Kantor and German Gref.

Hungary and Austria enjoyed relatively cordial relations with Russia before the invasion, and their concerns about blacklisting Kantor and Gref underlines the difficulty the EU faces in presenting a united front against Russia.

The envoys of Estonia and Lithuania successfully urged their partners not to remove the two men from the list, the diplomats said.

Kantor, a large shareholder in Russian fertilizers company Akron, is also a philanthropist who had headed the European Jewish Congress (EJC).

He was sanctioned for having close ties to President Vladimir Putin, the EU sanctions document said. Kantor, a citizen of both Britain and Russia, has already been sanctioned by London and the EJC said on Friday he would stand down as its president.

Hungary and Austria had both questioned the move against Kantor at a meeting of EU diplomats last Wednesday, officials who attended the meeting said.

The Hungarian envoy had expressed surprise at the blacklisting of somebody he described as a highly decorated man, they said. Kantor has received awards from several EU states, including Austria, Italy and France.

Spokespersons for Hungary’s government and its diplomatic mission in Brussels had no immediate comment.

The Austrian envoy at Wednesday’s meeting had asked for more information about why Kantor had been listed, sources said.

“Austria has never objected to or blocked any listings and will of course not do so in the future,” a spokeswoman for Austrian Foreign Minister Alexander Schallenberg said.

Blacklisted oligarchs face asset freezes and travel bans in the EU, but not all EU countries have reported enforcement measures.

Out of about 30 billion euros frozen to oligarchs since the start of the Ukraine war, Austria has reported a few hundreds of millions of euros blocked in bank accounts linked to blacklisted individuals. Hungary has so far not publicly reported any measures.

At the meeting, Hungary also questioned the listing of Gref, head of Sberbank, Russia’s largest lender.

Sberbank plays a crucial role in energy transactions and has so far been exempted from EU sanctions because of the EU’s reliance on Russian gas and oil.

(Reporting by Francesco Guarascio @fraguarascio; additional reporting by Francois Murphy in Vienna and Anita Komuves in Budapest; Editing by John Chalmers and Gareth Jones)

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Financial News

Battered Luckin Coffee emerges from bankruptcy proceedings

by Reuters April 11, 2022
By Reuters

(Reuters) – Luckin Coffee Inc, said on Monday it had emerged from bankruptcy proceedings, two years after an accounting fraud derailed the coffee chain’s business.

Founded in 2017, Xiamen-based Luckin had positioned itself as a homegrown challenger to U.S. coffee giant Starbucks Corp, but the much-hyped company almost collapsed in 2020 after findings that about 2.2 billion yuan ($337.31 million) in 2019 sales was fabricated.

Top management changes and hundreds of millions of dollars in fines later, Luckin said it had restructured its financial indebtedness in the United States and was now positioned for sustainable growth and profitability.

In March, Luckin reported a near 81% jump in quarterly revenue and operating losses of about 120.8 million renminbi ($19.0 million).

(Reporting by Uday Sampath in Bengaluru; Editing by Devika Syamnath)

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Financial News

Traders reroute coffee bound to Russia, demand hit from war seen

by Reuters April 11, 2022
By Reuters

By Marcelo Teixeira

BOSTON – Traders are diverting coffee shipments that were initially expected to go to Russia, and some have stopped selling to that market altogether, attendees at a U.S. coffee conference said.

Although food trade is not included in sanctions imposed on Russia after its invasion of Ukraine, difficulties in processing payments from Russian importers and concerns about the safety of ships in the Black Sea have cut shipments of coffee and other goods to the country.

Russia, which calls its actions in Ukraine a “special operation,” is among the five largest coffee importers in the world. Consumers in Russia are hoarding food due to worries that supermarkets will run out of supplies.

Coffee prices have surged more than 20% in Russia due to higher costs, broker HedgePoint said last week. The brokerage estimates that the ongoing war in Ukraine will lead to demand reduction of around 1.3 million 60-kg bags.

European food trader Marex sees the hit to coffee demand higher, at around 1.8 million bags.

Olvin Lopez, commercial manager at Honduras-based coffee exporter Inloher, said he had instructions from his firm’s partner, the French food trader Sucden, to redirect a coffee shipment leaving Honduras bound for Russia to the port of New York instead.

“They didn’t say why they are rerouting the cargo, but it is probably due to logistic issues,” Lopez said on the sidelines of a SCA Coffee Expo in Boston.

A coffee trader working for an international dealer, who asked not to be named, said soft commodities trader ECOM had decided to stop any business with Russia while the war continues.

Sucden and ECOM did not return requests for comments.

Another trader said, however, that some countries continue to supply Russia with coffee, notably top grower Brazil.

“People don’t like to say much, but there are deals going on, using crypto,” he said. In addition, one coffee co-op was closing a barter deal with a Russian dealer, where coffee would be swapped for fertilizer, the trader said.

(Reporting by Marcelo Teixeira; Editing by Mark Porter)

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