Amazon to double cashback rewards on fuel purchases as fuel prices rise

by Reuters March 30, 2022

By: Reuters

(Reuters) – Amazon.com Inc is launching a program to double cashback rewards on fuel purchases to up to 12% for Amazon Flex debit cardholders, to help Flex delivery partners amid a rise in fuel prices.

Amazon Flex, which works like on-demand ride-hailing service Uber, handles speedy deliveries of common household goods to customers through programs like Prime Now and Amazon Fresh. Drivers, who use their own vehicles, usually earn over $26 an hour on average in the United States.

The move comes as prices for gasoline have soared more than 20% from last month, driven by higher crude oil rates due to the Russian invasion of Ukraine.

“We are continuing to closely monitor this situation to determine if we need to make future adjustments to support our transportation partners,” wrote Amazon in a blog on Wednesday.

Amazon also covers fuel costs for its delivery service partners as well as Amazon Freight Partners that enlists independent trucking companies to move goods between Amazon facilities.

Earlier this month, Lyft also said that Lyft Direct cardholders will receive an increase in cashback rewards of 4% to 5% on purchase of gasoline until June 30.

Rideshare and food delivery firms including Uber, Lyft and Doordash have announced surcharges to help drivers to cope with higher fuel prices..

(Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber)

March 30, 2022 0 comments

Leonia Woman Stabbed to Death, Suspect Captured in Lodi

by Charlie Dwyer March 30, 2022

By: Charlie Dwyer

LODI, NJ – A man wanted for the stabbing murder of Alicia Arnone in Leonia this past Saturday has been arrested. Bergen County Prosecutor Mark Musella said Andre Daniels, 39 was arrested on charges of murder, possession of a weapon for an unlawful purpose, and unlawful possession of a weapon. T

According to police, at 9:59 a.m. on Saturday, the Leonia Police Department received a 911 call reporting a stabbing at a residence in Leonia.

“Upon their arrival at the residence, officers found 35-year-old Alicia A. Arnone deceased from an apparent stab wound. An investigation conducted by the Bergen County Prosecutor’s Office Major Crimes Unit and the Leonia Police Department revealed that McDaniels fatally stabbed Arnone,” Musella said.

March 30, 2022 0 comments

US and World News

In Alabama, infrastructure dollars revive a ‘zombie’ highway

by Reuters March 30, 2022

By: Reuters

By Andy Sullivan

PALMERDALE, Ala. – North of Birmingham, a gravel road bed slices through a series of steep ridges, part of a stalled effort to carve a 52-mile freeway around the rural fringes of Alabama’s largest city.

Construction stopped five years ago on the road, dubbed the Birmingham Northern Beltline, after federal funding ran out. Critics have labeled the project a “dinosaur,” a “zombie” and a “black hole”. Barely a mile of it has been started, and Alabama officials haven’t provided the billions it would take to finish it.

But the bulldozers could soon be moving again, thanks to U.S. taxpayers. At least $369 million in federal funding for the Beltline is headed Alabama’s way from a massive infrastructure package approved by Congress in November. That $1 trillion deal – the Infrastructure Investment and Jobs Act – allowed Democratic President Joe Biden to fulfill a campaign promise to fix the nation’s crumbling bridges, roads and airports.

It’s also a big win for Alabama’s senior U.S. senator, Richard Shelby, a Republican who has worked for decades to carve out Washington dollars for the Beltline. Shelby voted “no” on Biden’s infrastructure package, arguing that it should have included military projects. The Beltline will get its funding all the same.

Shelby declined to comment for this story.

Other Beltline supporters portray the federal support as money still owed to Alabama from Democratic President Lyndon Johnson’s 1960s War on Poverty, which promised to help impoverished residents of the Appalachian mountains. At the southern end of that range lie the blue-collar exurbs and rural hamlets north of Birmingham.

“This is the continuation of a promise made,” said Ron Kitchens, chief executive officer of the Birmingham Business Alliance, an economic development group.

Opponents of the Beltline, meanwhile, are incensed that a gusher of cash is set to revive a dormant project that even local planning officials once ranked as a middling priority. Environmentalists say the Beltline would encourage sprawl and threaten wild areas – the antithesis of Biden’s green agenda.

“It’s a true dinosaur of a pork barrel project,” said Nelson Brooke of Black Warrior Riverkeeper, a local environmental group. “It’s a perfect example of what shouldn’t be happening with this new money.”

Biden’s administration is writing the check, but it has little say over Alabama’s project, which is funded through a special account for highways in the region. Nancy Singer, a spokesperson for the Federal Highway Administration, said states that receive that money control those projects as long as they comply with federal rules.

PHANTOM FREEWAY

The Beltline isn’t the only controversial aspect of Biden’s infrastructure deal. Many Democrats groused that it favors freeways over transit, while some Republicans derided it as a wasteful grab bag of Democratic priorities.

Alabama’s phantom freeway might never have made it past the blueprint stage if not for Shelby, a Birmingham native who has served in Congress since 1979. His name adorns government facilities across Alabama, a testament to his skill at steering federal dollars to a state where household income ranks 46th of the 50 U.S. states.

Starting around the turn of the century, Shelby and other members of Alabama’s congressional delegation secured money for the Beltline through “earmarking,” a budget process that ensured the highway got dedicated funding without having to compete with other projects.

But the real breakthrough came in 2003, when Shelby got the Beltline added to the Appalachian Development Highway System, a road network aimed at reducing isolation in the mountainous region stretching from northern Alabama to western New York. The system was largely complete at that point, so Shelby’s move ensured Alabama would get a larger share of the dollars going to that network.

Then came a series of corruption scandals that spurred federal lawmakers to crack down on what many saw as wasteful spending nationwide. Congress banned earmarks in 2010. Two years later, it eliminated funding for the Appalachian highway system amid criticism by legislators such as Representative Jared Polis, a Democrat who now serves as governor of Colorado, who called the Beltline a “zombie highway” and the “Alabama Porkway.”

With those two funding streams cut, the Beltline had to compete for money on its own merits. But the highway was not deemed particularly urgent by the Birmingham Metropolitan Planning Organization, a regional governmental body. In a 2010 report, it ranked the Beltline 36th out of 54 transportation proposals, concluding it would do little to ease traffic congestion.

Beltline proponents say the road could help the thinly populated northern exurbs draw the sorts of shopping malls and housing developments that have proliferated to the south of the city since the 1970s. But the Alabama Department of Transportation in 2012 estimated that, once completed, the Beltline would boost the population in nearby towns by just 1.5%.

Environmental groups in 2011 sued unsuccessfully to stop the project, saying the Beltline would harm wildlife like the vermilion darter fish, which is found nowhere else in the world. The highway would cross 125 streams and require construction teams to level more than 4,000 acres (1,619 hectares) of forest.

But business groups and dozens of local politicians continued to advocate for the road. By the time it broke ground in 2014, Federal Highway Administration figures indicated that, at a cost of $5.4 billion, it would be the priciest highway project in the country on a per-mile basis, though subsequent estimates have been lower. State officials estimated at the time it would take 40 years to complete.

Two years later, construction ground to a halt when federal money ran out. At that point, $162 million had been spent to produce a partially built, 1.3-mile (2 km) stretch of roadway.

Most U.S. highways are built with a mix of federal and state money. But Alabama chose not to tap state accounts for the Beltline, instead focusing on maintaining existing roads and expanding capacity elsewhere. No work has been done since.

“People are tired of dribbling money into a black hole,” said Sarah Stokes, a lawyer with the Southern Environmental Law Center, which opposes the project.

On a recent weekday afternoon, signs of decay were evident at the construction site near Palmerdale, a hamlet of 5,400 residents 17 miles (27 kilometers) northeast of Birmingham. Rainstorms had etched gullies into the gravel roadbed, and a 20-foot-tall (6 meters) chinaberry tree sprouted from a concrete retaining wall at the top of a ridge. Tire tracks, trash and a bullet-riddled tin can littered the site.

BACK ON TRACK

But patience – and seniority – pay off in Washington. Shelby got funding renewed for the Appalachian highway network in 2019, when he headed the powerful Senate committee that handles spending.

Then came the bipartisan infrastructure package. Lawmakers from Appalachian states, led by Democratic Senator Joe Manchin of West Virginia, inserted $1.25 billion for the highway network into the deal. Alabama is due to get $369 million, the largest share.

Much more will be needed. The Appalachian Regional Commission, a government body, estimated last year that it would cost $3.1 billion to finish the Beltline, and the state said in 2019 that it would take until 2045 to complete just one-third of the road. Experts say such estimates can fluctuate widely due to changing labor costs, interest rates and other factors.

As before, Alabama does not plan to put its own money into the project. Budget experts say that is telling.

“It’s not that critical of a project,” said Steve Ellis, president of Taxpayers for Common Sense, a Washington watchdog group. “Otherwise the state and local interests would have found a way to fund this.”

Birmingham-area officials say they are negotiating for the state and local governments to chip in. Stan Hogeland, mayor of Gardendale, a city of 16,000 residents along the Beltline’s path, believes the road could speed commute times and attract manufacturers serving the state’s auto industry.

“I hope it hurries up and gets through,” Hogeland said.

Others see it as yet another highway designed to steer investment away from Black-majority cities such as Birmingham.

Anna Brown, an activist who sits on an advisory board for the planning commission, said it would be better to send the money back to Washington.

“Everything free ain’t always good for you,” Brown said of the federal funds. “Just because it’s free doesn’t mean it’s going to be beneficial.”

(Reporting by Andy Sullivan; Editing by Scott Malone and Marla Dickerson)

March 30, 2022 0 comments

Breaking News New Jersey News Police Blotter South Jersey News

Suspects Used Brick To Force Entry into Route 70 Convenience Store

by Charlie Dwyer March 30, 2022

By: Charlie Dwyer

EVESHAM, NJ – Police in Evesham are looking for a man who threw a brick through a glass window in order to enter and rob a convenience store. After taking items off the shelves, the suspects fled.

On Monday, at 3:23 AM, the two suspects depicted in the video used a brick to make forced entry to the Gud2go convenience store located at 921 West Route 70. Once inside, the suspects stole lottery tickets and cigarettes and fled towards Conestoga Drive, Evesham police said.

If anyone has any information about this crime, you are asked to contact the Evesham Police Department at 856-983-1116, the Confidential Tip Line at 856-983-4699, or via email at [email protected]. Anonymous tips can be sent via text message, by texting ETPDTIP to 847411.

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March 30, 2022 0 comments

Financial News

U.S. regulator joins effort to press banks to gauge climate-linked financial risks

by Reuters March 30, 2022

By: Reuters

By Pete Schroeder

WASHINGTON – A second U.S. banking regulator has laid out how it thinks banks should guard themselves against risks emanating from climate change.

On Wednesday, the U.S. Federal Deposit Insurance Corporation (FDIC) published draft principles that would direct bank boards and senior management to develop robust frameworks to measure and guard against climate-related financial risk.

The proposal, which mirrors one published in December by another bank regulator, the Office of the Comptroller of the Currency, is the latest example of U.S. policymakers working to build protect the U.S. financial system from the impacts of climate change.

The potential effects of climate change – rising sea levels, worsening floods and fires, and government policies transitioning away from carbon-heavy industry – could destroy trillions of dollars of assets around the globe.

“These climate-related financial risks pose a clear and significant risk to the U.S. financial system and, if improperly assessed and managed, may pose a threat to safe and sound banking and financial stability,” said acting FDIC Chairman Martin Gruenberg in a statement.

Like the OCC draft, the FDIC’s principles envision a sweeping plan by banks to incorporate climate-related risk management into every part of their business.

Meanwhile, the Federal Reserve is building out its own “scenario analysis” to measure potential climate-related losses at large banks. Reuters previously reported large banks expect such government-run analysis could begin as soon as 2023.

(Reporting by Pete Schroeder; editing by John Stonestreet)

March 30, 2022 0 comments

Breaking News New York News Police Blotter

Wrong-Way Drunk Driver who Killed Two, Including Teen in Westchester County Sentenced to Prison

by Adam Devine March 30, 2022

By: Adam Devine

ARDLEY, NY – Jamie Paucar, the drunk driver who drove the wrong way down a street causing a head-on collision that killed two in January of 2020 is heading to prison. Paucar, 52, was sentenced on March 28, 2022, to 8 1/3 to 25 years in state prison, with five years of post-release supervision.

In a prepared statement, one of the surviving victims of the crash said to this day, Paucar’s reckless actions are haunting, saying they were just four people going to a basketball game.

“I still have nightmares… To me, you are the boogeyman… We were just four people going to a basketball game. We could have never known your name or who you were, but you were selfish… You killed one of my best friends, Eric Goldberg, that You killed Jordan Wachtell… You changed the lives of the Goldbergs, Wachtells, and Rosens forever. You were the one who made my friends cry… You’re the one who made families all over Ardsley mourn. It’s not fair, and for that, I cannot give you my forgiveness.”

Police records show on Jan. 30, 2020, at approximately 8:30 p.m., Paucar drove westbound in the eastbound lanes of I-287 in Harrison when he crashed head-on into the car driven by 57-year-old Jordan Wachtell, whose 17-year-old son and two teenage friends were passengers. A Westchester County toxicologist determined Paucar had a blood alcohol content of .24 at the time of the collision.

Wachtell died at the scene. One of the passengers, Eric Goldberg, 17, was transported to Westchester Medical Center in Valhalla, where he died later that night. Wachtell’s son and the other surviving passenger were also transported to Westchester Medical Center and treated for their injuries.

“Prior to the fatal collision, Paucar was driving in the correct direction on I-287 when he crashed into a vehicle, fled the scene, exited the highway, and retreated to a parking lot in Port Chester,” the Westchester District Attorney’s Office said. “Thereafter, while attempting to drive in the direction of his home, Paucar missed the entrance for I-287 eastbound/westbound and drove on several side streets before using an exit ramp to enter I-287 eastbound, despite signage and at least three motorists warning him he was driving the wrong way. The defendant then drove westbound in the eastbound lanes for more than two miles, sideswiping three additional vehicles before the fatal crash. “

The wife of Jordan Wachtell said in her impact statement to the court, “The impact of Jordan’s untimely death has left me lost, devastated, and fearful for our future. I am now facing life alone without my co-parent, my life partner, my friend, my confidant, my biggest fan and the protector and sole wage earner of my family… On top of my own grief, it is heartbreaking to watch my children fear risk, fear loss, lose emotional energy, in short, be traumatized.”

The mother of Eric Goldberg testified,“Eric was only 17 ½ when he was killed. He had his whole life ahead him…. He had so many hopes and dreams for the future that I know he would have accomplished. All of this was taken away from him and us on January 30, 2020. Eric would be a sophomore in college now, and while most parents visit their children in college, I go to visit my son at the cemetery… There’s no sentence that could ever be given that would justify taking Eric’s life and Eric away from us.”

March 30, 2022 0 comments

Financial News

Sanctioned Russian bank VTB sees strong demand for gold bars

by Reuters March 30, 2022

By: Reuters

(Reuters) – Russia’s second-largest lender VTB, hit by Western sanctions over Moscow’s actions in Ukraine, has sold one tonne of gold to customers this month and expects demand to increase, the state-controlled bank said on Wednesday.

Russia scrapped a 20% value-added tax on gold buying for individuals on March 1 as people rushed to park their savings when the rouble sank to record lows. The currency has been hit by sweeping Western sanctions on Russia in response to what Moscow calls its “special military operation” in Ukraine.

State-run VTB said it had received over 200 orders since it started selling gold bars at the start of the month. It said customers most frequently bought one kilogramme bars.

In a situation of “increased uncertainty,” gold allows investors to diversify their portfolios, secure their savings and protect them for future generations, VTB senior vice president Dmitriy Breytenbikher said in a statement.

Purchases of precious metals by Russian households should also reduce the amount of cash flooding the economy, analysts have said.

Gold prices hovered near $1,933.7 an ounce on Wednesday, not far from 2020’s all-time peak of $2,072.50 and up from around $1,800 at the start of the year.

From Monday, Russia’s central bank restarted buying gold from banks at a fixed price of 5,000 roubles ($59.35) per gramme after temporarily suspending purchases from banks in mid-March to meet increased demand for the metal from households.

($1 = 84.2500 roubles)

(Reporting by Reuters; Editing by Mark Potter)

March 30, 2022 0 comments

Financial News

India’s Axis Bank accelerates retail push with $1.6-billion Citi deal

by Reuters March 30, 2022

By: Reuters

By Chris Thomas and Nupur Anand

MUMBAI -Indian private lender Axis Bank has decided to bulk up its credit card and retail businesses with a $1.6-billion purchase of Citigroup Inc’s local consumer banking arm.

The deal announced https://www.bseindia.com/xml-data/corpfiling/AttachLive/83190dcd-4ae6-45f4-b3fa-8d39d91a4aa6.pdf on Wednesday is Axis Bank’s largest by far and would expand its credit card customer base by 31%, narrowing the gap with the third-biggest player ICICI Bank.

“The acquisition strengthens our market position, reduces gap in key segments with peers and provides opportunity to accelerate retail business growth,” Amitabh Chaudhry, managing director and CEO of Axis Bank, said at a press conference.

Citi was among the first international lenders to introduce credit cards in India in 1987, but its market share, according to Macquarie, has dwindled to 4% from 13% a decade ago.

The sale advances Citi Chief Executive Jane Fraser’s plan to overhaul the bank by exiting retail banking operations in 13 countries where it does not have the necessary scale to compete.

‘SWEET DEAL’

Axis Bank, India’s third-largest private lender, will also gain access to Citi’s local wealth management arm in the deal. The lender expects the purchase to increase its deposit base and loan book by 7% and 4%, respectively, while reducing its capital adequacy ratio by 180 basis points to 13%.

“It looks like a sweet deal for Axis,” said Anand Dama, a banking analyst with Emkay Global Financial Services. “While the assets have good value, I think they got an even better deal on the liability side.”

Apart from the $1.6 billion being paid in cash, Axis will also need to set aside around 35 billion rupees ($461.07 million) for loan provisions and other regulatory requirements related to the deal.

The purchase is expected to close in the first half of next year and excludes Citi’s Indian institutional client businesses.

Axis Bank’s Chaudhry said technology integration after the acquisition remains a key challenge and could take several quarters.

($1 = 75.8840 Indian rupees)

(Reporting by Chris Thomas in Bengaluru and Nupur Anand in Mumbai; Editing by Aditya Soni)

March 30, 2022 0 comments

Financial News

All Russia’s big exports could soon be in roubles, Kremlin signals

by Reuters March 30, 2022

By: Reuters

By Guy Faulconbridge

LONDON – The Kremlin indicated on Wednesday that all of Russia’s energy and commodity exports could be priced in roubles, toughening President Vladimir Putin’s attempt to make the West feel the pain of the sanctions it imposed for the invasion of Ukraine.

With Russia’s economy facing its gravest crisis since the 1991 collapse of the Soviet Union, Putin on March 23 hit back at the West, ordering that Russian gas exports should be paid for in roubles.

That move forced Germany, Europe’s biggest economy, to declare on Wednesday an “early warning” that it could be heading for a supply emergency. Germany imported 55% of its gas from Russia last year.

In the strongest signal yet that Russia could be preparing an even tougher response to the West’s sanctions, Russia’s top lawmaker suggested on Wednesday that almost Russia’s entire energy and commodity exports could soon be priced in roubles.

Asked about the comments by parliament speaker Vyacheslav Volodin, Kremlin spokesman Dmitry Peskov said: “This is an idea that should definitely be worked on.”

“It may well be worked out,” Peskov said of the proposal.

Peskov said that the U.S. dollar’s role as a global reserve currency had already taken a hit, and that a move to pricing Russia’s biggest exports in roubles would be “in our interests and the interests of our partners.”

Europe, which imports about 40% of its gas from Russia and pays mostly in euros, says Russia’s state-controlled gas giant Gazprom is not entitled to redraw contracts.

“If you want gas, find roubles,” Volodin said in a post on Telegram. “Moreover, it would be right – where it is beneficial for our country – to widen the list of export products priced in roubles to include: fertiliser, grain, food oil, oil, coal, metals, timber etc.”

ROUBLE GAMBLE

Russia exports several hundred billion dollars worth of natural gas to Europe each year. Euros account for 58% of Gazprom exports, U.S. dollars 39% and sterling around 3%, according to the company.

Peskov said Russia will give buyers time to switch to roubles.

Still, the exact way in which payments could be made remained unclear as of Wednesday. Russia is trying to both bolster the rouble and, in the longer run, chip away at the dominance of the dollar in pricing global energy and commodities.

To have any hope of achieving that, Russia would need help from China, the world’s second-largest economy.

“China is willing to work with Russia to take China-Russian ties to a higher level in a new era under the guidance of the consensus reached by the heads of state,” Chinese Foreign Minister Wang Yi said.

Russian Foreign Minister Sergei Lavrov says that Russia’s relations with China are at their strongest level ever.

SANCTIONS ‘BOOMERANG’

Russian officials have repeatedly said the West’s attempt to isolate one of the world’s biggest producers of natural resources is an irrational act of self harm that will lead to soaring prices for consumers and tip Europe and the United States into recession.

Russia says the sanctions – and in particular the freezing of about $300 billion in Russian central bank reserves – amount to a declaration of economic war.

Former President Dmitry Medvedev said the sanctions had “boomeranged” back to undermine European and North America economies, driving up prices for fuel and heating and eroding confidence in the dollar and euro.

“The world is waking up: confidence in reserve currencies is melting like a morning fog,” Medvedev said. “Abandoning the dollar and the euro as the world’s main reserves no longer looks like a fantasy.”

Medvedev said “crazy politicians” in the West had sacrificed the interests of their taxpayers on the altar of an unknown victory in Ukraine. “The era of regional currencies is coming.”

Russia has long sought to reduce dependence on the U.S. currency, though its main exports – oil, gas and metals – are priced in dollars on global markets.

Globally, the dollar is by far the most traded currency, followed by the euro, yen and British pound.

(Reporting by Guy Faulconbridge; Editing by Conor Humphries, Frank Jack Daniel and Tomasz Janowski)

March 30, 2022 0 comments

Breaking News Police Blotter

Newark Police Seeking Public’s Assistance to Identify Shooting Suspects

by Charlie Dwyer March 30, 2022

By: Charlie Dwyer

NEWARK, NJ – Police in Newark have released video surveillance footage of suspects wanted in connection to a shooting that occurred on March 16th.

Newark Police Director Brian O’Hara said at approximately 3: 35 a.m. police responded to a ShotSpotter alert in the 100 block of Littleton Avenue.

“When they arrived, officers located five shell casings. During the incident, the suspects were captured on surveillance video discharging a firearm from the sunroof of a silver SUV Infiniti Fx,” O’Hara said.

O’Hara urges anyone with information about the suspects to call the Police Division’s 24-hour Crime Stopper tip line at 1-877-NWK-TIPS (1-877-695-8477).

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March 30, 2022 0 comments

Financial News

Cartier and other Richemont labels leave Responsible Jewellery Council

by Reuters March 30, 2022

By: Reuters

By Silke Koltrowitz and Mimosa Spencer

GENEVA -Cartier and other labels of the Richemont group have stepped down from the Responsible Jewellery Council (RJC) after the industry body failed to cut ties with Russia, executives from the group told reporters at the Watches and Wonders watchmakers industry fair on Wednesday.

“It is not part of our Richemont values to be part of an organization in which some members are supporting conflicts and wars,” said Cyrille Vigneron, president and chief executive officer of Cartier.

Jewellery maker Pandora PNDORA.CO also said on Wednesday it was cutting ties with the RJC, which sets ethical standards for the jewellery and watch industry.

The membership of Russia’s state-owned Alrosa in the RJC has drawn scrutiny, even though the company stepped down voluntarily from the RJC’s board earlier this month.

The Russian diamond producer — the world’s largest — was added to a UK sanctions list last week and Washington has targeted both the company and its CEO Sergei Ivanov, who, the U.S. Treasury said, is reportedly one of Russian President Vladimir Putin’s closest allies.

In an emailed statement to Reuters Wednesday, RJC chair David A. Bouffard, said a third-party legal assessment of Alrosa’s membership status, kicked off at the start of the war, would be concluded “imminently”, noting the organization “appreciates that the pace of this process may be frustrating.”

“We’re not trying to make a statement per se, we’re trying to uphold the very high standards we’ve been shaping over last 15 years. If RJC cannot uphold highest of standards, then we cannot be part of that. That’s why we stepped down,” Richemont chief financial officer Burkhart Grund said of the luxury group’s decision to leave the RJC.

Grund added that the luxury group would look into how to certify its labels in order to reassure consumers.

Richemont, which has suspended activities including e-commerce in Russia, also said it has stopped sourcing diamonds from the country since Feb. 24.

(Reporting by Silke Koltrowitz and Mimosa Spencer, writing by Mimosa Spencer, Editing by Louise Heavens, William Maclean)

March 30, 2022 0 comments

Financial News

Brazil’s public debt up 2.03% in February, interest rates kept rising

by Reuters March 30, 2022

By: Reuters

BRASILIA – Brazil’s federal public debt increased 2.03% in February from the month before to 5.73 trillion reais ($1.21 trillion), the Treasury said on Wednesday, while issuance costs kept rising amid high inflation and interest rates.

The total domestic debt stock climbed 2.3% in the period to 5.49 trillion reais, according to the Treasury.

The average interest rate on the domestic federal debt increased to 9.5% in January from 8.9% in January, while the average rate on the new domestic debt issued in the 12 months to February rose to 9.25% from 8.92%.

The Treasury said in a statement that average issuance rates started the month at a lower level, but rose again from the second week onwards, in a period marked by inflationary pressures amid Russia’s invasion of Ukraine.

Risk aversion continued through March, but the Treasury highlighted a recent easing in the yield curve, helped by the stronger currency performance and the central bank’s signals that it should end its aggressive monetary tightening cycle to tame inflation.

Brazil’s benchmark interest rate has already risen to 11.75% from its record low of 2% last March and the central bank’s chief Roberto Campos Neto indicated that a final 100-basis-point hike should wrap up the cycle in May.

“From the point of view of debt management, we observe the resilience of the Brazilian market. Interest rates, exchange rates, CDS had a very good reaction despite the conflict that occurs (in Eastern Europe),” said deputy general coordinator of Public Debt Operations Roberto Lobarinhas.

($1 = 4.7508 reais)

(Reporting by Marcela Ayres; editing by Chizu Nomiyama and Jonathan Oatis)

March 30, 2022 0 comments

Financial News

Swiss Re shareholders urged to oppose chairman’s re-election in gender row -FT

by Reuters March 30, 2022

By: Reuters

ZURICH – Swiss Re shareholders have been urged to vote against the re-election of Chairman Sergio Ermotti at the reinsurance company’s upcoming annual general meeting, The Financial Times reported on Wednesday.

Proxy adviser Institutional Shareholder Services (ISS) has recommended shareholders oppose the reappointment of Ermotti, as a “signal of concern” over the lack of gender diversity on the reinsurer’s board, the paper said.

Ermotti joined Swiss Re in October 2020 after a nine-year spell as Chief Executive at Switzerland’s biggest bank UBS. He became chairman in 2021.

According to the FT, ISS criticised Swiss Re in its report ahead of the vote, due to take place on April 13, for failing to live up to its commitments to diversity and for falling short of an industry benchmark of having women account for at least 30% of boards.

Three women are standing for election to the 12-strong Swiss Re board, according to an invitation to the AGM seen by Reuters, which would give a 25% representation.

ISS is endorsing the rest of the board appointments and says the vote against Ermotti is warranted “because the board is insufficiently gender diverse,” the FT reported.

ISS did not immediately respond to a request for comment.

Proxy advisers such as ISS have influence with passive investors and large institutions, who often follow their recommendations.

Swiss Re said it considered gender diversity to be of the “utmost importance” in the composition its board, and was committed to reaching the 30% goal by 2023’s AGM.

“At Swiss Re, we embrace and build diversity, equity and inclusion, bringing together the best of multiple generations, cultures, skillsets and thinking,” the company said in a statement to Reuters.

“We strongly believe that Mr Ermotti’s measured approach to succession planning and assuring gender diversity is in the best interests of shareholders and Swiss Re.”

(Reporting by Paul Arnold and John Revill; Editing by Kirsten Donovan)

March 30, 2022 0 comments

Breaking News New York News Police Blotter

Port Jervis Woman Who Killed and Dumped Newborn Baby Sentenced four to fifteen years in prison

by Adam Devine March 30, 2022

By: Adam Devine

PORT JERVIS, NY – A Port Jervis woman who abandoned her newborn baby in a vacant lot to die has been sentenced to state prison.

According to Orange County District Attorney David M. Hoovler, Nicole H. Layman, 23, of Port Jervis was sentenced to four to fifteen years in state prison in connection with the death of her newborn infant found in a vacant lot in Port Jervis in November 2019.

Hoovler reminded, on December 10, 2021, Layman pleaded guilty in Orange County Court to Manslaughter in the Second Degree. The District Attorney’s Office recommended that she be sentenced to five to fifteen years in state prison.

“On the night of November 12, 2019, City of Port Jervis Police Officers responded to a report of a deceased infant found in a vacant lot adjacent to Hornbeck Avenue, in the City of Port Jervis. Upon their arrival, police officers observed the body of a newborn baby. Subsequent investigation revealed that the baby girl had been born that night and had died of exposure to the elements,” Hoovler said in a statement.

“An investigation was conducted by the City of Port Jervis Police Department, who were aided by the New York State Police, the Orange County Medical Examiner’s Office and the Orange County District Attorney’s Office. The investigation included executing a search warrant at Layman’s residence, conducting an autopsy on the deceased infant, and obtaining laboratory analysis of tissue samples obtained during the autopsy,” the District Attorney’s Office said in a release today. “At the time that Layman pleaded guilty, she admitted that she had just given birth to the infant and had left the newborn exposed to the elements without notifying anyone.”

District Attorney Hoovler thanked the City of Port Jervis Police Department, for their investigation and the arrest of Layman, as well as the New York State Police and the Office of the Orange County Medical Examiner, who assisted in the investigation.

“While consigning an infant to die of exposure is, by definition, inexcusable, illegal, and barbaric, I believe that a sentence of five to fifteen years in state prison in this case would strike a just balance between the seriousness of the conduct, and some mitigating factors attributable to this particular defendant,” said District Attorney David M. Hoovler. “The individual circumstances surrounding an offender’s state of mind, including their capacity to truly appreciate the seriousness of their offense beforehand, and whether or not they engaged in extensive planning, are all proper sentencing considerations. It is important that everyone be aware that help is available within Orange County for those who are unable to care for their children. I am grateful to the City of Port Jervis Police Department for their tireless actions in pursuing this investigation.”

March 30, 2022 0 comments

US and World News

Explainer-Peace talks on Ukraine: Russia’s red lines unchanged

by Reuters March 30, 2022

By: Reuters

By Guy Faulconbridge

LONDON – Russia and Ukraine are talking about a peace deal while their soldiers kill each other, but there has been no breakthrough and they remain far apart on the question of territory.

President Vladimir Putin says the “special military operation” in Ukraine is necessary because the United States was using Ukraine to threaten Russia and Moscow had to defend against the persecution of Russian-speaking people by Ukraine.

Ukraine says it is fighting against an imperial-style land grab and that Putin’s claims of genocide are nonsense.

WHAT ARE THE MAIN ISSUES?

1) Territory: This is the toughest part of the talks. Neither side has compromised or shown any sign of an intention to. One option being discussed is to simply to try to park the issue – in other words, agreed ambiguity for years to come.

Russia annexed Crimea in 2014 and on Feb. 21 recognised two Russian-backed rebel regions of east Ukraine as independent states.

Since their invasion, Russian forces have taken control of a swathe of territory across Ukraine’s southern flank north of Crimea, territory around the rebel regions and territory to the east and west of Kyiv.

Russia has at least another 170,000 square km of territory – an area about the size of Tunisia or the U.S. state of North Dakota – under its control.

Ukraine has said it will never recognise Russia’s control over Crimea, the independence of the Russian-backed rebel regions or the vast additional territory taken by Russia.

Kyiv has repeatedly demanded the withdrawal of Russian troops from Ukrainian territory – including Crimea. Ukrainian officials say they will not accept annexation of territory or recognise the Russian-backed rebel regions of Luhansk and Donetsk.

Recognition of what amounts to effective Russian sovereignty over up to a third of its territory would be difficult for any Ukrainian leader.

For Moscow, Ukrainian recognition of Russian control of Crimea, the rebel regions and probably the swathe of land north of Crimea which gives it a land bridge to Crimea and control over drinking water supplies for the peninsula, would be essential.

The territory along the southern flank of Ukraine is of particular interest to Russia as it was added to Russia in 1783 by Russian Empress Catherine the Great after the defeat of the Ottoman Empire.

One option is to effectively park the question of Crimea by agreeing to a 15-year consultation period on the status of annexed Crimea. Ukrainian nationalists, though, might see that as a partition in all but name.

Kremlin spokesman Dmitry Peskov said that Crimea was part of Russia so there would be no discussions about its fate.

Some analysts are sceptical despite optimistic statements after talks in Istanbul on Tuesday.

“Moscow will not agree anything with Kyiv unless it is a full capitulation (and that is not what is being talked about),” said Tatiana Stanovaya, a non-resident scholar at the Carnegie Moscow Center.

2) Neutrality: Ukraine agrees to be neutral which it did in 1990 in any case.

Ukraine has proposed in writing that it become a neutral country in return for security guarantees from the United States, United Kingdom, Turkey, France and Germany.

Such a decision would require a referendum and Kyiv has said that security guarantees could only be given once Russia withdraws troops.

After talks in Turkey, Russia agreed to scale down military operations around Kyiv.

Russia’s Medinsky said Ukraine had expressed a willingness to agree to Moscow’s key demands – give up its NATO alliance ambitions, adopt “non-bloc” status, renounce any attempt to acquire nuclear or other weapons of mass destruction and commit not to host foreign troops or military bases.

“If these obligations are met, then the threat of creating a NATO bridgehead on Ukrainian territory will be eliminated,” he said.

Russia would then not oppose Ukraine – the parts still under Kyiv’s control – from joining the European Union, according to the Ukrainian proposal.

The devil, though, will be in the detail and the chronology. As the Soviet Union crumbled, Ukraine’s parliament in its 1990 Declaration of State Sovereignty proclaimed its intention to be a permanently neutral state.

Putin said in February that he wanted written guarantees Ukraine would never join the NATO military bloc. Ukrainian President Volodymyr Zelenskiy has said Ukraine would not join NATO soon because members would not accept Ukraine.

Russia has also repeatedly raised concerns about Ukraine developing nuclear weapons. In the 1994 Budapest Memorandum, the United States, Russia and the United Kingdom gave Ukraine security assurances in exchange for Kyiv’s adherence to the Treaty on the Non-Proliferation of Nuclear Weapons.

3) Russian rights: The status of Russian language and Russian-speaking people in Ukraine is an issue for Moscow. A law passed by Ukraine in 2019 granted special status to the Ukrainian language and made it mandatory for public sector workers.

4) “De-Nazification”: Putin says Ukraine has allowed Nazi-like groups to commit “genocide” against Russian-speaking communities.

The Azov Battalion, part of Ukraine’s national guard, has been accused by Moscow of being a Nazi organisation which has terrorised Russian civilians and carried out war crimes.

Formed in 2014 from volunteers who fought against Russian-backed rebel regions, its founders have expressed extreme right-wing white supremacist and anti-Semitic views. The Azov Battalion did not reply to a request for comment.

Ukrainian presidential aides have repeatedly mentioned the role of Azov in the defence of the port city of Mariupol where it is based.

Ukraine dismisses such claims of genocide against Russian speakers. Zelenskiy says it is Russia that is behaving like the Nazis by visiting destruction on Ukrainian cities.

WHO IS TALKING AND HOW?

Talks on trying to find an end to the conflict began on Feb. 28, four days after Putin ordered troops into Ukraine. Some talks have been in person at the Belarusian border or in Belarus and Turkey, while others have taken place via video conference.

The Russian team is led by presidential adviser Medinsky, a Russian who was born in Soviet Ukraine but who casts modern Ukraine as a “historical phantom” because “the so-called history of Ukraine is not simply inextricably linked to the thousand year history of Rus/Russia/U.S.S.R. but it is Russian history itself”.

He said on Wednesday that Ukraine had expressed a willingness to agree to Russia’s demands. Ukraine’s negotiating team is Defence Minister Oleksii Reznikov and presidential adviser Mykhailo Podolyak.

PUTIN AND ZELENSKIY?

A meeting between Putin and Zelenskiy would indicate a real chance of peace as Russia has repeatedly said there will be no meeting until the details of a deal have been largely agreed.

(Writing by Guy Faulconbridge; Editing by Alison Williams and Andrew Cawthorne)

March 30, 2022 0 comments

US and World News

U.S. astronaut, two Russian cosmonauts return home from ISS

by Reuters March 30, 2022

By: Reuters

By Olzhas Auyezov and Steve Gorman

ALMATY -A U.S. astronaut and two Russian cosmonauts safely landed in Kazakhstan on Wednesday after leaving the International Space Station aboard the same capsule despite heightened antagonism between Moscow and Washington over the conflict in Ukraine.

The flight — carrying NASA’s Mark Vande Hei and Russians Anton Shkaplerov and Pyotr Dubrov back to Earth — had been closely watched to determine whether escalating strife had spilled over into longtime cooperation in space between the two former Cold War adversaries.

Russian space agency Roscosmos broadcast footage of the landing from the Kazakh steppe and said a group of technical and medical specialists had been dispatched to help the astronauts out of the capsule.

“The crew is feeling good after landing, according to rescuers,” Roscosmos chief Dmitry Rogozin wrote on Telegram messenger.

Vande Hei, who had completed his second ISS mission, logged a U.S. space-endurance record of 355 consecutive days in orbit, surpassing the previous 340-day record set by astronaut Scott Kelly in 2016, according to NASA.

Vande Hei, 55, smiled and waved as rescuers removed him from the capsule and medics checked his vital signs.

“Mark’s mission is not only record-breaking, but also paving the way for future human explorers on the Moon, Mars, and beyond,” NASA Administrator Bill Nelson said in a statement.

The all-time record for the longest single stay in space was set by Russian cosmonaut Valeri Polyakov, who spent more than 14 months aboard the Mir space station, returning to Earth in 1995.

It was the first space flight for Dubrov, 40, who was launched to the ISS with Vande Hei last April from the Baikonur Cosmodrome in Kazakhstan.

Shkaplerov, 50, who was ending his rotation as the latest ISS commander, is a veteran of four missions to the orbital outpost, accumulating 708 total days in space, far exceeding Vande Hei’s 523-day career tally, according to NASA. Shkaplerov began his latest space station stint last October.

SPACE RELATIONS TESTED

Announcing U.S. economic sanctions against Russian President Vladimir Putin’s government on Feb. 24, U.S. President Joe Biden ordered high-tech export restrictions against Russia that he said were designed to “degrade” its aerospace industry, including its space program.

Rogozin of Roscosmos had then lashed out in a series of Twitter posts suggesting the U.S. sanctions could “destroy” ISS teamwork and lead to the space station falling out of orbit.

The following week, state-run Russian news agency RIA Novosti posted a video spoof depicting cosmonauts waving farewell to Vande Hei before Russia’s ISS module detaches from the space station and flies away without him to the applause of Russian officials at mission control, leaving the rest of the station sinking lower in orbit.

The clip, described by RIA Novosti as “comic,” plays out to the Russian-language love ballad “Goodbye,” by Russian vocalist Lev Leshchenko.

At about the same time, Rogozin announced that Russia would stop supplying or servicing Russian-made rocket engines used by two U.S. aerospace NASA suppliers, suggesting U.S. astronauts could use “broomsticks” to get to orbit.

NASA, for its part, has said that U.S. and Russian ISS crew members were well aware of events on Earth but were working professionally together without tension.

The three returning ISS crew were replaced on the space station by three cosmonauts who flew to orbit on March 18, joining the three remaining U.S. colleagues of Vande Hei and a German astronaut from the European Space Agency.

Russia’s space agency dismissed Western media reports suggesting the newly arrived Russian cosmonauts had chosen to wear yellow flight suits with blue trim – the colors of Ukraine’s national flag – in support of Ukraine. They were greeted warmly, with hugs and handshakes.

“Sometimes yellow is just yellow,” Roscosmos’s press service said on its Telegram channel.

(Reporting by Steve Gorman in Los Angeles, Editing by Alexandra Hudson and Bernadette Baum)

March 30, 2022 0 comments

Financial News

Mexico inflation descent to be long, slow process, board member says

by Reuters March 30, 2022

By: Reuters

MEXICO CITY – Headline and core inflation rates in Mexico are still very high, and bringing them down will be a lengthy process, Mexican central bank board member Gerardo Esquivel said in a podcast published by Mexican bank Banorte on Wednesday.

Esquivel, so far the most dovish member of the Bank of Mexico’s board, said the bank expected inflation would peak in the second quarter of this year, but would only converge towards its 3% target towards the first three months of 2024.

“It will be a long, slow process, slower than we would have liked,” he said in the podcast.

The board member suggested interest rates in Mexico could in 2023 be a “little bit higher” than at present.

But he also noted that the fact the Bank of Mexico did not cut its interest rates to zero, or near zero, before the current tightening cycle, and had begun raising interest rates ahead of other central banks, could give it more room for maneuver.

“It may be that we have a little more space to not have to adopt a monetary stance that is as restrictive as perhaps other countries are going to have to,” Esquivel said.

The central banker noted that inflationary pressures that had started mounting with the COVID-19 pandemic increased after Russia invaded Ukraine a month ago.

(Reporting by Ana Isabel Martinez and Dave Graham; Writing by Valentine Hilaire; Editing by Alex Richardson)

March 30, 2022 0 comments

Financial News

Florida reaches $878 million opioid settlements with CVS, Teva, others

by Reuters March 30, 2022

By: Reuters

By Jonathan Stempel and Dietrich Knauth

(Reuters) -Florida has reached more than $878 million in settlements with CVS Health Corp and three drug companies to resolve claims and avert a trial next month over their roles in fueling an opioid epidemic in the third most populous U.S. state.

CVS will pay $484 million, Teva Pharmaceutical Industries Ltd will pay $194.8 million, Abbvie Inc’s Allergan unit will pay $134.2 million and Endo International Plc will pay $65 million, Florida’s attorney general Ashley Moody said in a statement on Wednesday.

Most of the money will be spent on opioid abatement. Teva will also provide $84 million of its generic Narcan nasal spray, which can temporarily reverse the effects of opioid overdoses.

The four companies denied wrongdoing in agreeing to settle. Endo’s accord had been reached in January.

Moody said pharmacy chain Walgreens is the only remaining defendant in Florida’s opioid litigation, with jury selection scheduled to begin on April 5.

Walgreens said its 2012 opioid-related settlement with Florida covered the state’s latest claims, and that it will defend against “unjustified attacks” on its pharmacists.

CVS and Teva said they would defend against other opioid lawsuits, and Teva said it is “actively” negotiating a national settlement of similar claims. Allergan said its settlement also covers claims for generic opioids it sold to Teva in 2016.

Endo did not immediately respond to requests for comment.

Florida announced the settlements nine days after Rhode Island reached similar accords with Teva and Allergan valued at $107 million.

More than 500,000 people have died from opioid overdoses in the past two decades nationally, including 75,673 in the year ending April 2021, according to the U.S. Centers for Disease Control and Prevention.

On Feb. 25, Johnson & Johnson and drug distributors AmerisourceBergen Corp, Cardinal Health Inc and McKesson Corp reached final settlements worth $26 billion over their roles in the nationwide epidemic.

State, local and Native American tribal governments in the United States have filed more than 3,300 lawsuits accusing drugmakers such as OxyContin maker Purdue Pharma of fueling opioid abuse, including by downplaying the risks of addiction.

(Reporting by Jonathan Stempel and Dietrich Knauth in New York; Nate Raymond in Boston; Tom Hals in Wilmington, Delaware; and Ankur Banerjee in Bengaluru; Editing by Shinjini Ganguli, Will Dunham and Chizu Nomiyama)

March 30, 2022 0 comments

Financial News

Air France KLM loses fight against EU cartel fine

by Reuters March 30, 2022

By: Reuters

By Foo Yun Chee

BRUSSELS -Air France-KLM and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago.

Air France KLM said it was considering appeal against the decision.

Air France and 10 of its peers had in 2015 won their court fight against fines levied by the European Commission in 2010 for fixing air freight services, fuel and security surcharges between December 1999 and February 2006.

The EU competition enforcer subsequently fixed procedural errors pointed out by the Luxembourg-based General Court and in 2017 re-issued the same penalties except for Martinair which had its fine reduced.

The airlines then took their case back to the General Court, Europe’s second-highest.

The Luxembourg-based court rejected Air France KLM and KLM’s appeals and those brought by Martinair Holland, Cargolux, Lufthansa and Singapore Airlines.

“Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector,” Air France KLM said in a statement.

“The Group will immediately analyse this decision in view of an appeal before the Court of Justice. Provisions of 350.6 million euros ($391 million) including interest have been made in respect of these fines in the accounts on 31 December 2021,” it added.

The Commission had fined Air France 182.9 million euros, the highest, followed by KLM at 127.1 million. The total fine for the cartel made up of 12 airlines came to 776 million euros.

The court reduced the fines for Air Canada, Japan Airlines, British Airways, Cathay Pacific Airways, Latam Airlines Group and its subsidiary Lan Cargo.

SAS’s fine remained about the same after judges reduced the penalties for part of its infringements but increased them for others.

Lufthansa and subsidiary Swiss International Airlines escaped a fine as it alerted the EU competition authority to the cartel.

The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo.

($1 = 0.8967 euros)

(Reporting by Foo Yun Chee;Editing by Elaine Hardcastle/Sudip Kar-Gupta)

March 30, 2022 0 comments

Financial News

China’s top airlines post wider 2021 losses amid drive to stamp out COVID

by Reuters March 30, 2022

By: Reuters

BEIJING – China’s three biggest airlines on Wednesday reported wider losses in the final quarter of 2021, marking the second year in the red due to COVID-19 as hopes for a recovery remain distant while the country tries to halt the virus’ fast spread.

Shanghai-based China Eastern Airlines said its net loss rose to 4.05 billion yuan ($637.64 million)from 2.95 billion yuan in the third quarter, taking its full-year loss to 12.2 billion yuan. That is deeper than an 11.8 billion yuan loss in 2020.

The airline also faces closer regulatory scrutiny following the crash of a Boeing 737-800 jet last week that killed 132 people on board, which has led it to ground 223 planes of that type as a precaution while the investigation proceeds.

The company will closely monitor the ongoing investigation into the cause of the crash and evaluate the impact on its financial performance and operational results, said the carrier in its annual report.

Beijing-based Air China, the country’s flag carrier, said its net loss widened to 6.32 billion yuan in the fourth quarter from 3.54 billion yuan and it posted a full-year loss of 16.6 billion yuan.

China Southern Airlines fell to a fourth-quarter net loss of 5.98 billion yuan, after posting 1.43 billion yuan in the red the previous quarter. It reported a full-year loss of 12.1 billion yuan.

The Guangzhou-based airline also forecasted a pickup in deliveries of the Boeing 737 series aircraft from 2022, as Chinese carriers are set to resume commercial services of the 737 MAX, which was grounded in China for over two and a half years.

China’s domestic travel market, which had rebounded quickly due to its successful containment of the COVID-19 virus in the early days of the pandemic, is nursing heavy losses as authorities struggle to stop the spread of the highly transmissible Omicron variant under its strategy of eliminating cases.

More than two-thirds of planned flights are being cancelled every day across China, according to third-party aviation data providers, while financial capital Shanghai is in the middle of a two-stage lockdown of 26 million people.

Data firm OAG said on Tuesday that China’s available seat capacity this week was down 10.2% from a week earlier and 24.4% from the same week last year.

A strong yuan currency was again a favourable factor this year, offering some relief to Chinese airlines that have financed a large portion of their foreign debt obligations in U.S. dollars.

However, high fuel costs, which already inflated costs last year, are set to weigh on bottom lines this year, as Russia’s war in Ukraine heightens geopolitical risks and reinforces broader inflationary pressures across the supply chain.

Brent crude futures stood at $113 a barrel, up 45% from the end of last year.

China remains virtually shut off from international markets as already reduced flights get suspended under its “circuit breaker” system when there are COVID-19 positive arrivals, leaving many passengers stranded abroad.

Domestic flights over the northern summer season that began this week and lasts through October are set to reach 117,000 flights per day, up 6.8% from a year ago, according to aviation data provider Flight Master, although a large number of them could be cancelled.

($1 = 6.3515 Chinese yuan renminbi)

(Reporting by Stella Qiu in Beijing and Jamie Freed in Sydney; Editing by Andrea Ricci)

March 30, 2022 0 comments

Financial News

Energy crisis will hurt Greek economic growth this year -fin min

by Reuters March 30, 2022

By: Reuters

ATHENS – Higher energy prices will have a negative impact on Greece’s economic growth this year, the country’s Finance Minister said on Wednesday, adding that he plans to submit a supplementary budget for 2022 to include extra spending.

He did not provide details or a new projection but said there will still be significant growth this year. Greece’s 2022 budget projects economic growth of 4.5%.

“There will be a negative impact in growth compared with the 4.5% (projection) and also a significant rise in inflation,” Christos Staikouras, told an economic forum in Athens.

He said projections would be made public in the coming weeks when the ministry will send its new estimates to Brussels.

The supplementary budget will include 2 billion euros of extra spending to help households facing higher energy costs, if needed, the minister said.

This year’s budget projects a deficit of 1.2% of gross domestic product (GDP) and inflation of 0.8%. Greece’s annual consumer inflation surged to 7.2% in February, a 25-year high. [nL5N2VD36U]

(Reporting by lefteris Papadimas, editing by George Georgiopoulos, Alexandra Hudson)

March 30, 2022 0 comments

Financial News

OPEC+ likely to stick to existing oil output deal, sources say

by Reuters March 30, 2022

By: Reuters

By Ahmad Ghaddar, Maha El Dahan and Alex Lawler

LONDON/DUBAI -OPEC+ sources said on Wednesday the producer alliance which includes Russia is likely to stick to its existing deal to gradually increase oil production, a view echoed by OPEC Secretary General Mohammad Barkindo.

The sources, who spoke to Reuters on condition of anonymity, were attending a joint technical committee meeting that advises OPEC+ on market fundamentals. The full ministerial meeting will take place on Thursday.

Barkindo encouraged OPEC+ members “to stay the course” regarding the group’s decision, according to an OPEC statement.

He also said that OPEC+ members should remain “vigilant and attentive to ever-changing market conditions”.

OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the talks told Reuters, despite a surge in prices due to the Ukraine crisis and calls from the United States and others for more supply.

OPEC+ has boosted output targets by 400,000 barrels per day (bpd) each month since August 2021. From May 1, that monthly target increase will rise slightly to 432,000 bpd.

The energy ministers of Saudi Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the group should not engage in politics as pressure mounted on it to take action against Russia over its invasion of Ukraine.

“We urge global leaders to … once again ensure an unhindered, stable and secure flow of energy to the whole world,” Barkindo said in reference to recent market developments.

OPEC officials told the European Union that the bloc’s possible ban on oil from Russia would hurt consumers, OPEC sources said.

(Editing by Jason Neely and Paul Simao)

March 30, 2022 0 comments

What Will It Mean For The Border If Biden Ends The Immediate Expulsion Of Migrants?

by The Daily Caller March 30, 2022

By: The Daily Caller

What Will It Mean For The Border If Biden Ends The Immediate Expulsion Of Migrants?

Jennie Taer on March 29, 2022

The possible end of the Title 42 pandemic-related public health order could mean a huge surge of migrants crossing the southern border, immigration experts told the Daily Caller News Foundation.
The Centers for Disease Control and Prevention reevaluates the policy every 60 days and is expected to discontinue it as soon as March 30, CBS News reported.
“So the result of that not only will act as another incentive, you’re going to see illegal immigration expand to historic highs past what we saw the past 12 months, you’re going to have to release people faster and more efficiently,” former acting director of U.S. Customs and Border Protection Mark Morgan told the DCNF.

The Biden administration could allow a key pandemic-era border security measure to expire as soon as Wednesday, CBS News reported.

The measure, referred to as Title 42, was put in place by the Trump administration in March 2020 and allows border agents to immediately turn away migrants in order to reduce the spread of COVID-19, CBS reported. The order is responsible for the expulsion of over 1.7 million migrants, according to Customs and Border Protection (CBP).

If the Centers for Disease Control and Prevention (CDC) chooses not to extend the rule, it would deprive border patrol of a key tool in fighting illegal migration, immigration experts told the Daily Caller News Foundation.

The other method of expulsion that will remain if the CDC were not to renew Title 42 would be Title 8, which allows for border authorities to determine whether an individual is inadmissible.

The Biden administration is posturing itself for an influx of migrants as Title 42’s fate still remains a question and U.S. officials are quietly preparing for a surge of over 170,000 migrants at the southern border if the order were to end, Axios reported. Publicly, the administration hasn’t said whether the order will end.

.@JacquiHeinrich: “Can you confirm Title 42 is about to end then?”

Kate Bedingfield: “I have no announcement that I can make on Title 42 at this time.” pic.twitter.com/9mfLCyFngD

— Curtis Houck (@CurtisHouck) March 29, 2022

House Homeland Security Committee Ranking Member Rep. John Katko told the Daily Caller News Foundation that the Biden administration’s “consistent erosion” of Title 42 has served as “a pull factor and contributed to the record-breaking number of encounters at our border over the last year.”

“CBP continues to rely heavily on Title 42 authority to expel single adults that cross the border, as single adults continue to make up the majority of CBP encounters at the southwest border. As numerous countries continue to struggle with the rapid spread of COVID-19 and strengthening variants, the very purpose of Title 42 is to prevent the introduction of any dangerous communicable disease into the United States,” Katko explained.

“As the U.S. finally gets a handle on managing the spread of new variants and moves steadily toward a post-pandemic recovery, now is not the time to end the use of Title 42 and jeopardize all of that progress,” he said. “The bottom line is that our border security and immigration system cannot handle any more pulls as the Biden administration has proven unwilling to secure the border. I’d like to know what the administration’s plan is to address an even larger surge of migrants once Title 42 expires.”

Former acting Director of Immigration and Customs Enforcement (ICE) and acting CBP Commissioner Mark Morgan, who served in the Trump administration, told the DCNF that Title 42’s implementation under Biden has been “a good thing” because it’s resulted in over 1 million illegal immigrants being removed under his watch.

“It’s frustrating that they claim that you know, they inherited a dismantled and inhumane system, yet one of the leading policies under Trump they kept in place to in fact, remove over a million illegal aliens,” Morgan explained. “So, there’s a lot of hypocrisy there. But, in my opinion, make no mistake, this saved countless American lives, and resulted in the prevention of untold amount of suffering on the U.S. side.”

The end of Title 42, Morgan said, will cause a surge of migrants crossing the border that will further overwhelm an overloaded Border Patrol dealing with facilities that are, in some sectors, exceedingly over capacity, leading them to quickly process and release migrants into the country.

“Again, because they’re not concerned about stopping the flow of illegal immigration, securing our borders, everything that they’re doing now, with respect to policy, and preparing for this, is just to get better and faster at releasing people,” Morgan said. “And what that means is that there’s no way when you have 7,000 to 8,000 illegal aliens per day, over 200,000 per month, over 150 different countries that you’re going to properly vet and actually know who you’re actually releasing in the United States. It’s impossible. ”

“So the result of that not only will act as another incentive, you’re going to see illegal immigration expand to historic highs past what we saw the past 12 months, you’re going to have to release people faster and more efficiently. And we’re going to be releasing people into the United States that we have no idea who they are, that’s going to equate to increased jeopardy to this country, and American lives are going to be lost,” he said.

Morgan predicted that in March, because of the question surrounding Title 42’s fate, there will be 200,000 apprehensions and 60,000 got aways, which are migrants that evade arrest due to border agents having to do processing rather than patrolling the frontlines of the border.

America First Legal counsel and former Trump administration official John Zadrozny made similar predictions about what could happen at the border if the order were to end.

“If the Title 42 health authority is not extended, the volume of aliens that the Biden administration will be able to let into the United States will increase substantially, strain American law enforcement resources further, and put even more Americans at risk,” Zadrozny told the DCNF.

Morgan explained that the cartels and smugglers will see Title 42’s end as an opening for their nefarious operations at the border. He said they’ll find that Border Patrol will be processing more people for release into the country and see it as an open invitation to bring more people through.

“What’s going to happen now is that it’s another clear message and calling card that our borders are wide open, and the cartels and smugglers are already using the rhetoric on the anticipated demise of Title 42 to increase illegal immigration, they’re already telling millions of illegal aliens, millions of immigrants, now’s the time to come,” Morgan said.

“Because that million that were removed, you’re no longer going to be removed, you’re going to be allowed in,” he added. “And that’s exactly what is happening, you’re going to see the march numbers are going to be in excess of 200,000. And that’s partly based on the rhetoric that Title 42 was going to end before it actually is ended.”

The Department of Homeland Security, nor CBP responded to multiple requests for comment.

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March 30, 2022 0 comments

US and World News

CBP Officers Seize over $2 Million in Methamphetamine at the Hidalgo and Anzalduas International Bridges

by US Border Patrol March 30, 2022

By: US Border Patrol

HIDALGO, Texas—U.S. Customs and Border Protection, Office of Field Operations (OFO) at the Hidalgo and Anzalduas International Bridge intercepted $2,300,000 worth of alleged methamphetamine.

“Our CBP officers continue to rely on their experience and all available resources to thwart smuggling attempts at our ports of entry, and preventing harmful narcotics from getting to American streets,” said Port Director Carlos Rodriguez, Hidalgo/Pharr/Anzalduas Port of Entry.

Packages containing more than 129 pounds of methamphetamine seized by CBP officers at Hidalgo International Bridge. — Packages containing more than 129 pounds of
methamphetamine seized by CBP officers at Hidalgo
International Bridge.

On March 24, 2022, CBP officers assigned to the Hidalgo International Bridge encountered a maroon Nissan sedan, driven by an 20-year-old U.S. citizen man making entry from Mexico. A CBP officer referred the vehicle for further inspection which included utilizing non-intrusive imaging (NII) equipment and screening by a (canine team). After physically inspecting the vehicle, officers discovered 73 packages of alleged methamphetamine weighing 129.54 pounds (58.76kg) concealed within the vehicle.

On March 26, 2022, CBP officers assigned to the Anzalduas International Bridge encountered a blue Ford SUV with 52-year-old and 23 year-old U.S citizen women making entry from Mexico. A CBP officer referred the vehicle for further inspection, which included screening by a (canine team). After physically inspecting the vehicle, officers extracted 18.82 pounds (8.54kg) of alleged methamphetamine in liquid form, concealed within the vehicle.

CBP OFO seized the narcotics and vehicles, arrested the drivers and the cases remain under investigation by special agents with U.S. Immigration and Customs Enforcement-Homeland Security Investigations (ICE-HSI).

For more information about CBP, please click on the attached link.

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

March 30, 2022 0 comments

SHIELDS: Republicans Can Win Big In 2022 With The Child Tax Credit

by The Daily Caller March 30, 2022

By: The Daily Caller

SHIELDS: Republicans Can Win Big In 2022 With The Child Tax Credit

Mike Shields on March 29, 2022

This year, Republicans have a chance to win over suburban moms — a key demographic for electoral success — with just one policy.

With inflation soaring to 40-year highs thanks to their economic mismanagement, Democrats have once again tried to win over parents with “universal” proposals that supposedly ease the rising cost of living. But in chasing endless bureaucracy, they’ve abandoned a program that worked — the monthly Child Tax Credit (CTC). Republicans have an opening here.

The Republican Party has historically held a stronghold as the party of “family values,” though communicating those values to suburban women has sometimes been a challenge. As far as messaging to voters is concerned, the monthly CTC is a slam dunk.

Passed in 1997 under Speaker Newt Gingrich as part of his Contract with America, the CTC was founded on conservative principles. By offering a tax refund to families depending on their size and income level, the CTC gives parents the freedom to spend more on the unique needs of their family.

It’s more flexible, and therefore more helpful, than “universal” child care could ever be while helping Americans cover the rising costs of living that have been neglected by the Biden administration.

Firstly, in both cost and accessibility of child care, the Child Tax Credit checks both boxes while universal child care misses the bar on both. If you’ve listened to President Joe Biden, you might assume he was working to create a new universal child care program that would provide “free” access to families. It is neither free nor accessible to many families.

If universal child care were passed, state legislatures would need to pass their own laws to even access the federal subsidies. They’d have to set up new agencies to manage the plans and raise taxes to pay for a portion of the program — ultimately taking on the entire cost of maintaining the program as the spigot of federal funding is eventually turned off.

Access to that “free” child care is another issue altogether. In rural states like Montana, child care centers can’t support even half the demand for it. Universal child care often focuses myopically on the need to prop up professional child care providers, but in rural areas there aren’t even enough providers to be subsidized. In rural areas, universal child care is destined to fail in providing access.

Alternatively, the CTC gives parents the freedom to access professional child care or to choose parental care without losing out on federal support or going through piles of paperwork to get it. It also prioritizes parental choice, with surveys showing parents prefer parental care over professional care for younger children.

Second, if the GOP wants to win back Congress in the midterms, they need to take a stand for American families fighting a rising cost of living that began its most dramatic climb under the Biden administration. A Republican Child Tax Credit can help in the most straightforward way: giving their money back.

A Moody’s Analytics report found that inflation is costing the average U.S. household an additional $296 each month. A conservative version of the Child Tax Credit could remain monthly as it is right now, covering the cost of inflation on family budgets and demonstrating how Republicans will be able to get things done for them if given a majority in Congress in 2023.

Supporting each individual family with the CTC can look completely different. For example, cash can pay for car repairs that enable a parent to commute to work. It can cover specialized care for a child with a disability. If a large family has alternative child care options, like tasking an older sister with babysitting, the CTC lets that family keep more of their money for other needs.

The impact of inflation is a stain on the resume of this Democrat-controlled Congress, which spent its majority advancing programs that cost too much to implement and are impossible for every family to access. It’s understandable why Democrats lean towards universal programs, but they can’t succeed for everyone in the real world.

The CTC could have been an easy win for Democrats. Its flexible and efficient support for American families that meet parents where they’re at. It’s a deal for the taxpayer, creating $8 in cost savings for every dollar spent on reducing child poverty. Parents don’t even have to know they are eligible and receiving the credit in order to benefit from it. Now, it’s an opportunity that Republicans should seize ahead of the midterm elections.

Family values will always be a winnable issue for Republicans. Polling reveals that Americans still have more faith in the Republican Party to keep America prosperous. We should prioritize policies that strengthen America from within our families first. When Democrats inevitably campaign on more bureaucracy in 2022, the GOP should look to the monthly CTC as an alternative that actually works.

Mike Shields is the founder of Convergence Media and was formerly chief of staff for the Republican National Committee.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

March 30, 2022 0 comments

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