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U.S. June 15, 2022 / 8:20 AM / CBS/AP Internet Explorer is finally headed out to pasture.As of Wednesday, Microsoft will no longer support the once-dominant browser that legions of web surfers loved to hate — and a few still claim to adore. The 27-year-old application now joins BlackBerry phones, dial-up modems and Palm Pilots in the dustbin of tech history.Internet Explorer's demise was not a surprise. A year ago, Microsoft said that it was putting an end to Internet Explorer on June 15, 2022, pushing users to its Edge browser, which was launched in 2015. The company made clear then it was time to move on."Not only is Microsoft Edge a faster, more secure and more modern browsing experience than Internet Explorer, but it is also able to address a key concern: compatibility for older, legacy websites and applications," Sean Lyndersay, general manager of Microsoft Edge Enterprise, wrote in a May 2021 blog post. Users marked Explorer's passing on Twitter, with some referring to it as a "bug-ridden, insecure POS" or the "top browser for installing other browsers." For others it was a moment for 90′s nostalgia memes, while The Wall Street Journal quoted a 22-year-old who was sad to see Internet Explorer go.Microsoft released the first version of Internet Explorer in 1995, the antediluvian era of web surfing dominated by the first widely popular browser, Netscape Navigator. Its launch signaled the beginning of the end of Navigator: Microsoft went on to tie Internet Explorer and its ubiquitous Windows operating system together so tightly that many people simply used it by default instead of Navigator.The Justice Department sued Microsoft in 1997, saying it violated an earlier consent decree by requiring computer makers to use its browser as a condition of using Windows. It eventually agreed to settle the antitrust battle in 2002 over its use of its Windows monopoly to squash competitors. It also tangled with European regulators who said that tying Internet Explorer to Windows gave it an unfair advantage over rivals such as Mozilla's Firefox, Opera and Google's Chrome.Users, meanwhile, complained that Internet Explorer was slow, prone to crashing and vulnerable to hacks. Its market share, which in the early 2000s was over 90%, began to fade as users found more appealing alternatives. Today, the Chrome browser dominates with roughly a 65% share of the worldwide browser market, followed by Apple's Safari with 19%, according to internet analytics company Statcounter. Internet Explorer's heir, Edge, lags with about about 4%, just ahead of Firefox. 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

So long, Internet Explorer. The browser retires today.

Brendan Smialowski | Afp | Getty ImagesBillionaire Tesla and SpaceX CEO Elon Musk is leaning toward voting for Florida's Republican Governor Ron DeSantis for president in 2024, he said on Twitter Wednesday.DeSantis, who has not officially thrown his hat in the ring for the race, is an ally of former President Donald Trump and is considered to be a likely frontrunner in the party should he run.Musk's disclosure came as a response to another Twitter account called Tesla Owners Silicon Valley, which says in its bio it follows notorious Tesla owners in the area. The conversation began after Musk replied to a tweet from news outlet The Texan declaring Republican Mayra Flores' victory in a special election for Texas' 34th congressional district, flipping a seat long held by Democrats."I voted for Mayra Flores – first time I ever voted Republican," Musk tweeted in a response to the news outlet's post. Musk confirmed in late 2020 he had moved to Texas, where he later moved Tesla's headquarters from California after complaining about the strict regulatory environment. "Massive red wave in 2022."The Tesla Owners Silicon Valley account asked Musk if he would vote Republican for president as well, to which Musk replied, "tbd." The account then asked what direction he's leaning toward, to which Musk responded with one word: "DeSantis."Another account with the name Spidey_ElonFan responded to Musk asking, "But your political donations will be evenly spread out, as you do always. Right??""I'm thinking of creating a 'Super Moderate Super PAC' that supports candidates with centrist views from all parties," Musk replied.Last month, Musk said he would vote for Republicans in upcoming elections though he said he's voted for Democrats in the past, including former President Barack Obama.Musk said he has voted for Democrats "because they were (mostly) the kindness party. But they have become the party of division & hate, so I can no longer support them and will vote Republican."Subscribe to CNBC on YouTube.WATCH: Tesla CEO Elon Musk said it's more important to develop its humanoid robot than new cars

Musk says he's leaning toward voting for Florida Gov. Ron DeSantis for president.

SummaryBaltic states want NATO to boost presence by up to 10 timesJune summit set to offer pre-positioned equipment and rapid reinforcements in case of invasionBaltics say that option may stumble on infrastructure problemsNATO, facing many calls for resources, will set plans for more air, sea defences laterTAPA MILITARY BASE, Estonia, June 15 (Reuters) - Since Russia invaded Ukraine in February, the Baltic states of Estonia, Latvia and Lithuania have been calling for their region to receive the biggest build-up of combat-ready NATO forces in Europe since the end of the Cold War, to be agreed at a summit on June 28-30 in Madrid.It will not happen, interviews with seven senior diplomats and officials from leading NATO allies show.This is partly because the proposals come as the NATO alliance faces a slew of demands not seen in decades: from countering Russia and China in the Arctic to quelling Islamic insurgencies in the Sahel, and tackling new frontiers in space.Register now for FREE unlimited access to Reuters.comSince Russia invaded, the U.S. Congress has approved extra funds and the Pentagon sent F-35 stealth fighters, as well as attack helicopters, to Estonia; Britain doubled its force presence at Estonia's Tapa military base to around 1,700 personnel.But for many people in the region, which has been occupied by both Soviet Russia and Nazi Germany and which lies within striking distance of a Russian garrison at St. Petersburg, that is not enough. For instance, 84.6% of Latvian respondents to a Benu Aptiekas/Gemius poll in May said they were highly anxious about Russia's invasion."The fact that we could be in danger, it's been on the table all the time," said Dzintra Bungs, 82, head of the Latvian Occupation Museum Association in Riga. "It is very important that we have woken up, and that all Europe awakes."The Baltics, with a combined population of just over six million, want the alliance to boost its pre-Ukraine invasion presence of around 5,000 multinational soldiers by as much as tenfold, as well as adding air and maritime defences.Many of NATO's 30 allies in Europe and the United States support the calls for a bigger force in principle, but in reality say allies can only commit to maintaining higher troop levels, pre-positioning more equipment, weapons and ammunition in the region and promising rapid reinforcements.The broad outline for leaders to agree at the summit, the diplomats and NATO officials said, is a model of larger multinational NATO battlegroups in the Baltics, with a commitment to quickly reinforce if Russia were about to invade. Planning for new air and maritime defences will come later.Many members, including Britain and the United States, do not favour permanent new bases in the Baltics, three of the diplomats told Reuters. They said it would cost billions and be hard to sustain: The states may not have enough troops and weaponry, and a permanent presence would be highly provocative for Moscow."The Baltic states will not each get enough NATO troops to create a division," a NATO diplomat said, referring to their request for up to 15,000 troops across the region, as well as more on stand-by in allied countries to complement national forces. "Whatever is decided must be sustainable."Instead, allied intelligence will help NATO act if Moscow looks set to invade. During informal discussions at NATO headquarters and in capitals, that view has won over the majority, the diplomats and officials said – the plans will need more work after the summit.The Latvian government declined to comment. Lithuania's presidential office also declined to comment, but an advisor to the president said the country would continue to insist, in the run-up to the summit, on the need for more NATO troops. The office of Estonia's prime minister said it and allies were working out the details of how to strengthen the allied presence.A senior U.S. defence official at NATO declined to comment. A British defence ministry spokesperson declined to go into details, saying it was "working closely with our friends and partners to explore how we can strengthen the alliance's defensive posture."Russian President Vladimir Putin says his "special military operation" in Ukraine is essential to ensuring Russia's security. Ukraine and its Western allies call this a baseless pretext for an invasion which has raised fears of wider conflict in Europe.NEXT IN LINE?For the Baltics, the issue is clear: They could be next.NATO currently rotates a multinational troop presence through the region, but the Baltic states say that leaves them vulnerable."After the war - I don't think Russia will be defeated - they will still have huge military capabilities remaining," Valdemaras Rupsys, Lithuania's Chief of Defence, told Reuters. "After some time ... they will try to threaten us by military means. You will see."Since Russia annexed Crimea from Ukraine in 2014, the Baltics have been warning about a Russian threat that many NATO allies considered overblown. Now, looking at Moscow's playbook in Georgia and Ukraine of capturing a small portion of territory from which to build, Baltic states want NATO to change its approach to their region, a strategically crucial gateway to a busy commercial shipping route linking Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Germany and Denmark.Tuuli Duneton, undersecretary for Defence Policy at the Estonian Ministry of Defence, told Reuters Russia has been preparing for the last 20 years for large-scale military confrontation with NATO while the alliance's focus was partly elsewhere, particularly in Afghanistan.A public report by the Estonian Foreign Intelligence Service earlier this year said Russia's largest war game to date, near NATO's eastern borders in 2021, involved 200,000 troops, 250 aircraft, 290 tanks, 240 weapon systems and 65 warships. Called Zapad, or West, the war games were evidence of Moscow's long-term strategy to attack NATO, the report said. At the time, the Russian defence ministry said the exercise was rehearsing a purely defensive scenario and allegations it was preparing to invade Poland or the Baltics were false.The Kremlin did not reply to an email seeking comment.A MATTER OF TRANSPORTIn May, the kilted bagpipers and drummers of the Royal Welsh Battlegroup played marching songs at a parade ground filled with British, Danish and French troops in the Tapa military base in Estonia. It was a show laid on for visiting ambassadors.Tapa is one of four bases, originally of around 1,000 troops each, that NATO set up in the Baltic states and Poland after Crimea, from 2017 onwards. That force presence has grown and after Russia invaded Ukraine, NATO activated its Response Force and the United States sent some 20,000 more U.S. troops to Europe. That gives NATO's Supreme Allied Commander in Europe (SACEUR) more than 42,000 troops under his command in Europe, with 120 jets at high alert and over 20 ships ready to respond.But NATO's Baltic deterrent is still too small, the Baltic states say. U.S. officials have long warned about the Russian army's surface-to-air missile systems in its St. Petersburg Garrison, just 160 km (99 miles) from the Estonian border city of Narva."The situation in Ukraine shows we were right," said Estonian Colonel Andrus Merilo, referring to Baltic warnings since 2014. "Estonia cannot lose territory, NATO cannot lose territory."He and others say the argument that NATO allies could quickly regroup to defend a Baltic state in the event of a possible Russian invasion overlooks an important hurdle: infrastructure.Before the COVID pandemic, the European Union planned to spend 6.5 billion euros ($6.8 billion) between 2021 and 2027 to modernise Europe's disjointed road and rail links and weak bridges so states could move troops east in the case of conflict with Russia.But the pandemic shock forced a rethink. Only 1.7 billion euros was allocated.RIVALRY FOR RESOURCESEven if the Baltics' proposals are strategically valid, the conflict in Ukraine is sucking up huge resources as the West supplies arms. NATO is also facing other demands.According to NATO data, last year only 10 of the 30 allies met the alliance's guideline to devote at least 2% of GDP to annual defence spending, although many, from Belgium to Germany, have since pledged much more.France's well-equipped military is focused on Africa, while 20 years of cutbacks in Germany have robbed it of basic equipment and technology read more . Britain aims to further cut the size of its land forces by 2025, as Belgium, the Netherlands, Romania and others have done – in part to invest in new technologies like robots and drones and compete with China in the domains of space and cyber. Italy has maintained a strong overseas presence of its troops for decades but is one of the lowest spenders in NATO.NATO is also setting up or strengthening combat units in Bulgaria, Hungary, Slovakia and Romania. Romania is receiving a 1,000-strong troop contingent from France, Belgium and the Netherlands, by year-end.In closed-door discussions at NATO, Spain and Italy have called on the allies to also pay close attention to the southern flank. Spain's foreign minister, Jose Manuel Albares, has spoken publicly of his concerns about what he called in April the "Russian threat from the south," arguing that NATO should be ready to counter the presence of Russian mercenaries in Mali and Central African Republic, partly because instability could increase African migration towards Europe.FINLAND TO THE RESCUE?Another argument against bolstering NATO's permanent forces in the Baltics would be if Sweden and Finland join NATO, as they have applied to do.The two states, which lie across the Baltic Sea from Estonia, Latvia and Lithuania, would bring two of Europe's most modern and capable militaries into the alliance, at a stroke increasing the allied presence in the region.That plan, though, is controversial within NATO – Turkey opposes it – and it risks further antagonising Moscow. Turkey, traditionally a big troop contributor to NATO missions but also a friend of Moscow, wants to keep a diplomatic balance, seeing itself as a potential peace broker in Ukraine read more .A possible addition to the summit decision, likely to be discussed in the coming months, could be to create bigger, permanent NATO military bases in front-line states with Russia but only send rotating multinational forces through them, rather than stationing troops permanently, according to NATO diplomats and the senior U.S. defence official at NATO.Unlike U.S. forces in Germany, such bases would not need schools, family housing and other expensive infrastructure, U.S. Army General Mark Milley, chairman of the Joint Chiefs of Staff, said in April in a hearing in a committee in the U.S. Congress.For Estonian Brigadier-General Enno Mots, NATO must not defer for too long."There's a risk that we underestimate Russia's military capability," he told Reuters. "Russia has enough military power to threaten us, for sure."Register now for FREE unlimited access to Reuters.comAdditional reporting by Sabine Siebold in Berlin, Janis Laizans in Riga and Belen Carreno in Madrid; Edited by Sara LedwithOur Standards: The Thomson Reuters Trust Principles.

The Baltic states want more NATO. They won't get all they seek.

Customers loads items into the back of a car outside a Target store in Pleasant Hill, California, US, on Wednesday, May 11, 2022.David Paul Morris | Bloomberg | Getty ImagesRetail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday.Advance retail and food service spending fell 0.3% for the month, below the Dow Jones estimate for a 0.1% gain. Excluding autos, sales were up 0.5%, which fell short of expectations for a 0.8% increase.The numbers are not adjusted for inflation, which increased 1% for the month on the headline number and 0.6% excluding food and energy.Sales were well below the pace in April, which posted a downwardly revised 0.7% increase from the initial 0.9% estimate.Spending for the month declined even though sales at gas stations increased 4% due to fuel prices that scaled new heights, with regular unleaded hitting $4.43 a gallon in May and now running around $5. That growth was offset by a 3.5% decline at motor vehicle and parts dealers.Miscellaneous store retailers saw a 1.1% drop in sales, while online stores posted a 1% decline. Bars and restaurants registered a 0.7% increase, part of a broader trend that has seen spending gradually shift from goods back to services.On a yearly basis, sales were still up 8.1% as spending, combined with higher prices, has put a floor under the numbers. Consumers have been resilient through the inflation wave, using savings to compensate for the higher costs.The retail release comes the same day the Federal Reserve is widely expected to raise interest rates three-quarters of a percentage point in an effort to tame inflation. The consumer price index for May reflected an 8.6% year-over-year increase, the highest since December 1981 and far above the Fed's 2% target.

Retail sales posted unexpected 0.3% decline in May as inflation hammers consumers.

The NTSB released this image of a 2021 Tesla Model 3 Long Range Dual Motor electric car that was involved in a fatal accident near Miami that killed two people on Sept. 13, 2021.NTSBTesla vehicles have accounted for nearly 70% of reported crashes involving advanced driver-assist systems since last June, according to federal figures released Wednesday. But officials warned that the data is incomplete and isn't meant to indicate which car maker's systems might be safest.The National Highway Traffic Safety Administration said the first-of-its-kind data doesn't yet have proper context and is only meant to be a guide to quickly identify potential defect trends and help determine whether the systems are improving the safety of vehicles."I would advise caution before attempting to draw conclusions based only on the data that we're releasing. In fact, the data alone may raise more questions than they answer," NHTSA Administrator Steven Cliff said during a media event.According to the data, Tesla cars represented 273 accidents involving its advanced driver-assist systems since companies were required to start reporting the incidents roughly a year ago. That's out of 392 crashes reported overall by 11 automakers and one supplier from June 2021 through May 15.Honda was second with 90 reported accidents, followed by Subaru at 10 and Ford Motor at five. All other companies reported four or less accidents, including Toyota at four, BMW at three and General Motors at two.The data release is the first since the government began mandating in June 2021 that companies report incidents involving "Level 2" advanced driver-assist systems, which are meant to help an attentive driver but not replace them. They include Tesla's systems such as Autopilot and GM's Super Cruise.The data does not take into context factors such as the number of vehicles automakers have made, the number of vehicles they have on the road or the distances traveled by those vehicles. When and how much data companies provided also varies, meaning much of it is incomplete.For example, crashes involving advanced driver-assist systems have resulted in at least six fatalities and five serious injuries, according to the data. However, whether there were injuries in a majority of the crashes – 294 of them – is unknown, meaning there are likely more."This is an unprecedented effort to gather nearly real time safety data involving these advanced technologies," Cliff said. "Understanding the story that the data tell will take time as most of NHTSA's work does but it's a story we need to hear."TeslaWhile Tesla cars with the company's "Autopilot" technology had the most accidents, it's believed the company also has the most number of vehicles with such systems on the road. Its systems also tend to offer greater capabilities and are allowed to operate in more areas than other systems.Tesla's systems are marketed under the brand names Autopilot, Full Self Driving and Full Self Driving Beta in the U.S.Tesla's celebrity CEO Elon Musk last month on Twitter said that the company's latest version of FSD Beta would be rolling out to 100,000 cars. The company did not immediately respond to a request for comment.According to the Associated Press, Tesla has more vehicles with partly automated systems operating on U.S. roads than most other automakers do — roughly 830,000, dating to the 2014 model year. And it collects real-time data online from vehicles, so it has a much faster reporting system. That compares to GM, which has reportedly sold more than 34,000 vehicles since the debut of its "Super Cruise" system in 2017.The NHTSA has intensified its focus and investigations on Tesla because of the company's aggressive expansion of advanced driver-assist systems, including prototype software for Tesla owners.In February, Tesla said it would recall software from 53,822 of its Model S, X, 3 and Y vehicles in the U.S. to eliminate a feature that lets cars automatically roll past stop signs. The cars featured a relatively new version of the company's Full Self-Driving Beta software.That program gives Tesla drivers early access to new features that aren't completely debugged yet, including "autosteer on city streets," which let drivers automatically navigate around complex and crowded urban environments without moving the steering wheel with their own hands. Despite the name, Full Self-Driving Beta does not make Tesla vehicles autonomous.Ongoing data collectionRelease of the data comes nearly a year after the NHTSA issued an order requiring automakers and operators of vehicles equipped with advanced driver assistance or automated driving systems to immediately report crashes.NHTSA also released a separate report on higher-level systems, known as automated driving systems, that can include the vehicles largely driving themselves. Most of these systems are still being tested and not available to the public, but some companies such as Alphabet's Waymo and GM's majority-owned Cruise have opened operations to the public.NHTSA says there have been 130 reported automated driving system crashes from June 2021 to May 15. Waymo, at 62, had the most. It was followed by Transdev Alternative Services at 34, and Cruise at 23 (excluding 16 crashes reported separately by GM). Twenty-five companies reported crashes. They ranged from traditional automakers to Apple, which has reportedly been working on such a vehicle for years.The agency plans to release data updates monthly regarding the systems.– CNBC's Lora Kolodny contributed to this report.

Federal data shows Tesla accounts for most driver-assist crashes, but officials warn report lacks context.

Politics June 15, 2022 / 8:46 AM / CBS News Flavia Negrete was 15 years old and a junior in a Maryland high school when she and her mother watched President Barack Obama announce that his administration would offer work permits and deportation relief to young unauthorized immigrants like her who had arrived in the U.S. as children."My mom is in the kitchen and she starts crying," said Negrete, who was born in Peru and came to the U.S. with her parents when she was 4. "At that point, I didn't understand how good it was for me until a day later I started reading more about the program."Ten years ago, the Obama administration established the Deferred Action for Childhood Arrivals (DACA) policy to shield unauthorized immigrants brought to the U.S. as minors from deportation if they met certain requirements, including arriving in the country by age 16 and before June 2007, studying in a U.S. school or serving in the military and lacking any serious criminal record. DACA allowed Negrete to attend college in Maryland, earn a bachelor's degree, volunteer as an EMT and land a research internship at the Food and Drug Administration that would later sponsor her master's degree in bioinformatics, which she earned in December 2021."This is the beauty of DACA," said Negrete, who is applying for medical school to specialize in gene therapy.  The Obama administration created DACA in response to Congress' failure to legalize these immigrants, who became known as "Dreamers," a moniker stemming from the Dream Act proposals dating back to 2001 that would place them on a path to U.S. citizenship. Flavia Negrete. Courtesy of Flavia Negrete While Obama called it a "stopgap measure" when it was created in 2012, DACA has remained in place for a decade, outliving the Trump administration, which unsuccessfully sought to dismantle the program as part of its broader crackdown on legal and unlawful immigration.Former Homeland Security Secretary Janet Napolitano, who signed the memo creating DACA in 2012, said she did not think then that the policy would still be in place 10 years later. "DACA was intended to be temporary, in light of Congress' inability to pass a Dream Act," Napolitano told CBS News. However, she added, "there's still a need for it until Congress acts."But DACA's future is more uncertain than ever. A federal court is widely expected later this year to side with Republican officials in a lawsuit that argues DACA is unlawful, and could order its termination, prohibiting those enrolled in the program from renewing their work permits and deportation protections. Absent action from Congress, a court ruling that terminates DACA would place more than 600,000 immigrants, many of whom have relied on the program to work, study and raise families in the U.S. for their entire adult life, in legal and financial limbo."I grew up with DACA. I was blessed to be a part of this program. But unfortunately, it's a program that hangs on in the hands of very few people in Congress and in government," Negrete said, noting that DACA's end would derail her dreams of attending medical school. "It holds so much weight over my life."Immigrants like Negrete who first applied for DACA as teenagers are now full-fledged adults with careers and often families of their own. Fewer than 22,000 DACA recipients were younger than 21 at the start of 2022, while 405,000 were between the ages of 21 and 30 and 184,000 were older, government data show. Roughly 159,000 immigrants enrolled in DACA have reported getting married, according to the U.S. Citizenship and Immigration Services statistics. A 2021 study found that roughly 170,000 of the program's beneficiaries have become parents of U.S citizen children, and that many of them had bought homes."A cliff"To the surprise of many, DACA survived the Trump administration, which argued the policy was an illegal exercise of the government's executive authority.The Trump administration's efforts to end DACA were blocked by federal courts, including the Supreme Court, which in June 2020 ruled that officials had improperly terminated the policy. The Trump administration subsequently moved to scale back DACA, reducing the validity of work permits and deportation protections from two years to one year and continuing a ban on first-time applications. But a federal court in New York in December 2020 found that acting Homeland Security Secretary Chad Wolf had been improperly appointed and thus lacked the authority to reconfigure DACA. The ruling fully restored DACA and reopened the program to new applicants, including immigrant teenagers. Those Trump-era legal victories for DACA recipients, however, did not affirm the program's legality. That question was presented to a federal judge in Texas by a group of Republican-led states who argued the Obama administration did not have the legal authority to create it. In July 2021, U.S. District Court Judge Andrew Hanen agreed with Texas and eight other Republican-controlled states, saying DACA had been improperly enacted and that it violated federal immigration law. Hanen ordered the Biden administration to close DACA to new applicants, but paused part of his ruling to allow current recipients to renew their work permits and deportation protections.The Biden administration appealed Hanen's ruling to the 5th Circuit Court of Appeals, which set a hearing in the case for July 6. Winning the appeal, however, will be an uphill battle for the Biden administration.The conservative-leaning 5th Circuit has ruled against several Biden administration immigration decisions, including its attempt to end a Trump policy that requires migrants to wait in Mexico as their asylum claims are reviewed. In 2015, the court ruled against a DACA-like program the Obama administration tried to set up for unauthorized immigrants whose children were U.S. citizens or green card holders.Napolitano, the former homeland security secretary, rejected the argument that the program is unlawful, saying the Obama administration sought advice from the Justice Department to confirm the policy was on firm legal footing. But she conceded federal courts may not agree."The 5th Circuit has been pretty hostile to immigration rights," Napolitano said.If the 5th Circuit upholds Hanen's ruling, the partial pause on his ruling that has allowed DACA renewals to continue could be lifted, forcing the Biden administration to shut down the program in its entirety. The case would also likely reach the Supreme Court and its supermajority of Republican-appointed justices. The Biden administration last year published a proposal to codify DACA into a regulation and address the argument that the policy was improperly enacted because it was not subject to public comments. But the rule, which the Department of Homeland Security said it will finalize in the "coming months," is unlikely to mitigate the argument that DACA itself is unlawful.  "This administration will continue to fight to protect the DACA program, and we will continue to advocate for legislation that is the enduring and permanent solution for such deserving young people," Homeland Security Secretary Alejandro Mayorkas said in a statement to CBS News. A group of immigrants, known as Dreamers, hold flowers as they listen to a news conference to kick off DACA at the Coalition for Humane Immigrant Rights of Los Angeles on August 15, 2012, in Los Angeles. Kevork Djansezian / Getty Images While DACA's demise could inject some urgency into negotiations in Congress, it remains unclear whether lawmakers could forge a compromise amid intense partisanship over other immigration issues, including U.S policy along the southern border, which has seen record levels of unlawful migration in the past year.Senior congressional officials said there could be political space for a compromise to legalize DACA beneficiaries, given the bipartisan support the population has. But the officials, who requested anonymity because they were not authorized to speak to the press, said Republicans would likely demand border-related changes, including restrictions on asylum, in exchange for legalizing Dreamers."If we want to provide legal status for Dreamers, we must secure our border, so that we don't find ourselves in the same situation again, 20 or 30 years from now," Sen. Chuck Grassley, an Iowa Republican, said during a hearing on DACA's 9th anniversary last summer.Sen. Bob Menendez, a New Jersey Democrat, said his Republican colleagues have moved to the right on immigration issues since President Donald Trump's election, complicating the prospects of a bipartisan deal. "I can't find anybody over there who really is serious about immigration reform, or even helping the DACA recipients," Menendez told CBS News. Menendez also expressed concern about some members of his party. He said a group of Democratic and GOP senators have been talking about legalizing 200,000 "Documented Dreamers," or children on temporary U.S. visas who could "age out" before their parents' green cards are available, in exchange for asylum restrictions."If we are going to significantly change asylum protections, change the standards in a way that undermines asylum, and if we're only going to give a limited universe of Dreamers a benefit as a result of that — not all Dreamers — that's something I can't support," Menendez said, noting he also backs legalizing Documented Dreamers. A spokesperson for California Democratic Sen. Alex Padilla, who has been holding the bipartisan talks alongside Sens. Dick Durbin, John Cornyn and Thom Tillis, said the group has been "working through several proposals" that could pass the Senate with 60 votes."While there is no formal framework or legislative text that's been agreed to, the conversations have included the need for a pathway to citizenship, border management measures, and fixes to our legal migration system," the spokesperson said, noting that Padilla supports legalizing both Documented Dreamers and Dreamers without legal status.Still, DACA's demise could prompt some lawmakers to accept concessions they may not otherwise support."Congress only acts when there's a cliff or some immediate danger," one of the congressional aides said. "That's the only scenario where I see broader reforms happening." Camilo Montoya-Galvez Camilo Montoya-Galvez is the immigration reporter at CBS News. Based in Washington, he covers immigration policy and politics. Twitter Thanks for reading CBS NEWS. Create your free account or log in for more features. 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10 years later, DACA program for 600,000 "Dreamers" remains in legal peril.

Candace and Amelia Weir, a mother-daughter team of mutual fund managers, are outliers.Of the 10,000 or so funds available to U.S. investors, only 179 were run by all-women investment teams as of the end of 2020, according to Morningstar. That accounts for less than 2% of the teams and less than 1% of investor assets.By contrast, 70% of funds and 60% of investor dollars are managed by all-male teams. And although Morningstar didn't track this data, it's a pretty good bet that at least some of these teams include fathers and sons. After all, how many financial firms include "& sons" right in the name?Given the overall numbers, it's an equally good bet that the Weirs are the only mother-daughter team in the business. That hasn't stopped them and their team at Albany, New York-based Paradigm Capital Management from achieving terrific results.Over the past decade, Paradigm Micro-Cap, one of three mutual funds they manage that invests in small-company stocks, has returned an annualized 13%. That's better than 97% of small-company U.S. mutual funds.Below, the Weirs share the secret to working successfully with family, and offer advice for women hoping to break into a male-dominated field.The interview has been edited for clarity and brevity.'We've always trusted each other in a fundamental way'Ryan Ermey, senior reporter: Candace spun Paradigm out from another business she founded in 1994. How did you two come to be in business together?Candace King Weir, Paradigm chief investment officer: Amelia had gotten out of business school, and worked at Paine Webber and two other hedge funds. I had a very good co-portfolio manager, who in 2007 had decided to depart and start his own firm. I was feeling a little, like, "Whoa, this is a lot for one person."I forget when Amelia and I started talking about it, and I had great reservations about family and business. But we talked it through several different times, and finally we agreed as long as it didn't come between us as mother and daughter, we had a shot. Now, 14 years later, and I'd say it's gone very well.I think the true essence of it is we've always trusted each other in a very fundamental way. I know she always has my back.Ermey: Is there a secret behind successfully working with family?Candace: I think you really have to have a true sense of, one, "Do I really want to be in this business, regardless who owns it?" And, two, "What's the terra firma of my relationship?"I think you have to have a very firm sense of, I trust this person. You have to go through one of those filters. Because once you're committed, especially in a family, it's not like, "Hey, come on in my office, I wanna tell you why it's not working."Amelia Weir, Paradigm senior vice president: One part is, do you want to get the firm regardless of the ownership? Do you think the firm has a good process? Do you think the firm has a good team?And then the other part is, you really have to have candor and honesty about your own and each other's thought processes, because you're not going to suddenly teach someone to think your way, right?'Speaking up is a muscle. It's something you have to keep doing and practicing'Ermey: Your investing results speak for themselves. Do you think that being women in a male-dominated industry has helped you as investors?Candace: I would say to some degree, yes, for two reasons. One, last week, I had three or four calls with CFOs and every one of them was a woman. I think that we're all evolving, and when it comes to these young female CFOs, I think they like to reach out and they like talking with another woman.Second, we constantly have management teams in the office, and I think they like the dynamic. And when they get here they see we both get the game, we're both pretty bright. And we're going to ask hard questions, but we're going to do it nicely. It's an artform, I promise.Amelia: We are very polite. And I mean, you can be polite regardless of gender. But I think our style, we're a pretty soft touch. We don't get mad, we don't yell at people. And I can picture being at other companies where there's a fair amount of ego, where people actually think it's OK to not actually be particularly pleasant to people.Maybe you blew the quarter, and maybe it was in your control, maybe it wasn't. Maybe it makes someone feel better to yell at the CFO. But we know we don't do that.Ermey: What would be your biggest piece of advice for women looking to crack into this field?Candace: Maybe one thing I would say is you're better off at a smaller shop where you can evidence what your talents are, your ability to work long and hard. But I don't think there's any secret formula to this. If you have a dream, stick with it. Because I really think as a rule, you can make that happen.Amelia: I've been going to conferences for 20 years, and sometimes I just look around the room and count the ratio of men to women. Depending on the sector it could be 90-10 or 75-25, but usually somewhere in the middle. You go to breakout sessions, and some guy will have no qualms asking the most basic question. I would die if I raised my hand and asked that question.So I think some of it is about not underestimating yourself, because half the time the question you have in your head is probably three times more thoughtful than the people actually raising their hands.Speaking up is a muscle. It's something you have to keep doing and practicing.'Having a long horizon gives you that confidence and conviction stay the course'Ermey: Your fund has a terrific long-term record, but small-company stocks have been crushed so far in 2022 in a volatile stock market. How do you handle things when stocks are down?Amelia: Candace has been here longer than I have, but when I think back over the past two decades, when you think about '08-'09, you think about the spring of 2020, we've had some very precipitous downturns.For us, it is reassuring in the moment, but also kind of proven out over the longer horizon, that the process remaining consistent is really critical, I think, to maintaining that long-term outperformance. And you can't always promise or deliver it quarter to quarter or calendar year to calendar year. But what we do see is over the longer term, really knowing your names, doing your bottom-up research, going back to our own internal process really adds a lot of value in terms of your conviction in your names in those real dislocation downturns.But also, then you participate in the rebounds when they inevitably happen, because you can't time them and you can't predict them. Having a long horizon gives you that confidence and conviction to stay the course.Ermey: What are you looking for when considering whether to add a new company to your portfolio?Amelia: We look for valuation disconnects, under-followed, under-appreciated names, and very strong free cash flow profiles. Because the thing I've really seen over 08-09, 2020, and through today, and prior to that as well, is that these companies have the ability to control their own destinies.Ermey: Your process involves having in-depth discussions with companies' executives, which individual investors can't do. But what are the sorts of things retail investors could look for when assessing a stock?Amelia: One thing worth looking at: Is there a steady dividend? Are there other things like high free cash flow that add some support or stability to the company? Because by default if a company has a steady dividend or consistent dividend, it has confidence in its own balance sheet and cash-flow profile.Candace: If you're really a novice investor, for lack of a better term, it's good to start out with companies that have a track record — that have been in businesses for over a decade — so you can say, well, they have gotten through this. It's not somebody who did a SPAC or an IPO three months ago. Who knows where they'll all end up?Starting out, I'd go with a company that has a track record.The views expressed are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Follow this 3-step midyear money checkup to keep your finances on track

Meet the mother-daughter mutual fund team who beat 97% of their peers over the past decade.

Even after the fever has broken, the runny nose has dried up, the official five-day quarantine period has ended and the 10-day precautionary phase is over, some people are still testing positive for Covid — despite feeling totally fine.If you find yourself in this situation, you might be puzzled over what to do, particularly since the Centers for Disease Control and Prevention offers little specific guidance on this front. It's difficult to know exactly how many people this affects — most people self-test at home, so their results are untracked — but a pre-vaccine study of Florida school children in 2020 found that 8.2% of high school kids still tested positive 9-14 days after their first positive tests.Even small percentages can affect millions of people, as the country's total case count continues to rise: The U.S. has surpassed 85.7 million total Covid cases since the pandemic began, according to data from Johns Hopkins University, likely an undercount due to those at-home tests.Here's what you need to know about the phenomenon, and what to do if it happens to you:What you should do if you keep testing positive after 10 daysTesting positive for Covid doesn't necessarily mean that you're contagious. Rapid tests detect certain protein pieces of the virus, but those proteins alone don't cause infection. The same goes for PCR tests, which identify the virus' genetic material in your system.So, to work out if positive tests mean people are infectious, scientists culture samples from these tests in petri dishes to see if more virus can grow, indicating that it's still alive and contagious. A recent Boston University study, which has yet to be peer-reviewed, used this technique and found that just 17% of people were likely still contagious six days after their first positive tests.Unfortunately, there's currently no way to know which category you're in. But most experts say that as long as your symptoms are gone, you probably don't need to isolate anymore.The CDC recommends isolating for five days after you first test positive, and ending your quarantine as long as you've been fever-free for 24 hours and your symptoms are improving. The agency's guidance adds that you should keep wearing a mask through day 10 — essentially a precaution in case you're still contagious.Dr. Monica Gandhi, an infectious disease specialist at the University of California, San Francisco, says she'd "feel really comfortable" with a symptom-free person emerging after five days of isolation, even if they're still testing positive for Covid."Follow CDC guidance and wear a mask for the following five days," she says.Dr. Wilbur Lam, a pediatrics and biomedical engineering professor who led Emory University's initiative to test Covid-19 diagnostics for the U.S. government, particularly recommends avoiding contact with people who may have compromised immune systems, or wearing a mask if you can't avoid the risk."Scientists, including our own center, are really trying to figure out what the variables are that may affect why one becomes persistently positive on rapid tests, and what the implications are both from a biological and a public health standpoint," he says.What testing positive for more than 10 days could mean for your long-term health Last month, the CDC issued an alarming warning that as many as one in five adult COVID-19 survivors may develop long Covid, potentially including long-term symptoms from fatigue and brain fog to circulation and digestive issues. Women, older people and those with chronic health conditions all appear to be at higher risk.Covid isn't the only pathogen that can cause such issues: Dr. Jeremy Kamil, a virologist at Louisiana State University, Shreveport, notes that other viruses, like human papillomaviruses, can also wreak havoc on the body weeks or even years after the initial infection.More than 10 days of positive tests are not a known risk factor for long Covid, but they do raise questions about where the virus could linger. Some viruses are known to hide in tissues that don't produce symptoms — like fat cells or the gut, for example — before reemerging once it thinks the coast is clear.Incidentally, this is one theory for why some people test positive for Covid beyond 10 days — but for now, it's just a theory. Experts stress that if you do keep testing positive after your week-and-a-half stint is over, you probably don't need to worry: The precautions are important to take, but you're unlikely to harm yourself or those around you by ending your isolation.That'll remain true unless further research proves otherwise."I would just say, we just don't know enough to even be concerned," says Lam. "There's so many things to worry about in your life, this doesn't have to be one of them."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:This Covid wave might be the start of our 'new normal,' experts say—here's what you need to knowLong Covid is 'continuing to increase,' experts say. Here's how to know if you have it—and what to do about it

What to do if you keep testing positive for Covid—even after your symptoms are gone.

World June 15, 2022 / 8:56 AM / CBS News Russians using food as weapon in eastern Ukraine Russians using food as weapon in eastern Ukraine 02:28 Dnipro, Ukraine — Towns in Ukraine's eastern industrial heartland of Donbas are being reduced to ash by Russia's advancing forces. Ukraine's leaders, and its soldiers on the battlefield, say it won't stop there."It's not just the Donbas region they're after," one Ukrainian soldier warned of Vladimir Putin's forces. "They want to move forward. They send their people to death…to destroy our nation." Russian attacks trap Ukrainians in Donbas region 02:13 But Russia's animosity appears to extend even beyond Ukraine's borders.Pope Francis says Ukraine war may have been "provoked"Putin's naval blockade in the Black Sea has left some 25 million tons of harvested grain to rot at Ukraine's southern ports. Most of it was earmarked for developing countries, including South Sudan. Citing skyrocketing global food costs, the World Food Program has said it's slashing the amount of aid it can provide to 1.7 million people in the impoverished African nation. Russian invasion of Ukraine impacts global food supply 02:02 The WFP's acting country director in South Sudan, Adeyinka Badejo-Sanogo, said the reduction would have a severe impact on people already "experiencing emergency and crisis levels of food insecurity... especially because these cuts are happening at the start of the lean season, when families have completely exhausted any food reserves." Around the world, millions of people risk starving because of Russia's invasion of Ukraine. Unless Russia removes its mines and warships from Ukraine's coastal waters, Ukrainian commanders say the only salvation can be advanced heavy weapons systems from the U.S. and its allies. A Russian Navy boat of the Black Sea Fleet patrols the entrance to the Mariupol Sea Port in Mariupol, eastern Ukraine - territory under the control of the pro-Russian, separatist Donetsk People's Republic - on May 30, 2022. AP They need the weapons to help them protect the country's ports, and also its grain silos, Mayor Borys Filatov of Dnipro, in central Ukraine, told CBS News. "Russia wants to control the global food markets in order to blackmail the whole world," he said. The mayor added a warning that if Putin gets away with it, "all the tyrants of the world will see that they can be left unpunished."Right now, Filatov said his country desperately needs more weapons from its global partners — not to turn the tide in the war, but to survive.  Photos: Inside the Russian invasion of Ukraine 60 photos "It's not just that we don't have enough weapons for a counter offensive," he said of the Ukrainian forces battling Russia's offensive in the east. "We don't even have enough weapons to effectively defend ourselves." Ukraine is pleading for more heavy weapons, including 1,000 more drones, 1,000 more howitzer artillery pieces and 500 tanks.While the U.S. government is expected to unveil yet another military aid package soon, thus far the Biden administration has sent dozens of howitzers to Ukraine, not hundreds, and it's unclear how far the White House will go toward meeting Kyiv's request with the next weapons shipment. In: War Ukraine Sudan Russia War Crimes Vladimir Putin 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

Ukrainian mayor says with Red Sea blockade, Putin seeks to "blackmail the whole world" by starving its neediest.

BOE Governor Andrew Bailey has warned the Bank is walking a "narrow path" between growth and inflation.Bloomberg | Bloomberg | Getty ImagesLONDON — The Bank of England is expected to hike interest rates for the fifth consecutive monetary policy meeting on Thursday, as it looks to rein in soaring inflation against a backdrop of slowing growth and a deteriorating currency.At its May meeting, the Bank raised its base rate by 25 basis points to 1%, its highest level for 13 years, but warned that the British economy risks falling into recession.Since then, fresh data has shown that U.K. inflation soared to a 40-year high of 9% annually in April as food and energy prices spiraled, and the country faces a major cost of living crisis. The Bank expects inflation to rise above 10% later this year.Meanwhile, the economy unexpectedly shrank by 0.3% in April after a 0.1% contraction in March, the first back-to-back declines since April and March 2020.The Organisation for Economic Co-operation and Development has forecast that the U.K. will be the weakest G-7 economy next year, as higher interest rates, tax increases, reduced trade and soaring food and energy costs weigh on households.The OECD projects that the British economy will grow by 3.6% this year before stagnating in 2023.Some market participants are now calling for the Monetary Policy Committee to implement a 50-basis-point hike on Thursday.'No good options'Sterling is down more than 10% against the dollar year-to-date, trading at just above $1.20 on Wednesday. Laith Khalaf, head of investment analysis at British stockbroker AJ Bell, said any sign of dovishness could weaken the currency further."By raising interest rates, the Bank is putting the brakes on an economy that is already slowing of its own accord. That risks the economy stalling, or worse, going into reverse," Khalaf said in a note.Finance Minister Rishi Sunak announced a package of measures late last month aimed at alleviating the cost of living crisis for households. This included a windfall tax on oil and gas majors that the government had long opposed previously, and Khalaf suggested that the fiscal moves free up some breathing space for the Bank of England to raise rates."Consumers probably won't be best pleased to find that some of the fiscal giveaways they have been handed by the Chancellor are going to be gobbled up by higher borrowing rates, but if the Bank fails to take action and the pound comes under further pressure, that also adds to the cost of living crisis, by pushing up the price of commodities priced in dollars, especially fuel," he said."It feels like there are simply no good options in front of the Bank of England."The U.S. Federal Reserve on Wednesday announced its sharpest rise in interest rates for almost 30 years after the U.S. consumer price index blew past economist expectations to climb by an annual 8.6% in May.Labor marketBy and large, headline labor market statistics have remained relatively robust, with job vacancies rising to a record 1.3 million and employment reaching 75.6% in the three months to April, according to the Office for National Statistics.However, some economists are beginning to spot signs of weakness that could deter the central bank from persisting with aggressive rate hikes. The Bank of England has cited labor market conditions as another key factor in its decision-making in recent months."As most data are based on three month averages, they still partly reflect the robust economy in February – that is, ahead of the Russian invasion of Ukraine and the intensification of COVID restrictions in China which have tanked confidence and throttled real activity since March," Berenberg senior economist Kallum Pickering said in a note Tuesday.Although single-month data is volatile, Pickering suggested that it warrants attention in this instance and that the monthly unemployment estimate could be a cause for concern, having jumped to 4.2% amid a 240,000 monthly rise in unemployment in April."As the accompanying 250k monthly drop in employment is well within the normal monthly volatility of that series, and with inactivity largely moving sideways, the unemployment spike may well be a one-off," Pickering added."Indeed the further decline in the claimant count rate in May to 4.0% from 4.1% in April amid a 20k fall in claimants does not point to a trend of rising unemployment in coming months. The data are puzzling to say the least, but given the serious recession risk facing the UK (40%) we need to keep an eye on such trends in coming months."

Bank of England set for fifth straight rate hike as growth and the pound wobble.

Total 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.

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 RattayRegister 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?.

Register 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.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 PhotoBusiness 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 RESUMESStill, investors responded positively, with shares in Hyundai Motor (005380.KS) gaining as much as 4.4% while shares in Hanil Cement (300720.KS) rose as much as 7%, outperforming the benchmark KOSPI's (.KS11) 1.8% fall."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 shares in drinks company HiteJinro (000080.KS) rose as much as 4.5% in early trade, as 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.

South Korea truckers return to work after strike deal; shares rally.

U.S. June 15, 2022 / 9:02 AM / AP A North Carolina charter school violated female students' constitutional rights by requiring them to wear skirts, a federal appeals court ruled Tuesday.A majority of the full U.S. 4th Circuit Court of Appeals found that the dress code at Charter Day School in Leland violated female students' equal protection rights, siding with parents who had argued that their daughters were put at a disadvantage by the requirement.Public schools have long been banned from enacting such mandates, but the court's majority concluded that public charter schools, since they receive public funds, are also "state actors" and are therefore subject to the Constitution's equal protection clause. Charter Day School in Leland, North Carolina. Facebook/Charter Day School The court also ordered further hearings should be held by a lower federal court on claims that the policy violated the federal Title IX anti-discrimination law. Tuesday's ruling came after an en banc hearing before 16 judges of the 4th Circuit. It overturns a previous decision by a three-judge panel of the same court that had found the public charter school wasn't subject to the equal protection clause because it didn't meet all criteria to be considered a state actor.The plaintiffs, who were represented by the American Civil Liberties Union, hailed the decision. "I'm glad the girls at Charter Day School will now be able to learn, move, and play on equal terms as the boys in school," Bonnie Peltier, a plaintiff whose daughter attended the school, said in a statement. "In 2022, girls shouldn't have to decide between wearing something that makes them uncomfortable or missing classroom instruction time."Galen Sherwin, senior staff attorney with the ACLU Women's Rights Project, said in a statement that the ruling could have an impact beyond North Carolina."Today's decision is a victory for North Carolina's students attending public charter schools, and should put charter schools across the country on notice that they must follow the same rules as traditional public schools when it comes to guaranteeing students' equal educational opportunities," Sherwin said. Dress codes that enforce different rules based on students’ sex reinforce outdated, sexist conventions.These discriminatory gender stereotypes are harmful and have no place in our schools.— ACLU (@ACLU) June 14, 2022 The students who challenged the policy were in grades kindergarten through eighth. They argued that they were receiving unequal treatment to male students, noting that the dress code limited their ability to participate in recess and made them uncomfortable in some situations such as emergency drills in which they had to crawl on the floor. In considering the "state actor" question, the court's majority opinion, written by Senior Circuit Judge Barbara Milano Keenan, noted that the charter school receives funding from the state, is subject to state educational requirements and is referred to as a "public school" in state statutes. Thus, Keenan wrote that "the state has delegated to charter school operators like CDS part of the state's constitutional duty" to provide free education.Charter Day School had argued that it was merely a private entity fulfilling a contract with the state.School founder Baker Mitchell had argued that the dress code was intended to promote "chivalry" by the male students and respect for the female students, court documents said. Mitchell, according to the ruling, described chivalry as "a code of conduct where women are treated, they're regarded as a fragile vessel that men are supposed to take care of and honor." He said that the requirement was also intended to ensure that girls are treated "courteously and more gently than boys," according to court documents.Keenan wrote that the school's rationale was based on an impermissible gender stereotype.The school "has imposed the skirts requirement with the express purpose of telegraphing to children that girls are 'fragile,' require protection by boys, and warrant different treatment than male students, stereotypes with potentially devastating consequences for young girls," she wrote.Aaron Streett, an attorney representing Charter Day School, issued a statement saying that the legal team disagrees with the majority opinion and noted issues raised in a dissent. He said that the school is evaluating next steps in the legal case."As the six dissenting judges powerfully explain, the majority opinion contradicts Supreme Court precedent on state action, splits with every other circuit to consider the issue, and limits the ability of parents to choose the best education for their children," the statement said. In: North Carolina 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

North Carolina school can't require girls to wear skirts, federal court rules.

U.S. President Joe Biden speaks at the signage ceremony of the H.R. 3525, the "Commission To Study the Potential Creation of a National Museum of Asian Pacific American History and Culture Act" at the White House in Washington, U.S., June 13, 2022. REUTERS/Elizabeth FrantzRegister now for FREE unlimited access to Reuters.comSummaryBiden saw Saudi Arabia as pariah after Khashoggi killingBut Ukraine war underlined importance of Gulf oilBiden is struggling to reduce high oil pricesUS leader seeks to build united front against RussiaRiyadh denies any crown prince role in Khashoggi murderRIYADH, June 15 (Reuters) - Saudi pro-government commentators are gloating over U.S. President Joe Biden's planned visit next month, saying the U.S. leader's about-turn on his vow to make Saudi Arabia a "pariah" reflected the kingdom's importance in global affairs.After the White House confirmed on Tuesday that Biden would meet de facto ruler Crown Prince Mohammed bin Salman on a trip to the region, the commentators took to social media to praise the prince for his handling of the crisis in U.S.-Saudi ties."We said it before and we did not exaggerate, they (Western leaders) will all come successively to Riyadh," tweeted Faisal AlShammeri, a reporter at Saudi-owned Al Arabiya TV.Register now for FREE unlimited access to Reuters.com"Realpolitik changed the administration's convictions," he added.Rights groups, in contrast, said the visit risks "fostering repression" inside the kingdom, the world's largest oil exporter.U.S. relations with Saudi Arabia have been under strain since the 2018 murder and dismemberment of journalist Jamal Khashoggi by a team of Saudi operatives in the kingdom’s consulate in Istanbul.Biden had refused to deal directly with Prince Mohammed following a U.S. intelligence report implicating him in the killing. The Saudi government denied any involvement by the prince, saying the murder was a heinous crime by a rogue group.But Washington's desire to improve ties with Gulf monarchies has become more urgent following Russia's Feb. 24 invasion of Ukraine, which highlighted the relevance of Gulf oil producers as Europe looks to cut its energy dependence on Russia."ENTRENCHING IMPUNITY"Biden's July 15-16 visit to the kingdom, where he is also due to attend a summit of Arab leaders, ends his campaign pledge to make the kingdom a pariah as he struggles to combat high U.S. gasoline prices and build a united international front to isolate Russia. read more Former Saudi intelligence chief and senior royal Prince Turki al-Faisal blasted critical remarks, carried in U.S. media, about the prince and the kingdom's human rights record and suggested Biden was trying to save his presidency."It is the tanking popularity of the president that brings him to us. It is his legitimacy that he hopes to bolster by meeting with our crown prince," Prince Turki wrote in an op-ed published in Saudi newspaper Arab News on Saturday.Prince Turki and other commentators highlighted Saudi Arabia's importance, whether for regional and energy security or global politics.Saudi political scientist Hesham Alghannam tweeted that the visit was taking place with "our conditions and interests".Rights advocates said Biden's visit risks "encouraging new abuses and further entrenching impunity" in the kingdom where the prince, widely known by the initials MbS, has cracked down on dissidents and opponents during his swift rise to power.Thirteen human rights groups, including Human Rights Watch and London-based Saudi group ALQST, last week issued a joint letter urging Biden to secure the release of detained dissidents and remove travel bans on others, including U.S. citizens, before he visits Saudi Arabia.Last year, Saudi authorities released activists with U.S. citizenship on bail pending trials, as the kingdom moved to address criticism from the Biden administration over its human rights record."MbS will take it (meeting with Biden) as empowering him to get more brutal and rogue," Abdullah al-Awdah, Gulf director at Democracy for the Arab World Now (DAWN), said in a Twitter post."For what?!," he added.Register now for FREE unlimited access to Reuters.comReporting by Aziz El Yaakoubi, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

Saudi pro-government commentators relish Biden's about-face on kingdom.

Sen. Elizabeth Warren, D-Mass., speaks during the Senate Armed Services Committee hearing on security in Afghanistan and in the regions of South and Central Asia, in Dirksen Building on Tuesday, October 26, 2021.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesLawmakers led by Sen. Elizabeth Warren asked a key regulator to block Toronto-Dominion Bank's $13.4 billion acquisition of a regional U.S. bank because of allegations of customer abuse.In a letter sent Tuesday to the Office of the Comptroller of the Currency obtained exclusively by CNBC, Warren cited a May 4 report from Capitol Forum, a Washington-based investigative news outfit, that alleged that TD used tactics similar to those in the Wells Fargo fake accounts scandal.TD, a Toronto-based bank with 1,100 branches in the U.S., is seeking regulatory approval for the acquisition of Tennessee-based First Horizon. The massive deal, announced in February, is part of TD CEO Bharat Masrani's push to expand in the American Southeast. Banks have been swept up in a wave of consolidation in recent years as lenders seek to gain scale, cut costs and invest in fintech to compete with megabanks like JPMorgan Chase and Bank of America."As TD Bank seeks approval from your agency to increase their market share and become the sixth-largest bank in the U.S., the OCC should closely examine any ongoing wrongdoing and block any merger until TD Bank is held responsible for its abusive practices," Warren said.TD employed a point system and bonuses to incentivize workers to open customer accounts and opt into overdraft protection, and workers could lose their jobs if they didn't meet goals, Warren said in letter to acting OCC Comptroller Michael Hsu.Workers were instructed to create four new accounts for each customer — checking, savings, online and a debit card — and opened accounts even if a consumer declined one of the options, according to the Capitol Forum.That was one of several strategies cited by the news organization, including fabricating reasons to call consumers like fraud alerts in the hope of convincing them to open more accounts, opening new accounts rather than simply replacing missing debit cards, and misstating key aspects of overdraft programs to encourage their adoption. Problems existed in branches all along TD's U.S. footprint, from Florida to Maine, the report stated.CNBC couldn't independently confirm the details of the Capitol Forum report, which cited current and former TD Bank employees as well as other sources.'Unfounded' allegationsIn a four-paragraph response provided to CNBC by a bank spokesman, TD said the allegations in the Capitol Forum piece were "unfounded.""Our business is built on a foundation of ethics, integrity and trust," the bank said. "At TD Bank, we put our customers first and are proud of our culture of delivering legendary experiences to customers. As part of routine and ongoing monitoring, TD Bank has not identified systemic sales practice issues at any time."The bank said it carefully manages compensation practices and "vehemently" objects to accusations of "systemic sales practice issues, or any other claims alleged in the article.""Finally, we strongly disagree with the article's characterization of information presented as facts regarding TD Bank's fraud procedures," the bank said. "At TD Bank, protecting the security of our customers' accounts and personal information is a top priority."Swept under rug?The Capitol Forum report also alleged that the OCC, under previous leadership, had actually uncovered TD's misconduct in 2017 as part of an industry sweep after the Wells Fargo scandal came to light the year before.The report alleged that former acting Comptroller Keith Noreika — a Trump administration appointee whose law firm later represented TD in multibillion dollar transactions — opted to privately reprimand TD, rather than fining the company or publicly releasing its findings.Noreika declined to comment to the Capitol Forum, but his employer, the white-shoe law firm Simpson Thacher & Bartlett, told the news outfit that Noreika was recused from all matters related to TD while heading the regulator.Keith Noreika, acting Comptroller of the Currency, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, June 22, 2017.Andrew Harrer | Bloomberg | Getty Images"The OCC's decision under Mr. Noreika to allow TD Bank's rampant fraud and abuse to go unpunished, even after the agency's troubling findings in its own investigation of the bank, has the potential to undermine the OCC's authority and put consumer finances at risk," Warren said. She added that the Biden administration has stated it would scrutinize bank mergers more closely.The OCC didn't immediately respond to a request for comment.Apart from requesting that the First Horizon acquisition be blocked, the lawmakers asked the OCC to release the findings of its 2017 investigation into TD and reconsider whether penalties should be levied on the company. The letter was signed by Warren and U.S. Representatives Katie Porter, Al Green and Jesus Garcia.TD said in February that it expected the First Horizon acquisition to close by the first fiscal quarter of 2023, subject to approval from U.S. and Canadian regulators. The deal will be scrapped if it doesn't close by Feb. 27, 2023, according to the bank.

Sen. Warren asks bank regulator to reject TD’s $13.4 billion acquisition after customer-abuse report.

A model of Boeing 737 Max airliner is seen displayed at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 28, 2021. REUTERS/Aly SongRegister now for FREE unlimited access to Reuters.comBEIJING/SYDNEY, June 15 (Reuters) - China Southern Airlines Co Ltd (600029.SS) this week conducted test flights with a Boeing Co (BA.N) 737 MAX plane for the first time since March, flight tracking websites showed, in a sign the jet's return in China could be nearing as demand rebounds.A MAX jet registered as B-1127 took off from the airline's headquarters city of Guangzhou on Tuesday morning and touched down about two hours later in the city of Nanyang in central China, according to aviation data provider Variflight. It returned to Guangzhou in the evening.The aircraft conducted similar flights on Saturday.Register now for FREE unlimited access to Reuters.comChina Southern, which has a pilot training base in Nanyang, did not respond to a request for comment.The airline, the largest Chinese operator of MAX aircraft, last flew the plane on March 14, showed data from Variflight, a week before the deadly crash of an earlier-generation 737 of China Eastern Airlines Corp Ltd (600115.SS).That crash was viewed by analysts as a setback in Boeing's efforts to regain confidence in China after the MAX was grounded following crashes in Indonesia in 2018 and Ethiopia in 2019. read more China Southern had not flown any other MAX jets in the last 90 days, according to FlightRadar24 data.The MAX flights this week come amid improving travel demand in China as the airline industry starts to rebound from a two-month-long lockdown of financial centre Shanghai due to a COVID-19 outbreak - albeit small by global standards.The latest data from China Southern showed demand, measured in revenue passenger kilometres (RPK) plunged 69% in May from the same month a year earlier but was narrower than an 80% decline in April.Data from travel firm OAG showed Chinese airlines raised capacity by 8% this week relative to last week.Sources previously told Reuters that slack demand had delayed the return of the MAX to Chinese skies.China's aviation regulator lifted a grounding order late last year, after more than two and a half years, but said the planes would need to be modified and pilots would require additional training before returning the jet to service.The regulator at that time had expected airlines to resume commercial flights of the MAX around the beginning of this year but, with many cities under lockdown, none have taken place.Before the MAX was grounded, Boeing was selling a quarter of the planes it built annually to Chinese buyers, its largest customers.Register now for FREE unlimited access to Reuters.comReporting by Stella Qiu in Beijing, Jamie Freed in Sydney and Eric Johnson in Seattle; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

China Southern Boeing 737 MAX makes test flights as domestic demand picks up.

World Updated on: June 15, 2022 / 9:46 AM / CBS News Russians using food as weapon in eastern Ukraine Russians using food as weapon in eastern Ukraine 02:28 Dnipro, Ukraine — Towns in Ukraine's eastern industrial heartland of Donbas are being reduced to ash by Russia's advancing forces. Ukraine's leaders, and its soldiers on the battlefield, say it won't stop there."It's not just the Donbas region they're after," one Ukrainian soldier warned of Vladimir Putin's forces. "They want to move forward. They send their people to death…to destroy our nation." Russian attacks trap Ukrainians in Donbas region 02:13 But Russia's animosity appears to extend even beyond Ukraine's borders.Pope Francis says Ukraine war may have been "provoked"Putin's naval blockade in the Black Sea has left some 25 million tons of harvested grain to rot at Ukraine's southern ports. Most of it was earmarked for developing countries, including South Sudan. Citing skyrocketing global food costs, the World Food Program has said it's slashing the amount of aid it can provide to 1.7 million people in the impoverished African nation. Russian invasion of Ukraine impacts global food supply 02:02 The WFP's acting country director in South Sudan, Adeyinka Badejo-Sanogo, said the reduction would have a severe impact on people already "experiencing emergency and crisis levels of food insecurity... especially because these cuts are happening at the start of the lean season, when families have completely exhausted any food reserves." Around the world, millions of people risk starving because of Russia's invasion of Ukraine. Unless Russia removes its mines and warships from Ukraine's coastal waters, Ukrainian commanders say the only salvation can be advanced heavy weapons systems from the U.S. and its allies. A Russian Navy boat of the Black Sea Fleet patrols the entrance to the Mariupol Sea Port in Mariupol, eastern Ukraine - territory under the control of the pro-Russian, separatist Donetsk People's Republic - on May 30, 2022. AP They need the weapons to help them protect the country's ports, and also its grain silos, Mayor Borys Filatov of Dnipro, in central Ukraine, told CBS News. "Russia wants to control the global food markets in order to blackmail the whole world," he said. The mayor added a warning that if Putin gets away with it, "all the tyrants of the world will see that they can be left unpunished."Right now, Filatov said his country desperately needs more weapons from its global partners — not to turn the tide in the war, but to survive.  Photos: Inside the Russian invasion of Ukraine 60 photos "It's not just that we don't have enough weapons for a counter offensive," he said of the Ukrainian forces battling Russia's offensive in the east. "We don't even have enough weapons to effectively defend ourselves." Ukraine is pleading for more heavy weapons, including 1,000 more drones, 1,000 more howitzer artillery pieces and 500 tanks.While the U.S. government is expected to unveil yet another military aid package soon, thus far the Biden administration has sent dozens of howitzers to Ukraine, not hundreds, and it's unclear how far the White House will go toward meeting Kyiv's request with the next weapons shipment. In: War Ukraine Sudan Russia War Crimes Vladimir Putin 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

Ukrainian mayor says with Black Sea blockade, Putin seeks to "blackmail the whole world" by starving its neediest.

A contractor frames a house under construction in Lehi, Utah, U.S., on Wednesday, Dec. 16, 2020. Private residential construction in the U.S. rose 2.7% in November.George Frey | Bloomberg | Getty ImagesSentiment among the nation's homebuilders fell for the sixth straight month to the lowest level since June 2020, when the economy was grappling with shutdowns stemming from the Covid pandemic.The National Association of Home Builders/Wells Fargo Housing Market Index fell 2 points to 67 in June. Anything above 50 is considered positive. The index hit 90 at the end of 2020, as the pandemic spurred strong demand for larger homes in the suburbs.Of the index's three components, buyer traffic fell 5 points to 48, the first time it has fallen into negative territory since June 2020. Current sales conditions fell 1 point to 77, and sales expectations in the next six months fell 2 points to 61."Six consecutive monthly declines for the HMI is a clear sign of a slowing housing market in a high-inflation, slow-growth economic environment," said NAHB Chairman Jerry Konter. "The entry-level market has been particularly affected by declines for housing affordability and builders are adopting a more cautious stance as demand softens with higher mortgage rates."The average rate on the 30-year fixed mortgage has risen sharply since the start of the year. In January it was right around 3.25%, and as of Tuesday it hit 6.28%, according to Mortgage News Daily. Mortgage demand has fallen to less than half of what it was a year ago.Builders also continue to face supply-side challenges."Residential construction material costs are up 19% year-over-year with cost increases for a variety of building inputs, except for lumber, which has experienced recent declines due to a housing slowdown," wrote Robert Dietz, NAHB's chief economist.Regionally, on a three-month moving average, sentiment in the Northeast fell 1 point to 71. In the Midwest it dropped 6 points to 56. In the South it fell 2 points to 78, and in the West it dropped 9 points to 74.

Homebuilder sentiment drops to lowest level in two years as housing demand slows.

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.A spokesperson for British Prime Minister Boris Johnson said London was disappointed by the EU's legal moves."The EU's proposed approach, which doesn't differ from what they've said previously, would increase burdens on businesses and citizens and take us backwards from where we are currently," he said, referring to EU proposals to ease post-Brexit trade problems with Northern Ireland.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 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.Register now for FREE unlimited access to Reuters.comReporting by Philip Blenkinsop and John Chalmers Additional reporting by Liz Piper in London Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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

World June 15, 2022 / 8:37 AM / CBS News Court upholds U.K. deportation plan U.K. court upholds plan to deport undocumented migrants to Rwanda 03:17 London — The first scheduled flight to deport people seeking asylum  in the U.K. to Rwanda was canceled at the last minute Tuesday night after a ruling from the European Court of Human Rights. The court ruled that one Iraqi man scheduled to be on the flight, referred to as KN, would face "a real risk of irreversible harm" if sent to the African nation.In April, the U.K. announced a plan to deport asylum seekers who enter the country using "irregular" routes, such as on small boats or in the backs of trucks, to Rwanda. The government said it wanted the plan to serve as a deterrent to people smugglers who traffic humans into the U.K., but the announcement drew outrage from rights groups that said the policy was cruel and undermined the global refugee system.  After a series of legal arguments in U.K. courts, the British government initially got the go-ahead to start flying asylum-seekers to Rwanda on Tuesday. The first flight, chartered by the government at a cost of about $600,000, was scheduled to take off at 10:30 p.m. local time. A Boeing 767 sits on the runway at the military base in Amesbury, England, June 14, 2022, preparing to take a number of asylum-seekers to Rwanda. JUSTIN TALLIS/AFP/Getty The European Court of Human Rights issued its ruling at 7:30 p.m.  In it, the court said no one should be deported to Rwanda until the United Kingdom's own high court issues a ruling on the legality of the government's policy. That decision is expected next month.  The European court said there was no legally enforceable way to ensure the Iraqi man could be returned to the U.K. if the appeal of his deportation eventually succeeds. It also noted that the U.K. high court had acknowledged there were potential serious issues with the assessment of Rwanda as a safe third country. Despite leaving the European Union, the U.K. is still a party to the European Convention on Human Rights, meaning U.K. cases can still be heard by the European Court of Human Rights.  A protester holds a "Stop Rwanda flight" placard during a demonstration outside the U.K. Home Office against a plan to send asylum-seekers to Rwanda. Vuk Valcic/SOPA Images/LightRocket/Getty U.K. Prime Minister Boris Johnson said Tuesday that it "very well may be" necessary for Britain to change its law. When his government announced the plans for the U.K.-Rwanda program, the United Nations refugee agency told the BBC that it "strongly condemns outsourcing the primary responsibility to consider the refugee status," and said the policy would be "an egregious breach of international law and refugee law."Home Secretary Priti Patel, who orchestrated the policy, said she was "disappointed" by the ruling, but that the "preparation for the next flight begins now.""Rwanda stands ready to receive the migrants when they do arrive and offer them safety and opportunity in our country," a spokesman for the Rwandan government said. The Hope Hostel accommodation in Kigali, Rwanda where migrants from the U.K. are expected to be taken when they arrive is seen on June 14, 2022. Victoria Jones/PA Images/Getty In: boris johnson Immigration refugee United Kingdom Haley Ott Haley Ott is a digital reporter/producer for CBS News based in London. 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

U.K.'s 1st planned asylum seeker deportation flight grounded by European court.

A TV presenter prepares for a live session in front of the German share price index DAX graph at the stock exchange in Frankfurt, Germany, June 14, 2022. REUTERS/StaffRegister now for FREE unlimited access to Reuters.comSummaryCompaniesEuro zone banks ease from their highsECB promises to design new tool for indebted membersTraders expect big rate hike from U.S. central bankJune 15 (Reuters) - European stocks briefly eased from their highs before gaining again on Wednesday after the European Central Bank's measures to temper a bond market rout disappointed some investors looking for a more decisive action.After an unscheduled meeting, the ECB said it will skew reinvestments of maturing debt to help more indebted members and will devise a new instrument to stop fragmentation. read more An index of euro zone shares (.STOXXE) gained 1.8%, bouncing off lows hit after the statement. Euro zone banks (.SX7E) climbed 2.7%, but were off highs hit earlier in the session.Register now for FREE unlimited access to Reuters.com"The ECB has demonstrated it is serious about tackling those soaring prices, which have sent markets into a tailspin of late, but markets aren't convinced this special tool will be anywhere near powerful enough to do what needs to be done," said AJ Bell financial analyst Danni Hewson.Italian bank stocks (.FTITLMS3010), which have taken a hard hit recently on fears about Rome's surging debt costs, trimmed some gains, but were still trading 4% higher as bond yields fell. read more Shares of euro zone banks have fallen sharply in the past week, hit by a selloff in southern European bond markets after the ECB said it saw no need to create a new tool to help weaker economies cope with rising borrowing costs."Inflation in the eurozone will continue to rise throughout the summer and other economic data will remain stable," said Lloyd Harris, head of fixed income, Premier Miton Investors."This will keep the ECB under pressure to tighten monetary policy rapidly. The anti-fragmentation tool will be forthcoming at some point but is unlikely at this juncture."Meanwhile, the Federal Reserve will release its policy decision at 1800 GMT, with most traders expecting a bigger 75 basis point interest rate hike, following a hot U.S. inflation reading last week.The STOXX 600 marked its sixth straight session of losses on Tuesday, hovering near a three-month low on worries that aggressive U.S. rate hikes will push the world's largest economy into a recession.Among individual stocks, Swedish medical equipment maker Getinge (GETIb.ST) slumped 17% after cutting its sales forecast for 2022.H&M (HMb.ST), the world's second biggest fashion retailer, fell 4.3% despite posting a bigger-than-expected rise in quarterly sales. read more Register now for FREE unlimited access to Reuters.comReporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru; additional reporting by Devik Jain, Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

European shares unflapped by ECB steps to counter bond rout.

LEGO figurines are photographed at Bricks & Minifigs on Thursday, Aug. 10, 2017, in Concord, Calif.Aric Crabb | Medianews Group | Getty ImagesToymaker Lego said on Wednesday it will invest more than $1 billion in its first factory in the United States, which will be carbon-neutral, to shorten supply chains and keep up with growing demand for its colored plastic bricks in one of its biggest markets.The factory in Chesterfield County, Virginia, will be the Danish company's second in North America and seventh worldwide, after it announced a new factory in Vietnam last year.The investment is in line with a decade-old strategy of placing production close to its key markets, which the company says has been beneficial as the global retail industry faces pandemic-related supply chain issues. The plant will also be carbon neutral."Our factories are located close to our biggest markets, which shortens the distance our products have to travel," Chief Operations Officer Carsten Rasmussen said in a statement."This allows us to rapidly respond to changing consumer demand and helps manage our carbon footprint," he said.The factory will be powered by renewable energy produced at an onsite solar park, the company said.Lego has pledged to replace oil-based plastic bricks with ones made from sustainable materials by the end of the decade.The 160,000-square-meter factory is scheduled to be operational in the second half of 2025 and will employ more than 1,760 people. The U.S. market is currently supplied from a factory in Mexico.The company now employs around 2,600 people in the United States, where it operates 100 stores.The family-owned company outpaced growth in the toy industry last year, with sales growing 27% to $7.8 billion.Lego produces roughly 100 billion bricks each year and employs around 24,000 people worldwide.

Lego to invest over $1 billion in first U.S. brick plant.

A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy NicholsonRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - Tesla Inc (TSLA.O) reported 273 vehicle crashes involving advanced driving assistance systems like Autopilot since July, while Honda Motor (7267.T) identified 90, data from U.S. auto safety regulators released on Wednesday showed.The companies made the disclosures to the National Highway Traffic Safety Administration (NHTSA) after the regulator issued an order in June 2021 requiring automakers and tech companies to immediately report all crashes involving advanced driver assistance systems (ADAS) and vehicles equipped with automated driving systems being tested on public roads.Of the 392 total crashes involving ADAS reported by a dozen automakers, six deaths were reported and five had serious injuries.Register now for FREE unlimited access to Reuters.comNHTSA said Alphabet Inc's (GOOGL.O) self-driving car unit Waymo reported 62 crashes involving vehicles with automated driving systems, while General Motors' (GM.N) Cruise had 23.NHTSA said the data has already been used to trigger investigations and recalls and helped inform existing defect probes. The agency did not immediately identify who was at fault in crashes and will release more detailed information on individual incidents later on Wednesday.The agency emphasized crashes are tracked by individual automakers in different ways and discouraged comparisons of performance among automakers in part because there aren't comprehensive metrics on how widely each system is used.The agency said out of 130 crashes reported involving automated driving systems, 108 involved no injuries and one was a serious injury crash.Tesla, Cruise and Waymo did not immediately respond to requests for comment.Japan's Honda told Reuters it had found no defects in the systems and its crash reports were based on unverified customer statements "to comply with NHTSA’s 24-hour reporting deadline."No other automaker reported more than 10 ADAS crashes during the period.Despite the limitations, NHTSA said the data was essential in order to quickly spot potential defects or safety trends. Incidents that occur when an advanced system was engaged within 30 seconds of a crash must be reported within 24 hours to NHTSA."By providing NHTSA with critical and timely safety data this will help our investigators quickly identify potential defect trends," NHTSA Administrator Steven Cliff told reporters. He cautioned the raw number of incidents reported per manufacturer "is by itself inadequate to draw conclusions."The agency plans to release new data monthly.NHTSA has been scrutinizing Autopilot and said last week it was upgrading its probe into 830,000 Tesla vehicles with the system, a required step before it could seek a recall. The regulator had opened a preliminary evaluation to assess the performance of Autopilot after about a dozen crashes in which Tesla vehicles struck stopped emergency vehicles. read more Separately, NHTSA has opened 35 special crash investigations involving Tesla vehicles in which ADAS was suspected of being used. A total of 14 crash deaths have been reported in those Tesla investigations, including a May California crash that killed three people.Tesla says Autopilot allows the vehicles to brake and steer automatically within their lanes but does not make them capable of driving themselves.Register now for FREE unlimited access to Reuters.comReporting by David Shepardson; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Tesla, Honda among those to report advanced driving systems vehicle crashes-U.S.

As an investment, gold won't offer the same returns as stocks, but it can offer some relief from rising inflation, says Jim Cramer, host of CNBC's "Mad Money" and Investing Club."I believe in gold," Cramer tells CNBC Make It. He argues that it is one of three things that "holds its value in a recession." The other two: masterwork paintings and incredible mansions.Gold's value is derived from its scarcity as a commodity, as well as its long history as a stable medium of exchange. The price of gold tends to rise during economic uncertainty and when inflation is high.The current year-over-year rate of inflation is 8.6%, which is well above the Federal Reserve's benchmark target rate of 2%. To try and reduce inflation, the central bank has raised interest rates, making it more expensive to borrow money. Because of this, many investors are skittish about a possible recession. As of Monday afternoon, the S&P 500 index officially entered a bear market, and is currently down more than 20% since the beginning of the year.This is why gold can be a safe-haven investment: The returns on gold versus stock tend to be inversely proportional, which means that when stock prices fall, gold prices tend to rise.For those interested in owning gold, like Cramer, he offers three options.The first is the VanEck Vectors Gold Miners ETF, known as the GDX, a security that tracks the overall performance of gold mining companies. It's one of the the more liquid ways to own gold, which means it's relatively easy to sell, compared to other options.The second is through other gold-related ETFs, including those known as either senior or junior funds. Junior funds are more speculative, as they track smaller mining companies with growth potential. Senior funds are comparatively safer, since they include mature mining companies that generate consistent revenue from their mines. "I own a senior gold fund," says Cramer.Lastly, you can own physical gold. However, it isn't a very liquid investment: "It's not like you can sell a gold coin easily through a brokerage account," Cramer said on "Mad Money" in 2019.The other problem is that physical gold is easily stolen. For that reason, you'd want to pay for additional storage and security, like a safety deposit box. However, aside from the costs of storage, physical gold can be a cheap way to own gold, Cramer tells Make It.Cramer has always recommended owning a bit of gold "as insurance against the unknown," as he said in 2019. Within his personal portfolio, 5% is typically put aside for gold-related investments.There are no guarantees that the value of gold will rise, however. And stocks and bonds are generally considered better retirement investments since they've historically outperformed the price increase of gold in the long-run. But gold can be a safe investment when the economic outlook isn't great, Cramer says.As he said on "Mad Money" in late 2020, buy gold "if you want some insurance against inflation or just general economic chaos."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Jim Cramer remembers the moment he became a millionaire—and why his mom called it 'embarrassing'

Jim Cramer: Make this smart investment in times of inflation and 'economic chaos'.

Egyptian billionaire Naguib Sawiris did not mince words when expressing his thoughts on Russian President Vladimir Putin and his country's invasion of Ukraine.Asked by CNBC's Hadley Gamble if he expected civil unrest in Egypt due to food shortages triggered by the war, Sawiris, the chairman and CEO of Orascom Investment Holding, said he did not — he argued that people would know the crisis was caused by Putin and not their own government."I don't think so," Sawiris said Wednesday, "Because people understand that this crisis is not of our own making. I mean, it's the making of a crazy man that woke up one day and decided to invade a peaceful country with no warning."Sawiris then referenced French President Emmanuel Macron's attempts to continue diplomatic engagement with Putin, more than three months into the war that has killed thousands of civilians and flattened several Ukrainian cities.Macron stressed in May that Putin must not be humiliated and that the door must be left open to improve diplomatic relations. The call echoed that of some Western analysts who say Putin should be able to "save face" amid this war in order to achieve a diplomatic settlement.Sawiris, among many others, responded to those calls with criticism."Contrary to what Mr. Macron is saying, we shouldn't care about his feelings, to hurt his feelings. We should be winning this war, because it's another Hitler in the making.""It's the same story in the Second World War," he continued. "It started like that, we appeased Hitler by giving him a piece of Czechoslovakia. So then he walks into Poland, he occupies the whole thing, and he continues and he continues — it's not going to stop there.Russia's Foreign Ministry and the Russian Embassy in London did not reply to CNBC requests for comment.To appease or not to appease?Putin claims his aim is to "demilitarize" and "denazify" Ukraine, a sovereign democratic country with a Jewish president. The Kremlin insists it is not targeting civilians, despite mounting and well-documented evidence to the contrary, including bombarded residential areas and the discovery of mass graves in cities and towns attacked and occupied by Russian troops.Russian forces now occupy about 20% of Ukraine, and bloody fighting rages in the eastern Donbas region, which the Kremlin has described as an "unconditional priority.""Trying to avoid a confrontation can be always perceived as weakness, and will not be a deterrent," Sawiris said. "And then the end, what are we going to do? We see all these Ukrainians dying in front of our eyes, are we going to be watching that? No? So, I am not in favor of appeasing this man."Several critics of Putin have likened the Russian president to Nazi leader Adolf Hitler, who in the lead up to World War II invaded the Sudetenland, a swathe of the former Czechoslovakia that was at the time inhabited by Sudeten Germans. Historians highlight the failed attempts of some European leaders then to appease Hitler, which did nothing to slow his military push across the continent.Tanks of pro-Russian troops drive along a street during Ukraine-Russia conflict in the town of Popasna in the Luhansk Region, Ukraine May 26, 2022.Alexander Ermochenko | ReutersSome Ukrainian and Western officials and analysts now warn that other countries like Moldova, Georgia, or the Baltic states could be next if Putin is not stopped. The Kremlin has not announced such aims, and initially premised its invasion of Ukraine on the latter's aim to join the NATO alliance.But almost four months into the war, Putin seems to have changed his rationale for continuing what he calls Russia's "special military operation." In the last week, he evoked Russia's 18th-century tsar Peter the Great, who was credited with modernizing and enlarging Russia through expansionist wars, in comments widely seen as justifying imperial expansion and the takeover of Ukrainian land."Peter the Great waged the Great Northern War for 21 years. It would seem that he was at war with Sweden, he took something from them," Putin said, according to a Reuters translation. He then added, "He did not take anything from them, he returned [what was Russia's]."Putin also referenced the Ukraine invasion, saying: "Apparently, it also fell to us to return [what is Russia's] and strengthen [the country]. And if we proceed from the fact that these basic values form the basis of our existence, we will certainly succeed in solving the tasks that we face."

Putin is 'another Hitler in the making,' Egyptian billionaire Sawiris says.

A worker walks past fuel pumps at a Cepsa petrol station in Ronda, Spain, March 28, 2022. Picture taken March 28, 2022. REUTERS/Jon NazcaRegister now for FREE unlimited access to Reuters.comSummaryRussian supply constrained by sanctionsChinese demand to fall in 2022 due to COVID lockdownsWeaker economic outlook skews risks to the downsideLONDON, June 15 (Reuters) - World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also said in its monthly report that supply was being constrained because of sanctions on Russia over its invasion of Ukraine."Economic fears persist, as various international institutions have recently released downbeat outlooks," the IEA said, forecasting demand would rise 2.2 million bpd, or 2.2%, in 2023 compared to 2022 and would exceed pre-pandemic levels.Register now for FREE unlimited access to Reuters.com"Similarly, tightening central bank policy, the impact of a soaring U.S. dollar and rising interest rates on the purchasing power of emerging economies mean the risks to our outlook are concentrated on the downside," it said.Demand/supply balanceAdvanced economies in the Organisation for Economic Co-operation and Development (OECD) would account for most demand growth in 2022, while China would lead the gains in 2023 as it emerges from COVID-19 lockdowns.China's recent COVID-19 curbs put the world's largest oil importer on track for its first fall in demand this century, the IEA said.Oil demand y-o-y changes by quarterThe overall demand recovery and constraints on supply because of sanctions on Russia and cautious production increases by OPEC+ pushed oil prices above $139 a barrel in March. Brent crude was trading around $120 on Wednesday.But the IEA said supplies would soon match demand, adding: "After seven consecutive quarters of hefty inventory draws, slowing demand growth and a rise in world oil supply through the end of the year should help world oil markets rebalance."The IEA said the balance could be upset by tougher sanctions on Russia, a steeper recovery in Chinese demand, supply outages in Libya and limited spare production capacity among OPEC+ states.Output from the OPEC+ producer group is set to rise by 2.6 million bpd this year as it unwinds its cuts, the IEA said, but could contract by 520,000 bpd in 2023 as sanctions on Russian oil take full effect.Global oil supplyRegister now for FREE unlimited access to Reuters.comReporting by Noah Browning; Editing by Jason Neely and Edmund BlairOur Standards: The Thomson Reuters Trust Principles.

Global oil demand set to rise 2% to new high in 2023, says IEA.

Register 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.K-pop boy band BTS' goods are seen on display at a cafe in Seoul, South Korea, June 15, 2022. REUTERS/Kim Hong-Ji"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.

Employees of Toyota Motor Corp. work on an assembly line at the company's Motomachi plant in Toyota, Aichi prefecture, Japan May 17, 2018. Picture taken May 17, 2018. REUTERS/Issei Kato/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesCarmakers aim to help suppliers as materials prices surgeAutomakers absorb costs in departure from deflation playbook'Supplier sustainability is our sustainability' -Nissan COOInflation disruption comes in wake of COVID supply chain woesTOKYO, June 15 (Reuters) - For decades, Japan's powerful automakers had a playbook to deal with deflation: press suppliers for lower prices on everything from seat belts to wire harnesses and promise volume.Now, with inflation biting around the world, Toyota Motor Corp (7203.T), Nissan Motor Corp (7201.T) and others are shouldering more of the burden of soaring raw materials prices, or extending other help to hard-hit parts makers, executives say.The measures show how automakers are attempting to shore up already strained supply chains, wracked by COVID-19 pandemic lockdowns and a global shortage of semiconductors, even at the cost of lower profit margins for themselves. The piecemeal support being negotiated across Japan's auto industry also highlights the potential disruption from the dramatic weakening of the yen, now at its lowest in two decades.Register now for FREE unlimited access to Reuters.comJapanese automakers, historically beneficiaries of a weaker currency through sales overseas, are now focused on managing the threat to suppliers. For many parts makers, the weaker yen compounds the pain of higher input costs for materials."Inflation is happening and definitely we have to address it," Nissan Chief Operating Officer Ashwani Gupta told reporters recently. "We are discussing with our suppliers because in the end their sustainability is our sustainability."Tokai Rika Co Ltd (6995.T), a maker of steering wheels and other parts that is partly owned by Toyota, is one supplier that has benefited from help.Initially it expected higher materials costs to cut operating profit in the just-ended fiscal year by 9.1 billion yen ($68 million). Instead its customers, mainly Toyota, absorbed almost 15% of the higher costs, and will take more this year, a spokesperson said.Tokai Rika estimates its customers - again, mainly Toyota - will this year shoulder nearly two-thirds of an expected 7.9 billion yen hit from higher prices of metals, resin and other materials.It continues to discuss higher semiconductor and logistics costs with customers, the spokesperson said.'CLOSER ATTENTION'Toyota is paying "closer attention" to the concerns and problems of business partners, the Tokai Rika spokesperson added. The world's biggest automaker by sales owns almost a third of the parts maker, and accounts for around three-quarters of its sales.The automaker was taking measures to reduce the burden for its suppliers, Toyota spokesperson Shiori Hashimoto said, declining to comment specifically on Tokai Rika.The semiconductor shortage and pandemic forced Toyota to make repeated cuts to its production plans, increasing the cost burden for parts makers. It has 400 primary suppliers and some 60,000 suppliers in total.Toyota has warned "unprecedented" increases in raw materials prices could cost it $11 billion this year and cut full-year profit by a fifth.NISSAN TECHNOLOGYNissan already shoulders much of the cost of increases in raw materials and precious metals, Gupta, the chief operating officer, told reporters recently.It is now paying suppliers ahead of deadline and sending out production forecasts further in advance, both of which are a help to parts makers, according to an executive at one of its suppliers who declined to be identified so he could speak about a business partner.Unipres Corp (5949.T), which specialises in stamping technology, avoided price cuts this year after winning support from Nissan, Unipres President Nobuya Uranishi told a recent investor briefing that was not open to the general public, according to notes of his comments taken by an attendee and reviewed by Reuters.Unipres declined to comment.That approach marks a significant change for Nissan. Under ousted former chairman Carlos Ghosn, it was known for squeezing suppliers every year for cheaper parts in return for high-volume orders.Nissan Chief Executive Makoto Uchida told Reuters in an interview last month that the investment needed to shift to all-electric vehicles demanded a more long-term approach to suppliers - not just a focus on "massive growth of volume".For Unipres, that has meant getting to work with Nissan at an early stage on development of parts and technology, rather than winning on price alone, President Uranishi told the Unipres investor briefing, according to the notes.Such collaboration doesn't guarantee contracts for parts, but gives the supplier critical feedback at an early stage in the development process, he said.COST TRANSMISSIONHonda Motor Co (7267.T) supplier Musashi Seimitsu Industry Co (7220.T), a supplier of transmission gears and suspension parts, is negotiating with automakers to reflect the impact of higher shipping and materials costs, the company told Reuters.Another Honda supplier, fuel tank- and sunroof-maker Yachiyo Industry Co (7298.T), has seen little impact because it buys raw materials directly from Honda and factors higher costs into the price of parts sold to its parent, it said.Honda declined to comment.The automaker was working with suppliers to keep costs down in the face of a second straight year of rising prices, Chief Financial Officer Kohei Takeuchi said on a recent earnings call. Still, it was forecasting a lower full-year profit, he said.Meanwhile Mitsubishi Motors Corp (7211.T) is meeting with its small- and medium-sized suppliers and will move quickly to help if they are being threatened by cost increases, a senior executive said, declining to be identified so he could speak openly about company policy.The automaker will also step in if smaller suppliers have funding trouble, the executive said."We are communicating more closely than ever with our suppliers to ascertain if there are any problems," Mitsubishi Motors spokesperson Hiromu Hatanaka said.($1 = 134.4200 yen)Register now for FREE unlimited access to Reuters.comReporting by Maki Shiraki and Satoshi Sugiyama in Tokyo and Norihiko Shirouzu in Beijing; Additional reporting by Nobuhiro Kubo; Editing by David Dolan and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

As yen tumbles, Japan's automakers take cost burden off their suppliers.

Politics June 15, 2022 / 10:37 AM / CBS News Buffalo victim's son presses senators Buffalo victim's son pleads with senators to address domestic terrorism 04:24 Washington – The Justice Department has filed multiple federal hate crimes charges against alleged Buffalo mass shooter Payton Gendron. Prosecutors in the Western District of New York charged the 18-year-old White man with 26 counts of hate crimes and firearms offenses, some of which carry the possibility of the death penalty.According to the criminal complaint, "Gendron's motive for the mass shooting was to prevent Black people from replacing white people and eliminating the white race, and to inspire others to commit similar attacks." He's being charged with 10 counts of hate crime resulting in death, three counts involving bodily injury and attempt to kill, 10 counts of use of a firearm to commit murder and in retaliation to a crime of violence and three counts of use and discharge of a firearm during and in retaliation to a crime of violence.Just over a month after 18-year-old Gendron 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 Wednesday 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. Garland is traveling 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 stop 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, whose office has federal jurisdiction over the Buffalo area and filed the charges on Wednesday.  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, who has been 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

Justice Dept files hate crimes charges against alleged Buffalo mass shooter Payton Gendron.

The logo of Israeli cyber firm NSO Group is seen at one of its branches in the Arava Desert, southern Israel July 22, 2021. REUTERS/Amir Cohen/File PhotoRegister now for FREE unlimited access to Reuters.comJERUSALEM, June 15 (Reuters) - U.S. defence contractor L3Harris (LHX.N) is in talks to buy Israeli spyware firm NSO Group, U.S. and Israeli media reported, citing sources with knowledge of the deal.The deal is yet to be finalised and needs to be approved by Israel, the U.S. and L3Harris’ board of directors, according to the joint report by Haaretz, The Washington Post and The Guardian, and confirms parts of a report published in Intelligence Online this week.It noted that The White House is concerned that any deal with to buy the Israeli firm’s hacking tools would raise serious counterintelligence and security concerns.Register now for FREE unlimited access to Reuters.comNSO declined to comment on the reports.The surveillance firm, which makes the Pegasus software, has been in the spotlight after revelations its tools had been used by governments and other agencies to spy on people’s cellphones. NSO has said its technology helps catch criminals.NSO lost many of its existing customers when the U.S. Commerce Department in November banned the company.The reports said that if approved, the deal could see NSO removed from the banned list – either directly, or by having its assets bought by L3Harris, which will only work with the United States and its allies.In January, NSO had told Reuters it was in talks with a number of U.S. funds over "various financial moves", confirming media reports that it was discussing a sale of its assets.Apple (AAPL.O) is among those to have sued NSO, saying it violated U.S. laws by breaking into the software installed on iPhones.Microsoft Corp (MSFT.O), Facebook parent Meta Platforms Inc , Google parent Alphabet Inc (GOOGL.O) and Cisco Systems Inc (CSCO.O) have also criticised NSO or taken legal action.Register now for FREE unlimited access to Reuters.comReporting by Steven Scheer, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

L3Harris in talks to buy Israeli spyware firm NSO - reports.

In 2007, at age 52, I was forced to retire overnight. An MRI had revealed a tumor, the size of a large eggplant, sitting on my pelvis. In 98% of these cases, my oncologist told me, bone tumors are secondary cancer. He estimated that I had about six months to live.But after two successful operations, I took a few months to recuperate on crutches and learn how to walk again. After my near-death experience, I had been in retirement for 10 years. Because I was focused on my litigation, I could do little else. I found myself bored, restless and stuck. My enthusiasm and energy diminished. My mental health suffered.That's when I decided to "un-retire" and launch a mindset coaching company to help people achieve a more fulfilling retirement than I had.The biggest challenge of retirement is finding purposeRetirement means different things to different people. I did a deep survey of thousands of retirees over the age of 60, and asked them one question: "What is your single biggest challenge in retirement?"Below is a small selection of responses I received under the most cited categories:Regret:"I miss doing the work that I love.""I don't think retiring is for me. I want to go back to teaching.""I'm not sure what to do with my time. I feel lost."Health:"Keeping my mind and body young and healthy.""Fear of dying in pain and discomfort.""When you're 70 with a heart condition, you don't get that many more bites at the apple."Identity:"Fear of losing my identity created over a lifetime.""People do not see you anymore.""Feelings of rejection — internalized, not voiced."Here's what this tells us: The biggest challenge of retirement that, in my experience, no one talks about, is finding purpose.Sure, money is certainly a concern. "I have a fear of poverty and losing dignity," one person said. Another wrote: "Money goes out, nothing comes in." But surprisingly, financial worries weren't among the top three in the list.People often confuse retirement savings with retirement planning. But these are two different concepts. Google the words "retirement planning" and you'll mostly see, for pages and pages, savings-and pension-related content.There is nothing on actual retirement planning, which I believe is more about your life, and less about money. Having steady finances to last you throughout retirement plays a significant role in quality of life, but what's more important is your life-planning.In other words, what is it that you are going to do once you leave the workforce? You can retire from your career, but you can't retire from life.Finding purpose leads to a more meaningful, healthier lifeIn the same survey, I asked how people thought they might solve their challenges. A full 35% believed that the answer is in finding purpose in life through a new skill or interest.  In fact, a 2021 study of 12,825 adults over the age of 51 published in the Journal of Applied Gerontology associated a strong purpose in life with healthier lifestyle behaviors and slower rates of progression of chronic illnesses. Finding purpose can also help retirees find new side hustle opportunities that bring in income, helping to ease financial concerns.How a Japanese concept saved me from a depressing retirementI've helped countless retirees find their purpose. They didn't go back to work in the traditional 9-to-5 sense, but they set up new businesses, consulted, volunteered and took on hobbies that brought them joy and satisfaction.To find out what activities brought me purpose, I referenced the Japanese concept of "ikigai," which translates to "your reason for being."How to Find Your IkigaiGeorge Jerjian | CNBC Make ItThe Westernized version of this concept is based on the idea that there are four components a person must have complete to achieve ikigai.Each concept is represented by a question. As you actively pursue what you enjoy doing in service of yourself, your family, and your community, think about whether that activity allows you to answer "yes" to any combination of those four questions:Are you doing an activity that you love?Are you good at it?Does the world need what you offer?Can you get paid for doing it?Japanese neuroscientist and happiness expert Ken Mogi also suggests considering if the activity has the five pillars that further allow your ikigai to thrive:Does the activity allow you to start small and improve over time?Does the activity allow you to release yourself?Does the activity pursue harmony and sustainability?Does the activity allow you to enjoy the little things?Does the activity allow you to focus on the here and now?On a deeper level, ikigai refers to the emotional circumstances under which individuals feel that their lives are valuable as they move towards their goals.As for me, I've found that my purpose now is to help retirees "un-retire" and create a new life for themselves. Depending on when you plan to retire, you may have another 30, 40, 50 or more years of life — and that's a hell of a long time to drift aimlessly.George Jerjian is the author of "Dare to Discover Your Purpose: Retire, Refire, Rewire." An Emmy-award-winning producer and author of 10 books, he earned his business degree from Bradford University in England and a master's degree in Journalism from New York University. Follow him on Twitter @GeorgeJerjian.Don't miss:This 52-year-old early retiree left the U.S. for Portugal with his family—and spends $2,450 a month: 'We cut our expenses by 50%'I retired at 34 with $3 million—here are 5 downsides of early retirement that no one tells youThis 64-year-old left the U.S. for Mexico. Now she's retired by the beach—living on just $1,000 per month

A 67-year-old who ‘un-retired’ after a near-death experience shares the biggest retirement challenge 'that no one talks about'.

Heisman Trophy winner and Republican candidate for US Senate Herschel Walker speaks at a rally on May 23, 2022 in Athens, Georgia.Megan Varner | Getty ImagesHerschel Walker, a Republican Senate nominee in Georgia, has a second son he's apparently estranged from and hasn't publicly recognized.Campaign manager Scott Paradise confirmed Walker's parentage on Tuesday in response to an article in The Daily Beast that said Walker has a "secret son" he isn't actively involved in raising. Walker has publicly condemned absentee fathers and has touted his own close relationship with his adult son Christian in campaign speeches. "If you got a child, hug your child every day," Walker said in a 2017 speech.The second child's mother took Walker to court a year after giving birth to obtain child support and a declaration of paternity, according to The Daily Beast, which cites public posts and a court document in its report. The publication withheld the name of the 10-year-old child and his mother due to privacy concerns. The final child support order in that case reportedly came in August 2014, when the boy, who has taken Walker's last name, was more than 2 years old.Walker, a 60-year-old former NFL star whose bid to unseat Democratic Sen. Raphael Warnock is backed by former President Donald Trump, also fathered 22-year-old Christian Walker with his first wife, Cindy Grossman. Walker has touted his relationship with that son and repeatedly decried absentee fathers, particularly in the Black community, as a "major problem." "If you have a child with a woman, even if you have to leave that woman — even if you have to leave that woman — you don't leave your child," Walker said in a 2020 interview."Herschel had a child years ago when he wasn't married," Paradise, said in a statement."He's supported the child and continues to do so. He's proud of his children. To suggest that Herschel is 'hiding' the child because he hasn't used him in his political campaign is offensive and absurd," Paradise said.The campaign chief's statement also called media coverage of Walker's second son "a complete double standard," pointing to Warnock, who is engaged in a child custody dispute with his ex-wife."He's dodged voters by sealing the case and even has tried to dodge authorities," Paradise said of the Democratic incumbent.Warnock's campaign did not immediately respond to a request for comment on that statement.The reporting on Walker's second son marks the latest controversy for the politically untested athlete, who cruised to victory in Georgia's GOP Senate primary despite accusations of avoiding nonfriendly press and skipping debates. Walker has also faced accusations of exaggerating claims about his business career, among other criticisms.The outcome of the race between Warnock and Walker could decide which political party controls the Senate, where Democrats currently have a razor-thin majority.

GOP Georgia Senate nominee Herschel Walker's campaign confirms he has a second son.

World June 15, 2022 / 10:40 AM / CBS News The art of dubbing foreign shows into English Masterful dubbing of foreign TV shows into English is creating hits like "Squid Game" 06:23 Netflix announced on Tuesday it is launching a reality competition series based on the hit show, "Squid Game." The streaming service is offering a $4.56 million as the reward, which it says is the "largest cast and lump sum cash prize in reality TV history." In a news release, Netflix said 456 players will enter "Squid Game: The Challenge," and compete in a series of games inspired by the show, with "surprising new additions." And unlike the original Netflix show where contestants are eliminated through death, the company said the "worst fate is going home empty-handed" in this game. "Squid Game" centers around contestants with dire financial struggles hoping to win billions of dollars competing against each other in typical South Korean children's games. It became an international sensation, and it holds the record as Netflix's most popular series of all-time, according to the company. The show had over 1.65 billion viewing hours in the first 28 days after it premiered in September. The show was renewed for a second season on Sunday.    Brandon Riegg, Netflix vice president of unscripted and documentary series, said in a statement that they have the support of Squid Game director Hwang Dong-hyuk as they turn the "fictional world into reality in this massive competition and social experiment.""Fans of the drama series are in for a fascinating and unpredictable journey as our 456 real world contestants navigate the biggest competition series ever, full of tension and twists, with the biggest ever cash prize at the end," Riegg said.  Squid Game: The Challenge, which will have 10 episodes and be filmed in the U.K., is recruiting potential competitors. If you're interested, you can sign up here.  Christopher Brito Christopher Brito is a social media producer and trending writer for CBS News, focusing on sports and stories that involve issues of race and culture. 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

"Squid Game" reality series is coming to Netflix – and it's offering a $4.56 million cash prize.

LONDON/WASHINGTON, June 15 (Reuters) - The U.S. government has pushed new, increased funding into three technology companies since the start of the Ukraine conflict to help Russians sidestep censors and access Western media, according to five people familiar with the situation.The financing effort is focused on three firms that build Virtual Private Networks (VPN) - nthLink, Psiphon and Lantern – and is designed to support a recent surge in their Russian users, the sources said.VPNs help users hide their identity and change their online location, often to bypass geographic restrictions on content or to evade government censorship technology.Register now for FREE unlimited access to Reuters.comReuters spoke to executives at all three U.S. government-backed VPNs and two officials at a U.S. government-funded nonprofit organization that provided them with financing - the Open Technology Fund (OTF) - who said the anti-censorship apps have seen significant growth in Russia since President Vladimir Putin launched his war in Ukraine on Feb. 24.Between 2015 and 2021, the three VPNs received at least $4.8 million in U.S. funding, according to publicly available funding documents reviewed by Reuters. Since February, the total funding allocated to the companies has increased by almost half in order to cope with the rise in demand in Russia, the five people familiar with the matter told Reuters.The funding flows through the U.S. Agency for Global Media (USAGM) – a federal agency that oversees U.S. government-backed broadcasters, including Voice of America and Radio Free Europe/Radio Liberty – as well as via the Washington-based OTF, which is funded entirely by the U.S. government and overseen by the USAGM.Laura Cunningham, president of the OTF, said the organization had increased its support to the three VPNs because "the Russian government is attempting to censor what their citizens can see and say online in order to obscure the truth and silence dissent."Censorship evasion tools, including the VPNs, backed by OTF averaged more than 4 million users last month in Russia, Cunningham added.In a statement, USAGM also said it was supporting the development of a range of censorship circumvention tools, including VPNs. It also did not give precise data on their funding."With the Kremlin's escalating crackdown on media freedom, we've seen an extraordinary surge in demand for these tools among Russians," USAGM spokesperson Laurie Moy said.Russia's foreign ministry did not respond to an emailed request for comment. In a statement, the Kremlin rejected allegations of online censorship: "We don't censor the Internet. Russia regulates certain Web resources, like many other countries in the world."Martin Zhu, director of engineering at nthLink, said his app's daily users in Russia had recently soared after it was promoted heavily by U.S. government-funded news websites such as Voice of America: "The graph went from 1,000 one day to 10,000 the next day, to 30,000 the day after that, to 50,000 and straight up.""There are a lot of people in Russia who don't trust Putin, and government media," he said.Zhu, who shared confidential data with Reuters that illustrated this spike in users, said his company would normally struggle to operate inside Russia without financial support from the U.S. government.Nigel Gibbs, a public affairs officer for VOA, said that it regularly promotes the three VPNs on its network, and had integrated one of them, Psiphon, directly into the VOA smartphone app.Mike Hull, CEO of Toronto-headquartered Psiphon, said that the recent U.S. government financing had been "instrumental." He said more than 1.3 million Russians a day were using Psiphon's network.At Lantern, an executive at the company, who asked not to be identified for security concerns, said it had added 1.5 million monthly users in Russia since the start of the war, from a previous base of around five million global monthly users, thanks to promotion on U.S. government media and also word of mouth on the messaging app Telegram, which is popular in Russia.VPN POSTERSPosters advertising nthLink and other U.S.-government backed VPNs, as well as independent Russian-language media outlets, have appeared in Moscow since the start of the war, according to three people familiar with the matter.One homemade poster pasted in a Moscow apartment building in the month after the invasion said: "Read about Russia and Ukraine in Russian. Knowing the truth is not a crime!" Below that a QR code links to nthLink, according to a photo of the poster reviewed by Reuters that was corroborated by three separate sources.Reuters was unable to determine the exact location of the poster nor who hung it. The mayor's office in Moscow and local police did not immediately respond to a request for comment on the posters.Opening nthLink in Russia leads users to a series of recent news headlines, including updates about Moscow's war in Ukraine, from U.S. government-funded news websites.Long before Moscow launched what it calls a "special military operation" in Ukraine, Russian authorities had been pressuring domestic media they viewed as hostile and foreign-backed by designating some media outlets and journalists as "foreign agents".In an escalation of that pressure, Russia's parliament passed a law in March that allows journalists to be jailed for up to 15 years for spreading intentionally "fake" news about the Russian military.Moscow also cut access to several foreign media websites, including the BBC and Voice of America, on March 4 for spreading what it alleged was false information about its war in Ukraine. At the time, VOA and BBC both strongly denied the claim.As early as 2017, Putin signed a law which prohibited the use of VPNs and in 2019 Russia threatened to completely block access to a string of popular VPNs. Even so, the apps have continued to be quietly used in Russia.CRACKDOWNThe demand for VPNs in Russia skyrocketed in March when Moscow introduced restrictions on some foreign social media, including Facebook and Instagram.On the eve of the ban, VPN demand spiked 2,088% higher than the daily average demand in mid-February, data from London-based monitoring firm Top10VPN showed. read more "The need to look for a VPN arose with the blocks on Instagram, Facebook, Twitter," said a resident of Oryol, a city 200 miles (320 km) south of Moscow, who declined to give his full name for fear of retribution.He said that while he could access social media in Moscow, when he returned to Oryol they were blocked. "Then I came across Psiphon and strangely enough it worked in both Moscow and Oryol: no glitches; always connected."Authorities in Moscow and Oryol did not respond to requests for comment.Though interest in VPNs has recently eased somewhat, daily usage is still up 452% on average compared to the week before war broke out, according to Simon Migliano, Head of Research at Top10VPN."We conservatively estimate that at least 6 million VPNs have been installed since the invasion," Migliano said.Russia's population is around 144 million, with an estimated 85% having access to the Internet, according to World Bank data from 2020.Register now for FREE unlimited access to Reuters.comReporting by James Pearson in London and Christopher Bing in Washington; Additional reporting by Guy Faulconbridge in London; Editing by Chris Sanders and Daniel FlynnOur Standards: The Thomson Reuters Trust Principles.

EXCLUSIVE U.S. targets Russia with tech to evade censorship of Ukraine news.

The Lego logo is pictured above the main gate of the new Legoland New York Resort theme park during a press preview of the park, which is currently under construction, with plans to open to the public in the summer of 2021 in Goshen, New York, U.S., April 28, 2021. REUTERS/Mike Segar/File PhotoRegister now for FREE unlimited access to Reuters.comCOPENHAGEN, June 15 (Reuters) - Toymaker Lego said on Wednesday it will invest more than $1 billion in a factory in the United States, which will be carbon-neutral, to shorten supply chains and keep up with growing demand for its coloured plastic bricks in one of its biggest markets.The factory in Chesterfield County, Virginia, will be the Danish company's second in North America and seventh worldwide, after it announced a new factory in Vietnam last year. read more The investment is in line with a decade-old strategy of placing production close to its key markets, which the company says has been beneficial as the global retail industry faces pandemic-related supply chain issues. The plant will also be carbon neutral.Register now for FREE unlimited access to Reuters.com"Our factories are located close to our biggest markets, which shortens the distance our products have to travel," Chief Operations Officer Carsten Rasmussen said in a statement."This allows us to rapidly respond to changing consumer demand and helps manage our carbon footprint," he said.The factory will be powered by renewable energy produced at an onsite solar park, the company said.Lego has pledged to replace oil-based plastic bricks with ones made from sustainable materials by the end of the decade.The 160,000-square-meter factory is scheduled to be operational in the second half of 2025 and will employ more than 1,760 people. Lego closed a smaller factory in Connecticut in 2006, and the U.S. market is currently supplied from a factory in Mexico.The company now employs around 2,600 people in the United States, where it operates 100 stores.The family-owned company outpaced growth in the toy industry last year, with sales growing 27% to 55.3 billion Danish crowns ($7.8 billion). read more Lego produces roughly 100 billion bricks each year and employs around 24,000 people worldwide.($1 = 7.0998 Danish crowns)Register now for FREE unlimited access to Reuters.comReporting by Jacob Gronholt-Pedersen Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Lego to invest over $1 billion in U.S. brick plant.

Buffalo supermarket shooting suspect Payton Gendron appears in a jail booking photograph in Buffalo, New York, U.S. May 14, 2022.Erie County District Attorney | via ReutersFederal prosecutors filed hate crime charges against the white gunman who allegedly killed 10 people in a racist attack at a western New York supermarket last month, officials said Wednesday.The suspected Buffalo shooter, 18-year-old Payton Gendron, will face 26 counts of hate crimes and firearms offenses, which carry the potential of the death penalty, the Department of Justice announced. "Gendron's motive for the mass shooting was to prevent Black people from replacing white people and eliminating the white race, and to inspire others to commit similar attacks," according to the criminal complaint filed in the Western District of New York.The charges include 10 counts of hate crimes resulting in death, three counts of hate crimes involving bodily injury and attempt to kill, 10 counts of using a firearm to commit murder during and in retaliation to a crime of violence and three counts of using and discharging of a firearm during and in retaliation to a crime of violence.Gendron on May 14 allegedly shot 13 people — 11 of whom are Black and two who are white — at the Tops Friendly Market in a predominantly African American neighborhood of Buffalo, police said.The shooting was allegedly motivated by the "great replacement" theory, the false idea that a cabal is attempting to replace white Americans with nonwhite people through immigration, interracial marriage and, eventually, violence.Attorney General Merrick Garland is scheduled to visit the scene of the crime on Wednesday.It wasn't immediately clear how any federal prosecution would be timed in relation to state charges.Gendron has already been indicted on 25 state criminal counts that include murder and attempted murder as a hate crime and weapons possession.A spokeswoman for Erie County District Attorney John Flynn declined comment on Wednesday.NBC legal analyst Danny Cevallos said he's confident the state case would go forward ahead of any federal prosecution."If I'm the federal prosecutors, I probably want to wait for the state case and get the benefit of that evidence and a conviction," Cevallos said. "A (federal) hate crime is essentially a crime plus the additional element of motive. " This is a developing story. Please refresh here for updates.

Hate crime charges filed against Buffalo shooting suspect who allegedly killed 10 at supermarket.

Empty infant formula shelves are seen at a Duane Reade store in New York, New York, U.S. June 6, 2022. REUTERS/Jessica DinapoliRegister now for FREE unlimited access to Reuters.comNEW YORK, June 15 (Reuters) - To ease the U.S. shortage of baby formula, Nature's One and Holle are poised to ship hundreds of thousands of pounds, if not millions of pounds, of additional formula into stores, company executives told Reuters.They may be waiting a while.Despite the Biden administration's pledge to end formula shortages, slow responses and requests for more information from the U.S. Food and Drug Administration (FDA) have led to weeks-long delays for baby formula makers seeking U.S. approval, the two companies told Reuters.Register now for FREE unlimited access to Reuters.comIn May, both Holle, a Swiss brand sold throughout Europe, and Ohio-based Nature's One sought FDA approval after the agency said it would allow formula sold in other countries into the United States under a temporary program with relaxed standards. The U.S. government has also flown in formula from overseas plants."This should be easy," said Jay Highman, CEO of Nature's One, which is sold in China. "We're ready to go to feed babies." Highman has also been seeking permanent FDA approval since 2020.Highman said that last he heard from the FDA the regulator told him it was "reviewing" his applications.An FDA spokesperson said in a statement that it "continues to work to address current supply challenges by reviewing a number of requests for enforcement discretion as quickly as possible, including many that would involve the import of infant formula from outside of the U.S."The FDA requested funding for four more infant formula staff in June 2021, and received approval this March, according to an FDA timeline of its response to the shortage. The regulator has permitted 15 different products totalling more than 6 million cans in less than a month, it said.The FDA has to use extreme caution with formula standards as impurities or substandard nutrition could cause permanent disability or death in babies.The FDA has approved formula from Bubs Australia Ltd (BUB.AX), UK-based Kendamil, Nestle SA (NESN.S) and Danone SA (DANO.PA) under the program, but Holle and Nature’s One are among many still waiting, Reuters reporting has found.Tim Morck, a consultant who helps companies including baby formula makers navigate FDA regulations, described the regulator's infant formula team as "way understaffed." FDA Commissioner Robert Califf said in a hearing in late May there are nine people reviewing applications, which totaled 26 at that time.Health and Happiness International Holdings Ltd (1112.HK), China's fourth-biggest infant formula supplier, and three Antipodean formula companies have applied, Reuters has reported. read more Israeli company MyOr has also applied to sell its AlphaCare formula, made in Mexico, in the United States, said co-founder Michael Brandwein in an interview.SCARCE SUPPLYA shortage of formula due to pandemic supply chain issues escalated into a crisis after Abbott Laboratories (ABT.N), the maker of Similac and specialty hypoallergenic formulas, shut its Michigan plant in February after reports of bacterial infection in children who consumed its products. The plant opened again June 4 but Abbott said it needs six to eight weeks to restock its products.About 78% of formula across the United States was in stock in early June, roughly the same as the end of May, according to data from IRI, an independent research firm.Thorben Nilewski, the managing director of Organic-Family GmbH, a subsidiary of Holle, said in an email that the FDA earlier this month asked for clarification related to statements on the formula's label about "biodynamic milk" and the Demeter standard, which both describe European organic food criteria.Nilewski said he has an exclusive agreement with a distributor that will deliver Holle to Amazon.com Inc's (AMZN.O) Whole Foods Market and natural grocers.Nature's One, which already manufacturers a toddler formula for the U.S. market, plans to distribute its infant formula to Walmart Inc (WMT.N), Target Corp (TGT.N), Meijer, Publix and others, the company said in an email. Nature's One plans to submit a new application to the FDA this week for a specialty formula for lactose-sensitive babies, Highman said.Highman said he completed a study on infant growth that showed babies eating Nature's One exclusively grew the same amount as infants consuming competing formulas or breastfeeding, as required for permanent approval.The FDA asked for an extra 60 days to evaluate Highman's formula in January 2021, citing a "high number" of new submissions, according to a copy of a letter reviewed by Reuters.The FDA then in July 2021 asked Nature's One questions on its growth study, Highman said. He resubmitted this April, just as the formula shortage was escalating into a crisis.At that time, the FDA told him that it would need as much as six months to respond due to the "continued high number" of infant formula submissions, "many of which are extremely complex," according to a copy of the letter viewed by Reuters.Register now for FREE unlimited access to Reuters.comReporting by Jessica DiNapoli in New York; Editing by Caroline Humer, Vanessa O'Connell and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Baby formula makers raced for FDA approval. They may be waiting a while.

In the past few years, workplaces have changed significantly due to the Covid pandemic. Employees had an increased need for different perks and support like hybrid and remote work, child care, and expanded health benefits. Though many of these remain a priority, for Gen Z, expectations for the workplace have changed significantly, according to a survey from the National Society of High School Scholars (NSHSS).The 2022 Career Interest Survey from NSHSS dives into the "career motivations" for the next generation of talent, members of Gen Z, which includes individuals born between 1997 and 2012. The survey reveals the concerns and preferences of 11,495 diverse high school and college-aged people.According to NSHSS, workplace equity is a non-negotiable for Gen Z talent, and Covid concerns aren't as prominent as they were in the last two years.An emphasis on equityThe survey found that over a fifth of survey respondents (22%) say that their own personal experiences with racial inequalities and discrimination have influenced their career choices. Equitable treatment for all employees of different races and genders is of the utmost importance to Gen Z, trailed by quality of life, employer flexibility/adaptability, and corporate social responsibility.NSHSS President James Lewis says that Gen Z's desire for an equitable workplace is "admirable," and something employers should take heed to."It's so important for employers to understand and listen to the young people when it comes to DE&I. Equity for all is a big priority, because they would like to be associated with an organization that treats everyone fairly, provides opportunities for everyone, provides training, and an environment of diversity and inclusion," Lewis explains. "That's how [employers] can keep this high-quality candidate excited about being a part of your organization and retaining them over time."The desire to positively impact the world and fulfill their "social responsibility" has also influenced the types of fields younger talent wants to work in. Thirty-five percent of Gen Z wants to work in human rights. Social justice, science/tech innovation, and health care followed closely behind, with each being a field of interest for 34% of respondents. Tired of remote workNSHSS also found that Gen Z is "tired" of online working and training, after remote schooling during the pandemic "soured" the remote-working experience for young talent. Gen Zers would much rather be in the field gaining hands-on experience. Only 23% of survey respondents express that remote work is very or extremely important to them. Additionally, 63% of Gen Z want in-person training from their employers, compared to only 13% in favor of online training. "We found that, in this next generation of future employees, employers, and leaders, they don't want to work from home. They want to have an enriched experience in the office, so they can roll up their sleeves and learn from fellow workers and their managers."Lewis says this is "big news" for companies, as many have expressed intentions to return to their pre-pandemic office cultures. "A love for learning"

These are Gen Z’s top work priorities—and remote isn’t one of them.

FILE - American Airlines President Robert Isom speaks at a news conference about the company's new partnership with Alaska Airlines, Thursday, Feb. 13, 2020, in Seattle. American Airlines CEO Doug Parker will retire next March and be replaced by the airline's current president, Robert Isom.Elaine Thompson | APAmerican Airlines CEO Robert Isom said this week that the company will revise its pay proposals for its 14,000 pilots, acknowledging pay standards have increased since the company made its most recent offer before the pandemic.The Fort Worth, Texas-based airline had previously floated a 4% date-of-signing increase plus 3% annual increases after that. Then Covid-19 roiled the industry and put talks between carriers and labor unions throughout the industry on hold."It was industry-leading at the time we proposed it," Isom said in a video message to pilots posted on Monday, which CNBC reviewed. "As the pandemic wanes, the standard for compensation has gone up."Isom's message came days after two of American's subsidiaries, regional carriers Piedmont and Envoy, extended big raises to its pilots, including a temporary 50% pay hike through the end of August 2024, in hopes of easing a pilot shortage that has curbed growth plans.United Airlines last month became the first major carrier in the pandemic to reach a contract deal with its pilots' union, the Air Line Pilots Association. Union leadership is set to vote on that agreement next week. If passed, it will go to pilots for a vote."We will take other carriers' ratified agreements, including United's, into account and update our pay proposals quickly when details are known," said Isom. "Our team will be paid well and be paid competitively. You are not going to fall behind network peers."American's pilots and those at other carriers, including Delta's, have picketed in recent months to protest the grueling schedules airlines have sold to capitalize on the rebound in travel demand.Dennis Tajer, spokesman for the Allied Pilots Association, American's pilots' union, said the company has to do more than raise wages."There is no work-life balance," he said.Without providing details, Isom said American's new proposal will include better benefits and quality-of-life provisions.

American Airlines CEO vows to improve pilot pay as wages at other carriers rise.

World Updated on: June 15, 2022 / 10:38 AM / CBS News Navalny sentenced to 9 years in prison Russian opposition leader Alexey Navalny sentenced to 9 years in prison 04:21 Russian opposition leader and prominent Kremlin critic Alexey Navalny has been transferred from a penal colony outside Moscow to a high-security prison with a reputation for abuse, leaving his supporters and allies concerned about his safety. On Tuesday, top Navalny aides reported that he had gone missing from the Pokrov colony, about 70 miles east of the Russian capital, where he had been serving his 2 ½ year sentence for a parole violation. State media quoted the Public Monitoring Commission of the Vladimir Region as saying Navalny had been moved to a prison in Melekhovo, which is just a few dozen miles from Pokrov. Russian opposition leader Alexey Navalny is seen on a screen via video link from the IK-2 corrective penal colony in Pokrov, Russia, before a court hearing to consider an appeal against his prison sentence in Moscow, May 17, 2022. EVGENIA NOVOZHENINA/REUTERS Members of Navalny's team initially said they had no independent verification of his whereabouts and had been unable to arrange a visit, but later Wednesday his lawyers posted a message to his Instagram account that they said came from him, suggesting they'd had direct contact. "My space journey continues, I've switched ships. That is, hello everyone from the high-security prison," the message attributed to Russia's leading dissident said. "I was transferred to IK-6 Melekhovo yesterday."  Russia declares Navalny's opposition movement "extremist"Navalny said during a court hearing in early May that he'd heard "a prison within a prison" was being prepared for him at the Melekhovo facility, which is infamous for its brutal conditions and reported systematic abuse of inmates. "My sentence has not yet entered into force, but the prisoners from the high-security colony Melekhovo are writing that they are equipping a 'prison within a prison for me,'" Navalny said after the court date in Moscow, during which he was sentenced to nine more years behind bars on fraud and contempt of court charges. The court also ordered at that time that Navalny be moved to a high-security facility as part of the punishment. Visibly gaunt Alexei Navalny makes first public appearance since hunger strike 01:29 Former Melekhovo prisoners have described horrifying abuse, including rape and humiliation at the hands of both correctional officers and fellow prisoners they say were tasked with intimidating new inmates. In 2018, a Novaya Gazeta newspaper investigation into the death of Gor Ovakimyan revealed that he likely died from injuries inflicted by Melekhovo prison guards. Penitentiary authorities first claimed Ovakimyan had died of pneumonia, but after his family shot video of severe wounds visible on his body, a criminal case was filed on death by negligence charges. "Gor told us that they put an empty bucket on his head, put a speaker from below and turned on the music or some siren sound to a deafening effect, and sprayed gas under this bucket to make it difficult to breathe," Ovakimyan's father told Novaya Gazeta of the abuses his son described from Melekhovo. "He was also hung from a lattice. His hands were pulled back behind the waist and hung like on a rack. And he would hang like that, for 10-12 hours he hung like that," the father told the newspaper. "And why did they all do it? Because he refused to cooperate with the administration or frame someone." Ovakimyan's case is just one stark example of the way inmates are said to be treated routinely at the Melekhovo prison — often dubbed a "torture conveyer belt" by local media — and other facilities in the Vladimir region. Human rights lawyers there have called for investigations into prison abuse for years.Navalny's representatives said they were concerned about his safety because, as long as he remains out of the public eye, it's impossible for them to independently verify how he's being treated. The problem with his transfer to another colony is not only that the high-security colony is much scarier. As long as we don't know where Alexei is, he remains one-on-one with the system that has already tried to kill him, so our main task now is to locate him as soon as possible— Кира Ярмыш (@Kira_Yarmysh) June 14, 2022 "The problem with his transfer to another colony is not only that the high-security colony is much scarier," Navalny's spokesperson Kira Yarmysh tweeted on Tuesday. "As long as we don't know where Alexei is, he remains one-on-one with the system that has already tried to kill him."The Kremlin said Wednesday that it "doesn't share" the Navalny team's concern about his transfer. "The monitoring of convicts' whereabouts and their transfers to various institutions of the penitentiary system is not a Kremlin prerogative," presidential spokesperson Dmitry Peskov said at a press briefing. Navalny was immediately arrested upon returning to Russia in early 2021 from Germany, where he spent weeks recovering from poisoning with the Soviet-era nerve agent Novichok. He blamed the attack on the Kremlin, a claim Russian officials have vehemently denied. October 2020: Alexey Navalny describes the poisoning ordeal he says Vladimir Putin perpetrated 14:00 Shortly after his arrest, a court sentenced Navalny to 2 1/2 years in prison over the parole violations stemming from a 2014 suspended sentence in a fraud case that Navalny insists was politically driven.He has remained President Vladimir Putin's most ardent foe even from behind bars and has harshly criticized the war in Ukraine during his multiple court appearances. In March, he slammed Putin as a "madman" who had launched a "stupid war" in Ukraine and said the current Russian leadership would "burn in hell" for its actions. In: Alexei Navalny Alexey Navalny Russia Vladimir Putin 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

Putin critic Alexey Navalny moved to a Russian prison known as the "torture conveyor belt".

A giant digital sign is seen at Facebook's corporate headquarters campus in Menlo Park, California, on October 23, 2019.Josh Edelson | AFP | Getty ImagesTechnology hub Menlo Park, California, home to Meta, is teaming up with Brooklyn, New York-based BlocPower in a new form of public-private partnership to electrify thousands of buildings to help meet a 2030 climate goal of carbon neutrality.The small California city, with a population of roughly 35,000, estimates the fossil fuel consumption of buildings at 41% of its total emissions. BlocPower, a past CNBC Disruptor 50 company, is among the leaders in retrofitting residential and commercial real estate to reduce fossil fuel use. The Menlo Park plan will start small, with 25 buildings to be electrified this year. It is voluntary, but the plan is to increase that to over 1,000 buildings per year starting in 2024. It includes the installation of heat pumps for air cooling and heating, heat pumps for water, electric vehicle charging stations, and solar power and battery storage."Menlo Park just set a crucial, historic climate precedent as the first city on the West Coast to establish a public/private partnership of this kind," said Angela Sherry Evans, Environmental Quality Commissioner, City of Menlo Park, in a statement announcing the deal.BlocPower founder and CEO Donnel Baird told CNBC last year that 100 million buildings across the U.S. waste $100 billion a year on fossil fuels. "There are significant savings that can be introduced," Baird said.Building direct energy and electricity use comprise roughly 38% of greenhouse gas emissions in the U.S., according to the US Green Building Council, and the majority of buildings that will make up urban environments through 2030 already exist.Heating systems, including water heating and space heating, are big drivers of energy use in residential and commercial buildings and are targets of climate projects, as well as insulation and lighting, according to the American Council for an Energy-Efficient Economy. In cities with less population growth, there will also be a larger share of legacy buildings in need of upgrades rather than new constructions in booming population hubs.Cities have emerged as leaders on decarbonization because much of the law related to buildings is in the realm of state and local governments, and they set building codes. As more cities and towns look to lead on climate, tapping into private investors in combination with incentives from the government can reduce the cost of capital and interest rates for project finance.Ithaca set a ratio at 1 to 20 for taxpayer versus private investment funding."Given the scale of the problem, people are open to public and private partnerships in Ithaca," Svante Myrick, Ithaca's mayor until early 2022, told CNBC at the time of the BlocPower deal. "They realize government has to be the catalyst setting rules for climate but if we are going to make sweeping changes we just don't have the resources to do it alone," he said.  Smaller cities like Ithaca and Des Moines, Iowa — which also plans to target buildings — are being aggressive in seeking to reduce greenhouse gas emissions on a local level. Both cities are part of a new UN-led consortium on climate called the 24/7 Carbon-free Energy Compact, which also includes Google.In cities and towns across the U.S., many of the least-efficient buildings are located in lower-income communities, a focus for BlocPower across its project portfolios, and these properties are often older and in need of upgrades, including appliances that are more efficient. Not only are the energy efficiency standards neglected in these areas, but the households pay a higher percentage of income in energy costs.Local non-profit Menlo Spark is working with Menlo Park to raise up to $35 million to reduce project costs for low-to-moderate-income households. Belle Haven, an area of Menlo Park close to the bay, as well as major roadways where air quality is lower, was chosen as an initial focus.BlocPower, with a business model that combines the traditional construction and engineering sector with climate technology, and increased investment opportunities in underserved communities, has projects underway across dozens of additional U.S. cities.Meta, formerly Facebook, announced it had reached 100% renewable energy and net zero-usage by 2020.In addition to investors Goldman Sachs, Kapor Capital, Microsoft's Climate Innovation Fund, and Andreessen Horowitz, BlocPower received a grant from the Jeff Bezos Earth Fund and was invited to Apple's accelerator program.SIGN UP for our weekly, original newsletter that goes beyond the list, offering a closer look at CNBC Disruptor 50 companies, and the founders who continue to innovate across every sector of the economy.

Meta's Silicon Valley home, Menlo Park, plans to decarbonize 95% of its buildings.

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 RattayRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - The European Central Bank unveiled fresh measures on Wednesday to temper a market rout that has fanned fears a new debt crisis on the bloc's southern periphery but appears to have disappointed investors looking for a more decisive step. read more MARKET REACTION:The euro fell around a half a percent against the dollar on the ECB's statement, while Italian yields jumped around 7 basis points.Register now for FREE unlimited access to Reuters.comThe spread between 10-year Italian and German bonds, a key indicator, meanwhile widened to 239 basis points from around 224 prior to the ECB's statement.REACTION:ANNALISA PIAZZA, FIXED-INCOME RESEARCH ANALYST, MFS INVESTMENT MANAGEMENT, LONDON"As for the anti-fragmentation tool, the acceleration of the completion suggests the ECB now feels the urge to have something more 'structural' that allows a smooth transmission of their policy stance. In a nutshell, the ECB need to hike rates to avoid inflation expectations becoming entrenched. Should fragmentation intensify further, the normalization of policy rates would have to stop sooner rather than later."Although the ECB announcement didn’t add much to what we already knew, the signalling is clear. This is not a 'whatever it takes' moment for Lagarde but the ECB shows where their pain threshold is."PIET CHRISTIANSEN, CHIEF ANALYST, DANSKE BANK, COPENHAGEN"I think essentially it is the bare minimum of what could be expected, but I also believe it's the most realistic outcome of what they could compromise today. Also, that the ECB is tasking the committees I think it is a strong signal that they are fully committed to ensure their monetary policy transmission, but at the same time they bought themselves some time to see how much of this can actually be solved by itself."We will probably only get some sort of details in July or September."ANTOINE BOUVET, SENIOR RATES STRATEGIST, ING, LONDON:"There is one important message. They will unveil something, we don't know when but... their next governing council meeting (in July) seems like the natural time to announce."I'm relatively upbeat because the fact that we know something is officially in the works now is already providing some reassurance to the markets."We don't know the design of the facility, we don't know if it will be credible or not, but more likely it will be."What counts is something is coming and that at least reassures potential Italian bond sellers that there is a limit to how much spreads can widen."MARCHEL ALEXANDROVICH, EUROPEAN ECONOMIST, SALTMARSH ECONOMICS, LONDON"Last week we only heard one side of the story from the ECB about what they will do on rate hikes, but not what they would do about fragmentation risks."Obviously they are now trying to rectify this."The statement is short on detail, they say they can be flexible on reinvestment. In circumstances like this, it would be good to know how much are they going to deviate from the capital key when it comes to reinvestments.So, yes they could overbuy in weaker bond markets but we won't know by how much for a couple of months. They also refer to a new tool and that implies a dedicated programme. That is more interesting but it is short of detail."The response is not optimal but it is a first response."Register now for FREE unlimited access to Reuters.comReporting by London Markets and Finance Teams; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

INSTANT VIEW ECB to devise new tool to help indebted euro zone members.

Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 4, 2022 in Washington, DC.Win McNamee | Getty ImagesThe Federal Reserve looks set to raise its benchmark rate again today, and may even hand out the first three-quarter-point hike in 28 years.The central bank is likely to raise its target federal funds rate again to address the worst inflation in about 40 years.It may move fast and raise interest rates by 75 basis points instead of 50 basis points, as was the previous expectation, because inflation has remained high. A basis point is equal to 0.01%.More from Invest in You:Want to give your finances a spring cleaning? First, get organizedHere's what to know about managing your debt in retirementWant to find financial success? Here's how to get startedIn May, inflation rose 8.6%, more than analysts expected and at the fastest clip since 1981. Yet consumers who are already grappling with higher prices putting a strain on their wallets may be wondering how increasing borrowing costs will help tamp down inflation."This is something really hard for the typical consumer to understand, seeing these fast price raises that are so unfamiliar to large parts of our population who haven't seen inflation rates like this before," said Tara Sinclair, a senior fellow at the Indeed Hiring Lab. "And then trying to figure out the Fed's complicated role in all of this is very confusing."Here's what you need to know.The Fed's main tool to battle inflation is interest ratesThe Federal Reserve has a few main goals with respect to the economy: to promote maximum employment, keep prices stable and ensure moderate long-term interest rates.Generally, the central bank aims to keep inflation around 2% annually, a number that lagged before the pandemic.Its main tool to battle inflation is interest rates. It does that by setting the short-term borrowing rate for commercial banks, and then those banks pass rates along to consumers and businesses, said Yiming Ma, an assistant finance professor at Columbia University Business School.That higher rate influences the interest you pay on everything from credit cards to mortgages to car loans, making borrowing more expensive. On the flip side, it also boosts rates on savings accounts.How raising rates can slow inflationBut how do higher interest rates reel in inflation? They help by slowing down the economy, according to the experts."The Fed uses interest rates as either a gas pedal or a brake on the economy when needed," said Greg McBride, chief financial analyst at Bankrate. "With inflation running high, they can raise interest rates and use that to pump the brakes on the economy in an effort to get inflation under control."  Basically, the Fed policymakers aim to make borrowing more expensive so that consumers and businesses hold off on making any investments, thereby cooling off demand and hopefully holding down prices.The Fed uses interest rates as either a gas pedal or a brake on the economy when needed.Greg McBridechief financial analyst, BankrateThere could also be a secondary effect of alleviating supply chain issues, one of the main reasons that prices are spiking right now, said McBride. Still, the central back can't directly influence or solve that particular problem, he said."As long as the supply chain is an issue, we're likely to be contending with outside wage gains," which drive inflation, he said.The Fed wants to avoid stalling the economyThe main worry for economists is that the Fed raises interest rates too quickly and dampens demand too much, stalling the economy.This could lead to higher unemployment if businesses stop hiring or even lay off workers. If policymakers really overshoot on rate hikes, it could push the economy into a recession, halting and reversing the progress it has made so far.Treating inflation in the economy is like treating cancer with chemotherapy, said Sinclair of the Indeed Hiring Lab."You have to kill parts of the economy to slow things down," she said. "It's not a pleasant treatment."Of course, it will take some time for any action to affect the economy and curb inflation. That's why the Federal Open Market Committee carefully watches economic data to decide how much and how frequently to raise rates.There is also some uncertainty due to the war in Ukraine, which has also increased prices on commodities such as gas. The Fed will have to watch how the war is hampering the U.S. economy and act accordingly.It might get worse before it gets better

The Federal Reserve looks set to hike interest rates today. How raising rates may help slow inflation.

Nio's ES7 sports utility vehicle adds another competitor to Tesla's Model X and Model Y in China.NioNio on Wednesday launched the ES7 sports utility vehicle as competition with Tesla intensifies in China.The ES7 adds another competitor to Tesla's Model Y and Model X in China as the competition in the electric SUV space ramps up.Nio is trying to differentiate its electric SUV by highlighting the technology features of the vehicle. This includes Nio Autonomous Driving, the company's system that powers some semi-autonomous driving features. The company also highlighted its infotainment system which includes a 23-speaker surround-sound configuration in the car.Nio's ES7 comes in three different range capabilities depending on the battery size — 485 kilometers, 620 kilometers and 930 kilometers.The ES7 with the 485-kilometer range starts from 468,000 Chinese yuan ($69,693) before subsidies. The longest range version starts at 526,000 yuan before subsidies.Pre-orders have begun with deliveries expected to begin in August.Shares of Nio were up more than 4% on Wednesday.Nio said the ES7 is one of the first certified passenger cars in China to be able to tow a caravan or trailer.Nio and its peers have been struggling with existing supply chain disruption that has been worsened by a resurgence of Covid-19 in China and subsequent lockdowns in and around key manufacturing hubs in the country.The company reported a rise in first-quarter revenue though its loss widened. While production was hampered in April and May, the company's second-quarter delivery outlook suggests a bounce back in June.Tesla meanwhile has also been struggling with production at its key China factory in Shanghai, which has been gripped by a particularly lengthy lockdown.

Chinese Tesla rival Nio launches new electric SUV as competition heats up.

Smoke rises above a factory at sunset in Rugby, Britain February 10, 2021. REUTERS/Matthew Childs/Register now for FREE unlimited access to Reuters.comSummary'Race to Zero' campaign lays out new net-zero criteriaCalls to restrict development of new fossil fuel projectsRequires lobbying efforts to be aligned with net-zero planGFANZ also releases draft framework for net-zero planningLONDON, June 15 (Reuters) - A U.N.-backed campaign to drive faster climate action is toughening the minimum standards for companies pledging to cut greenhouse gas emissions, including a requirement for businesses and banks to curb new fossil fuel projects.The updated criteria issued on Wednesday by the 'Race to Zero' campaign are important as they will be reflected in the obligations of a range of partner organisations marshalling the climate efforts of various sectors, from banks to insurers and asset managers.The new rules follow a period of consultation between more than 200 independent experts and will affect many of the world's biggest companies which have already joined such initiatives and publicly committed to reaching net-zero emissions.Register now for FREE unlimited access to Reuters.comUnder the rules, all members would be explicitly required to phase down and then phase out all unabated fossil fuels, and to do so in a way that ensures a so-called 'Just Transition', where the social impacts of the low-energy transition are mitigated."In practice, this means corporations and investors must restrict the development, financing, and facilitation of new fossil fuel assets, which includes no new coal projects," the campaign said in a statement. "The exact pathways and timelines naturally differ across regions and sectors."Members would also, for the first time, be required to align their lobbying and advocacy activities with net-zero by "proactively supporting" climate policies at the sub-national and national level "consistent with the Race to Zero criteria".The updated rules would apply to any new joiners from June 15, while existing members would have a year to comply."The clarity these criteria provide, together with strengthened data transparency, will help us identify the progress made and gaps remaining," Nigel Topping and Mahmoud Mohieldin, High-level Climate Champions for the COP26 & COP27 climate talks, said in a joint statement."They will clearly show those actors who are truly moving ahead versus those who are trying to find loopholes."Also on Wednesday, the Glasgow Financial Alliance for Net Zero (GFANZ), a coalition of assets managers, banks and insurance firms launched in April 2021, released a draft framework to help firms accelerate their efforts to cut emissions.The guidelines said their plans should finance net-zero technologies, increase support for companies aligned to keeping temperatures to 1.5 degrees Celsius and drive the phase-out of high-emitting assets.Climate campaigners welcomed the updated 'Race to Zero' standards, saying they would pressure GFANZ to demand tougher action from members."GFANZ is going to have to stop waffling on fossil fuels, and will have to insist that its members stop providing financial services to the companies driving the climaticide of coal, oil and gas expansion, while massively increasing their financing of the clean energy transition," Paddy McCully, senior analyst at Reclaim Finance, said in a statement.(This story corrects GFANZ launch details in paragraph 10)Register now for FREE unlimited access to Reuters.comReporting by Simon Jessop and Tommy Wilkes Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

U.N. campaign toughens standards for company net-zero plans.

The logo of Gazprom is seen on the facade of a business centre in Saint Petersburg, Russia, March 31, 2022. REUTERS/Reuters photographer/File PhotoRegister now for FREE unlimited access to Reuters.comMILAN, June 15 (Reuters) - Gas flows from Russia's Gazprom (GAZP.MM) to Italy are down around 15% on Wednesday compared with the previous day, a spokesman for Italy's Eni (ENI.MI) said, adding that no explanation had been given for the shortfall.Italy last year sourced 40% of its gas imports from Russia, or around 29 billion cubic meters."Eni confirms that Gazprom has communicated a limited reduction in gas supplies for today, amounting to approximately 15%," the spokesman said. Eni is constantly monitoring the situation, he added.Register now for FREE unlimited access to Reuters.comOn Tuesday Gazprom said it had curbed gas supplies via the Nord Stream 1 undersea pipeline to Germany to up to 100 million cubic metres (mcm) per day, down from 167 mcm, citing the delayed return of equipment that had been sent for repair. read more Russian gas flows via Nord Stream were slightly up on Wednesday.After the Russian invasion of Ukraine in February, Rome has been scrambling to diversify its energy supply mix.In the race to cut Rome's dependency, Italian ministers have tapped numerous countries like Congo Republic, Angola, Azerbaijan and Qatar.Eni, which has a strong presence in Africa, has recently signed a deal with Algeria to increase gas supplies from North Africa.On Wednesday Israel and Egypt signed a framework agreement with the European Union pledging to boost gas exports to the bloc. read more Some Israeli gas is already sent by pipeline to liquefaction plants on Egypt's Mediterranean coast, from where it is re-exported as liquefied natural gas (LNG).Officials say they expect shipments of LNG from Egypt to Europe to increase under the agreement, though they have said it would likely take a couple of years before the exports can be significantly expanded.Register now for FREE unlimited access to Reuters.comReporting by Francesca Landini, editing by Maria Pia Quaglia and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Gas flows from Gazprom to Italy down by 15% - Eni spokesman.

The Mustang Mach-E is Ford's first new all-electric vehicle under an $11 billion investment plan in electrified vehicles through 2022.Michael Wayland | CNBCFord Motor's CFO said Wednesday that the company isn't yet seeing consumer demand for new vehicles drop off – but rising commodity costs have wiped out the profit it initially expected to make on its electric Mustang Mach-E.Demand for new Fords and Lincolns continues to exceed supply, which is still constrained by an ongoing global shortage of semiconductor chips, Ford CFO John Lawler told analysts at a conference hosted by Deutsche Bank – even after the company raised vehicle prices to offset the effects of inflation.For the most part, those price increases have preserved Ford's profit margins, Lawler said. But the price increases weren't enough to offset the impact of rising costs on the company's electric Mustang Mach-E. The model saw its costs increase by roughly $25,000, much of that due to sharply higher battery material costs. While the Mach-E was profitable when it was first launched in late 2020, that's no longer true, he said.Despite the upbeat report on demand, Lawler noted one emerging sign that consumers may be reaching their inflationary limits: Ford Credit, the company's financing arm, has seen an uptick in "delinquencies," or late payments.Lawler said Ford is taking the possibility of a U.S. recession seriously and that the company has modeled several possible scenarios for a downturn. Still, Ford and the broader auto industry are in a different position today than in past recessions, when the company typically held high inventories and increased discounts that eroded margins, Lawler said. "We don't have that today," Lawler said. "We're very lean on inventories. We have an order bank that's significant at over 300,000 units. ... As an industry and as a company, we're heading into this [possible recession] in a much different position than we've ever been in before."

Ford CFO says inflation has erased Mustang Mach-E profits, but isn't hurting demand for new vehicles.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2022. Brendan Mcdermid | ReutersAmerican millionaires are raising cash in response to lingering inflation fears, according to CNBC's Millionaire Survey.Millionaires surveyed by CNBC ranked inflation as the top risk to both the economy and their personal wealth. It's the first time since the survey began in 2014 that inflation has edged out all other risks in the ranking. Forty-two percent of millionaires said inflation will last "at least a year or two," and another 19% said it would last more than two years, according to the results.The survey includes investors with at least $1 million in investible assets. It was conducted in May and surveyed approximately 750 respondents who reported that they are the financial decision-makers or share jointly in financial decision-making within their households. Since the survey was conducted, a readout of consumer prices found inflation accelerated further last month and the S&P 500 slipped into a bear market, more than 20% off its recent highs. "Clearly, there is a shift to a very pessimistic concerned outlook," said George Walper, president of Spectrem Group, which conducts the CNBC Millionaire Survey. "They are not confident that the Federal Reserve can handle these problems."The Federal Reserve is expected to raise interest rates Wednesday by as much as 75 basis points. The central bank will also offer an updated economic outlook amid persistent inflation.Millionaires are divided on the Fed's ability to slow inflation or reduce demand without causing a recession, according to the survey. Thirty-five percent said they are "not at all confident" in the Fed's ability to manage inflation, while nearly half said they are "somewhat confident."Views of the Fed diverge largely along political affiliation: Most Republican millionaires said they are "not at all confident" in the Fed's ability to manage inflation, while most Democratic millionaires said they are "somewhat confident."More than a quarter of millionaires believe the U.S. is already in a recession, and another 34% said the U.S. will tip into recession this year. Only 21% said the U.S. is not headed for a recession."They're very clearly concerned about a recession, and we'll only know in 6 months whether we're in one now," Walper said.Millionaires own about 90% of the individually held stocks in the U.S. So far, they aren't panicking or selling, according to the survey. But most are raising more cash and moving more money into short-term fixed income investments given rising interest rates.Nearly 40% of millionaires said they plan to make changes to their portfolio or have already made changes due to inflation, 44% said they have kept more money in cash, and 41% say they have purchased more fixed-rate investments. Of those surveyed, 35% said they have purchased equities and 31% said they have sold equities due to inflation and its impact on certain sectors and stocks.Wealthy investors are typically among the first to take advantage of market declines and buy during major market declines since they can afford to be more aggressive. Yet so far, millionaires show little sign of buying the recent market declines, suggesting they see more pain ahead for markets and interest rates."When volatility slows down and people feel like we're near a bottom, this is the group that makes moves and looks for distressed opportunities and good values," Walper said. "They did it in April of 2020. But we're not seeing that now. They don't see this ending anytime soon."Fifty-eight percent of millionaires expect the economy to be weaker or "much weaker" by the end of the year, according to the survey. Most also expect the S&P 500 to end the year down double digits: More than half of those surveyed expect the S&P to be down at least 10%, while nearly one in five respondents expect it to be down at least 15%.Millionaires have also ratcheted down their expectations for their own investment returns — though they're still more bullish on their returns than the overall market. One in four of those surveyed expects to post negative returns, and a majority expects returns of less than 4%.Last year half of millionaires surveyed expected returns at least 6%.

Millionaires are raising cash on fears that the Fed can't tame inflation and stave off recession.

French President Emmanuel Macron meets with Moldova's President Maia Sandu, in Chisinau, Moldova, June 15, 2022. Yoan Valat/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comCHISINAU, June 15 (Reuters) - French President Emmanuel Macron said on Wednesday that Moldova's bid to join the European Union was "perfectly legitimate", speaking at a joint news conference with Moldova President Maia Sandu.Moldova, located between Ukraine and EU member Romania,is one of three former Soviet states, along with Georgia and Ukraine itself, that submitted applications to join the EU within days of Russia's Feb. 24 invasion of Ukraine.It has pressed on with its application amid concerns that it could be drawn into the war, because of instability in its Transdniestria region, run by pro-Russian separatists and occupied by Russian peacekeeping troops on the Ukrainian border.Register now for FREE unlimited access to Reuters.comFrance, which chairs the European Union until the end of the month, will help reach a consensus among EU members on the issue of Moldova's application to join the bloc at a crucial Council meeting next week, Macron said.He described the war in Ukraine as "a threat for the stability of the whole region", and saidMoldova was "already a country anchored within the European family".Macron said he wanted to reach a consensus on granting official candidate status to the three countries, adding that Moldova's application should not be separated from that of Ukraine.Sandu said Moldova wanted to become an EU member "as soon as possible. But we are realists and we understand that we still have a lot to do."The war in Ukraine complicated Moldova's EU integration, but reforms were bringing Moldova closer to EU standards, she said.Register now for FREE unlimited access to Reuters.comReporting by Manuel Ausloos, writing Dominique Vidalon, editing by Tassilo HummelOur Standards: The Thomson Reuters Trust Principles.

France's Macron says Moldova's bid to join EU "perfectly legitimate".

A registered nurse prepares a dose of the Pfizer COVID-19 vaccine.Mario Tama | Getty ImagesThe European Medicines Agency on Wednesday launched a rolling review of a variant-adapted Covid-19 vaccine developed by Pfizer and BioNTech, as cases of new sub-variants of the coronavirus's Omicron lineage rise.When available, clinical trial data will be added to the rolling submission, which is designed to speed up any approval, BioNTech and Pfizer said in a joint statement.The pair added they would also begin submitting data on the planned variant-adapted vaccine to the U.S. Food and Drug Administration over the next few weeks."The rolling review will continue until there is enough data for a formal application," the EU regulator said in a separate statement.The companies said they were still working on several variant-adapted vaccines and the final composition was subject to discussions with global regulators.While a new Omicron-driven wave of infections has been widely expected in the northern hemisphere fall or winter, a European disease monitoring agency this week warned cases could surge soon, citing the spread of particularly contagious sub-variants. Rival Moderna, which is also pursuing a new shot against a jump in infections in the fall season, said last week a new version of its vaccine produced a better immune response against Omicron than the original shot.Moderna plans to submit data on the vaccine, which it describes as bivalent because it targets Omicron as well as the original coronavirus strain, to regulators in the coming weeks.BioNTech and Pfizer had originally favored a vaccine that targets Omicron only but widened their development efforts after EMA urged them to also consider bivalent versions.

EU drugs watchdog launches rolling review of Pfizer-BioNTech's Covid variant vaccine.

Fuel prices at a Shell station in Menlo Park, California, US, on Thursday, June 9, 2022.David Paul Morris | Bloomberg | Getty ImagesAmericans are still grappling with the worst inflation in roughly 40 years, and many are changing their spending habits to keep up.In May, prices were 8.6% higher than they were a year ago, according to the Consumer Price Index report from the U.S. Bureau of Labor Statistics. Some of the biggest drivers were increased costs associated with food, shelter and energy.Due to these price increases, 61% of Americans saying they're worried about their financial situation, according to a survey of more than 1,000 adults conducted by Toluna from March 23 to 29.Many Americans now expect they'll have to spend more on a range of purchases, from personal care and home improvements to experiences such as vacations."Just like any other time you have a change in situation, such as a change in your job or you're planning to buy a home, it's a great time to review your expenses for the past three to six months," said Roger Ma, a certified financial planner, founder of New York-based lifelaidout and author of the book "Work Your Money, Not Your Life: How to Balance Your Career and Personal Finances to Get What You Want."How to adjustDoing such an audit of your recent spending can help you ensure that you know where your money is going and recalibrate if it's being directed away from your financial goals.Because inflation is pushing up prices so rapidly, Ma suggests checking in with your spending and revising your budget frequently."Plan it out a couple of months at a time," he said.In addition, because inflation is so broad-based, people may have to get creative in finding ways to trim their budgets. Ma noted that he's seen clients cancel some subscriptions, as well as change their grocery shopping lists — from buying more generic items instead of brands to swapping pricier steak for less-expensive chicken, or even foregoing meat entirely.Clients are saying "I was getting this fancy milk, but I'm fine with getting the grocery brand milk," he said. "People are totally making these types of decisions to make it fit within their budget."  The good news is that many consumers are already making the spending changes they need to adjust to rising prices.More than half of Americans said they're willing to try new brands of food and drinks, cleaning supplies and personal care products to keep costs down, and about a quarter have already made a switch, according to the Toluna survey.Bringing in extra moneyAt the same time, if you're having trouble cutting costs, it's also a good time to see if you could potentially make more money, Ma said.That means considering switching jobs in the red-hot market or launching a side hustle that could bring in some extra money to help you balance spending.

Here’s what people expect to spend more on as inflation continues to surge.

Buffalo shooting suspect, Payton S. Gendron, appears in court, accused of killing 10 people in a live-streamed supermarket shooting in a Black neighborhood of Buffalo, New York, U.S., May 19, 2022. REUTERS/Brendan McDermid/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - The U.S. Justice Department on Wednesday filed federal hate crime charges against an 18-year-old white supremacist accused of killing 10 people at a supermarket in a predominantly Black neighborhood in Buffalo, New York, last month.Payton Gendron faces 26 counts of hate crimes and firearms offenses, according to the criminal complaint.Attorney General Merrick Garland, who traveled to the site of the May 14 mass shooting in northwestern New York state on Wednesday and met with victims' families, is expected to formally announce the charges at a news conference.Register now for FREE unlimited access to Reuters.comGendron has already pleaded not guilty to 25 state criminal charges, including first- and second-degree murder and domestic terrorism motivated by hate.New York's domestic terrorism hate crime charge alone carries a penalty of life imprisonment without parole on conviction.Gendron, who killed 10 people and wounded three, partially broadcast the attack in real time on the Twitch livestreaming service before surrendering to police. He apparently posted a white supremacist rant and a lengthy checklist and account of his preparations online before the rampage.In his lengthy post, he indicated he had been inspired by previous racially motivated mass killings.The Buffalo shooting, along with a mass shooting a short time later in Uvalde, Texas that left 19 children and two teachers at an elementary school dead, has led to renewed calls to enact tougher gun laws.On Tuesday, U.S. Senate Republican Leader Mitch McConnell said he was "comfortable" with the framework of a new bipartisan gun safety bill that, if passed into law, would mark the most significant firearms reform measure in years. read more The legislation is less ambitious than what Democratic President Joe Biden has sought, but would still accomplish several goals, including supporting states' "red flag" laws, imposing tougher criminal background checks for gun buyers under age 21, and giving law enforcement more tools to crack down on "straw purchases" by people buying weapons for others who could not pass a background check.Register now for FREE unlimited access to Reuters.comReporting by Sarah N. Lynch; Editing by Doina Chiacu, Jonathan Oatis and Andy SullivanOur Standards: The Thomson Reuters Trust Principles.

U.S. files hate crimes charges against white gunman in Buffalo shooting.

Crime Updated on: June 15, 2022 / 7:56 AM / CBS News Investigators working to piece together what led up to fatal shooting of two El Monte Police officer Investigators working to piece together what led up to fatal shooting of two El Monte Police officer 01:55 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: 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 El Monte police officers "essentially ambushed," shot and killed in Los Angeles County.

First came HAL-9000 and The Terminator. Now, Google's LaMDA chatbot?Last week, Google suspended an engineer for breaching the company's confidentiality policy, after he publicly revealed his conviction that the search giant's AI chatbot LaMDA had achieved sentience. It opened the door for plenty of jokes — and nervous laughter — about the deadly sentient computers that have been part of popular culture for decades, from "2001: A Space Odyssey" to "The Terminator."But you don't have to worry: Most AI experts agree that an actual sentient computer program is likely still a few decades away."There's a bunch of breakthroughs that have to happen," Erik Brynjolfsson, a senior fellow at Stanford's Institute for Human-Centered AI and director of the school's Digital Economy Lab, tells CNBC Make It. "Sometime in the next 50 years [is more likely] ... Having an AI pretend to be sentient is going to happen way before an AI is actually sentient."Some notable tech names — including Meta CEO Mark Zuckerberg — insist that the advancement of AI could be a very positive development for humanity, particularly in areas like health care and transportation. Others disagree: Tesla and SpaceX CEO Elon Musk, for example, has called AI "a fundamental risk to the existence of human civilization."Regardless of which camp you fall into, it feels safe to agree that an actual sentient artificial intelligence is a fascinating possibility. But, what will — and should — it look like?Our brains are hard-wired to see sentient AI, even if it doesn't yet existIn a tweet on June 12, Brynjolfsson wrote that the Google engineer's belief in LaMDA's sentience was "the modern equivalent of the dog who heard a voice from a gramophone and thought his master was inside.""As with the gramophone, these models tap into a real intelligence: the large corpus of text that is used to train the model with statistically-plausible word sequences," Brynjolfsson wrote. "The model then spits that text back in a rearranged form without actually 'understanding' what [it's] saying."Google's own technologists are adamant that the company's chatbot has not become sentient, and that the software is simply advanced enough to mimic and predict human speech patterns in a way that's meant to feel real. Brynjolfsson says that's unsurprising: Our brains are wired to imbue non-human objects or animals with human consciousness as a means of forming social connections. "Humans are very susceptible to anthropomorphizing things," he says. "If you paint a smiley face on a rock, a lot of people will have this feeling in their heart that that rock is kind of happy."When it comes to judging actual AI sentience, experts say AI advancements will have to be judged based on specific tasks, and how well computers or machines can perform them in comparison to humans. In 2017, a University of Oxford poll of more than 350 AI experts found that they predicted AI would outperform humans at certain tasks – translating languages, writing an essay, even driving a truck – before 2030.Other tasks will likely take much longer: The experts predicted that AI won't be capable of outperforming humans at writing a best-selling novel until 2049, or performing surgery until 2053.How AI could still go wrong, from replacing human workers to 'slaughterbots'There are still plenty of reasons to be concerned about the future of AI and its impact on humans. In the short term, Brynjolfsson says that as chatbots like LaMDA become more common, people could start to use them maliciously: Hackers or other bad actors could create millions of realistic bots that pass as human, and use them to disrupt political and economic systems around the world.Regulators might want to start considering laws forcing AI programs to disclose that they are machines when engaged with a human, Brynjolfsson says: "It's just an unfair fight because you can spin up a program and generate a million bots that are arguing some case, and humans can't keep up."Brynjolfsson also points to the sort of autonomous weaponry that's already being developed by the world's superpowers, so-called "slaughterbots" that experts warn could easily be used toward horrific ends."You don't have to be super creative to imagine how that could go wrong," he says.In the long term, Brynjolfsson echoes one of Musk's concerns: that AI-enhanced machines could one day replace humans. Part of the problem, the Stanford researcher says, is that current AI research is too focused on using AI to replicate human intelligence, rather than trying to augment or improve human behavior.The latter could theoretically help boost human workers and their skills, like AI-powered digital assistants that already help customer service employees more efficiently answer customer calls. (Brynjolfsson himself is an advisor for one such platform, called Cresta.)Following that route could make workers more productive and "create a lot more wealth" in a largely accessible way, Brynjolfsson says. "Ultimately, billions of lives will be affected — and their livelihoods — depending on which path we take."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss:Elon Musk warned of a 'Terminator'-like AI apocalypse — now he's building a Tesla robotMark Cuban predicts AI will dominate the future workplace

This Stanford researcher isn't worried about Google's 'sentient' chatbot: A truly sentient AI could be '50 years' away.

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim ShemetovRegister now for FREE unlimited access to Reuters.comLONDON, June 15 (Reuters) - Saudi Aramco is planning to merge two energy trading units, people familiar with the matter said, with Aramco Trading Co (ATC) due to absorb Motiva Trading ahead of a potential initial public offering of the business.The move to combine the businesses is expected to give potential investors a better sense of the scale of Aramco's trading and would also allow the state oil producer to simplify financial reporting and cut duplication.The restructuring is likely to be announced before the end of the year, one of the two people familiar with the matter said. The merger would come four years after Shell Plc exited Motiva Enterprises, leaving Aramco in control of Motiva Trading and Motiva's refinery, the largest in the United States.Register now for FREE unlimited access to Reuters.comSaudi Aramco and other Middle East producers accelerated their trading efforts as a way to boost incomes after the 2014 collapse in oil prices. They have slowly gained market share from oil majors and Swiss commodity merchants, using access to their own feedstocks and strength in refining to compete aggressively.Plans for the combination come amid reports Aramco plans an initial public offering of its trading business and as European countries move away from buying Russian crude over its invasion of Ukraine. The two people familiar with the situation, who are not authorized to speak to reporters, did not confirm plans for an IPO.Motiva and Saudi Aramco spokespeople declined to comment, while ATC did not immediately respond to requests for a comment.Saudi Arabia's state oil monopoly, Saudi Aramco, is the world's top oil producer. It plans to increase output capacity to 13.4 million barrels per day by 2027 from 12.4 million currently and from May's actual 10.5 million bpd. read more Aramco's share of U.S. oil imports has declined in recent decades as it turned more to Asia and as U.S. shale output grew. However, refiner Motiva remains an important outlet for Saudi crude and its entry point into the world's biggest oil consuming market.It was not immediately clear which of the two businesses' executives would be put in charge of the merged operation. Aramco's listing plans are part of a wider Saudi 2030 vision which encourages extracting maximum value from traditional fossil fuel industries to help diversify the economy.ATC was set up in Dhahran in 2012 and has offices in London, Singapore and the United Arab Emirates. It began by marketing refined products and petrochemicals and later expanded into crude trading that fed ventures such as Motiva and S-Oil in South Korea.ATC is a top blender in the Arabian Gulf and India and the largest charterer of refined products in the Middle East, according to its LinkedIn profile. The bulk of ATC's traded crude belongs to third parties – Kuwaiti and UAE crudes with some Guyana and indirectly, Iraqi Basra.Motiva Trading trades crude oil, feedstocks, refined products and bio-fuels, managing transactions covering 2.8 million barrels per day, according to its website.Competition between Saudi Arabia and Russia in European and Asian markets has been heating up in recent years even as the two major producers cooperated under the OPEC+ production-limiting deal.Since the start of the year, ATC and its parent company have signed at least two crude supply deals in northern Europe.ATC agreed to exclusively supply Klesch Group's Kalundborg refinery in Denmark and in Poland, Aramco bought refining assets and agreed to supply the country's top refiner.Register now for FREE unlimited access to Reuters.comReporting by Julia Payne in London, additional staff reporting; editing by Gary McWilliams and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

EXCLUSIVE Aramco Trading plans to absorb Motiva Trading ahead of possible IPO.

Realpeoplegroup | E+ | Getty ImagesAs fears grow that the U.S. economy is headed for a recession, a number of companies have announced massive waves of layoffs.It's a stark reversal after a year or more of mass voluntary resignations and job switching amid plentiful employment opportunities nationwide, in a trend known as the "Great Resignation."Among the recent layoff announcements:Cryptocurrency exchange Coinbase shared this week that it was letting go almost a fifth of its workforce, or around 1,100 people.Real estate firms Compass and Redfin announced workforce cuts of 10% and 8%, respectively.Tesla CEO Elon Musk sent an email to employees earlier this month sharing plans to cut 10% of salaried workers.Mail-order clothing service Stitch Fix said earlier this month that it was reducing its headcount by around 15%."We don't know where the labor market is headed yet," said Andrew Stettner, an unemployment expert and senior fellow at progressive think tank The Century Foundation. "But clearly many things are flashing warning signs."More from Personal Finance:What does a 'bear market' mean?10 states hit hardest by Social Security staff cutsWhy 401(k) savers may get a 'wake-up call' in statementsLosing your job and income can be incredibly disruptive, setting off a myriad of financial problems.By focusing on the first steps you should take after a layoff, though, you can prevent spiraling too much and boost your odds of a positive next chapter, experts say.1. File ASAP to collect unemployment benefitsYou should file for unemployment benefits as soon as possible, Stettner said.If you received unemployment benefits earlier in the pandemic and are facing joblessness again, you may qualify for more aid.The rules vary state by state, but generally, so long as you've worked at least 15 weeks since last receiving unemployment benefits, you're eligible to open a new claim for a partial payment, Stettner said. Most people will need to have been working for at least six months to qualify for a full benefit again.If you've been employed for more than a year, your benefit should come fairly quickly.2. Weigh health insurance optionsNext, you want to also make sure you don't find yourself without health insurance. "As overwhelming as it may be, it's important to look for coverage quickly" after a layoff, said Caitlin Donovan, a spokesperson for the National Patient Advocate Foundation, a nonprofit that helps individuals access and pay for health care.  Your first step should be to speak with someone in your company's human resources department to understand when your coverage technically ends."There's no blanket rule here: For some, coverage may end immediately, for others, it may go until the end of the month," Donovan said. "Either way, you should immediately start planning to transition to a new plan." Navigating the health insurance landscape on your own can be stressful and confusing.There are resources you can turn to for help. If you have a diagnosed condition, including cancer, lupus or diabetes, you may be able to get support deciding on and enrolling in a plan with the National Patient Advocate Foundation, Donovan said. You can also consult with a local health-care "navigator." Generally, newly laid off and uninsured people will have three routes to coverage from which to pick: COBRA, the Affordable Care Act subsidized marketplace or a public plan like Medicaid or Medicare.COBRA gives those who have left a company the option of staying on their former employer's insurance plan, although it's typically very expensive. That's because people have to keep paying the part of their premium they'd been responsible for while working, as well as the remainder, which their former employer had covered.Medicaid typically involves no or low monthly premiums, and marketplace plans are the cheapest they've ever been for many people, thanks to relief legislation passed in the pandemic.3. Protect your retirement savingsMany people save for their retirement through their job. If you had access to a 401(k) plan at the company from which you were laid off, you'll need to decide what to do with that account.You may not want to do anything, said Rita Assaf, vice president of retirement leadership at Fidelity.Most employers allow you to keep your plan with them after you leave, Assaf said. (However, if you have less than $5,000 in the account, the money may be sent to an individual retirement account for you, she added.)Make sure to research fees and expenses when choosing an IRA provider.Rita Assafvice president of retirement leadership at FidelityHowever, you won't be able to continue contributing to a plan at a company you're no longer working for. And you may be limited in how much you can take as a loan or withdraw from the account.Another option is to roll over the account into an IRA, which can be opened at a bank or brokerage firm. This would allow you to continue saving. You'd also be able to withdraw money from this account if you're under 59½ without any penalties, Assaf said, if you use it for a first-time home purchase or higher education expenses."Make sure to research fees and expenses when choosing an IRA provider, if you do, though, as they can really vary," Assaf said.If you're hopping to another job right away, you may have the option to roll your old 401(k) plan into one with your new employer. Having just one savings retirement account may feel more manageable."It's important to note that not all employers will accept a rollover from a previous employer's plan, so you should check with your new employer before making any decisions," Assaf said.What you don't want to do, if at all possible, is to cash out the account, she said. You'll likely be dinged with taxes and penalties, not to mention risking your financial security when you leave work for good.

Companies from Tesla to Coinbase are laying off workers: Here are 3 things to do first if you lose your job.

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - Advisers to the U.S Food and Drug Administration on Wednesday will vote on whether to recommend authorization of two COVID-19 vaccines for the millions of children ages five years and under, an important step toward immunizing a group that has not been eligible for the shots during the pandemic.The U.S. government is planning for a June 21 start to its under-5 vaccination campaign should the vaccines from Moderna Inc (MRNA.O) and Pfizer (PFE.N)/BioNTech (22UAy.DE) receive FDA authorization, White House COVID-19 response coordinator Ashish Jha said last week.Once the FDA authorizes the vaccines for the age group - 6 months to 4 years old for Pfizer/BioNTech and 6 months to 5 years old for Moderna - the U.S. Centers for Disease Control and Prevention (CDC) will make its recommendations on use of the shots in young children.Register now for FREE unlimited access to Reuters.comThe companies have presented data showing that their vaccines are safe and effective in that age group, but it remains unclear how many parents will vaccinate the youngest children.The Pfizer/BioNTech vaccine was authorized for children ages 5 to 11 in October, but only about 29% of that group is fully vaccinated. About 76% of U.S. adults are fully vaccinated, and nearly 90% have received one dose.Public health officials and experts say that even though a large portion of small children were infected during the winter surge in cases driven by the Omicron variant of the coronavirus, natural immunity wanes over time and vaccinations should help prevent a hospitalizations and deaths when cases rise again."With Omicron waves continuing to come, this approval will set in motion a long, long awaited reduction in hospitalizations among some kids, particularly since Omicron," Andy Slavitt, former senior pandemic adviser to U.S. President Joe Biden said on Twitter this week."This 19 million person group is the last one that can’t access a vaccine. It will be a watershed moment that within a week vaccines will be approved for all ages," he added.FDA panel members will consider data from separate trials conducted by Moderna and Pfizer.For Moderna's vaccine, they have data from more than 6,000 children showing the vaccine is safe and that it generated a similar immune response compared to what was observed in adults in a previous study.Pfizer's data from roughly 4,000 children also showed its vaccine was safe and had similar immune response compared to a trial in teens and adults.Register now for FREE unlimited access to Reuters.comReporting by Manas Mishra in Bengaluru; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

U.S. FDA panel weighs COVID vaccines for children as young as 6 months.

The House select committee investigating the Jan. 6 attack on the U.S. Capitol will hold the third in a series of public hearings on Thursday beginning at 1 p.m. ET. CBS News will broadcast the hearing as a Special Report.Committee vice chair Rep. Liz Cheney tweeted a preview of the hearing, saying it would be focused on "President Trump's relentless effort on Jan. 6 and in the days beforehand to pressure Vice President Pence to refuse to count lawful electoral votes." Pence's former counsel Greg Jacob is scheduled to appear. Cheney also showed a video clip of testimony of Trump White House lawyer Eric Herschmann speaking about a conversation he had with Trump-allied legal adviser John Eastman on Jan. 7, 2021 — the day after the riot. Herschmann said Eastman mentioned something about Georgia and preserving something for appeal, and Herschmann said he replied, "Are you out of your f-ing mind? I said I only want to hear two words coming out of your mouth from now on: Orderly transition." Former President Donald Trump speaks in a video exhibit as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing to reveal its findings on Monday, June 13, 2022. Susan Walsh / AP Herschmann added that he told Eastman, "'Now I'm going to give you the best free legal advice you're ever going to get in your life: Get a great f-ing criminal defense lawyer, you're going to need it.' And then I hung up on him."The inclusion of the Herschmann clip suggests Thursday's hearing will take a look at Eastman's role. CBS News has obtained records showing Eastman pushed the Pennsylvania House of Representatives to help overturn President Joe Biden's victory in the state and send "an alternate slate of electors" for Trump.Cheney said in her opening statement last week that the committee will present email exchanges between Eastman and Jacob, the Pence attorney. "Jacob said this to Mr. Eastman: 'Thanks to your bullsh**, we are under siege,'" Cheney said. What was scheduled to be the third hearing Wednesday was postponed on Tuesday, the committee said. There was some uncertainty behind the reason for the delay. Committee member Rep. Zoe Lofgren said the delay was due to "tech issues" with the staff putting together the video presentation. But a committee spokesperson said the postponement was "due to a number of scheduling factors, including production timeline and availability of members and witnesses."Meanwhile, committee member Rep. Pete Aguilar said Tuesday that the schedule has "always been fluid." The committee has two more public hearings scheduled: Tuesday, June 21 at 1 p.m. ET and Thursday, June 23 at 1 p.m. ET.  There is another expected to be announced.    Updated 8:25 AM How to watch the House Jan. 6 committee hearing What: House Jan. 6 committee hearingDate: Thursday, June 16, 2022Time: 1 p.m. ET Location: U.S. Capitol in Washington, D.C.On TV: CBS stations (Find your local station here)Online stream: Live on CBS News in the player above and on your mobile or streaming deviceFollow: Live updates on CBSNews.com   Updated 8:10 AM Cheney releases video previewing Thursday's hearing Committee vice chair Rep. Liz Cheney tweeted a video preview ahead of Thursday's hearing. She said the committee will focus on "President Trump's relentless effort on Jan. 6 and in the days beforehand to pressure Vice President Pence to refuse to count lawful electoral votes."  A message from Vice Chair @RepLizCheney about Thursday’s hearing. pic.twitter.com/SsnOOEnyVq— January 6th Committee (@January6thCmte) June 14, 2022 Cheney also showed a clip of testimony of Trump White House lawyer Eric Herschmann speaking about a conversation he had with Trump-allied legal adviser John Eastman on Jan. 7, 2021 — the day after the riot. Eastman had been pushing arguments for states to overturn Biden's victory.Herschmann said he told Eastman, "Are you out of your f-ing mind? I said I only want to hear two words coming out of your mouth from now on: Orderly transition."Herschmann added that he told Eastman, "'Now I'm going to give you the best free legal advice you're ever going to get in your life: Get a great f-ing criminal defense lawyer, you're going to need it.' And then I hung up on him."   Updated 8:00 AM Pence's former chief counsel Greg Jacob to appear Thursday Greg Jacob, who served as chief counsel to former Vice President Mike Pence, is set to appear before the committee on Thursday. According to The Washington Post, Jacob and Pence chief of staff Marc Short were with Pence in the Capitol on Jan. 6, 2021. Cheney said in her opening statement last week that the committee will present email exchanges between Jacob and Trump-allied attorney John Eastman. "Jacob said this to Mr. Eastman: 'Thanks to your bullsh**, we are under siege,'" Cheney said.    Updated 7:55 AM Committee announces next hearings The House Jan. 6 committee announced the dates of the next two hearings: Tuesday, June 21 at 1 p.m. ET and Thursday, June 23 at 1 p.m. ET.These two hearings will be the fourth and fifth out an expected six hearings.   8:02 AM Highlights from Day 1 of the hearings The House select committee investigating the Jan. 6, 2021, assault on the U.S. Capitol began laying out its findings in a prime-time hearing on Thursday, June 9.Many of the revelations came from recorded, on-camera testimony from Trump administration insiders, including Ivanka Trump, Jared Kushner, and former Attorney General William Barr, who have appeared before the committee over the past several months. 6 new things we learned from the first public Jan. 6 hearing 01:24 There was also live testimony from two witnesses. Documentary filmmaker Nick Quested described following the Proud Boys as they led the assault.And Capitol Police officer Caroline Edwards gave a firsthand account of trying to hold back the mob and suffering a traumatic brain injury that has kept her from returning to the job."What I saw was just a war scene," she said. "It was something like I had seen out of the movies. I could not believe my eyes. ... It was carnage. It was chaos."  Capitol Police officer describes "carnage" and "chaos" during Jan 6. attack 13:07 "Never in my wildest dreams did I think that as a police officer and as a law enforcement officer, I would find myself in the middle of a battle," she continued. "I am trained to detain a couple of subjects and handle a crowd, but I'm not combat trained. And that day, it was just hours of hand-to-hand combat."    8:23 AM Highlights from Day 2 of the hearings In the second day of the House Jan. 6 select committee public hearings, on Monday, June 13, the committee focused on the evidence establishing that former President Donald Trump lost his reelection campaign, and knew that he lost. Yet instead of accepting defeat, Chairman Bennie Thompson said Trump "decided to wage an attack on our democracy, an attack on the American people," which culminated in the violence at the Capitol on Jan. 6, 2021.  Four takeaways from the second day of the Jan. 6 committee hearings 01:58 Witnesses included former Fox News political editor Chris Stirewalt, who testified about how the network called the crucial state of Arizona for Biden, and videotaped testimony from Trump's 2020 campaign manager Bill Stepien, who said he thought it was "far too early" for Trump to declare victory on election night, which Trump did at the urging of Rudy Giuliani.There was also additional videotaped testimony from former Attorney General William Barr, who was shown in the first hearing saying he told Trump his claims of widespread election fraud were "bullsh**."Barr said a report claiming voting machines from Dominion Voting Systems were changing votes from Trump to President Biden was "amateurish," and he described other claims of voter fraud as "bogus and silly and usually based on complete misinformation."The committee also showed how the Trump campaign and allies used baseless claims of election fraud to raise millions of dollars from the former president's supporters — money that was then funneled into the pockets of entities with close ties to Trump. In: United States Capitol Mike Pence Donald Trump Liz Cheney

How to watch Thursday's House Jan. 6 committee hearing focusing on Trump's "relentless" pressure on Pence.

Chinese President Xi Jinping applauds during the closing session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China March 11, 2022. REUTERS/Carlos Garcia RawlinsRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - Russian President Vladimir Putin agreed in a phone call with his Chinese counterpart Xi Jinping to expand cooperation in energy, finance and industry as Moscow faces unprecedented Western sanctions over Ukraine, the Kremlin said on Wednesday."It was agreed to expand cooperation in energy, finance, industry, transport and other spheres, taking into account the global economic situation that has become more complicated due to the West's illegitimate sanctions policy," the Kremlin said in a readout of the leaders' call.Register now for FREE unlimited access to Reuters.comReporting by Reuters; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

Kremlin says Putin, Xi agreed to boost ties in energy, finance.

Register now for FREE unlimited access to Reuters.comLONDON/NEW YORK, June 15 (Reuters) - Bitcoin slumped 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 $20,079.72 , its lowest since December 2020. It has lost about 33% of its value against the U.S. dollar since Friday, dropping more than 50% since the beginning of the year. It has slumped about 70% from its record high of $69,000 in November.Bitcoin was last down 3.4% at $21,336.Register now for FREE unlimited access to Reuters.comThe 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.Expectations of a 75 basis-point interest rate hike from the U.S. Federal Reserve later on Wednesday amid blistering inflation have also pressured 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 2022Representation of cryptocurrency bitcoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo"Some parts of the broader crypto ecosystem are facing a rather harsh reckoning," said Mikkel Morch, executive director at digital asset hedge fund ARK36. "As the reality of the bear market starts to settle in, the hidden leverages and structural weaknesses of projects that only worked when the prices went up are finally brought to light."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 to as low $1,013, the lowest since January 2021, and was last down 8.1% at $1,108.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 would 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.Crypto hedge fund Three Arrows, amid social media chatter it is facing liquidation issues, said it was committed to working things out. read more U.S. crypto broker Genesis also sought to ease investor concerns on liquidity after what happened to Celsius. Genesis said its balance sheet was strong and its lending business continued to meet client demand despite elevated market volatility. read more Register now for FREE unlimited access to Reuters.comReporting by Tom Wilson in London and Gertrude Chavez-Dreyfuss in New York Additional reporting by Alun John in Hong Kong Editing by Jason Neely and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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

Ryanair logo is pictured on the the jacket of a cabin crew member ahead of a news conference by Ryanair union representatives in Brussels, Belgium September 13, 2018. REUTERS/Francois LenoirRegister now for FREE unlimited access to Reuters.comMILAN, June 15 (Reuters) - Unions representing staff and cabin crew for Ryanair (RYA.I) in Italy have called a 24-hour strike for June 25, coinciding with walkouts the budget airline is facing the same day in other parts of Europe.Unions FILT-CGIL and UIL Trasporti said they were seeking improved pay and conditions after staging a four-hour stoppage earlier in June. read more Ryanair workers in Spain and Portugal have announced strikes for late June and the Italian unions said they also expected stoppages in France and Belgium.Labour unrest and staff shortages in Europe are causing headaches for travellers heading into the peak summer season, with airports and airlines clamouring to find more workers, minimize cancelled flights and reduce delays. read more Ryanair ranked first for the number of passengers travelling to and from Italy last year as Alitalia shrunk its network before handing over to smaller ITA Airways.Register now for FREE unlimited access to Reuters.comWriting by Keith Weir, editing by Maria Pia QuagliaOur Standards: The Thomson Reuters Trust Principles.

Ryanair's Italian staff to join strikes planned for June 25.

A protestor supporting Palestinian Mohammad El Halabi, stands outside an Israeli court in Beersheba, Israel, June 15, 2022. REUTERS/Amir CohenRegister now for FREE unlimited access to Reuters.comSummaryWorld Vision aid worker denies charges, plans appealUN human rights chief in Palestine expresses concernIsrael authority asks court to dissolve World Vision in IsraelBEERSHEBA, Israel, June 15 (Reuters) - An Israeli court on Wednesday convicted a Palestinian aid worker who has been detained for six years on Israeli charges he funneled tens of millions of dollars in relief funds to the militant group Hamas.The Beersheba District Court found Mohammad El Halabi guilty of supporting a terror organisation but acquitted him of treason, judges reading out the verdict said. They set a sentencing hearing for July.El Halabi, head of Gaza operations for World Vision, an international Christian aidgroup, was arrested in June 2016, accused of siphoning off up to $50 million to pay Hamas fighters, buy arms and fund the group's activities.Register now for FREE unlimited access to Reuters.comEl Halabi has denied the charges and refused several plea deal offers. He has told Reuters the charges were "a set of lies" meant to target humanitarian work in Gaza.Hamas, which governs blockaded Gaza, is designated by Israel and the West as a terrorist organization.The full verdict was classified but the judges said their conviction centered on a confession by El Halabi, which they said was "detailed, coherent, with signals of truth and particular details." They said the confession matched details in other testimonies and evidence.Sitting in a guarded court booth, El Halabi received the verdict through a translator. His lawyer, Maher Hanna, has denied El Halabi ever confessed and said he would appeal once the sentence is announced."I don't know what the court is basing its claim on," he told reporters. He said the judges' summary had "nothing to do with the evidence that was presented in court."He said the state had failed to produce evidence on what projects El Halabi was supposed to have diverted funds from, which governments had donated the money, or how the aid was transferred to Hamas.World Vision, which focuses on helping children, said an independent audit found no evidence of wrongdoing or of funds missing. It said that in the 10-year period El Halabi was employed, it budgeted around $22.5 million for operations in Gaza, making the amount El Halabi allegedly diverted "hard to reconcile".World Vision spokesperson Sharon Marshall said the organisation acknowledged the verdict "with disappointment" and said it would support any appeal because it believed El Halabi was innocent.International human rights organisations have criticised El Halabi's prolonged detention and trial. Human Rights Watch said the verdict "compounds a miscarriage of justice."On Tuesday, the head of the United Nations Human Rights Office in Palestine, James Heenan, also expressed concern.Widespread use of secret evidence, reliance on closed proceedings and credible allegations of ill-treatment in detention "paint a picture of enormous pressure on Mr el-Halabi to confess in the absence of evidence," Heenan said.In Gaza, dozens of Palestinians gathered with posters of El Halabi to show support."This is a grave mistake and an injustice," his father, Khalil El Halabi, told Reuters. "My son is innocent."In a separate case running parallel to El Halabi's trial, Israel's Corporation Authority (ICA), which oversees NGO activities, petitioned a Jerusalem court to dissolve World Vision in Israel, official documents obtained by Reuters showed.The ICA declined a request for comment.A 2021 review of the organization by the Department of Non-Profit Associations and Charitable Companies determined there were "serious flaws" in World Vision's activities that involved the transfer of funds to parties "known to be terror operatives", though the report did not provide evidence or elaborate on whether by "terror operatives" it meant El Halabi or others.A judge is set to rule on whether to dissolve the organization in Israel later this month.Register now for FREE unlimited access to Reuters.comReporting by Henriette Chacar in Beersheba; Additional reporting by Nidal al-Mughrabi in Gaza; Editing by Frank Jack Daniel and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Israeli court convicts Palestinian aid worker after six years in detention.

U.S. Updated on: June 14, 2022 / 9:57 PM / CBS/AP Severe storms and extreme heat strike U.S. Severe storms and extreme heat strike U.S. 03:00 A visitor from Indiana captured dramatic video of a waterfront house in Montana being swept away in a river as a torrent of rain combined with a rapidly melting snowpack caused a deluge of flooding in Yellowstone National Park.At a cabin in Gardiner, Parker Manning got an up-close view of the water rising and the river bank sloughing off in the raging Yellowstone River floodwaters just outside his door. Cabin falls into river amid severe Yellowstone flooding 00:45 On Monday evening, Manning watched as the rushing waters undercut the opposite riverbank, causing a house to fall into the Yellowstone River and float away mostly intact. "We started seeing entire trees floating down the river, debris," Manning told The Associated Press. "Saw one crazy single kayaker coming down through, which was kind of insane."The Yellowstone River at Corwin Springs crested at 13.88 feet Monday, higher than the previous record of 11.5 feet set in 1918, according the National Weather Service. Manning posted more photos and video of the flooding on Facebook, writing: "Crazy times in Gardiner MT." In this image provided by Parker Manning, the flooding Yellowstone River undercuts the river bank, threatening a house and a garage in Gardiner, Mont., on June 13, 2022.  Parker Manning / AP The flooding triggered evacuations, cut off electricity and forced Yellowstone officials to close all entrances indefinitely, just as the summer tourist season was ramping up.While numerous homes and other structures were destroyed, there were no immediate reports of injuries. Yellowstone officials said they were assessing damage from the storms, which washed away bridges, caused mudslides and left small cities isolated, forcing evacuations by boat and helicopter.More than 10,000 visitors were ordered out of Yellowstone. The only visitors left in the massive park straddling three states were a dozen campers still making their way out of the backcountry. Park Superintendent Cam Sholly said the backpackers who remained in the park had been contacted. Crews were prepared to evacuate them by helicopter, but that hasn't been needed yet, he said.Sholly said he didn't believe the park had ever shut down from flooding.Some of the worst damage happened in the northern part of the park and Yellowstone's gateway communities in southern Montana. National Park Service photos of northern Yellowstone showed a mudslide, washed out bridges and roads undercut by churning floodwaters of the Gardner and Lamar rivers.The flooding cut off road access to Gardiner, a town of about 900 people near the confluence of the Yellowstone and Gardner rivers, just outside Yellowstone's busy North Entrance. Cooke City was also isolated by floodwaters and evacuations were also issued for residents in Livingston.Officials in Park County, which encompasses those cities, said on Facebook Monday evening that extensive flooding throughout the county also had made drinking water unsafe in many areas. Evacuations and rescues were ongoing and officials urged people who were in a safe place to stay put overnight.The Montana National Guard said Monday it sent two helicopters to southern Montana to help with the evacuations.Cory Mottice, a meteorologist with the National Weather Service in Billings, Montana, said rain is not in the immediate forecast, and cooler temperatures will lessen the snowmelt in coming days. "This is flooding that we've just never seen in our lifetimes before," Mottice said.In Red Lodge, Montana, a town of 2,100 that's a popular jumping-off point for a scenic, winding route into the Yellowstone high country, a creek running through town jumped its banks and swamped the main thoroughfare, leaving trout swimming in the street a day later under sunny skies.At least 200 homes flooded in the city and in Fromberg, Carbon County authorities said.On Monday, Yellowstone officials evacuated the northern part of the park, where roads may remain impassable for a substantial length of time, Sholly said in a statement.But the flooding affected the rest of the park, too, with park officials warning of yet higher flooding and potential problems with water supplies and wastewater systems at developed areas.The rains hit during the high tourism season. June, at the onset of an annual wave of over 3 million visitors that doesn't abate until fall, is one of Yellowstone's busiest months.Yellowstone got 2.5 inches of rain Saturday, Sunday and into Monday. The Beartooth Mountains northeast of Yellowstone got as much as 4 inches, according to the National Weather Service. In south-central Montana, flooding on the Stillwater River stranded 68 people at a campground. Stillwater County Emergency Services agencies and crews with the Stillwater Mine rescued people Monday from the Woodbine Campground by raft. Some roads in the area are closed because of flooding and residents have been evacuated."We will be assessing the loss of homes and structures when the waters recede," the sheriff's office said in a statement. In: Yellowstone National Park 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

Yellowstone flooding: Dramatic video shows large house collapsing into Yellowstone River.

LIVE UPDATESUpdated Wed, Jun 15 20221:30 PM EDTShareThe Federal Reserve is expected to announce another interest rate hike at 2 p.m. ET on Wednesday. Central bank officials will also issue their projections for inflation and economic growth. Fed Chairman Jerome Powell will take questions from reporters at 2:30 p.m. Investors will be listening for cues on the central bank's projections for economic growth, inflation and its future path for rate hikes.Bill Ackman predicts a 75 basis point rate hike as Fed pledges aggressive actionPershing Square's Bill Ackman is calling on the Federal Reserve to act aggressively so the central bank can regain credibility in its fight against soaring inflation.On Wednesday before the Fed decision at 2 p.m. ET, Ackman gave his prediction in a tweet, anticipating that the Fed "raises 75 bps, expresses a high level of concern about inflation and inflationary expectations, and makes clear that nothing is off the table for July including 100 bps or more if necessary."The hedge fund manager also said a series of one percentage point increment hikes would be more efficient to ease inflation and the markets can recover sooner.— Yun LiAtlanta Fed's GDPNow estimates no growth in second quarterA real-time reading of economic growth from the Atlanta Federal Reserve has declined again on Wednesday, reflecting the slowing U.S. economy and fanning fears of a potential recession.After a weaker-than-expected retail sales report for May, the GDPNow tracker now shows 0% growth for the second quarter.If that comes to pass, this will mark the second straight quarter with flat or negative GDP growth. In the first quarter, GDP growth was negative, though largely due to a higher-than-usual difference between imports and exports.With inflation running at its highest level since the early 1980s, the Federal Reserve is raising rates despite slowing economic growth. That dynamic has led many on Wall Street to predict a recession either later this year or in 2023.Consecutive quarterly declines in GDP often coincide with official recessions, though that standard is not part of the official definition used by the National Bureau of Economic Research.— Jesse Pound

Real-time updates of the Fed's big rate decision and Powell's press conference.

Politics June 15, 2022 / 12:15 PM / CBS News January 6 committee posts new footage January 6 committee posts new footage of Capitol tour, prepares for next hearing 04:16 Washington — The House select committee investigating the Jan. 6 assault on the Capitol released new surveillance footage on Wednesday showing GOP Rep. Barry Loudermilk leading a group of people on a tour of the Capitol complex the day before the attack, with some of the guests documenting locations like staircases, security checkpoints and hallways.The committee asked Loudermilk last month for information about a tour he led of the Capitol complex before the assault. Loudermilk denied that he ever gave a tour of the Capitol itself on Jan. 5, when it was closed to tourists due to the COVID-19 pandemic. After a review of security footage, the U.S. Capitol Police determined last month that there was "no evidence" that Loudermilk led the group into the Capitol and said "we do not consider any of the activities we observed as suspicious."But the committee suggested otherwise in a letter to Loudermilk on Wednesday. The new footage shows the congressman leading "a tour of approximately ten individuals led by you to areas in the Rayburn, Longworth, and Cannon House Office Buildings, as well as the entrances to tunnels leading to the U.S. Capitol," Committee Chairman Bennie Thompson wrote. The group stayed for "several hours," he wrote, and some "photographed and recorded areas of the complex not typically of interest to tourists."  Some of the individuals on the tour would join the Jan. 6 rally near the White House and the ensuing march on the Capitol, the committee said, and one of the men on the tour made "disturbing" threats against members of Congress. The panel did not say whether any of those on the tour entered the Capitol on the day of the attack. The House select committee investigating the Jan. 6 assault on the Capitol released new surveillance footage showing GOP Rep. Barry Loudermilk leading a group of people on a tour of the Capitol complex the day before the attack. House Jan. 6 select committee / from U.S. Capitol Police surveillance video "The select committee has learned that some individuals you sponsored into the complex attended the rally at the Ellipse on the morning of January 6, 2021," Thompson wrote. "According to video recordings from that day obtained by the select committee, the individual who appeared to photographs a staircase in the Longworth House Office building filmed a companion with a flagpole appearing to have a sharpened end who spoke to the camera saying, 'It's for a certain person," while making an aggressive jabbing motion. Later, these individuals joined the unpermitted march from the Ellipse to the U.S. Capitol. While standing near the Capitol grounds, the same individual made a video that contained detailed and disturbing threats against specific members of Congress. "In the week following January 6, 2021, members urged law enforcement leaders to investigate sightings of 'outside groups in the complex' on January 5, 2021 that 'appeared to be associated with the rally at the White House the following day,'" Thompson continued. "The select committee's review of surveillance footage showing the above-described tour is consistent with those observations." The video recording from Jan. 6 released by the committee appears to show one of the men from the tour making threats against Democratic members of Congress. "We're coming in like white on rice," the individual says on the video. "For Pelosi, Nadler, Schumer, even you, AOC. We're coming to take you out. We'll pull you out by your hairs." Surveillance footage shows a tour led by Loudermilk to areas in the House Office Buildings, as well as the entrances to Capitol tunnels.Individuals on the tour photographed/recorded areas not typically of interest to tourists: hallways, staircases and security checkpoints. pic.twitter.com/Rjhf2BTdbc— January 6th Committee (@January6thCmte) June 15, 2022 Loudermilk has declined to meet with the committee, and harshly criticized the release of the footage in a statement on Wednesday. "This false narrative that the Committee and Democrats continue to push, that Republicans, including myself, led reconnaissance tours is verifiably false. No where that I went with the visitors in the House Office Buildings on January 5th were breached on January 6th; and, to my knowledge, no one in that group was criminally charged in relation to January 6th," he said. "Once again, the Committee released this letter to the press, and did not contact me. This type of behavior is irresponsible and has real consequences — including ongoing death threats to myself, my family, and my staff."Al Foley, a constituent of Loudermilk who was on the Jan. 5 tour and has spoken with the committee about it, said he came to Washington, D.C., for Trump's rally with other constituents who were in touch with Loudermilk. Foley denied that it was a "reconnaissance tour." "That's the farthest thing from the truth," Foley told CBS News. "Quite frankly, it's a disgusting allegation. It was Jan. 5, and nobody had any idea what would happen on Jan. 6."Foley said they didn't go into the Capitol building."[Rep. Loudermilk] gave us a tour of his office and I don't know exactly what buildings they were in and that was it," Foley said. "I was very excited to meet a representative of Congress. I was quite impressed with the life of a congressman, and the amount of work they do."In Thompson's letter to Loudermilk on Wednesday, he again asked that the Republican member meet with the committee as his earliest convenience. Michael Kaplan contributed to this report.  Kathryn Watson Kathryn Watson is a politics reporter for CBS News Digital based in Washington, D.C. 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

Video shows GOP congressman leading tour of Capitol complex the day before Jan. 6 attack.

The U.S. stock market is officially in a bear market, with the S&P 500 earlier this week closing more than 20% below a record high.For investors looking to protect their portfolios in this tough environment, there are some stocks that have done well in previous bear markets.To find these names, CNBC Pro looked at the total returns (price gain plus dividends) of S&P 1500 stocks during the last three bear markets. We then ranked them by their median returns during those time frames and filtered for companies with market caps of at least $1 billion. Then, we narrowed the results to stocks that also outperformed the S&P 500 during those bear markets.The last three bear markets, as defined by S&P Dow Jones Indices, took place during the following periods: Feb. 19, 2020 to March 23, 2020; Oct. 9, 2007 to March 9, 2009; March 24, 2000 to Oct. 9, 2002.Here are the stocks that made our list.United Natural Foods topped the screen with a median return of 44.4% during the three previous bear markets. The stock has struggled this year, falling roughly 17%, but that's still outperforming the S&P 500 and the S&P 1500, which are both down more than 21% for 2022.Natural gas producer Southwestern Energy also made our list with a median return of 26.5%. The stock is also the only name on the list to have posted double-digit returns during the last three bear markets.Southwestern shares have been on fire this year, rallying 71% as natural gas prices have skyrocketed.Car parts and equipment retailer AutoZone also made the cut with a median return of 22%. AutoZone shares are down just 3% year to date and have surged more than 43% over the past 12 months.Wells Fargo analysts highlighted AutoZone as a "counter-cyclical" name that tends to hold up during this kind of environment. The shares are "historically recession-resistant, with needs-based categories that typically outperform during challenging economic climates," Wells said last week.Defensive stalwart Clorox also turned up on our screen, sporting a median return of 3.2% during the last three bear markets. To be sure, the stock is down more than 28% in 2022, and the company lowered its full-year gross margins estimates last month.Representing health care is Gilead Sciences with a median return 8.8% over the past three bear markets. Gilead shares have struggled this year, falling about 20%.SVB Securities analysts wrote last month that Gilead's valuation was inexpensive, but added that the company's drug pipeline "needs validation.""GILD trades at a low P/E, but given low-single digit earnings growth prospects ex-Veklury we think the company needs to deliver compelling pipeline results to drive stock outperformance," said SVB, which has a market perform rating on the stock.Other stocks that made the list are: Monro, WD-40, Capitol Federal Financial, Spire and Royal Gold.—CNBC's Michael Bloom contributed to this report.

AutoZone and Gilead are among stocks that historically outperform during bear markets.

A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy NicholsonRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - Tesla Inc (TSLA.O) reported 273 vehicle crashes since July involving advanced driving assistance systems, more than any other automaker, according to data U.S. auto safety regulators released on Wednesday.Automakers and tech companies reported more than 500 crashes since June 2021, when the National Highway Traffic Safety Administration (NHTSA) issued an order requiring the information.Car companies are rushing to add driver assistance systems, saying these improve safety by handling some maneuvers. U.S. regulators are trying to understand the practical effect of the changes. But automakers collect and report data in different ways, making it difficult to draw conclusions on systems performance.Register now for FREE unlimited access to Reuters.comTesla's advanced driver assistant software dubbed "Full Self Driving" has also created some confusion about vehicle capabilities.NHTSA ordered companies to quickly report all crashes involving advanced driver assistance systems (ADAS) and vehicles equipped with automated driving systems being tested on public roads.Of the 392 such crashes reported by a dozen automakers since July, six deaths were reported and five serious injuries. Honda Motor (7267.T) identified 90 crashes.Companies also reported 130 crashes involving prototype automated driving systems, while 108 involved no injuries and one was a serious injury crash.NHTSA said Alphabet Inc's (GOOGL.O) self-driving car unit Waymo reported 62 crashes involving vehicles with automated driving systems, while General Motors' (GM.N) Cruise had 23.Waymo said its crashes were not high severity and one third were in manual mode. Airbags deployed in only two crashes.Cruise said it "has logged millions of miles in one of the most complex urban driving environments because saving lives is our chief aim."NHTSA said in releasing the first batch of data that it has already been used to trigger investigations and recalls and helped inform existing defect probes."By providing NHTSA with critical and timely safety data this will help our investigators quickly identify potential defect trends," NHTSA Administrator Steven Cliff said, cautioning the raw number of incidents reported per manufacturer "is by itself inadequate to draw conclusions."The agency emphasized crashes are tracked by individual automakers in different ways and discouraged comparisons of performance among automakers in part because there aren't comprehensive metrics on how widely each system is used.Tesla did not respond to requests for comment.Honda told Reuters it had found no defects in the systems and its crash reports were based on unverified customer statements "to comply with NHTSA’s 24-hour reporting deadline."No other automaker reported more than 10 ADAS crashes during the period.Despite the limitations, NHTSA said the data was essential in order to quickly spot potential defects or safety trends. Incidents that occur when an advanced system was engaged within 30 seconds of a crash must be reported within 24 hours to NHTSA.The agency plans to release new data monthly.NHTSA has been scrutinizing Autopilot and said last week it was upgrading its probe into 830,000 Tesla vehicles with the system, a required step before it could seek a recall. The regulator had opened a preliminary evaluation to assess the performance of Autopilot after about a dozen crashes in which Tesla vehicles struck stopped emergency vehicles. read more Separately, NHTSA has opened 35 special crash investigations involving Tesla vehicles in which ADAS was suspected of being used. A total of 14 crash deaths have been reported in those Tesla investigations, including a May California crash that killed three people.Tesla says Autopilot allows the vehicles to brake and steer automatically within their lanes but does not make them capable of driving themselves.Register now for FREE unlimited access to Reuters.comReporting by David Shepardson; Editing by Muralikumar Anantharaman and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Tesla leads automakers in self-driving vehicle crashes -U.S. regulator.

A scene from Netflix's "Stranger Things".Source: NetflixCould Netflix ditch its binge-release model? Stranger things have happened.The all-at-once release strategy for television shows is a bedrock of Netflix's strategy. The first seven episodes of "Stranger Things," which all premiered on May 27, broke records. It was the biggest premiere weekend ever for an English-language TV show on the service with nearly 287 million hours watched.Despite the success of its marquee series, however, Netflix is struggling to jumpstart subscriber growth. So its binge strategy is facing new scrutiny as the company looks for ways to better retain its subscriber base."With Netflix, or anyone, never say never," said Peter Csathy, founder and chairman of advisory firm Creatv Media. "Just like they said 'no way, no advertising,' don't assume that binge viewing is forever." He added: "Binge viewing is on the table."Investors are questioning Netflix's ability to address subscriber losses and growing competition in the streaming space. The streamer's stock plummeted over the past year from $700 per share to around $160. The company reported a loss of 200,000 global subscribers during its first quarter earnings report in April. It also warned of deepening trouble ahead, forecasting it would lose around 2 million global paid subscribers during the second quarter.Now, Netflix is reconsidering several core tenets that once made it the king of the nascent streaming world. Co-CEO Reed Hastings said the company is exploring lower-priced, ad-supported tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.Those familiar with the streaming space suggest more changes could come, including a stronger focus on franchise content and even a change to staggered releases of new episodic content.Netflix has toyed with different release models, mostly due to pandemic-related delays in production, and noted that splitting seasons into two parts can be a "satisfying long binge experience" for subscribers. Still, the company has made no indication that it will transition away from releasing all episodes of scripted series at once. Instead, decisions will be made on a case-by-case basis.Netflix declined to comment."When Netflix started it really had the field to itself,"  said Robert Thompson, a professor at Syracuse University and a pop culture expert. "One of the reasons they started binging was to get people talking and to really launch their new original programming. They succeeded in that. Now, however, it's a very different case."Netflix no longer has licensed content like "The Office" or "Friends," which kept subscribers coming back month after month to watch on repeat. Instead, it has several high profile shows, like "Stranger Things," "Bridgerton" and "The Witcher" — as well as an expansive library of series that haven't reached the same level of prestige or popularity.Thompson noted that all shows released on streaming services eventually become bingeable. It is how they are first introduced to audiences that the platforms control.To binge or not to binge"Releasing all at once, the Netflix model, increases the binge value," said Nick Cicero, vice president of strategy at data analytics company Conviva. "This allows customers to consume at their own pace, but relies on a deep catalog.""The flip side," he said, "is week over week, which is designed to bring people back and give them something to look forward to. It's a very different model of marketing."On services such as Disney+, HBO Max and Hulu, individual episode releases keep audiences hooked over the course of several weeks, meaning less churn on a month-to-month basis. Meanwhile, Netflix subscribers can watch a full season of a show they are interested in and then leave the service at the end of the month.In this photo illustration the Netflix logo seen displayed on a smartphone screen, with graphic representation of the stock market in the background.Sopa Images | Lightrocket | Getty ImagesStringing content throughout the year allows services like Disney to entice subscribers to stay each month but also persuade them to pay for an annual subscription up front. The company's Disney+ platform utilizes its two biggest franchises — Star Wars and Marvel — to keep subscribers coming back.The company released "The Book of Boba Fett," which ran from late December 2021 until early February. Then added "Moon Knight" in late March, which ran until early May. Then in late May, it released "Obi-Wan Kenobi," which will continue through late June. "Ms. Marvel" arrived early June and will run through late July. August has the release of "She-Hulk," which carries episodes through October, and then "Andor," which will wrap its first season in November.Then in December, Disney+ will release the "Guardians of the Galaxy" Christmas special. In staggering these releases, the company can entice Star Wars fans and Marvel fans to stick with the service long term."With Netflix, it is super easy to join for three-to-six months and then leave for three-to-six months," said Michael Pachter, analyst at Wedbush. "Once 'Stranger Things' is over and 'Ozark' is over, what now?"In recent years, Netflix has experimented with weekly releases for some reality shows, but has not tried this strategy with scripted series."We fundamentally believe that we want to give our members the choice in how they view," Peter Friedlander, Netflix's head of scripted series for U.S. and Canada, said earlier this month. "And so giving them that option on these scripted series to watch as much as they want to watch when they watch it, is still fundamental to what we want to provide."Netflix has, however, dabbled in splitting seasons in half or in parts in order to spread them out. The fourth and final season of "Ozark" was segmented in two, and so was the latest season of "Stranger Things." The final two episodes of "Stranger Things" season four, including its 2.5-hour finale, will start streaming July 1."Splitting the seasons actually had a practical reason before, which was the Covid delays and all those projects that kind of led us to splitting some of the seasons," co-CEO Ted Sarandos said during the company's first quarter earnings call in April. "But what we found is that fans kind of like both.""So being able to split it gives them a really satisfying binge experience for those people who want that really satisfying long binge experience," he said. "And then being able to deliver a follow-up season in a few months versus, in some cases, the new season of 'Stranger Things' is coming nearly three years after the last one or more than two anyway."Netflix has long held to its all-at-once model because of its subscribers, which it says want more control over when and how they watch content. Shows like "Maid," "Inventing Anna," "The Lincoln Lawyer" and "Squid Game" all held top 10 spots on the streaming service for weeks, showing that Netflix shows can have longevity of viewing on the service as word of mouth travels to new audiences.Still, Netflix can learn a lot from staggered releases of "Ozark" and "Stranger Things" to determine whether there are other scripted series that would benefit from this strategy.Pachter suggested that Netflix could take a cue from Amazon and release three episodes a week."It's absolutely OK to say, 'We are the disruptor, but there are things our competitors are doing that we admire and we respect them and we think they are doing it right,'" Pachter said. "It's not a cop out."Franchise feverNetflix's all-at-once release strategy may set it apart from other streaming services, but it also means that it has to increase it output of content to fill the gaps between series. Instead of having, say, 30 shows spread throughout the year, it needs 300, Pachter said."Netflix's data dump means that they have to do more content to minimize churn," he said. "I think that they will be far more successful if they focus on more quality than more quantity."For years, the streaming service used licensing agreements with networks and studios to pad its library with long-running and popular series like "Parks and Recreation," "Schitt's Creek," "Mad Men," and a suite of Marvel-based superhero shows.Those contracts have ended and the shows are now on other streamers. In another blow, Netflix is about to lose 12 seasons of CBS' "Criminal Minds" at the end of month. "New Girl," another staple in Netflix's collection, is expected to depart the platform in 2023."Breaking Bad," "Grey's Anatomy," "NCIS" and "Supernatural" are sticking around for now.These kinds of series, which have a number of seasons or dozens of episodes, have been a major driver of viewing traffic on the streaming service for years. Now, Netflix is more reliant on its own original content, leaning heavily on content creator deals and surprise hits like "Squid Game" and "Love is Blind.""Netflix has a lot of content, but the iconic evergreen content has not caught up to the catalogs to the other streaming services that are out there," Cicero said.Relatively new streamers like Disney and NBCUniversal's Peacock have decades of legacy content to fill their libraries with. It's why Netflix made an agreement to be the first streaming space for new Sony releases back in 2021.It's also why Creatv's Csathy believes Netflix should focus on developing franchises or buying the rights to already established franchises."Rather than throwing all the titles against the wall to see what sticks with consumers, focus on franchises and name brands," Csathy said. "The smartest bets are those that have name recognition and built-in audiences.""Wall Street will reward those that come out with a public strategy of less is more," he added.Still, there are those that don't think Netflix will be so quick to overhaul its established strategy."I think people tend to forget within our industry is that this isn't a one size fits all," said Dan Rayburn, a media and streaming analyst. "I don't think Netflix will say no more binge watching."Instead, Rayburn foresees the streaming continuing to try new models, like its plans for adding an ad-supported plan to its platform.He noted that the stark stock reaction is a result of Netflix deriving all of its revenue from streaming. This means that when a show doesn't perform well or the service sees a slowdown in subscriber growth, there is an immediate reaction.At the end of the day, streaming analysts say content spending will not go down, even with ongoing economic pressures, such as inflation and higher interest rates, and a potential recession on the horizon. Competition in the streaming space will continue to drive these companies to create and distribute more content."Where the dollars go will be reallocated is the question," Csathy said. "For Netflix, I think 'less is more' is a strategy that pays off for them."Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

Netflix's binge-release model is under new scrutiny as the streaming giant struggles.

Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper PempelRegister now for FREE unlimited access to Reuters.comSummaryCompaniesBP's Arbelaez to head division, will include regional teamsBP to hire 100 people to hydrogen team this yearBP negotiating first long-term hydrogen supply dealLONDON, June 15 (Reuters) - BP (BP.L) is beefing up its hydrogen management team as the energy company prepares to accelerate investments in the low-carbon fuel which it believes will play a key role in the world's shift away from fossil fuels.The revamp of the hydrogen team is the first clear sign of changes Anja-Isabel Dotzenrath, a former head of RWE Renewables, has made since becoming BP's head of natural gas and renewables in March.It also comes as BP announces it has agreed to buy a 40.5% stake and become operator of an Australian renewable energy project that could become one of the world's biggest producers of green hydrogen. read more Register now for FREE unlimited access to Reuters.comBP's new hydrogen organisation will be led by Felipe Arbelaez, a veteran BP executive who has helped shape its renewables strategy since Chief Executive Bernard Looney took office in 2020, according to an internal memo seen by Reuters.The business will include six regional team leaders as well as two separate teams dedicated to technical developments and integration of hydrogen in BP's operations, the memo said.The changes will take effect on July 1.BP also plans to recruit around 100 people to the hydrogen team this year after hiring a similar number last year, a spokesperson said.Hydrogen is today used primarily in oil refineries but its production from natural gas is highly carbon-intensive.Demand for so-called blue hydrogen, where production emissions are captures, and green hydrogen, which is produced from renewable energy by splitting water, is expected to play an important role decarbonising heavy industry and transport.Both blue and green hydrogen technologies are still in their infancy and at least twice as expensive in production terms than regular, so-called grey hydrogen.The decision to increase the focus on hydrogen follows an acceleration in government and industry plans to plough billions into the fuel in the coming decades as they seek to slash greenhouse gas emissions, Arbelaez told Reuters."We're starting to see evidence that the desire to progress the hydrogen market is really accelerating across all nations and particularly in Europe, Asia and the United States," Arbelaez said.The shock to global energy prices following Russia's invasion of Ukraine in February has further boosted the outlook, he said."The (hydrogen) market doesn't exist in reality today. But what we are seeing is government ambitions to decarbonise and move away from hydrocarbons and in particularly to replace natural gas," Arbelaez said."Those ambitions are accelerating and the need for security of supply of energy, particularly in the European context on the back of the Ukrainian conflict, really accelerating the desire to develop alternatives."BP is starting to negotiate its first hydrogen supply contract for a period of up to 10 years, which will be linked to the carbon content of the fuel, Arbelaez said.The company expects low-carbon hydrogen demand to reach 380 to 450 million tonnes per year by 2050, representing up to 15% of the total energy mix.But while demand will be focused in Europe, the United States and Asia, production will be centred in other regions including Australia, the Middle East and South America, Arbelaez said.To bridge that gap, BP plans to invest in technologies and hubs to liquefy hydrogen and ship it to consumers, he said.To be liquefied, hydrogen needs to be cooled down to below 250 degrees Celsius, an extremely energy-intensive process.BP aims to capture a 10% share of the global hydrogen market.Its spending on hydrogen and carbon capture and storage technology is "not a big number today", Arbelaez said, but investment in low-carbon business will account for 40% of capital expenditure by the end of the decade.Register now for FREE unlimited access to Reuters.comReporting by Ron Bousso Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

EXCLUSIVE BP beefs up hydrogen team in bet on fuel's future.

CBS Mornings June 15, 2022 / 12:16 PM / CBS News Yellowstone evacuated amid historic flooding Family watches as their home falls into Yellowstone River 01:57 Parts of Yellowstone National Park may be closed for the rest of the summer season after historic flooding overwhelmed bridges and roads. Thousands of people have been evacuated from the area including Victoria and TJ Britton. They ran out of their front door Monday with a few belongings and their pets—not knowing it would be the last time they would be in their home. Within hours they watched from higher ground as the rushing waters of Yellowstone River swallowed their entire home.  "It's like watching a live funeral. I've watched it on TV happened to lots of other people, and when it happens to you it's devastating," TJ Britton told CBS News. Dramatic video shows house collapsing into Yellowstone River amid floodingOfficials say it floated for 5 miles before it sunk. Victoria said despite the huge loss, the family is grateful they made it out before the river took the home.  "We're lucky it held out till the morning, and you know, we were able to have a little heads up and get out of there, because otherwise we would probably be swimming in the river," she said. Across Montana, there are water rescues as the flooding is stranding families and isolating communities. "We've been spending most of the day today helping people that have been stranded," one rescue worker said.  Floodwaters are seen along the Clarks Fork Yellowstone River near Bridger, Mont., on Monday, June 13, 2022. The flooding across parts of southern Montana and northern Wyoming forced the indefinite closure of Yellowstone National Park just as a summer tourist season that draws millions of visitors annually was ramping up. Emma H. Tobin / AP The river, which carves its way through Yellowstone National Park, hit historic water levels after days of rain and large snowmelt.  The Yellowstone River at Corwin Springs crested at 13.88 feet on Monday, breaking the previously set record of 11.5 feet set in 1918, according to the National Weather Service. The popular tourist destination that sees 2 million visitors every summer is completely shut down. No word on when it will reopen.  In: Yellowstone National Park Flooding 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

Family watches as their home is swallowed by Yellowstone River floodwaters: "It's like watching a live funeral".

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 13, 2022. REUTERS/Brendan McDermid/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesIndexes up: Dow 0.63%, S&P 0.91%, Nasdaq 1.87%Fed rate decision due 2 p.m. ETAmazon, Microsoft top boost to S&P 500, NasdaqNucor climbs on upbeat profit forecastJune 15 (Reuters) - Wall Street's main indexes rose on gains in beaten-down growth and financial stocks on Wednesday even as investors braced for a bigger interest rate hike by the Federal Reserve to tame persistently high inflation.The largest S&P sectoral gainers were consumer discretionary (.SPLRCD) and communication services (.SPLRCL), while energy (.SPNY) declined 0.7%.Market heavyweights Tesla Inc (TSLA.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) added between 2% and 4.2%.Register now for FREE unlimited access to Reuters.comInvestors have dramatically raised their bets that the Fed will raise rates by 75 basis points (bps) instead of 50 bps, a rapid swing in expectations that has triggered a violent selloff across world markets. read more With many high-profile Fed analysts, including those at JP Morgan and Goldman Sachs, now expecting a 75 bps rate hike by the Fed, investors have rushed to reprice their bets. read more The U.S. central bank will release its statement at 2 p.m. ET (1800 GMT), with a press briefing by Fed Chair Jerome Powell expected at 2:30 p.m. ET."There's generally the view that even if the Fed moves 75 bps, it is largely priced in and that would explain why markets are performing well in advance," said Nicholas Brooks, head of economic and investment research at Intermediate Capital Group in London."After the decision, if the Fed's dot plot implies the terminal rate is below 4%, we could see stock indexes go a bit further, but if the rate is going to be higher than market expectations, the market will sell off very quickly."Worries about surging inflation, higher borrowing costs and rising challenges to economic growth have rattled global equities this year.At the start of the week, the benchmark S&P 500 (.SPX) marked a more than 20% decline from its record closing high on Jan. 3, confirming it has been in a bear market, according to a commonly used definition.Meanwhile, U.S. retail sales unexpectedly fell 0.3% in May as motor vehicle purchases declined amid shortages and record high gasoline prices pulled spending away from other goods.Economists polled by Reuters had predicted a 0.2% rise last month. read more At 12:03 a.m. ET, the Dow Jones Industrial Average (.DJI) was up 192.52 points, or 0.63%, at 30,557.35, the S&P 500 (.SPX) was up 33.83 points, or 0.91%, at 3,769.31, and the Nasdaq Composite (.IXIC) was up 202.01 points, or 1.87%, at 11,030.35.Among individual stocks, Citigroup (C.N) rose 3.3% to lead gains among the big banks, while Nucor Corp (NUE.N) jumped 3% after it forecast upbeat current-quarter profit on strong steel demand.Boeing Co (BA.N) surged 7.8% after China Southern Airlines Co Ltd (600029.SS) conducted test flights with a 737 MAX plane for the first time since March, in a sign the jet's return in China could be nearing as demand rebounds. read more Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and by a 3.31-to-1 ratio on the Nasdaq.The S&P index recorded one new 52-week high and 31 new lows, while the Nasdaq recorded 10 new highs and 152 new lows.Register now for FREE unlimited access to Reuters.comReporting by Anisha Sircar, Devik Jain and Sruthi Shankar in Bengaluru; Editing by Anil D'Silva and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Growth stocks lift Wall St ahead of Fed's big rate decision.

MoMo Productions | Stone | Getty ImagesRetirees and those planning to retire soon are the people most threatened by high inflation, investment managers and financial experts said at CNBC's Financial Advisor Summit.Inflation means a dollar today can buy fewer groceries and other household staples than it did a year ago, on average.Some inflation is expected in a healthy economy. But prices for consumer goods and services are rising at their fastest pace in 40 years. The torrid pace over the last several months has eroded household purchasing power more quickly than usual, which has been especially challenging for those living on fixed incomes.More from FA Playbook:Strategy may help ensure you won't run out of retirement cashAs stocks tumble, this tax play offers a silver liningHow much cash retirees need to weather market downturns"The biggest risk is actually for those that are retired," Nancy Davis, founder and managing partner of asset manager Quadratic Capital Management, said of inflation.People who are working are still getting paychecks from their employer. Their wages grew 6.1% over the past year — the fastest annual pace in at least 25 years, according to the Federal Reserve Bank of Atlanta. (Their data dates to 1997.)The job market has been hot, pushing businesses to raise pay. Though the average worker's wages haven't kept pace with inflation (which was 8.6% in the year through May), some have come out ahead.But many retirees are no longer getting a paycheck — they're living on income from their investments (in 401(k) plans and individual retirement accounts, for example) and regular checks from sources like Social Security, pensions and annuities.  Relative to investments, retirees with ample cash are seeing the value of that stockpile decline faster than usual due to inflation and paltry interest rates — meaning they must withdraw more cash to fund their usual expenses.Meanwhile, stocks and bonds are both down significantly this year. The S&P 500 Index entered a "bear market" this week for the first time since March 2020. The dynamic makes it challenging for retirees (especially new retirees) to fund their lifestyle using their investment portfolio without risking a financial shortfall later.Relative to guaranteed income, Social Security offers an annual cost of living adjustment. Recipients got a 5.9% boost to benefits this year, which was the largest in about 40 years but still lags May's inflation reading; next year's adjustment may be even higher.  But most pensions don't adjust beneficiaries' income upwards. Those that do generally raise benefits by 2% to 3% each year — less than half the current pace of inflation.Longer livesFurther, Americans are generally living longer lives, meaning their money must stretch over more time in retirement.Therefore, many retirees should have at least some stock exposure in their investment portfolios, since stocks have more long-term growth potential than assets like bonds and cash, according to financial advisors.But the recent market plunge (and the one back in early 2020) spooked many clients, who sold stocks in favor of cash and haven't bought back in yet, according to Louis Barajas, president and partner at MGO Wealth Advisors in Newport Beach, California.We are financial therapists right now. We are holding our clients' hands.Louis Barajaspresident and partner at MGO Wealth Advisors "So we have to get money invested back in equities," said Barajas, a certified financial planner.For clients of all ages, inflation is having the biggest impact on their cash flow, which is in a "tight squeeze," he said. His conversations with worried clients have largely focused on the basics: understanding their financial goals and knowing how much money they need."We are financial therapists right now," Barajas added. "We are holding our clients' hands."

It's a daunting time for retirees, who face the biggest inflation threat, financial advisors say.

Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, March 3, 2020.Kevin Lamarque | ReutersThe Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994.Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid pandemic began in March 2020.Additionally, members indicated a much stronger path of rate increases ahead to arrest inflation moving at its fastest pace going back to December 1981, according to one commonly cited measure.According to the "dot plot" of individual members' expectations, the Fed's benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate. The committee then sees the rate rising to 3.8% in 2023, a full percentage point ramp higher.Officials also significantly cut their outlook for 2022 economic growth, now anticipating just a 1.7% gain in GDP, down from 2.8% from March.The inflation projection as gauged by personal consumption expenditures also rose to 5.2% this year from 4.3%, though core inflation, which excludes rapidly rising food and energy costs, is indicated at 4.3%, up just 0.2 percentage points from the previous projection. Core PCE inflation ran at 4.9% in May, so the projections Wednesday anticipate an easing of price pressures in coming months.The committee's statement painted a largely optimistic picture of the economy even with higher inflation."Overall economic activity appears to have picked up after edging down in the first quarter," the statement said. "Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures."Indeed, the estimates as expressed through the committee's summary of economic projections see inflation moving sharply lower in 2023, down to 2.6% headline and 2.7% core, projections little changed from March.Longer-term, the committee outlook for policy largely matches market projections which see a series of increases ahead that would take the funds rate to about 3.8%, its highest level since late 2007.The statement was approved by all FOMC members except for Kansas City Fed President Esther George, who preferred a smaller half-point increase.Banks use the rate as a benchmark for what the charge each other for short-term borrowing. However, it feeds directly through to a multitude of consumer debt products, such as adjustable-rate mortgages, credit cards and auto loans.The funds rate also can drive rates on savings accounts and CDs higher, though the feed-through on that generally takes longer.The Fed's move comes with inflation running at its fastest pace in more than 40 years. Central bank officials use the funds rate to try to slow down the economy – in this case to tamp down demand so that supply can catch up.However, the post-meeting statement removed a long-used phrase indicating that the FOMC "expects inflation to return to its 2 percent objective and the labor market to remain strong." The statement only noted that the Fed "is strongly committed" to the goal.The policy tightening is happening with economic growth already tailing off while prices still rise, a condition known as stagflation.First-quarter growth declined at a 1.5% annualized pace, and an updated estimate Wednesday from the Atlanta Fed, through its GDPNow tracker, put the second quarter as flat. Two consecutive quarters of negative growth is a widely used rule of thumb to delineate a recession.Fed officials engaged in a public bout of hand-wringing heading into Wednesday's decision.For weeks, policymakers had been insisting that half-point – or 50-basis-point – increases could help arrest inflation. In recent days, though, CNBC and other media outlets reported that conditions were ripe for the Fed to go beyond that. The changed approach came even though Fed Chairman Jerome Powell in May had insisted that hiking by 75 basis points was not being considered.However, a recent series of alarming signals triggered the more aggressive action.Inflation as measured by the consumer price index rose 8.6% on a yearly basis in May. The University of Michigan consumer sentiment survey hit an all-time low that included sharply higher inflation expectations. Also, retail sales numbers released Wednesday confirmed that the all-important consumer is weakening, with sales dropping 0.3% for a month in which inflation rose 1%.The jobs market has been a point of strength for the economy, though May's 390,000 gain was the lowest since April 2021. Average hourly earnings have been rising in nominal terms, but when adjusted for inflation have fallen 3% over the past year.The committee projections released Wednesday see the unemployment rate, currently at 3.6%, moving up to 4.1% by 2024.All of those factors have combined to complicate Powell's hopes for a "soft or softish" landing that he expressed in May. Rate-tightening cycles in the past often have resulted in recessions.This is breaking news. Please check back here for updates.

Fed hikes its benchmark interest rate by three-quarters of a point, the biggest increase since 1994.

MoneyWatch June 15, 2022 / 2:02 PM / MoneyWatch Biden administration takes on rising inflation Biden administration's economic team works to curb rising inflation 06:33 The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades. The U.S. central bank set its target rate in the range of 1.25 to 1.5%. The federal funds rate, which controls how much banks pay to borrow money from each other, affects borrowing costs for consumers and businesses. The Fed had previously suggested it was likely to boost rates by half a percentage point at each of its three meetings this year, but recent signals that inflation is accelerating spurred policymakers to move more aggressively to slow economic growth in a bid to tame prices. Overall, the economy remains strong, with unemployment near a 50-year low of 3.6% and businesses continuing to hire. But the steepest inflation since 1981 is hitting households hards and causing consumer spending to shrink, with the government reporting that retail sales fell in May. The 0.3% decline, the first such drop since December, is a sign that high gas prices may be forcing consumers to spend less on other purchases. Last week, a sentiment survey by the University of Michigan found that Americans' expectations for future inflation are rising, a worrisome sign for the Fed because expectations can become self-fulfilling. Federal Reserve chairman Jerome Powell is set to speak to reporters at 2:30 p.m., explaining his outlook for the U.S. economy. This is a developing story. The Associated Press contributed reporting. 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

Federal Reserve raises benchmark interest rate 0.75% as it tries to calm inflation.

Federal Police officers escort a man accused to be involved in the missing of British journalist Dom Phillips and indigenous expert Bruno Pereira, who went missing while reporting in a remote and lawless part of the Amazon rainforest, near the border with Peru, in Atalaia do Norte, Amazonas state, Brazil, June 15, 2022. REUTERS/Bruno KellyRegister now for FREE unlimited access to Reuters.comATALAIA DO NORTE, Brazil, June 15 (Reuters) - Brazilian suspects in the disappearance of British journalist Dom Phillips and his Brazilian guide Bruno Pereira have confessed to killing and dismembering the men, broadcasters CNN Brasiland Band News reported on Wednesday.The federal police had said in a statement on Wednesday they were still searching for Phillips and Pereira in what they described as a homicide investigation, following the arrest of two suspects in the case. Reuters witnesses saw police take a masked and hooded man out on the river where the men vanished.Police have not commented on the reported confession.Register now for FREE unlimited access to Reuters.comThe suspects are fisherman Amarildo da Costa, known as "Pelado," and his brother Oseney da Costa, 41, or "Dos Santos."Amarildo was arrested last week on weapons charges and is being held while police investigate his involvement in the case. Oseney was taken into custody on Tuesday night. read more The suspects' family have denied they had any role in the men's disappearance. Public defenders representing the brothers could not immediately be reached for comment.Register now for FREE unlimited access to Reuters.comReporting by Jake Spring and Bruno Kelly in Atalaia do Norte Additional reporting by Peter Frontini in Sao Paulo and Pedro Fonseca in Rio de Janeiro Writing by Steven Grattan Editing by Brad HaynesOur Standards: The Thomson Reuters Trust Principles.

Suspects confess to killing British journalist and Brazilian guide -reports.

The Federal Reserve raised its target federal funds rate by 0.75 percentage points, the largest increase in nearly three decades, at the end of its two-day meeting Wednesday in an effort to quell runaway inflation."The motivation for all of this is that prices are going up," said Chester Spatt, a professor of finance at Carnegie Mellon University's Tepper School of Business. "The Fed is trying to fight that with higher interest rates to reduce demand."The latest move is only one part of a rate-hiking cycle, which aims to crush inflation without tipping the economy into a recession, as some fear could happen. The Fed last raised rates by 75 basis points in November 1994.More from Invest in You:What new graduates need to know about money and jobsWhat Gen Z and millennials want from their employersEmployers boost mental wellness perks amid Great Resignation"It had been 22 years since they raised rates by more than a quarter of a percentage point and now to be doing so at successive meetings, it really speaks to the urgency at hand," said Greg McBride, chief financial analyst at Bankrate.com.For consumers, this aggressive approach could eventually bring relief from surging prices. It also comes at a cost.What the federal funds rate means to youThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that's not the rate that consumers pay, the Fed's moves still affect the borrowing and saving rates they see every day."We're certainly going to see the cost of borrowing escalate relatively quickly," Spatt said.With the backdrop of rising rates and future economic uncertainty, there are specific steps consumers should be taking to stabilize their finances, McBride added — including paying down debt, especially costly credit card and other variable rate debt, and increasing savings.Pay down high-rate debtSince most credit cards have a variable interest rate, there's a direct connection to the Fed's benchmark, so short-term borrowing rates are already heading higher.Credit card rates are currently 16.61%, on average, significantly higher than nearly every other consumer loan and may closer to 19% by the end of the year — which would be a new record, according to Ted Rossman, a senior industry analyst at CreditCards.com.If the APR on your credit card rises to 18.61% by the end of 2022, it will cost you another $832 in interest charges over the lifetime of the loan, assuming you made minimum payments on the average $5,525 balance, Rossman calculated.If you're carrying a balance, try consolidating and paying off high-interest credit cards with a lower interest home equity loan or personal loan or switch to an interest-free balance transfer credit card, he advised.Consumers with an adjustable-rate mortgage or home equity lines of credit may also want to switch to a fixed rate, Spatt said. Because longer-term 15-year and 30-year mortgage rates are fixed and tied to Treasury yields and the broader economy, those homeowners won't be immediately impacted by a rate hike.However, the average interest rate for a 30-year fixed-rate mortgage is also on the rise, reaching 6.28% this week — up more than three full percentage points from 3.11% at the end of December."Given that they've already gone up so dramatically, it's difficult to say just how much higher mortgage rates will go by year's end," said Jacob Channel, senior economic analyst at LendingTree.On a $300,000 loan, a 30-year, fixed-rate mortgage would cost you about $1,283 a month at a 3.11% rate. If you paid 6.28% instead, that would cost an extra $570 a month or $6,840 more a year and another $205,319 over the lifetime of the loan, according to Grow's mortgage calculator.Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising, so if you are planning to finance a new car, you'll shell out more in the months ahead.Federal student loan rates are also fixed, so most borrowers won't be impacted immediately by a rate hike. However, if you have a private loan, those loans may be fixed or have a variable rate tied to the Libor, prime or T-bill rates — which means that as the Fed raises rates, borrowers will likely pay more in interest, although how much more will vary by the benchmark.That makes this a particularly good time identify the loans you have outstanding and see if refinancing makes sense.Hunt for higher savings ratesWhile the Fed has no direct influence on deposit rates, they tend to be correlated to changes in the target federal funds rate. As a result, the savings account rate at some of the largest retail banks are barely above rock bottom, currently a mere 0.07%, on average."The rates paid by bigger banks are largely unchanged so where you have your savings is really important," McBride said.Thanks, in part, to lower overhead expenses, the average online savings account rate is closer to 1%, much higher than the average rate from a traditional, brick-and-mortar bank."If you have money sitting in a savings account earning 0.05%, moving that to a savings account paying 1% is an immediate twentyfold increase with further benefits still to come as interest rates rise," according to McBride.Top-yielding certificates of deposit, which pay about 1.5%, are even better than a high-yield savings account.However, because the inflation rate is now higher than all of these rates, any money in savings loses purchasing power over time. To that end, "one main opportunity out there is the possibility of buying some I bonds from the U.S. government," Spatt said. These inflation-protected assets, backed by the federal government, are nearly risk-free and pay a 9.62% annual rate through October, the highest yield on record.Although there are purchase limits and you can't tap the money for at least one year, you'll score a much better return than a savings account or a one-year CD.What's coming next for interest ratesConsumers should prepare for even higher interest rates in the coming months.Even though the Fed has already raised rates multiple times this year, more hikes are on the horizon as the central bank grapples with inflation.While expectations for those increases had been quarter and half-point hikes at each meeting, the central bank could hand out further 50 or 75 basis point increases if inflation doesn't start to cool down.Subscribe to CNBC on YouTube.

Here's what the Federal Reserve's 0.75 percentage point rate hike — the highest in 28 years — means for you.

World June 15, 2022 / 1:45 PM / CBS News WHO studying monkeypox transmission WHO studying monkeypox transmission 01:36 London — The World Health Organization has scheduled an emergency meeting for next week on the monkeypox outbreak to determine if the virus should be classed as a threat to international health. The agency is also investigating exactly how the disease is spreading.CBS News' Tina Kraus reports the United Nations health agency is now exploring the possibility that monkeypox could be sexually transmitted, after the virus was found in body fluids of patients in Italy and Germany. Catherine Smallwood, the WHO incident manager for monkeypox in Europe, said that among the identified cases on the continent, some "had semen tested for [the] virus and came back positive, so that's something that we're looking at." The agency has already said the disease — which has infected more than 1,600 people in 35 countries, including the U.S. — is transmitted through close physical contact. Officials urge public to remain calm as more monkeypox cases are investigated in the U.S. 02:15 In the U.K., a survey of 152 monkeypox patients found that 99% identified as men who have sex with men, according to Britain's Health Security Agency. Across Europe, most infections have been among gay and bisexual men, but James McFadzean, who contracted monkeypox, said it was important not to stigmatize certain communities. "I think we need to be careful how we label it. It's not, you know, a 'gay disease,'" he said. "It's a tropical, strange disease."The WHO is already working with experts to come up with a new name for the virus and the disease it causes after more than 30 international scientists complained that its current moniker is discriminatory."In the context of the current global outbreak, continued reference to, and nomenclature of this virus being African is not only inaccurate but is also discriminatory and stigmatizing," they wrote. WHO Director General Tedros Adhanom Ghebreyesus said the agency would "make announcements about the new names as soon as possible." He added that the current "global outbreak of monkeypox is clearly unusual and concerning." The global outbreak of #monkeypox is clearly unusual and concerning. I have decided to convene the Emergency Committee under the International Health Regulations on Thursday next week, to assess whether this outbreak represents a public health emergency of international concern.— Tedros Adhanom Ghebreyesus (@DrTedros) June 14, 2022 Europe remains the epicenter of the current outbreak, with around 85% of the world's infections.The disease, which was first discovered in African macaques, causes a rash that can look like chickenpox. The virus originates in wild animals like rodents, but occasionally jumps into human populations. Most people recover from the virus within weeks, but in rare cases the disease can be deadly.The U.S. Centers for Disease Control and Prevention recommends that travelers protect themselves from monkeypox by wearing masks, and the WHO has urged people who contract the virus to use condoms during sex for 12 weeks as a precaution after their recovery. U.S. officials have said the country has plenty of effective vaccines and treatments to respond to any further spread of the virus.  In: Monkeypox World Health Organization European Union United Kingdom 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

WHO studies possible sexual transmission of monkeypox, plans to rename the virus.

Security fencing is seen outside the U.S. Supreme Court in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah SilbigerRegister now for FREE unlimited access to Reuters.comSummaryLaw firmsRelated documentsFederal arbitration law trumps California rule, justices sayRuling will likely stem explosion in worker class actionsJune 15 (Reuters) - The U.S. Supreme Court on Wednesday said a unique California law allowing workers to sue their employers in the state's name does not permit them to circumvent agreements to bring legal disputes in individual arbitration rather than court.The court's 8-1 ruling in a case involving Viking River Cruises Inc is a major victory for business groups who had backed the company, and is likely to stem a flood of lawsuits filed in recent years accusing companies of widespread wage law violations.Justice Samuel Alito wrote for the court that the Federal Arbitration Act, which requires the enforcement of agreements many workers sign to arbitrate legal claims, trumps a rule created by California courts requiring claims brought under the state's Private Attorney General Act to remain in court.Register now for FREE unlimited access to Reuters.comViking River and its lawyers did not immediately respond to requests for comment. Nor did lawyers for Angie Moriana, a former Viking River employee who accused the company of a range of wage-law violations.PAGA allows workers to sue businesses for violating various state employment laws and keep one-quarter of the damages if they prevail, with the rest going to the state.The number of PAGA lawsuits filed in California on behalf of groups of workers has skyrocketed since 2014, when the California Supreme Court held that because PAGA plaintiffs step into the state's shoes, their claims cannot be forced into individual arbitration.More than half of private-sector workers have signed agreements to bring legal disputes in individual arbitration and refrain from joining class actions, and the Supreme Court in recent years has rejected various attempts by plaintiffs to circumvent them.PAGA had served as a key avenue to keep class action claims in court in California, which is especially crucial when individual claims would be too small for workers to pursue.But the Supreme Court on Wednesday said PAGA plaintiffs can only establish standing to sue by first alleging an individual claim; Moriana, for example, accused Viking River of failing to pay her final wages in a timely manner after she quit her job.And since the FAA requires those individual claims to be arbitrated when workers have signed arbitration agreements, plaintiffs like Moriana cannot tack on claims involving larger groups of workers, Alito wrote.Viking River had appealed a decision by a California appeals court that said Moriana's lawsuit could not be forced into arbitration.Justice Clarence Thomas in a brief dissent said he believed the FAA does not apply to cases brought in state courts.The case is Viking River Cruises Inc v. Moriana, U.S. Supreme Court, No. 20-1573.For Viking River: Paul Clement of Kirkland & EllisFor Moriana: Scott Nelson of Public CitizenRead more:Viking River Cruises urges Supreme Court to curb Calif. worker lawsuitsHigh court will review arbitration exemption under novel Calif. lawCalif. AG tells SCOTUS arbitration exemption key to enforcing labor lawsCalifornia's Private AG Act is a scourge, employers tell SCOTUSSCOTUS suddenly very interested in California's Private Attorneys General ActRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.Daniel WiessnerThomson ReutersDan Wiessner (@danwiessner) reports on labor and employment and immigration law, including litigation and policy making. He can be reached at daniel.wiessner@thomsonreuters.com.

U.S. Supreme Court deals major blow to California worker class actions.

U.S. Federal Reserve Chairman Jerome Powell testifies during the Senate Banking Committee hearing titled "The Semiannual Monetary Policy Report to the Congress", in Washington, U.S., March 3, 2022.Tom Williams | ReutersThe Federal Reserve said Wednesday it expects the fed funds rate to increase by another roughly 1.65 percentage points over the next four policy meetings to end the year above 3%.To be exact, the midpoint of the target range for the fed funds rate would go to 3.4%, according to the so-called dot plot forecast released by the Fed.On Wednesday, the Fed raised rates by 75 basis points, or 0.75 percentage point, to a range of 1.5% to 1.75%. One basis point equals 0.01%.Just five of the 18 Federal Open Market Committee members see the rate ending at a higher level than the midpoint 3.4% rate, while eight members see it about that level. The remaining five members expect the the fed funds rate the end the year at roughly 3.2%. Every quarter, members of the committee forecast where interest rates will go in the short, medium and long term. These projections are represented visually in charts below called a dot plot.  Here are the Fed's latest targets, released in Wednesday's statement:This is what the Fed's forecast looked like in March 2022:The Fed also unveiled its latest inflation and economic growth projections Wednesday. The central bank sees inflation, as gauged by the personal consumption expenditures price index, rising by 5.2% by year-end. That's up from a March projection of 4.3%. The core PCE, which strips out volatile food and energy prices, is expected to rise by 4.3% — up from a previous estimate of 4.1%.As for the economy, the Fed slashed its GDP growth projection for 2022 to 1.7% from 2.8%. The central bank also lowered its growth expectations for 2023 and 2024 to less than 2%. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Fed members predict more hikes with the benchmark rate above 3% by year-end.

Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - Tesla Inc Chief Executive Elon Musk said he may support Florida governor Ron DeSantis for president in 2024, and predicted a "massive red wave" of Republican victories in the midterm elections in November.Asked on Twitter early Wednesday morning who he was "leaning towards" in the presidential election, Musk replied simply "DeSantis," backing a conservative who is emerging as a top competitor to former president Donald Trump for the Republican nomination in 2024.DeSantis' governorship has been marked by his rejection of pandemic-related health restrictions, passage of a law limiting discussion of LGBTQ issues in schools, and feud with Walt Disney (DIS.N) over the law. read more Register now for FREE unlimited access to Reuters.comAsked about Musk's support, DeSantis joked, "I welcome support from African-Americans, what can I say." Musk, who is white, grew up in South Africa.Musk also tweeted that he voted for Mayra Flores, a Republican who won a special election in a southern Texas Congressional district, unseating a long-time Democrat."I voted for Mayra Flores – first time I ever voted Republican," Musk tweeted, responding to an article about her. "Massive red wave in 2022," he added.Register now for FREE unlimited access to Reuters.comReporting by Heather Timmons Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Tesla's Musk says he's leaning towards DeSantis for president.

Most millennial millionaires feel optimistic about the U.S. economy, with nearly three-quarters expecting improvements by the end of 2022, according to the latest CNBC Millionaire Survey.Inflation concerns are a theme throughout the survey, with 37% of millionaires saying it's the biggest risk to the economy over the next 12 months, the findings show.   "This is the first time that the millionaires in the survey said that inflation is their No. 1 threat — both to the stock market, the economy and their personal net worth," said Robert Frank, CNBC's wealth editor, unveiling the findings at the Financial Advisor Summit.  However, the millennial millionaires surveyed had a rosier economic outlook than their older counterparts.  A majority say they think inflation is going to last six months to one year, compared to older generations who expect higher costs to linger for one to two years or longer, the survey finds.And more than half are "very confident" in the Federal Reserve's ability to manage inflation. "The millennial millionaires have become not just different kinds of investors, but an entirely different species of investor," said Frank.Millennial millionaires are 'active in the market'While nearly 70% of millionaires have a financial advisor, the percentage rises to almost 90% for millennials, the survey shows.In response to inflation, younger millionaires are more likely to buy stocks and fixed-income assets, and are less likely to have higher amounts of cash.   "They're active in the market, they're buying more stock at twice the rate of baby boomers," Frank said. "And that again reflects that optimism."Of course, millennials have a longer investing timeline, which may fit a more aggressive approach, he said.Still, while most millionaires surveyed haven't reduced spending amid rising inflation, millennials were more likely to have shifted their habits. Almost half, 48%, delayed the purchase of a new car, 44% put off buying a home and 62% are giving less to charity.

Nearly two-thirds of millennial millionaires believe U.S. economy will be stronger by end of 2022, CNBC survey finds.

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.comJune 15 (Reuters) - The U.S. Federal Reserve's big interest rate hike on Wednesday -- and the expectation of more to come -- is aimed at bringing down 40-year high inflation topping 8% on an annual basis in recent months.But the largest rate increase in a quarter century won't deliver immediate inflation relief. It will take time for higher borrowing costs to ease price pressures.That could mean more pain for Americans already digging into their wallets to pay more for gas, groceries and pretty much everything else.Register now for FREE unlimited access to Reuters.com"It's going to be an uncomfortable period where inflation is running high and borrowing costs are also going to rise," says Oxford Economics' Kathy Bostjancic.Here's what the Fed's rate hikes means for consumers:WILL THIS MAKE IT MORE EXPENSIVE TO BUY A HOME?One of the sectors the Fed has been watching closely is the interest-rate sensitive housing market, where prices have risen 38% since the start of the pandemic. The surge has been driven by low borrowing costs, put in place by the Fed to cushion the economy from the COVID-19 pandemic, meeting an upswell in demand and a shortage of properties for sale.Mortgage rates have already risen sharply since the Fed began signaling late last year it would likely tighten policy, with the average contract rate on a 30-year fixed-rate mortgage reaching 5.65% last week, the highest level since late 2008, the Mortgage Bankers Association reported earlier on Wednesday. read more "Mortgage rates are definitely going to go up over the next few weeks," said Matthew Pointon, senior property economist at Capital Economics, with daily mortgage data showing the average 30-year fixed rate now around 6.28% and possibly going above 6.5% over the next few weeks.Worse is set to come, Pointon says, with mortgage rates probably not peaking until the middle of next year.WHAT ABOUT MY RETIREMENT FUND?Stocks plummeted in the days leading up to Wednesday's rate hike as investors worried that sharply tighter monetary policy would drive the U.S economy into recession, if not this year then next.What happens to stocks in coming weeks and months will depend a lot on whether investors believe the Fed will be successful in reining in inflation without cratering growth. A good read on that may require another several months of inflation and other data, says State Street's Marvin Loh."I think that uncertainty out there with regard to higher energy costs, with regard to higher food costs, and a lot of the other undertones within the economy...creates an environment where you're still going to have volatility."WILL THIS BRING DOWN THE COST OF MY GAS AND GROCERIES?In short, no. That's one of the difficulties the Fed is facing. By raising rates it can cool demand in the economy by making borrowing costs more expensive, nudging consumers and businesses to curb spending, but it can't do anything about supply shocks.The spike in global food prices is mostly due to the impact of Russia's invasion of Ukraine, two grain exporting powerhouses that accounted for 24% of global wheat exports by trade value, 57% of sunflower seed oil exports and 14% of corn from 2016 to 2020, according to data from UN Comtrade.Ditto oil prices after U.S.-led sanctions that took Russian energy supplies off the global market.WILL MY AUTO PAYMENT AND CREDIT CARD COSTS GO UP?If you've got outstanding loans without fixed interest rates, the answer is a simple yes. Though the Fed doesn't control what banks or car dealers charge for such loans, credit card rates and auto loans typically rise when the Fed's policy rate does.Household debt has been rising rapidly, with consumer credit up more than 8% in the first quarter to $1.5 trillion, a recent Fed survey showed.COULD THE FED RAISING RATES IMPACT MY JOB?By raising rates high enough to decisively dent inflation, the Fed will at the very least spark a period of slower economic growth. But investors are skeptical the Fed can achieve its aims without inducing a recession, often defined as two consecutive quarters of negative growth.Fed policymakers think they may yet be able to avoid a big spike in firms laying off workers. That's because, the thinking goes, the unemployment rate is currently 3.6%, low by historical standards, and there are almost two job vacancies for every worker, so firms could conceivably cut back on job openings without cutting actual jobs.But many do worry. "If our monetary policy brings about a slowdown of the economy, we're all going to pay the price," Groundwork Collaborative executive director Lindsay Owens told activists gathered this week across the street from where Fed policymakers were meeting in Washington.One policymaker, Fed Governor Christopher Waller, recently commented that if the Fed could keep the unemployment rate from rising above 4.25% in pursuit of getting inflation back to the central bank's 2% goal, it would be a "masterful performance."Register now for FREE unlimited access to Reuters.comReporting by Lindsay Dunsmuir and Ann Saphir; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Explainer: What Americans face now as the Fed raises interest rates.

CBS Mornings June 15, 2022 / 12:19 PM / CBS News Energy secretary Granholm on gas prices Energy Secretary Jennifer Granholm on record-high gas prices 06:45 U.S. Secretary of Energy Jennifer Granholm admitted that the country's record high gas prices are "unsustainable." She says the Biden administration is working to address the issue, but warned that it could take time. "The prices are unsustainable for many people right now," Granholm told "CBS Mornings" on Wednesday. "Everyday citizens who are on fixed incomes [are] paying huge amounts of money that they had not anticipated or budgeted for just to get to work. It's unsustainable for many and unfortunately there's not a quick fix."According to the American Automobile Association, average gas prices throughout the nation reached the highest recorded price on Tuesday at $5.01 per gallon. The average price is up $2 in comparison last year.  Granholm said Americans should direct their frustrations with the record-high gas prices in part toward the war in Ukraine, since the U.S. stopped buying oil from Russia following the invasion. Russia is, and was, one of the biggest crude oil exporters, creating a "global problem" when it comes to oil supply, she said."When they invaded Ukraine, a number of countries like the United States, Canada and others have said 'we're not going to buy Russian oil,'" Granholm said. "And when that happens, that pulls millions of barrels off the global market and that creates the supply crunch that as caused the price of gasoline at the pump to go up $1.70 since the invasion of Ukraine," Granholm said.  President Joe Biden, she says, is working to combat the issue "by calling upon increases in supply both at home and globally." On Wednesday, Mr. Biden wrote a letter to oil refiners, calling out their "unprecedented profits" amidst the shortage and urging them to collaborate with his administration "to bring forward concrete, near-term solutions that address the crisis."Mr. Biden has been releasing 1 million barrels each day from the strategic petroleum reserve, which Granholm says is the nation's "biggest tool" in boosting supply. But while the reserve's oil "does moderate a bit," the energy secretary says the reserve "does not quite fill the gap." She said Mr. Biden is calling for a meeting with refiners to discuss what else can be done.  In: Biden Administration Gas Prices Tori B. Powell Tori B. Powell is a breaking news reporter at CBS News. Reach her at tori.powell@viacomcbs.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

Energy Secretary Jennifer Granholm says there's no "quick fix" to the country's record-high gas prices.

U.S. Representative Zoe Lofgren (D-CA), Chairperson Bennie Thompson (D-MS) , Vice Chair U.S. Representative Liz Cheney (R-WY) and U.S. Representative Adam Kinzinger (R-IL) hold the second public hearing of the U.S. House Select Committee to Investigate the January 6 Attack on the United States Capitol, at Capitol Hill, in Washington, U.S. June 13, 2022. REUTERS/Jonathan ErnstRegister now for FREE unlimited access to Reuters.comWASHINGTON, June 15 (Reuters) - - The congressional panel investigating the Jan. 6, 2021 attack on the U.S. Capitol took aim at a fellow lawmaker on Wednesday as it released video footage showing him giving a tour of the buildingthe previous day to a man who participated in the riot.The video shows the man in question, who was not named, taking pictures of tunnels and security checkpoints the day before the attack while participating in a guided tour by Republican Representative Barry Loudermilk.Separate footage released by the House of Representatives panel shows the man issuing threats to prominent Democrats as he approached the Capitol on Jan. 6 with thousands of other supporters of then-president Donald Trump.Register now for FREE unlimited access to Reuters.comLoudermilk's office accused the Jan. 6 committee of a "smear campaign" in a statement and cited a letter from the Capitol Police saying that the activity of the tour group was not suspicious.That letter said the group was not seen in tunnels that led to the Capitol and there is no evidence that Loudermilk entered the Capitol with them during their visit.The committee's chairperson, Democratic Representative Bennie Thompson, said the behavior of the group raised questions because they photographed security checkpoints and other areas that were not typically of interest to tourists on a day when the Capitol complex was closed to the public.The committee said it had repeated a request to Loudermilk to provide information. read more The request comes amid heightened tension between the Democratic-led committee and most Republican House members, who have removed the top Republican on the committee, Liz Cheney, from a leadership post.Committee members said at a hearing last week that more than one congressional Republican had asked Trump for a pardon, drawing a sharp denial from Representative Scott Perry, the only one named.The video shown on Wednesday includes clips apparently taken on the man's mobile phone as he narrated, as well as surveillance footage from the Capitol complex on Jan. 5 showing him taking pictures of staircases, security checkpoints and tunnels not normally of interest to tourists.In the video, the man's heard threatening high-profile Democratic lawmakers, including House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer. '"They are swarming and converging... from all routes in. There's no escape... We're coming for you," the man said as he approached the Capitol according to a video released by the House of Representatives committee.It was not clear if the man was among the more than 840 people charged with taking part in the riot.The committee is holding a series of at least six public hearings this month on the findings of its nearly year-long probe. read more Register now for FREE unlimited access to Reuters.comReporting by Susan Heavey and Patricia Zengerle; Editing by Andy Sullivan and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Jan. 6 panel pressures Republican lawmaker with release of tour video.

The first half of 2022 has been a whirlwind for investors and financial advisors amid high market volatility.As they brace themselves for the second half of the year, a key way for them to succeed will be rebalancing, Omar Aguilar, CEO and CIO at Schwab Asset Management said at the CNBC Financial Advisor Summit.Those adjustments to portfolios should be done with long-term strategic goals in mind, he said."Panic is not a strategy," Aguilar said. "You have to think about the long-term investment objectives and plan strategic allocations and try to look for opportunities to rebalance to those."A second crucial part to making rebalancing work is to stay diversified, he said."Most likely, the risk that you thought you had in your portfolio has now changed," Aguilar said. "Rebalancing to the risk profile that fits you and your clients is a critical part of the next phase."Admittedly, that next phase may pose challenges, including a heightened recession risk, according to Sébastien Page, head of global multi-asset and CIO at T. Rowe Price.One key reason for that is history is not on our side, he said.Of the 13 rate hiking cycles that have happened since World War II, 10 of them have ended in a recession. Moreover, the Federal Reserve has never been able to reduce inflation by 4% or more without triggering a downturn.Nevertheless, it's best not to panic, Page said, echoing Aguilar's advice."Stay invested, stay diversified," Page said. "It's very basic advice, but in this environment, it's more relevant than it's ever been."A tricky hunt for uncorrelated assetsLooking for opportunities for gains will likely push financial advisors to think differently about traditional 60% stocks/40% bonds portfolio constructions in the coming months.The trick will be identifying assets that don't follow the market's general direction, which may lead to a correlation surprise during selloffs, Page said.Of traditional 40% bond allocations, Page said he would have 12% of that in alternative investments, which may include liquid and illiquid alternatives, commodities and more."Generally speaking, alternatives deserve a fresh look, given that we're in a higher interest rate volatility and higher inflation volatility regime," Page said.Just because an asset class is uncorrelated doesn't necessarily mean that it will provide the so-called protection during periods of short-term volatility.Omar AguilarCEO and CIO at Schwab Asset ManagementT. Rowe Price is also overweight value stocks, he said.It's important to look beyond short-term volatility and identify why an asset class belongs in a portfolio, Aguilar said."Just because an asset class is uncorrelated doesn't necessarily mean that it will provide the so-called protection during periods of short-term volatility," Aguilar said.While there have been suggestions that cryptocurrencies and digital assets may be inflation hedges, there is no direct link between inflation and the structure of those asset classes, Aguilar said.Moreover, while some may be tempted to turn to cash as a safe haven, that often isn't the best decision for the long-term, he said."Staying invested, staying diversified and staying disciplined tends to prove to be a better long-term strategy than trying to time when you have more cash and when you deploy cash," Aguilar said.

'Panic is not a strategy.' How investors, advisors can look beyond the traditional 60/40 portfolio in the second half of 2022.

U.S. June 15, 2022 / 11:59 AM / CBS News "Grandmother of Juneteenth" Opal Lee reflects "Grandmother of Juneteenth" Opal Lee reflects on her journey to secure a national holiday 04:58 At 95 years old, Opal Lee is showing no sign of stopping. Her life's story — including her famous trek from Fort Worth, Texas, to Washington, D.C., to call on lawmakers to make Juneteenth a national holiday — has since become legendary, earning her the name "Grandmother of Juneteenth.""I decided that maybe if a little old lady, 89 years old, in tennis shoes walking from Fort Worth to Washington, somebody would pay attention," she told CBS News of her decision to undertake the walk.Lee would trek two and a half miles at a time, a callback to the two and a half years it took General Gordon Granger to arrive in Texas and inform enslaved Black people of their freedom after the Emancipation Proclamation in 1865. She eventually delivered 1.5 million signatures to Congress, and clinched victory when legislation passed last year. It was then signed by President Biden in the White House, establishing Juneteenth as a federal holiday. Ninety-four-year-old activist and retired educator Opal Lee, known as the Grandmother of Juneteenth, speaks with U.S. President Joe Biden after he signed the Juneteenth National Independence Day Act into law in the East Room of the White House on June 17, 2021 in Washington, D.C.  Photo by Drew Angerer/Getty Images But Juneteenth was a cherished holiday to the former schoolteacher and mother of four long before she launched her national campaign. "When I was a little one and we lived in Marshall, Texas, we'd go to the fairground," Lee said. "There'd be games and food and food and food. I'm here to tell ya it was like Christmas!" But June 19 wasn't always a celebratory occasion. In 1939, when Lee was just 12 years old, her family moved to a home in Fort Worth that was torched by a White mob."The paper says there was some 500 folk who gathered. They drug the furniture out and burned it, burned the house too. My parents never ever talked to us about it, not ever," Lee said. "They accepted what happened."Despite what happened, she said, her mother worked "untiringly" until she was able to get another home. Lee credits her mother's tenacity for her decision to erect a new national museum on her own land, dedicated of telling the story of Juneteenth."People think it's a Black thing when it's not. It's not a Texas thing. It's not that," Lee said. "Juneteenth means freedom and I mean for everybody!" When asked what she wants to be remembered for, she responded, "I want them to know that the little old lady dreamed and they can dream too and that dreams can come to fruition."This story was produced by the CBS News Race and Culture Unit. In: Juneteenth Nikole Killion Nikole Killion is a congressional correspondent for CBS News based in Washington D.C. 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

"Grandmother of Juneteenth" Opal Lee reflects on her journey to secure a national holiday.

Russian Ambassador to the United Nations Vassily Nebenzia attends a United Nations Security Council meeting at U.N. headquarters in New York City, New York, U.S., May 19, 2022. REUTERS/Shannon StapletonRegister now for FREE unlimited access to Reuters.comJune 15 (Reuters) - Russia can "provide safe passage" for Ukraine grain shipments from the country's Black Sea ports, but is not responsible for establishing the corridors, Russia's U.N. Ambassador Vassily Nebenzia told reporters on Wednesday."We are not responsible for establishing safe corridors. We said we could provide safe passage if these corridors are established. Establish them. It's obvious it's either demine the territory, which was mined by the Ukrainians, or to ensure that the passage goes around those mines," Nebenzia said.Register now for FREE unlimited access to Reuters.comReporting by Michelle NicholsOur Standards: The Thomson Reuters Trust Principles.

Russia offers safe passage for Ukraine grain, not responsible for corridors.

A kindergarten student gives the thumbs up to her teacher before starting the first day of kindergarten at Laguna Niguel Elementary School in Laguna Niguel, CA on Tuesday, August 17, 2021.Paul Bersebach | MediaNews Group | Getty ImagesModerna's Covid-19 vaccines for infants through preschoolers have moved a step closer to authorization by the Food and Drug Administration.The FDA's committee of independent vaccine experts unanimously voted to recommend the shots for use in the youngest children weighing how safe and effective the shots are during an all-day public meeting.The committee will soon vote on Pfizer's vaccine for children in this age group as well.The FDA will likely accept the committee's guidance and quickly authorize the shots. The Centers for Disease Control and Prevention then has to sign off on the vaccines before pharmacies and doctors' offices can start administering them to the kids.Parents will likely be able to get their kids immunized as soon as Tuesday, though appointments might be limited at first as the vaccination program ramps up, according to Dr. Ashish Jha, who oversees the White House's response to the pandemic.Covid is generally less severe in children than adults. However, hospitalizations of kids under age 5 spiked during the omicron wave, hitting the highest level of the pandemic. The hospitalization rate during omicron was as bad or worse for kids than any recent flu season, according to the CDC.Covid has killed 202 six-month to 5-year-olds since January 2020. Children under age 5 are the only age group left in the U.S. not eligible vaccination. Many parents have been waiting months for the FDA to authorize the shots."We have to be careful that we don't become numb to the number of pediatric deaths because of the overwhelming number of older deaths. Every life is important," Dr. Peter Marks, head of the FDA's vaccine division, told the committee."For those who have lost children to Covid-19, our hearts go out to them because each child that's lost essentially fractures a family," Marks said.Pfizer vs. Moderna vaccinesPfizer and Moderna's vaccines for the youngest kids differ in a number of ways. Pfizer's three shots appear more effective than Moderna's two shots based on the available data. Both vaccines are safe with side effects similar to the common cold, according to FDA presentations.Pfizer's vaccine is administered in three doses for kids ages six months to 4-years-old. Children who receive Pfizer would complete their regimen in about three months. Pfizer's shots are dosed at 3 micrograms, one-tenth of what adults receive.Moderna's vaccine is administered in two doses for kids six months to 5-years-old. It would take about two months for the kids to complete their vaccination regimen. Moderna's shots are dosed at 25 micrograms, one-fourth of what adults receive.Pfizer's three-dose vaccine was about 80% effective at preventing illness from omicron, the dominant variant in the U.S. Moderna's two-dose vaccine was about 51% effective at preventing illness from omicron for kids six months to 2-years-old, and about 37% effective for kids ages 2 to 5-years-old.Moderna plans to publish data on a third dose in this age group over the summer and ask the FDA for authorization soon after, according to Jacqueline Miller, an executive with the company."However, as children under 4 have had the greatest increase in their risk of hospitalization due to Covid-19 during the omicron surge, initiating this vaccination series now is vital to start protecting children this summer," Miller told the committee.Dr. Doran Fink, a senior official in the FDA's vaccine division, said the effectiveness of Pfizer's vaccine after dose three is an imprecise estimate that is subject to change as more data becomes available.The most common side effects of both vaccines are pain at the injection site, irritability and crying, loss of appetite and sleepiness. Very few children who received either vaccine developed a fever greater than 102 degrees Fahrenheit, or 39 degrees Celsius. There were no cases of myocarditis, a type of heart inflammation, among the kids in Pfizer and Moderna's trial.This is a developing story. Please check back for updates.

Covid vaccine for kids under 5 move closer to FDA authorization after committee backs shots.

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) - The Federal Reserve on Wednesday raised its target interest rate by three-quarters of a percentage point on Wednesday to stem a disruptive surge in inflation, and projected a slowing economy and rising unemployment in the months to come.The action raised the short-term federal funds rate to a range of 1.50% to 1.75%, and Fed officials at the median projected the rate increasing to 3.4% by the end of this year and to 3.8% in 2023 - a substantial shift from projections in March that saw the rate rising to 1.9% this year.STORY: read more Register now for FREE unlimited access to Reuters.comMARKET REACTION:STOCKS: U.S. stocks pared gains slightly after the Fed hike; S&P last traded higher.COMMENTS:BRIAN JACOBSEN, SENIOR INVESTMENT STRATEGIST, ALLSPRING GLOBAL INVESTMENTS, MENOMONEE FALLS, WISCONSIN"The Fed is willing to let the unemployment rate rise and risk a recession as collateral damage to get inflation back down. This isn't a Volker-moment for Powell given the magnitude of the hike, but he is like a Mini-Me version of Volcker with this move."Register now for FREE unlimited access to Reuters.comCompiled by the U.S. Finance & Markets Breaking News teamOur Standards: The Thomson Reuters Trust Principles.

Reactions: Fed hikes rates by 0.75 percentage point, flags slowing economy.

Powell says Fed is 'absolutely determined' to hold down inflation expectationsJerome Powell said Wednesday's 75-basis-point hike was due in part to the Federal Reserve being worried about inflation expectations increasing.Most measures still show that Americans expect inflation to return to normal in the coming years, but there were some signs of stress, Powell said."If we even see a couple of indicators that bring that into question, we take that very seriously. We do not take this for granted," he said.The Fed chair said the preliminary University of Michigan consumer sentiment report for June, which includes inflation expectations, was "quite eye-catching." Powell also pointed to the Fed's common inflation expectations index as a reading showing a possible increase in inflation expectations."We're absolutely determined to keep them anchored at 2%," Powell added.— Jesse PoundPowell looking for demand to moderate, balanced labor marketA 50 basis point or 75 basis point increase seems 'most likely' at the next Fed meeting, Powell says Fed Chair Jerome Powell expects a 50 or 75 basis point rate hike will be "most likely" at the next central bank policy meeting. He said the policymakers will make rate increases as appropriate based on incoming economic data."Clearly today's 75 basis point increase is an unusually large one and I do not expect moves of this size to be common," Powell said. "From the perspective of today, either a 50 basis point or a 75 basis point increase seems most likely at our next meeting.""We will however make our decisions meeting by meeting and we'll continue to communicate our thinking as clearly as we can."— Sarah MinAggressive Fed welcomed by some on Wall StreetSome on Wall Street greeted the Federal Reserve's larger rate hike as a positive sign of the central bank's focus on inflation."The Fed nailed it. Recognizing that hiking more now means less later, the Fed demonstrated its resolve to tame inflation without undermining its employment mandate," said Ronald Temple, head of U.S. equity at Lazard Asset management. "While some spectators argued for an even steeper hike, the Fed understood that the combination of rate hikes and QT already takes the US into uncharted territory with significant risks to growth. The hike today sent exactly the right message to markets."Chair Jerome Powell indicated in May that the Fed was unlikely to do a hike of 75 basis points in June, but inflation has continued to rage since that meeting.— Jesse PoundFed members predict benchmark rate will end 2022 above 3%The Fed expects the fed funds rate to increase by another roughly 1.75 percentage points over the next four policy meetings to end the year above 3%.To be exact, the midpoint of the target range for the fed funds rate would go to 3.4%, according to the so-called dot plot forecast released by the Fed.Just five of the 18 Federal Open Market Committee members see the rate ending at a higher level than the midpoint 3.4% rate, while eight members see it about that level. The remaining five members expect the the fed funds rate the end the year at roughly 3.2%.Read more here.—Fred ImbertThe big rate hike is priced in, but expect volatility as tightening continues, says strategistThe Fed just pulled off its most aggressive interest rate hike since 1994, and yet the market has so far had little reaction to the move."Even two weeks ago we may have thought that a .75% increase was off the table, at least in the short term. But with inflation not letting up, it's become pretty clear that the Fed needs to take a more aggressive approach," said Mike Loewengart, managing director of investment strategy at E-Trade. "And as we entered bear territory this week, the market may have already priced in a higher-than-expected jump."Still, Loewengart expects wild price swings going forward as the Fed continues to fight inflation."That's not to say the larger hike may spook some investors. Keep in mind that as we go through a changing monetary policy landscape, we'll likely continue to see volatility as the market digests the new norm," he added.— Yun LiInflation is a focal point in the Fed's policy statementThe FOMC's policy statement today runs 368 words, and only mentions "Ukraine," "supply chain" and "Covid" one time each. "Inflation" was cited seven times.-Scott SchnipperThe Fed says it's 'strongly committed' to tamping down inflationThe Fed stressed its dedication to bringing down soaring inflation in its post-meeting statement."The Committee is strongly committed to returning inflation to its 2 percent objective," the Federal Open Market Committee said in the statement.The rate-setting committee removed a long-used phrase indicating that the FOMC "expects inflation to return to its 2 percent objective and the labor market to remain strong."— Yun LiWhat's changed in the new Fed statementClick here for a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the central bank's previous policymaking meeting on May 4.— Yun Li, Jesse PoundFed raises rates by 0.75 percentage pointThe Federal Reserve announced that it raised interest rates by 75 basis points or 0.75 percentage point. This marks the greatest rate increase in 28 years.The Federal Reserve announced that it raised interest rates by 75 basis points or 0.75 percentage point. This marks the greatest rate increase in 28 years, and it brings the benchmark funds rate to a range of 1.5% to 1.75%.Individual members of the Fed expect the benchmark rate will end 2022 at 3.4%, 1.5 percentage points higher than the March estimate.Fed officials also cut their outlook for 2022's economic growth. They now predict a 1.7% gain in GDP, down from 2.8% in March.Read more here.-Darla Mercado, Jeff CoxS&P 500 can gain 23.8 basis points after Fed meeting The S&P 500 historically gains an average 23.8 basis points following the conclusion of a Federal Reserve policy meeting when the broad-market index is already up by 100 basis points by noon, according to data from Bespoke. One basis point is equal to 0.01%.This is compared to an average 5.1 basis point gain for all Fed meeting days.— Sarah MinHere's where the markets stand ahead of the Fed's decisionThe Federal Reserve's interest rate announcement is a few minutes away. Here's a snapshot of where the markets stand.U.S. stocks: The S&P 500 is up 1.1%, and the Nasdaq Composite has gained 1.8%. The Dow Jones Industrial Average has added more than 200 points.Bonds: The 10-year Treasury yield is at 3.398%, down about 8 basis points. One basis point is equal to 0.01%.Gold: Gold futures are trading at $1,822.0 an ounce, up about 0.4%.Currencies: The dollar index is at 105.34, down about 0.1%. The euro is down about 0.1%, at 1.0403 per dollar.-Darla MercadoBill Ackman predicts a 75 basis point rate hike as Fed pledges aggressive actionPershing Square's Bill Ackman is calling on the Federal Reserve to act aggressively so the central bank can regain credibility in its fight against soaring inflation.On Wednesday before the Fed decision at 2 p.m. ET, Ackman gave his prediction in a tweet, anticipating that the Fed "raises 75 bps, expresses a high level of concern about inflation and inflationary expectations, and makes clear that nothing is off the table for July including 100 bps or more if necessary."The hedge fund manager also said a series of one percentage point increment hikes would be more efficient to ease inflation and the markets can recover sooner.— Yun LiAtlanta Fed's GDPNow estimates no growth in second quarterA real-time reading of economic growth from the Atlanta Federal Reserve has declined again on Wednesday, reflecting the slowing U.S. economy and fanning fears of a potential recession.After a weaker-than-expected retail sales report for May, the GDPNow tracker now shows 0% growth for the second quarter.If that comes to pass, this will mark the second straight quarter with flat or negative GDP growth. In the first quarter, GDP growth was negative, though largely due to a higher-than-usual difference between imports and exports.With inflation running at its highest level since the early 1980s, the Federal Reserve is raising rates despite slowing economic growth. That dynamic has led many on Wall Street to predict a recession either later this year or in 2023.Consecutive quarterly declines in GDP often coincide with official recessions, though that standard is not part of the official definition used by the National Bureau of Economic Research.— Jesse PoundThe Federal Reserve is expected to announce a 0.75 percentage point rate hike – the biggest since 1994The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point – a move the central bank hasn't made since 1994. The move would raise the federal funds rate to a range of 1.5% to 1.75%.Central bank officials are also expected to reveal their outlook for interest rates through its "dot plot" of individual members' expectations. The Fed will also update its expectations for gross domestic product, inflation and unemployment.The Fed's rate announcement comes at a time when inflation is running at its highest pace since December 1981.Read more here.-Darla Mercado, Jeff Cox

Watch Fed Chair Powell discuss the central bank's biggest rate hike in nearly three decades.

Destroyed Russian tanks and vehicles are seen in a field, as Russia's attack on Ukraine continues, in Mykolaiv region, Ukraine June 12, 2022. REUTERS/Edgar SuRegister now for FREE unlimited access to Reuters.comSummaryUkraine confidence surges after small inroadsBut resources lacking for major counter-assaultWestern weapons coming too slowly, Ukraine saysManpower also an issueMYKOLAIV, Ukraine, June 15 (Reuters) - For the Ukrainian soldiers fighting to retake ground in the wheat fields and empty villages northwest of the city of Kherson, the liberation of one of Ukraine's most strategically important Black Sea cities feels tantalisingly close."We could be in Kherson in 15 minutes!" said Sergiy, a Ukrainian army officer in trenches along the deserted motorway between the city of Mykolaiv and Kherson. Part of the dugout was plastered with children's pictures promising "Glory to Ukraine!""The south is ready, we're just waiting for the hardware… just waiting for the command," he said, declining to give his surname as he was not authorised to speak to reporters.Register now for FREE unlimited access to Reuters.comBut military analysts said that a serious attempt to take the final 30-or-so kilometres of Black Sea steppe as part of a major counteroffensive will be difficult without a huge injection of arms and personnel."There is no chance of this happening very soon," Kyiv-based analyst Oleg Zhdanov said. "Taking a city like Kherson, a major regional city, is only possible by rearming."The Western weapons currently arriving, he said, are "a drop in the ocean."TACTICAL VICTORIESUkraine has been taking territory in the south for a second straight week, and tactical victories "are turning into a counteroffensive," Serhiy Khlan, adviser to the head of the southern Kherson province told Ukrainian television earlier this week.The army has advanced in several places, chipping away at Russia's grip on Kherson, the only Ukrainian region it has claimed to have fully captured.That has triggered an infectious optimism across the Mykolaiv and Kherson regions.One Kherson native said she had moved from her refuge in western Ukraine to wait near the front line with her family for the liberation of the city - or at least some satellite towns - in the coming weeks.Mykolaiv's regional governor told Reuters last week that a major Ukrainian counter-assault was "just a question of time". read more A successful counteroffensive that retakes all of the grain-producing Black Sea province is vital for Ukraine if it is to make good on its insistence that peace talks are only possible once Russia's troops have left occupied areas.HALF WAY THEREBut despite the progress, the front line is only about half way along the 60 km motorway that links Mykolaiv and Kherson.And while Ukrainian forces in the south have received M777 Howitzers from the United States in recent weeks, so far the numbers are too small and Ukraine remains numerically outgunned, officials said."I know we have it. I've seen how it works. But there's not a lot of it working yet," an engineer manning a Soviet-designed artillery piece hidden under a bridge said of the new Western equipment.No local officials were able to predict when the much longer range High Mobility Artillery Rocket Systems, or HIMARS, promised by the United States would arrive and start to make a difference."There is nothing that can ... significantly change the situation except the new ... long distance weapon," Mykolaiv City Mayor Oleksandr Senkevych said in an interview."As soon as we get this long distance artillery, we will be able to start to attack them."Western countries are aware of the limitations of their weapons delivery but they are determined to provide enough to force Russia to the negotiating table, Ukrainian presidential adviser Oleksiy Arestovych said this week."They see they are giving us 100 howitzers and the Russians bring 600 from storage," he said. "It looks like the race is going to be longer and more onerous than they planned for."TROOP NUMBERSDespite the large numbers of volunteers that have signed up for Ukraine since the start of the war, the mayor and Mykolaiv regional governor Vitaliy Kim warned that troop numbers could be a significant issue for any major counteroffensive."There is a complicated situation with forces. We cannot lose a lot of men," Kim told Reuters, saying that a full counteroffensive might have to wait until further mobilisation or the return of troops from the east.Ukraine might need a three-to-one advantage to carry out a successful attack in open ground and up to five-to-one to attack entrenched Russian positions, Mayor Senkevych said."A lot of people - a lot of let's say 'hot heads' - say that we need to go and attack ... (but) we have a lot of losses," he said. "The amount of forces in attack should be bigger."Register now for FREE unlimited access to Reuters.comReporting by Conor Humphries and Tom Balmforth; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Analysis: Ukrainian dreams of retaking Kherson hinge on Western weapons.

Politics June 15, 2022 / 3:01 PM / CBS News In the week leading up to the Jan. 6 Capitol assault, Proud Boys leader Enrique Tarrio received a nine-page memo titled "1776 Returns" that laid out detailed plans to occupy congressional office buildings to protest the counting of the Electoral College votes from the 2020 presidential election.The memo, which was filed in court as part of a recent motion made by one of Tarrio's co-defendants, outlined a goal to "maintain control over as select few, but crucial buildings in the DC area for a set period of time, presenting our demands in unity.""We must show our politicians We the People are in charge," the memo said. Targeted buildings allegedly included the three Senate and House office buildings, the Supreme Court of the United States, and CNN —to "at least egg doorway," according to the filing. The demands outlined in the memo included "free and fair elections," "liberty or death" and "No Trump, No America."In "Storm the Winter Palace," a section marked for internal use and a "Patriot Plan" for outside distribution, the directions called for five teams of individuals per building, ranging from a "covert sleeper" who would spend the day inside the targeted building to a recruiter who would gather a crowd. A group of 50 "patriots" would then occupy each building. However, nowhere in the document is there a suggestion that violence should be used against police, members of Congress or their staff or other Capitol personnel.The document includes a page to assign roles for each of the targeted locations and maps of the identified buildings.Between Jan. 1 - 5, 2021, the memo says, those in charge should recruit members, scope out road closures and set up appointments with various representatives in the buildings."Use Covid to your advantage," the document advised. "Pack huge face masks and face shields, protect your identity." On Jan. 6, 2021, "1776 Returns" directed certain individuals known as "leads" to dress in suits and stay inside the targeted buildings to find entrances and exits. Once a sufficient crowd was recruited, the memo suggests, those already inside should open the doors and allow the group to enter."This might include causing trouble near the front doors to distract guards who may be holding the doors off," it said, "The goal is to ensure there is an entry point for the masses to rush the building."Participants around the city should pull fire alarms at various locations like Walmart, hotels, and museums to distract law enforcement if necessary, according to the document.Once inside, the entire group would then present its list of demands and perform sit-ins in certain senators' offices, the filing says.The manual advised readers to use large trucks or a large caravan of cars to block intersections to make traversing the city more difficult. "Now is the time to reach out to truckers or bikers for Trump for these roadblocks," a note reads.According to the portion of the memo meant for external distribution, participants were to demand a new election be conducted on Jan. 20, 2021, monitored by the National Guard."Mitch McConnell, Kevin McCarthy, Mike Pence & Bill Gates," it says, "We the people are watching you. "Rand Paul & Ron DeSantis...We the people love you."The existence of the 1776 Returns document was revealed when Tarrio was first indicted earlier this year on conspiracy charges. Prosecutors alleged Tarrio, who has now been charged with seditious conspiracy and pleaded not guilty, was allegedly sent the document by an unknown individual. After sending Tarrio the document, the individual allegedly stated, "The revolution is important than anything," to which investigators say Tarrio replied, "That's what every waking moment consists of...I'm not playing games."At the same time, Tarrio and other Proud Boys leaders were operating a so-called "Ministry of Self Defense" organization, with Tarrio at the top of the power structure."This group was to form the nucleus of leadership in a new chapter of the Proud Boys organization, which Tarrio described as a 'national rally planning' chapter. The first event targeted by the group was the rally in D.C. on January 6," prosecutors allege.The court filing that the copy of the "1776 Returns" memo accompanied was a request that the judge overseeing the large Proud Boys conspiracy case take another look at the pretrial detention of Tarrio codefendant Zachary Rehl. In the filing, Rehl's legal team argues the memo "is not a plan to attack the Capitol and does not even mention the Capitol. It refers to occupying Congressional office buildings."The recent indictment of Tarrio and other Proud Boy leaders shows that they used 1776 to refer to themselves on Jan. 6. At 2:57 p.m., during the assault on the Capitol, Tarrio posted a message mentioning 1776 that said "Revolutionaries are now at the Rayburn Building," which the indictment notes was mentioned in the 1776 plan. At 7:44 p.m. one individual sent a text to Tarrio that said, "1776 motherf******."Tarrio's attorney has not responded to a request for comment. According to Wednesday's motion, the document was sent to Tarrio by a female acquaintance and not shared with Rehl or other defendants."[A] proposal to occupy office buildings is a time-tested protest activity," Rehl's legal team pointed out. "There is no indication that the government has ever charged any protestors who have actually occupied buildings with the felony conspiracies charged in the instant case."Read the document here: 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

Before Jan. 6, Proud Boys leader Enrique Tarrio was given plans to occupy congressional buildings, Supreme Court.

In its increasingly urgent battle with skyrocketing inflation, the Federal Reserve on Wednesday announced its biggest interest rate hike in more than a quarter century.The Fed is raising benchmark interest rates three-quarters of a percentage point — the largest jump since 1994 — to a range of 1.5%-1.75%. It's likely not the last increase; the rate-setting Federal Open Market Committee forecasted that rates will continue to go up in the coming months and may reach 3.8% next year.Raising rates can help reduce inflation by increasing the cost to borrow money, which in turn slows down spending. But higher rates also mean that loans tied to the prime rate, such as mortgages, credit cards and auto loans, will be getting slightly more expensive.While there's little to be done to avoid the rate hikes, there are two things consumers can do now to protect themselves financially.First, now is a good time for consumers to make a concerted effort to tackle their debt if they can afford it, as well as be careful about taking on any new debt, Mark Hamrick, senior economic analyst at Bankrate, tells CNBC Make It."You want to focus on paying down debt and be judicious about taking on new debt, particularly when the likelihood is that it's getting more expensive," he says.It is particularly important to pay off your credit card bill in full every month, if you can afford to, because you "do not want to take those punitive rates of interest" if you can avoid it.Second, it is a good time to focus on saving, Hamrick says, especially if you have a high-yield account, because returns will get "slightly more generous.""For those who have the resources, they really should be trying to focus on saving," Hamrick says. "[Our] surveys have indicated that among the No. 1 financial regrets that Americans have is a failure to save for emergencies, and high and sustained inflation might be viewed by some as akin to an emergency."Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Stocks have officially entered bear market territory—here's what that means

Fed raises interest rates in biggest hike since 1994: Here are 2 moves to make with your money.

British Prime Minister Boris Johnson speaks as he takes questions at the House of Commons in London, Britain June 15, 2022. UK Parliament/Jessica Taylor/Handout via REUTERSRegister now for FREE unlimited access to Reuters.comLONDON, June 15 (Reuters) - British Prime Minister Boris Johnson suffered a further blow to his authority on Wednesday when his second ethics adviser in less than two years quit his post.Johnson last week survived a confidence vote that saw 41% of his lawmakers casting ballots against his leadership after months of scandals and gaffes that have raised questions over his authority to govern and knocked his standing with the public.Last month Christopher Geidt, the independent adviser on ministers' interests, said Johnson must explain why he thought he had not broken the ministerial code after being fined over attending a party during the COVID-19 national lockdown. read more Register now for FREE unlimited access to Reuters.com"With regret, I feel that it is right that I am resigning from my post as Independent Adviser on Ministers’ Interests," Geidt said in a statement posted on the government's website.Geidt, whose role was to advise Johnson on matters relating to the ministerial code of conduct, did not give a reason for his resignation.Geidt, the Queen's Private Secretary for 10 years until 2017, was appointed by Johnson in April 2021. The previous holder of the role resigned in 2020 in protest at Johnson's support for a minister who was found to have broken the code."The Prime Minister has now driven both of his own hand-picked ethics advisers to resign in despair. If even they can't defend his conduct in office, how can anyone believe he is fit to govern?" opposition Labour Party Deputy Leader Angela Rayner said.Geidt last year called for his role to have "considerably greater authority, independence and effect", but when the government updated the ministerial code last month it said that, while he could now initiate an investigation, he was still required to consult the prime minister.He had also previously criticised the fact that an exchange of messages had not been disclosed to him when investigating who funded a costly refurbishment of Johnson's Downing Street flat.Register now for FREE unlimited access to Reuters.comReporting by Kylie MacLellan; editing by William James and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

UK PM Boris Johnson suffers blow as second ethics adviser resigns.

Market likes Powell's 'resolve' against inflationOn why stocks are reacting positively to Powell's comments about a possible second 0.75 percentage point hike next month:"After Friday's CPI report, the Fed needed to prove once again it was serious about fighting inflation," said Barry Gilbert, asset allocation strategist for LPL Financial. "The more aggressive stance can still be consistent with a softish landing for the economy, but the path is getting narrower. We still think the Fed may be able to back off from its new forecast of a 3.4% benchmark rate at the end of the year, but for now the priority is showing resolve."—Samantha SubinPowell says Fed can achieve 'successful outcome' even if unemployment rises The Federal Reserve's updated economic projections show an expected rise in unemployment in the years ahead as the central bank hikes rates to fight inflation. Fed Chair Jerome Powell said that may be a worthwhile trade off for a healthy economy."If you were to get inflation on its way down to 2%, and unemployment up to 4.1%, that's still a historically low level. … 3.6% is historically low in the last century," Powell said. "So a 4.1% unemployment rate, with inflation well on its way to 2%, I think that would be a successful outcome."Powell added that lower inflation is necessary to have a healthy labor market in terms of real wage gains and strength among all demographic groups.— Jesse PoundAggressive Fed will 'appease the market' for now, Allianz's Ripley saysAllianz Investment Management's Charlie Ripley said the Fed's more aggressive monetary policy stance should bolster the market, at least in the near term."Today's announcement confirms the Fed's commitment to fight the inflation battle more aggressively despite the potential aftermath from raising rates at such a rapid pace," the firm's senior investment strategist said. "Overall, Fed policy rates have been out of sync with the inflation story for some time and the aggressive hikes from the Fed should appease markets for the time being."Stocks and bonds rallied as Chairman Jerome Powell answered questions from the media. The Dow Jones Industrial Average and S&P 500 were both up at least 1%, while the Nasdaq Composite popped more than 2%.—Fred ImbertWe'd like to do more front-end loading to get to normal levels, Powell saysThe Federal Reserve will continue to hike rates to bring them to more "normal" levels, said Chair Jerome Powell. The central bank delivered a 75 basis point rate hike at the conclusion of Wednesday's policy meeting because it believed "strong action" was necessary."The federal funds rate, even after this move, is at 1.6%," Powell said. "The committee is moving rates up expeditiously to more normal levels, and we came to the view that we'd like to do a little more front-end loading on that."— Sarah MinStocks climbed higher after Powell leaves the door open for another 75 basis point rate hikeThe major indexes jumped higher after Federal Reserve Chair Jerome Powell indicated that another 0.75 percentage point rate hike could be possible. Investors cheered central bank officials taking a tougher stance on inflation.At 3:10 p.m. ET, the S&P 500 was up nearly 1.6%, while the tech-heavy Nasdaq Composite gained 2.6%. The 30-stock Dow jumped more than 350 points.—Darla MercadoPowell: 'We're not trying to induce a recession now. Let's be clear about that'Federal Reserve Chair Jerome Powell made it clear during Wednesday's press conference that the central bank's actions are not intended to tip the economy into a recession."We're not trying to induce a recession now. Let's be clear about that," he said."We're trying to achieve 2% inflation with a strong labor market — that's what we're trying to do," he added.— Pippa StevensPowell says Fed is 'absolutely determined' to hold down inflation expectationsJerome Powell said Wednesday's 75-basis-point hike was due in part to the Federal Reserve being worried about inflation expectations increasing.Most measures still show that Americans expect inflation to return to normal in the coming years, but there were some signs of stress, Powell said."If we even see a couple of indicators that bring that into question, we take that very seriously. We do not take this for granted," he said.The Fed chair said the preliminary University of Michigan consumer sentiment report for June, which includes inflation expectations, was "quite eye-catching." Powell also pointed to the Fed's common inflation expectations index as a reading showing a possible increase in inflation expectations."We're absolutely determined to keep them anchored at 2%," Powell added.— Jesse PoundPowell looking for demand to moderate, balanced labor marketA 50 basis point or 75 basis point increase seems 'most likely' at the next Fed meeting, Powell says Fed Chair Jerome Powell expects a 50 or 75 basis point rate hike will be "most likely" at the next central bank policy meeting. He said the policymakers will make rate increases as appropriate based on incoming economic data."Clearly today's 75 basis point increase is an unusually large one and I do not expect moves of this size to be common," Powell said. "From the perspective of today, either a 50 basis point or a 75 basis point increase seems most likely at our next meeting.""We will however make our decisions meeting by meeting and we'll continue to communicate our thinking as clearly as we can."— Sarah MinAggressive Fed welcomed by some on Wall StreetSome on Wall Street greeted the Federal Reserve's larger rate hike as a positive sign of the central bank's focus on inflation."The Fed nailed it. Recognizing that hiking more now means less later, the Fed demonstrated its resolve to tame inflation without undermining its employment mandate," said Ronald Temple, head of U.S. equity at Lazard Asset management. "While some spectators argued for an even steeper hike, the Fed understood that the combination of rate hikes and QT already takes the US into uncharted territory with significant risks to growth. The hike today sent exactly the right message to markets."Chair Jerome Powell indicated in May that the Fed was unlikely to do a hike of 75 basis points in June, but inflation has continued to rage since that meeting.— Jesse PoundFed members predict benchmark rate will end 2022 above 3%The Fed expects the fed funds rate to increase by another roughly 1.75 percentage points over the next four policy meetings to end the year above 3%.To be exact, the midpoint of the target range for the fed funds rate would go to 3.4%, according to the so-called dot plot forecast released by the Fed.Just five of the 18 Federal Open Market Committee members see the rate ending at a higher level than the midpoint 3.4% rate, while eight members see it about that level. The remaining five members expect the the fed funds rate the end the year at roughly 3.2%.Read more here.—Fred ImbertThe big rate hike is priced in, but expect volatility as tightening continues, says strategistThe Fed just pulled off its most aggressive interest rate hike since 1994, and yet the market has so far had little reaction to the move."Even two weeks ago we may have thought that a .75% increase was off the table, at least in the short term. But with inflation not letting up, it's become pretty clear that the Fed needs to take a more aggressive approach," said Mike Loewengart, managing director of investment strategy at E-Trade. "And as we entered bear territory this week, the market may have already priced in a higher-than-expected jump."Still, Loewengart expects wild price swings going forward as the Fed continues to fight inflation."That's not to say the larger hike may spook some investors. Keep in mind that as we go through a changing monetary policy landscape, we'll likely continue to see volatility as the market digests the new norm," he added.— Yun LiInflation is a focal point in the Fed's policy statementThe FOMC's policy statement today runs 368 words, and only mentions "Ukraine," "supply chain" and "Covid" one time each. "Inflation" was cited seven times.-Scott SchnipperThe Fed says it's 'strongly committed' to tamping down inflationThe Fed stressed its dedication to bringing down soaring inflation in its post-meeting statement."The Committee is strongly committed to returning inflation to its 2 percent objective," the Federal Open Market Committee said in the statement.The rate-setting committee removed a long-used phrase indicating that the FOMC "expects inflation to return to its 2 percent objective and the labor market to remain strong."— Yun LiWhat's changed in the new Fed statementClick here for a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the central bank's previous policymaking meeting on May 4.— Yun Li, Jesse PoundFed raises rates by 0.75 percentage pointThe Federal Reserve announced that it raised interest rates by 75 basis points or 0.75 percentage point. This marks the greatest rate increase in 28 years.The Federal Reserve announced that it raised interest rates by 75 basis points or 0.75 percentage point. This marks the greatest rate increase in 28 years, and it brings the benchmark funds rate to a range of 1.5% to 1.75%.Individual members of the Fed expect the benchmark rate will end 2022 at 3.4%, 1.5 percentage points higher than the March estimate.Fed officials also cut their outlook for 2022's economic growth. They now predict a 1.7% gain in GDP, down from 2.8% in March.Read more here.-Darla Mercado, Jeff CoxS&P 500 can gain 23.8 basis points after Fed meeting The S&P 500 historically gains an average 23.8 basis points following the conclusion of a Federal Reserve policy meeting when the broad-market index is already up by 100 basis points by noon, according to data from Bespoke. One basis point is equal to 0.01%.This is compared to an average 5.1 basis point gain for all Fed meeting days.— Sarah MinHere's where the markets stand ahead of the Fed's decisionThe Federal Reserve's interest rate announcement is a few minutes away. Here's a snapshot of where the markets stand.U.S. stocks: The S&P 500 is up 1.1%, and the Nasdaq Composite has gained 1.8%. The Dow Jones Industrial Average has added more than 200 points.Bonds: The 10-year Treasury yield is at 3.398%, down about 8 basis points. One basis point is equal to 0.01%.Gold: Gold futures are trading at $1,822.0 an ounce, up about 0.4%.Currencies: The dollar index is at 105.34, down about 0.1%. The euro is down about 0.1%, at 1.0403 per dollar.-Darla MercadoBill Ackman predicts a 75 basis point rate hike as Fed pledges aggressive actionPershing Square's Bill Ackman is calling on the Federal Reserve to act aggressively so the central bank can regain credibility in its fight against soaring inflation.On Wednesday before the Fed decision at 2 p.m. ET, Ackman gave his prediction in a tweet, anticipating that the Fed "raises 75 bps, expresses a high level of concern about inflation and inflationary expectations, and makes clear that nothing is off the table for July including 100 bps or more if necessary."The hedge fund manager also said a series of one percentage point increment hikes would be more efficient to ease inflation and the markets can recover sooner.— Yun LiAtlanta Fed's GDPNow estimates no growth in second quarterA real-time reading of economic growth from the Atlanta Federal Reserve has declined again on Wednesday, reflecting the slowing U.S. economy and fanning fears of a potential recession.After a weaker-than-expected retail sales report for May, the GDPNow tracker now shows 0% growth for the second quarter.If that comes to pass, this will mark the second straight quarter with flat or negative GDP growth. In the first quarter, GDP growth was negative, though largely due to a higher-than-usual difference between imports and exports.With inflation running at its highest level since the early 1980s, the Federal Reserve is raising rates despite slowing economic growth. That dynamic has led many on Wall Street to predict a recession either later this year or in 2023.Consecutive quarterly declines in GDP often coincide with official recessions, though that standard is not part of the official definition used by the National Bureau of Economic Research.— Jesse PoundThe Federal Reserve is expected to announce a 0.75 percentage point rate hike – the biggest since 1994The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point – a move the central bank hasn't made since 1994. The move would raise the federal funds rate to a range of 1.5% to 1.75%.Central bank officials are also expected to reveal their outlook for interest rates through its "dot plot" of individual members' expectations. The Fed will also update its expectations for gross domestic product, inflation and unemployment.The Fed's rate announcement comes at a time when inflation is running at its highest pace since December 1981.Read more here.-Darla Mercado, Jeff Cox

Watch Fed Chair Powell discuss the central bank's biggest rate hike in nearly three decades.

Amid ongoing market volatility, actively managed exchange-traded funds may have a place in your portfolio.Most ETFs, which trade throughout the day like stocks, are passively managed — meaning a fund's performance generally mirrors the ups and downs of whichever index it tracks. A small but growing share, however, are employing active management, which means there's a professional at the helm picking the investments."We're in an environment, I believe, where active management is more important than ever," said Holly Framsted, Capital Group director of ETFs, who spoke at CNBC's Financial Advisor Summit. "That's making sure you have a manager who can really weather the volatility we're seeing and make shifts at the portfolio level," Framsted said.The S&P 500 Index, a broad measurement of how U.S. stocks are faring, is down more than 21% — bear market territory — from its Jan. 3 high of 4,796.56. The Dow Jones Industrial Average is off year to date by more than 16%, and the tech-heavy Nasdaq Composite index has lost more than 30% this year.With inflation still running hot, interest rates rising and concerns that a recession is looming, volatility is expected to continue.There's more than $6 trillion invested in ETFs, according to Fidelity Investments. For investors, the appeal of ETFs can lie in their liquidity (intraday trading) and tax-efficiency (less likely to have capital gains), as well as in their transparency (holdings disclosed daily in passive ETFs).In contrast, traditional mutual funds — whether actively managed or index funds — can only be bought and sold once daily, after the market's 4 p.m. Eastern time close. They also are more prone to generating capital gains (which are distributed to the fund's shareholders) and they generally disclose their holdings just quarterly.For passive ETFs, a couple of drawbacks are that they may not offer protection against downside risk, and they also don't give investors a way to pursue better-than-average returns, generally speaking.Active management could change that. A 2019 ruling from the Securities and Exchange Commission made it easier for financial firms to offer actively managed ETFs. That's led to an "immense number" of active managers getting into ETFs, Framsted said."We're seeing increased opportunity to package active management in an ETF vehicle and deliver on the benefits of tax efficiency and liquidity," Framsted said.Be aware that while they retain some of the benefits of passive ETFs, not all actively managed ETFs disclose their holdings daily.Keep in mind that although ETFs generally come with low fees, those that are actively managed come with a higher average expense ratio, 0.68%, than their passively managed counterparts. Equity index ETFs charge 0.16% on average and bond index ETFs cost 0.12%, according to the Investment Company Institute.

Investors have access to more actively managed exchange-traded funds. Here's how they may help during market volatility.

Nuclear reactors have a well-earned reputation for being massive construction projects that frequently run into cost overruns. Plus, once they are eventually constructed, monitoring and maintaining them takes a staff of dozens of trained experts.But Yasir Arafat believes nuclear power doesn't have to be this way.Arafat is the technical lead of the microreactor project at one of the United States government's preeminent nuclear research labs, Idaho National Lab, and in his role there, Arafat is leading the effort to build a tiny, relatively inexpensive nuclear reactor. It's more of a nuclear battery, he says.Arafat grew up in Bangladesh before coming to college in the United States, and he's motivated by a deep sense of urgency to help the world decarbonize. The effects of global warming are not discussed as some distant future scenario in Bangladesh — climate change is already a part of current daily life. Nuclear energy does not generate any greenhouse gas emissions, and Arafat hopes to contribute to the solution by building a microreactor prototype that can help the development of the industry.The prototype will be called the MARVEL reactor, an acronym for the name of the project Microreactor Applications Research Validation and Evaluation, and the goal is to have the first one operating by December 2023, making it the first advanced microreactor in the United States, Arafat told CNBC. (These photos show a prototype of the MARVEL reactor which runs with electric heat, not nuclear heat, for the sake of preliminary research.)Yasir Arafat, the technical lead for the Marvel microreactor project, shows CNBC the prototype.Photo courtesy Magdalena Petrova, CNBCThe Idaho National lab started designing and modeling the MARVEL reactor project in June 2020 under Arafat's leadership. If completed, the MARVEL microreactor "will be the first of its kind that will be able to demonstrate how we can really miniaturize a nuclear system into something that is portable and transportable, and also able to deliver heat and electricity to the end customer," Arafat told CNBC in a video interview in Idaho in May.Already there are a slew of private companies — including Oklo, Westinghouse (where Arafat worked for a decade) and General Atomics — developing microreactors, and their goal is the same as the government's: To develop an emissions-free, reliable energy source.A single microreactor could power a community from 1,000 to 10,000 people, whether that's a hospital or remote military base. The current electricity grid in the United States is based on a system of generating electricity at a centralized location and distributing it to the end users. But microreactors are a component in a future vision for the electricity grid that is less centralized more resilient against natural disasters.Beyond being potential clean-energy options for remote locations or small communities, microreactors could be a key part of a future clean energy grid that includes renewable solar and wind energy and battery storage, Arafat said. Nuclear is a baseload energy source, meaning it can provide energy when the wind isn't blowing and the sun isn't shining, serving as a backstop for the intermittency of renewables.A prototype for the Marvel reactor at the Idaho National Lab.Photo courtesy Magdalena Petrova, CNBCSmaller = cheaperSmall modular nuclear reactors are orders of magnitude less complicated to construct and build than conventional light water reactors. Microreactors take that even further."The entire hardware can be built in a factory, like the way we make automobiles or cars," Arafat told CNBC, allowing for the production of hundreds of microreactors a year. From the factory, a microreactor can be transported to a customer location, fueled up and started. The goal is to be able to deploy a microreactor in less than a week, "so it's more like a nuclear battery than a large scale power plant," he said."If we become really good at manufacturing these systems and take advantage of factory fabrication, we can make them cheap enough for every campus across the nation," Arafat told CNBC.Microreactors use a different kind of fuel enriched to just below the 20% limit set by nuclear non-proliferation requirements. This fuel, called HALEU, or high-assay low-enriched uranium, allows for the reactor to be smaller."We can actually build a much more efficient core that is significantly more compact and smaller. So we would actually require a much smaller amount of fuel to design a reactor rather than a much larger core. That's the biggest advantage of going higher enrichment," Arafat said.The small size and factory fabrication means that micronuclear reactors will be much cheaper to construct than conventional light water reactors, which chronically run overschedule and overbudget. The third and fourth reactors being constructed at the Vogtle plant in Georgia have become infamous examples of such overages.Yasir Arafat, the technical lead of the Marvel reactor microreactor project, speaking with CNBC at the Idaho National Lab.Photo courtesy Magdalena Petrova, CNBCThat's not to say the first microreactors off the factory line will be as cheap or fast as the technology will become. But they will likely be deployed at locations where there aren't cheap and reliable clean energy alternatives, like remote communities in Alaska."Currently, the only technology that works there are diesel generators and they have to fly in the diesel fuel in those locations. That's how remote they are. If we can replace those diesel generators with a micro reactor like this, it can certainly be significantly more economical than what they're currently paying today," Arafat told CNBC.Also, because microreactors will be located near where energy will be used, the cost of transmission will be virtually nil, Arafat said.Microreactors also require fewer personnel and less maintenance work than traditional reactors, in part because their fuel needs to be replaced only five to ten years, versus less than two years for a light water reactor, Arafat says.Then, there's the safety piece. The microreactor operates passively, meaning engineered systems are not required to, for example, cool the reactor off."So everything from heat generation, heat transport, heat removal to heat rejection, all of those coolant loops are done passively without any engineered systems," Arafat told CNBC.Also the side of the reactor is boron carbide, which is the same material used in armored vehicles."So if there's a manmade or an extreme weather conditions that can come through, there's going to be little or no effect to the actual operation or safety of these systems," Arafat said.The prototype of the Marvel reactor at the Idaho National Lab.Photo courtesy Magdalena Petrova, CNBCA critical piece of a larger puzzle, but no panaceaWhile Steve Nesbit, President of the industry trade group, American Nuclear Society, supports the idea of micronuclear reactors and the MARVEL project specifically, he cautions that they're not going to be a panacea for decarbonization.That's largely because a conventional light water reactors generate hundreds of megawatts of energy and a microreactor will generate between one and five megawatts of energy, according to Arafat."I do think they have a future but there are limits to the ability to address our clean energy needs with them," Nesbit told CNBC. "Microreactors are ideally suited for remote situations with microgrids, but not so much as a means of gigawatt scale generation of clean electricity for the conventional grid."The same view is shared by nuclear innovation expert and professor Alex Gilbert."They are distributed energy resources, meant to serve off-grid customers, small towns, and industrial operations," Gilbert told CNBC. "Alaska is likely to be an early initial market, as well as other parts of the Arctic like Canada, Russia, and Scandinavia. They can play keystone roles in microgrids, complementing distributed solar and batteries."But many of the key issues that face the development of microreactors are the same that face the development of large scale nuclear in the US: "We have an atrophied supply chain, costs will be high and unpredictable to start, and the regulatory system is poorly suited to handle them," Gilbert said.That said, addressing these issues for the deployment of microreactors can help to pave the way for those same issues "for large-scale roll out of larger advanced reactors," Gilbert said.Arafat knows that the MARVEL project has a larger purpose: Flexing the muscles of nuclear innovation in the U.S. for the first time in decades. "So the art, science, and the technology of going through the development of new reactors is also sort of a new realm for us in many ways," Arafat told CNBC.— CNBC's Magdalena Petrova contributed to this report.

Inside the U.S. government project to create tiny nuclear reactors like batteries.

MoneyWatch June 15, 2022 / 3:11 PM / MoneyWatch Fed to consider aggressive action amid high inflation Fed to consider aggressive action amid soaring inflation 02:22 Earlier this year, the Federal Reserve turned to its most potent weapon — raising interest rates — to combat soaring inflation. But with consumer prices having only accelerated since then, the central bank boosted rates by 0.75% on Wednesday — its largest hike since 1994 — to try to tame the nation's fiercest bout with inflation in 40 years. The rate hike follows the announcements of a 0.25% hike in March and a 0.5% move in May — with the latter marking the sharpest increase since 2000.The Fed had earlier been expected to boost rates by a more modest 0.5%, but the bank opted for a larger hike after the Consumer Price Index, a broad basket of goods and services used to track inflation, surged 8.6% in May, from an 8.3% annual rate in April. Gasoline prices have continued to hit new highs almost daily amid depleted domestic production and Russia's war in Ukraine, while food and housing costs are also surging.  The idea behind the Fed's rate hike is to make it costlier to borrow money, which in theory should tamp demand for purchases that require borrowing, like home buying or buying items with credit cards. With the latest rate increase, consumers and businesses should brace themselves for a hit to their wallet, experts say. "The cost of borrowing is becoming more expensive, particularly for those with variable rate products," said Mark Hamrick, senior economic analyst at Bankrate. "Fortunately, on the other side of the rate equation, returns on savings will likely be improving, particularly for those who investigate more generous high-yield savings options." El-Erian says inflation could hit 9% 08:59 By year-end, the federal funds rate — the rate that determines borrowing between banks — could be almost twice as high as its pre-pandemic level of about 2%, according to forecasts. "It was just a few weeks ago that investors were forecasting the funds rate to be ~2.58% at the end of this year, but that number is now more than 100 [basis points] higher at 3.7%," analyst Adam Crisafulli of Vital Knowledge told clients in a research note. "And the 'terminal' funds rate (the level at which the Fed will stop hiking this cycle) is now seen north of 4%."Here's what the Fed jacking up interest rates could mean for your wallet.What will the rate hike cost you?Every 0.25% increase in the Fed's benchmark interest rate translates to an extra $25 a year in interest on $10,000 in debt. So Wednesday's 0.75% increase means an extra $75 of interest for every $10,000 in debt.  Economists expect the Fed will continue to raise rates throughout the year as it battles inflation. Some analysts now forecast the central bank will announce another 0.75% increase in July, followed by two 0.5% hikes in September and November.  By early 2023, the federal funds rate could be 3.75% to 4%, according to TD Macro. That implies a rate increase of at least 2.75% higher than the current federal funds rate of 1%. For consumers, that means they could pay an additional $275 in interest for every $10,000 in debt. How could it impact the stock market?The stock market has slumped this year amid various headwinds, including the impact of high inflation and the Fed's monetary tightening. But a bigger-than-expected interest rate increase on Wednesday "could be welcomed by stocks," Crisafulli said before the rate hike was announced."It would represent a powerful signal by [Fed Chair Jerome Powell], help the Fed recapture control of the policy narrative and clamp down on the massive change in tightening forecasts," he noted. The S&P 500 rose 15 points, or 0.4%, to 3,750 on Wednesday.Credit cards, home equity lines of creditCredit card debt will become more expensive, with higher APRs hitting borrowers within one or two billing cycles after the Fed's announcement, according to LendingTree credit expert Matt Schulz. For instance, after the Fed's March hike, interest rates for credit cards increased for three-quarters of the 200 cards that Schulz reviews every month.Consumers with balances may want to consider a 0% balance transfer credit card or a low-interest personal loan, Schulz said. Consumers can also ask their credit card companies for a lower rate, which research has shown is frequently successful.Credit with adjustable rates may also see an impact, including home equity lines of credit and adjustable-rate mortgages, which are based on the prime rate.  What's the impact on mortgage rates?Mortgage rates have already surged in response to the Fed's rate increases this year. The average 30-year mortgage stood at 5.23% on June 9, according to Freddie Mac. That's up from 2.96% a year earlier. That is adding thousands to the annual cost of buying a property. For instance, a purchaser buying a $250,000 home with a 30-year fixed loan would pay about $3,600 more per year compared with what they would have paid a year earlier. The Fed's newest rate hike might already be baked into current mortgage rates, said Jacob Channel, senior economic analyst for LendingTree, in an email."The Fed's rate hike may not mean that mortgage rates are going to significantly increase," he noted. The housing market reflects one part of the economy where the Fed's rate increases are slowing demand. Channel added: "These high rates have significantly dampened borrower desire to refinance current loans, and they're also showing signs of reducing demand for purchase mortgages as well."Savings accounts, CDsWhen it comes to higher interest rates, the bright side for consumers is better yields from savings accounts and certificates of deposit. "Online deposit rate gains have accelerated after the last two Fed rate hikes. Further acceleration is expected" with additional hikes, said Ken Tumin of DepositAccounts.com in an email.  In May, the typical online savings account yield increased from 0.54% to 0.73%, while average yields on one-year online CDs rose from 1.70% to 2.53%, he noted.That's better than savers used to earn, but it's still far below the rate of inflation. That means that savers are essentially eroding the value of their money by socking it into a savings account while inflation is running above 8%.  In: Federal Reserve 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

The Fed boosted rates 0.75%, the most since 1994. Here's how it will hit your wallet.

Bradley Garcia, nominated to the U.S. Court of Appeals for the District of Columbia Circuit, appears in an undated photo from O’Melveny & Myers, where he was formerly a partner. O’Melveny & Myers/Handout via REUTERSRegister now for FREE unlimited access to Reuters.comSummaryLaw firmsGarcia would be first Latino on D.C. Circuit if confirmedBiden also names nominees to 5th, 9th Circuits(Reuters) - President Joe Biden on Wednesday unveiled seven new judicial nominees, including U.S. Justice Department official Bradley Garcia, who would become the first Latino to serve on the influential federal appeals court in Washington, D.C.Garcia, a veteran appellate lawyer and a former law clerk to U.S. Supreme Court Justice Elena Kagan now at the Justice Department's Office of Legal Counsel, was nominated to join the U.S. Court of Appeals for the District of Columbia Circuit.Biden also made his first nomination to the 5th U.S. Circuit Court of Appeals by selecting U.S. Magistrate Judge Dana Douglas, a former partner at Liskow & Lewis, to be the first woman of color on the conservative New Orleans-based court.Register now for FREE unlimited access to Reuters.comAnother nominee, Coppersmith Brockelman partner Roopali Desai in Arizona, if confirmed would become the first South Asian person to serve on the San Francisco-based 9th U.S. Circuit Court of Appeals.Coupled with four new nominees to serve on the district courts in Puerto Rico and Minnesota, Biden has in total announced 105 federal judicial nominees since taking office in January 2021, according to the White House.The White House said the nominees continue fulfilling Biden's pledge to diversify the federal bench, a vast majority of whom have been women, people of color or lawyers with backgrounds in civil rights and public defender work.Garcia, who joined the Justice Department's Office of Legal Counsel as deputy assistant attorney general in February from O'Melveny & Myers, is Biden's fourth nominee to the D.C. Circuit, which many view as second only in importance to the U.S. Supreme Court.Its prominence is due to a docket filled with cases concerning government decisions and regulations. Three current Supreme Court justices served on it, as did Supreme Court Justice-designate Ketanji Brown Jackson.Jackson was nominated by Biden to the D.C. Circuit last year. Two of Biden's other D.C. Circuit nominees, U.S. District Judges J. Michelle Childs and Florence Pan, are pending Senate confirmation.The Mexican American Legal Defense and Educational Fund has pressured Biden to nominate more Latinos the bench, a call it renewed after Biden's last nomination to the D.C. Circuit, whose three picks to date were two Black women and one Asian American.Garcia would succeed U.S. Circuit Judge Judith Rogers, an appointee of former Democratic President Bill Clinton who announced last month she planned to take senior status, a form of semi-retirement that creates vacancies presidents can fill.Read more:Appellate law veteran at O'Melveny leaves for DOJ legal counsel postBiden moves to fill key appellate seat vacated by U.S. Supreme Court's JacksonD.C. Circuit's Rogers to take senior status, giving Biden new vacancyRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.Nate RaymondThomson ReutersNate Raymond reports on the federal judiciary and litigation. He can be reached at nate.raymond@thomsonreuters.com.

Biden's seven new judicial nominees include first Latino for D.C. Circuit.