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get the free app Updated on: June 14, 2022 / 11:11 PM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Voters cast their ballots Tuesday in primary elections in four states, setting up some of the most closely-watched and expensive general election matchups in the fall. Polls are now closed in all four states: South Carolina, Nevada, North Dakota and Maine.IIn South Carolina, CBS News projects Russell Fry wins the Republican primary in the 7th District, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Rice has vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race, and they face five other Republicans in the primary. The large number of candidates could keep both Rice and Fry under 50% of the vote, which would lead to a runoff on June 28. Anna Moneymaker/Getty Images, Sean Rayford/Getty Images Rep. Nancy Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red, is facing off against former State Rep. Katie Arrington, who was the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham.Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.In a statement on Saturday, Trump continued his attacks on her. "Nancy fights Republicans all the time and is not at all nice about it.  Frankly, she is despised by almost everyone, and who needs that in Congress, or in the Republican Party?" he said.Republican incumbent Sen. Tim Scott isn't facing any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight will be Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited Secretary of State, who refused to throw out the election results in favor of Trump.Trump-backed Republican Adam Laxalt, who succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general, long held a comfortable lead in the Senate race, but retired Army captain Sam Brown has narrowed the once 40-point gap.  Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, also has endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto doesn't have a serious challenger on Tuesday, but she has already raised big sums ahead of November — nearly $20 million in the last year — and goes into primary day with more than $9 million cash on hand.Nevada Gov. Steve Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. He faces a primary challenger on Tuesday, Clark County Commissioner Tom Collins.Fifteen Republicans are on the Republican primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Republican Secretary of State Barbara Cegavske has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There is a crowded Republican primary field to be the party's nominee in November, including some candidates who have spread false claims or raised questions about the 2020 election. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus is facing a challenger on the left, progressive Amy Vilela, who is backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.And in one bonus race, South Texas will be holding a special election to fill the House seat vacated by Democrat Filemon Vela, in the 34th District, for the remainder of the term. A win could give House Republicans a symbolic win ahead of this November. Two Republicans and two Democrats are running in the nonpartisan primary, which would go into a runoff if no candidate clears 50%.    6:05 PM / June 14, 2022 South Carolina 1st U.S. House District Republican primary Rep. Nancy Mace and Kate Arrington are on the ballot.    Updated 2m ago South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:05 PM / June 14, 2022 South Carolina U.S. Senate Republican primary Sen. Tim Scott and Larry Adams Jr. are on the ballot.   6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 50m ago South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    6:04 PM / June 14, 2022 Nevada U.S. Senate Republican primary Adam Laxalt, Sam Brown, William Conrad, William Hockstedler, Sharelle Mendenhall, Tyler Perkins, Carlo Poliak and Paul Rodriguez are on the ballot.   6:03 PM / June 14, 2022 Nevada U.S. Senate Democratic primary Sen. Catherine Cortez Masto, Stephanie Kasheta, Corey Reid and Allen Reinhart are on the ballot.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   6:03 PM / June 14, 2022 Nevada Governor Democratic primary Gov. Steve Sisolak and Tom Collins   6:02 PM / June 14, 2022 Nevada Secretary of State Republican primary Kristopher Dahir, Jesse Haw, Jim Marchant, Richard F. Scotti, John Cardiff Gerhardt, Socorro Keenan and Gerard Ramalho are on the ballot.   6:02 PM / June 14, 2022 Texas 34th U.S. House District Republican special election Republicans Mayra Flores and Juana Cantu-Cabrera and Democrats Rene Coronado and Dan Sanchez are on the ballot.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

Stellantis logo is seen on the company's headquarters in Poissy near Paris, France, February 20, 2022. REUTERS/Gonzalo FuentesRegister now for FREE unlimited access to Reuters.comJune 14 (Reuters) - Automaker Stellantis NV (STLA.MI) said on Tuesday it will begin an indefinite layoff starting next week at its Sterling Heights stamping plant in Michigan.The world's fourth largest carmaker did not specify the number of employees being laid off but said, in an emailed statement to Reuters, that the decision was made "in order to operate the plant in a more sustainable manner."A letter posted on the Facebook page of United Auto Workers Local 1264, a union that represents employees of Stellantis-owned Chrysler Sterling stamping plant, said that the "indefinite layoff will be from the bottom up," starting as early as June 20.Register now for FREE unlimited access to Reuters.comUAW did not immediately respond to Reuters request for comment on the number of employees being affected by the layoff.Stellantis' Sterling Stamping is the largest stamping plant in the world, according to its website, and employs 2,184 employees, which includes about 2,000 hourly workers.Separately, Unifor Local 444, the Canadian autoworkers union representing Stellantis employees at Windsor Assembly Plant in Ontario, on Tuesday also posted on Twitter that the carmaker's plant in Windsor will be down the week of June 20 because of insufficient parts."Stellantis continues to work closely with our suppliers to mitigate the manufacturing impacts caused by the various supply chain issues facing our industry," a company spokesperson said in a statement to Reuters. "As the situation continues to be very fluid, we are making production adjustments as necessary to minimize additional production impact."Earlier this month, Stellantis stopped operations at its key Melfi plant in southern Italy for a week, citing shortages of various parts, including semiconductors. read more Stellantis in April said that it did not see an improvement in the semiconductor supply chain before next year. read more Register now for FREE unlimited access to Reuters.comReporting by Nishit Jogi, Akriti Sharma and Mrinmay Dey in Bengaluru, and David Shepardson in Washington; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Stellantis plans layoffs at Sterling Heights stamping plant in U.S.

get the free app Updated on: June 14, 2022 / 11:22 PM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Voters cast their ballots Tuesday in primary elections in four states, setting up some of the most closely-watched and expensive general election matchups in the fall. Polls are now closed in all four states: South Carolina, Nevada, North Dakota and Maine.IIn South Carolina, CBS News projects Russell Fry wins the Republican primary in the 7th District, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Rice has vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race, and they faced five other Republicans in the primary.  Anna Moneymaker/Getty Images, Sean Rayford/Getty Images CBS News projects Rep. Nancy  Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red, won the Republican primary in South Carolina's 1st District. She defeated former State Rep. Katie Arrington, who was the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham. Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.In a statement on Saturday, Trump continued his attacks on her. "Nancy fights Republicans all the time and is not at all nice about it.  Frankly, she is despised by almost everyone, and who needs that in Congress, or in the Republican Party?" he said.Republican incumbent Sen. Tim Scott isn't facing any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight will be Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited Secretary of State, who refused to throw out the election results in favor of Trump.Trump-backed Republican Adam Laxalt, who succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general, long held a comfortable lead in the Senate race, but retired Army captain Sam Brown has narrowed the once 40-point gap.  Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, also has endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto doesn't have a serious challenger on Tuesday, but she has already raised big sums ahead of November — nearly $20 million in the last year — and goes into primary day with more than $9 million cash on hand.Nevada Gov. Steve Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. He faces a primary challenger on Tuesday, Clark County Commissioner Tom Collins.Fifteen Republicans are on the Republican primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Republican Secretary of State Barbara Cegavske has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There is a crowded Republican primary field to be the party's nominee in November, including some candidates who have spread false claims or raised questions about the 2020 election. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus is facing a challenger on the left, progressive Amy Vilela, who is backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.And in one bonus race, South Texas will be holding a special election to fill the House seat vacated by Democrat Filemon Vela, in the 34th District, for the remainder of the term. A win could give House Republicans a symbolic win ahead of this November. Two Republicans and two Democrats are running in the nonpartisan primary, which would go into a runoff if no candidate clears 50%.    Updated 3m ago South Carolina 1st U.S. House District Republican primary: CBS News projects Nancy Mace wins CBS News projects Nancy Mace wins Republican primary   Updated 13m ago South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:05 PM / June 14, 2022 South Carolina U.S. Senate Republican primary Sen. Tim Scott and Larry Adams Jr. are on the ballot.   6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 10:22 PM South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    6:04 PM / June 14, 2022 Nevada U.S. Senate Republican primary Adam Laxalt, Sam Brown, William Conrad, William Hockstedler, Sharelle Mendenhall, Tyler Perkins, Carlo Poliak and Paul Rodriguez are on the ballot.   6:03 PM / June 14, 2022 Nevada U.S. Senate Democratic primary Sen. Catherine Cortez Masto, Stephanie Kasheta, Corey Reid and Allen Reinhart are on the ballot.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   6:03 PM / June 14, 2022 Nevada Governor Democratic primary Gov. Steve Sisolak and Tom Collins   6:02 PM / June 14, 2022 Nevada Secretary of State Republican primary Kristopher Dahir, Jesse Haw, Jim Marchant, Richard F. Scotti, John Cardiff Gerhardt, Socorro Keenan and Gerard Ramalho are on the ballot.   6:02 PM / June 14, 2022 Texas 34th U.S. House District Republican special election Republicans Mayra Flores and Juana Cantu-Cabrera and Democrats Rene Coronado and Dan Sanchez are on the ballot.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

Register now for FREE unlimited access to Reuters.comTRIPOLI, June 14 (Reuters) - Once a gymnastics instructor, Mohammad Abadeen now runs a small apothecary in Lebanon's north, offering affordable plant-based treatments to clients tired of chronic medicine shortages and price hikes.The craft dates back thousands of years and is known as alternative or herbal medicine - relying on concoctions made from herbs, spices, and natural oils in an attempt to treat ailments including colds, coughs and stomach bugs.Abadeen comes from a family of apothecarists in the northern port city of Tripoli and, nearly three years into Lebanon's economic meltdown, demand is rising.Register now for FREE unlimited access to Reuters.com"When prices started to increase, people began resorting to this alternative medicine," the 53-year-old said.Lebanon's currency has lost more than 90% of its value since 2019, while medication prices have risen fourfold, according to an Amnesty International report from December, 2021.In September, the United Nations warned that healthcare was out of reach for 33% of households in Lebanon. More than half of them were unable to obtain medicine, either because it was too expensive or no longer stocked at pharmacies.Weeks later, Lebanon's cash-strapped government lifted subsidies on most medicines - including those to treat chronic illnesses including cancer - pushing prices up even further.Tripoli, in particular, has been hard hit by the financial maelstrom -- the port city was ranked the poorest on the Mediterranean by the United Nations even before the crisis began.NOT SUBSTITUTIONAbadeen said his customers came in "exhausted... between the various medications, blood tests, and check-ups" - so he offers alternatives such as zoubai, a native herb similar to thyme which can be brewed into tea to soothe a sore throat.People are even turning to plant-based remedies for more serious ailments, said apothecarist Omar al-Rafie."Diabetes medications now cost around one million Lebanese pounds," Rafie said -- almost twice the country's minimum monthly wage of around 600,000 pounds.Mohammad Abadeen, a 53-year-old man who runs an apothecary serving affordable plant-based treatments, speaks during an interview with Reuters in Tripoli, northern Lebanon June 6, 2022. REUTERS/Emilie Madi"Someone could buy a herb from us instead for about 50,000 pounds," the 48-year-old herbalist added.Lebanon's health ministry was aware of cancer patients using herbal remedies because their treatments were no longer accessible, caretaker health minister Firas al-Abiad said, warning of the dangers."This is worrisome. This is not a substitution, and many people do not understand this," he told Reuters.While pharmaceuticals go through rigorous testing to determine efficacy and possible side effects, there is no standardised process for herbal remedies.Lebanon's lack of a central lab to run its own tests or issue regulations leaves the door open to widespread abuses of "unchecked substances" like plant-based treatments, Abiad said.Joe Salloum, the head of Lebanon's pharmaceuticals syndicate, said the occasional use of herbal concoctions could provide relief - but an unregulated dosage could pose health risks."When does it become dangerous? When it's used in a concentrated way, when someone pushes it into a capsule and uses it in the wrong way or with the wrong dosage," Salloum said.Omar al-Ali, a pharmacist in Tripoli, said his customers buy pills by the sachet as they can no longer pay for an entire box, and more of them ask for plant-based remedies."It used to be a minority, but it's slowly increasing as people try to run away from the extreme cost of medicine," Ali said.Nor have apothecaries been spared the price hikes.After getting supplies from places like India and China, many have had to reduce imports from abroad as they are priced in U.S. dollars, now much stronger than the Lebanese pound."We've been getting only what is necessary instead of stocking widely like we used to," said apothecarist Kamal al-Shahal.Register now for FREE unlimited access to Reuters.comAdditional reporting by Maya Saad and Issam Abdallah; Editing by Maya Gebeily and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Lebanon's north turns to apothecaries as healthcare costs soar.

United States one dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington in this November 14, 2014, file photo. REUTERS/Gary Cameron/File PhotoRegister now for FREE unlimited access to Reuters.comHONG KONG, June 15 (Reuters) - The dollar held near its overnight 20-year peak on Wednesday ahead of the outcome of the Federal Reserve policy meeting at which markets are pricing in an outsized 75 basis point interest rate hike as policymakers try to rein in rampant inflation.A key U.S. currency index , which tracks its performance against six peers, was at 105.3 having hit 105.65 on Tuesday, its strongest since December 2002.Sterling was at $1.20135 after slumping to a 15-month low versus the dollar at $1.1934 the previous day, not helped by the possibility of a new referendum on Scottish independence, while the euro was at $1.0428 just above its overnight one-month low.Register now for FREE unlimited access to Reuters.comMarket pricing indicates a 99.7% chance of a 75 basis point rate hike at the Fed's meeting which concludes later on Wednesday, according to the CME's Fedwatch tool, up from only 3.9% a week ago.The sharp pick up in expectations followed media reports, first by the Wall Street Journal that a bigger rate increase was on the cards after data released last week showed the U.S. consumer price index surged 8.6% in the 12 months to May, the largest year-on-year increase in four decades. read more The U.S. dollar had already been gaining ground in the past few months thanks to the Fed raising rates ahead of most other major central banks, and has been given another leg up in recent weeks as investors seek safe havens fearing the economic impact of rapidly tightening financial conditions.At least in the near term, analysts feel that the dollar has not much further to go."Given current aggressive market pricing, there is a risk the (Fed)is deemed ‘not hawkish enough’, pulling down U.S. interest rates and the USD modestly after the meeting," said CBA analysts in a morning note."In our view, it will take more than a 75bp hike tomorrow, or a nod to a 100bp hike for the FOMC’s July meeting, to push the USD up significantly after the FOMC meeting."Higher U.S. rates versus rock bottom Japanese yields have been weighing on the yen , which hit a fresh 24-year low of 135.58 per dollar in early trade, before recovering to 135.05.Expectations for higher rates have also hurt risk friendly assets such as tech stocks, while in currency markets, the Australian dollar , often seen as a proxy for risk appetite, is at $0.68950 near a one-month low.The Aussie is down 7.9% so far this quarter, which would be its worst quarter since the first three months of 2020 when the COVID-19 pandemic hit.The New Zealand dollar was at $0.62185 just off its two-year low of $0.6197 hit overnight.Bitcoin , another risk friendly asset class, was down slightly, trading just under $22,000. It hit an 18-month low of $21,800 on Tuesday, also hurt by major crypto lender Celsius Network's freezing withdrawals earlier this week. read more Register now for FREE unlimited access to Reuters.comReporting by Alun John Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Dollar towers over peers as markets bet on large Fed rate hike.

U.S. Rep. Tom Rice (R-SC) addresses reporters during a press conference to unveil the Joseph H. Rainey Room, on Capitol Hill in Washington, DC, U.S., February 3, 2022. Greg Nash/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 14 (Reuters) - Republican U.S. Representative Tom Rice, who voted to impeach former President Donald Trump after the Jan. 6 U.S. Capitol riot, lost his re-election bid in the South Carolina primary on Tuesday to Trump-backed challenger Russell Fry.A prime target in Trump's midterm revenge campaign against perceived political enemies, Rice lost the Republican nomination to Fry 51% to 24.6%, with 99% of the vote counted, according to Edison Research. Fry, a state legislator, is likely to win the November general election in the strongly Republican district.Another Republican targeted by Trump, Representative Nancy Mace, led Trump-endorsed challenger Katie Arrington 53.2% to 45% with 76% of the vote counted, Edison Research said.Register now for FREE unlimited access to Reuters.comRice, a five-term incumbent, and Mace, a freshman, each ran afoul of Trump after his supporters attacked the U.S. Capitol on Jan. 6, 2021, while Congress worked to certify the 2020 presidential election. The riot is now the subject of a bipartisan congressional investigation that focused this week on Trump's false claims of a stolen 2020 election. read more Rice was one of 10 congressional Republicans to vote for Trump's impeachment. Mace drew Trump's ire by refusing to back Republican efforts to challenge the 2020 presidential election results.Trump, who turned 76 on Tuesday, had asked supporters to give him two birthday presents by defeating Rice and Mace.The results will be seen as a measure of Trump's continued influence over the Republican Party as he hints at another run for the White House in 2024. His endorsees so far have had mixed success in battleground states including Ohio, Pennsylvania, Georgia and North Carolina. read more Voters also cast ballots on Tuesday in Nevada, Maine and North Dakota to choose party nominees to compete in the November general elections for the U.S. Senate and House of Representatives.With Democratic President Joe Biden slumping in the polls and soaring inflation souring voters' moods, Republicans are expected to win control of the House of Representatives and possibly the Senate. That would bring Biden's legislative agenda to a halt and give Republicans the power to launch investigations that could be politically damaging.A Reuters/Ipsos opinion poll completed on Tuesday showed Biden's public approval rating at 39%, in its third straight weekly decline, approaching the lowest level of his presidency. Fifty-six percent of Americans disapprove of Biden's job performance. read more REPUBLICANS EYE SENATE PICKUPIn Nevada, Trump-endorsed Adam Laxalt leads a crowded field of Republican primary contenders seeking the party's nomination for a crucial U.S. Senate race. Polls closed but no results were yet available.Republicans are looking to pick up the seat held by Senator Catherine Cortez Masto, considered one of the most vulnerable Democrats in the 2022 midterm campaign. read more Laxalt, a former state attorney general, holds a 15-point advantage over his nearest rival, political newcomer Sam Brown, according to a May poll by the Nevada Independent. Laxalt is the son of former New Mexico Senator Pete Domenici and the grandson of former Nevada governor and U.S. Senator Paul Laxalt.Republican Jim Marchant, who falsely claims the 2020 election was stolen from Trump, is vying for a chance to become Nevada's top election official.Among 2020 election deniers running for elections posts across the country, Marchant has distinguished himself by claiming that elections have been rigged for decades and by arguing that electronic voting machines should be replaced by paper ballots. He blamed his own 2020 U.S. House loss to Democratic Representative Steven Horsford on election fraud.Marchant faces six other Republican candidates in the secretary of state contest and has received endorsements from high-profile conservatives, including former Trump White House Chief of Staff Mark Meadows and pro-Trump businessman Mike Lindell.Republicans also will select nominees to run against three vulnerable House Democrats from Nevada - Horsford, Dina Titus and Susie Lee.Titus, who entered Congress in 2009, faces a challenge for her party nomination from progressive Democrat Amy Vilela, who is endorsed by Senator Bernie Sanders.The Republican field in Titus' district includes former Nevada Trump campaign aide Carolina Serrano, retired Army Colonel Mark Robertson and pro-Israel activist David Brog. Brog is endorsed by Trump's former Secretary of State Mike Pompeo.In Maine, Paul LePage, whose turbulent eight years as the state's governor foreshadowed Trump's rise, ran unopposed for the Republican nomination to challenge Democratic Governor Janet Mills in November.LePage, who once described himself as "Donald Trump before Donald Trump became popular," was widely criticized as governor for his inflammatory remarks on a host of topics from immigration, the environment and LGBTQ issues to abortion and voting rights. He left office with an approval rating below 40%.Register now for FREE unlimited access to Reuters.comReporting by Eric Beech and Jason Lange; Writing by David Morgan; Editing by Colleen Jenkins and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Rice loses re-election to Trump-backed challenger in South Carolina primary.

A view shows cranes in front of the skyline of the Central Business District (CBD) in Beijing, China, October 18, 2021. REUTERS/Thomas PeterRegister now for FREE unlimited access to Reuters.comSummaryRaft of May data points to signs of economic recoveryIndustrial output perks up, but consumption still weakJobless rate in big cities picked up to record highFears of more COVID curbs, slow recovery raise policy challengeBEIJING, June 15 (Reuters) - China's economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs.The data, however, provides a path to revitalise growth in the world's second-biggest economy after businesses and consumers were hit hard due to full or partial lockdowns in dozens of cities in March and April, including a protracted shutdown in commercial centre Shanghai.Industrial output grew 0.7% in May from a year earlier, after falling 2.9% in April, data from the National Bureau of Statistics (NBS) showed on Wednesday. That compared with a 0.7% drop expected by analysts in a Reuters poll.Register now for FREE unlimited access to Reuters.comThe uptick in the industrial sector was underpinned by the easing of COVID curbs and strong global demand. China's exports grew at a double-digit pace in May, shattering expectations, as factories restarted and logistics snags eased. read more The mining sector led the way with output up 7.0% in May from a year ago, while that in the manufacturing industry eked out a meagre 0.1% growth, mostly driven by the production of new energy vehicles which surged 108.3% year-on-year."Overall, our country's economy overcame the adverse impact from COVID (in May)and was showing a recovery momentum", Fu Linghui, a spokesman at NBS, told a press conference, adding that he expects the revival to improve further in June due to policy support."However, the international environment is still complex and severe, with greater uncertainties from outside. Our domestic recovery is still at its initial stage with the growth of key indicators at low levels. The foundations for recovery are yet to be consolidated."CONSUMPTION PRESSUREThat caution was underscored in consumption data, which remained weak as shoppers were confined to their homes in Shanghai and other cities. Retail sales slipped another 6.7% in May from a year earlier, on top of a 11.1% contraction the previous month.They were slightly better than the forecast of a 7.1% fall due to the increased spending on basic goods such as grains, oils and food and beverages. [nL4N2XP0RY]Industry data showed China sold 1.37 million passenger cars last month, down 17.3% from a year earlier, narrowing the decline of 35.7% in April. read more Fixed asset investment, a key indicator tracked policymakers looking to prop up the economy, rose 6.2% in the first five months, compared with an expected 6.0% rise and a 6.8% gain in the first four months.China's property sales fell at a slower pace in May, separate official data showed on Wednesday, supported by a slew of easing policy steps to boost demand amid the tight COVID-19 curbs.The government has been accelerating infrastructure spending to boost investment. China's cabinet has also announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy. read more The nationwide survey-based jobless rate fell to 5.9% in May from 6.1% in April, still above the government's 2022 target of below 5.5%. In particular, the surveyed jobless rate in 31 major cities picked up to 6.9%, the highest on record.Some economists expect employment to worsen before it gets better, with a record number of graduates entering the workforce in summer.China has set an annual economic growth target of around 5.5% this year but many economists believe that is increasingly out of reach.Chinese banks extended 1.89 trillion yuan ($280.62 billion)in new loans in May, nearly tripling April's tally and beating expectations. But 38% of the new monthly loans were in the form of short-term bill financing, suggesting real credit demand still remains weak.The central bank on Wednesday kept medium-term policy rate unchanged for a fifth straight month, matching market expectations.FRESH LOCKDOWN FEARS LOOMWhile the world's biggest manufacturer reported better-than-expected export growth in May, the subdued external demand due to the Ukraine war and robust production recovery of Southeast Asian nations threaten the country's trade outlook. read more Fears of fresh lockdowns also loom large under China's zero-COVID policy.One week after the reopening of Shanghai, the local government ordered 15 of the city’s 16 districts to undertake mass testing to contain a jump in cases tied to a hair salon.Authorities in Beijing warned on Tuesday that the city of 22 million was in a "race against time" to get to grips with its most serious outbreak since the pandemic began. read more Any potential lockdown and supply chain disruption risks amid future COVID outbreaks may constrain the rebound of the economy as Beijing has shown no sign of easing its zero-COVID policy, analysts say.($1 = 6.7350 Chinese yuan)Register now for FREE unlimited access to Reuters.comReporting by Kevin Yao, Ellen Zhang and Stella Qiu Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

China's factories perk up, but weak consumption points to slow economic recovery.

A journalist checks his phone in a media centre during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Phil NobleRegister now for FREE unlimited access to Reuters.comJune 14 (Reuters) - A growing number of people are selectively avoiding important news stories such as the coronavirus pandemic, Russia's invasion of Ukraine, and the cost-of-living crisis, according to a report released on Tuesday.While the majority of people surveyed consume news regularly, 38% said they often or sometimes avoid the news – up from 29% in 2017 – the Reuters Institute for the Study of Journalism said in its annual Digital News Report. Around 36% – particularly those under 35 – say that the news lowers their mood.Trust in news is also declining, and is lowest in the United States. On average, 42% of people said they trust most news most of the time; that figure has fallen in almost half the countries in the report and risen in seven.Register now for FREE unlimited access to Reuters.com"Large numbers of people see the media as subject to undue political influence, and only a small minority believe most news organisations put what's best for society ahead of their own commercial interest," wrote Reuters Institute Director Rasmus Kleis Nielsen in the report, which is based on an online survey of 93,432 people, conducted in 46 markets.Younger audiences are increasingly accessing the news via platforms such as TikTok, and have a weaker connection to news brands, the report found.Each week 78% of 18- to 24-year-olds access news via aggregators, search engines and social media. Forty percent of that age group uses TikTok each week, with 15% saying they use it to find, discuss or share news.The growth in the number of people who pay for online news may be leveling off, with a large proportion of digital subscriptions going to a few national brands. Across 20 countries where payment for news is widespread, 17% of survey respondents paid for any online news, the same figure as last year. Payment for local news varies across markets.The Reuters Institute for the Study of Journalism is funded by the Thomson Reuters Foundation, the philanthropic arm of Thomson Reuters (TRI.TO).The poll has a margin of error of 2-3 percentage points up or down.Register now for FREE unlimited access to Reuters.comReporting by Helen Coster in New York; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

More people are avoiding the news, and trusting it less, report says.

People always want to know how I got Jeff Bezos to take a chance and hire me to work directly for him at Amazon in 2002.Initially, I hadn't thought about applying to Amazon. When I was growing up in Redmond, Washington, most of my friends' parents were tech executives, and while they made good money, their lives didn't look particularly fun to me. But many of my classmates were graduating without job offers, so I felt as if I should explore all options.I submitted my resume to Amazon without much thought. To my surprise, I was called in for a first-round interview for a junior assistant role. I had no connections at the company, no computer science degree, and absolutely no experience working for a CEO.My job interview experience at AmazonMy initial interviews at Amazon were dizzying in volume and pace. I had back-to-back interviews with all of the senior assistants, some of them lasting all day.One interview took place in a dark office with just the glow of a code-filled monitor and a weird multicolored rotating nightlight in the corner. But I had known enough tech people in my life and was used to the awkward settings. I just chalked up the encounter to one of those personalities uniquely suited for the tech world and was unfazed by it.A few months later, after I had not heard back and was beginning to lose all hope, the phone rang: An Amazon recruiter asked me to come back for a final interview. She apologized for the long, drawn-out process and promised me that this would be the last one.What she didn't tell me was that it would be with Bezos himself.The 2 interview questions Jeff Bezos asked meI felt relaxed going into the interview that October morning. I was patiently sitting in a conference room chair when the door opened and in walked Bezos. He sat down across from me and introduced himself.Bezos started the interview by promising that he was only going to ask two questions and that the first one would be a "fun" brainteaser.I took a deep breath as he stood up and uncapped a pen at the whiteboard wall. "I'll do the math," he said. "I want you to estimate the number of panes of glass in the city of Seattle."I was momentarily terrified.Then I paused to calm down, reminding myself to think about his motivation for asking me that question. He wants to see the way my mind works, I told myself. He wants to see me break down a complicated problem into small, manageable steps. I can do that.I outlined how I would start with the number of people in Seattle, which I thankfully correctly guessed as around 1 million, just to make the math easier. Then I said that they would each have a home, a mode of transportation, and an office or school — all of which would have windows. So I suggested that we base the estimate on averages of those.And then we did the math.We got down into every possible scenario, group, anomaly and ways to account for these exceptions. It felt like I talked it through for hours while Bezos filled the whiteboard with numbers. I'm sure it actually took more like 10 minutes.I remember feeling a thrill when he wrote down the final estimate. He circled it. "That looks about right," he said.Phew!He then asked me the second question: "What are your career goals?"I told him that Amazon had proven to be a company full of ambitious and passionate people. I wanted to be like them and learn what they knew. Their strengths were in the areas I personally wanted to develop, so the value of the experience was obvious, even though it felt like a diversion from my goal of being a professor.I explained that I had no idea how to be an assistant, but that I knew the importance of being consistently outside of my comfort zone. I wanted to jump into an astronomical learning and growth curve.Knowing Bezos as well as I do now, I see why those were his only two questions. He was measuring my potential by asking questions that would explore whether I had the grit, courage and motivation to run at his pace and be brave enough to consistently jump with him and level up.By the end of the interview, we both knew I would do anything to be successful, despite being a very junior candidate.And then I was done. Exhausted, exhilarated, done.Bezos ended up hiring me on the spot. He gave me the open desk just three feet away from his own. It was the closest desk to him at the company.Grit, ambition and energy is more valuable than a specific skill setIt took years for me to fully understand why Bezos took a chance on me and gave me that big break. He exclusively surrounded himself with people he had to hold back, not push forward. He created teams of people so ambitious, creative and determined that they made up for any expertise they lacked.In that kind of environment, Bezos would only have to use his energy as a leader to channel our energy, rather than trying to pull it out of us.I learned that the key to Bezos and Amazon's early success was this tireless pursuit of the exceptional.Ever since that early hiring experience, I have always aimed to be the person who needs to be held back, not pushed forward. I have sought out teams that would challenge, support and inspire me to do things far beyond my current abilities, and that has led to more satisfaction in my work life than anything else.Ann Hiatt is a Silicon Valley veteran with 15 years of experience working as an executive business partner for Jeff Bezos, Marissa Mayer and Eric Schmidt. Ann recently founded a consulting company with CEO clients across the globe where she applies the lessons of innovation, ambition, growth at scale and forward-thinking leadership she learned at Amazon and Google. She is also the author of "Bet on Yourself: Recognize, Own, and Implement Breakthrough Opportunities." Follow her on Twitter @annrhiatt.Don't miss:Jeff Bezos' 3-question rule for hiring new Amazon employees—and how to answer them rightElon Musk once told me to 'get out' during a meeting—here's how I won him overRemove these 7 things from your resume 'ASAP,' says CEO who has read more than 1,000 resumes this year

Jeff Bezos hired this Amazon applicant ‘on the spot’—here are the 2 interview questions he asked.

The recent events surrounding meme stocks and GameStop's short squeeze have put short selling, one of the oldest practices in the stock market, directly under the limelight."Short selling has always existed," said Ihor Dusaniwsky, managing director at S3 Partners, a firm that specializes in analyzing short selling data. "It's been a part of the normal trading process on the exchanges since exchanges started. We've seen short selling increase recently in a broader spectrum of names."Short selling has always been a controversial practice, often blamed for causing drops in the market. The Securities and Exchange Commission eventually stepped in to better regulate short sales after short sellers were once again blamed for a market decline in 1937."I think the main reason people dislike short selling is that something just feels bad about profiting from someone else's failures," said Sasha Indarte, an assistant professor of finance at the University of Pennsylvania's Wharton School. "Short sellers gain when someone else loses. It's like if you took out an insurance policy against your neighbor's home and your neighbor's home was destroyed."Short selling is when investors, mostly professionals like hedge fund managers, borrow shares of a stock from a broker and sell them in the hope of buying them back cheaper. If the stock drops, the investors make a profit off the difference when they return the shares to the broker. A short squeeze occurs if the price goes up, and the investors need to rush to buy the stock to cut their losses.Countries in Asia and Europe have banned short selling during times of economic uncertainty. Some studies, however, have shown that a ban on short selling actually does more harm to the market than good."During the financial crisis between 2007 and 2009, regulators have actually banned short selling temporarily in response to the large drops in the stock market. Regulators have since expressed that they regretted this policy action," Indarte said.Price discoveryThat's because, despite the negative sentiments toward it, short selling plays a pivotal role in the market. For instance, short selling allows for more accurate price discovery, a key function of stock markets."If it wasn't for the short sellers, there'd be a lot of long shareholders buying and bidding up stock that really had no value," Dusaniwsky warned.Exposing fraudShort selling has also allowed for early detection of fraud."There are companies that are potentially not doing the right thing, engaging in fraudulent practices, and shorting a stock oftentimes brings some of those things to life," according to Jason Snipe, founder and chief investment officer at Odyssey Capital Advisors."People don't get upset when they're making money on the upside. They look the other way on bad corporate behavior," argued Jim Chanos, a prolific short seller in the U.S. market. "But when people start losing money, boy do they get upset."However, in light of recent events, experts warn that social media and "meme stocks" could bring about changes to the practice. And recent data shows hedge funds have dramatically curtailed the activity because of the threat of getting caught on the wrong side of the trade from a retail mania."Going forward, with the advent of social media and some of the other mediums that people are looking at these days, the SEC probably needs to be thoughtful and reasonable here," said Snipe. "And I think they will be as far as their examination of how we look at shorts in the future."

Short sellers help stocks find their true values and expose fraud, despite the hate they receive.

The logo of the Bitcoin digital currency is seen in a shop in Marseille, France, February 7, 2021. REUTERS/Eric Gaillard//File PhotoRegister now for FREE unlimited access to Reuters.comSINGAPORE, June 15 (Reuters) - Software firm MicroStrategy (MSTR.O) said it has not received a margin call against its bitcoin-backed borrowing on Wednesday, and it has plenty of extra collateral to pledge if necessary.MicroStrategy borrowed $205 million from crypto bank Silvergate Capital (SI.N) in March, mostly secured against bitcoin. On Tuesday bitcoin's price briefly dropped below a level company officers had said could trigger extra capital requirements. read more "MicroStrategy has not received a 'margin call' against our Silvergate loan even as bitcoin prices have fluctuated recently," the company said in an emailed statement."We can always contribute additional bitcoins to maintain the required loan-to-value ratio ... even at current prices, we continue to maintain more than sufficient additional unpledged bitcoins to meet our requirements under the loan agreement."Register now for FREE unlimited access to Reuters.comReporting by Tom Westbrook; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

MicroStrategy says it has not received a margin call against loan.

Bank of Japan Governor Haruhiko Kuroda speaks at a news conference in Tokyo, Japan, December 19, 2019. REUTERS/Kim Kyung-Hoon/File Photo - RC23BU9HCPB3Register now for FREE unlimited access to Reuters.comHONG KONG, June 15 (Reuters Breakingviews) - Bank of Japan Governor Haruhiko Kuroda has run out of time. With the yen weakening past 135 per U.S. dollar, a level not seen since 1998, his attempt to stick to his current script on monetary easing looks ripe for tweaking, and soon.Tokyo officials are generally most comfortable with the yen bouncing around 100 to 120, with a preference for softness that flatters profit earned overseas by listed Japanese companies, boosts domestic inflation and supports export competitiveness. That explains why when the U.S. Federal Reserve began hiking benchmark interest rates in reaction to rising inflation, the Bank of Japan did nothing. Domestic inflation is tepid, growth slow and a swathe of economic goals remain under-achieved, in particular wage hikes that would spur domestic consumption.Once the currency weakened past 120, however, bond traders began to squirm. They are crucial to Kuroda’s “yield curve control” strategy that holds down interest rates without absorbing the entire Japanese treasury market. When it passed 130, they went into open revolt. The 10-year bond yield on Monday breached the BOJ’s policy band of 0.25% even though Kuroda had committed to buy an unlimited amount to hold it down. The central bank initiated a hasty, unscheduled purchase programme that stabilised the market. But a message has been sent.Register now for FREE unlimited access to Reuters.comKuroda might not want to hear it. He retires next year and probably would prefer to leave any policy adjustments to his successor. With core inflation, excluding energy and food prices, barely over 2%, many economists expect the BOJ to sit tight. Kuroda’s comment that Japanese people are beginning to accept price rises implied just that, even if he later apologised for saying so.It isn’t healthy consumer demand pushing up the price of beer and oil, but the war in Europe. A yen weakening toward 150 against the dollar will push up prices even further, particularly bad news for millions of retirees living on fixed incomes.Verbal adjustments to the yield control policy or tweaks to specific rate bands are affordable options, but they may also require adjustments to fiscal stimulus and accelerating Prime Minister Fumio Kishida’s reform agenda. It is no longer a question of whether Kuroda will give, but when and how.As U.S. and Japanese interest rates diverged, the yen has collapsedFollow @petesweeneypro on TwitterCONTEXT NEWS- Japan's benchmark 10-year bond yields rose to a six-year high on June 12, breaching the Bank of Japan's policy band despite the central bank's move to cap yields. The yields increased following the release of data showing that U.S. consumer prices soared in May, fueling expectations for more aggressive interest hikes by the U.S. Federal Reserve.- The yen touched 135.17 per dollar on June 13, its weakest level since 1998 according to Refinitiv data.Register now for FREE unlimited access to Reuters.comEditing by Jeffrey Goldfarb and Katrina HamlinOur Standards: The Thomson Reuters Trust Principles.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Crashing yen disturbs Haruhiko Kuroda’s zen.

Register now for FREE unlimited access to Reuters.comSummarySievierodonetsk city focus of fight for eastern UkraineHundreds trapped in Sievierodonetsk's Azot chemical plantNATO defence ministers due to discuss Ukraine military aidKYIV, June 15 (Reuters) - Russia told Ukrainian forces holed up in a chemical plant in the embattled city of Sievierodonetsk to lay down their arms by early Wednesday, pressing its advantage in the battle for control of eastern Ukraine.Ukraine is calling for an increase in Western heavy weapons after Russia committed the bulk of its firepower to the eastern Donbas region, a topic expected to feature prominently at a meeting of NATO defence ministers on Wednesday in Brussels.Ukraine says more than 500 civilians are trapped alongside soldiers inside the Azot chemical factory where its forces have resisted weeks of Russian bombardment and assaults that have reduced much of Sievierodonetsk to ruins.Register now for FREE unlimited access to Reuters.comFighters should "stop their senseless resistance and lay down arms" from 8 a.m. Moscow time (0500 GMT)," ​Mikhail Mizintsev, head of Russia's National Defence Management Centre told the Interfax news agency.Civilians would be let out through a humanitarian corridor, Mizintsev said.The Azot bombardment echoes the earlier siege of the Azovstal steelworks in the southern port of Mariupol, where hundreds of fighters and civilians took shelter from Russian shelling. Those inside surrendered in mid-May and were taken into Russian custody.Shelling on Azot was so heavy that "people can no longer stand it in the shelters, their psychological state is on edge," said regional governor Serhiy Gaidai of Luhansk, one of two eastern provinces Moscow claims on behalf of separatist proxies.The Russian assault on Luhansk's Sievierodonetsk - a city of barely more than 100,000 people before the war - is currently the focal point of what has been called the battle of the Donbas.Kyiv has said 100-200 of its soldiers are killed each day, with hundreds more wounded.Ukraine is still trying to evacuate civilians from Sievierodonetsk after Russian forces destroyed the last bridge across a river to the Ukrainian-held twin city of Lysychansk.Russian forces have shelled Lysychansk, which lies on higher ground on the western bank of the Siverskyi Donets river.Ground has changed hands several times over the past few weeks, and Ukrainian officials have given little indication they will back down.But with all the bridges leading from Sievierodonetsk now destroyed, Ukrainian forces risk being encircled."We have to hold strong ... The more losses the enemy suffers, (the) less strength it will have to pursue its aggression," Zelenskiy said in an address late Tuesday.Ukrainian servicemen ride BMP-1 infantry fighting vehicle, amid Russia's attack on Ukraine, in Donetsk region, Ukraine June 14, 2022. REUTERS/Gleb Garanich'UNABLE TO LEAVE'Russia gives no regular figures of its own losses but Western countries say they have been massive as President Vladimir Putin seeks to force Kyiv to cede full control of two provinces, Luhansk and Donetsk, collectively known as the Donbas.Momentum in Sievierodonetsk has shifted several times over the past few weeks - with Russia concentrating its overwhelming artillery firepower on urban districts to obliterate resistance, then sending in ground troops vulnerable to counter-attacks.Elsewhere in the Donbas, Ukraine says Russia plans to assault Sloviansk from the north and along a front near Bakhmut to the south.In Donetsk province, critical infrastructure including homes, schools, hospitals and markets have been attacked over the past week, United Nations spokesman Stephane Dujarric told reporters in New York."This has made life nearly unbearable for people who are also facing severe water shortages, and at times are unable to leave their homes for days on end due to the fighting," Dujarric said.To the south, Ukraine's military said it had conducted three air strikes against troop concentrations, fuel depots and military equipment in the Kherson region.WEAPONSUkrainian officials have renewed pleas for the United States and its allies to send more and better artillery as well as tanks, drones and other heavy weapons.Western countries have promised NATO-standard weapons - including advanced U.S. rockets. But deploying them is taking time, and Ukraine will require consistent Western support to transition to new supplies and weapons systems as stocks dwindle of their Soviet-era weapons and munitions.The meeting on Wednesday on the sidelines of a NATO defence ministerial is being led by U.S. Defense Secretary Lloyd Austin. It is the third time the group of nearly 50 countries are meeting to discuss and coordinate assistance to Ukraine.Washington has committed about $4.6 billion in security assistance since Russia's Feb. 24 invasion, including longer-range rocket systems, drones and advanced artillery.But Zelenskiy said Ukraine does not have enough anti-missile systems to protect its cities, adding that "there can be no justification in delays in providing them."While Western sanctions have hit Russia's economy hard, resulting global shortages of oil and grain have sent energy and commodity prices soaring. And a speech that Putin is set to deliver on Friday at the St Petersburg International Economic Forum will be closely watched. read more Register now for FREE unlimited access to Reuters.comReporting by Reuters bureaux; Writing by Rami Ayyub and Stephen Coates; Editing by Grant McCool & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Russia tells Ukraine to lay down arms in Sievierodonetsk battle.

U.S. Deputy Treasury Secretary Wally Adeyemo attends the National Action Network National Convention in New York, U.S., April 8, 2022. REUTERS/Eduardo MunozRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 14 (Reuters) - Russia's oil profits have likely risen despite lower crude exports and the United States and its allies must find ways to reduce Moscow's oil revenue, possibly by capping prices, U.S. Deputy Treasury Secretary Wally Adeyemo said on Tuesday.Adeyemo told a U.S. Senate Appropriations subcommittee hearing that higher oil prices have offset lower production and export volumes since Russia invaded Ukraine in late February.The United States is discussing with European and Asian allies a way to impose a cap on prices paid for Russian crude to limit its benefit from higher crude prices, Adeyemo said.Register now for FREE unlimited access to Reuters.comBut he declined to provide details on the status of those talks, saying that such information would be reserved for a classified briefing for senators."So the goal is to make sure that you reduce the price that they are able to gain from selling their crude going forward," Adeyemo said, adding that otherwise, Russia is benefiting directly from the higher prices caused by its own aggression in Ukraine.The United States has already banned Russian energy imports but the European Union, heavily dependent on Russia, is working to phase in a boycott starting at the end of 2022.Asked why Washington has not imposed a full trade embargo on Russia, Adeyemo said such a move would only have "a marginal impact on Russia's economy at best," given the limited amount of trade between the two countries.Adeyemo gave no indication of a broader move toward secondary sanctions on countries and companies that are continuing to do business with Russia. But he said there were some actions being taken against individual firms, including those servicing yachts for Russian oligarchs under sanctions.The Treasury was working to spread a greater understanding of the consequences of violating sanctions among non-financial firms. Financial institutions have a lot of experience complying with sanctions and understand their scope, but firms in other services and real estate do not, he said.Adeyemo also said he wanted to work with Congress to acquire more regulatory authority over cryptocurrency markets and exchanges to ensure that digital assets are not used to evade sanctions."I have my doubts that it'll ever be a mainstream currency but I do think that it's going to be used by all kinds of actors, including some people who want to illicitly move money," Adeyemo said of cryptocurrency.Register now for FREE unlimited access to Reuters.comReporting by David Lawder and Tyler Clifford; editing by Grant McCool and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

U.S., allies need to limit Russian oil revenue -deputy Treasury chief.

MoneyWatch June 14, 2022 / 4:49 PM / MoneyWatch El-Erian says inflation could hit 9% El-Erian says inflation could hit 9% 08:59 Seniors and other Social Security recipients in the U.S. are being hit hard by inflation, which has outpaced increases in their benefits this year. Now, some lawmakers have a plan to boost Social Security payments by $2,400 per recipient annually, while also shoring up the program financially. The Social Security Expansion Act was introduced on Thursday by Rep. Peter DeFazio, a Democrat from Oregon, and Senator Bernie Sanders, an Independent from Vermont. The plan comes after the Social Security Administration earlier this month said Americans will stop receiving their full Social Security benefits in roughly 13 years without actions to shore up the program.Social Security recipients receive one cost-of-living adjustment, or COLA, each year, which is based on inflation and is supposed to keep their benefits in line with rising prices. But this year, beneficiaries are seeing their purchasing power wane as inflation overtakes their latest COLA increase of 5.9%. Inflation in May rose 8.6% from a year ago, a four-decade high that pushed up the cost of food, shelter, energy and other staples.   The new bill would seek to lessen the strain on people collecting Social Security by boosting each recipient's monthly check by $200 — an annual increase of $2,400. "Many, many seniors rely on Social Security for the majority, if not all, of their income," said Martha Shedden, president of the National Association of Registered Social Security Analysts. "$200 a month can make a significant difference for many people."  Federal Reserve expected to announce aggressive interest rate hike Wednesday 03:55 The average monthly Social Security check is about $1,658, so a $200 increase would represent a 12% boost. The bill would also make several additional changes to the program, including buttressing the program's funding by applying the Social Security payroll tax on all income above $250,000. Currently, earnings above $147,000 aren't subject to the Social Security tax.  Although the bill would likely face obstacles in Congress, lawmakers are likely to take steps to shore up Social Security given the eventual shortfall, which would result in a cut to monthly benefits by about 20% starting in 2035, Shedden said."I'm confident changes will be made," Shedden said. "I don't know if this is the bill that will pass, but there is more and more movement on it."Here's what to know about the Social Security Expansion Act. A benefits boost: $200, plus COLA changesAnyone who is a current Social Security recipient or who will turn 62 in 2023 — the earliest age at which an individual can claim Social Security — would receive an extra $200 per monthly check.  There are some additional tweaks that would boost benefits over the long-term. One of the primary changes would be to base the annual COLA on the Consumer Price Index for the Elderly (CPI-E), rather than the current index that the Social Security Administration uses for its calculation — the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-E more accurately reflects seniors' spending patterns, according to experts on Social Security. For instance, it puts more weight on health care expenses, which can be considerable for senior citizens. If the CPI-E had been used to index the annual COLA for Social Security, a senior who filed for Social Security benefits over 30 years ago would have received about $14,000 more in retirement than compared with the CPI-W, according to the Senior Citizens League.The bill would also boost benefits for the lowest income earners in the U.S., who receive benefits under a program called the Special Minimum Benefit. Under the legislation, it would be indexed so that it is equal to about 125% of the federal poverty line, or about $1,400 a month. In 2020, the Special Minimum Benefit paid about $900 per month, according to the Social Security Administration. More help for children of deceased workersSome people may not be aware that Social Security provides benefits to children of disabled or deceased workers if they are full-time students. The legislation would raise the eligibility age for students to collect benefits to 22, provided the individual is a full-time student in college or a vocational school. Currently, the program ends for children of disabled or deceased workers when they turn 19 years old or before that age if they are no longer a full-time student. The lawmakers say extending this benefit would help ensure that the children of deceased or disabled parents can continue their education beyond high school.  Would a tax increase pay for all this?The bill would increase the Social Security payroll tax on higher-income workers. Currently, workers pay the Social Security tax on their first $147,000 of earnings. To be sure, most Americans earn less than that. But higher-income workers who make more than $147,000 annually don't pay the Social Security tax on any earnings above that level. Under the bill, the payroll tax would kick in again for people earning above $250,000. Only the top 7% of earners would see their taxes go up as a result, according to DeFazio.However, there's one quirk about this arrangement: It would create a "donut hole" in which earnings between $147,000 and $250,000 would not be subject to the payroll tax, Shedden noted. The bill would also extend the Social Security payroll tax to investment and business income, an issue that could face resistance. "I'm leery about that," she said. "Social Security was set up to be based on contributions on earned income, and this mixes up the basket of earned and unearned income."Would those changes fix the program's funding shortfall?Expanding the payroll tax would boost the Social Security Administration's trust fund, ensuring its solvency through 2096, according to DeFazio. Whether this bill moves forward or not, boosting payroll taxes in some fashion is viewed as a way to guarantee that current and future retirees don't lose benefits after 2035. For instance, the Congressional Research Service said in a 2021 report that "raising or eliminating the cap on wages that are subject to taxes could reduce the long-range deficit in the Social Security trust funds." In: Social Security Administration Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Social Security bill would give seniors an extra $2,400 a year. Here's how it would work.

A North Korea flag flutters next to concertina wire at the North Korean embassy in Kuala Lumpur, Malaysia March 9, 2017. REUTERS/Edgar SuRegister now for FREE unlimited access to Reuters.comSEOUL, June 15 (Reuters) - North Korea may have spent as much as $642 million on its nuclear programme last year, according to anti-nuclear activists, as the impoverished country appears ready to test a new weapon despite battling a COVID-19 outbreak and economic crisis.There is no confirmed data on North Korea's nuclear spending, or the size of its arsenal. Since 2006 it has conducted at least six nuclear tests, and appears to be preparing to resume testing for the first time since 2017.In a report on global nuclear weapons spending released on Tuesday, the Geneva-based International Campaign to Abolish Nuclear Weapons said its estimate is based on the assumption that North Korea has continued to spend about a third of its gross national income (GNI) on its military, and about 6% of that military budget on nuclear weapons.Register now for FREE unlimited access to Reuters.comThat estimate put North Korea as the lowest spender of the nine nuclear-armed countries covered by the ICAN report, spending about half as much as the next lowest country, Pakistan.The United States, which has led an international campaign to impose sanctions on North Korea over its nuclear weapons and ballistic missile development, has criticised Pyongyang for spending millions of dollars on its military while the country faces food shortages and other economic problems.North Korea says it has a sovereign right to develop nuclear weapons for self-defence, and that they are necessary to protect the country in the face of international threats.It is unclear whether Pyongyang cut back any funding for its nuclear programme during the pandemic.But analysts, foreign officials, and independent experts who monitor United Nations sanctions have reported that Pyongyang appears to have forged ahead with its stated goal of developing and expanding its arsenal, with activity and new construction observed at its main nuclear reactor, uranium mine, and other related sites.In an annual report released this week, the Stockholm International Peace Research Institute (SIPRI) estimated that North Korea has assembled up to 20 warheads, and probably possessed sufficient fissile material for approximately 45–55 nuclear devices."North Korea’s military nuclear programme remains central to its national security strategy," SIPRI said.South Korea's latest defence white paper reported that North Korea possesses about 50 kg of weapons grade plutonium and “substantial” amounts of highly enriched uranium, an estimate that remains unchanged since 2016.Register now for FREE unlimited access to Reuters.comReporting by Josh Smith; Additional reporting by Hyonhee Shin; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

N.Korea spent as much as $642 million on nukes in 2021, report estimates.

Summer travel talk sure isn't what it used to be.Rather than sun, sand and surf, many travel discussions now center on inflation, rising fuel costs and flight cancellations, a situation which could derail a much-needed 2022 summer travel comeback.Travel conversations on Twitter decreased 75% from April to May, while discussions related to gas prices and travel — half of which were negative — climbed 680% on the website from the winter months into the spring, according to the social media analytics company Sprout Social.Yet despite the potential problems ahead, the outlook for summer travel remains strong, said industry insiders, with many travelers saying they're concerned but undeterred about their upcoming plans.Are travelers canceling plans?No, said James Thornton, CEO of Intrepid Travel, a Melbourne-based travel company which focuses on small group adventure vacations around the globe.He said the company hasn't seen higher cancellation rates this summer."In the last few months, global concerns about shortages, sanctions and higher costs have had economists sounding alarms," said Thornton. "Despite the rise in costs, travel bookings have more than doubled."David Mann, chief economist at the Mastercard Economics Institute, said higher prices won't stop travelers this summer, especially in parts of the world that have recently reopened, such as Asia-Pacific."Think of it literally like a pressure cooker where you are lifting up the lid and the steam is coming out hot," he told CNBC's "Squawk Box Asia" in May. Inflation "does matter, but that's only after we've had some of that release of the pent-up demand."A new survey indicates Singaporeans, for example, aren't willing to sacrifice their summer travel plans in the face of rising costs. Despite 77% indicating they were either "extremely" or "very" concerned about rising costs, nearly 40% more people plan to travel this summer than in the last, according to a Tripadvisor Travel Index released in May.Nearly two in three Singaporeans said they'd be willing to spend less on dining out and clothing to fund their travel too.Conversely, travel resiliency may be less robust in places where pent-up demand has dissipated some, such as Europe and the North America.According to a March survey published in the Country Financial Security Index Report, nearly a quarter (23%) of Americans indicated plans to cancel or put off travel plans in response to inflation.Still, Americans are expected to travel in large numbers this summer. More than half (55%) say they're traveling for the Fourth of July holiday, according to a survey by the travel website The Vacationer — an 8% increase over last year's survey, the company said.  Changes, not cancellations"More people are pivoting their plans to accommodate price hikes and additional costs, rather than canceling [travel] altogether," said Eric Bamberger, senior vice president of hospitality at the marketing technology company Zeta Global. Demand for "pampering" travel, such as spas, is rising, while interest in "educational" travel to museums and national parks is down by more than 50%, according to a Zeta Global company representative.Car rentals are declining, with rental rates dropping the fastest in the United States in places where gas prices are highest, such as California, Oregon and Washington, according to Zeta Global.However, "hotels are on fire," said Bamberger. "Some hotels in Las Vegas are at 95% occupancy rates, and this past Memorial Day was the best ever recorded day — revenue-wise — for many of the top hotel chains in the U.S."'Still going to travel'Rising costs are affecting travel expenditures this summer, with 74% of American consumers actively searching for ways to save on travel, according to Zeta Global. Nearly one in four say they are seeking out cheaper transportation, hotels or vacation destinations, according to the company.But Expedia CEO Peter Kern told CNBC that other travelers are ready to spend more on travel."We all know there was lots of pent-up savings and underspend during Covid on services and travel," he said. "So far it seems to be bearing out, that people are interested in spending — and if anything, spending more."When asked about reports that people are opting for cheaper vacations, he said: "We haven't that so far … particularly in the middle and upper end of the market."Kern said if inflation starts to affect travelers, he agreed they will likely change, but not eliminate, their plans."If anything, perhaps travelers take a little bit off what their ambition is — of where they were going or what they were staying in — but they're still going to travel," he said.'Gangbusters' summerMarriott CEO Anthony Capuano said the company, which operates in nearly 140 countries according to its website, is now seeing strong demand not just from leisure travelers, but also from group and business travelers."We think the summer is going to be gangbusters," he told CNBC's "Squawk on the Street" in May. "We feel great about this summer."After two consecutive months of negative demand, business travel interest in the United States increased by 365% in May, according to Zeta Global, which tracks website usage as well as location and transactional data from credit card and loyalty program purchases.Business travel is increasing faster among younger travelers than older, senior-level ones, according to Zeta Global.Goodlifestudio | E+ | Getty ImagesInternational travel interest from Americans also rose in May, it said, with interest in going to Asia, Europe and South America up more than 200% from the month prior, according to the company.   That was before the Biden Administration dropped pre-departure Covid test requirements to enter the United States, a move which is expected to kickstart travel into and out of the U.S."Removing the testing requirement eliminates a source of stress for travelers which may have been holding them back," said Expedia Group's Head of Global PR Melanie Fish. "We expect demand will only grow from here."

Travelers are upset about rising costs, but most aren't canceling their plans just yet.

get the free app Updated on: June 15, 2022 / 12:57 AM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Four states held primary elections Tuesday, and in one of the most closely watched races in South Carolina, CBS News projects Russell Fry wins the 7th-District Republican primary, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Tuesday's primaries are setting up some of the most expensive general election matchups in the fall.Rice vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race, and there were five other Republicans in the primary.  Tom Rice (left) and Russell Fry AP Photo/Alex Brandon, AP Photo/Meg Kinnard The former president issued a celebratory statement on Tuesday night, calling Fry's win the "biggest News of the evening so far is that Russell Fry beat Impeach Master Tom Rice with a Vote of more than 51%, therefore WINNING OUTRIGHT with no need for a run-off." Fry on Tuesday night called it a "huge night for Republicans" and thanked Trump for his endorsement. CBS News projects that Rep. Nancy Mace has won the Republican primary in South Carolina's 1st District. Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red,defeated Trump-backed former state Rep. Katie Arrington, the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham.Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.Trump had issued a statement Saturday saying that Mace is "despised by almost everyone" and said she "fights Republicans all the time and is not at all nice about it." But on Tuesday night, Trump issued a statement on Truth Social saying "Katie Arrington was a long shot but ran a great race and way over performed. Congrats to Nancy Mace, who should easily be able to defeat her Democrat opponent!" Anna Moneymaker/Getty Images, Sean Rayford/Getty Images Republican incumbent Sen. Tim Scott didn't face any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight is Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited secretary of state, who refused to throw out the election results in favor of Trump.Trump-backed Republican Adam Laxalt, who succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general, held a comfortable lead in the Senate race, but retired Army captain Sam Brown has narrowed the once 40-point gap.  Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, also has endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto doesn't have a serious challenger on Tuesday, but she has already raised big sums ahead of November — nearly $20 million in the last year — and goes into primary day with more than $9 million cash on hand.Nevada Gov. Steve Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. He faces a primary challenger on Tuesday, Clark County Commissioner Tom Collins.Fifteen Republicans are on the Republican primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Republican Secretary of State Barbara Cegavske has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There is a crowded Republican primary field to be the party's nominee in November, including some candidates who have spread false claims or raised questions about the 2020 election. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus is facing a challenger on the left, progressive Amy Vilela, who is backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.In the special election to fill the remainder of Democratic Rep. Filemon Vela's term in Texas' 34th District, Republicans got a short-term win with Republican Mayra Flores winning enough votes, 50% of the total turnout, to win the race outright to hold the seat until January. Vela resigned in March to work for a lobbying firm.Republicans are hoping the win Tuesday will give them an edge to flip the district in November, where Flores will face off against Democratic Rep. Vicente Gonzalez. Although the district lines will lean more Democratic in November than the version used in the special election, the win comes as Republicans continue to invest in their outreach with Hispanic voters in this region and across the country on issues such as the economy and immigration.Flores and Republican groups spent close to $1 million dollars on ads for the special election, while national Democratic groups only devoted a fraction of their resources to the race.   Updated 11:20 PM South Carolina 1st U.S. House District Republican primary: CBS News projects Nancy Mace wins CBS News projects Nancy Mace wins Republican primary   Updated 11:10 PM South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 10:22 PM South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    6:04 PM / June 14, 2022 Nevada U.S. Senate Republican primary Adam Laxalt, Sam Brown, William Conrad, William Hockstedler, Sharelle Mendenhall, Tyler Perkins, Carlo Poliak and Paul Rodriguez are on the ballot.   Updated 2m ago Nevada U.S. Senate Democratic primary: Catherine Cortez Masto wins Catherine Cortez Masto wins Democratic primary for U.S. Senate in Nevada.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   Updated 2m ago Nevada Governor Democratic primary: Steve Sisolak wins Steve Sisolak wins Democratic primary for governor in Nevada.   6:02 PM / June 14, 2022 Nevada Secretary of State Republican primary Kristopher Dahir, Jesse Haw, Jim Marchant, Richard F. Scotti, John Cardiff Gerhardt, Socorro Keenan and Gerard Ramalho are on the ballot.   Updated 11:46 PM Texas 34th U.S. House District Republican special election: Republican Mayra Flores wins Republican Mayra Flores wins the special election in Texas' 34th District to fill the remainder of Rep. Filemon Vela's term.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

A Toyota Motor Corp. logo is seen on a car at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry RomeroRegister now for FREE unlimited access to Reuters.comTOYOTA, Japan, June 15 (Reuters) - Toyota Motor Corp (7203.T), under scrutiny from investors over a perceived sluggish embrace of battery electric vehicles, said on Wednesday it needs to offer a variety of choices to suit different environments and customers.At its annual general meeting, executives at the world's largest automaker by sales tackled questions ranging from concerns about its electrification strategy to CEO succession plans and the ongoing chip shortage.Once a favourite with environmentalists for the hybrid Prius model it popularised more than two decades ago, Toyota has come under fire from some investors for not phasing out gasoline-powered cars and its lobbying on climate policy. read more Register now for FREE unlimited access to Reuters.com"The goal is carbon neutrality," Toyota's Chief Technology Officer Masahiko Maeda told the meeting, responding to questions submitted by Danish pension fund AkademikerPension, which also asked Toyota to refrain from lobbying to undermine the transition to BEVs. read more However, "customers need to choose," Maeda said, in order to popularise electric cars that include hybrids. A variety of options should be available and the automaker should not narrow those down, he said.Toyota argues that hybrids still make sense in markets where infrastructure isn't ready to support a faster move to battery electric vehicles (BEVs), and is exploring the viability of green fuels for internal combustion engine cars, including hydrogen.The company last year committed to spend 8 trillion yen ($60 billion) by 2030 to electrify its cars, half of which is slated to develop full EVs. Still, it expects annual sales of such cars to reach only 3.5 million vehicles by the end of the decade, or around a third of current sales.Just last month, Toyota rolled out its first mass-produced BEVs domestically, albeit for lease only, and gasoline-electric hybrid models remain far more popular in Japan than BEVs. read more NEXT CEOAsked about succession planning, Toyota chief executive Akio Toyoda, who has led the company for 13 years, said he was "thinking about timing and the selection of a successor."There has been no indication from the company that Toyoda plans to step down.Toyoda, 66, a grandson of company founder Kiichiro Toyoda, steered the company through a dark phase when Toyota sales slumped after millions of recalls and the company reported billions of dollars in losses."I'd pick someone who understands the company's philosophy as my successor," he added.Toyoda has sought to reform Toyota's corporate culture, spending more time with younger executives and cutting back some senior positions.In 2020, he appointed company veterans Maeda and Kenta Kon to top roles. Both were 51 at the time.Toyota - which sold 10.5 million vehicles in 2021, far outstripping closest rival Volkswagen (VOWG_p.DE) - has repeatedly cut production this year, plagued by a global chip crunch.It expects the chip shortage to continue, although there are signs of improvement, head of it purchasing group, Kazunari Kumakura, said on Wednesday.Register now for FREE unlimited access to Reuters.comReporting by Satoshi Sugiyama; Editing by Sayantani Ghosh and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

Toyota, slow to move to EVs, says it offers customers choice.

Politics June 15, 2022 / 12:39 AM / AP New Mexico's secretary of state on Tuesday asked the state Supreme Court to order the Republican-led commission of rural Otero County to certify primary election results after it refused to do so over distrust of Dominion vote-tallying machines. Democratic Secretary of State Maggie Toulouse Olive's request came a day after the three-member Otero County commission, in its role as a county canvassing board, voted unanimously against certifying the results of the June 7 primary without raising specific concerns about discrepancies.The commission's members include Cowboys for Trump co-founder Couy Griffin, who ascribes to unsubstantiated claims that former President Donald Trump won the 2020 election. Griffin was convicted of illegally entering restricted U.S. Capitol grounds — though not the building — amid the riots on Jan. 6, 2021, and is scheduled for sentencing later this month. He acknowledged that the standoff over this primary could delay the outcome of local election races. "I have huge concerns with these voting machines," Otero County Commissioner Vickie Marquardt said Monday. "When I certify stuff that I don't know is right, I feel like I'm being dishonest because in my heart I don't know if it is right."The commission's vote is the latest example of how conspiracy theories and misinformation are affecting the integrity of local elections across the U.S. Trump has continued to describe the 2020 election as "rigged" or "stolen," despite a coalition of top government and industry officials calling it the "most secure in American history." Dominion's systems also have been unjustifiably attacked since the 2020 election by people who embraced the false belief that the election was stolen from Trump. The company has filed defamation lawsuits in response to incorrect and outrageous claims made by high-profile Trump allies.New Mexico's Dominion machines have been disparaged repeatedly by David and Erin Clements of Las Cruces in their review of the 2020 election in Otero County and voter registration rolls at the request of the commission. The Clements are traveling advocates for "forensic" reviews of the 2020 election and offer their services as election experts and auditors to local governments. Election officials including County Clerk Robyn Holmes say the Clements are not certified auditors nor experts in election protocols.The couple has highlighted problems during sporadic, hourslong presentations to the commission this year. Local election officials dispute many of the findings as mistaken or unfounded.County canvassing boards have until June 17 to certify election results, prior to state certification and preparation of general election ballots. Under state law, county canvass boards can call on a voting precinct board to address specific discrepancies, but no discrepancies were identified on Monday by the Otero commission."The post-election canvassing process is a key component of how we maintain our high levels of election integrity in New Mexico and the Otero County Commission is flaunting that process by appeasing unfounded conspiracy theories and potentially nullifying the votes of every Otero County voter who participated in the primary," Toulouse Oliver said in a statement. She accused the commission of willful violations of the state election code.New Mexico uses paper ballots that can be double-checked later in all elections, and also relies on tabulation machines to rapidly tally votes while minimizing human error. Election results also are audited by random samplings to verify levels of accuracy in the vote count.The Otero County commission voted last week to recount ballots from the statewide primary election by hand, remove state-mandated ballot drop boxes that facilitate absentee voting and discontinue the use of Dominion vote tabulation machines in the general election.On Monday, Holmes said those instructions from the county commissions conflict with state and federal election law, and that she would only recount the election by hand under a court order."The election law does not allow me to hand tally these ballots or to even form a board to do it. I just can't," said Holmes, a Republican. "And I'm going to follow the law."Holmes noted that the state-owned vote tabulation machines from Dominion are tested by Otero County officials in public view and that the machines also are independently certified in advance. Griffin said he and fellow commissioners don't see the process as trustworthy. "That's a source that we don't have any control or influence over," he said.Mario Jimenez of the progressive watchdog group Common Cause New Mexico said the public can view testing of vote-tallying machines prior to elections in every county, and that certification notices are posted on every machine where voters can see them."They have no basis — other than 'we just don't trust the machine' — for not certifying the election," Jimenez said of the Otero County commissioners.Though Trump won nearly 62% of the vote in Otero County in 2020, county commissioners have said they are not satisfied with results of the state's audit of the vote count nor assurances by their Republican county clerk that elections this year will be accurate.County commissioners could not immediately be reached for comment Tuesday.Marquardt, the commissioner, laughed Monday at the suggestion that a court might intervene in the election dispute."And so then what? They're going to send us to the pokey?" she said. In: New Mexico Voting Donald Trump Elections

Republican commission won't certify New Mexico primary vote because it doesn't trust voting machines.

get the free app Updated on: June 15, 2022 / 1:01 AM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Four states held primary elections Tuesday, and in one of the most closely watched races in South Carolina, CBS News projects Russell Fry wins the 7th-District Republican primary, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Tuesday's primaries are setting up some of the most expensive general election matchups in the fall.Rice vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race, and there were five other Republicans in the primary.  Tom Rice (left) and Russell Fry AP Photo/Alex Brandon, AP Photo/Meg Kinnard The former president issued a celebratory statement on Tuesday night, calling Fry's win the "biggest News of the evening so far is that Russell Fry beat Impeach Master Tom Rice with a Vote of more than 51%, therefore WINNING OUTRIGHT with no need for a run-off." Fry on Tuesday night called it a "huge night for Republicans" and thanked Trump for his endorsement. CBS News projects that Rep. Nancy Mace has won the Republican primary in South Carolina's 1st District. Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red,defeated Trump-backed former state Rep. Katie Arrington, the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham.Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.Trump had issued a statement Saturday saying that Mace is "despised by almost everyone" and said she "fights Republicans all the time and is not at all nice about it." But on Tuesday night, Trump issued a statement on Truth Social saying "Katie Arrington was a long shot but ran a great race and way over performed. Congrats to Nancy Mace, who should easily be able to defeat her Democrat opponent!" Anna Moneymaker/Getty Images, Sean Rayford/Getty Images Republican incumbent Sen. Tim Scott didn't face any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight is Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited secretary of state, who refused to throw out the election results in favor of Trump.Trump-backed Republican Adam Laxalt, who succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general, held a comfortable lead in the Senate race, but retired Army captain Sam Brown has narrowed the once 40-point gap.  Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, also has endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto won the Democratic primary. She has has already raised big sums ahead of November — nearly $20 million in the last year — and went into primary day with more than $9 million cash on hand. Nevada Gov. Steve Sisolak, won the Democratica primary for governor. Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. Fifteen Republicans are on the Republican primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Republican Secretary of State Barbara Cegavske has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There is a crowded Republican primary field to be the party's nominee in November, including some candidates who have spread false claims or raised questions about the 2020 election. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus is facing a challenger on the left, progressive Amy Vilela, who is backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.In the special election to fill the remainder of Democratic Rep. Filemon Vela's term in Texas' 34th District, Republicans got a short-term win with Republican Mayra Flores winning enough votes, 50% of the total turnout, to win the race outright to hold the seat until January. Vela resigned in March to work for a lobbying firm.Republicans are hoping the win Tuesday will give them an edge to flip the district in November, where Flores will face off against Democratic Rep. Vicente Gonzalez. Although the district lines will lean more Democratic in November than the version used in the special election, the win comes as Republicans continue to invest in their outreach with Hispanic voters in this region and across the country on issues such as the economy and immigration.Flores and Republican groups spent close to $1 million dollars on ads for the special election, while national Democratic groups only devoted a fraction of their resources to the race.   Updated 11:20 PM South Carolina 1st U.S. House District Republican primary: CBS News projects Nancy Mace wins CBS News projects Nancy Mace wins Republican primary   Updated 11:10 PM South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 10:22 PM South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    6:04 PM / June 14, 2022 Nevada U.S. Senate Republican primary Adam Laxalt, Sam Brown, William Conrad, William Hockstedler, Sharelle Mendenhall, Tyler Perkins, Carlo Poliak and Paul Rodriguez are on the ballot.   Updated 6m ago Nevada U.S. Senate Democratic primary: Catherine Cortez Masto wins Catherine Cortez Masto wins Democratic primary for U.S. Senate in Nevada.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   Updated 6m ago Nevada Governor Democratic primary: Steve Sisolak wins Steve Sisolak wins Democratic primary for governor in Nevada.   6:02 PM / June 14, 2022 Nevada Secretary of State Republican primary Kristopher Dahir, Jesse Haw, Jim Marchant, Richard F. Scotti, John Cardiff Gerhardt, Socorro Keenan and Gerard Ramalho are on the ballot.   Updated 11:46 PM Texas 34th U.S. House District Republican special election: Republican Mayra Flores wins Republican Mayra Flores wins the special election in Texas' 34th District to fill the remainder of Rep. Filemon Vela's term.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

get the free app Updated on: June 15, 2022 / 1:08 AM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Four states held primary elections Tuesday, and in one of the most closely watched races in South Carolina, CBS News projects Russell Fry wins the 7th-District Republican primary, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Tuesday's primaries are setting up some of the most expensive general election matchups in the fall.Rice vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race, and there were five other Republicans in the primary.  Tom Rice (left) and Russell Fry AP Photo/Alex Brandon, AP Photo/Meg Kinnard The former president issued a celebratory statement on Tuesday night, calling Fry's win the "biggest News of the evening so far is that Russell Fry beat Impeach Master Tom Rice with a Vote of more than 51%, therefore WINNING OUTRIGHT with no need for a run-off." Fry on Tuesday night called it a "huge night for Republicans" and thanked Trump for his endorsement. CBS News projects that Rep. Nancy Mace has won the Republican primary in South Carolina's 1st District. Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red,defeated Trump-backed former state Rep. Katie Arrington, the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham.Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.Trump had issued a statement Saturday saying that Mace is "despised by almost everyone" and said she "fights Republicans all the time and is not at all nice about it." But on Tuesday night, Trump issued a statement on Truth Social saying "Katie Arrington was a long shot but ran a great race and way over performed. Congrats to Nancy Mace, who should easily be able to defeat her Democrat opponent!" Anna Moneymaker/Getty Images, Sean Rayford/Getty Images Republican incumbent Sen. Tim Scott didn't face any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight is Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited secretary of state, who refused to throw out the election results in favor of Trump.Trump-backed Adam Laxalt won the Republican nomination for the U.S. Senate in Nevada. Laxalt succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general. Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, had endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto won the Democratic primary. She has has already raised big sums ahead of November — nearly $20 million in the last year — and went into primary day with more than $9 million cash on hand. Nevada Gov. Steve Sisolak, won the Democratica primary for governor. Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. Fifteen Republicans are on the Republican primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Republican Secretary of State Barbara Cegavske has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There is a crowded Republican primary field to be the party's nominee in November, including some candidates who have spread false claims or raised questions about the 2020 election. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus is facing a challenger on the left, progressive Amy Vilela, who is backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.In the special election to fill the remainder of Democratic Rep. Filemon Vela's term in Texas' 34th District, Republicans got a short-term win with Republican Mayra Flores winning enough votes, 50% of the total turnout, to win the race outright to hold the seat until January. Vela resigned in March to work for a lobbying firm.Republicans are hoping the win Tuesday will give them an edge to flip the district in November, where Flores will face off against Democratic Rep. Vicente Gonzalez. Although the district lines will lean more Democratic in November than the version used in the special election, the win comes as Republicans continue to invest in their outreach with Hispanic voters in this region and across the country on issues such as the economy and immigration.Flores and Republican groups spent close to $1 million dollars on ads for the special election, while national Democratic groups only devoted a fraction of their resources to the race.   Updated 11:20 PM South Carolina 1st U.S. House District Republican primary: CBS News projects Nancy Mace wins CBS News projects Nancy Mace wins Republican primary   Updated 11:10 PM South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 10:22 PM South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    Updated 4m ago Nevada U.S. Senate Republican primary: Adam Laxalt wins Adam Laxalt wins Republican nomination for U.S. Senate in Nevada.   Updated 14m ago Nevada U.S. Senate Democratic primary: Catherine Cortez Masto wins Catherine Cortez Masto wins Democratic primary for U.S. Senate in Nevada.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   Updated 14m ago Nevada Governor Democratic primary: Steve Sisolak wins Steve Sisolak wins Democratic primary for governor in Nevada.   6:02 PM / June 14, 2022 Nevada Secretary of State Republican primary Kristopher Dahir, Jesse Haw, Jim Marchant, Richard F. Scotti, John Cardiff Gerhardt, Socorro Keenan and Gerard Ramalho are on the ballot.   Updated 11:46 PM Texas 34th U.S. House District Republican special election: Republican Mayra Flores wins Republican Mayra Flores wins the special election in Texas' 34th District to fill the remainder of Rep. Filemon Vela's term.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

Software company MicroStrategy has not received a margin call against its loan from crypto-focused bank Silvergate, Reuters reported on Wednesday.Valerie Plesch | Bloomberg | Getty ImagesAggressive bitcoin investor and American software firm MicroStrategy says it hasn't received a margin call against a $205 million bitcoin-backed loan it took in March, according to a Reuters report on Wednesday.A margin call is a situation where an investor has to commit more funds to avoid losses on a trade made with borrowed cash.CNBC reported on Tuesday that investors were concerned MicroStrategy, which has bet $4 billion on bitcoin, would be forced to liquidate some of its bitcoin holdings if faced with a margin call.MicroStrategy did not respond to a CNBC request for comment before the publication of that report.The world's largest cryptocurrency briefly plunged below $21,000 on Tuesday in this week's big selloff. Shares of MicroStrategy, considered by some as a proxy for investing in bitcoin, tumbled more than 70% since the start of the year.Bitcoin was trading at $21,184.99 at 12.52 a.m. ET on Wednesday.In March, MicroStrategy borrowed $205 million in a three-year loan from crypto-focused bank Silvergate to buy more bitcoin, using its own bitcoin holdings to secure the loan.As at March 31, MicroStrategy held 129,218 bitcoins, each purchased at an average price of $30,700, according to a company filing. The company is the largest corporate investor of bitcoin.MicroStrategy's chief financial officer previously highlighted in May that if bitcoin was to drop below $21,000, it could trigger a margin call."MicroStrategy has not received a 'margin call' against our Silvergate loan even as bitcoin prices have fluctuated recently," the company told Reuters in an emailed statement.Read more about tech and crypto from CNBC Pro"We can always contribute additional bitcoins to maintain the required loan-to-value ratio … even at current prices, we continue to maintain more than sufficient additional unpledged bitcoins to meet our requirements under the loan agreement," MicroStrategy said. The loan-to-value ratio is a measure of how risky a loan is, by comparing the amount borrowed to the value of the asset.Earlier in June, MicroStrategy CEO Michael Saylor said the company has more than enough bitcoin to cover its loan requirements. He said bitcoin prices would need to fall below $3,500 before more collateral would be required.Saylor also said in a tweet on Tuesday that the company anticipated volatility and structured its balance sheet so that it can remain invested.MicroStrategy did not immediately respond to a Wednesday request for comment by CNBC.— CNBC's Ryan Browne contributed to this report.

MicroStrategy denies it received a margin call against its bitcoin-backed loan, report says.

Models of oil barrels and a pump jack are displayed in front of a rising stock graph and "$100" in this illustration taken February 24, 2022. REUTERS/Dado Ruvic/Illustration
Register now for FREE unlimited access to Reuters.comSummaryInvestors bet U.S Fed to announce a 75-basis-point rate hikeRecession fears, new China COVID lockdowns fuel demand concernsSINGAPORE, June 15 (Reuters) - Oil prices made gains on Wednesday, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big hike in interest rates by the U.S. Federal Reserve.In volatile trading Brent crude futures for August were up 15 cents, or 0.1%, at $121.32 a barrel as of 0422 GMT after falling to as low as $120.65 earlier in the session on the back of a 0.9% decline on Tuesday.U.S. West Texas Intermediate crude for July rose 15 cents, or 0.1%, to $119.08 a barrel, after hitting a low of $118.22 earlier in the day, having dropped 1.7% a day earlier.Register now for FREE unlimited access to Reuters.comSurging inflation has led investors and oil traders to brace for a big move by the Fed this week - a 75-basis-point increase, which would be the largest U.S. interest rate hike in 28 years. read more "An aggressively hawkish signal from the (U.S.) Fed may increase concerns of a global recession, which may dampen the demands of the energy market," said Leona Liu, analyst at Singapore-based DailyFX."If the Fed announces a 75-basis-points hike tonight, oil prices may be notably weak against the dollar in the short term as a hawkish Fed may push investors flow into safe-haven dollar and hit risk-sensitive assets like oil."On the demand side, China's latest COVID outbreak, traced to a 24-hour bar in Beijing, has raised fears of a new phase of lockdowns. read more The country's economy, however, showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly. read more In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022. read more Still, offering some support to prices is tight supply, which has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.Register now for FREE unlimited access to Reuters.comReporting by Koustav Samanta in Singapore, Sonali Paul in Melbourne and Laura Sanicola in New York; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Oil prices edge higher, but expected U.S. interest rate hike looms.

The $1 rule"The $1 rule is simple," Joy says. "If an item comes out to one dollar or less per use, I give myself the green light to buy it. The $1 rule gives yourself permission to still buy things you use frequently, while preventing impulse purchases that might seem like a good deal."The rule helped Joy avoid mental traps, like price anchoring. Anchoring is when a person gives lots of weight to the first piece of information they receive. If a product listing says an item was $100 but is now discounted to $75, the "anchor" is $100.This can encourage consumers to purchase marked-down products because they feel as if they are getting a good deal without evaluating whether they actually need it."I found a beautiful winter jacket for 75% off, marked down from $300 to $75. While I was lured in by the big discount and brand name, I stopped to do the math," she says. "I considered the number of cold days and other jackets I already had in rotation, and I couldn't see myself wearing that jacket 75 times — or every single day for two and a half months — and therefore, it wasn't worth the money."It also encouraged her to purchase fewer goods that might break or tear after a few uses. Instead, she finds herself buying "high-quality, sustainable items.""I've moved almost entirely away from fast fashion, because even a $5 shirt that I might only wear once breaks the $1 rule," she says.The 80/20 ruleThe 80/20 rule is another way to think about how much use you will get out of a product. If you believe you'll use a product 80% of the time, it's worth it to buy, Joy says. "I was complaining to a friend that I didn't want to buy a new phone and laptop because both cost a lot of money," Joy says. "But since I am using both daily, it removed the guilt of the cost, because it's something I need every day."If you'll only use a product, say, 20% of the time, though, you might want to reconsider buying it. Anything in between you can negotiate with yourself what percentage of time you'll be using it then decide if it's worth the cost.If an item comes out to one dollar or less per use, I give myself the green light to buy it.Bernadette JoyFounder of Crush Your Money GoalsFocus on buying what you 'really love'

Money coach who paid off $300,000 in 3 years: Following these 3 rules helps me save big.

Children fish at a beach in central Honiara, the capital of the Solomon Islands, on September 14, 2012.. REUTERS/Daniel MunozRegister now for FREE unlimited access to Reuters.comSYDNEY, June 15 (Reuters) - Australia's foreign minister will travel to the Solomon Islands on Friday to meet with Prime Minister Manasseh Sogavare amid concern over the regional impact of a security deal between the Pacific islands nation and China.Foreign Minister Penny Wong said in a news release that she would travel to the Solomon Islands and New Zealand, in her third visit to the Pacific since being sworn in last month. read more Australia was committed to deepening cooperation with the Solomon Islands on shared challenges including climate change, and Wong would meet with Sogavare, the statement said.Register now for FREE unlimited access to Reuters.com"I look forward to discussing the ways we can continue to make progress on pandemic recovery, economic development and labour mobility priorities, and addressing our shared security interests," she said.The Solomon Islands security pact, as well as a proposal by China for a sweeping security and trade agreement with 10 Pacific islands nations, will be discussed at next month's Pacific Islands Forum leaders meeting in Suva, several island nations have said.China's foreign minister, Wang Yi, met with Sogavare in Honiara last month, as part of an eight-nation Pacific tour, agreeing to deepen cooperation between China and Solomon Islands in fisheries, mining, infrastructure and trade.Wang said the security pact with the Solomon Islands would improve policing and protect Chinese citizens and institutions there."China supports Pacific Island countries in strengthening security cooperation and working together to address regional security challenges," he said during the visit. read more Australia, New Zealand, Japan and the United States have said they are concerned Beijing could establish a military presence in the Pacific, although Sogavare has denied the pact would allow a military base.Fiji told a security conference in Singapore over the weekend that climate change was the most pressing security concern for the Pacific islands.In New Zealand, Wong will discuss regional security and climate change with her counterpart. "New Zealand is an indispensable partner in our ambitions for a stronger Pacific family," she said.Register now for FREE unlimited access to Reuters.comReporting by Kirsty Needham. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Australia's foreign minister Wong to travel to Solomon Islands amid concern over China security pact.

People wait to get in outside Wynn Palace, U.S. casino tycoon Steve Wynn's newest resort, during its opening in Macau, China August 22, 2016. REUTERS/Bobby YipRegister now for FREE unlimited access to Reuters.comHONG KONG, June 15 (Reuters) - Macau's government will formally sign a six-month licence extension for casino operators in the world's largest gambling hub on June 23, local broadcaster TDM reported on Wednesday, an expected move ahead of licence expirations due this month.The extension, to Dec. 31, allows more time for a highly anticipated rebidding process in the Chinese special administrative region, the only place in China where gambling in casinos is legal.Macau's six casino operators - Wynn Macau (1128.HK), Sands China (1928.HK), MGM China (2282.HK), SJM Holdings (0880.HK), Galaxy Entertainment (0880.HK) and Melco Resorts - had all applied for the licence extension. They will each need to pay 47 million patacas ($5.81 million) for the extension.Register now for FREE unlimited access to Reuters.comThe move also comes as the city's legislature is due to approve an amended gaming law to lay the groundwork for what is required from multibillion dollar casino operators to continue operating in the former Portuguese colony.Macau's government did not immediately respond to requests for comment.In 2019 Macau raked in $36.5 billion from its casinos, more than six times that of the Las Vegas strip.Since 2020 however Macau's casinos have been slammed by coronavirus travel restrictions, which have curbed visitors, and crackdowns on the opaque junket industry.Beijing, increasingly wary of Macau's acute reliance on gambling, has not yet indicated how the licence rebidding process will be conducted.Register now for FREE unlimited access to Reuters.comReporting by Farah Master; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Macau to sign off on 6-month casino operator licence extensions -media.

The Arleigh Burke-class guided-missile destroyer USS Kidd and U.S. Coast Guard cutter Munro conduct Taiwan Strait transits August 27, 2021. U.S. Navy/Handout via REUTERSRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 14 (Reuters) - The United States on Tuesday backed Taiwan's assertion that the strait separating the island from China is an international waterway, a further rebuff to Beijing's claim to exercise sovereignty over the strategic passage.The Taiwan Strait has been a frequent source of military tension since the defeated Republic of China government fled to Taiwan in 1949 after losing a civil war with the communists, who established the People's Republic of China.In recent years, U.S. warships, and on occasion those from allied nations such as Britain and Canada, have sailed through the strait, drawing Beijing's anger.Register now for FREE unlimited access to Reuters.comOn Monday, China's Foreign Ministry said the country "has sovereignty, sovereign rights and jurisdiction over the Taiwan Strait" and called it "a false claim when certain countries call the Taiwan Strait 'international waters'."Commenting on Tuesday, U.S. State Department spokesman Ned Price said in an email to Reuters: "The Taiwan Strait is an international waterway, meaning that the Taiwan Strait is an area where high seas freedoms, including freedom of navigation and overflight, are guaranteed under international law."The world has "an abiding interest in peace and stability in the Taiwan Strait, and we consider this central to the security and prosperity of the broader Indo-Pacific region," Price added.He reiterated U.S. concerns about China's "aggressive rhetoric and coercive activity regarding Taiwan" and said the United States "would continue to fly, sail and operate wherever international law allows, and that includes transiting through the Taiwan Strait."Earlier on Tuesday, Taiwan Foreign Ministry spokeswoman Joanne Ou called China's position a "fallacy." read more On Wednesday, Taiwan Premier Su Tseng-chang said the strait was by "no means China's inland sea"."China's ambition to swallow up Taiwan has never stopped or been concealed; the Taiwan Strait is a maritime area for free international navigation," he told reporters.China's Taiwan Affairs Office said the government in Taipei was "cooperating with external forces to hype up the issue".This "harms the interests of compatriots on both sides of the Taiwan Strait and betrays the interests of the Chinese nation - it is despicable," office spokesman Ma Xiaoguang said in Beijing.China has never renounced the use of force to bring Taiwan under its control and views the island as an inherent part of Chinese territory.Taiwan says China has no right to speak for it or claim sovereignty, saying only Taiwan's people can decide their own future and that the People's Republic of China has never controlled any part of the island.Register now for FREE unlimited access to Reuters.comReporting by David Brunnstrom, Humeyra Pamuk and Michael Martina; Additional reporting by Ben Blanchard in Taipei and Beijing newsroom; Editing by Lincoln Feast.Our Standards: The Thomson Reuters Trust Principles.

U.S. rebuffs China by calling Taiwan Strait an international waterway.

Ukraine's patience over its lack of long-range weapons appears to be wearing thin with Ukrainian President Volodymyr Zelenskyy again pleading for more such weapons.In his nightly address Tuesday, Zelenskyy said "we keep telling our partners that Ukraine needs modern anti-missile weapons. Our country does not have enough of [these] yet, but it is in our country and right now that Europe has the greatest need for such weapons."He said any procrastination over the provision of such weapons "cannot be justified."Fighting remains fierce in Severodonetsk, the epicenter of the conflict in eastern Ukraine, and now Russian forces are believed to control about 80% of the city, which was fully cut off earlier this week after the last bridge into it was destroyed.A top military official with the breakaway Donetsk People's Republic said yesterday Ukrainian fighters in the city should now "surrender, or die." Ukraine says 'procrastination' over its need for weapons 'cannot be justified'Ukrainian President Volodymyr Zelenskyy attends a joint statement with European Commission President Ursula, as Russia's invasion of Ukraine continues, in Kyiv, Ukraine June 11, 2022. Valentyn Ogirenko | ReutersUkraine's patience over its lack of long-range weapons appears to be wearing thin with Ukrainian President Volodymyr Zelenskyy again pleading this week for more such weapons.In his nightly address Tuesday, Zelenskyy said that while Ukraine's air defenses managed to "cut the wings" of some Russian missiles targeting the country, others had caused more death and destruction in the Lviv and Ternopil regions in western Ukraine."And we keep telling our partners that Ukraine needs modern anti-missile weapons," Zelenskyy said."Our country does not have enough of [these] yet, but it is in our country and right now that Europe has the greatest need for such weapons. Procrastination with its provision cannot be justified," Zelenskyy said, addressing his nation at the end of the 111th day of the war.Ukrainian forces are battling a severe onslaught from Russian forces in eastern Ukraine with 80% of the key city of Severodonetsk now controlled by the occupiers. Zelenskyy has made repeated pleas for Ukraine to receive more long-range weapons from its Western allies, as well as tanks, drones and armored vehicles.— Holly EllyattRussia controls about 80% of the contested eastern Ukrainian city of SeverodonetskSmoke rises during shelling in the city of Severodonetsk, eastern Ukraine on May 21, 2022. Russian troops control about 80% of Severodonetsk, the last city now partially held by Ukraine in Luhansk, and have destroyed all three bridges leading out of it, the Associated Press reported, citing an official.Aris Messinis | Afp | Getty ImagesRussian troops control about 80% of Severodonetsk and have destroyed all three bridges leading out of the last city in Luhansk that's partially held by Ukraine, according to the Associated Press which cited the governor of Luhansk.Ukrainian forces have been pushed to the industrial outskirts of the city because of the "scorched earth method and heavy artillery the Russians are using", the AP said, citing Governor Serhiy Haidai.Haidai said that a mass evacuation of civilians now was "simply not possible" due to the persistent bombing and fighting.However, he added that there was still an opportunity to get civilians out of the city because Russian soldiers have not completely blocked off the city yet."There is still an opportunity for the evacuation of the wounded, communication with the Ukrainian military and local residents," he told the AP.Out of a pre-war population of 100,000, only 12,000 people remain in Severodonetsk, the news agency reported.More than 500 civilians are sheltering in the Azot chemical plant, which is being attacked by Russian troops, Haidai said.The Russian defense ministry has said it will open a "humanitarian corridor" on Wednesday to allow Ukrainian civilians sheltering in the plant to leave the complex.— Chelsea OngRussia's ability to finance the war and defense industry is still robust, sanctions expert saysLocal residents look at the russian military tank destroyed during Russia's invasion in Ukraine, in Sloboda village, Chernihiv area, Ukraine May 08, 2022 (Photo by Maxym Marusenko/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty ImagesCoordinated global sanctions may not immediately affect the Kremlin's ability to finance its defense industrial base or its ongoing war in Ukraine, Russian economy expert Richard Connolly said. "The Russian state's ability to finance the war and its military remain pretty robust," said Connolly, director of the Eastern Advisory Group and a fellow at the Centre for Russian, European and Eurasian Studies. "Even in the event that Moscow has to run a budget deficit. It's got plenty of fiscal room to do this. It has an extremely low debt level, it doesn't need to borrow abroad, it can borrow from domestic sources of cash," he explained. "And at the moment, it has this very positive cash flow. So for as long as the political will is there in the Kremlin and for as long as export prices remain high, I don't see any immediate financial constraints confronting the Kremlin."Connolly, who spoke on a panel hosted by Washington-based think tank CNAS, added that Russia historically maintains high defense equipment reserves."I'd be very surprised if they weren't high on the eve of the war and therefore, I would imagine that defense industrial enterprises will continue to produce in the months to come," he said. He also said that Russia has previously shown that it can source Western tech components used in its defense industry despite sanctions.— Amanda MaciasPutin likely not at risk of losing power amid war in Ukraine, expert saysRussian President Vladimir Putin attends the Collective Security Treaty Organisation (CSTO) summit at the Kremlin in Moscow, Russia May 16, 2022.Sergei Guneev | Sputnik | ReutersAs the globe coordinates global sanctions against Moscow and a segment of Russian society opposes the Kremlin's war in Ukraine, Russian President Vladimir Putin may not be at risk of losing his power."I would say there are very few signs that he's at risk of losing power anytime soon," explained Andrea Kendall-Taylor, a senior fellow and director of the Transatlantic Security Program at the Center for a New American Security, or CNAS.Kendall-Taylor, a national security expert who specializes in Russia and authoritarian regimes, told a virtual audience at the CNAS National Security Conference that Putin's hold on power is nonetheless considerably weaker since the start of the war."I don't want to necessarily overstate public support for the war, because there is quite clearly a segment of society who opposes it," Kendall-Taylor said. She added that in the scenario in which Putin was to die in office, another autocrat would likely replace him.— Amanda MaciasEU looks to east Mediterranean as gas alternative to Russia(R to L) Israel's Prime Minister Naftali Bennett and his Italian counterpart Mario Draghi give a joint press statement at the Prime minsters office in Jerusalem on June 14, 2022.Abir Sultan | AFP | Getty ImagesEuropean leaders visiting Israel expressed hope that natural gas supplies from the eastern Mediterranean could help reduce dependence on Russia as the Ukraine war drags on.Israel has emerged as a gas exporter in recent years following major offshore discoveries and has signed an ambitious agreement with Greece and Cyprus to build a shared pipeline. New supplies could help Europe ramp up sanctions on Moscow."On the energy front, we will work together in using gas resources of the eastern Mediterranean and to develop renewable energy," Italian Prime Minister Mario Draghi said at a joint press conference with his Israeli counterpart, Naftali Bennett."We want to reduce our dependence on Russian gas and accelerate energy transition toward the climate objectives we've given ourselves," he said.Bennett said Israel was working to make natural gas available for Europe. His office said the two leaders also discussed shipping natural gas to Europe through Egypt.— Associated PressRead CNBC's previous live coverage here:

Ukraine says delays over weapon supplies 'cannot be justified'; Russia edges toward taking full control of Severodonetsk.

The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation in Washington, U.S., January 26, 2022. REUTERS/Joshua Roberts/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - President Joe Biden's top officials and Federal Reserve Chair Jerome Powell were quick to dismiss the first embers of inflation in the spring of 2021 in a single word: Transitory.More than a year later, price increases at 40-year peaks have proven to be anything but, so much so that the Fed this week appears ready to hike interest rates by the most since 1994 to quell them. Biden, meanwhile, is paying the political price for being the face Americans blame for $5 a gallon gas and 10% price increases for eggs.In truth, the culprits contributing to the current U.S. inflation are numerous. Fiscal spending likely went a step too far; a red-hot job market lifted worker pay the most in a generation; global supply shocks kept coming instead of easing; the war in Ukraine created food and fuel scarcities.Register now for FREE unlimited access to Reuters.comBut both the Fed and Biden administration were slow to shift their focus from fighting the economic shock of the pandemic, particularly on employment, to controlling inflation that is so acute the central bank is willing to court a recession to fix it.By mid-summer 2021, the pandemic employment hole was still nearly 7 million jobs, but price increases were already running at their highest in a decade and twice the Fed's 2% a year target. Biden and Powell each referred to "transitory" inflation within days of each other that July. Biden did so in a speech marking his first six months in office and Powell in his press conference following that month's Fed policy meeting.By September, the Fed appeared to finally take note, when it signaled the labor market conditions it had set for dialing back its bond purchases - the first step toward higher rates - would soon be met. The consumer price index then had climbed by more than 5% year-on-year, belying expectations for an easing.When the Fed actually started reducing its asset purchases in November it would be north of 6%.Consumers noticed as well. A measure of near-term inflation expectations from the University of Michigan that month hit its highest since 2008.That presented the first inklings of a new and deeper problem.High inflation becoming rooted in public psychology is something Fed officials have feared as it lowers obstacles for companies to raise prices, keeps consumers spending furiously, and undermines the Fed's own credibility as an inflation fighter.Indeed, that risk - which has only grown this year - is now central to the rapid change in the Fed's posture. read more "As soon as (inflation) expectations move, you have to hit like a hammer. Do more and do it quick. That is where we are," said Larry Meyer, a former Fed governor and chief executive of LHMeyer, referring to the prospect of a three quarter point Fed rate hike this week.THE BIDEN RESPONSEFor its part, the White House in mid-2021 created a task force to deal with supply chain snarls, thick with retail and logistics company leaders, tried to stamp down rising oil prices with releases from the strategic petroleum reserve and focused on anti-competitive practices in key industries.In December, Biden declared victory over empty shelves, seconded by FedEx Corp (FDX.N) chief executive Fred Smith.But inflation did not respond, prompting Biden in the fall to double down on his big plan to fix it. The Build Back Better Act aimed hundreds of billions of dollars in investment at reducing health care, housing, childcare and prescription drug costs, among other issues.Instead, it died in Congress after negotiations failed between the White House, and progressive Democrats and hold out senators.By May of this year, Biden was highlighting the role the Fed, not the White House, would play in reducing inflation, while promising to look at tariffs on goods from China and other issues that could have some impact.Treasury Secretary Janet Yellen, a key promoter of the term "transitory," publicly retired it in December, but she continued to reassure White House officials privately early this year that price pressures would ease in 2022. It was not until this month that she admitted her mistake. read more White House officials now privately acknowledge they may have little control over price hikes ahead of the crucial November mid-terms, and would do what they could on the margins, while continuing to lay the blame on Russian President Vladimir Putin and his invasion of Ukraine that sent fuel and food costs sky-rocketing further. read more BACK TO THE FEDOnce Fed officials this year fully embraced that the situation had changed, their response took on increasing urgency as the clamor grew from financial market actors and other critics that they were woefully behind the curve.They accelerated the end of their bond purchases and in March raised the benchmark short term federal funds rate for the first time since 2018, by a quarter percentage point.But even then, policymakers' projections signaled what, by historical standards, would be a modest rise in the federal funds rate to around 1.9% by the end of the year, with no change in unemployment from the current low rate of 3.6%.In early May, they raised rates again, by half a point this time, and for weeks afterward touted a plan to raise them by that margin again at meetings in June and July.Since then, the outlook on prices has eroded further, with annual consumer inflation as of May accelerating to 8.6%, and persistently high prices now amounting to a generational shock. Stock markets have sunk into a full-on bear market on worries that the Fed's small steps will no longer be enough, and bond yields most sensitive to central bank policy expectations have shot to their highest since 2007.When data on Friday showed a jump in consumers' expectations about inflation, coupled with a similar outcome in a Monday New York Fed survey, it may have convinced Fed officials that their pledge to tame prices had not yet registered - to either the public or financial markets. read more Jason Furman, former chair of the Council of Economic Advisers and a Harvard University professor, said Fed officials were paying the price for policy that promised to fight inflation but lacked any firm commitment to push rates to restrictive levels."It is hard to convince people you are going to do serious things next year when you are not going to do them this year," he said.Register now for FREE unlimited access to Reuters.comReporting by Howard Schneider, Heather Timmons and Andrea Shalal; Writing by Dan Burns and Howard Schneider; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Analysis: How it came to this: The Fed and White House's slow inflation awakening.

An AirAsia X Airbus A340 passenger jet arrives on its inaugural flight from Kuala Lumpur to Paris Orly Airport in this February 14, 2011. REUTERS/Charles PlatiauRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - Malaysian budget carrier AirAsia X Bhd (AIRX.KL) will add new long-haul routes from Kuala Lumpur to London, Dubai and Istanbul this year, the airline said on Wednesday, aiming to take advantage of growing demand as travel curbs are lifted.The airline, which is operating six Airbus (AIR.PA) A330 jets, hopes to have 15 planes in service by year-end, its Malaysia chief executive, Benyamin Ismail, told reporters."We remain confident we want to go back to pre-COVID capacity. It will take time," Ismail said, without setting a date. "We have to be profitable first."Register now for FREE unlimited access to Reuters.comAirAsia X had a fleet of 39 planes, including 13 in Thailand and two in Indonesia before the COVID-19 pandemic, its 2019 annual report showed.The airline, which was unprofitable even before the pandemic, had limited cargo and charter flights until recently, when many Asian nations eased travel and quarantine rules.Last year, the creditors of AirAsia X agreed to a restructuring that paid just 0.5% of debt owed on liabilities of 33.65 billion ringgit ($7.62 billion) and ended existing contracts, giving it a fresh start as demand recovers. read more On Wednesday, AirAsia X said it would resume four routes to Japan and Hawaii from July 1 and add flights to Dubai, Istanbul and London by the end of the year after it gets the relevant approvals and airport slots.The airline had stopped flying to London in 2012, citing soaring taxes and higher jet fuel prices, though founder Tony Fernandes had long teased the prospect of a return."We are now in a very high fuel environment so fares will generally be higher," Ismail said of the current market, adding the airline had adopted fuel surcharges as a result.The new flight to London would involve a stopover in Dubai, he said, but prices have not yet been revealed.($1=4.4175 ringgit)Register now for FREE unlimited access to Reuters.comReporting by Jamie Freed; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

AirAsia X to add long-haul routes, including London, as demand rebounds.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. June 14, 2022. REUTERS/Brendan McDermid TPX IMAGES OF THE DAYRegister now for FREE unlimited access to Reuters.comNEW YORK, June 15 (Reuters) - Despite a crushing selloff that pushed U.S. stocks into a bear market, investors see few signs suggesting equities have hit bottom, as persistent worries over surging inflation and an aggressive Federal Reserve continue to pressure asset prices.The market’s losses have been steep. The 21.3% year-to-date decline in the S&P 500 as of Monday wiped out some $8.7 trillion in market value this year, according to S&P Dow Jones Indices. read more Meanwhile, the highest inflation rise in four decades has investors pricing in a once-unthinkable 75 basis-point rate increase at the Fed’s monetary policy meeting on Wednesday, and worries are growing that the central bank won’t be able to tame consumer prices without tipping the economy into a recession. read more Register now for FREE unlimited access to Reuters.comSome strategists, however, are not convinced that all the factors are in place to mark the end of the declines.“This is not necessarily what a bottom looks like," said Mark Hackett, chief of investment research at Nationwide. "It is perhaps what a bottoming process looks like.”Reuters GraphicsThe S&P 500 on Tuesday ended down 22.1% from its Jan 3 record peak. The average decline for bear markets since 1946 has been 32.7%, according to investment research firm CFRA, which may suggest the current slide may have more room to run.Similarly, the average bear market has lasted 389 calendar days from the peak to the bottom, more than twice as long as the current bear slide.Hackett and other market participants are also watching a number of technical signs indicating that selling in stocks may have reached a crescendo.One of the more famous indicators is the Cboe Volatility Index, or VIX, which is known as “Wall Street’s fear gauge” and measures the expectation of stock-market volatility as expressed by options prices.Since 1990, the volatility index has reached an average level of 37 at market bottoms, and spiked to 85 during the market’s coronavirus-fueled swoon of March 2020. By contrast, the VIX rose to 35.05 during Monday’s selloff: above its long-term median of about 18, but still below peak levels in other bear markets.“It feels like investors are less panicked and more resigned to the fact that the next 6-12 months is going to be a slog (and elevated volatility is here to stay longer),” wrote Chris Murphy, co-head of derivative strategy at Susquehanna International Group, commenting on VIX contracts going out into the next year.Vol index above its medianStill, volume on puts, which investors use to protect their portfolios from stock declines, hit 2.03 million contracts on Monday, the highest level since Fed 28, 2020, according to Trade Alert data.Some also watch indicators on investor sentiment, with the hopes of potentially swooping into the markets when pessimism is high and selling is becoming exhausted.Many such indicators show sentiment has soured. The latest weekly survey of the American Association of Individual Investors, for example, found bearish sentiment at 46.9% – topping its long term average of 30.5% but still below levels from earlier this year.Those readings came before the higher-than-expected inflation reading on Friday that sent stocks tumbling and could sour investor sentiment further.Reuters Graphics“Investor sentiment has been negative for a while now and that is a sign telling us we might be getting there as a bottom but we are not quite there yet,” said Angelo Kourkafas, an investment strategist at Edward Jones.Technical indicators aside, Kourkafas said it will be difficult for the market to fully bottom until investors are confident inflation has ebbed, allowing the Fed to ease back on its monetary tightening.Others, however, are urging investors to focus on the long-term. Keith Lerner, co-chief investment officer at Truist Advisory Services, notes that less than 5% of S&P 500 stocks are trading above their 50-day moving average. read more That's only happened nine times since 1990, and the S&P 500 was up in every single case a year later, with an average gain of 23%."Given the market is already pricing in a high probability of recession, that stocks are very oversold on several metrics, that valuations (while not cheap) have been reset, and sentiment is depressed, we would not reduce equities," he wrote in a Tuesday report.Register now for FREE unlimited access to Reuters.comReporting by Lewis Krauskopf; Additional reporting by Saqib Iqbal Ahmed; Editing by Ira Iosebashvili & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Some see few signs of a bottom in U.S. stocks, even after steep selloff.

get the free app Updated on: June 15, 2022 / 2:18 AM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Four states held primary elections Tuesday, and in one of the most closely watched races in South Carolina, CBS News projects Russell Fry wins the 7th-District Republican primary, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Tuesday's primaries are setting up some of the most expensive general election matchups in the fall.Rice vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race. The former president issued a celebratory statement on Tuesday night, calling Fry's win the "biggest News of the evening so far is that Russell Fry beat Impeach Master Tom Rice with a Vote of more than 51%, therefore WINNING OUTRIGHT with no need for a run-off."  Tom Rice (left) and Russell Fry AP Photo/Alex Brandon, AP Photo/Meg Kinnard Fry on Tuesday night called it a "huge night for Republicans" and thanked Trump for his endorsement. CBS News projects that Rep. Nancy Mace has won the Republican primary in South Carolina's 1st District. Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red,defeated Trump-backed former state Rep. Katie Arrington, the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham.Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.Trump had issued a statement Saturday saying that Mace is "despised by almost everyone" and said she "fights Republicans all the time and is not at all nice about it." But on Tuesday night, Trump issued a statement on Truth Social saying "Katie Arrington was a long shot but ran a great race and way over performed. Congrats to Nancy Mace, who should easily be able to defeat her Democrat opponent!" Anna Moneymaker/Getty Images, Sean Rayford/Getty Images Republican incumbent Sen. Tim Scott didn't face any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight is Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited secretary of state, who refused to throw out the election results in favor of Trump.Trump-backed Adam Laxalt won the Republican nomination for the U.S. Senate in Nevada. Laxalt succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general. Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, had endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto won the Democratic primary. She has already raised big sums ahead of November — nearly $20 million in the last year — and went into primary day with more than $9 million cash on hand. Nevada Gov. Steve Sisolak, won the Democratic primary for governor. Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. Fifteen Republicans are on the primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Jim Marchant won the Republican primary for Nevada Secretary of State. A former state lawmaker, Marchant told The Wall Street Journal last year that he didn't know whether Mr. Biden won the state in 2020 and "would not have certified" the election. Marchant also told The Guardian that he would be open to sending an alternate slate of electors to Congress in 2024. He also falsely claimed that the 2020 election was "stolen" from him and Trump. Marchant lost to Rep. Steven Horsford and unsuccessfully challenged the results. Marchant and another candidate in the race, former Clark County District Court Judge Richard Scotti, have said they would push to decertify Dominion voting machines, which are used by nearly all of Nevada's counties. The machines were at the center of some election conspiracies and the company has filed lawsuits against some high-profile figures who spread those claims. Republican Secretary of State Barbara Cegavske, who is term limited, has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus won the primary. She defeated progressive Amy Vilela, who was backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.In the special election to fill the remainder of Democratic Rep. Filemon Vela's term in Texas' 34th District, Republicans got a short-term win with Republican Mayra Flores winning enough votes, 50% of the total turnout, to win the race outright to hold the seat until January. Vela resigned in March to work for a lobbying firm.Republicans are hoping the win Tuesday will give them an edge to flip the district in November, where Flores will face off against Democratic Rep. Vicente Gonzalez. Although the district lines will lean more Democratic in November than the version used in the special election, the win comes as Republicans continue to invest in their outreach with Hispanic voters in this region and across the country on issues such as the economy and immigration.Flores and Republican groups spent close to $1 million dollars on ads for the special election, while national Democratic groups only devoted a fraction of their resources to the race.   Updated 11:20 PM South Carolina 1st U.S. House District Republican primary: CBS News projects Nancy Mace wins CBS News projects Nancy Mace wins Republican primary   Updated 11:10 PM South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 10:22 PM South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    Updated 1:06 AM Nevada U.S. Senate Republican primary: Adam Laxalt wins Adam Laxalt wins Republican nomination for U.S. Senate in Nevada.   Updated 12:56 AM Nevada U.S. Senate Democratic primary: Catherine Cortez Masto wins Catherine Cortez Masto wins Democratic primary for U.S. Senate in Nevada.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   Updated 12:56 AM Nevada Governor Democratic primary: Steve Sisolak wins Steve Sisolak wins Democratic primary for governor in Nevada.   1:11 AM Nevada 1st U.S. House District Democratic primary: Dina Titus wins Dina Titus wins Democratic primary for U.S. House in Nevada's 1st District.   Updated 9m ago Nevada 2nd District Republican primary: Mark Amodei wins Mark Amodei wins Republican nomination for U.S. House in Nevada's 2nd District.     Updated 21m ago Nevada Secretary of State Republican primary: Jim Marchant wins Jim Marchant wins Republican nomination for Nevada Secretary of State.   Updated 11:46 PM Texas 34th U.S. House District Republican special election: Republican Mayra Flores wins Republican Mayra Flores wins the special election in Texas' 34th District to fill the remainder of Rep. Filemon Vela's term.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah SilbigerRegister now for FREE unlimited access to Reuters.comNEW YORK, June 15 (Reuters) - Bond investors are embracing safety in their portfolios as volatile markets price in a super-sized hike from the Federal Reserve following evidence of scorching inflation.Investors have drastically shifted their expectations about Wednesday's decision to a rate hike of 75 basis points (bps) - not the 50 bps the market was expecting last week. The increased hawkishness has sent equity markets tumbling and bond yields surging, briefly inverting the yield curve and pushing stocks into a bear market. read more Many investors support the Fed moving faster to dampen inflation, but they worry about the risk of recession.Register now for FREE unlimited access to Reuters.com"A surprise 75 basis-point hike would be a happy one," said Nancy Tengler, chief executive officer and chief investment officer at Laffer Tengler Investments in Scottsdale, Arizona."The question is whether the economy can avoid recession and that would depend on what the Fed does. If the Fed raised by 50 and they say they're willing to consider 75, then we know that they're not going to get ahead of inflation. You need to front-end load the hikes."Tengler said her firm has been "defensive" in its bond portfolios, shortening duration and increasing the underlying quality of the assets.Shorter-duration debt typically outperforms longer-dated debt in a rising rate environment.Overall, futures on the fed funds rate, or the rate on unsecured overnight loans between banks, now reflect an 87% chance of a 75 bps rate hike on Wednesday, and a 75% probability of another such increase in July . The market has also factored in a fed funds rate of 4% by the summer next year.Pershing Square Capital Management founder and chief executive officer Bill Ackman, in comments on Twitter on Tuesday, pushed for multiple 75 bps hikes, noting that market confidence in the Fed can only be restored if it delivers on what the market expects.Reuters Graphics Reuters GraphicsThe Fed has already raised rates by 75 basis points this year. It also began to shrink its balance sheet this month, a process called quantitative tightening. The Fed's balance sheet ballooned to nearly $9 trillion as part of its pandemic policy accommodationThe recent big spike in inflation was a major catalyst to the shift in expectations. Last Friday, data showed that in the 12 months through May, the U.S. consumer price index (CPI) surged 8.6%, the largest year-on-year increase in roughly 40 years. read more InflationBOND MARKET BETSAhead of the Fed decision, fixed income market players have kept short duration bets.Some, however, have reduced those short-maturity trades, believing there are opportunities in the market given how credit spreads have widened and how rates have risen significantly since the beginning of the year."We are still short duration albeit to a lesser degree. We have been upgrading the quality of our portfolios under the premise that choppier markets and tighter monetary policies should cause credit spreads to widen," said R.J. Gallo, senior portfolio manager at Federated Hermes in Pittsburgh.His portfolios are also slightly overweight Treasuries and even though their duration is short, "we still like the high-quality nature of Treasuries for playing defense."But despite the Fed's aggressive tightening, bond investors see opportunities in the fixed income space and for some, it may be time to start moving away from safety bets."At this point, being incredibly conservative from both a credit and duration standpoint is not the right place to be," said Jason Brady, chief executive officer at Thornburg Investment Management in Santa Fe, New Mexico, overseeing $46 billion in assets."That's where we were and we're moving away from that."From a credit spread standpoint, Brady said his firm has become marginally less conservative.Brady, for instance, cited U.S. high yield debt, with its spread to Treasuries widening to 487 basis points on Monday. On top of a 3.5% yield in U.S. five-year Treasuries, he noted that an investor would net a more than 7% yield, which is "not terrible."David Petrosinelli, managing director at broker-dealer InspereX in New York, has also been advising investors to be defensive in bond portfolios since the fourth quarter of last year, but still believes the Fed could slow the pace of tightening later this year.He recommends a barbell strategy, which combines short and long maturity bonds. If rates rise, the investor will have the opportunity to reinvest the proceeds of the shorter-term securities at the higher rate.Petrosinelli believes the Fed's aggressive hikes this year will lead to a dramatic tail-off in consumption by end-2022."That's going to slow the Fed down in the fourth quarter in terms of hiking rates. They will still need to raise rates, but the magnitude is going to decline quickly."Register now for FREE unlimited access to Reuters.comReporting by Gertrude Chavez-Dreyfuss; Editing by Alden Bentley, Megan Davies and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

With blistering inflation and hawkish Fed, bond investors push for safety.

A member of the Cargo Truckers Solidarity union stands next to a truck during a strike in Yeosu, South Korea, June 9, 2022. Yonhap via REUTERS/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesSteel, materials and other shipments moving outUnion, opposition party call for ruling party's cooperationBusiness lobby says freight rate system places onus on shipperSEOUL, June 15 (Reuters) - South Korea's unionised truckers headed back on the roads on Wednesday after the union and the transport ministry reached a tentative late-night agreement, ending a nationwide strike that crippled ports and industrial hubs.The transport ministry and truckers union agreed on late Tuesday to extend the truckers' minimum freight rates and continue discussing expanding a guarantee of minimum pay for carrying cargo to cover additional products. The transport ministry will also review expanding fuel subsidies. read more Shares in some affected industries rose after the eight-day strike had delayed cargo shipments from autos to cement and alcohol, costing South Korea more than $1.2 billion in lost output and unfilled deliveries.Register now for FREE unlimited access to Reuters.com"So the strike has been called off until our demands are passed in parliament," said Park Jung-hoon, an official at the union's Busan chapter, referring to the process the transport ministry must undertake to implement the agreement."In the next two to three days, 100% of unionised truckers at Busan port are expected to return to work after they get some rest. There might be some shippers who seek retributions, and in such cases, we will respond strongly."The strike had been an early test of the new government of President Yoon Suk-yeol and had further stretched global supply chains already disrupted by China's COVID-19 curbs and Russia's invasion of Ukraine.Woo Sang-ho, the interim leader of the opposition liberal Democratic Party which has a majority in parliament, welcomed the agreement but said the issue of guaranteeing freight rates required legislation and called for "fundamental improvement" to address conditions faced by the truckers."The ruling party must not remain a mediator, but should promote directly" the minimum freight rate system as it is directly tied to people's safety, a joint statement with the union and a Democratic Party committee said on Wednesday.There was confusion about whether the government and Yoon's ruling conservatives agreed to make the minimum pay system a permanent feature or merely extend a temporary measure for another fixed period, union official Kim Jae-gwang said.Business lobby group Korea International Trade Association said the minimum freight rate system "does not take into account market functions", reduces production and weakens international competitiveness by "placing a one-sided burden on the shipper".SHARES GAIN, PRODUCTION RESUMESHowever, investors responded positively, with shares in Hyundai Motor (005380.KS) gaining as much as 4% while shares in Hanil Cement (300720.KS) rose as much as 7%."Production has been normalised at our Ulsan Plant and we will continue to minimise customer inconvenience from the production disruption," Hyundai Motor said in a statement to Reuters on Wednesday.Yoo Ji-woong, an analyst at Daol Securities estimated the strike had impacted about 5,000 vehicles each for both Hyundai and Kia (000270.KS) but said there were sufficient opportunities to make up for lost production during June through overtime.Steelmaker POSCO, a unit of POSCO Holdings (005490.KS), halted work at some plants on Monday due to a lack of space to store unshipped products, but plans to achieve originally planned production output by adjusting its maintenance."We plan to resume our overland transport of steel products out of Pohang and Gwangyang steel plants starting 1 p.m. (0400 GMT) on Wednesday," a spokesperson said.Korea Zinc (010130.KS) said its shipments of sulphuric acid, a key raw material of semiconductors, are back on track after strikers retreated from its production base in Ulsan.An official at SK Plasma, which manufactures medicines with plasma, said shipments of plasma supplies, which had been trapped in Busan port, partially resumed on Wednesday.But although shares in drinks company HiteJinro (000080.KS) rose as much as 4.5% in early trade, subcontracted truckers had still not returned to work as of Wednesday morning because they had additional demands for a pay hike, a HiteJinro official said.Register now for FREE unlimited access to Reuters.comReporting by Byungwook Kim, Heekyong Yang, Ju-min Park and Joyce Lee; Additional reporting by Choonsik Yoo and Jihoon Lee; Editing by Lincoln Feast.Our Standards: The Thomson Reuters Trust Principles.

S.Korea truckers return to work after strike; shares rally.

Soccer Football - FIFA World Cup Qualifier - Costa Rica v New Zealand - Al Rayyan Stadium, Al Rayyan, Qatar - June 14, 2022 General view inside the stadium before the match REUTERS/Mohammed DabbousRegister now for FREE unlimited access to Reuters.comTAIPEI, June 15 (Reuters) - Taiwan's Foreign Ministry condemned organisers of the World Cup in Qatar on Wednesday for saying Taiwanese fans may be listed as being from China, and demanded organisers not allow "improper political factors" to interfere in sporting events.The issue is extremely sensitive for democratically-governed Taiwan, which bristles at China's claims of sovereignty over it, and particularly its giant neighbour's efforts to claim people from Taiwan as being from China.All World Cup ticketholders must apply for the Hayya card used to identify fans, which also serves as their entry visa for Qatar.Register now for FREE unlimited access to Reuters.comOn Tuesday, a drop-down menu of nationalities on the application system had no listing at all for Taiwan, and a senior Qatari official said Taiwanese were likely to be listed as being from China on the card. read more By Wednesday, the online system was listing "Taiwan, Province of China", terminology that equally angers Taiwan's government and many of its people, though it did also include a Taiwanese flag, a symbol anathema to China's government.Taiwan Foreign Ministry spokeswoman Joanne Ou said it was "unacceptable to belittle our country" and they were looking for organisers to make an "immediate correction of their ways"."The Foreign Ministry again calls on the organisers of the World Cup to not allow improper political factors to interfere with simple sports activities and tarnish sporting venues that value fair competition and emphasise the spirit of the athletes," she added.Organisers should let sports be sports and give fans around the world "a clean World Cup football event".There was no immediate response to the comments from World Cup organisers. The Qatar government's communication office was not immediately responding to request for comment.Taiwan competes at most international sporting events, like the Olympics, as "Chinese Taipei" to avoid political problems with Beijing.Taiwan has no diplomatic relations with Qatar, which, like most countries, only recognises China's government.China, seeking to assert its sovereignty claims, has been stepping up pressure for countries and foreign companies to refer to Taiwan as part of China in official documents and on websites, often using the wording "Taiwan, Province of China", or "Taiwan, China".Taiwan has never played at the World Cup finals and crashed out in the second round of Asian nations qualifying for the 2022 tournament last year after losing all eight matches.Register now for FREE unlimited access to Reuters.comReporting by Ben Blanchard; Editing by Peter Rutherford Our Standards: The Thomson Reuters Trust Principles.

Taiwan condemns Qatar for 'politicising' World Cup amid China spat.

Two of your social media apps could be collecting a lot of data on you — and you might not like what one of them is doing with it.That's according to a recent study, published last month by mobile marketing company URL Genius, which found that YouTube and TikTok track users' personal data more than any other social media apps.The study found that YouTube, which is owned by Google, mostly collects your personal data for its own purposes — like tracking your online search history, or even your location, to serve you relevant ads. But TikTok, which is owned by Chinese tech giant ByteDance, mostly allows third-party trackers to collect your data — and from there, it's hard to say what happens with it.With third-party trackers, it's essentially impossible to know who's tracking your data or what information they're collecting, from which posts you interact with — and how long you spend on each one — to your physical location and any other personal information you share with the app.As the study noted, third-party trackers can track your activity on other sites even after you leave the app.To conduct the study, URL Genius used the Record App Activity feature from Apple's iOS to count how many different domains track a user's activity across 10 different social media apps — YouTube, TikTok, Twitter, Telegram, LinkedIn, Instagram, Facebook, Snapchat, Messenger and Whatsapp — over the course of one visit, before you even log into your account.YouTube and TikTok topped the other apps with 14 network contacts apiece, significantly higher than the study's average number of six network contacts per app. Those numbers are all probably higher for users who are logged into accounts on those apps, the study noted.Ten of YouTube's trackers were first-party network contacts, meaning the platform was tracking user activity for its own purposes. Four of the contacts were from third-party domains, meaning the social platform was allowing a handful of mystery outside parties to collect information and track user activity.For TikTok, the results were even more mysterious: 13 of the 14 network contacts on the popular social media app were from third parties. The third-party tracking still happened even when users didn't opt into allowing tracking in each app's settings, according to the study."Consumers are currently unable to see what data is shared with third-party networks, or how their data will be used," the report's authors wrote.TikTok tells CNBC Make It that the company recently conducted its own test of its app, using the same method as the study, which found that any network contacts went to only four third-party domains, all of which the company says are regularly used by other apps for functions such as network security and user certification, among others. Those third-party domains were Google, Apple, and Snap, as well as AppsFlyer, an advertising analytics company that measures the performance of marketing campaigns on the social media platform.In October, Wired published a guide to how TikTok tracks user data, including your location, search history, IP address, the videos you watch and how long you spend watching them. According to that guide, TikTok can "infer" personal characteristics from your age range to your gender based on the other information it collects. Google and other sites do the same thing, a practice called "inferred demographics."TikTok has been the subject of criticism in the past over how the company collects and uses data, especially from younger users, including claims that the company has transferred some private user data to Chinese servers.As CNBC noted last year, TikTok's privacy policy states that the app can share user data with its Chinese parent company, though it claims to employ security measures to "safeguard sensitive user data."In 2020, then-President Donald Trump looked to ban TikTok in the U.S. over concerns about the app's data security policies, before current President Joe Biden walked back those threats and ordered a review of potential security threats posed by foreign-owned apps.YouTube did not immediately respond to CNBC Make It's request for comment.UPDATE: This article has been updated with information provided by TikTok.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:Disney is hiring TikTok creators — you need to love theme parks, food and social mediaHow 'Your Rich BFF' Vivian Tu built a massive TikTok following: 'I actually showed people the math'

TikTok shares your data more than any other social media app — and it's unclear where it goes, study says.

Register now for FREE unlimited access to Reuters.comLOS ANGELES, June 14 (Reuters) - Walt Disney Co's (DIS.N) new animated Pixar movie "Lightyear" features a gay couple, the latest step by the company to show traditionally under-represented groups on the big screen.Actor Chris Evans, who voices the main character in "Lightyear," applauded moves to reflect all types of people and said those who react negatively should be disregarded."The real truth is those people are idiots," Evans said in an interview with Reuters Television ahead of the debut of "Lightyear" in theaters on Friday.Register now for FREE unlimited access to Reuters.com"Every time there’s been social advancement as we wake up, the American story, the human story is one of constant social awakening and growth and that’s what makes us good," he added."Lightyear" was banned in the United Arab Emirates because it depicts homosexuality, and Disney has been unable to secure permission to show the movie in 13 other Middle Eastern and Asian countries L1N2XW2X0.Cast member Chris Evans poses for a photo, as he arrives for the UK premiere of 'Lightyear' in London, Britain June 13, 2022. REUTERS/Maja SmiejkowskaThe movie is Pixar's imagining of the movie that inspired the toy version of Buzz Lightyear featured in the acclaimed "Toy Story" franchise.Evans voices Buzz Lightyear, a legendary space ranger. Buzz's close friend in the film is a female space ranger who marries another woman. A scene showing milestones in the couple's relationship includes a brief kiss."There's always going to be people who are afraid and unaware and trying to hold on to what was before. But those people die off like dinosaurs," Evans said. "I think the goal is to pay them no mind, march forward and embrace the growth that makes us human."Producer Galyn Susman asked why viewers "don't get more upset showing failed relationships."In "Lightyear," "We have a relationship here which lasts an entire lifetime. It's loving, it's supportive and it shows Buzz exactly what he doesn't have and that's the whole point."We should all be so lucky to have that kind of relationship in our life," she added.Register now for FREE unlimited access to Reuters.comReporting by Lisa Richwine; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

'Lightyear' star Chris Evans calls critics of on-screen representation 'idiots'.

London buses travel along Whitehall in Westminster in London, Britain, April 2, 2021. REUTERS/Hannah McKayRegister now for FREE unlimited access to Reuters.comLONDON, June 15 (Reuters) - Private capital has a keen eye on British bus companies.Low valuations, hopes that travellers will ditch cars, and government incentives to invest in environmentally-friendly vehicles are enticing buyers, analysts and investors said.Three out of four major London-listed bus operators have attracted takeover interest in recent months.Register now for FREE unlimited access to Reuters.com"Whatever the 2020s are called will be the golden age of electric buses," said Hamish Mackenzie, head of infrastructure at DWS Group (DWSG.DE), which agreed to buy StageCoach (SGC.L) earlier this year. read more Britain will invest 3 billion pounds ($3.6 billion) in policies that aim to get more people travelling by bus and to provide incentives for operators to convert diesel buses to electric or hydrogen-powered vehicles, it said last year.That political support is helping drive takeover interest, executives say.StageCoach, the country's largest bus and coach operator, was the first to agree a deal. A European infrastructure fund managed by DWS outbid rival National Express (NEX.L) in March."The transition Stagecoach is going through with regards to the national bus strategy and investing in a new fleet of electric buses is easier to do with a single shareholder than with a disparate group of shareholders," said Mackenzie.Infrastructure funds have made plays for StageCoach, FirstGroup (FGP.L) and Go-Ahead (GOG.L). They are looking for alternatives to core infrastructure like toll roads, bridges and hospitals, whose valuations surged amid competition for assets.Public transport firms offer the same predictable revenues without the hefty price tags. The businesses also offer value for those willing to look beyond the short term. Investments made now in new fleet could reap rewards in years to come."The favourable policy environment, including increasingly a bus-friendly UK, is clearly an attraction for long-term investors," said RBC Capital analyst Ruairi Cullinane.Valuations are also favorable.Shares in StageCoach and Go-Ahead are down by more than 35% each since the start of 2020, while FirstGroup, supported by its recent bid approach, is up by about 6% in the same period.StageCoach has, in recent years, exited its international operations and pulled out of rail, making it a pure play UK bus operator.FirstGroup has also become a UK-focused company in the past year after selling its North American bus assets to EQT Infrastructure and offloading its iconic Greyhound buses.The owner of First Bus, the second largest regional bus operator in the UK, rejected a takeover proposal from global infrastructure investment firm I Squared Capital last week that would have valued it at about 1.2 billion pounds.JUMPING ON THE BUSThe supportive government policy and incentives to decarbonise are a "very powerful" narrative for investors, FirstGroup Chief Executive Graham Sutherland said on Tuesday.Increasing bus usage by younger people should also see sales increase over time, he added."We currently believe that we are investing into the cycle and obviously others are beginning to look at the sector and see the value that we do," said Sutherland.Go-Ahead, which runs more than 6,000 buses in England, became the latest takeover target this week after it revealed it had two potential buyers.The firm agreed to a takeover by a consortium of Australia-based bus company Kinetic and Spain-based transport infrastructure management firm Globalvia Inversiones. Kelsian, another Australia-based transport service provider, has said it may make a rival bid.Globalvia is responding to changes in the way young people travel, with fewer opting to own a car, its chief executive Javier Perez said Tuesday."We are anticipating this change by jumping into the bus business," he told reporters.National Express is the only London-listed public transport operator that has not seen a buyout interest so far this year."There may be slightly less enthusiasm for coach operator National Express, given that it's recently signaled that it will have to keep prices low to lure more passengers back to seats," said Hargreaves Lansdown analyst Susannah Streeter.($1 = 0.8233 pounds)Register now for FREE unlimited access to Reuters.comReporting by Yadarisa Shabong; additional reporting by Andres Gonzalez Editing by Matt Scuffham and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Analysis: Golden age of buses? Buyers hop on UK transport firms.

Payment card fraud losses reached $28.65 billion worldwide in 2019, according to the most recent Nilson Report data. The United States alone is responsible for more than a third of the total global loss, making it the most card fraud-prone country in the world.Julie Conroy, a research director for Aite Group's fraud and anti-money laundering practice, said, "Our estimate was that at the end of 2020, the U.S. was seeing about $11 billion worth of losses due to credit card fraud."The coronavirus pandemic is also fueling explosive growth in card fraud activity."What happens in every economic downturn is that the attacks start to become more successful," warned Julie Fergerson, CEO of Merchant Risk Council. "So over the next two to three years, I fully expect credit card fraud numbers to increase in a pretty meaningful way."Credit card fraud impacts consumers, merchants and issuers alike. Its economic cost goes far beyond the cost of illegally purchased merchandise. Businesses often spend millions to protect themselves from fraud."Fraud is kind of like an arms race," said Fergerson. "Whatever technology is being implemented, the fraudsters will eventually figure out a workaround, so you have to constantly keep investing. And that's the cost of business."While the Fair Credit Billing Act, the Electronic Fund Transfer Act and the Truth in Lending Act, the latter two known as Regulations E and Z, are designed to protect consumers from card fraud, some experts say they are not enough to protect smaller businesses from the chargebacks caused by fraudulent transactions."For a big business, they can absorb a loss on even a pretty significant loss," said Fergerson. "If a small one-shop business or a restaurant all of a sudden has a $10,000 loss, that could be the difference between making payroll and not making payroll for that company."Companies that issue credit cards are looking to technological solutions to stop the fraud. Mike Lemberger, Visa's senior vice president and regional risk officer for North America, said Visa is partnering with financial institutions and merchants to help prevent fraud. The company "stopped $25 billion in fraud last year using Visa's A.I. technology," he said in a statement to CNBC.However, experts in the field are not optimistic that card fraud can be ended. "I don't see it being solved under the current construct," said Colin Sims, COO of Forter, a fraud prevention company. "As long as money is being transferred digitally, it's going to be a problem."Correction: This article has been updated to reflect that Colin Sims is the COO of Forter.

Credit card fraud will increase due to the Covid pandemic, experts warn.

Ukrainian servicemen ride American 155 mm turreted self-propelled howitzers M109, amid Russia's attack on Ukraine, in Donetsk region, Ukraine June 13, 2022. REUTERS/Gleb Garanich/File PhotoRegister now for FREE unlimited access to Reuters.comBRUSSELS/WASHINGTON, June 15 (Reuters) - Dozens of defense ministers from NATO and other parts of the world are expected to discuss weapon deliveries to Ukraine on Wednesday in Brussels, U.S. officials said, as Kyiv calls for a significant increase in arms to help hold off Russian troops in eastern Ukraine.The battle for Sievierodonetsk - a city of barely more than 100,000 people before the war - is now the biggest fight in Ukraine as the conflict has shifted into a punishing war of attrition.Ukraine needs 1,000 howitzers, 500 tanks and 1,000 drones among other heavy weapons, presidential adviser Mykhailo Podolyak said on Monday. Western countries have promised NATO-standard weapons - including advanced U.S. rockets. But deploying them is taking time, and Ukraine will require consistent Western support to transition to new supplies and systems as stocks dwindle of their Soviet-era weapons and munitions.Register now for FREE unlimited access to Reuters.comThe meeting on Wednesday on the sidelines of a NATO defense ministerial is being led by U.S. Defense Secretary Lloyd Austin and the third time the group of nearly 50 countries are meeting to discuss and coordinate assistance to Ukraine. The previous in-person meeting was at Ramstein Air Base in Germany in April."Russia has not given up on the fight, despite its pretty anemic progress... What we have is this grinding, slow, incremental Russian operation," a senior U.S. defense official, speaking on the condition of anonymity, said."So the question is what do the Ukrainians need to continue the success they've already seen in slowing down and thwarting that Russian objective and that'll be a major focus for the defense ministers," the official said.U.S. officials expect announcements on additional weapons to Ukrainian forces in the coming days.The United States has committed about $4.6 billion in security assistance to Ukraine since Russia's Feb. 24 invasion, including artillery systems like the howitzers and longer-range weapons like the High Mobility Artillery Rocket System (HIMARS).Attending the meeting in Brussels is U.S. State Department's assistant secretary for political-military affairs, Jessica Lewis, who gives policy direction for international security, defense trade and security assistance. Lewis told Reuters in an interview on Friday that allies could ask for many defense articles to help backfill arms sent to Ukraine."I expect we'll see the whole range here. So not just air defense, but I think people will be looking at, you know, if they provided tanks, that's something they could be looking for," Lewis saidThat could include tanks made by General Dynamics Corp (GD.N) or air defense systems from companies like Lockheed Martin (LMT.N) or Raytheon Technologies (RTX.N).While the United States is still consulting with allies, many are trying to move away from Soviet-era equipment to NATO-standard equipment, Lewis said."Because of the war in Ukraine, countries understand their defense needs differently, particularly, obviously, if they are close to Ukraine," Lewis said adding, "I think people feel more worried because of Russia's willingness to invade Ukraine."Russia launched what it calls a "special operation" in Ukraine in February, saying it was needed to rid the country of dangerous nationalists and degrade Ukraine's military capabilities - aims the West denounced as a baseless pretext.The Biden administration has said that it has received assurances from Kyiv that those longer-range weapons will not be used to attack Russian territory, fearing an escalation of the conflict.Kyiv has said it is losing 100 to 200 soldiers each day, with hundreds more wounded. In an overnight address, President Volodymyr Zelenskiy described the battle for the eastern Donbas region - partly occupied by Moscow proxies since 2014 - as one of the most brutal in European history.Register now for FREE unlimited access to Reuters.comReporting by Idrees Ali and Robin Emmott in Brussles and Mike Stone in Washington; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Ukraine's need for more weapons major focus as defense ministers meet.

Pedestrians and a traffic light stop sign are reflected on a quotation board in Tokyo, Japan February 26, 2021. REUTERS/Kim Kyung-Hoon/File PhotoRegister now for FREE unlimited access to Reuters.comLONDON, June 15 (Reuters) - Slumping stocks and surging bond yields are rapidly crimping global financial conditions, yet given their effect on dampening economic growth and eventually inflation, the moves might be welcomed by the Federal Reserve and other central banks.Financial conditions is the umbrella phrase for how metrics such as exchange rates, equity swings and borrowing costs affect the availability of funding for households and businesses. Tighter conditions are widely seen as heralding a growth slowdown and vice-versa.So the recent sell-off in global markets - driven by signs of faster-than-anticipated interest rate rises in the United States and Europe - is contributing to a sharp contraction in financial conditions. read more Register now for FREE unlimited access to Reuters.comThe widely used Goldman Sachs U.S. financial conditions index (FCI) shows a 100 basis points (bps) tightening this month alone. The last time the U.S. FCI contracted as sharply was during the February-March 2020 COVID-linked sell-off, Goldman data shows.US conditionsGoldman's rule of thumb is that a persistent 100 bps FCI tightening slows GDP by about one percentage point after a year, in turn slowing inflation by roughly 0.1 percentage point.The contraction picked up speed amid a markets sell-off that took U.S. Treasury yields to the highest in over a decade, confirmed a bear market in U.S. shares and sent yield premia on top-grade U.S. corporate debt to the highest in years. (.MERER00).Yields have soared too in Europe, where rate expectations have repriced higher and interbank lending rates saw their biggest daily rise in over 10 years on Tuesday. read more But while the FCI tightening appears alarming, it may not be for central banks, which face inflation at multi-decade highs; in fact the latest sell-off was sparked by above-forecast U.S. inflation for May of 8.1%.All the more so because, as BlueBay Asset Management CIO Mark Dowding points out, Goldman's FCI remains in line with its 30-year average of around 99.8. Another FCI compiled by the Chicago Fed shows U.S. conditions well below their 50-year average."Central banks are clearly managing their messaging with one eye on financial conditions and at this point in time they wouldn't want them to be much easier, that would more likely make them become more hawkish," Dowding said.An inversion in the U.S. Treasury yield curve this week shows fears are growing of a recession triggered by aggressive rate hikes.So if tighter conditions force growth to slow, bring down inflation expectations and thus enable fewer rate hikes down the line, markets may be doing central bankers' job for them."The looser conditions are today, the greater the risk of higher inflation tomorrow," said Fahad Kamal, CIO at Kleinwort Hambros."The fact they are tightening is a good thing. Conditions are still a long ways off being tight, they have gone from being crazy loose to just loose."Chicago FedHOLD ITWhat is alarming some observers is the rapid cooling of economies outside the United States.Data compiled by Robin Brooks, chief economist at the Institute of International Finance, shows government borrowing costs, especially for long 30-year maturities, are rising faster than in the United States.That signals a "global recession is coming", Brooks said.The differential between U.S. and foreign bond yields has shrunk to an average 1.09% this month from 1.6% in January, his data shows. The gap was at 0.67% in July 2020 when central banks were forced to slashed rates as the COVID-19 pandemic hit.Interest rate differentials U.S. vs non-U.S.The jump in German yields is particularly notable as the European Central Bank prepares to raise rates for the first time in 11 years.Rate-sensitive two-year German yields are up 67 bps in June, the biggest monthly jump since 1989, while since the start of April they have soared 124 bps, outpacing a 104 bps rise in U.S. two-year yields .Equivalent yields in Australia are 150 bps higher and in Britain they are up around 75 bps since April.Goldman's global FCI is at the highest since 2009, indicating financial conditions have tightened by around 335 bps since the start of the year.Register now for FREE unlimited access to Reuters.comAdditional reporting by Sujata Rao and Yoruk Bahceli Editing by Sujata Rao and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Analysis: For central bankers, tighter financial conditions may be an ally.

A shopper looks at packs of vegetables at a market at a shopping district in Tokyo, Japan, December 6, 2015. REUTERS/Yuya ShinoRegister now for FREE unlimited access to Reuters.comSummaryGovt spokesperson urges BOJ to work closely with govt on yenRemark comes ahead of BOJ's policy meeting ending on FridayBOJ under pressure to address sharp yen fallsFinance ministry official says won't rule out FX interventionNo 'line in the sand' for dollar/yen - ministry officialTOKYO, June 15 (Reuters) - Japan's government hopes the central bank will take "necessary measures appropriately" in light of the yen's recent sharp falls and rising cost of living, Chief Cabinet Secretary Hirokazu Matsuno said on Wednesday.When asked about the yen's decline to a fresh 24-year low, the top government spokesperson also reiterated Tokyo's readiness to take appropriate action in the currency market."We hope the Bank of Japan (BOJ) continues to coordinate closely with the government, and take necessary measures appropriately," Matsuno told a regular news conference.Register now for FREE unlimited access to Reuters.comThe remark on the central bank, which was roughly in line with his past comments, comes ahead of the BOJ's two-day policy meeting that ends on Friday.While the BOJ is widely expected to keep its ultra-low interest rate targets unchanged, it is facing heat for the dovish policy, which is driving down the yen and boosting the cost of raw-material imports.Expectations of aggressive U.S. interest rate hikes have heightened prospects of widening U.S.-Japan yield differentials, pushing down the yen to a fresh 24-year low of 135.58 per dollar on Wednesday.Some market players speculate the BOJ may allow long-term interest rates to rise more, such as by tweaking its yield control policy, in coming months if the yen continues to fall."The Bank is being backed into a corner. It is having to intervene in the bond market to hold yields down, but that only exacerbates yen weakness," Tom Learmouth, Japan economist at Capital Economics, wrote in a research note this week."We suspect the BOJ will raise the ceiling on long-term interest rates from 0.25% to 0.50% before long, buying itself a respite from pressure on JGB yields and on the yen.FOCUS ON VOLATILITY, NOT LEVELSThe BOJ offered to ramp up bond buying for a range of maturities on Wednesday, after spending roughly 3 trillion yen ($22.21 billion) in purchases on Tuesday to defend its 0.25% cap for 10-year Japanese government bonds.BOJ Governor Haruhiko Kuroda has repeatedly stressed the need to keep monetary policy ultra-loose and said the central bank will not target exchange rates in guiding monetary policy.Markets are also on the lookout for any hints on whether Japan will intervene in the currency market to stem yen falls, after Friday's joint statement with the central bank voicing "concern" over the yen's recent declines."We won't rule out currency intervention, or any other available options," a Japanese finance ministry official told Reuters on Wednesday."We're looking more at whether the yen's moves are volatile, rather than its level," said the official, who spoke on condition of anonymity due to the sensitivity of the matter, adding that the government was setting no line in the sand on where dollar/yen levels should be.($1 = 135.0900 yen)Register now for FREE unlimited access to Reuters.comReporting by Leika Kihara; Additional reporting by Tokyo policy team; Editing by Sam Holmes and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

Japan govt hopes BOJ takes 'necessary' action on yen, inflation.

A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying Russian Trading System (RTS) Index, Japan's Nikkei index and the Dow Jones Industrial Average outside a brokerage in Tokyo, Japan, February 25, 2022. REUTERS/Kim Kyung-HoonRegister now for FREE unlimited access to Reuters.comSummaryAsian stock markets :Nikkei slips 1%, U.S. stock futures edge higherMarket almost fully priced for Fed to hike 75 bpsDollar near 20-yr peak, U.S. yields off decade topChina economic data slightly beat forecasts, still weakSYDNEY, June 15 (Reuters) - Asian markets were in a pensive mood on Wednesday as shell-shocked investors waited to see just how aggressive the Federal Reserve would be on rates, with many fearing drastic action would risk tipping the world into recession.Treasury yields hit decade highs and the dollar a 20-year peak as futures implied it was near certain the Fed would hike by 75 basis points to a range of 1.50-1.75% later on Wednesday. read more That would be the biggest increase since 1994, and markets already have rates reaching an eye-watering 3.75-4.0% by the end of the year.Register now for FREE unlimited access to Reuters.com"Against a backdrop of sky-high inflation, rising rates, and growing recession concerns, the S&P 500 has had its worst start to the year since 1962," noted analysts at Goldman Sachs."A likely coming peak in inflation is probably not sufficient to see the bottom, and that similar past drawdowns have only ended when the Fed has shifted towards easier policy."That could be some time away so they recommend investors reduce portfolio duration and increase exposure to real assets.With so much priced in, a few brave investors were looking for bargains and S&P 500 futures edged up 0.2%, while Nasdaq futures rose 0.3%. EUROSTOXX 50 futures added 0.2% and FTSE futures 0.1%.MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) firmed 0.1%, but is down sharply on the week.Japan's Nikkei (.N225) lost 1.0%, though sentiment was helped by a survey showing an improvement in confidence among Japanese manufacturers. read more Chinese shares (.CSI300) bucked the trend with a gain of 2.4%. Data on Chinese retail sales and industrial output for May were a little better than forecast, but still showed the drag from coronavirus lockdowns. read more Authorities in Beijing warned on Tuesday that the city of 22 million was in a "race against time" to get to grips with its most serious outbreak since the pandemic began. read more DOLLAR HAS THE YIELD ADVANTAGEBond markets tried to rally after their recent hammering, with 10-year Treasury yields dipping to 3.44% and away from Tuesday's peak of 3.498%.Two-year yields stood at 3.38%, after touching the highest since 2007 at 3.456% overnight. Given many U.S. borrowing rates are linked to yields, financial conditions have already tightened markedly there even before the Fed hikes.Treasury yields are also the benchmark for bonds across the globe, so financial conditions are tightening pretty much everywhere. That is a major headwind for consumer spending power, while pressuring emerging market countries that borrow in dollars.It has also tended to boost the U.S. dollar, which hit a 20-year high against a basket of currencies , led by big gains on the low-yielding Japanese yen.The dollar was trading at 135.07 yen , having reached heights last visited in 1998 at 135.60.The latest gains came as the Bank of Japan ramped up its bond buying to keep yields near zero, even as much of the rest of the world tightens policy. read more Still, the sheer pressure on the yen and bonds has stoked speculation the BOJ could be forced to amend its yield control policy at a meeting on Friday. read more The euro was holding on at $1.0425 , not far from its May trough of $1.0348.The single currency has found some support from a hawkish turn by the European Central Bank, but is weighed by signs of stress in local bond markets. Yields for more indebted members, notably Italy, have climbed much more quickly than for Germany fanning worries about EU fragmentation. read more Surging yields and a sky-high dollar have been a burden for gold, which was near its lowest in a month at $1,814 an ounce .Oil prices edged up after the Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022.Brent was 31 cents firmer at $121.48, while U.S. crude rose 30 cents to $119.23 per barrel.Register now for FREE unlimited access to Reuters.comEditing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Shares sombre, dollar on a high as Fed seen going big.

A symphony of light consisting of bars, lines and circles in blue and yellow, the colours of the European Union, illuminates the south facade of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 30, 2021. REUTERS/Wolfgang Rattay/Register now for FREE unlimited access to Reuters.comLONDON, June 14 (Reuters) - As the European Central Bank rushes to exit stimulus and raise interest rates to tame inflation, bond markets are testing its ability and willingness to act against the strains that are starting to hit weaker countries in the bloc.The premia investors demand to hold bonds from Italy, Spain and Portugal relative to safer German debt -- spreads in market parlance -- have risen to the highest since 2020.With ECB key rates seen rising by 75 basis points within the next three months, Italian and Spanish 10-year borrowing costs have hit eight-year highs.Register now for FREE unlimited access to Reuters.comSo far the ECB says it sees no need for new tools to help these weaker, highly indebted economies cope with higher interest rates. But the spread widening has left investors wondering when the ECB might step in to contain so-called fragmentation risks and what it could do."There is no easy fix," said Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management. "We are here today because of the lack of decision in the past six months."Here are some options for the ECB:1/ DO NOTHINGWith inflation at record highs, this appears to be the current stance. read more The 10-year Italian/German yield spread is at 250 bps , which markets previously viewed as an ECB pain threshold.But sources told Reuters after last Thursday's ECB meeting that policymakers did not think current conditions amounted to "fragmentation" and there was no debate around a new programme."The very fact that the topic was not even approached in any shape or form just told the market that the pain threshold is a lot further away than what we thought previously," UBS strategist Rohan Khanna said.What is the ECB's pain threshold on the Italy/German bond spread?2/ BE SMARTThe only tool the ECB has laid out so far is channelling reinvestments from maturing bonds bought for pandemic-era stimulus back into the markets experiencing stress.But as spreads widened in April and May it did not gear reinvestments towards southern European debt. read more Societe Generale estimates that over the coming year, the ECB will receive 300 billion euros ($314 bln) from redemptions from its emergency PEPP scheme. But it does not see that as containing spread-widening.Even if the ECB reinvests the entire flow from German and French bonds into Italy -- around 12 billion euros per month -- that will be less than the ECB's net purchases in Italy of almost 14 billion euros monthly since March 2020, SocGen added.ECB net purchases of bonds under PEPP3/ REMEMBER SMP, OMT?The ECB does have other tools at hand, including the Outright Monetary Transactions (OMT) scheme, an unused crisis-time tool allowing for unlimited purchases of a country's debt.But economists doubt it will be deployed as it requires countries to sign up for a European Union bailout which usually contains unpopular conditions.Others say the Securities Markets Programme (SMP) is more likely to be revived. This facility would enable the ECB to buy bonds without adding to stimulus already sloshing around the system.4/ BRING BACK QEIf rapid spread widening raises financial stability risks for the bloc, the ECB could just resume asset purchases. But given it has just ended bond-buying, that move seems unlikely.Note, however, that on March 18, when the COVID-19 outbreak sent Italian/German bond spreads briefly above 300 bps, the Bank of Italy stepped up bond purchases on behalf of the ECB.Later that day, the ECB launched its PEPP emergency scheme, calming markets."The obvious one would be (restarting) APP (Asset Purchase Programme) but it's difficult to do when you are hiking rates," said State Street's head of EMEA macro strategy Timothy Graf.ECB asset purchases are ending soon5/ SOMETHING NEWPerhaps that's why talk of a new tool has gained ground, something allowing the ECB to target bond-buying specifically at weaker states, deviating from the usual principle of purchasing assets relative to the size of an economy.However, such flexibility or deviating from the so-called "capital key" could prove a sticking point, especially from Germany's constitutional court.The ECB "knows that whatever they come up with, they might end up in the German constitutional court," said Andrew Mulliner, head of global aggregate strategies at Janus Henderson.Fighting inflation ECB's number one priorityRegister now for FREE unlimited access to Reuters.comReporting by Yoruk Bahceli in Amsterdam, Dhara Ranasinghe in London and Stefano Rebaudo in Milan; additional reporting by Sujata Rao; Editing by Sujata Rao and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

How will the ECB contain fragmentation risk in euro area bond markets?.

As an economist, pulling punches isn't in my DNA. So, I'll be blunt: For most Americans, early retirement isn't just a decision to take the longest vacation of their lives — it's one of the biggest money mistakes that they will regret.The reason is simple: We are, as a group, lousy savers, making early retirement unaffordable. Financially speaking, it's generally far safer and far smarter to retire later.According to a Boston College Center for Retirement Research report, half of today's working families risk a major living standard decline in retirement. The share would drop by roughly 50% if all workers were to retire two years later.Of course, there are situations where retiring early is a great option. Some people have carefully planned and can afford to buy more leisure. Many have no choice; they run out of physical or psychological steam. Others find their jobs automated or outsourced.Still, almost two-thirds of people — between ages 57 and 66 — choose to retire early out their own volition, despite having saved next to nothing. And most of them are able-bodied, without disabilities that would prevent them from staying on the job.The baby boomer's retirement debacleTake the baby boomer generation, the 76 million-strong population of those born between 1946 and 1964, who are retiring droves. Almost half of them have little if any savings.Indeed, their median wealth is just $144,000 — less than three years of median household spending. If they had significant private, state or local pensions on which to rely, things would look better. They don't.Less than 1 in 3 have a pension apart from Social Security. As for those with pensions, many had state- and local-government jobs that weren't covered by Social Security.Worse, those receiving such pensions can lose most or all of the Social Security benefits accrued from working part-career in covered employment due to Social Security's Windfall Elimination and Government Pension Offset provisions.Social Security is nothing to write home aboutSocial Security's average benefit — $18,000 per year — could be far higher, but 94% of retirees take Social Security retirement benefits well before its benefit peaks, at age 70.In fact, roughly 85% should be waiting until 70 to collect. The age-70 retirement benefit is 76% higher, adjusted for inflation, than, for example, the age-62 benefit.Moreover, when Americans take their Social Security retirement benefits far too early, they potentially condemn their spouses or ex-spouses (to whom they were married to for a decade or more) to far lower widow(er)'s and divorced widow(er)'s benefits.  You can't count on dying timeThe failure of most of us to save reflects a misfocus on life expectancy, which is routinely used to set one's planning horizon. Half of 50-year-olds will live beyond age 80. A quarter will make it to age 90.To understand what adequate saving really involves, take Jane, a single 40-year-old Louisianan. Jane, who plans to retire and take Social Security at 62, earns $75,000 per year and has $150,000 in her saving account — an inheritance from a rich uncle.Jane could live to 100. Like the rest of us, Jane can't count on dying on time. She needs to plan to live to her maximum age of life, because she might. Jane has saved nothing. She's counting on Social Security and her 401(k), with its $150,000 balance and to which she and her employer contribute 3% annually, to sustain her retirement. Jane is miles off base. Her retirement could last longer than she works. If she lives to 100, she needs to save 28% of her take-home pay each year through retirement! What if Jane takes Social Security at 70? Good move! This raises her lifetime spending by over 10% and lowers her requisite pre-retirement saving rate to 16%. And if she plays the odds of dying young and plans to lower her living standard by 1.5% annually starting at 80? Now her required saving rate is 13%.Unfortunately, Jane is saving nothing. If she continues to do so, her post-retirement living standard will be half her pre-retirement living standard!Even so, Jane is actually in better shape than many. About one-third of private-sector workers have no retirement plan. And a quarter of those that do fail to participate even to the point of getting their free employer match.The answer is to delay retirementHow to rescue non-saving Jane's retirement? If Jane retires and takes Social Security at 70, she won't need to save on her own. And her lifetime spending will rise by one-third!Yes, this is a risky strategy. Jane could become disabled. Or she could be fired. But if she refuses to save a ton and doesn't want to experience severe financial deprivation in retirement, her only answer is to keep on working.As for me, I just turned 71. Fortunately, I have tenure and can keep doing research, writing books and columns and teaching. My current plan is to die in the saddle. My work is just too rewarding — financially, intellectually and psychologically — to give it up.Laurence J. Kotlikoff is an economics professor and the author of "Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life." He received his Ph.D. from Harvard University in 1977. His columns have appeared in The New York Times, WSJ, Bloomberg and The Financial Times. In 2014, The Economist named him one of the world's 25 most influential economists. Follow Laurence on Twitter @Kotlikoff.Don't miss:I retired at 34 with $3 million—here are 5 downsides of early retirement that no one tells youA Harvard-trained economist shares his top 21 money rules: 'Own your home' and 'try to buy in cash'38-year-old retiree: 'America, stop wasting your money on these 7 things—if you want to retire early'

A Harvard-trained economist says 'early retirement is one of the worst money mistakes'—here's why you'll 'regret' it.

Crime Updated on: June 15, 2022 / 2:37 AM / CBS News Two police officers — one a 22-year-veteran and the other a rookie — were shot and killed in the Los Angeles County city of El Monte late Tuesday afternoon, authorities said. The suspect is also dead. The mayor said the officers were "essentially ambushed."The shooting occurred at about 4:45 p.m. local time when El Monte officers responded to a report of a stabbing at a motel. When they arrived, they "immediately took gunfire," police said. The two officers were rushed to a hospital where they later died, police said. The Los Angeles County Sheriff's Department said the suspect was shot and died at the scene. He wasn't publicly identified, CBS Los Angeles reports. El Monte police said one officer was a 22-year veteran and the other was with the department less than a year. City officials said the two officers were responding to a domestic violence report between a boyfriend and girlfriend.According to police, the shootout started in the motel room. The suspect then fled into the motel parking lot, where another shootout occurred."As our officers do on a daily basis, they were acting as the first line of defense for our community members when they were essentially ambushed while trying to keep a family safe," said El Monte Mayor Jessica Ancona.She said the veteran officer grew up and attended the school in the city. "They paid the ultimate sacrifice serving their community trying to help somebody," Lowry remarked. "They do what hundreds of thousands of men and women do every day across the United States. They took an oath to protect people and to serve them. These two heroes paid the ultimate sacrifice. They were murdered by a coward.""We are grieving and it hurts," Lowry said.  A witness, Arthur Kintsbury, told CBS L.A. he heard five gunshots before additional officers arrived. He said two more officers got there later and also came under fire. They scrambled for cover. "I saw the suspect was on the ground," Kintsbury said. "I already knew, considering he was laying there motionless, he was deceased."The city of El Monte and El Monte police said in a joint statement that, "There are no words to describe our grief and devastation by this senseless act as we learned about the passing of two of our police officers. It weighs heavy on our hearts and we are sending our support to their families."This latest shooting comes a day after a California Highway Patrol officer was shot in Studio City. He is in critical but stable condition.   In: Police Shooting Los Angeles Police Officers California Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

2 police officers "essentially ambushed," shot and killed in Los Angeles County.

A view shows cranes in front of the skyline of the Central Business District (CBD) in Beijing, China, October 18, 2021. REUTERS/Thomas PeterRegister now for FREE unlimited access to Reuters.comSummaryRaft of May data points to signs of economic recoveryIndustrial output perks up, but consumption still weakJobless rate in big cities picked up to record highFears of more COVID curbs, slow recovery raise policy challengeBEIJING, June 15 (Reuters) - China's economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs.The data, however, provides a path to revitalise growth in the world's second-biggest economy after businesses and consumers were hit hard due to full or partial lockdowns in dozens of cities in March and April, including a protracted shutdown in commercial centre Shanghai.Industrial output grew 0.7% in May from a year earlier, after falling 2.9% in April, data from the National Bureau of Statistics (NBS) showed on Wednesday. That compared with a 0.7% drop expected by analysts in a Reuters poll.Register now for FREE unlimited access to Reuters.comThe uptick in the industrial sector was underpinned by the easing of COVID curbs and strong global demand. China's exports grew at a double-digit pace in May, shattering expectations, as factories restarted and logistics snags eased. read more The mining sector led the way with annual output up 7.0% in May, while that in the manufacturing industry eked out a meagre 0.1% growth, mostly driven by the production of new energy vehicles which surged 108.3% year-on-year."Activity data paints an economic recovery picture in May, but only a slow one," said Iris Pang, Chief China economist at ING."The government is likely to respond to this economic weakness by delivering more fiscal stimulus," Pang said.Chinese shares rose after the data were released, with mainland China's bluechips (.CSI300) up 1.8% and Hong Kong shares (.HSI) 1.4% higher, in contrast with a largely subdued session for most other Asian share markets. read more Fu Linghui, a spokesman at NBS, told a press conference that he expects the recovery to improve further in June due to policy support.However, "the international environment is still complex and severe," he said, highlighting the risks to the outlook."Our domestic recovery is still at its initial stage with the growth of key indicators at low levels," Fu said.WEAK CONSUMPTION, EMPLOYMENT CONCERNSThat caution was underscored in consumption data, which remained weak as shoppers were confined to their homes in Shanghai and other cities. Retail sales slipped another 6.7% in May from a year earlier, on top of a 11.1% contraction the previous month.They were slightly better than the forecast of a 7.1% fall due to the increased spending on basic goods such as grains, edible oils and food and beverages. read more "We should not be overly optimistic about consumption as the recovery has been quite slow. Affected by repeated COVID outbreaks, slower income growth, a cautious view of the future expectations, there will not be a revenge spending, as people have expected," said Wang Jun, chief economist at Zhongyuan Bank.Sales in the catering industry, a sector highly sensitive to COVID curbs, contracted by 21.1% in May, compared with a fall of 22.7% in April.Fixed asset investment, a growth driver that policymakers have hoped would prop up the economy, rose 6.2% in the first five months, beating an expected 6.0% rise but slowed from a 6.8% gain in the first four months.China's property sales fell at a slower pace in May, suggesting improved buyer sentiment after a slew of easing policy steps taken by cities across the country to boost demand. The data sent shares of Chinese developers soaring.Employment remained a big concern, however. The nationwide survey-based jobless rate fell to 5.9% in May from 6.1% in April, still above the government's 2022 target of below 5.5%.In particular, the surveyed jobless rate in 31 major cities picked up to 6.9%, the highest on record. Some economists expect employment to worsen before it gets better, with a record number of graduates entering the workforce in summer.The central bank on Wednesday kept medium-term policy rate unchanged for a fifth straight month, matching market expectations.China's cabinet recently announced a broad package of economic support measures, although analysts say the official GDP target of around 5.5% for this year will be hard to achieve without doing away with the zero-COVID strategy. read more FRESH LOCKDOWN FEARS LOOMFears of fresh lockdowns also loom large under the stringent COVID policy. Authorities in Beijing warned on Tuesday that the city of 22 million was in a "race against time" to get to grips with its most serious outbreak since the pandemic began, as cases tied to a 24-hour bar grew. read more Shanghai is still grappling with lingering COVID cases after it emerged from a two-months long lockdown.Any further lockdowns and supply chain disruption risks amid future COVID outbreaks may constrain the rebound of the economy, analysts say."The short-term trend of recovery in June is becoming obvious, but the economy is still some distance away from normal operations," said Wang from Zhongyuan Bank.($1 = 6.7350 yuan)Register now for FREE unlimited access to Reuters.comReporting by Kevin Yao, Ellen Zhang and Stella Qiu Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

China's factories perk up, but frail consumption points to weak economic recovery.

U.S. Treasury yields pulled back slightly on Wednesday morning ahead of the Federal Reserve's key monetary policy announcement.The yield on the benchmark 10-year Treasury note slid to just below 3.41%, having notched an 11-year high of 3.48% on Tuesday, while the yield on the 30-year Treasury bond dropped to 3.3840%. Yields move inversely to prices.The Federal Open Market Committee will conclude its two-day meeting on Wednesday, and is expected to take aggressive action on interest rates in a bid to rein in inflation. The U.S. consumer price index rose by an annual 8.6% in May, its highest year-on-year increase since 1981.Traders had initially been looking for a 50-basis-point interest rate hike, but in light of the red hot inflation print, the market is now pricing a more than 95% chance of a 75-basis-point increase, the biggest since 1994, according to the CME Group's FedWatch tool. (1 basis point equals 0.01%)The Federal Open Market Committee in May raised the target range for the federal funds rate to 0.75% to 1%, from 0.25% to 0.5%.On the data front, May's retail sales figures are due at 8:30 a.m. ET.An auction will be held Wednesday for $30 billion of 119-day Treasury bills.

U.S. Treasury yields pull back ahead of key Fed meeting.

Crime June 14, 2022 / 3:29 PM / CBS News Coeur d'Alene mayor on extremist arrests Mayor of Coeur d'Alene, Idaho, discusses arrest of group of extremists 05:01 The nearly three dozen people arrested for allegedly conspiring to riot near an Idaho Pride event over the weekend appear to be affiliated with the hate group Patriot Front, police said. The group was called "one of the most prominent white supremacist groups in the country" by the Southern Poverty Law Center earlier this year.On Saturday, police swarmed a U-Haul truck in Coeur d'Alene, Idaho, after receiving a tip from a witness who said the truck was carrying what looked like "a little army," Police Chief Lee White told reporters. Authorities arrested 31 men dressed in similar blue shirts and khaki pants with some wearing logos and insignias consistent with those of Patriot Front, the chief said.According to the Southern Poverty Law Center, which monitors extremist ideology, Patriot Front promotes fascism and the creation of a white ethnostate. "They are twisting and manipulating and misusing the idea of patriotism but promoting a white supremacist version of patriotism," Cynthia Miller-Idriss, director of American University's Polarization and Extremism Research and Innovation Lab, told CBS News senior investigative correspondent Catherine Herridge. 31 alleged white supremacists arrested in Idaho, charged with misdemeanors for conspiracy to riot 02:40 The group of men arrested Saturday were charged with conspiracy to riot, a misdemeanor, and released on bond. White said Monday the group was looking to disrupt events in downtown Coeur d'Alene, where a Pride event was being held. The Anti-Defamation League has been tracking Patriot Front since it was founded in 2017 following the deadly "Unite the Right" rally in Charlottesville, Virginia. Carla Hill, director of investigative research for the group's Center on Extremism, told CBS News Radio the group uses flash demonstrations to intimidate people."They're mainly orchestrated for a quick photo or video opportunity that is then turned into online propaganda," Hill said.Those arrested Saturday had shields, shin guards and at least one smoke grenade, White said. "It is clear to us based on the gear that the individuals had with them … that they came to riot downtown," the police chief said Saturday.An attorney for one of the defendants told CBS News the allegations are unproven, Herridge reports. New video shows extremists arrested near Pride event in Idaho 02:20 Patriot Front's members are overwhelmingly young, White men, according to Miller-Idriss. The men arrested Saturday range in age from 20 to 40 and came from about a dozen states but none of them were from Coeur d'Alene, according to authorities. They include Patriot Front's alleged leader, Thomas Rousseau. According to the Southern Poverty Law Center, Rousseau was seen in photos at the "Unite the Right" rally that also showed the man who was later convicted of federal hate crime charges for plowing a car into a counterprotest, killing Heather Heyer. Thomas Rousseau, alleged founder and leader of white supremacist group Patriot Front, is held by police officers in Coeur d'Alene, Idaho, June 11, 2022, in this still image obtained from a social media video. North Country Off Grid/YouTube/via Reuters In February, the center's Hatewatch blog said 18 of 87 Patriot Front applicants claimed to be active U.S. military service members or veterans. A journalist collective leaked the information from archived private chats, according to Hatewatch.One applicant claimed to be in the Army Reserve and used derogatory language about LGBTQ people, according to Hatewatch. Another applicant claimed to have served in the Marines and worked for the Department of Homeland Security.In 2021, Attorney General Merrick Garland warned of an "elevated threat to the homeland" posed by domestic violent extremists."In the FBI's view, the top domestic violent extremist threat comes from racially or ethnically motivated violent extremists, specifically those who advocated for the superiority of the white race," Garland said.In January, the Justice Department announced it would launch a new unit centered on tackling domestic terrorism.   On Monday, Coeur d'Alene Mayor Jim Hammond told CBS News he wasn't concerned about having to keep residents calm after Saturday's mass arrests. "We are a loving and a kind community," Hammond said. "We care about each other, and we intend to stay that way." In: White Supremacy Idaho Alex Sundby Alex Sundby is a senior editor for CBSNews.com Twitter Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

What is Patriot Front? Prominent white supremacist group tied to mass arrest near Idaho Pride event.

This story is part of CNBC Make It's Millennial Money series, which details how people around the world earn, spend and save their money.As a mail carrier for the United States Postal Service, Jordan Myers typically works 13 hours a day, six days per week. Most days, he walks around 14 miles.He delivers mail to up to 500 houses each day, he says, and because he has a walking route, he's outside all day, regardless of the weather. "No curbside pull up, drop off," the 29-year-old tells CNBC Make It. He walks "up steps, down steps, through bushes, across yards."It's strenuous work, but you won't ever hear him complain. In fact, many of his hours are by choice: During the business week, Myers works about five hours of overtime each day, and takes on even more on the weekends."Everything is mental," he says. "If you have the mindset and the drive to do something, I feel like you can really break through a lot of barriers."Everything is mental. If you have the mindset and the drive to do something, I feel like you can really break through a lot of barriers.Living in Memphis, Tennessee, Myers earns a base salary of around $41,000 per year. But with overtime, he's able to bring in far more: In 2020, Myers earned around $78,000, and in 2021, he is on track to make over $90,000. He also brings in around $4,500 per year from a rental property."I don't think of it as hard," he says. "I think about what I can do, what I'm trying to accomplish."As a mail carrier for the United States Postal Service, Jordan Myers typically works 13 hours a day, six days per week. Most days, he walks around 14 miles.CNBC Make ItFor him, that means making good money. Though it's a lot of hours, Myers prides himself on his determination and perseverance.Myers has worked hard for most of his life, starting his first job at age 12. Growing up, his mom struggled financially, so Myers moved in with his dad and began to work for his dad's lawn service. "It sucked, truthfully, but it made me into who I am," he says.Myers's father never complained either, regardless of the circumstances. Myers remembers his father once getting shot and still returning to work 24 hours later."My dad is my biggest hero," Jordan Myers says.Courtesy of Jordan Myers"My dad is my biggest hero," Myers says. "When you realize how he's able to persevere ... There's no way I can say 'I'm tired' if he's not tired. We don't make excuses."Working at the USPSBefore USPS, Myers worked a number of jobs, including positions at the Apple store, Kroger, Dollar General and more, he says.In 2017, he got a full-time job at USPS after hearing good things from relatives who worked there too. "My grandfather worked for the post office for many years. He said that if I go there, I would be able to make a decent amount of money and get a lot of hours," Myers says.In 2017, Jordan Myers got a full-time job at the USPS.CNBC Make ItMyers typically chooses to work from 8 a.m. until 8:30 p.m., sometimes 9 p.m. He usually works six days a week, but will sometimes work on Sundays as well. Though the long hours aren't mandated by the USPS, Myers enjoys the option to do so — and earn more overtime, he says."The biggest thing that people don't realize as a mail carrier is how much work you actually do," he says. "A lot of people say it's easy because you're just walking and they only see you maybe five minutes here and there, every other day."In 2020, amid the Covid-19 pandemic, his schedule was especially hectic. It was "endless walking, around 20 miles a day," since there was much more mail and few carriers. At times, it was even scary, Myers says, remembering packages of medicine piling up and not enough employees to handle it all.Even now, things are still volatile. "A lot of people are quitting due to being burnt out," Myers says.Despite his long days, Myers says he is still able to spend quality time with his wife, Jalyn, and 1-year-old son, Jacob. He usually gets to spend a few hours with Jacob each night after work, but says "we really play the most on Sunday."Despite his long days, Jordan Myers says he is still able to spend quality time with his wife, Jalyn, and 1-year-old son, Jacob.CNBC Make ItMyers and his wife have found a balance that works for their family. "Family time is fairly decent and good," he says. "I'm just waiting for Jacob to get older so I can destroy him in video games."Myers doesn't let his demanding work schedule overtake family time. "Everybody thinks raising kids is tremendously hard. It's more mental than anything," he says.How he budgets his moneyHere are Myers's monthly expenses as of October 2021.Elham Ataeiazar | CNBC Make ItSavings: $2,900Rental property: $913 for the mortgage, homeowners insurance and other expenses.Housing: $809 for his own mortgage and homeowners insurance.Car payment: $534Memberships: $239 for Netflix, Spotify, Tesla internet and investment group dues.Food: $220 for takeout during work.Misc.: $60 for pet expenses.Phone: $62Insurance: $41 for health, dental and vision.Myers and Jalyn both contribute to household bills and expenses. Though Jalyn makes significantly less than Myers, she pays for child care, groceries, car insurance, Wi-Fi and utilities. Myers covers everything else.They think of each other as equal partners, regardless of income or expenses paid. "I do bring in more money, but we're equal because she does have to take care of [our] son more, and if she didn't, I wouldn't be able to work the hours I work, so I wouldn't make the money I make," Myers says.Jordan Myers and his 1-year-old son, Jacob.CNBC Make ItOne of Myers's top priorities is establishing ways to build wealth. Each month, he puts $500 into his savings account, $400 into his 401(k) and $2,000 into a taxable brokerage account through Fidelity. Currently, he has around $3,000 in savings and $34,000 in investments.He's also a member of an investment group led by real estate investor and YouTuber Graham Stephan, which has helped him learn about options trading and rental properties. Myers has earned up to $10,000 in a month trading options, despite its risky nature. However, he usually reinvests those earnings and doesn't recognize any gains.He has also dabbled in other investments like cryptocurrency. He mined Ethereum for a while, but has since stopped.Myers has one rental property, which he bought in 2019 for about $100,000. "I am actively cash flowing from this property," he says. He pockets about $378 per month from it after covering expenses.In 2021, Jordan Myers bought his dream car: A Tesla Model 3.CNBC Make ItIn 2021, Myers bought his dream car: A Tesla Model 3. With used cars selling for a premium due to chip shortages, Myers was able to sell his car for about $15,484 and trade it in for the Tesla, he says. The Tesla cost about $45,000, but with his trade-in allowance, he only owed around $30,000.Looking aheadIn five years, Myers hopes to be "halfway to being a millionaire, if not more," he says. In 10 years, "I think I'd be well over being a millionaire."Myers has no doubt that he'll be able to reach his goal. "I think I'm going to crush it, truthfully," he says.Myers is also saving for another rental property, which he hopes will pay for itself over time.Myers doesn't want to share his story to brag about his success. Rather, he wants to "help the people that are trying to learn and grow like me," he says."When you see me, it's like, 'Hey, that guy is also just working a normal job, day to day. He's really growing day by day, month by month, year by year.' I'm hoping I can show people that it's possible."What's your budget breakdown? Share your story with us for a chance to be featured in a future installment.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: This 27-year-old makes $100,000 a year and paid off her mom's $28,000 mortgage

This 29-year-old USPS mail carrier is on track to make over $90,000 this year—here's how he spends his money.

Bill GatesGerard Miller | CNBCBill Gates is not a fan of cryptocurrencies or non-fungible tokens.Speaking at a TechCrunch talk on climate change Tuesday, the billionaire Microsoft co-founder described the phenomenon as something that's "100% based on greater fool theory," referring to the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them.Gates joked that "expensive digital images of monkeys" would "improve the world immensely," referring to the much-hyped Bored Ape Yacht Club NFT collection.NFTs are tokens that can't be exchanged for one another. They're often touted as a way to prove ownership of digital assets like art or sports collectibles. But critics see them as overhyped and potentially harmful to the environment given the power-hungry nature of cryptocurrencies. Many NFTs are built on the network behind ethereum, the second-biggest token."I'm used to asset classes ... like a farm where they have output, or like a company where they make products," Gates said.As for crypto, "I'm not involved in that," Gates added. "I'm not long or short any of those things."Cryptocurrencies tumbled sharply this week after Celsius, a crypto lending firm, paused all account withdrawals. The debacle has fueled fears of a looming insolvency event for Celsius — and possible knock-on effects for other parts of the crypto market. For its part, Celsius says it's "working around the clock for our community."The battered crypto world was already licking its wounds following the collapse of UST — a so-called "stablecoin" that was meant to be worth $1 — and luna, its sister token. At their height, both cryptocurrencies were worth a combined $60 billion.Bitcoin was last trading at $21,107 Wednesday, down 7% in the last 24 hours. The world's biggest cryptocurrency has erased over half of its value since the start of 2022.WATCH: What you should know before investing in crypto

Bill Gates says crypto and NFTs are '100% based on greater fool theory'.

The logo of Pegatron, which assembles electronics from Apple Inc’s iPhones, is seen during an annual general meeting in Taipei, Taiwan June 20, 2017. REUTERS/Tyrone SiuRegister now for FREE unlimited access to Reuters.comTAIPEI, June 15 (Reuters) - China's recent lockdowns to control the spread of COVID-19 have made Apple Inc (AAPL.O) iPhone assembler Pegatron Corp (4938.TW) "emphasise" its expansion in other countries, a senior executive at the Taiwanese firm said on Wednesday.In April, Taiwan-headquartered Pegatron suspended operations at its Shanghai and Kunshan plants in China due to strict COVID-19 protocols, impacting production and deliveries. China has since lifted those restrictions.However, the company is still facing labour shortages, exacerbated by COVID restrictions in China, leading the company to "emphasise" its expansion plans elsewhere, President Liao Syh-jang told an annual shareholder meeting in Taipei.Register now for FREE unlimited access to Reuters.com"We faced COVID controls for two months. We couldn't have assessed that in advance, so that makes me emphasise our expansions in Vietnam, India, Indonesia, and North America, to solve our labour shortage, the gap between peak and low seasons, and to increase the utilisation of our production capacity."In recent years, Pegatron has sought to expand its footprint in Southeast Asia and North America.Chairman T.H. Tung added that their customers had "different reasons" for setting up factories in Vietnam, India and Mexico."But one shared factor is the ability to reduce concentration in Shanghai, Suzhou, Chongqing," Tung said, adding that recruiting staff in China has become increasingly difficult over the past seven to eight years.Tung said that with the COVID pandemic easing globally, China coming out of its lockdowns to control the coronavirus and the electronics industry's peak season coming later in the year, the rest of 2022 should be much better for the company."Combining these factors, I expect the second half of the year to be better, or a lot better, than quarter two."Taiwanese firm Foxconn (2317.TW), the world's largest contract electronics maker which also assembles iPhones, last month predicted more stable supply in the second half of 2022.Register now for FREE unlimited access to Reuters.comReporting by Sarah Wu; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

China COVID controls makes Apple supplier Pegatron "emphasise" expansion elsewhere.

People stand in front of a board depicting 5G network at the India Mobile Congress 2018 in New Delhi, India, October 26, 2018. REUTERS/Anushree FadnavisRegister now for FREE unlimited access to Reuters.comNEW DELHI, June 15 (Reuters) - India said on Wednesday it would reserve part of its next-generation telecoms spectrum for private in-house networks, as the government announced a 5G auction to take place by the end of July.Until now, India's telecoms services have been run by specialist companies in a market dominated by Vodafone Idea (VODA.NS), Bharti Airtel Ltd (BRTI.NS) and Reliance Industries Ltd's (RELI.NS) Jio, which are all part of the telecom group Cellular Operators Association of India (COAI).All three firms are expected to participate in the new auction but, under the proposal approved on Wednesday, tech companies will also be able to bid for bandwidth for networks for their private use - a proposal that has split the industry.Register now for FREE unlimited access to Reuters.comIndia is the world's second-biggest wireless market with over a billion subscribers.The government aims to begin the rollout of 5G - which it says can provide data speeds about 10 times faster than 4G and is seen as vital for emerging technologies like self-driving cars and artificial intelligence - by spring 2023.The government approved a recommendation from its telecom watchdog body to set a base price of 3.17 billion Indian rupees ($40.6 million) for prime 5G spectrum, a sum previously described as too high by telecom lobby group COAI.Auction winners will be able to pay in 20 equal annual instalments, the government said in a statement.Private 5G networks mirror public 5G, but connectivity is limited to a dedicated space such as a factory, a port or a campus, where 5G's security and ultra-low latency can be fully utilised in additional services.The move to allow private 5G networks has split two influential industry bodies: COAI, which represents telecoms firms, and Broadband India Forum (BFI), which represents tech companies like Amazon (AMZN.O), Google (GOOGL.O) and Facebook (META.O).COAI has argued that private networks will "diminish the revenue so much that there will be no viable business case left for the telecom service providers".BFI has labelled the idea of revenue loss a "misconception" and said more business activity will lead to companies spending more on external communications.($1 = 78.0350 Indian rupees)Register now for FREE unlimited access to Reuters.comReporting by Munsif Vengattil in New Delhi; Editing by Jacqueline Wong and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

India holds some bandwidth for private networks in July's 5G auction.

Models of oil barrels and a pump jack are displayed in front of a rising stock graph and "$100" in this illustration taken February 24, 2022. REUTERS/Dado Ruvic/Illustration
Register now for FREE unlimited access to Reuters.comSummaryInvestors bet U.S Fed will announce a 75-basis-point rate hikeRecession fears, new China COVID lockdowns fuel demand concernsSINGAPORE, June 15 (Reuters) - Oil prices rose on Wednesday, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big hike in interest rates by the U.S. Federal Reserve.In a volatile session, Brent crude futures for August were up 46 cents, or 0.4%, at $121.63 a barrel as of 0642 GMT after falling to as low as $120.65 earlier in the session on the back of a 0.9% decline on Tuesday.U.S. West Texas Intermediate crude for July rose 41 cents, or 0.3%, to $119.34 a barrel, after hitting a low of $118.22 earlier in the day, having dropped 1.7% a day earlier.Register now for FREE unlimited access to Reuters.comSurging inflation has led investors and oil traders to brace for a big move by the Fed this week - a 75-basis-point increase, which would be the largest U.S. interest rate hike in 28 years. read more "An aggressively hawkish signal from the (U.S.) Fed may increase concerns of a global recession, which may dampen the demands of the energy market," said Leona Liu, analyst at Singapore-based DailyFX."If the Fed announces a 75-basis-points hike tonight, oil prices may be notably weak against the dollar in the short term as a hawkish Fed may push investors flow into safe-haven dollar and hit risk-sensitive assets like oil."On the demand side, China's latest COVID outbreak, traced to a 24-hour bar in Beijing, has raised fears of a new phase of lockdowns. read more The country's economy, however, showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly. read more In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022. read more "Overall, the supply/demand situation remains supply-constrained, and I can't see that reality changing until the world economy slows sharply," said Jeffrey Halley, senior market analyst at OANDA.Still, offering some support to prices is tight supply, which has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.Register now for FREE unlimited access to Reuters.comReporting by Koustav Samanta in Singapore, Sonali Paul in Melbourne and Laura Sanicola in New York; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Oil prices climb, but expected U.S. interest rate hike looms.

Register now for FREE unlimited access to Reuters.comJune 14 (Reuters) - Advisers to the U.S. Food and Drug Administration on Tuesday unanimously recommended that the agency authorize Moderna Inc's (MRNA.O) COVID-19 vaccine for children and teens aged 6 to 17 years of age.Around 77 million people in the United States have received at least a two-dose course of Moderna's vaccine, which has long been available for people aged 18 and older.The committee of outside experts is scheduled on Wednesday to consider the Moderna shot for children under 6, and Pfizer (PFE.N) and BioNTech's (22UAy.DE) COVID vaccine for children under 5 - and in both cases as young as 6 months.Register now for FREE unlimited access to Reuters.comThere is unlikely to be significant immediate demand the Moderna shots for 6- to 17-year olds. The Pfizer/BioNTech vaccine was authorized for children aged 5 to 11 in October, and approval for teenagers preceded that by months.Yet only around 30% of those ages 5 to 11 and 60% of 12- to 17-year olds are fully vaccinated in the United States, according to data from the U.S. Centers for Disease Control and Prevention (CDC).A pharmacist holds a vial of the Moderna coronavirus disease (COVID-19) vaccine in West Haven, Connecticut, U.S., February 17, 2021. REUTERS/Mike Segar"I'd like to give parents as many choices as possible, and let them make the decisions about this for their children," committee member and UC Berkeley professor Dr. Arthur Reingold said at the meeting.The FDA - which generally follows the recommendations of its advisers but is not obligated to do so - is likely to authorize the Moderna vaccine for ages 6-17 soon. The CDC also needs to recommend the vaccine's use. A committee of its advisers is scheduled to meet Friday and Saturday.There have long been concerns that the Moderna vaccine, which is given at a higher dose than the Pfizer/BioNTech shot, may cause types of heart inflammation known as myocarditis and pericarditis at higher rates, primarily in younger males.Some countries in Europe have limited use of Moderna's vaccine for younger age groups after surveillance suggested it was tied to a higher risk of heart inflammation, and the FDA delayed its review of the shot to assess the myocarditis risk.U.S. regulators presented data at the meeting on Tuesday suggesting that Moderna's vaccine may have a higher risk of heart inflammation in young men, but said the findings were not consistent across various safety databases and were not statistically significant, meaning they might be due to chance.Register now for FREE unlimited access to Reuters.comReporting by Manas Mishra in Bengaluru; Additional reporting by Michael Erman in New Jersey; Editing by Jason Neely and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

U.S. FDA advisers overwhelmingly back Moderna COVID vaccine for ages 6-17.

MoneyWatch Updated on: June 14, 2022 / 12:08 PM / MoneyWatch Billions erased in cryptocurrency meltdown Billions erased from cryptocurrency market this week 06:01 Coinbase plans to lay off 1,100 employees or 18% of its workforce, CEO Brian Armstrong said Tuesday, marking yet another cryptocurrency exchange that has slashed jobs in recent weeks."We appear to be entering a recession after a 10-plus year economic boom," Armstrong said in a company blog post. "A recession could lead to another crypto winter, and could last for an extended period," he wrote, referring to a period when cryptocurrency prices fall and stay low for weeks on end. "In past crypto winters, trading revenue (our largest revenue source) has declined significantly," Armstrong said in the blog post. "While it's hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment." Coinbase is one of the crypto world's largest exchanges with 98 million users and $256 billion in assets on the platform. The company will finish the layoffs by the end of June, the company said in a regulatory filing. The company expects to spend $40 million to $45 million in "employee severance and other termination benefits."Layoffs are the latest chapter in Coinbase's recent struggles. The company last month reported a $430 million first-quarter loss as active monthly users declined 19%. The company also instituted a hiring freeze this month, adding that some job offers may even be rescinded.  Armstrong said Coinbase, which now has about 5,000 employees, is laying off workers after the company brought on too many people, too quickly. Coinbase started last year with about 1,250 workers, the CEO said, but soon after noticed the "adoption of crypto products was exploding." At that point, company officials had to decide how many additional employees were needed to staff the crypto craze, Armstrong said."While we tried our best to get this just right, in this case it is now clear to me that we over-hired," Armstrong said.Coinbase's layoffs come amid a huge sell-off in the broader cryptocurrency market. Some investors are shying away from risky investments in favor of more stable assets amid deepening economic worries and as the economy grapples with the highest inflation in 40 years.  TechWatch: Billionaire twins set to lay off 10% of workforce 03:46 The total market value of cryptocurrencies plunged below $1 trillion on Monday to $983 billion, the first time it has dropped below that mark since January 2021, according to CoinMarketCap.  The most popular cryptocurrencies — including ether, solana and tether — have all lost value in the sell-off, while bitcoin has fallen to its lowest price since December 2020, according to Bloomberg News. Those declines are causing layoffs at Coinbase's competitors as well. Crypto.com plans to lay off 260 employees, or 5% of its workforce, company CEO Kris Marszalek said in a tweet Friday. Earlier this month, cryptocurrency company Gemini Trust, owned by Winklevoss twins, Cameron and Tyler, said it plans to lay off 10% of its staff, marking the first time the company has ever had to cut jobs, Bloomberg News reported. Crypto platforms Bitso, Buenbit and Mercado Bitcoin have also laid off workers. Khristopher J. Brooks Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports. Twitter Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Coinbase to cut workforce by 18% amid wide crypto sell-off.

According to Jamie Dimon, chairman and CEO of JPMorgan Chase, the most successful leaders have certain key traits."[H]umility, openness, fairness [and] being authentic" are most important – "not [being] the smartest person in the room or the hardest working person in the room," Dimon, who runs the nation's largest bank and oversees more than 250,000 employees globally, told LinkedIn editor in chief Daniel Roth in a recent video.Don't miss: Highest-ever Amex Gold Card welcome bonus is worth up to $600 in gift cards"Management is: Get it done, follow-up, discipline, planning, analysis, facts, facts, facts. It's [getting] the right people in the room, kill the bureaucracy, all of these various things," Dimon told Roth. "But the real keys to leadership aren't just doing that."It's about having "respect for people," not about having "charisma" or "brain power," he said.Having these traits also increases your productivity, along with your success, Dimon said. If you're "selfish" or "take the credit" when it isn't warranted, others are "not going to want to work," which will impact efficiency on the job.Dimon also looks for these things when hiring, he said in July. When interviewing or assessing a promotion, Dimon asks himself a few questions about the candidate, including, "Would you work for that person? Would you want your kid to work for that person?"He also considers whether they "take the blame" or "how they act anytime something goes wrong."In his role as CEO, Dimon said he tries to practice what he preaches."No one would say Jamie Dimon is humble," he said in July, "but I treat everyone the same, and I expect the same thing. You'd want to work for me if you think I give a s---, if I treat you fairly, if I treat everyone equally."To achieve success, "treat people the way you want to be treated," Dimon told Roth. "Have respect for people."Check out: Traits JPMorgan CEO Jamie Dimon looks for when hiring: ‘Would you want your kid to work for that person?’JPMorgan CEO Jamie Dimon on being fired: ‘It impacted my net worth, not my self worth’JPMorgan CEO Jamie Dimon’s morning routine: Wake up at 5 a.m. and ‘read tons of stuff’

JPMorgan CEO Jamie Dimon: People with these traits succeed–'not the smartest or hardest-working in the room'.

People walk near a Baidu logo at the company headquarters in Beijing, China April 23, 2021. REUTERS/Florence LoRegister now for FREE unlimited access to Reuters.comHONG KONG, June 15 (Reuters) - China's internet search engine giant Baidu Inc is in talks to sell its controlling stake in iQIYI Inc (IQ.O), China's answer to Netflix, in a deal that could value all of iQIYI at about $7 billion, two people with knowledge of the matter said.Baidu, which owns 53% of iQIYI and holds more than 90% of its shareholder voting rights, plans to sell all its holdings in the Chinese video streaming services firm, said those two people and another two sources familiar with the matter.Nasdaq-listed iQIYI has a market value of $4 billion. Baidu's targeted valuation of $7 billion for the whole company in its divestment would represent a price of about $8.13 per share compared with its latest close of $4.67.Register now for FREE unlimited access to Reuters.comThe four people with knowledge of the plan declined to be identified due to confidentiality constraints.The divestment plan, not previously disclosed by Baidu, comes after the firm deemed iQIYI to be a non-core asset, and as it seeks to sharpen its focus on developing its capital-intensive artificial intelligence and autonomous driving units, said the first two sources. read more Baidu, whose businesses range from internet search to electric vehicles, with expansion into cloud services, robotaxis and autonomous driving in recent years, has tapped Bank of America (BAC.N) to work on the potential sale, said the second pair of sources.Baidu didn't respond to a request for comment, while Bank of America did not offer any immediate comment."This is purely market rumour," iQIYI said in an emailed statement to Reuters, without providing further comment.The stake sale plan drawn up by Baidu, worth nearly $50 billion by market value, comes against the backdrop of China's regulatory crackdown since late 2020 on firms from technology, private education and other sectors, which hammered their shares and forced some to scale back expansion in non-core areas.The iQIYI stake has drawn initial interest from a number of financial sponsors and state-owned companies, said three of the four sources, with Hong Kong-based private equity firm PAG among them.China Mobile (0941.HK), the world's largest mobile network operator by subscribers and owner of streaming service Migu Video, is also among potential buyers, two of the people with knowledge of the matter said.PAG declined to comment. China Mobile did not respond to a request for comment.If Baidu achieves its valuation target, that would represent a premium of more than 100% to iQIYI's average share price over the past three months of $3.97. The streaming firm's shares have lost 70% in the past 12 months amid a broader sell-off in Chinese tech shares.Terms of the deal have not yet been finalised and are subject to change, the sources said.Register now for FREE unlimited access to Reuters.comReporting by Julie Zhu and Kane Wu; Editing by Sumeet Chatterjee and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Exclusive: China's Baidu in talks to sell majority stake in video streaming firm iQIYI - sources.

Wharton's Jeremy Siegel is calling for a 100 basis point rate hike, and says markets may be "close to the bottom."A 100 basis point rate hike by the Federal Reserve on Wednesday will be "medicine to stop this inflation," the Wharton professor of finance at the University of Pennsylvania told CNBC on Wednesday."The Fed needs to grab the narrative of inflation ... it knows it was way too late," Siegel said on "Squawk Box Asia.""[You] got to take your medicine now to get cured. If you just let it go, you're going to have to take more medicine later on."With annual inflation hitting a 40-year high of 8.6% annual inflation in May, the likelihood of sharper aggressive rate hikes has sent markets into a tailspin amid fears of a global recession.U.S. stocks tumbled into bear market territory earlier this week sending ripples across global markets.Jeremy SiegelDavid Orrell | CNBCSiegel said Fed chair Jerome Powell can justify such an aggressive move by bringing forward July's expected 50 basis point hike, and combining it with the expected 50 basis points for June.Anything less than a perceived forceful move by the Fed this week will indicate to markets it doesn't have inflation under control, Siegal said."If [Powell] only does 50 [basis points], I think there is going to be a big disappointment. Then [markets] are going to say he doesn't have control, he isn't going fast enough," he said.Markets will rallyIf the Fed nips the inflation problem in the bud, a markets rally will likely ensue as investors and firms factor in the higher rates and start to downgrade earnings forecasts.Instead of panicking and chasing more aggressive rate hikes after introducing this 100 basis point hike, the Fed should wait for it to massage into the economy, Siegel said. Too many aggressive moves could trigger a severe recession, he added.As it is, the financial markets have already factored in a mild recession for 2023, he added."I think you will get a rally, and [while] it is very hard to pick exact market bottoms, I think we are close to the bottom," Siegel said, adding that the rally will unravel within "hours" of the Fed's announcement. The Fed needs to grab the narrative of inflation. You got to take your medicine now to get cured. If you just let it go, you're going to have to take more medicine later on.Jeremy Siegelprofessor of finance, Wharton"And that would signal we are taking the medicine to stop this inflation. If we take it sooner, we will be better off later on and there is going to be less likelihood of a recession in 2023," he said. If the Fed moves strongly on Wednesday, inflation should cool by the end of the year and if commodity prices start to follow stock markets into bear territory, then the U.S. economy is on its way to reining in inflation, Siegel told CNBC.But as the U.S. economy is bloated with stimulus — and if the Fed moves prudently — a major recession can easily be averted, the professor said."There is still too much liquidity, too low unemployment, too much demand," he said.'Unprecedented burst of money'Excess liquidity and rising demand, driven mainly by government stimulus as a result of the pandemic, were responsible for forcing up prices even though supply chain constraints also played a part, Siegel added."We have [an] unprecedented burst of money," he said.For the first half of 2020 when the pandemic was at its height, a record $2 trillion surge in cash hit the deposit accounts of U.S. banks — a reflection of the amount of cash sloshing around in the U.S. economy.In April 2020 alone, deposits grew by $865 billion, more than the previous record for an entire year."That was really the kernel of the explosion of demand. Certainly we have Covid problems, we have the Russian invasion, I understand that," Siegel said."But what the Fed should have done ... is to say, [it] needed the first stimulus after Covid hit," he said. "Then it should have told the government you got to go to the bond market .. [it] cannot get a hand out from the Fed.""Then we would have interest rates go up much earlier and we would not have the inflation problem we have now," he added.

Jeremy Siegel says 100 basis point rate hike is 'medicine to stop this inflation'.

CBS Evening News June 14, 2022 / 8:23 PM / CBS News Survivor speaks after Southern Baptist abuse report Survivor speaks out after bombshell Southern Baptist abuse report 02:36 Delegates from the Southern Baptist Convention, the nation's largest Protestant denomination, met Tuesday to choose new leaders and confront shocking allegations of sexual abuse. A recent 288-page report by independent firm Guidepost Solutions alleged that the Southern Baptist Convention's executive committee was "stonewalling" survivors of sexual abuse. After the report, Southern Baptist leaders released a secret database listing accused pastors and church staff spanning decades. At Tuesday's meeting, Pastor Rolland Slade, outgoing chair of the Southern Baptist Convention's Executive Committee, responded to survivors: "We need to fix what we've done. We need to apologize. We need to be grateful for what the report has exposed so that we can correct it."  David Pittman, one of those survivors, told CBS News that the music minister at his Southern Baptist church in Georgia raped him repeatedly, beginning when he was 12 in the 1980s. "It started with sleepovers," he said. "And you would have two or three or six boys, that's when the abuse would take place."  He said Frankie Wiley sexually abused him until he was 15. "It would be oral, digital insertion, you name it, it occurred," he said. "I froze." More than two decades later, Pittman reported Wiley to police, but the statute of limitations had expired so he says he then told numerous church leaders. "I was told, unceremoniously, 'Be quiet. Go away. There's nothing we can do for you. But we would like to pray for you,'" he said.  In a 2019 email that Pittman provided to CBS News, Wiley did confess to sexually assaulting five boys, which was corroborated by the independent report. Yet, Wiley is still employed at a church, playing the keyboard at Sunday's service at Georgia's Trinity Community Church, which recently cut ties with the Southern Baptist Convention. When asked what he would say to parishioners at that church, Pittman said: "Wiley is a professional liar. He is a sexual predator. Your children are not safe. Please keep them as far away from him as possible." CBS News reached out to Wiley and Trinity Community Church, but did not hear back. Wiley has never been charged with a crime.  In: Sexual Abuse Nikki Battiste Nikki Battiste is a CBS News correspondent based in New York. Twitter Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Survivor speaks out after bombshell Southern Baptist abuse report: "Your children are not safe".

More than 135 million Americans live with polluted air, placing their health and lives at risk, according to an American Lung Association report published Wednesday."It is impacting you, whether you know it or not," said Becki Baker, an asthma patient. "People don't realize that over time, this is cumulative."Air pollution remains one of the key environmental issues in the United States. Although it has seen incredible improvement since the 1970s thanks to the Environmental Protection Agency and the Clean Air Act, the number of Americans exposed to poor air quality has consistently stayed over 125 million since 2013."Generally, there are two local air pollutants that the U.S., EPA, and other researchers tend to focus on," explained Nicholas Muller, associate professor of economics, engineering, and public policy at Carnegie Mellon University. "Those are fine particulate matter and tropospheric or ground-level ozone."Particle matter pollution refers to tiny pieces of solids or liquids in the air that consist of contaminants like dust, dirt soot and smoke. Nearly 21 million people in the U.S. are estimated to live in counties with unhealthy levels of particle pollution year-round, Wednesday's report said."It comes very small, much smaller than a human hair," American Lung Association national senior vice president of advocacy Paul Billings said. "You can often see them when you look at a sunset and you see all of that haze in the evening."Ground-level ozone pollutants, meanwhile, are often better known by another name: smog. This is created when pollutants from cars, power plants, and other known sources chemically react in the air under sunlight. More than 123 million people in the U.S. are thought to live in counties with bad ozone pollution, with just over 28 million of them being children and 18.2 million aged 65 or older, the report said."It's likened to a sunburn of the lung because it irritates the respiratory tract," Billings said.The report also found that communities and people of color are disproportionately affected by poor air quality. People of color are 3 times as likely to live in the most polluted places."And that's actually not surprising," Yale University environmental justice professor Gerald Torres said. "The data has indicated that before Covid-19 but what Covid-19 did was highlight that."Poor air quality is also costing the U.S. roughly $617 billion in damages every year, according to the World Economic Forum. Additionally, the EPA estimates the U.S. spends about $65 billion every year to clean the air.

135 million Americans are breathing unhealthy air, American Lung Association says.

People walk past the China Construction Bank booth at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence LoRegister now for FREE unlimited access to Reuters.comSHANGHAI, June 15 (Reuters) - China Construction Bank Corp (CCB) (601939.SS) started selling 60 billion yuan ($8.9 billion) in bonds on Wednesday, joining peers as they rush to replenish capital in response to tighter regulations and government calls to support a virus-hit economy.China's government has asked banks to help stabilise the world's second-largest economy by lending to small firms and sectors which bore the brunt of COVID-19 containment measures in some of the country's biggest cities in the last few months. read more During January-May, subordinated bonds sold by local banks including Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS) and Bank of China Ltd (BOC) (601988.SS) totalled nearly 400 billion yuan, a jump of 42% from the same period a year earlier, showed data from credit-rating firm Fitch Bohua.Register now for FREE unlimited access to Reuters.comThe debt-raising spree comes as China's monetary easing pushes down interest rates, and as capital raising via share sales is unlikely with most banks trading well below book value.CCB will use proceeds from selling bonds via China's interbank market this week to supplement its so-called Tier 2 capital. The lender will sell an additional 60 billion yuan worth of such bonds by the end of 2023, exchange filings showed.Separately, CCB also plans to sell up to 100 billion yuan worth of perpetual bonds in China to replenish capital, and as much as $3 billion worth of additional debt in overseas markets.The surge in bond issuance signals that "commercial banks are preparing and making an effort to stabilise capital adequacy," said Li Peng, associate director of banks at Fitch Bohua, who expects loans to expand in the second half of 2022.For big banks, the capital raising also comes as they face tougher capital rules to absorb losses and head off financial instability.China has demanded its biggest four state lenders - ICBC, CCB, BOC and Agricultural Bank of China Ltd (601288.SS) - meet specific total loss-absorbing capacity (TLAC) targets from 2025. read more The "Big Four" face a capital gap of at least 3.5 trillion yuan in the next few years, French bank Natixis estimated.Small banks, many of which have limited access to capital markets or even depositors, are staring at even tougher capital challenges at a time when the economy has slowed down, threatening asset quality.Concern over profitability has pushed bank shares to roughly half of their book value on average.Capital ratios of Chinese banks are above regulatory limits, but they suffer from inadequate capital generation, as well as "the push from the government in asking banks to give up part of their profits" with cheaper loans to help stimulate economic activity, said economist Gary Ng at Natixis in Hong Kong."Therefore, Chinese banks will only have increasing need to raise capital externally."($1 = 6.7249 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.comReporting by Samuel Shen and Andrew Galbraith; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

China's banks scramble to raise capital and answer calls to support economy.

There are plenty of factors that come into play when Kevin O'Leary is assessing a potential hire, but there's one "red flag" that he looks for before anything else: Candidates that are "bouncing all over the place."If an applicant's resume shows them holding multiple jobs over the past two years, "I simply put it into the garbage, because we're not going to look at that person," the "Money Court" judge and O'Shares ETFs chairman tells CNBC Make It."Companies don't like it because they invest in you," he says, naming financial commitments that range from the onboarding and training process to sending equipment to remote workers. "If you're going to leave them after a few months, that's a total waste of money for them."If you're going to leave [a company] after a few months, that's a total waste of money for them.Kevin O'LearyChairman, O'Shares ETFsO'Leary stresses that when you apply to a new job, you should be prepared to invest your time."Have a mental commitment, whether you like [the job] or you don't, to stay there for at least two years," he says. "If you're asking to become part of a team as an employee and represent that company, you've got to have a minimum of a 24-month commitment."O'Leary's advice lines up with a 2018 survey by job site TalentWorks, which analyzed a random sample of nearly 7,000 job applications in different industries all over the U.S. and found that employees who held their previous job for less than 15 months were 43% less likely to be hired when applying for new jobs.Having a short stint at your previous job is equivalent to wiping out nearly five years of experience from your resume, the survey found.That's because hiring managers routinely spend less than one minute reviewing resumes, and aren't likely to give an applicant the benefit of the doubt or think "deeply" about why they left their previous role, TalentWorks says.But the rule isn't set in stone, according to bestselling management author Suzy Welch, who previously told CNBC Make It that you can be a little more flexible with the guidelines if you've stuck around longer in previous jobs. For example, if you have a five-year stint at one company, then you have the ability to have one or two six-month or eight-month job entries on your resume, Welch said.The Harvard Business Review, meanwhile, previously reported that "it's become a part of life" for employees to jump between jobs often, and that employers are less likely to hold it against you now than they were in the past.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: This 42-year-old saved $660,000 and moved to Mexico after losing her 6-figure job

When Kevin O'Leary sees this resume red flag, 'I simply put it into the garbage'.

Soccer Football - FIFA World Cup Qualifier - Costa Rica v New Zealand - Al Rayyan Stadium, Al Rayyan, Qatar - June 14, 2022 General view inside the stadium before the match REUTERS/Mohammed DabbousRegister now for FREE unlimited access to Reuters.comTAIPEI, June 15 (Reuters) - Taiwan's Foreign Ministry condemned organisers of the World Cup in Qatar on Wednesday for saying Taiwanese fans may be listed as being from China, and demanded organisers not allow "improper political factors" to interfere in sporting events.The issue is extremely sensitive for democratically-governed Taiwan, which bristles at China's claims of sovereignty over it, and particularly its giant neighbour's efforts to claim people from Taiwan as being from China.All World Cup ticketholders must apply for the Hayya card used to identify fans, which also serves as their entry visa for Qatar.Register now for FREE unlimited access to Reuters.comOn Tuesday, a drop-down menu of nationalities on the application system had no listing at all for Taiwan, and a senior Qatari official said Taiwanese were likely to be listed as being from China on the card. read more By Wednesday, the online system was listing "Taiwan, Province of China", terminology that equally angers Taiwan's government and many of its people, though it did also include a Taiwanese flag, a symbol anathema to China's government.Taiwan Foreign Ministry spokeswoman Joanne Ou said it was "unacceptable to belittle our country" and they were looking for organisers to make an "immediate correction of their ways"."The Foreign Ministry again calls on the organisers of the World Cup to not allow improper political factors to interfere with simple sports activities and tarnish sporting venues that value fair competition and emphasise the spirit of the athletes," she added.Organisers should let sports be sports and give fans around the world "a clean World Cup football event".There was no immediate response to the comments from World Cup organisers. The Qatar government's communication office was not immediately responding to request for comment.Taiwan competes at most international sporting events, like the Olympics, as "Chinese Taipei" to avoid political problems with Beijing.It has never played at the World Cup finals and crashed out in the second round of Asian qualifying for the 2022 tournament last year after losing all eight matches.Taiwan has no diplomatic relations with Qatar, which, like most countries, only recognises China's government.China, seeking to assert its sovereignty claims, has been stepping up pressure for countries and foreign companies to refer to Taiwan as part of China in official documents and on websites, often using the wording "Taiwan, Province of China", or "Taiwan, China".When asked about the complaints made to the Qatar World Cup organisers by Taiwan officials, Chinese foreign ministry spokesman Wang Wenbin said he wished to reiterate that "Taiwan is part of China"."Maintaining the one China principle is a basic norm of international relations and is the widely held consensus of the international community,” Wang told reporters at a regular briefing in Beijing on Wednesday.Register now for FREE unlimited access to Reuters.comReporting by Ben Blanchard; Additional reporting by Martin Quin Pollard in Beijing; Editing by Peter Rutherford Our Standards: The Thomson Reuters Trust Principles.

Taiwan condemns Qatar for 'politicising' World Cup amid China spat.

Register now for FREE unlimited access to Reuters.comJune 14 (Reuters) - Netflix Inc's (NFLX.O) most-watched series is no longer just a fictitious television show after the streaming service greenlit "its biggest reality competition ever" called "Squid Game: The Challenge."Unlike the series where the stakes are life or death, the worst possible fate in this 456 player competition will be leaving without the $4.56 million winnings, which Netflix claims is the largest lump sum prize in reality TV history."Squid Game" became Netflix's most-watched series when it was released in September 2021 as it told the story of cash-strapped contestants who play childhood games for a chance to win life-changing sums of money.Register now for FREE unlimited access to Reuters.comThe first season holds the record as Netflix’s most popular series of all time, with over 1.65 billion hours viewed in its first 28 days, the company said.A man participates in a Netflix series 'Squid Game' mission at a department store in Bangkok, Thailand, November 20, 2021. REUTERS/Chalinee Thirasupa/File PhotoThe 10-episode reality competition will include games inspired by the original show, as well as new additions, Netflix said.One of YouTube’s top U.S. creators, MrBeast, did an unofficial iteration of this idea by recreating aspects of the South Korean drama’s set and hosting games featured in the show, like “Red Light, Green Light.” The YouTuber also opted out of the killing aspect but strapped a device to all 456 players that mimicked a bullet shot when a player was ruled out.Netflix’s reality show will be filmed in the UK and is currently only casting English speakers. The announcement comes just days after the scripted series was renewed for a second season.(This story corrects a typo in first paragraph)Register now for FREE unlimited access to Reuters.comReporting by Jenna Zucker; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Netflix plans 'Squid Game' reality show with big cash prize, no fatal consequences.

Politics June 15, 2022 / 5:22 AM / CBS News Buffalo victim's son presses senators Buffalo victim's son pleads with senators to address domestic terrorism 04:24 Washington – Just over a month after an 18-year-old White man opened fire inside a Buffalo Tops supermarket, killing 10 and wounding three others,  Attorney General Merrick Garland is traveling to the site of the massacre to pay his respects to the victims' families. In the wake of the massacre, Garland announced the Justice Department would investigate the matter as a hate crime and an act of racially-motivated violent extremism. Investigators allege the suspect detailed his plans and his racist motivation for the violence in hundreds of pages of writings he posted online shortly before the shooting. According to authorities, 11 of the 13 individuals who were shot were Black. A state grand jury earlier this month indicted the alleged shooter with charges of domestic terrorism motivated by hate and 10 counts of first-degree murder. The accused shooter, Payton Gendron, has been in custody since the May 14 shooting and has pleaded not guilty.  Th Justice Department said Garland will travel Wednesday with Associate Attorney General Vanita Gupta and Assistant Attorney General for Civil Rights Kristen Clarke, whose division is a part of the federal hate crime investigation. The group will travel from Washington, D.C., to Buffalo, stopping at the Tops market before meeting privately with victims' families and survivors of the mass shooting. The attorney general is scheduled to  hold a press conference with U.S. Attorney Trini Ross for the Western District of New York, who has federal jurisdiction over the Buffalo area.   In recent weeks, the Justice Department has announced new initiatives aimed at  combating hate crimes, using grants to create state-run hate crime reporting hotlines and to support community-based approaches to reducing their frequency. The department has also established the first anti-hate crimes resources coordinator over the last year, tasked in part with facilitating community awareness of hate crimes   Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Attorney General Garland to visit Buffalo mass shooting site and meet with victims' families and survivors.

Netflix has opened casting for the show to English-language speakers around the world.Tang Ke | Future Publishing | Getty ImagesNetflix is doing "Squid Game" for real (without any of the blood and gore).The streaming platform has approved a reality TV series called "Squid Game: The Challenge," which will pit 456 contestants against each other in a series of games inspired by the hit show.Up for grabs is a $4.56 million reward — which Netflix says is the largest cash prize in reality TV history."The stakes are high, but in this game the worst fate is going home empty-handed," the company said in a statement Tuesday.Netflix has opened casting for the show to English-language speakers around the world. Filming will take place in the U.K. The series is being co-produced by production firms Studio Lambert and The Garden, which is part of British broadcaster ITV.Released in 2021, "Squid Game" quickly became an international success. It is Netflix's most-watched show of all time with people dedicating 1.65 billion hours of viewing time in the first 28 days of its release.Set in South Korea, "Squid Game" sees 456 players in financial hardship risk their lives through various deadly children's games for a large cash prize. Hwang Dong-hyuk, the show's creator, took inspiration for the show from his own family's struggles after the 2008 financial crisis. A second series is now officially in the works.Netflix said "Squid Game: The Challenge" will feature games from the original series as well some "surprising new additions." It will comprise 10 episodes in total.The show could be a way for Netflix to use some of its lucrative content to bring more users to the platform. The company is facing headwinds from the impact of rising inflation, the removal of Covid-19 restrictions and competition from rival firms like Disney.

Netflix is planning a 'Squid Game' reality show with a record $4.56 million cash prize.

A researcher plants a semiconductor on an interface board during a research work to design and develop a semiconductor product at Tsinghua Unigroup research centre in Beijing, China, February 29, 2016. REUTERS/Kim Kyung-Hoon/File PhotoRegister now for FREE unlimited access to Reuters.comSAN FRANCISCO/WASHINGTON, June 15 (Reuters) - Chief executives from Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) on Wednesday called on Congress to pass legislation aimed at boosting U.S. economic competitiveness against China, including in chip manufacturing.Those executives and more than 100 others signed a letter urging the U.S. House of Representatives and Senate, which each have passed different versions of the legislation, to reach an agreement and send a bill to President Joe Biden for his signature. Legislators will break for a summer recess in August, after which most observers expect lawmakers to shift their attention to this fall's midterm elections."Our global competitors are investing in their industry, their workers, and their economies, and it is imperative that Congress act to enhance U.S. competitiveness," saidthe letter.Register now for FREE unlimited access to Reuters.comThe Semiconductor Industry Association (SIA), which organized the letter signing, said the letter was the largest group of corporate leaders so far to endorse the bill.The legislation includes $52 billion in federal funding to expand U.S. semiconductor manufacturing capacity, which happens in factories called "fabs," short for fabrication plants.“The leaders of our industry are under pressure to get fabs up to respond to the growing demand for chips. And they can't wait,” said SIA CEO John Neuffer, adding that the bill would “ensure that more of those fabs are going to be built in the U.S. rather than overseas.”The SIA is also calling for an investment tax credit for semiconductor manufacturing and design in the competitiveness legislation.Democratic House Majority Leader Steny Hoyer said he hoped lawmakers could complete the legislation by the end of the month. He added that Republican Senate Minority Leader Mitch McConnell told him “he is not going to do anything to oppose or undermine consideration of this bill.”Register now for FREE unlimited access to Reuters.comReporting By Jane Lanhee Lee, Moira Warburton and Stephen Nellis; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

More than 100 CEOs urge U.S. Congress to pass China competition bill.

Politics Updated on: June 15, 2022 / 12:01 AM / CBS News Keisha Lance Bottoms, the former mayor of Atlanta, will join the Biden administration, a White House official confirmed to CBS News. She is set to replace Cedric Richmond as the director of the Office of Public Engagement. Atlanta Mayor Keisha Lance Bottoms is seen at the Essence Festival at the Ernest N. Morial Convention Center on July 7, 2018, in New Orleans, Louisiana. Paras Griffin/Getty Images for Essence Richmond resigned from the position in May. It was not immediately clear when Lance Bottoms would join the White House.The one-term former mayor — who was the second woman ever elected to lead the city of Atlanta — shocked the political world when she announced last year she would not run for reelection. Before President Biden announced Kamala Harris as his running mate for the 2020 election, Lance Bottoms was considered to be among the top contenders for the position.  Axios was first to report Lance Bottoms would be joining the Biden administration.Correction: This article initially incorrectly stated Lance Bottoms was Atlanta's second Black mayor.  In: Joe Biden Nancy Cordes Nancy Cordes is CBS News' chief White House correspondent. Twitter

Former Atlanta Mayor Keisha Lance Bottoms to join Biden administration, White House official says.

Allie Eve Knox creates adult content.She makes sexually provocative videos, sells subscription services on platforms like OnlyFans, performs live via webcam, and works as a findomme – short for financial dominatrix, a fetish involving dominance-submission dynamics and cash.The Texas native is also a major advocate of cryptocurrency. Knox describes herself as "one of the most outspoken sex workers, particularly for crypto." Her interest kicked off in 2014, which is when she says several vendors, including PayPal, Square Cash, and Venmo, shut down her accounts because of red flags related to sex work.So Knox started accepting cryptocurrencies instead. Her first exchange of bitcoin for content was pretty casual. It started on a Skype call with a client. "I had a Coinbase account at the time, and he said, 'Hold your QR code right to this camera here,' and he sent it through the camera. And I got it," she explained.It took 15 minutes, and there were no chargebacks, no website commission fees, and no bank intermediaries to turn down the transaction – all major pluses in her industry. But the biggest attraction was having total and irreversible ownership over the money she had earned. "I could cash it out. I could hold it. I could watch it go up and down," said Knox."It was mine."Knox is one of many adult workers who say that cryptocurrencies like bitcoin give them a sense of security and independence as banks, credit card companies, and payment processors tighten regulations around adult content. With crypto, there is no middleman making a judgment call on which transactions are acceptable. OnlyFans and the policy whiplashSex work is an umbrella term that includes anyone who engages in some form of erotic labor, whether virtual or in person."The majority of sex work in the U.S. is legal. It's not dealt with fairly, but it's still legal," explained Kristen DiAngelo, an activist and Sacramento-based sex worker who has spent over four decades in the industry. "Stripping is legal…massage is legal…escorting is legal. The only thing that's really illegal in the U.S. is the honest exchange of sexual activity for remuneration, for money."Some escorts – who charge anywhere from $1,700 an hour to $11,000 for a full 24 hours – now explicitly say in their ads that they prefer to be paid in bitcoin or ethereum.The sex work industry also includes performers on the popular subscription video site OnlyFans, many of whom work exclusively online and have never seen their subscribers or fans in person. Allie Rae is a 37-year-old mother of three boys who says she went from making about $84,000 a year as an ICU nurse in Boston to $1.3 million, thanks to her work on OnlyFans, which has more than 130 million users.Last August, Rae didn't know a lot about cryptocurrency, nor did she accept it for her work, but she was convinced that bitcoin and other altcoins were "100% the future," because they seemed like a far more secure method of payment.At the time, OnlyFans was navigating a publicity nightmare. After banks started flagging and rejecting transactions on the site, OnlyFans announced plans to ban sexually explicit content, its core product. The decision was met with such blowback that OnlyFans reversed course within days. The whole episode gave whiplash to OnlyFans performers, some of whom realized that they were just one company policy change away from financial ruin.Rae, a star of the OnlyFans ecosystem, was spooked, telling CNBC that she felt "kicked to the curb," and never wanted to be put in that position again.So she took action. She started with the basics, teaching herself the fundamentals of crypto, then decided to put real skin in the game by assembling a team of developers to build WetSpace, a cryptocurrency-powered adult entertainment platform, into which she has vowed to invest $1 million of her own money. As Rae describes it, WetSpace will be a place where creators don't have to worry about "big banking restrictions and payouts."By December, Rae had gone from bitcoin novice and OnlyFans ingénue to an adult content entrepreneur speaking fluent crypto, with terms like "smart contracts" and "ERC-20 tokens" rolling right off her tongue. Adult content creators have also jumped on the non-fungible token, or NFT, bandwagon. Knox tells CNBC she's sold photos of herself as NFTs on OpenSea and through SpankChain's custom NFT marketplace. Thus far, the most she's gotten from a single sale is $1,200 worth of ethereum. The disenfranchised strike backDiAngelo tells CNBC she will never forget the first time her bank account was closed without warning.It happened when she was on a trip to Washington, D.C. over a decade ago."I had just gone into the bank, made a deposit, and I went to buy lunch in Dupont Circle," said DiAngelo. "I gave him my card, and it was declined. I gave him my card, and it was declined again. And I gave my card again, and it was declined again. And I was like, 'No, no, no, no, that can't be right. There's something wrong.'" DiAngelo called Citibank and learned that her account had been frozen and she should tear up her credit card. DiAngelo says the customer service rep told her that they weren't "at liberty" to tell her why it had happened, and she would have to write a formal letter to request additional details. They did, however, say that she was still responsible for any money owed. "That put fear in my heart, like I thought my world was collapsing. My bank account was frozen. I couldn't access my money," she said. (Citibank did not respond to a request for comment.)There was particular irony in her situation, as DiAngelo did a stint as a stockbroker at Citibank in the 1980's, always pays her taxes, and has a credit score over 800.Allie Eve KnoxAllie Eve KnoxSo DiAngelo did what other sex workers do: She "platform hopped," meaning that she brought her money to another bank. When they also flagged and closed her account, she moved on to the next. After being shut out of a third bank, DiAngelo says she turned exclusively to bitcoin for her online banking needs. Nearly every sex worker interviewed for this story mentioned platform hopping. The government has a set of anti-trafficking guidelines drawn up by the Financial Crimes Enforcement Network, or FinCEN, and the banks and big payment apps keep an eye out for activity deemed suspicious by those guidelines. Those red flags include making cash deposits frequently – a hallmark of the sex work profession."We will change, we will pivot, we'll go to other platforms," Knox said. "This is just a constant like jumping through hoops cycle."In 2014, for example, PayPal booted her because of a payment for her used socks that was large enough to get red-flagged. Knox says neither she nor the buyer were refunded. (PayPal tells CNBC that her account was "closed due to policy violations.")Later, in 2016, Coinbase closed her account and blocked her from making others. (Coinbase acknowledged to CNBC that its terms of service prohibit the use of its "commerce or retail services connected to adult content.")"We're the ones being punished – not the traffickers, not those that are actually abusing workers," said Alana Evans, who has been an adult performer since the late 90's. Evans is currently president of the Adult Performance Artists Guild, or APAG, a federally recognized union within the adult industry that represents all workers from adult film set actors, to content creators."They've attacked our banking; our ability to operate like the rest of the world," explained DiAngelo. "You don't exist if you can't use the banking system."Evans says that once you've been in the industry and labeled as an adult performer, it is virtually impossible to get a job outside the industry – even at a fast food restaurant. "We are stigmatized. We are discriminated against," said Evans, who is actively looking to foment change in her role as the head of APAG. She says she has met directly with Mastercard and other companies to address the issue, and she is advocating with members of Congress to add occupation to the list of protected title practices, which currently includes race, age, and religion. Mastercard confirmed the meeting with Evans, saying that the company "welcomes dialogue and different perspectives" about its policies and programs.For many sex workers, bitcoin is more than a way to reclaim financial independence — it's an industry standard.In 2018, the U.S. passed a federal law designed to eliminate online sex trafficking. The Fight Online Sex Trafficking Act and Stop Enabling Sex Traffickers Act, or FOSTA-SESTA, meant that owners of web sites could face criminal charges for content that promoted trafficking."It meant any site online, or any venue that does business online, that could possibly receive profits for prostitution in any way could be indicted and do 25 years in prison," explained DiAngelo, who is currently a researcher and lecturer at the University of California, Davis.FOSTA-SESTA spelled an end for Backpage – once the bastion of online advertisements for sex workers — and persuaded Craigslist to discontinue its personal ads.But critics say the net effect of this law was to drive the trade further underground. Workers lost the ability to pre-screen clients, and many in the industry tell CNBC it led to a spike in street work and violence.It also turned bitcoin into a necessity for many escorts. Advertising is essential to attract new business, and workers using popular escort directories like Slixa and Eros tell CNBC that these platforms encourage payment in cryptocurrencies within the U.S. One industry vet says typical ads cost $480 worth of bitcoin for two weeks.Eros did not respond to a request for comment, while Slixa shared in a written statement that it "does not advertise or have as advertisers 'sex workers' as that term is traditionally defined," and that it takes multiple forms of payment."I think that in some ways crypto offers a way forward," said Mike Stabile, a spokesman for the Free Speech Coalition, which is an adult video trade group that advocates for the rights of sex workers."It means that you can move away from these handful of payment processors, the handful of credit cards that seem to control what content can be sold," continued Stabile.Mastercard disputes the assertion that it's biased against sex workers. "Let us be clear – allegations of bias against adult content creators are demonstrably untrue. Our actions and business practices against trafficking and exploitation clearly show this."It's just an up-and-down kind of roller coaster. That's the beauty and the pain of crypto.One hazard of the trade are chargebacks, in which a transaction is reversed when a consumer claims they have been fraudulently charged for a good or service they did not receive. It is a tool designed to protect consumers, but many sex workers say it is a tool that is abused in their industry by clients who dispute a transaction for a product or service they have already received.Take OnlyFans. There are some customers who will dispute a transaction once they've already received custom video clips, or photos. OnlyFans' official policy on its website says the creator, not the company, foots the bill for a chargeback. (OnlyFans did not respond to requests for comment.)Many models have taken to forums like Reddit to share their experiences, in which they say these alleged scammers will sometimes put in for a chargeback six months after receiving pictures or videos.Transactions in cryptocurrencies are final, rendering chargebacks impossible. A wave of innovationOnline, the adult industry often leads technology shifts, and that's certainly been the case with crypto.UK-based escort agency VIP Passion started to accept bitcoin in 2013. Two years later, Backpage made a similar move into bitcoin, litecoin, and dogecoin after Visa and Mastercard refused to process payments for its "adult" section.Visa said at the time that the company's rules prohibited the network from "being used for illegal activity" and that Visa had a "long history of working with law enforcement to safeguard the integrity of the payment system." Mastercard issued a similar statement, saying that the card company has rules prohibiting its cards from "being used for illegal or brand-damaging activities."Pornhub – one of the world's most highly trafficked websites – began accepting a crypto token called verge in 2018. As litecoin creator Charlie Lee noted at the time, the porn industry is often a "leading indicator of technology adoption," so he was "glad to see them opening up to cryptocurrency." When PayPal decided to stop payouts to over a hundred thousand Pornhub performers, the site added tether (a stablecoin pegged to the price of the U.S. dollar) as an alternative option. In Dec. 2020, Pornhub went full crypto in some countries after Mastercard and Visa cut ties with the platform over claims of illegal content running rampant on the porn site. In a statement to CNBC, Mastercard said its decision was "based on an internal investigation that confirmed violations of our standards prohibiting unlawful content on their site." Visa did not respond.Allie Eve KnoxAllie Eve KnoxNowadays, it's par for the course to see adult websites accept cryptocurrency, and some deal in it exclusively.Chaturbate and FanCentro accept digital tokens, and live-streaming webcam platform Stripchat tells CNBC that 23% of its active models are now paid in a mix of cryptocurrencies including bitcoin, ethereum, and USDC, which is a stablecoin pegged to the value of the U.S. dollar. Customers can also leave tips, and the company says its largest tip yet was $100,000 deposited in tether.It helps that recent advancements in payment technology have made it easier than ever to transact in cryptocurrency. The Lightning Network, for example, is a payments platform built on bitcoin's base layer that enables virtually instantaneous transactions."An OnlyFans that is Lightning based could easily survive the sort of censorship they faced in August," explained Boaz Sobrado, a London-based fintech data analyst. "Political pressure and stigma can be applied to card companies, which can then make it very difficult for otherwise legal businesses like OnlyFans to operate.""This entire vector is removed if you have a payment system which doesn't suffer from political pressures. And that's the case with the Lightning Network, which has inexpensive payments, easy transactions, and is not easily censorable," continued Sobrado.Stripchat's top crypto payoutsBitcoin49.4%Ether15.1%Tron14.5%Litecoin10.5%Binance Coin10.3Some adult media companies have even turned to blockchain technology to develop their own digital currencies and platforms.SpankChain is a cam-site built on ethereum's blockchain that, among other things, tries to make it easier for adult performers to safely get paid online. LiveStars, also built on ethereum, is an adult streaming platform and social network that promises greater privacy and security to users, plus similar payment solutions that intend to make transactions faster and more profitable for the performer – which is significant to workers who are accustomed to paying 40% to 50% commission fees on traditional platforms that run on fiat payment rails. CumRocket – which Elon Musk appeared to back in two cryptic tweets last June – has its own NFT marketplace and token, which can be used to tip and message content creators. Volatility and learning curve present problemsStabile warns there are still barriers to mass crypto adoption among sex workers. For one, there's a steep learning curve for both workers and customers. Sex workers have written and circulated guides online on how to use crypto, but a sizable knowledge gap remains.It is also difficult to get some customers to spend their bitcoin on adult content. "They generally use it as a store of value," says Stabile. "It's a speculative currency."Knox says often clients choose not to pay her in crypto. "That's the hurdle that we're at right now. We can take it all day long, but until people start using it and start paying us with it, it's not going to really take off for adoption," said Knox. Sex workers who do accept crypto also have to contend with volatile prices, which can cut into their earnings. For instance, bitcoin is down more than 40% from its November all-time high.Evans tells CNBC she stuck it out through the multi-year crypto winter that began in late 2017, when prices plunged."I literally had a paycheck that was worth one-tenth of what it was, because I held on to it," explained Knox. "It's just an up-and-down kind of roller coaster. That's the beauty and the pain of crypto."That volatility can create upside, too.When Knox began accepting cryptocurrency in 2014, it was mainly for convenience, rather than any sense of crypto as a long-term investment. In her early days, Knox tells CNBC she would get two bitcoin in exchange for an hour-long Skype session. A single bitcoin is now worth around $40,000, and has been as high as $69,000.Kristen DiAngeloKristen DiAngelo"I just kind of left it on the backburner and would collect it whenever people would pay me in it," said Knox, who tells CNBC she still holds a good portion of her crypto stake. "I collected till about 2017 and then crypto went crazy. It was one of those things where I was like, 'Oh, wow, this was an accidental great investment for me.'"Beyond price volatility, trading in crypto often incurs extra fees."Buying the crypto to pay for [ads] was always fraught with all these hidden fees that these trading sites would be charging," said San Francisco-based Maxine Doogan, who has been working as a prostitute for more than thirty years. Instead of using a traditional exchange like Coinbase, Doogan instead goes through a convoluted process that involves finding an intermediary via a trading site, and then depositing cash into that person's bank account, trusting that they will then electronically transfer bitcoin into her crypto wallet. Some of these intermediaries will accept gift cards. Others ask sex workers to buy a regular "vanilla" credit card and send them the numbers, in hopes that they'll follow through on the trade.DiAngelo says that in the early days of crypto, she would use bitcoin ATMs at liquor stores and gas stations to deposit cash to buy bitcoin. These machines charge commissions above and beyond the cost of the transaction.Another major problem relates to the rules that govern cryptocurrency exchanges. Many platforms like Coinbase require know-your-customer, or KYC compliance. In practice, that means having to connect an ID and bank account to the platform – a non-starter for many working in the industry. Because of this, some workers later find they can't cash out the crypto they have earned for products or services rendered.While there are tokens designed with privacy and anonymity in mind (zcash and monero, for example), the blockchain technology that underpins cryptocurrencies like bitcoin is transparent by design, leading some in the industry to worry that with the right tools and crypto know-how, friends, family, or the government technically have the ability to track their steps.But Rae remains convinced that cryptocurrency is the future for the sex work industry."Cryptocurrency is our only option. I don't feel like we're going to survive under stricter and stricter rules from the banking industry," said Rae."For people like me making millions of dollars, a thirty day notice from OnlyFans would be the end of us. Crypto really feels like it's kinda it, otherwise we're going to be controlled forever and who knows the kind of content they're going to continue to ban. They can turn you off tomorrow."

Bitcoin has become a lifeline for sex workers, like this former nurse who made $1.3 million last year.

Abortion rights campaigners participate in a demonstration following the leaked Supreme Court opinion suggesting the possibility of overturning the Roe v. Wade abortion rights decision, in Washington, U.S., May 14, 2022. REUTERS/Amira KaraoudRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - Abortions performed in the United States increased by 8% during the three years ending in 2020, reversing a 30-year trend of declining numbers, according to data released on Wednesday by the Guttmacher Institute, an abortion rights research group.The rise comes as the U.S. Supreme Court is set to rule this month in a case widely expected to end or severely curtail the right to the procedure, as indicated by a leaked draft of the court's opinion.The increase means that the impact of overturning the court's decision in the 1973 Roe v. Wade case, which legalized abortion at the federal level in the United States, would be bigger than anticipated, said researcher Rachel Jones, co-author of the study.Register now for FREE unlimited access to Reuters.com"In the 20-something years I’ve been doing research on abortion at Guttmacher, this is the first time we’ve had an increase in abortion over two years," Jones said in an interview.In 2020, the report shows, there were 930,160 abortions in the United States, up from 862,320 in 2017. Slightly more than one in five pregnancies - or 20.6% - ended in abortion in 2020, up from 18.4% in 2017.The changes varied by state. Mississippi, for example, had a 40% increase in the number of abortions performed, while Oklahoma showed a jump of 103% during the three-year period.By comparison, abortions in Missouri dropped by 96%, from 4,710 in 2017 to 170 in 2020, as all but one provider left the state. Neighboring Illinois showed a 25% increase in abortions, indicating that women from Missouri may have sought abortions there.It was not immediately clear what drove the increase in abortions. One factor may have been an expansion of coverage in many states under the Medicaid program, which provides health care for poor and low-income Americans, the report said.Another possibility is that some women lost access to contraceptive care under restrictions in public programs during Republican Donald Trump's presidency, which may have led to more unintended pregnancies, the report said.The pandemic was not a major driver of unplanned pregnancies or abortion, Jones said. However, as COVID-19 cases flooded New York, many clinics cut their hours, possibly reducing access to abortion and leading to a smaller increase in the state than in other parts of the country over three years.In Texas, conservative lawmakers deemed abortion a non-essential service during the height of the pandemic, leading to a slight drop in 2020 over the prior year. Over the three years, however, abortions in Texas increased by 5%.In 2021, Texas enacted a law banning abortion after fetal cardiac activity can be detected, generally about six weeks after the woman's last menstrual period. The law has led many women to seek abortion in other states.Register now for FREE unlimited access to Reuters.comReporting by Sharon Bernstein in Sacramento, California; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Abortions in U.S. rise, reversing a 30-year trend, new data show.

A symphony of light consisting of bars, lines and circles in blue and yellow, the colours of the European Union, illuminates the south facade of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 30, 2021. REUTERS/Wolfgang Rattay/Register now for FREE unlimited access to Reuters.comLONDON, June 15 (Reuters) - As the European Central Bank rushes to exit stimulus and raise interest rates to tame inflation, bond markets are testing its ability and willingness to act against the strains that are starting to hit weaker countries in the bloc.The ECB is on the case, calling an emergency meeting for Wednesday to discuss the market rout read more .Invitations to the meeting were sent out on Tuesday and some ECB policymakers have cancelled plans to attend a conference in Milan on Wednesday.Register now for FREE unlimited access to Reuters.comThe meeting has been called after the premia investors demand to hold bonds from Italy, Spain and Portugal relative to safer German debt -- spreads in market parlance -- rose to the highest since 2020.With ECB key rates seen rising by 75 basis points within the next three months, Italian and Spanish 10-year borrowing costs hit eight-year highs.Sources told Reuters last week that a large majority of ECB policymakers saw no need for a new tool to help these weaker, highly indebted economies cope with higher interest rates read more . But the spread widening has left investors wondering when the ECB might step in to contain so-called fragmentation risks and what it could do."They didn't say anything new about fragmentation and came up with a more aggressive stance (at last week's meeting) and now they are suprised about the bond market reaction," Nordea chief analyst Jan von Gerich.Here are some options for the ECB:1/ DO NOTHINGWith inflation at record highs, the stance so far has been to stand back. But the emergency meeting call shows the bond selloff has unnerved policymakers read more The 10-year Italian/German yield spread touched 250 bps on Tuesday, levels generally considered the ECB pain threshold. On Wednesday, the very news of the emergency gathering knocked yields off their highs.Sources told Reuters after last Thursday's ECB meeting that policymakers did not think current conditions amounted to "fragmentation" and there was no debate around a new programme."The very fact that the topic was not even approached in any shape or form just told the market that the pain threshold is a lot further away than what we thought previously," UBS strategist Rohan Khanna said.What is the ECB's pain threshold on the Italy/German bond spread?2/ BE SMARTThe only tool the ECB has laid out so far is channelling reinvestments from maturing bonds bought for pandemic-era stimulus back into the markets experiencing stress.Analysts said on Wednesday this was still likely to be first line of defence to contain any strain.As spreads widened in April and May the ECB did not gear reinvestments towards southern European debt. read more Societe Generale estimates that over the coming year, the ECB will receive 300 billion euros ($314 bln) from redemptions from its emergency PEPP scheme. But it does not see that as containing spread-widening.Even if the ECB reinvests the entire flow from German and French bonds into Italy -- around 12 billion euros per month -- that will be less than the ECB's net purchases in Italy of almost 14 billion euros monthly since March 2020, SocGen added.ECB net purchases of bonds under PEPP3/ REMEMBER SMP, OMT?The ECB does have other tools at hand, including the Outright Monetary Transactions (OMT) scheme, an unused crisis-time tool allowing for unlimited purchases of a country's debt.But economists doubt it will be deployed as it requires countries to sign up for a European Union bailout which usually contains unpopular conditions.Others say the Securities Markets Programme (SMP) is more likely to be revived. This facility would enable the ECB to buy bonds without adding to stimulus already sloshing around the system.4/ BRING BACK QEIf rapid spread widening raises financial stability risks for the bloc, the ECB could just resume asset purchases. But given it has just ended bond-buying, that move seems unlikely.Note, however, that on March 18, when the COVID-19 outbreak sent Italian/German bond spreads briefly above 300 bps, the Bank of Italy stepped up bond purchases on behalf of the ECB.Later that day, the ECB launched its PEPP emergency scheme, calming markets."The obvious one would be (restarting) APP (Asset Purchase Programme) but it's difficult to do when you are hiking rates," said State Street's head of EMEA macro strategy Timothy Graf.ECB asset purchases are ending soon5/ SOMETHING NEWPerhaps that's why talk of a new tool has gained ground, something allowing the ECB to target bond-buying specifically at weaker states, deviating from the usual principle of purchasing assets relative to the size of an economy.However, such flexibility or deviating from the so-called "capital key" could prove a sticking point, especially from Germany's constitutional court.The ECB "knows that whatever they come up with, they might end up in the German constitutional court," said Andrew Mulliner, head of global aggregate strategies at Janus Henderson.Nordea's von Gerich said he did not expect a new tool as early as Wednesday but said one was likely in the coming months.Fighting inflation ECB's number one priority(This story clarifies source of ECB view on new tool in para 6)Register now for FREE unlimited access to Reuters.comReporting by Yoruk Bahceli in Amsterdam, Dhara Ranasinghe in London and Stefano Rebaudo in Milan; additional reporting by Sujata Rao; Editing by Sujata Rao and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

How will the ECB contain fragmentation risk in euro area bond markets?.

A screen displays the Fed rate announcement as a trader works inside a post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. REUTERS/Brendan McDermidBrendan Mcdermid | ReutersGlobal markets took a hammering to start the week as expectations grew that the U.S. Federal Reserve will need to hike interest rates more aggressively than planned.May's U.S. consumer price index reading came in at 8.6% year-on-year, the highest print since 1981, and prompted the market to price in a 75 basis point hike from the Fed on Wednesday.Markets broadly expect between nine and 10 rate hikes from now to early 2023, with at least 50 basis point increments at each of the next three Federal Open Market Committee meetings and a terminal rate of 4%.Global recessionA more aggressive Fed is likely to have ripple effects throughout the global economy, and as such, Friday's inflation print triggered a multi-day sell-off of stocks worldwide."Friday's U.S. inflation print had an impact on markets globally, and that seems appropriate given that the Fed, to a certain extent, is the world's central banker, and could certainly help cause a global recession," said Kristina Hooper, a global market strategist at Invesco.Hooper remained hopeful that the U.S. will still be able to avoid a recession and that the Fed will succeed in engineering a "soft landing" by being sufficiently hawkish but data-responsive. However, she acknowledged that the U.S. economy is clearly heading toward a significant slowdown, and the "soft landing" is becoming harder to achieve."Admittedly, slowing just enough to cool inflation but not cause a recession is an extremely delicate balancing act given that monetary policy is a blunt instrument, not a surgical tool. So of course recession risks have increased with last week's CPI print and consumer inflation expectations reading," she added.Famed economist Kenneth Rogoff pointed out in April that a U.S. recession, especially if triggered by an interest rate hiking cycle, would curtail global import demand and wreak havoc for financial markets.Central bank knock-on effectThe European Central Bank last week confirmed its intention to hike its main interest rate by 25 basis points at its July meeting, with a further hike slated for September.However, the ECB called an emergency monetary policy meeting on Wednesday as bond yields surged for many governments across the euro zone.Stephane Monier, chief investment officer at Banque Lombard Odier, told CNBC on Wednesday that the decision to hold an unscheduled meeting prior to the Fed's announcement was significant."It probably means to a certain extent that they are afraid that the Fed will be doing serious rate hikes like the 75 basis points that we are expecting, and that will somehow have some impact on risky assets in the market, and it will further increase fragmentation in European sovereign bond markets," Monier said.Carsten Brzeski, global head of macro at Dutch bank ING, told CNBC on Tuesday that the currency implications of the anticipated hawkish shift from the Fed action could influence European policymakers."It clearly means that we could see a stronger dollar and therefore a weaker euro, which had already been a concern for several ECB officials. If we were ready to move towards parity, I think the weaker euro – even if this is not a target for the ECB – adds to the inflationary pressure, and therefore is a concern," Brzeski said."What this could mean is that at least the hawks at the ECB would push for more rate hikes than they have currently penciled in just to offset the inflationary impact from a weaker euro."With tightening financial conditions and a global sell-off in risk assets underway, the traditional safe haven U.S. dollar has rallied significantly in recent trading sessions.Geoffrey Yu, senior EMEA market strategist at BNY Mellon, told CNBC on Tuesday that the imbalances driving dollar strength would not abate any time soon."The U.S. economy is far less sensitive to tightening in financial conditions from the exchange rate compared to trade-heavy economies — we're looking at the likes of Switzerland, Japan, the euro zone even, and there's a lot of emerging markets," Yu said."Global commodities are priced in dollars so from their own point of view, a stronger dollar in this environment is not good for them at all."Yu suggested that while the dollar is likely to stay bid, the Fed's aggressive stance could free up scope for the likes of the ECB, the Swiss National Bank and the Bank of England to tighten further in order to support their own currencies."It really goes both ways and if the other central banks can be a bit bolder in pushing for appreciation, letting their own currencies strengthen through rate hikes, I think that can help redress the balance as well, and maybe cap the dollar," he said."But for the time being I think most portfolio managers, most investors may want to stay overweight the U.S. dollar."'Profit recession'Along with the prospect of a global economic recession, investors should also be wary of an incoming "profit recession," according to Guy Stear, head of emerging markets and credit research at Societe Generale.Stear told CNBC on Tuesday that the more-than 25-year trend of profits increasing as a percentage of GDP was "more or less finished" given the ongoing themes of deglobalization, higher energy and input costs, and higher wages.The difficulties posed to supply chains and costs as a result of the war in Ukraine and geopolitical divergences have compounded the threat to corporates from higher rates."I think that no matter what happens in terms of the economic outlook – and yes, the likelihood of an economic recession is mounting – the likelihood of a profit recession is mounting a lot faster."

An aggressive Fed has global ramifications. Here are 3 ways the world could be hit.

Crime June 15, 2022 / 6:30 AM / CBS/AFP Mexico villages arm kids to fight cartels Armed kids shine light on Mexico's drug cartel violence 06:40 Ten suspected criminals were killed and seven more detained in a police operation against an armed gang in south-central Mexico, the public prosecutor said on Tuesday.The incident occurred when "a heavily armed group" attacked officers in the town of Texcaltitlan, who then responded with "a legitimate use of force," the State of Mexico prosecutor's office tweeted.Three of the officers were slightly injured, while four of those detained were wounded during the shootout. Federal forces are pictured at a scene following a shootout that left three security forces wounded and 10 suspected criminals killed, in Texcaltitlan, Mexico June 14, 2022. STRINGER / REUTERS "We recognize and are proud of the actions carried out by our colleagues against criminal groups in the whole of Mexico State," said the prosecutor's office. The authority did not say whether or not the suspected criminals belonged to a drug trafficking cartel, although such gangs operate in the region.Officers seized 20 R-15-type, large-caliber weapons, plus pistols, ammunition, five vehicles, bullet-proof vests, military-style uniforms and communication equipment, the prosecutor said. The prosecutor added that it was joined by state police, the National Guard, the army and navy in the operation.Mexico has registered more than 340,000 murders and tens of thousands of disappearances since launching a controversial military offensive against organized crime in 2006.Experts and human rights defenders say the militarization of combat against organized crime has exacerbated Mexico's problem with violence.Since coming to power at the end of 2018, President Andres Manuel Lopez Obrador has repeatedly called for security services to rely more on intelligence than force in combating criminality. In April, Lopez Obrador confirmed that Mexico had dissolved a special unit trained by U.S. authorities to fight drug cartels because it had been infiltrated by criminals. In March, Lopez Obrador accused popular television shows of glamorizing the violent drug trade. He criticized TV series on platforms such as Netflix, saying they presented a rose-colored version of the lifestyles of drug traffickers. He told reporters the shows feature "gangs of drug traffickers, with actors, men, beautiful women, property, the latest cars, jewelry, designer clothes, power." In: Mexico Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Police kill 10 after "heavily armed group" attacks officers in Mexico.

Rent prices continue to rise, as increasing housing costs have driven up rent prices all winter — a season in which home and rent prices are typically at their cheapest.As of Feb. 1, one-bedroom and two-bedroom median rents are up 13% and 16%, respectively, since Feb. 2019, according to Zumper's National Index, which tracks the top 100 rental markets in the U.S.However, one-bedroom rentals outpaced two-bedroom rentals for the second straight month, for a new all-time median high of $1,393. Overall, one-bedroom prices were up 1.4% as of Feb. 1.Based on the median rent price, here are the 25 most expensive cities for one-bedroom apartments:Rising rental prices correlate with an overheated housing market, where pent-up demand and reduced home construction have led to record-setting housing prices. This has priced out potential homebuyers and forced them to stay in the rental market, which puts upward pressure on rent prices.Rent for one- and two- bedroom apartments increased at about the same rate over the last year, but rate increases for one-bedroom units have been slightly higher in the last couple of months."While there's more rental inventory coming online in 2022 than in previous years, the nation's chronic housing shortage that began after the 2008 financial crisis is not a problem that can be solved overnight," writes Jeff Andrews, author of the Zumper study."Additionally, home prices are expected to continue to rise, which will keep more of those high-income renters in the rental market," Andrews writes.Andrews also says that in areas of the country where inflation is felt the most, rent prices have followed. In the last year, inflation, as measured by the Consumer Price Index, was highest in the Atlanta (9.8%), Phoenix (9.7%) and Tampa (9.6%) metropolitan areas. In that time, these same areas had high rent growth, with increases of about 30% year over year. Miami, which also had high inflation (7.1%), leads the pack for rent increases, with one-bedroom rents up nearly 35%, compared to this time last year.It's worth noting that rent prices in February also declined in over 30 markets, likely due to the slower winter season. But those declines don't offer much relief as median prices for one-bedroom apartments have risen for a median of 13% in the last year."Whether rent can continue to rise at this pace throughout 2022 is anyone's guess, but the economic fundamentals that have been driving rent higher are not going away any time soon," writes Andrews.Check out:The 10 fastest-growing jobs of the next decade—and how much they payThis chart shows the 6 stages of career growth. Where are you now?Sign up now: Get smarter about your money and career with our weekly newsletter

Rent prices keep rising—here are the 25 most expensive U.S. cities to rent a 1-bedroom apartment.

A truck drives past a 'money changed' sign for euro, sterling and dollar currencies on the border between Northern Ireland and Ireland, in Jonesborough, Northern Ireland, May 19, 2022. REUTERS/Clodagh Kilcoyne/File PhotoRegister now for FREE unlimited access to Reuters.comBRUSSELS, June 15 (Reuters) - The European Commission launched two new legal proceedings against Britain on Wednesday after London published plans to override some post-Brexit rules governing Northern Irish trade, and resumed another challenge it had previously paused.The proceedings could result in the European Court of Justice (ECJ) imposing fines, although these would likely be more than a year away.London has proposed scrapping some checks on goods from the rest of the United Kingdom arriving in the British province and challenged the role of the ECJ to decide on parts of the post-Brexit arrangement agreed by the EU and Britain. read more Register now for FREE unlimited access to Reuters.comEuropean Commission Vice President Maros Sefcovic, who oversees EU relations with former EU member Britain, said there was no justification for unilaterally changing an international agreement"Let's call a spade a spade. This is illegal," he told a news conference, adding it cast a shadow on relations at a time when international cooperation was even more important, a reference to the alliance against Russia's invasion of Ukraine.The three legal proceedings do not relate to Britain's new plans, but to the EU belief that Britain has failed to implement the protocol that governs Northern Irish trading.The two new suits charge Britain with failing to ensure adequate staff and infrastructure to carry out checks in Northern Ireland and not providing the EU with sufficient trade data.The other, paused a year ago to improve the atmosphere around talks, relates to the movement of agri-food products. Sefcovic said that the EU might take the case to the ECJ if Britain failed to address the EU's charges within two months.Sefcovic said Brussels still wanted to resume talks with Britain to resolve difficulties in shipping British products to Northern Ireland."We decided that our response should be measured, should be proportionate. And we are offering not only legal action here today but we've been fleshing out what concretely we could do," he said.The British province is in the EU single market for goods, meaning imports from the rest of the United Kingdom are subject to customs declarations and sometimes require checks on their arrival. The arrangement was set to avoid reinstating border controls between Northern Ireland and EU member Ireland, which were dropped after the 1998 Good Friday peace agreement.The arrangement has inflamed pro-British unionist parties by effectively creating a border in the Irish Sea.The Commission made a series of proposals last October to ease customs formalities and cut checks and on Wednesday published a sample three-page certificate that would accompany a truck carrying multiple goods on Wednesday. read more "Not 300, not 30, three. This is how simple it is and what we can do if we work well together," Sefcovic said, holding up the certificate."What we are putting on the table is oven-ready," he said, in reference to British Prime Minister Boris Johnson's 2019 pre-election promise about passing the Brexit divorce deal, while adding this was not a 'take-it-or-leave-it' offer.Register now for FREE unlimited access to Reuters.comReporting by Philip Blenkinsop Editing by John ChalmersOur Standards: The Thomson Reuters Trust Principles.

EU sues UK after plan to override deal on N. Ireland.

Crime Updated on: June 15, 2022 / 2:37 AM / CBS News Two police officers — one a 22-year veteran and the other a rookie — were shot and killed in the Los Angeles County city of El Monte late Tuesday afternoon, authorities said. The suspect is also dead. The mayor said the officers were "essentially ambushed."The shooting occurred at about 4:45 p.m. local time when El Monte officers responded to a report of a stabbing at a motel. When they arrived, they "immediately took gunfire," police said. The two officers were rushed to a hospital where they later died, police said. The Los Angeles County Sheriff's Department said the suspect was shot and died at the scene. He wasn't publicly identified, CBS Los Angeles reports. City officials said the two officers were responding to a domestic violence report between a boyfriend and girlfriend. According to police, the shootout started in the motel room. The suspect then fled into the motel parking lot, where another shootout occurred."As our officers do on a daily basis, they were acting as the first line of defense for our community members when they were essentially ambushed while trying to keep a family safe," said El Monte Mayor Jessica Ancona.El Monte police said one officer had 22 years of experience and the other was with the department less than a year. The mayor said the veteran officer grew up and attended the school in the city.  "They paid the ultimate sacrifice serving their community trying to help somebody," Lowry remarked. "They do what hundreds of thousands of men and women do every day across the United States. They took an oath to protect people and to serve them. These two heroes paid the ultimate sacrifice. They were murdered by a coward." "We are grieving and it hurts," Lowry said.Interim El Monte Police Chief Ben Lowry observed, "I've heard that the only way to take the sting out of death is to take the love out of life. Believe me, they were loved. These two men were loved. They were good men." A witness, Arthur Kintsbury, told CBS L.A. he heard five gunshots before additional officers arrived. He said two more officers got there later and also came under fire. They scrambled for cover. "I saw the suspect was on the ground," Kintsbury said. "I already knew, considering he was laying there motionless, he was deceased."The city of El Monte and El Monte police said in a joint statement that, "There are no words to describe our grief and devastation by this senseless act as we learned about the passing of two of our police officers. It weighs heavy on our hearts and we are sending our support to their families."This latest shooting comes a day after a California Highway Patrol officer was shot in Studio City. He is in critical but stable condition.   In: Police Shooting Los Angeles Police Officers California Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

2 police officers "essentially ambushed," shot and killed in Los Angeles County.

A "For Sale" sign outside a house in Albany, California, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade.David Paul Morris | Bloomberg | Getty ImagesTotal mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association's seasonally adjusted index. Sharply rising interest rates are decimating refinance volume, and those rates, along with sky-high home prices and a shortage of houses for sale, are hitting demand from potential buyers.Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.65% from 5.40%, with points rising to 0.71 from 0.60 (including the origination fee) for loans with a 20% down payment. This week they surged even higher, with the average rate hitting 6.28% on Tuesday, according to a daily measure from Mortgage News Daily."Mortgage rates followed Treasury yields up in response to higher-than-expected inflation and anticipation that the Federal Reserve will need to raise rates at a faster pace," said Joel Kan, an MBA economist.Weekly mortgage application volume rebounded slightly compared with the previous, holiday-adjusted week. Refinance demand rose 4% for the week but was 76% lower than the same week one year ago.Mortgage applications from homebuyers rose 8% for the week but were 16% lower compared with a year ago."Despite the increase in rates, application activity rebounded following the Memorial Day holiday week but remained 0.29 percent below pre-holiday levels," added Kan.The housing market is now reeling in a rising interest rate environment. After two years of record-low rates, fueled by the Federal Reserve's Covid pandemic-induced purchases of mortgage-backed bonds, home prices are overheated and affordability is now in the basement. Major real estate brokerages, Redfin and Compass, both announced layoffs Tuesday."Mortgage rates increased faster than at any point in history. We could be facing years, not months, of fewer home sales, and Redfin still plans to thrive. If falling from $97 per share to $8 doesn't put a company through heck, I don't know what does," wrote Redfin CEO Glenn Kelman on the company's website.

Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher.

Head of the Chechen Republic Ramzan Kadyrov (front) walks before a ceremony inaugurating Vladimir Putin as President of Russia at the Kremlin in Moscow, Russia May 7, 2018. Sputnik/Sergei Savostyanov/Pool via REUTERS Register now for FREE unlimited access to Reuters.comMUNICH, June 15 (Reuters) - A Russian citizen went on trial in Munich on Wednesday on charges of agreeing to carry out the contract killing of a Chechen dissident on behalf of people linked to Ramzan Kadyrov, strongman ruler of Russia's autonomous region of Chechnya.Prosecutors believed the thwarted killing was meant to frighten into silence the 27-year-old intended victim's elder brother, another activist for Chechen independence who lives in exile in Stockholm."In the first half of 2020, a member of Chechen President Ramzan Kadyrov's security apparatus contracted the accused Valid D. to organise the killing of an exiled oppositionist in Germany," prosecutors wrote.Register now for FREE unlimited access to Reuters.com"The accused agreed," they added. "He obtained a gun with ammunition and a silencer. Then he obtained the intended victim's address and spent summer 2020 scoping out the area where he lived."Valid D., whose full name is withheld from publication under German privacy law, denies the prosecutors' allegations, his defence attorney was cited by Der Spiegel magazine as saying.Earlier this year, German media reported that the intended victim was Mokhmad Abdurakhmanov, whose brother Tumso was himself the target of a murder attempt in February 2020.Mokhmad is himself an outspoken critic of Kadyrov."No honourable Chechen would enter Ukrainian territory with a weapon in hand to fight for the interests of the Russian Federation and its President Vladimir Putin," he said in a recent YouTube video, according to public broadcaster BR.The trial, set to run until December, casts a renewed spotlight on the activities of Russian agents in Germany and Europe more broadly, including those of contract killers from Chechnya, a lawless fiefdom where Kadyrov has been given a free hand by Moscow.Last year, a Russian was convicted of the 2019 murder of Chechen-born Georgian citizen Zelimkhan Khangoshvili in broad daylight in a central Berlin park. Russian citizen Vadim Krasikov was sent to prison for life for the killing.Register now for FREE unlimited access to Reuters.comReporting by Ayhan Uyanik and Louisa Off, writing by Thomas Escritt, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

Russian accused of Chechen assassination plot goes on trial in Germany.

K-pop boy band BTS' goods are seen on display at a cafe in Seoul, South Korea, June 15, 2022. REUTERS/Kim Hong-JiRegister now for FREE unlimited access to Reuters.comSEOUL, June 15 (Reuters) - K-pop pioneers BTS faced tears and sympathy from fans but anger from shareholders in their management company on Wednesday, a day after the band, pleading exhaustion, announced a break from group musical activities to pursue solo projects.Many in South Korea reacted with shock and dismay at Tuesday’s news that, with some of its seven members approaching military service age, also triggered speculation about the future of a band whose upbeat hits and messages of youth empowerment have turned them into global stars."I could relate to them as they shed tears and honestly told us how they felt," fan Nini Lee told Reuters from a café in Seoul where she had gathered with other fans.Register now for FREE unlimited access to Reuters.com"Their voice gave me huge strength when I had tough times, and I'm no longer afraid of such headwinds ...Now I want to give my voice of courage to them.".Kim Young-sun, who runs the cafe, said she felt sorry that she as a fan had only wanted more from BTS at a time when they were struggling, wishing them a well-deserved break to recharge their batteries.BTS Leader and rapper RM, in a tearful video released on Tuesday on the ninth anniversary of a group that last year became the first Asian band to win artist of the year at the American Music Awards, said he had "felt guilty and afraid" to ask for the rest that he desperately needed.Singer Jimin said they were struggling to find their identity in what he called an "exhausting process," while RM also lamented that the K-pop industry could not provide young artists with "time to mature".On social media, some other fans blamed BTS' management group HYBE for relentlessly pushing for new albums and other moneymaking opportunities. read more The company did not immediately respond to a request for comment."The K-pop and idol industry had long been running on a profit-making system where the stars cannot take a rest even when they burned themselves out," said Jung Duk-hyun, a South Korean cultural critic.SHAREHOLDER 'DYNAMITE'Tuesday's unexpected announcement fuelled anger among investors in HYBE, which went public two years ago and whose shares (352820.KS) plunged 25% on Wednesday, wiping nearly 2 trillion won ($1.55 billion) off its market value."They've planted 'dynamite' in the hearts of shareholders," one wrote on a Samsung Securities stock trading platform, referring to one of the group's hit songs.HYBE shares had performed relatively poorly in recent months, and the company's chief executive and some BTS members unloaded stock totalling 10 billion won ($7.75 million) in December.All able-bodied South Korean men are subject to about two years of military service, and the oldest member of BTS, Jin, is required to begin his duty next year.A bill pushing for providing military exemptions to globally renowned artists is pending in parliament, amid prolonged debate over whether BTS deserves similar benefits that sport athletes enjoy.Lee Ki-hoon, an analyst at Hana Financial Investment Co. Ltd., wrote in a report that BTS' lack of public activity including the impact of military service could result in a 750 billion won revenue loss in 2023.($1 = 1,290.1600 won)Register now for FREE unlimited access to Reuters.comReporting by Hyonhee Shin, Yeni Seo and Minwoo Park; Additional reporting by Joori Roh; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

K-pop pioneers BTS's time-out leaves fans tearful, investors irate.

A BP logo photographed in London on May 12, 2021. The International Energy Agency recently reported that 2021 saw energy-related carbon dioxide emissions rise to their highest level in history.Glyn Kirk | Afp | Getty ImagesOil and gas supermajor BP has agreed to take a 40.5% equity stake in the Asian Renewable Energy Hub, a vast project planned for Australia set to span an area of 6,500 square kilometers.In an announcement Wednesday, BP said it would become the operator of the development, adding that it had "the potential to be one of the largest renewables and green hydrogen hubs in the world."Located in the Pilbara region of Western Australia, it's envisaged the project will develop up to 26 gigawatts of combined solar and wind generating capacity.The idea is that the hub would provide power to local customers. The hydrogen and ammonia would be used in Australia and exported internationally."At full capacity, AREH is expected to be capable of producing around 1.6 million tonnes of green hydrogen or 9 million tonnes of green ammonia, per annum," BP said. The firm said it would assume operatorship of the project on July 1, adding that this was "subject to approvals."Shares of London-listed BP traded 1.2% lower on Wednesday afternoon.Hydrogen, which has a diverse range of applications and can be deployed in a wide range of industries, can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen.If the electricity used in this process comes from a renewable source such as wind or solar then some call it "green" or "renewable" hydrogen. Today, the vast majority of hydrogen generation is based on fossil fuels.BP's announcement did not disclose the amount it was paying for its stake in the AREH project. The other shareholders are InterContinental Energy, CWP Global and Macquarie Capital and Macquarie's Green Investment Group. Their stakes are 26.4%, 17.8% and 15.3%, respectively.While Wednesday's news is a shot in the arm for the Asian Renewable Energy Hub, the project's development has not been without its challenges, including a June 2021 decision from authorities.Read more about energy from CNBC ProAnja-Isabel Dotzenrath, BP's executive vice president of gas and low carbon energy, said the Asian Renewable Energy Hub was "set to be one of the largest renewable and green hydrogen energy hubs in the world and can make a significant contribution to Australia and the wider Asia Pacific region's energy transition."A major producer of oil and gas, BP says it's aiming to become a net-zero company by the year 2050 or before. It's one of many major firms to have made a net-zero pledge in recent years.While such commitments draw attention, actually achieving them is a huge task with significant financial and logistical hurdles. The devil is in the detail and goals can often be light on the latter.Fossil fuels remain a key part of the global energy mix and companies continue to discover and develop oil and gas fields at locations around the world.In March, the International Energy Agency reported that 2021 saw energy-related carbon dioxide emissions rise to their highest level in history.The IEA found energy-related global CO2 emissions increased by 6% in 2021 to reach a record high of 36.3 billion metric tons.U.N. Secretary-General Antonio Guterres on Tuesday slammed new funding for fossil fuel exploration, describing it as "delusional" and calling for an abandonment of fossil fuel finance.

Oil giant BP buys 40.5% stake in massive renewables and green hydrogen project.

Politics June 15, 2022 / 7:15 AM / AP Russia's impact on U.S. gas prices Global gas prices continue to feel impact of Russian invasion of Ukraine 07:08 President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. "The crunch that families are facing deserves immediate action," Biden wrote in the draft of a letter to oil refiners. "Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis." Gas prices nationwide are averaging roughly $5 a gallon, an economic burden for many Americans and a political threat for the president's fellow Democrats going into the midterm elections. Broader inflation began to rise last year as the U.S. economy recovered from the coronavirus pandemic, but it accelerated in recent months as energy and food prices climbed after Russia invaded Ukraine in February and disrupted global commodity markets. The government reported on Friday that consumer prices had jumped 8.6% from a year ago, the worst increase in more than 40 years. The draft letter notes that gas prices were averaging $4.25 a gallon when oil was last near the current price of $120 a barrel in March. That 75-cent difference in average gas prices in a matter of just a few months reflects both a shortage of refinery capacity and profits that "are currently at their highest levels ever recorded," the letter states. As Mr. Biden sees it, refineries are capitalizing on the uncertainties caused by "a time of war." His message that corporate greed is contributing to higher prices has been controversial among many economists, yet the claim may have some resonance with voters. Some liberal lawmakers have proposed cracking down on corporate profits amid the higher inflation. Sen. Bernie Sanders, a Vermont independent, in March proposed a 95% tax on profits in excess of companies' pre-pandemic averages. The president has harshly criticized what he views as profiteering amid a global crisis that could potentially push Europe and other parts of the world into a recession, saying after a speech Friday that ExxonMobil "made more money than God this year." ExxonMobil responded by saying it has already informed the administration of its planned investments to increase oil production and refining capacity. "There is no question that (Russian President) Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing," Mr. Biden's draft letter says. "But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain." The letter says the administration is ready to "use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied." It notes that Mr. Biden has already released oil from the U.S. strategic reserve and increased ethanol blending standards, though neither action put a lasting downward pressure on prices. The president is sending the letter to Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP and Shell. He also has directed Energy Secretary Jennifer Granholm to convene an emergency meeting and consult with the National Petroleum Council, a federal advisory group drawn from the energy sector. Mr. Biden is asking each company to explain to Granholm any drop in refining capacity since 2020, when the pandemic began. He also wants the companies to provide "any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months -- including transportation measures to get refined product to market." There may be limits on how much capacity can be added. The U.S. Energy Information Administration on Friday released estimates that "refinery utilization will reach a monthly average level of 96% twice this summer, near the upper limits of what refiners can consistently maintain." The draft letter notes that roughly 3 million barrels a day of refining capacity around the world have gone offline since the pandemic began. In the U.S., refining capacity fell by more than 800,000 barrels a day in 2020.  In: Joe Biden Inflation Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Biden calls out oil refiners over "unprecedented" profits and urges them to produce more gasoline.

People walk near a Baidu logo at the company headquarters in Beijing, China April 23, 2021. REUTERS/Florence LoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesBaidu plans to sell all its holdings in iQIYI -sourcesStake sale could value iQIYI at about $7 bln -sourcesTargeted iQIYI value would represent price of $8.13/shareDeal has drawn interest from PAG and China Mobile -sourcesHONG KONG, June 15 (Reuters) - China's internet search engine giant Baidu Inc is in talks to sell its controlling stake in iQIYI Inc (IQ.O), China's answer to Netflix, in a deal that could value all of iQIYI at about $7 billion, two people with knowledge of the matter said.Baidu, which owns 53% of iQIYI and holds more than 90% of its shareholder voting rights, plans to sell all its holdings in the Chinese video streaming services firm, the two people and another two sources familiar with the matter said.While cinemas have struggled with COVID-19 lockdowns, China's online video market is booming. Domestic consulting firm Zhiyan forecasts 2022 revenue is set to climb to 163 billion yuan ($24 billion), up 17% year-on-year.Register now for FREE unlimited access to Reuters.comNasdaq-listed iQIYI, the No. 2 player in China's video streaming market after Tencent Holdings' (0700.HK) Tencent Video, has a market value of $4 billion. Baidu's targeted valuation of $7 billion for the whole company in its divestment would represent a price of about $8.13 per share compared with its latest close of $4.67.The divestment plan, not previously disclosed by Baidu, comes after the firm deemed iQIYI to be a non-core asset, and as it seeks to sharpen its focus on developing its capital-intensive artificial intelligence and autonomous driving units, the first two sources said. read more Terms of the deal have not yet been finalised and are subject to change, said the sources, who declined to be identified due to confidentiality constraints.Baidu did not respond to a request for comment."This is purely market rumour," iQIYI said in an emailed statement to Reuters, without providing further comment.The iQIYI stake has drawn initial interest from a number of financial sponsors and state-owned companies, said three of the sources, including Hong Kong-based private equity firm PAG.China Mobile (0941.HK), the world's largest mobile network operator by subscribers and owner of streaming service Migu Video, is also among potential buyers, two of the people with knowledge of the matter said.PAG declined to comment. China Mobile did not respond to a request for comment.If Baidu achieves its valuation target, that would represent a premium of more than 100% to iQIYI's average share price over the past three months of $3.97. The streaming firm's shares have lost 70% in the past year amid a broader Chinese tech sell-off.U.S.-listed shares of iQIYI were down 4.7%, while Baidu rose 4% in premarket trading on Wednesday.Baidu, whose businesses range from internet search to electric vehicles, with expansion into cloud services, robotaxis and autonomous driving in recent years, has tapped Bank of America (BAC.N) to work on the potential sale, the second pair of sources said.Bank of America did not offer any immediate comment.IQIYI HITS, LOSSESThe stake sale plan drawn up by Baidu, worth nearly $50 billion by market value, comes against the backdrop of China's regulatory crackdown since late 2020 on firms from technology, private education and other sectors, which hammered their shares and forced some to scale back expansion in non-core areas.The Nasdaq Golden Dragon Index, which tracks Chinese companies traded on Wall Street, is down 50% over the past year.Snaring iQIYI would give a potential buyer the chance to dive into the main market for full-length TV shows and movies.Tencent Video and iQIYI, as well as smaller rival Youku, owned by Alibaba Group Holding (9988.HK), offer movies, drama series and reality shows - both original content and material bought from other producers.iQIYI has made several hit drama series, including "The Long Night" and "The Wind Blows From Longxi". Its original variety shows, "The Rap of China" and "The Big Band", have also been major topics on social media.On the flip side, cash-burning iQIYI has barely broken even in its 12-year history. In the January-March period, it delivered a quarterly profit for the first time since 2016, when it started to report quarterly earnings.It recorded a net income of 169 million yuan ($25 million) in the first quarter of the year, compared with a net loss of 1.3 billion yuan in the same period a year earlier, but its revenue dropped 9% to 7.3 billion year-on-year.Register now for FREE unlimited access to Reuters.comReporting by Julie Zhu and Kane Wu; Additional reporting by Nivedita Balu, Editing by Sumeet Chatterjee and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

EXCLUSIVE Baidu in talks to sell majority stake in iQIYI, China's answer to Netflix -sources.

Check out the companies making headlines before the bell:Baidu (BIDU) – Baidu shares jumped 4.1% in premarket trading after Reuters reported the China-based internet search giant is in talks to sell its controlling stake in the video streaming company iQIYI (IQ). iQIYI fell 3.4%.MicroStrategy (MSTR) – MicroStrategy lost 2.2% in the premarket as the price of bitcoin touched an 18-month low. The business analytics company has extensive bitcoin holdings.Moderna (MRNA) – Moderna won the recommendation of an FDA panel for use of its Covid-19 vaccine in children aged 6 to 17 years. A vote by the full FDA could come within a few days. Moderna rose 1% in premarket action.Stellantis (STLA) – Stellantis will begin indefinite layoffs next week at its Sterling Heights, Michigan stamping plant. The world's fourth-largest automaker did not specify how many workers would be impacted. Stellantis rallied 3.4% in the premarket.Zendesk (ZEN) – Zendesk is in settlement talks with activist investor Jana Partners after ending an unsuccessful effort to sell the software company, according to people familiar with the matter who spoke to the Wall Street Journal. The paper said proposed changes could involve CEO Mikkel Svane stepping down as well as changes to the board of directors. Zendesk added 1% in premarket trading.Robinhood Markets (HOOD) – The trading platform operator was downgraded to "underweight" from "neutral" at Atlantic Equities, which cited Robinhood's revenue trends. Robinhood slid 4.2% in premarket action.Snowflake (SNOW) – The cloud computing company was upgraded to "buy" from "hold" at Canaccord Genuity. Shares have fallen more than 65% in 2022, but Canaccord said the stock is now at an attractive entry point, given growing demand and promising new products. Snowflake gained 3.6% in the premarket.Wheels Up (UP) – The private jet company's stock rose 2.1% in premarket trading after Goldman began coverage with a "buy" rating, saying Wheels Up is a leading company in an established and growing end market.Sonos (SONO) – The high-end speaker maker was downgraded to "equal-weight" from "overweight" at Morgan Stanley, which is concerned about the impact of more cautious consumer spending. Sonos fell 3.1% in the premarket.— CNBC's Peter Schacknow contributed reporting.

Stocks making the biggest moves premarket: Baidu, MicroStrategy, Moderna and more.

Crime June 15, 2022 / 7:12 AM / CBS/AFP Al Capone's personal items up for grabs Al Capone's favorite pistol, jewelry, furniture to be auctioned off 06:37 A Medal of Freedom awarded to a notorious mobster by then-President Harry S. Truman is set to go to auction in California.The honor -- a forerunner to the prestigious Presidential Medal of Freedom -- was bestowed by Truman on Meyer "The Little Man" Lansky in a secret 1945 ceremony.Lansky was a leader of the National Crime Syndicate, a confederation of organized crime groups that was responsible for hundreds of murders in the 1930s and 1940s. Meyer Lansky, 55, reportedly a key figure in Havana Gambling operations and an associate of Gambler Frank Costello, was arrested by New York police on Feb. 11, 1958 for questioning in the investigation of the assassination of Racketeer Albert Anastasia.  MZ / AP But it was for his role in "Operation Husky" during World War II that Lansky and his fellow gangster Charles "Lucky" Luciano were awarded one of the highest civilian honors in the United States. The two mobsters passed information and contacts to Allied Forces during the 1943 invasion of Sicily, connecting advancing soldiers with high-ranking members of the Sicilian Mafia.Introductions included to Calogero "Don Calo" Vizzini, a man sometimes dubbed "the boss of bosses" in the Cosa Nostra. Vizzini helped lead the invading Allies through a difficult mountain pass, as well as providing maps that were key to the defeat in Sicily of Fascist Italy and Nazi Germany.The medal, which is expected to fetch up to $60,000, is among a raft of mob memorabilia coming up for auction.Personal items owned by Ben "Bugsy" Siegel are also on the block.Siegel was a key figure in establishing the Las Vegas strip as we know it today, having overseen the opening of the Flamingo Hotel and Casino. Siegel was a driving force behind the development of metropolitan Las Vegas in the late 40s.  AP Hand-painted statues of flamingos -- which are expected to fetch up to $3,000 -- were gifted to VIPs on the 1946 opening night of the $6 million hotel, ushering in the era of luxury resorts. The hotel was not, however, an immediate success, and its budget overshoot of $1 million aroused suspicion among other mobsters that Siegel had his hand in the till.They shot him dead in 1947 at a luxury mansion in Beverly Hills owned by his moll, Virginia Hill.The collection, which goes up for auction at Julien's Auctions in Beverly Hills on August 27 and 28, also includes Siegel's original Smith and Wesson .38 CTG Revolver and a letter written by Al Capone while imprisoned at Alcatraz. Items on display on June 13, 2022 in Beverly Hills, California at a preview of Julien's Auctions "The Mob: A History of Organized Crime's Most Notorious Artifacts" include a hand-written letter from Al Capone to his son while imprisoned at Alcatraz Federal Penitentiary. FREDERIC J. BROWN/AFP via Getty Images Last year, some of Capone's most prized possessions went up for sale. Nearly 200 items went on the auction, including Capone's semi-automatic Colt."This gun was kind of his protection and I think it saved his life on a number of occasions and so he called it his sweetheart," his granddaughter Diane Capone told CBS News.Other highlights of the upcoming auction include a collection of home movies from Anthony Spilotro, a member of the "Hole in the Wall" group of murderers and thieves who served as inspiration for Joe Pesci's character in Martin Scorsese's 1995 film "Casino.""From the good to the bad to the ugly, this fascinating collection of items taken out of the shadows and ripped from the headlines offers an intriguing look at America's most infamous and colorful underworld figures of organized crime," said Martin Nolan, executive director of Julien's Auctions. In: California Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Personal items of America's "most infamous" mobsters up for auction.

Representation of cryptocurrency bitcoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoRegister now for FREE unlimited access to Reuters.comLONDON, June 15 (Reuters) - Bitcoin tumbled on Wednesday to a new 18-month low, dragging smaller tokens down with it and deepening a market meltdown sparked by crypto lender Celsius this week freezing customer withdrawals.The world's largest cryptocurrency fell as much as 7.8% to $20,289, its lowest since December 2020. It has lost around 28% since Friday and more than half of its value this year. It has slumped about 70% from its record high of $69,000 in November.The digital currency sector has been pummelled this week after U.S. crypto lender Celsius froze withdrawals and transfers between accounts, stoking fears of contagion in markets already shaken by the demise of the terraUSD and luna tokens last month.Register now for FREE unlimited access to Reuters.comExpectations of sharper U.S. Federal Reserve interest rate hikes as inflation in the world's biggest economy soars have also heaped pressure on risky assets from cryptocurrencies to stocks.Crypto funds saw outflows of $102 million last week, according to digital asset manager CoinShares, citing investors' anticipation of tighter central bank policy.The value of the global crypto market has tumbled 70% to under $900 billion from a peak of $2.97 trillion in November, CoinMarketCap data shows.Bitcoin so far in 2022"The ripples running through the market haven't stopped yet," said Scottie Siu, investment director at Hong Kong-based Axion Global Asset Management. "I think we’re still in the middle of it unfortunately, the game isn’t over."Celsius has hired restructuring lawyers and is looking for possible financing options from investors, the Wall Street Journal reported, citing people familiar with the matter. Celsius is also exploring strategic alternatives including a financial restructuring, it said.Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether , the second largest token, fell as much as 12% to $1,045, a new 15-month low.The chaos in the crypto market has spread to other companies, with a number of exchanges slashing workforces.Major U.S. exchange Coinbase Global Inc (COIN.O) said on Tuesday it will cut about 1,100 jobs, or 18% of its workforce. Gemini, another U.S. exchange, said this month it would cut 10% of its workforce. read more Still, others are continuing to hire. Binance, the world's largest exchange, said on Wednesday it was hiring for 2,000 positions, and U.S. exchange Kraken said it had 500 roles to fill. read more "Hunker down," tweeted Binance CEO Changpeng Zhao.Register now for FREE unlimited access to Reuters.comReporting by Tom Wilson; additional reporting by Alun John in Hong Kong, editing by William Maclean and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Bitcoin falls to fresh 18-month low as crypto meltdown deepens.

With Valentine's Day approaching, single men and women are setting their sights on a partner who is not just financially stable but savvy, especially when it comes to digital currencies.  To that point, 33% of Americans said they would be more likely to go on a date with someone who mentioned crypto assets in their online dating profile.Further, nearly three in four would be more interested in a second date with a person who paid the bill in bitcoin, according to a recent survey by eToro, a social investing platform. (The number of merchants accepting crypto as payment is near 100 million, according to Visa's recent earnings call.)Other digital assets, like nonfungible tokens, or NFTs, are also desirable. Nearly 20% of singles would be more interested in you romantically if you set an NFT as your profile picture on a social platform or dating site, eToro found.More from Personal Finance:While Valentine’s Day is getting more expensive, going into debt isn’t sexyWhat happens if you don’t disclose crypto activity this tax seasonHow much to tip in a post-pandemic worldCryptocurrency, and bitcoin in particular, surged into the mainstream in 2021.Now, 16% of Americans said they personally have invested in, traded or used cryptocurrencies, according to a survey by the Pew Research Center.For adults between the ages of 18 to 29, that number jumps to 31%, Pew found. Men are also about twice as likely as women to say they ever used a cryptocurrency — 22% compared to 10%.As dating becomes increasingly digital, showing off your investments in these growth-oriented assets can help differentiate you.However, holding this volatile asset may not be for everyone. After bitcoin hit an all-time high last November, the entire crypto market has shed more than $1 trillion in value.Still, many experts say the currency has lots of room to grow this year, which makes it a worthwhile investment, regardless of whether it gets you a date.

Owning cryptocurrency may make you more desirable on the dating scene, study finds.

Politics June 15, 2022 / 6:00 AM / CBS News In this episode of Intelligence Matters, host Michael Morell speaks with former senior CIA China analyst Chris Johnson, now President and CEO of the China Strategies Group, about the state of play in the U.S.-China relationship and how China's approach to Russia, its COVID lockdowns and economic policies are affecting the bilateral and global dynamic. Johnson and Morell discuss President Xi Jinping's political objectives ahead of the 20th Party Congress this fall, including whether there exists a timeline for "reunification" with Taiwan. Johnson also offers views on the Biden administration's recently announced China strategy. HIGHLIGHTS: China's support for Russia: "I have to think that they must be feeling more comfortable with the idea that the Russians seem to be doing a little bit better, militarily - although I think if you read some recent analyses, there are real concerns about how sustainable that is - but that their goals are more modest, and therefore less likely to create a worldwide conflagration that may engulf China." Xi's political trajectory: "My speculation is that, most likely, he has three goals for the Party Congress, right, which is to stay in power formally and under whatever title - there's been discussion about maybe bringing back the chairmanship and so on. He wants to run the table on personnel. And he wants to get this further aggrandizement ideologically that will put him formally on a pedestal just with Mao Zedong alone. My guess is he's very likely to get all three of those." Timeline for "reunification" with Taiwan: "I'm not aware of a discussion inside China about 2027 as a timeline for reunification. And in fact, it's hard for me not to be skeptical about this because I remember a period in the early 2000s where there was a lot of talk about Jiang Zemin having a Taiwan reunification timeline or deadline, and that proved to be incorrect.  That doesn't mean that history always repeats itself or that Xi Jinping isn't a very different guy, and obviously their capabilities are very different now. But if anyone is talking about a timeline for 2027, it increasingly seems to be US officialdom. From my perspective, we see senior U.S. military commanders making public references to it in their congressional testimony or in interviews and so on. There does seem to be an enterprise within the administration, trying to sort of create this as a reality."  Download, rate and subscribe here: iTunes, Spotify and Stitcher.  Intelligence Matters transcript: Chris JohnsonProducer: Olivia Gazis MICHAEL MORELL: Chris, welcome back, again, to Intelligence Matters. I really appreciate - and I know our listeners do - you taking the time to join us for another conversation. So thank you. CHRIS JOHNSON:Glad to be here, as always. MICHAEL MORELL: Obviously lots to talk about. Lots going on with China. I'd love to start, Chris, with Beijing's current approach to the ongoing war in Ukraine. I'm wondering, how you would characterize China's current diplomatic position - both what its policy is and then what it's saying to the world, as well as their domestic messaging, right, to their own people. Can we talk about that a little bit and talk about how that might have evolved over time? CHRIS JOHNSON: Sure, sure. Well, I think actually the most salient feature of China's approach to the conflict so far has been its striking consistency, really. Despite all the changes that we've seen on the battlefield, and the posturing, really, of the major players, especially - probably most relevant to us, in our conversation - the consistent upgrading by the U.S., right, of the war material and other support it's willing to provide to Ukraine to help it weather Russia's war of annihilation and attrition. I think the explanation for that consistency - and China's policy probably turns on several factors, both strategic ones and tactical which are reinforcing - in my mind, strategically, it reflects Xi's, Xi Jinping's and the Chinese Communist Party's assessment of the geopolitical situation, and the major players that make up that geopolitical situation from their point of view. You know, really the leadership since 2018 - which was kind of an important inflection point for them, in that it was sort of the depths of the trade war with the Trump administration, which was then sort of formalized in what they call a Foreign Affairs Work Conference, which are these very rare but high-level conferences that they have, where they kind of set their geostrategic framing of the world. And since then, this idea has solidified the judgment that they made at that time that the U.S. is really now China's implacable strategic enemy or foe, bent on stifling China's rise, and they believe that viewpoint now is bipartisan and fully baked into the geopolitical order they're confronting. So as such, the previous guidelines calling for more restraint in China's position often summarized by Deng's exhortations to keep a low profile and so on, are outdated in their view. China must act more assertively and actively and demonstrably to show that it won't be cowed by a hostile U.S., and I think this is exemplified in many ways in the embrace of Putin's Russia. And in fact, if the U.S. is the enemy, Russia is probably China's strategic partner, and has a fundamental interest in Russia remaining a viable helper in blunting U.S. hegemony, as the two of them often like to call it, and they therefore need Russia to be stable and not engulfed internationally by setbacks. And that I think is a key element and some of their thinking around this conflict. And then I think there's the EU as the other major player in their mind, which in China's calculus does remain a viable mitigator, I guess I would put, it of U.S. hostility toward China, despite the increasing attacks within Europe, over China on the conflict and other things. And I think then, tactically, the actions of each of these major actors tend to bolster these strategic assessments in his mind. So the U.S. shows its intention to maintain its grip despite what they perceive as its declining power by creating what they call 'chaos' in Europe with its escalating support and also increasing the likelihood of a major conflict, right, that could be world conflict. Russia has managed to, even if temporarily, and I know there's a lot of debate about that, mitigate some of its initial setbacks and I think China feels that those revised war aims that they seem to be sticking to in terms of sticking in the east, they are achievable, and that would increase the chance then that Russia, in its current form, can survive. And I think, for Europe, criticism of China, at least publicly, has been a little less prominent than it was in the early phases of the conflict, and certainly calls from the likes of President Macron of France, for Ukraine to accept some compromise with Russia and not to listen to nuclear war and so on, reinforced Beijing's assessment that Europe is sort of in play. And then I think in terms of their domestic narrative, basically, these strategic guests, sort of assessments are blasted to the public through the regime's control apparatus and meshing apparatus and seemingly with good effect. MICHAEL MORELL: So you don't think, Chris, that Xi thinks that he made a mistake in any way in so openly and strongly supporting Russia and Putin just before the invasion? CHRIS JOHNSON: I don't think so. No, I think certainly they may have some questions about, as the kids would say, how awkward the situation was, so soon after having made that commitment to be suddenly confronting this war, but I think it's really important not to forget that the strategic importance of this idea of a viable Russia - we in the West, I think we assume that if Putin went away either by death or by being thrown out of power, you know, 'Mafioso Number Four' would come in behind him and run Russia. Their view is, there's an equal chance - maybe a greater chance, because they're very paranoid about this topic - that Russia could in fact, become an anti-China, pro-West hostile power on their northern border. And you know, it's important for us to remember that they've had a peaceful Northern 4,200-ish kilometer border for 30 years. You know, we forget sometimes I think that when the Soviet Union ended, I believe the Chinese had nearly 20 divisions in Mongolia. At the time, China hasn't had to think about that problem for a very long time. And therefore, my sense is that they've been able to then concentrate all their emphasis in terms of their strategic planning and military planning toward what we might call their front door and running with the South China Sea and Taiwan and even into the Western Pacific. MICHAEL MORELL: So would you say that Xi sees this as a particularly important moment in history? CHRIS JOHNSON: Oh, definitely. Yeah, and confirmatory of his worldview that the geopolitical change - you know, they like to talk about this phrase, 'changes unseen in a century,' which both does reflect their assessment that the East is rising and the West is declining, and that the UK, US is in decline, and it's China's time, but also that that decline of the US will create a lot of chaos and the international system and this sort of pretty stable, late bipolar, Cold War and post-Cold War period that China and all the rest of us benefited so much from has gone away. MICHAEL MORELL: And do you get any sense at all of how they think this important historical moment is so far turning out for them? Do they think it's headed in their direction? Do they think it's not headed in their direction? How do they think about that? CHRIS JOHNSON: I think they can't make a judgment on that. There's this assessment, right, or an assumption that they have chosen their side or chosen the stakes. They certainly want to keep the Russians in play and do their best not to mess up that relationship. But my sense is that, like some of the rest of us, they're kind of going on developments, right? And they have a series of strategic guidelines that they follow and are following. They haven't had a chance to update that strategic assessment yet because the outcome of the war is uncertain. And so my view is they're running on their old guidelines and adjusting tactically as they go along. I have to think that they must be feeling more comfortable with the idea that the Russians seem to be doing a little bit better militarily - although I think if you read some recent analyses, there are real concerns about how sustainable that is - but that their goals are more modest, and therefore less likely to you know, create a worldwide conflagration that may engulf China. MICHAEL MORELL: Chris, I ultimately want to get to U.S.-China relations, because that's so important. But let's switch for a moment if we can to Chinese domestic affairs. And let me raise first the COVID lockdown. The scenes and some of the stories from the Shanghai lockdown were sort of shocking for an advanced country. I was struck by the degree of compliance on the part of Chinese and I'm not sure that most people in the world and in the rest of the world would have been so compliant. I wanted to ask you, do you think that compliance stems largely from fear of the security forces, or respect for the party, or a little bit of both? How do you think about that? CHRIS JOHNSON: Yeah, I mean, I agree that compliance was noteworthy and in my mind, I think it stems from a number of factors. I think first and foremost, obviously, Chinese, culturally, are dispositionally inclined to think more about the collective good than the individual. That's both a truism but also, truly, in fact, it's just a fact. And I think there are also still enough Chinese - although their percentage of the population is declining - who remember the truly horrific periods from the past such as the Great Leap Forward to the Cultural Revolution. And so while their numbers are declining, there's enough of them around to think, 'Well, this is difficult, but it's nothing like those periods.' I think a challenge for the regime - and we're seeing some aspects of this - is that for the generation that doesn't include that generation, the younger generation, the more cosmopolitan and upwardly mobile generation, the Shanghai lockdown was pretty difficult for them and we can come back to that in a minute as to what implications that may have. I also think, though, that we in the West are far too quick to sort of discount the efficacy of the regime's messaging enterprise on some of this. I mean, I think it's fair to say that until Omicron arrived, it was very clear that most of the public bought into not only zero-COVID as a policy and what that meant for maintaining the people's safety and health, but also that that policy exemplified one of the ways in which perhaps, China's system was at least the equal to, if not superior to that in the West, and that I think it's an important bit. The Shanghai experience, I think, has dented that confidence among the public, but we need to be careful I think not to over-inflate that. First, I think also, at its worst, let's call it, quote unquote 'worst,' the situation in Shanghai, I think really reflected outbursts, not proper protests, or demonstrations. And I really think this is a point where nuance is really important and it matters. You know, the sociologists who study protests or mass demonstrations, the literature basically says you need two things, right? You need organization, and you need scope, geographic scope. Generally, neither of those were present in Shanghai except on a very small margin. And I think that's really important to emphasize. MICHAEL MORELL: And then the the second issue is economic slowdown, which everybody's talking about and people are talking about, you know, perhaps a recession and slowing Chinese growth, etc., certainly related to COVID, but probably bigger macroeconomic factors at play as well. And I'm wondering what the reaction has been among the public, the business community, the party, the government - how do you see that? CHRIS JOHNSON Sure. I mean, I think it's fair to say the economy is clearly facing the worst challenge it has since 2008-2009, the global financial crisis, and its aftermath. 2020 was bad of course, because of the near stoppage, seizing of the economy, because of COVID lockdowns and so on. But the quick rebound, I think, mitigated that quite a bit. And arguably, I think we can make the case that the best analogy here is not even the GFC, but really the late 1990s In China, which was a similar period of both economic difficulty and malaise, like we saw in other challenging periods, like 2007-08, or 08-09, rather, but also deep structural readjustment in the system. You'll recall that the premier at the time, Zhu Rongji, went on this campaign to dramatically downsize state-owned enterprises, fired a bunch of people. It was a major change in the way this sort of economic model was functioning, and I think they're feeling a lot of those pressures now. So you know, in terms of the different categories of observers that you mentioned, I mean, the public obviously is feeling it very dramatically. Whether you're a new college graduate, a tech wunderkind of some kind working for one of these internet companies that the government has had in their crosshairs or a migrant laborer or a truck driver, you're feeling this very, very seriously. I think they're nervous. And so therefore, they're not consuming, and there's a real problem in that wage growth just has been lagging badly, even before COVID, and that's been exacerbated which also obviously has a huge downward impact on consumption. I think the business community feels caught between a rock and a hard place and we can make some distinctions between the onshore or Chinese business community and maybe foreign businesses. The onshore folks I think they're still gun shy about whether the government's crackdowns last year on the internet companies, as I mentioned, the property sector and other areas is really coming to an end or it's just a temporary pause while the government tries to restart and boost a flagging economy. And I think they're also obviously unhappy about the side effects of the lockdowns, whether the supply chain spirals, logistical problems, all sorts of problems. And if you're running a restaurant or some other business and you just don't know whether you're going to be locked down from day to day, that's obviously challenging. I think foreign businesses have been shocked by the lockdowns, and also China's approach to the Russia conflict. That's been a one two punch for foreign business sentiment. And I would say all those factors come together for them, the foreign businesses, and exacerbating the instinct to at least have a serious think about supply chain diversification. And then I think the thing that brings both the onshore and the foreign business types together is this growing sense of skepticism, I think, about what we might call 'happy talk' or nice words from the leaders without follow through. You know, they make positive noises - they did this initially, for example, in March when Liu Ha, Xi Jinping's right hand man on the economy, kind of came up with a statement saying, 'we want the internet companies to do well.' 'The real estate sector has to survive and thrive,' and so on. But then no policies came behind it. And we saw that actually repeated after the Politburo met in late April, for its assessment of Q1 economic performance in China. You know, typically in the system when we see those kinds of statements, policies followed very quickly, and they haven't this time, and I think the reason for that is that the government's response really has been messy and erratic. And I think in a nutshell, it can be explained by the fact that China's usually efficient and very effective economic technocrats have looked paralyzed, probably because of several factors. I think one is their real constraints on the economic toolkit that they can use to address some of these challenges. Their monetary policy solutions, I think, are very constrained by the fact that the U.S. and just about everybody else is hiking, while they're cutting rates. And of course, that prompts fears for them of a repeat of the debacle in 2015-16, where there were seriously destabilizing or at least potentially destabilizing capital outflows from China. I think their fiscal toolkit is also challenged because they're not exactly sure how much stimulus is needed and they don't want to overdo it. They definitely feel that the risk of over stimulating and creating a bunch more bad debt and bridges to nowhere and so on, outweighs under-stimulating and maybe coming in a little lower on growth. And I think they're also questioning in the political environment, how sure are they, just like the foreign and domestic business players are, that Xi Jinping really wants to relent or is this some sort of tactical thing? So I think that then leads to mixed messages where they talk about relief, but they're also quick to say that, you know, these policies should not complicate the problem of financial risk and so on, so forth. It just leaves the whole situation confused. MICHAEL MORELL: So Chris, let's put all this together. You've got the war in Ukraine and China's position vis vis it, you've got the COVID lockdown, you've got the slowing economy, and you've got Xi going into a Party Congress this fall where he hopes to get a third term, right? How does all this play out politically for him? And before you answer that, I want to mention here that you just wrote an op-ed for the Financial Times that dealt with this very question and it had what I thought was a great title: "Rumors that Xi Jinping is losing his grip on power are greatly exaggerated." So give us your take on what all this means for Xi going into this fall. Is he going to get a third term? CHRIS JOHNSON: Yeah, well, let's answer the easy question first: of course, he's gonna get a third term, or at least it's very likely, You know, one can't say anything is 0%, but it's very unlikely that he won't. I think we have to be honest and say that this is not the year that he thought he was going to have. Coming into 2022, there was a sense of, he just had this great celebration around the 100th anniversary of the founding of the Chinese Communist Party. We had this history resolution at the plenum last fall that further aggrandized his position in the sort of ideological pantheon of China's leaders. Talked a lot about how important his rule has been and, you know, as a major inflection point in history, and so on, so forth. And then the hope for this year was, have a nice Olympics that, again, bolsters our international position and so on and then cruise our way to a Party Congress where I get crowned, so on. So obviously, things have not quite turned out that way for him. So, the pressure and the stresses and so on, I think, are definitely there. To the degree that it is a setback for him or has dented his viability - not as leader but as sort of an all-consuming and all-important leader - I think it's a situation where, historically, we've seen in their system, when a leader can be criticized for sort of policy failures, it can allow other rival interest groups, - let's call them within the system - to build leverage in the personnel horse trading around these five-yearly Party Congresses, so whilst his own positions - which currently are president and general secretary of the party, and head of China's military - probably are not in doubt, there's a lot of positions below his vaunted awesomeness that will be in play that, you know, other folks are trying to influence. And so things like Russia, things like the handling of COVID, if indeed he can be criticized for them - and I think this is really important, to your questions earlier about how they view what's going on with Russia. Is it good for them, bad for them, you know, it's very TBD. So my speculation is that, most likely he has three goals for the Party Congress, right, which is to stay in power formally and under whatever titles - there's been discussion about maybe bringing back the chairmanship and so on. He wants to run the table on personnel. And he wants to get this further aggrandizement, ideologically, that will put him formally on a pedestal just with Mao Zedong alone. My guess is he's very likely to get all three of those. MICHAEL MORELL: And do you think he's worried about this in any way? CHRIS JOHNSON: Well, if you're the top guy in an authoritarian system, you're always worried. But I think one of Xi's particular sort of instances of political acumen is this skill he has for keeping the plates spinning, and keeping the others guessing. You know, the term I use is from the beginning, he's engaged in a policy of what I think we can call 'political shock and awe,' which is a combination of anti-corruption, smartly figuring out that ideology still matters in a Leninist system like China's, and that if you declare yourself to be not only the leader, but also the purveyor of the party's line, it becomes very difficult to criticize him, right. And he's done this very masterfully in a very clear, stepwise campaign throughout his tenure so far in power. So I think he's managed that. And then of course, the other thing that he's done that his immediate predecessor, Hu Jintao arguably never did, and even his predecessor Jiang Zemin did with mixed results, is to have absolute iron control over what we might call the 'key levers of power' within the regime. And that would be obviously the party bureaucracy, the propaganda sector, the security services, and the military. And there's very little evidence that his grip is not incredibly strong there. And in fact, despite all the rumors about pushback or that others are taking the fight to him and so on, if you actually look at a lot of the very important personnel changes that are happening in sort of a sub-rosa level, the one sector where arguably he has had a surprising lack of highly personalized control has been the party's body that looks after the courts, the police and the intelligence services - obviously, very important area in an authoritarian system. His personal control of that area has been somewhat lacking during his first two terms, but we're seeing him make massive gains in that area in the run up to the Congress. I don't think you'd see that from somebody who's on the ropes. MICHAEL MORELL: OK, Chris, let's turn to U.S.-China relations. Some recent developments. We finally got a public sharing of the administration's China policy in the form of a speech by Secretary of State Tony Blinken at GW University, George Washington University, here in DC. Can you summarize the policy for us and then give us your view on it? CHRIS JOHNSON: Sure. I think the main summary points would be that there wasn't a lot new, it seemed, and this was telegraphed by the administration, to be fair to it and to Secretary Blinken. "No surprises," right, was sort of the line that was put out in ahead of the speech. And so I think from my perspective, the best way to describe it is a formalization of the approach that the administration largely has trotted out and has been following since the beginning of the administration. And I think actually, in some ways, the most striking and perhaps disappointing element of the speech was that there was very little difference between it, at least in terms of content, and the overarching foreign policy speech Secretary Blinken gave when he first came into office, un terms of the sort of China substance. I think the best way to describe it is as follows. The first is to look at the strategic framing of it, and there he made no bones about the fact that the framing is one of ideological framing: democracy versus autocracy, pretty much. In my assessment, I think that's problematic for a number of reasons. First, I think it puts serious restrictions on your flexibility in terms of your ability to pursue a policy that is purely about the U.S. national interest. When you frame things as democracy versus autocracy, you have to take certain stands. I think it runs into some potential problems of, you know, inclining us toward making actions towards Taiwan - and I'm sure we're going to talk some more about that - because they're a democracy. So of course, we need to be following up with them. And then I think also, it makes the cooperative element that Secretary Blinken talked about, definitely ring hollow in Beijing. And I think it makes a lot harder for the U.S. to do so meaningfully, even when we have good intentions. And I think just finally, I would highlight that one of the things that's different about this kind of a framing of democracy versus autocracy instead of, as compared to say, the Cold War period, is that in that period, market economics was a major part, a major thrust, and neoliberal economic policies were a major part of the US democratic sort of approach. This administration is very suspicious, if not hostile, toward neoliberal economic policy, so that element's missing. And then I think the tactics, as described are what I frequently refer to as a surrogate China policy with two main pillars. The first is what they call domestic strengthening, right, so this is improving our capabilities, our manufacturing and so on so forth. I think it's fair to say that that's been kind of a mess. We had, you know, the shambolic approach on Build Back Better. We have the Chips and Competes Act or USICA and the Competes Act on the Hill that have yet to have a conference process to deliver much needed funds to say our wafer fabrication folks, and so on. And then the second element is, of course, coordinating with allies and partners. And I mean, here, I think, obviously, the administration has done much better, but it gets somewhat problematic in the economic and trade space where our allies and partners often have different interests vis a vis China than we do. MICHAEL MORELL: 'Other than that, what did you think of the play, Mrs. Lincoln?' [Laughter] What amazes me is how long it took for this to come out, and how little new there was here at the end of the day. CHRIS JOHNSON: I agree with that. MICHAEL MORELL: So I want to talk a little bit about what President Biden said during his recent Asia trip about the U.S. coming to the defense of Taiwan, right, if attacked by China. First, what did he say? And how was it different from what every other president to date has said? CHRIS JOHNSON: Well, in the moment of impact, he said that - when asked a direct question - that the U.S. would come to Taiwan's defense militarily if it was attacked, and described that as the commitment we have made, and also elaborated by saying the idea that Taiwan could be taken by force is inappropriate. And this obviously is different and we saw the White House and the usual mechanisms scramble quickly to say, 'Look, there's been no change in policy. What he meant to say was that we support the ability to provide Taiwan with the means for its defense, under the rubric of the Taiwan Relations Act, Six Assurances and other policies, as we always have done.' But it did seem to telegraph perhaps a little bit more than that, in that, interestingly, when the President was given the opportunity, I think, either that day or shortly thereafter to clarify, and was asked the question, 'Do you want to clarify?' he said, 'No.' So obviously in his mind, he didn't say anything at odds with US policy. MICHAEL MORELL: Yeah. So you wonder if this was a gaffe, right, another in a string of unforced errors by the President, or was it more than that? Does it reflect discussion inside the administration about how they're thinking about this? It really makes you wonder about that. What do you think? CHRIS JOHNSON: I think it's obviously very difficult to tell; there's a lot of different views. I think, one of your former guests, the historian Hal Brands, had an interesting piece where he sort of said, 'Once is a mistake and thrice is what President Bush used to call "strategery."' My view is I'm skeptical of that, given the President's long track record, for 40 years, really, of making these kinds of gaffes and so on. I guess one thing to emphasize, though, whether it was "strategery" or senility, it probably doesn't really matter in the grand scheme of things, in that where it really matters is how will Beijing interpret it? And they will see it as yet another link in the chain of what they perceive to be a steady erosion in our commitment to the traditional U.S. One China policy. MICHAEL MORELL: And in your view, is that a policy mistake to send them that message? CHRIS JOHNSON: I think it certainly can be. I mean, two things to highlight there. One, this may be an area where, unfortunately, they'll do some unhelpful mirror imaging within their system. So their view would be, 'Well, if the president of the country says it, it must be the policy,' right, 'because he would never make a mistake of that scale, because our president would never do that.' I think that's part of it. That's kind of a side point. I'm not sure that's that relevant. The part that really matters is that China has shown that - under the PRC anyway, and really in its history - has shown a strong tendency toward when it believes things that really matters such as, in their view, the One China policy, which they see as the underpinning for the entire U.S.-China relationship. We like to try to handle Taiwan as one of many silos in the broad, bilateral relationship. The Chinese see them all as interrelated. Typically, when they feel that is coming under challenge, they do feel the need to do something - I'd use the term 'demonstrative' - in response, and the best example is from the '90s when then Secretary of State Warren Christopher promised his Chinese counterpart that the United States would not issue a visa to then Taiwan President Lee Teng-hui, and then turned around and did so, which then prompted the military exercises that you and I both worked on at that time. And again, actually, in a more recent, historical example, when President Trump began touting publicly that he might just drop the One China policy, Xi Jinping cut off all communications on all subjects, including North Korea, which was a hot issue at the time in the run up to the Mar-a-Lago summit until the President very publicly genuflected and repeated the Catechism. So, we're always at risk then of provoking that again

Expert Chris Johnson on China's path and Xi's political future — "Intelligence Matters".

The U.S. has experienced at least 30 recessions throughout history, dating back as early as 1857.Some economists argue that they may have become an inevitable part of the financial cycle that fluctuates between periods of expansion and contraction."History teaches us that recessions are inevitable," said David Wessel, a senior fellow in economic studies at The Brookings Institution. "I think there are things we can do with a policy that makes recessions less likely or when they occur, less severe. We've learned a lot, but we haven't learned enough to say that we're never going to have another recession."As the nation's authority on monetary policies, the Federal Reserve plays a critical role in managing recessions.The Fed is currently attempting to avoid a recession by engineering what's known as a "soft landing," in which incremental interest rate hikes are used to curb inflation without pushing the economy into recession."What they're trying to do is raise rates enough so demand slows," said Jason Snipe, chief investment officer at Odyssey Capital Advisors.But a successful soft landing is extremely rare as the monetary policy needed to slow down the economy is often enforced too late to make any meaningful impact.It was arguably achieved just once, in 1994, thanks to the Fed's more proactive response to inflation and good timing."[It's] really, really difficult to get into that really, really narrow zone," said Stephen Miran, former senior advisor at the U.S. Department of Treasury. "It's the difference between trying to land an airplane in a really wide and spacious open field versus trying to land an airplane on a very, very narrow piece of land with rocks and water on either side."Some experts also argue that policies have a limitation on what they can achieve against an impending downturn."Policy tends to operate with long lags, which means the ability to effect immediate change in the economy is quite slow. I also think that increasingly we live in a global economy where the cross-currents that are impacting the economic dynamics are very complex," said Lisa Shalett, chief investment officer, wealth management at Morgan Stanley."These are dynamics that the Fed doesn't have the tools to address and so to a certain extent, we do think that policymakers have certainly developed more tools to fight recessions," she said. "But we don't think that you can rely on policymakers to prevent recessions"Watch the video to find out more about why recessions could be inevitable.

The risk of recession is growing. Here's why it may be inevitable.

Parents across the U.S. are still scrambling to find baby formula after a national product recall triggered empty store shelves, higher prices and retailers limiting sales of scarce products."You get this sick feeling in the pit of your stomach because we had a can that had been recalled and it was empty, we had just finished it," said Amy Dolan, a mother of three in New Jersey. "And, you know, I'm sitting there thinking, oh my God, what have I given my child?"Abbott, the nation's biggest infant formula maker, recalled several products earlier this year and halted production at its Michigan manufacturing plant for several months after bacteria was found at the site. Four infants who consumed formula produced at the facility got sick with an infection. Two of those infants died."It's kind of like a perfect storm of so many terrible things happening and No. 1, should never have happened in the first place and we could have absolutely prevented it," said Shazi Visram, founder and CEO of Healthybaby.More than 40% of baby formula in the U.S. was out of stock at the beginning of May and the problem has continued, according to Datasembly, a retail tracking group.And it wasn't just a factory shutdown that led to the crisis. America's strict formula import regulations and a nutritional program for low-income families may have contributed to the disaster.But some signs of progress suggest the crisis could be easing. The Food and Drug Administration has since eased regulations on imports from abroad and President Joe Biden invoked the Defense Production Act to increase baby formula manufacturing.So what led to the baby formula crisis in the U.S. in the first place and how can the nation prevent another disaster? Watch the video to learn more.Watch more:Can The North Face compete with Patagonia?How airlines are dealing with rising air rage cases

What led to the U.S. baby formula shortage − and how officials are trying to prevent it from happening again.

US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022.Jim Watson | AFP | Getty ImagesThe Federal Reserve on Wednesday is expected to do something it hasn't done in 28 years — increase interest rates by three quarters of a percentage point.In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn't been since before the pandemic crisis began.That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans.Along with the rate increase, here's a quick look at what the Fed also likely will do:Adjust its future outlook for interest rates via its "dot plot" of individual members' expectations.Update its outlook for gross domestic product, inflation and unemployment. Economists figure the Fed will decrease its expectations for GDP this year while raising forecasts for inflation and the unemployment rate.Change the language in its post-meeting statement to reflect current conditions, namely that inflation is running at a faster pace than anticipated, requiring more aggressive actions to contain price increases running at their fastest level since December 1981.Goldman Sachs said new language in the statement could indicate that the rate-setting Federal Open Market Committee "anticipates that raising the target range expeditiously will be appropriate until it sees clear and convincing evidence that inflation is moderating," implying a high bar for reverting to [25 basis point] hikes."Following the FOMC meeting, Fed Chairman Jerome Powell will address the media. The decision is due at 2:00 p.m. ET and Powell will speak 30 minutes after that.Powell will be called on to explain the Fed's recent shift in rate expectations. He and other officials had been pushing the narrative that consecutive rate increases of 50 basis points would be the most likely course.In fact, at his last news conference in May, Powell dismissed 75 basis points as an option, saying it was "not something the committee is actively considering." A basis point is one one-hundredth of a percentage point.Now, Powell could provide indications that multiple 75 basis point hikes are possible if inflation readings don't start to come down.

Here's everything the Fed is expected to announce, including the biggest rate hike in 28 years.

get the free app Updated on: June 15, 2022 / 2:18 AM / CBS News Rep. Nancy Mace faces tough primary Rep. Nancy Mace faces tough GOP primary in South Carolina 11:10 Four states held primary elections Tuesday, and in one of the most closely watched races in South Carolina, CBS News projects Russell Fry wins the 7th-District Republican primary, defeating incumbent Rep. Tom Rice, who voted to impeach former President Donald Trump. Tuesday's primaries are setting up some of the most expensive general election matchups in the fall.Rice vehemently defended his impeachment vote, telling Politico recently that "I think that was one of the worst things, if not the worst, that a president has ever done in terms of attacking the Constitution and separation of powers." Trump backed Fry in the race. The former president issued a celebratory statement on Tuesday night, calling Fry's win the "biggest News of the evening so far is that Russell Fry beat Impeach Master Tom Rice with a Vote of more than 51%, therefore WINNING OUTRIGHT with no need for a run-off."  Tom Rice (left) and Russell Fry AP Photo/Alex Brandon, AP Photo/Meg Kinnard Fry on Tuesday night called it a "huge night for Republicans" and thanked Trump for his endorsement. CBS News projects that Rep. Nancy Mace has won the Republican primary in South Carolina's 1st District. Mace, a freshman Republican who flipped South Carolina's 1st District from blue to red,defeated Trump-backed former state Rep. Katie Arrington, the 2018 GOP nominee for this district who lost to Democrat Joe Cunningham.Mace voted to certify the 2020 election results and to hold Trump ally Steven Bannon in contempt of Congress for failing to comply with a subpoena from the Jan. 6 select committee. She was also outspoken against Trump's conduct in the immediate aftermath of the Jan. 6 attack.Trump had issued a statement Saturday saying that Mace is "despised by almost everyone" and said she "fights Republicans all the time and is not at all nice about it." But on Tuesday night, Trump issued a statement on Truth Social saying "Katie Arrington was a long shot but ran a great race and way over performed. Congrats to Nancy Mace, who should easily be able to defeat her Democrat opponent!" Anna Moneymaker/Getty Images, Sean Rayford/Getty Images Republican incumbent Sen. Tim Scott didn't face any serious primary challengers on Tuesday and he's expected to easily win deep-red South Carolina in November. But he's raised nearly $40 million so far, more than any other Republican.Democrats Catherine Fleming Bruce, Angela Geter and state Rep. Krystle Matthews are competing to take on Scott.In the governor's race, Trump-backed incumbent Republican Gov. Henry McMaster defeated his primary challenger, Harrison Musselwhite.On the Democratic side, Cunningham, who lost his House seat to Mace in 2018, won the primary, defeating state Sen. Mia McLeod and several others. Also in the spotlight is Nevada, the state that officially gave President Joe Biden enough electoral votes to win the presidency in 2020. Mr. Biden won the state by less than three points in 2020, and the state's economy has been hit hard by inflation and the COVID-19 pandemic. Republicans are hoping to flip the Senate seat and the governor's mansion in the fall — and a number of Republicans are running to succeed the term-limited secretary of state, who refused to throw out the election results in favor of Trump.Trump-backed Adam Laxalt won the Republican nomination for the U.S. Senate in Nevada. Laxalt succeeded current Democratic Sen. Catherine Cortez Masto as the state's attorney general. Ben Smith (left) and Adam Laxalt are running for the Republican nomination for Senate in Nevada.  David Calvert/Getty Images, David Becker/Getty Images Laxalt, who lost the governor's race in 2018, had endorsements from a number of high-profile Republicans, including Florida Gov. Ron DeSantis, Sen. Ted Cruz of Texas and Donald Trump Jr., who came to Nevada to campaign with Laxalt. Cortez Masto won the Democratic primary. She has already raised big sums ahead of November — nearly $20 million in the last year — and went into primary day with more than $9 million cash on hand. Nevada Gov. Steve Sisolak, won the Democratic primary for governor. Sisolak, elected in 2018, was the first Democrat to win the governor's mansion in more than 20 years. Fifteen Republicans are on the primary ballot for governor. Clark County Sheriff Joe Lombardo, former boxer Joey Gilbert, former U.S. Sen. Dean Heller, North Las Vegas Mayor John Lee and entrepreneur Guy Nohra are so far leading the field. Jim Marchant won the Republican primary for Nevada Secretary of State. A former state lawmaker, Marchant told The Wall Street Journal last year that he didn't know whether Mr. Biden won the state in 2020 and "would not have certified" the election. Marchant also told The Guardian that he would be open to sending an alternate slate of electors to Congress in 2024. He also falsely claimed that the 2020 election was "stolen" from him and Trump. Marchant lost to Rep. Steven Horsford and unsuccessfully challenged the results. Marchant and another candidate in the race, former Clark County District Court Judge Richard Scotti, have said they would push to decertify Dominion voting machines, which are used by nearly all of Nevada's counties. The machines were at the center of some election conspiracies and the company has filed lawsuits against some high-profile figures who spread those claims. Republican Secretary of State Barbara Cegavske, who is term limited, has faced blowback from Trump's supporters since the 2020 election, including being censured by the state party. There has been no credible evidence of widespread fraud that could have changed Nevada's results. In Nevada's 1st Congressional District, Democratic incumbent Rep. Dina Titus won the primary. She defeated progressive Amy Vilela, who was backed by Sen. Bernie Sanders. In the 2nd District, national Republican groups have gotten involved to support Congressman Mark Amodei in his primary. Amodei is being challenged by Danny Tarkanian, a Douglas County commissioner who has had unsuccessful runs for Congress in the past decade.In the special election to fill the remainder of Democratic Rep. Filemon Vela's term in Texas' 34th District, Republicans got a short-term win with Republican Mayra Flores winning enough votes, 50% of the total turnout, to win the race outright to hold the seat until January. Vela resigned in March to work for a lobbying firm.Republicans are hoping the win Tuesday will give them an edge to flip the district in November, where Flores will face off against Democratic Rep. Vicente Gonzalez. Although the district lines will lean more Democratic in November than the version used in the special election, the win comes as Republicans continue to invest in their outreach with Hispanic voters in this region and across the country on issues such as the economy and immigration.Flores and Republican groups spent close to $1 million dollars on ads for the special election, while national Democratic groups only devoted a fraction of their resources to the race.   Updated 11:20 PM South Carolina 1st U.S. House District Republican primary: CBS News projects Nancy Mace wins CBS News projects Nancy Mace wins Republican primary   Updated 11:10 PM South Carolina 7th U.S. House District Republican primary: CBS News projects Russell Fry wins CBS News projects Russell Fry wins the Republican primary.    6:04 PM / June 14, 2022 South Carolina U.S. Senate Democratic primary Catherine Fleming Bruce, Angela Geter and Krystle Matthews are on the ballot.   Updated 7:52 PM / June 14, 2022 South Carolina Governor Republican primary results: Henry McMaster wins Republican nomination for South Carolina Governor Gov. Henry McMaster wins Republican nomination for South Carolina Governor   Updated 10:22 PM South Carolina Governor Democratic primary: Joe Cunningham wins Joe Cunningham wins the Democratic primary for South Carolina governor.    Updated 1:06 AM Nevada U.S. Senate Republican primary: Adam Laxalt wins Adam Laxalt wins Republican nomination for U.S. Senate in Nevada.   Updated 12:56 AM Nevada U.S. Senate Democratic primary: Catherine Cortez Masto wins Catherine Cortez Masto wins Democratic primary for U.S. Senate in Nevada.   6:03 PM / June 14, 2022 Nevada Governor Republican primary Joe Lombardo, Dean Heller, Joey Gilbert, John J. Lee, Guy Nohra, Seven Achilles Evans, Gary Evertsen, Eddie Hamilton, Tom Heck, Stan Lusak, Edward O'Brien, Fred Simon, William Walls, Amber Whitley, Barak Zilberberg.   Updated 12:56 AM Nevada Governor Democratic primary: Steve Sisolak wins Steve Sisolak wins Democratic primary for governor in Nevada.   1:11 AM Nevada 1st U.S. House District Democratic primary: Dina Titus wins Dina Titus wins Democratic primary for U.S. House in Nevada's 1st District.   Updated 2:17 AM Nevada 2nd District Republican primary: Mark Amodei wins Mark Amodei wins Republican nomination for U.S. House in Nevada's 2nd District.     Updated 2:05 AM Nevada Secretary of State Republican primary: Jim Marchant wins Jim Marchant wins Republican nomination for Nevada Secretary of State.   Updated 11:46 PM Texas 34th U.S. House District Republican special election: Republican Mayra Flores wins Republican Mayra Flores wins the special election in Texas' 34th District to fill the remainder of Rep. Filemon Vela's term.

Primary results 2022: South Carolina, Nevada and more hold elections Tuesday.

A view shows newly built houses in Chico, California, September 24, 2020. REUTERS/Saif Tawfeeq/File PhotoRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - The average interest rate on the most popular U.S. home loan climbed to its highest level since the 2008 financial crisis and purchase applications were down more than 15% from last year, Mortgage Bankers Association (MBA) data showed on Wednesday.Still, more homebuyers sought properties compared to a week earlier, perhaps signalling a flurry of activity before aggressive tightening by the Federal Reserve further impacts the sector.Fed policymakers later on Wednesday are expected to raise interest rates by 75 basis points in order to quell inflation running at a more than 40-year high. The abrupt move, following a worse-than-expected key inflation reading last Friday, would be the biggest U.S. interest-rate hike in decades. L1N2Y12O3Register now for FREE unlimited access to Reuters.comExpectations for Fed tightening have led to a surge in Treasury yields. The yield on the 10-year note acts as a benchmark for mortgage rates.The average contract rate on a 30-year fixed-rate mortgage rose by 25 basis points to 5.65% for the week ended June 10, the highest level since late 2008, towards the end of the financial crisis and Great Recession.The MBA said its Purchase Composite Index, a measure of all mortgage loan applications for purchase of a single family home, increased 8.1% from a week earlier and its Refinance Index rose 3.7%.But purchase applications were down more then 15% compared to last year as ongoing record-low housing stock and a lack of affordability alongside the run up in interest rates have impacted demand.Register now for FREE unlimited access to Reuters.comReporting by Lindsay Dunsmuir; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

U.S. mortgage interest rates jump to highest level since 2008.

Shanghai has been dubbed the most expensive place in the world to be rich, according to a new report, which shows that even the uber-wealthy aren't immune to inflationary pressures on their most prized luxury goods.The Chinese megacity took the title for the second year running after recording major price increases across 16 out of 20 luxury items, Julius Baer's Global Wealth and Lifestyle Report 2022 showed Wednesday.It was one of four Asia-Pacific cities, including Taipei (3rd), Hong Kong (4th) and Singapore (5th) to round out the top five most expensive locations for high-and ultra-high net worth individuals.London (2nd) was the only European outlier in the top five. The U.K. capital shot up six places this year amid rising residential property and hospitality prices.By comparison, no city in the Americas ranked in the top 10. Indeed, they emerged as "relatively cheap" for the uber-wealthy, according to the report's authors.Swiss private bank Julius Baer's annual ranking is based on the price of a basket of luxury goods representing discretionary purchases by HNWIs — individuals with $1 million or more in investible assets — across the 25 global cities.The report found that the enduring effects of the coronavirus pandemic combined with challenging macro-economic conditions and supply chain disruptions led to price rises across the majority of the 20 items studied.Inflation across the collection of items rose 7.5% over the year, compared with just 1% the year earlier.The data was gathered between November 2021 and April 2022, capturing some, but not all, of the economic stressors inflicted by the war in Ukraine.'Nobody's immune to inflation'Three-quarters (75%) of luxury goods and almost two-thirds (63%) of luxury services increased in price over the year, according to the report. That was due to services being somewhat more restricted during the tail-end of lockdowns, delaying an uptick in demand.Technology packages — which include an iPhone, iPad and MacBook — and lawyers recorded the greatest global price increases over the year, at 41% and 32.6% respectively. The report's authors said that was a result of increased demand, supply chain constraints and a "continued search for high-quality talent" in professional services.Clearly, this represents what we're seeing in the broader economy.Dawn Li Wan PoExecutive director and senior portfolio manager, Julius Baer"Nobody's immune to inflation," Alan Hooks, head of private clients at Julius Baer, said at an event to mark the report's launch Wednesday. He added, however, that HNWIs have a better "ability to absorb inflationary pressures" than many people."Clearly, this represents what we're seeing in the broader economy," Dawn Li Wan Po, executive director and senior portfolio manager at Julius Baer, added.Inflation has been on a continued upward trajectory over recent months, raising the cost of goods and services and prompting a cost-of-living crisis in broader society.Contrastingly, the report found that wine and health insurance recorded the greatest price falls globally this year, falling 26.1% and 24.4% respectively. The report's authors said the reduced health insurance costs were a result of the rebalancing of prices following pandemic highs.Peopleimages | Istock | Getty ImagesStill, staggeringly high luxury real estate and car prices — which account for a larger weighting in the report's index — were the main contributors to Shanghai's continued stronghold, rising 28% and 11% respectively from an already high base.In second place London, it was again residential property prices, which rank 103% above the global average, and hotel rooms (162% above average), which accounted for the rapid rise from eighth place in 2021.Tokyo, meanwhile, saw the greatest price falls over the year, dropping from the second most expensive city to the eighth, largely due to currency depreciation in the Japanese yen.For the first time this year, the report also included a lifestyle survey, which asked the world's wealthy about their consumption, spending and investment habits.It found that wealthy people in Asia-Pacific were the most optimistic about their business and financial conditions compared to those in other regions.HNWIs in Europe said they intend to spend more this year on leisure, while those in the Middle East, Asia-Pacific and the Americas said they would spend more on health insurance.

'Nobody's immune to inflation': These are the most expensive cities for the world's wealthy.

Christine Lagarde, President of the European Central Bank. The central bank scheduled an emergency meeting to address higher bond yields.John Thys | Afp | Getty ImagesThe European Central Bank announced Wednesday it plans to create a new tool to tackle the risk of fragmentation in the euro zone.It comes after the central bank surprised market participants with an emergency meeting to address higher borrowing costs for many European governments.The recent surge in bond yields followed a regular meeting from the central bank last week, in which the ECB suggested more aggressive policy tightening but failed to deliver any new measures to support highly indebted nations in the bloc. This sparked some nervousness among money managers about financial fragmentation and led to an increase in bond yields.Italy's 10-year bond yield crossed the 4% mark earlier this week — with one economist saying these levels "could eventually turn into a problem" for the south European nation.Isabel Schnabel, a member of the ECB's executive board, said in Paris, France on Tuesday: "Our commitment to the euro is our anti-fragmentation tool. This commitment has no limits. And our track record of stepping in when needed backs up this commitment."Euro zone bond yields fell on Wednesday morning following the surprise announcement of an emergency meeting. The euro, meanwhile, traded higher against the U.S. dollar on expectations that the ECB could introduce measures designed to avoid fragmentation.This is breaking news. Please check back for updates.

European Central Bank to create new tool to address fragmentation risk after bond yields surge.

Bitcoin and other cryptocurrencies fell sharply as investors dump risk assets. A crypto lending company called Celsius is pausing withdrawals for its customers, sparking fears of contagion into the broader market.Nurphoto | Nurphoto | Getty ImagesCryptocurrencies have had a rough year.Bitcoin has plunged more than 52% year to date and is now hovering around $21,000 per coin, according to data from Coindesk. The most popular cryptocurrency has shed about 70% of its value since hitting an all-time high of roughly $69,000 in November.The entire crypto market is feeling similar pain. The overall market capitalization of crypto assets has dropped to less than $1 trillion from its November 2021 peak of $3 trillion. It's the first time since 2021 that the asset class has been worth less than $1 trillion.Many other assets are also experiencing volatility that's shaking investors. The S&P 500 Index this week fell in bear market territory, defined as a drop of at least 20% from the most recent high. Bonds are also sliding, leaving investors few places to hide in markets.More from Invest in You:How to save $1 million for retirement if you make $90,000Human trafficking survivor built her own business with $400NBA champion shares 3 best tips for managing moneyThis turmoil is nothing new, however."The first thing I tell people is that crypto is probably eight times as volatile as the market," said certified financial planner Ivory Johnson, founder of Delancey Wealth Management in Washington, D.C.Crypto prices may have further to fallGiven today's macroeconomic environment, with the Federal Reserve tightening interest rates to stave off high inflation, some crypto investors think prices may fall further. Companies are also preparing for a recession and possible "crypto winter," or when prices fall and stay low for an extended period."This wouldn't be a good entry point now," said Johnson, adding that the one exception would be investors with very long time horizons and who are dollar-cost averaging into the asset, similar to how people invest with a 401(k) plan.Now is a good time to check your asset allocation, he said. Generally, advisors recommend that bitcoin be just a small part — between 1% and 5% — of your total portfolio.Investors who have been holding cryptocurrencies and saw a big runup in price should have trimmed their stakes to make sure that the asset wasn't too large a portion of their portfolio, Johnson added."You have to be more vigilant because it's more volatile," he said.What's behind the crypto shakeoutSome of the price action in cryptocurrencies is due to recent failings of companies such as Terra and Celsius.In May, Terra's stablecoin, UST, plunged below $1 in value and prompted investors to flee the asset. Its sister coin, luna, also dipped.On Monday, cryptocurrency lending firm Celsius paused all account withdrawals, stoking fears it will soon close."What you see now with this selloff, this drawdown, is just a lot of excess in the space that needed to be cut," said Tyrone Ross, CEO of Onramp Invest.The shakeout is also showing what's "complete nonsense versus what actually has the potential to continue to either be a store of value or an asset that's worth something," said Douglas Boneparth, CFP and president of Bone Fide Wealth in New York.He added that while the drawdown has been brutal, it's not the first time bitcoin investors have weathered such a storm.'You might see this as a great opportunity'To be sure, the dip in price doesn't mean than long-term investors should hold off on buying bitcoin, especially if they see a deal in the asset."I don't think the rules really change here; if you're a believer in bitcoin, then you might see this as a great opportunity," Boneparth, adding that's the same as investing in other assets.Young venture investments have wonderful upside, but they come with a lot a volatility.Tyrone RossCEO of Onramp InvestIf you are still buying now, "it'd better be paired with long-term conviction," Ross said. He also noted that investors buying into crypto now should think of it similarly to venture-backed investing in terms of risk and potential reward."Young venture investments have wonderful upside, but they come with a lot a volatility," Ross said. "They can die off of environmental changes."In addition, some investors may be able to do tax-loss harvesting with bitcoin, to offset profits with losses, as there is no wash rule. Basically, this means you could sell your bitcoin and immediately buy it back at a lower price, which could set you up for larger future gains."Those are prudent things that advisors should be doing with their clients, and we should be expressing to the average investor to take advantage of some of this ridiculous volatility," said Ross.Now's the time to educate yourself on cryptocurrencysorn340 | iStock | Getty ImagesRoss also said now is a good time to educate yourself on cryptocurrency if you're interested in investing in it someday.He recommends that people look for books, videos and articles to go back to investing basics. Understand your risk versus reward, only put in what you can afford to lose and use strategies such as dollar-cost averaging to combat choppy price action, he said.It's also a great time to make sure you have a plan and stick to it, added Boneparth. "Do as best of a job as possible to tune out noise," he added.SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Bitcoin has lost more than 50% of its value this year. Here's what you need to know.

The Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - Ford Motor Co (F.N) is recalling more than 2.9 million vehicles that could roll away because a damaged or missing part may prevent the vehicle from shifting into the intended gear.In a filing with the National Highway Traffic Safety Administration, Ford said the recall covers various 2013-2019 Escape, 2013-2018 C-Max, 2013-2016 Fusion, 2013-2021 Transit Connect and 2015-2018 Edge vehicles, the agency said in a notice on Wednesday.A damaged or missing shift cable bushing may prevent the vehicle from shifting into the intended gear or the vehicle may roll after the driver selects the 'Park' position.Register now for FREE unlimited access to Reuters.comFord said it is aware of six reports alleging property damage and four reports of injuries potentially related to the recall population.This is Ford's fifth recall over the issue since 2018, it told the agency.Ford did not immediately respond to a request for comment.After an April recall for the same issue, Ford continued to hold talks with NHTSA over field reports related to vehicles equipped that were not included in previous recalls."Although claim rates and projected failures remained low, Ford recommended a safety recall for the remaining vehicles in North America" with the specific shift cable bushing.Ford said from April 2015 through March 2022, it has identified 1,630 warranty reports and 233 other reports attributed to this concern.Dealers will replace the under hood shift bushing and add a protective cap.On Tuesday, the No. 2 U.S. automaker said it was recalling about 49,000 Mustang Mach-E electric vehicles because a part could overheat and result in a loss of propulsion power. read more On Wednesday, Ford also recalled 53,103 four-door 2021-2022 Bronco vehicles because the passenger-side rear door may be opened from inside of the vehicle when the child safety lock is in the "ON" position.Register now for FREE unlimited access to Reuters.comReporting by David Shepardson in Washington and Aishwarya Nair in Bengaluru; Editing by Aditya Soni and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Ford recalls nearly 3 million U.S. vehicles over rollaway concerns-.

Politics June 15, 2022 / 8:04 AM / CBS News Nixon’s America and secret slush funds: the beginnings of a scandal revealed Nixon’s America and secret slush funds: the beginnings of a scandal revealed 11:26 In 1972, long before she became a correspondent for 60 Minutes, Lesley Stahl was a young reporter at CBS News. Over the last 50 years, she has covered 10 presidencies and countless political stories. Here, in her own words, she recounts and reflects on one of her first: the Watergate scandal. Hear more from Stahl in "Watergate: High Crimes in the White House," premiering Friday, June 17 at 9 p.m. ET on CBS. It will also be available to stream on the CBS News app and Paramount+. Lesley Stahl, seen at left reporting for CBS News in 1973, covered the Watergate scandal, which led to the resignation of President Richard Nixon. Getty Images Arraignment of the Watergate burglarsRon Ziegler, the press secretary in the White House, said it was a third-rate burglary and everybody thought that. And to be honest, that's why I got to cover the story: I was the new hire and it was … thought to be so insignificant that they sent the new kid. But the reason that CBS did send a reporter was because it was a break-in of the Democratic Party.I went off to cover the arraignment of the five burglars who were caught at Watergate. So I was in the courtroom. There were two other reporters. That's how important and significant the world of journalism thought that initial break-in was. Nixon and the press The relationship between the press and the president changed dramatically because of Watergate. Nothing was unreportable from that investigation and then forward, it changed forever, I think, the way the press treats the presidency. After Watergate, everything was on the table. They may not be telling you the truth because they didn't so much in Watergate. So we became skeptical of every word that came out of the White House. Everything began to be questioned, including character, including the personality. We wanted to know what was in the president's mind.Revelation during Watergate hearings of the secret White House tapesAs it was unfolding before our eyes, as reporters — before the public, I mean — there were just nothing but gasps and disbelief. There were listening devices in the Oval Office. I remember being so stunned I had to have somebody say it again. You knew in your head it was a game changer. You know that those tapes were either going to support the president's denials or they were going to lead to the end of his presidency. You knew it. If he's telling the truth, we'll know.  If he is lying, we'll know whether he was involved in the cover up.He said he wasn't a crook, but that was the point. He was a crook. And as we move forward, each revelation was a jolt. It was as though we kept stepping on landmines, you know, and they were exploding in our faces.  If the tapes had never come out, he'd have survived, no question. The irony that Watergate was about bugging the Democratic Party — the president's undone because he's bugged himself.There was always a sense of mystery. Why? Why would the White House do this? We couldn't figure it out for a long time. And you know something? We haven't really fully figured it out yet.  Broadcast journalist Lesley Stahl makes some notes while she sits in the newsroom during coverage of the 1974 presidential election, November 5, 1974. Getty Images Echoes of Watergate todayIf you vote for someone, you're invested … you just have an instinct to forgive them. Maybe it's like someone in your family.I think that these moments in American history are kind of cyclical, that we have horrible scandals. We have times when we lose faith in the leaders. And it comes in waves. We're living through a lot of turmoil right now in our country. And I always think back to the early seventies and think, is it really worse? Watergate happened 50 years ago, and you want to say, well, who cares about it now? But it's one of the great, enormous, negative things that's happened to our country and our history. In: watergate Lesley Stahl One of America's most recognized and experienced broadcast journalists, Lesley Stahl has been a 60 Minutes correspondent since 1991. Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

"They sent the new kid": Lesley Stahl on how she got to cover Watergate — and how Washington "changed forever".

BY THE NUMBERSU.S. stock futures rose Wednesday as Wall Street prepares for what could be an even more aggressive Federal Reserve interest rate hike than the market was expecting just a few days ago. After last week's hotter-than-expected consumer inflation data, investors and the Fed got a look at how those higher prices affected shoppers as May retail sales unexpectedly fell 0.3%. (CNBC)The Dow and the S&P 500 on Tuesday both dropped for five sessions in a row. The Nasdaq advanced modestly, breaking a losing streak of four straight trading days. The Dow closed more than 17% lower than its January record highs, still in a steep correction. The S&P 500 and the Nasdaq both remained in bear markets. (CNBC)IN THE NEWS TODAYPresident Joe Biden on Wednesday called on U.S. oil refining companies to produce more of their products, saying they need to help alleviate the burden of high prices on consumers. "At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable," the president said in a letter to oil companies including Exxon (XOM) and Chevron (CVX). (CNBC)Total mortgage application volume has fallen to half of what it was last year, according to the latest Mortgage Bankers Association's seasonally adjusted index. Sharply rising interest rates are decimating refinance volume — and those rates, along with sky-high home prices and a shortage of houses for sale, are hitting demand from potential buyers. (CNBC)Last week, the average 30-year fixed-rate mortgage increased to 5.65%. And now this week, the 30-year mortgage hit 6.28% on Tuesday, according to a daily measure from Mortgage News Daily. After reaching record lows around 2.7% in late 2020, it started 2022 at 3.29%. (CNBC)Bitcoin tumbled Wednesday to a new 18-month low, spurring a sharp fall in crypto markets sparked by crypto lender Celsius freezing customer withdrawals. The world's largest cryptocurrency fell to under $21,000. Bitcoin has lost around 28% since Friday and around 70% from its all-time high in November. (Reuters)MicroStrategy (MSTR) lost ground again in the premarket as the price of bitcoin touched an 18-month low. The business analytics company has extensive bitcoin holdings. MicroStrategy said it has not received a margin call against a $205 million bitcoin-backed loan it took in March, according to a Reuters report on Wednesday.Moderna (MRNA) on Tuesday won the recommendation of an FDA panel for use of its Covid vaccine in children 6 to 17 years old. A vote by the full FDA could come within a few days. That FDA panel on Wednesday will consider Moderna shots for kids under 6 and Pfizer (PFE) shots for kids under 5. (CNBC)STOCKS TO WATCHStellantis (STLA) will begin indefinite layoffs next week at its Sterling Heights, Michigan stamping plant. The world's fourth-largest automaker, behind Jeep, Chrysler, Dodge, Fiat and Alfa Romeo brands, did not specify how many workers would be impacted. Stellantis rallied 3.4% in the premarket.Zendesk (ZEN) is in settlement talks with activist investor Jana Partners after ending an unsuccessful effort to sell the software company, according The Wall Street Journal. The paper said proposed changes could involve CEO Mikkel Svane stepping down as well as changes to the board of directors. Zendesk added 1% in premarket trading.Robinhood Markets (HOOD) was downgraded to underweight from neutral at Atlantic Equities, which cited Robinhood's revenue trends. Atlantic Equities has a price target of $5 per share on Robinhood, about 30% below Tuesday's close of $7.23. Shares of the trading platform operator slid 4.2% in the premarket.Snowflake (SNOW) was upgraded to buy from hold at Canaccord Genuity. Shares of the cloud computing company have fallen more than 65% in 2022. However, Canaccord said the stock is now at an attractive entry point, given growing demand and promising new products. Snowflake gained 3.6% in the premarket.Wheels Up (UP) rose 2.1% in premarket trading after Goldman Sachs began coverage of the private jet company with a buy rating. Goldman said Wheels Up is a leading company in an established and growing end market.Sonos (SONO) was downgraded to equal-weight from overweight at Morgan Stanley, which is concerned about the impact of more cautious consumer spending. Shares of the high-end speaker maker fell 3.1% in the premarket.

What to watch today: Stocks set to bounce ahead of the Fed's big rate decision.