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BlackBerry (BB) Radar Solution Available on AWS Marketplace

BlackBerry's (BB) asset-monitoring solution, BlackBerry Radar is now available on Amazon Web Services Marketplace. BlackBerry BB has collaborated with Amazon AMZN to launch the BlackBerry Radar on Amazon Web Services (AWS) Marketplace.AWS Marketplace has thousands of software from different companies worldwide. It has a curated digital catalog that makes it easier to find the desired software and deploy software on AWS.BlackBerry Limited Price and Consensus BlackBerry Limited price-consensus-chart | BlackBerry Limited QuoteThe current Russia-Ukraine war and pandemic have created supply chain issues, especially for companies in the transportation and logistics businesses.BlackBerry plans to capitalize on this global crisis by making Radar available on AWS. It is the only asset tracking and monitoring solution available on AWS Marketplace for transportation and logistics businesses.The Radar has an easy-to-use dashboard, which provides valuable insights to fleet owners like real-time information around location, cargo status, motion, mileage, temperature, humidity and door open/close status.The information helps business owners to improve asset utilization and increase overall efficiency and profitability.Business owners can install BlackBerry Radar in just a few minutes to access the cloud-based dashboard, per company reports.The data is stored and transmitted on the cloud platform, which increases the privacy of user information.BlackBerry Radar is among the many software the company has listed on AWS, like CylancePROTECT, BlackBerry Unified Endpoint Management, BlackBerry AtHoc and SecuSUITE for the government.Per a report by Allied Market Research, the global radar market, valued at $32.56 billion in 2019, is expected to reach $44.35 billion by 2028, at a CAGR of 4.7%.BlackBerry provides intelligent security software and services to enterprises and governments worldwide. Within the auto sector, increasing consolidation of digital cockpits augurs well for Blackberry. However, the sector is facing supply chain and semiconductor shortage issues due to the pandemic.Blackberry’s extensive investments in research and development to compete with other companies are affecting its profitability. Stiff competition and adverse foreign currency exchange rate fluctuations are other concerns.Shares of BlackBerry have lost 55.7% in the past year compared with the industry’s fall of 14.7%.Image Source: Zacks Investment ResearchZacks Rank & Stocks to ConsiderBB carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the broader technology space are InterDigital Inc. IDCC, and PTC PTC. InterDigital and PTC currently sport a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for InterDigital’s 2022 earnings is pegged at $2.90 per share, increasing 27.2% in the past 60 days. The long-term earnings growth rate is anticipated to be 15%.InterDigital’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 141.1%. Shares of IDCC have declined 16.8% in the past year.The Zacks Consensus Estimate for PTC’s 2022 earnings is pegged at $4.55 per share, rising 3% in the past 60 days. The long-term earnings growth rate is anticipated to be 11.8%.PTC’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 29.5%. Shares of PTC have declined 25.6% in the past year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report InterDigital, Inc. (IDCC): Free Stock Analysis Report PTC Inc. (PTC): Free Stock Analysis Report BlackBerry Limited (BB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks14 min. ago Related News

Pentagon Agency Wants Arms Monitors On Ground In Ukraine To Track Billions In Hardware Shipped

Pentagon Agency Wants Arms Monitors On Ground In Ukraine To Track Billions In Hardware Shipped Much belatedly now that there's a seemingly endless US weapons pipeline going into Ukraine, the Pentagon is worried they might end of in the "wrong hands" and is seeking to take steps to do something about it. It now wants to track serial numbers of US weaponry on the ground as the fight for Ukraine continues. As early as April US officials began admitting that once advanced systems like Javelin anti-tank weapons cross into Ukraine they have no idea where they go from there. There's speculation that some percentage of Western-supplied arms will be resold on the black market, or even make there way to other conflicts outside Ukraine, such as in the Middle East.  Image source: AFP/Getty “We have fidelity for a short time, but when it enters the fog of war, we have almost zero,” one intelligence source told CNN in a prior report. "It drops into a big black hole, and you have almost no sense of it at all after a short period of time." But on Thursday, the Pentagon’s Defense Security Cooperation Agency (DSCA) issued a statement urging US military leaders to send weapons inspectors into war-torn Ukraine in order to directly monitor the literal billions of dollars in arms being handed out. This would go beyond the current set-up of the Pentagon simply taking Ukrainian officials' "word for it" when it comes to proper distribution and usage of weapons and ammo against the Russian invading forces. After all, there have been signs the Department of Defense is tapping into America's own vital stockpiles in order to supply the Ukrainians. An analyst with the military commentary site Defense One describes that currently, "All U.S. officials can do now is review receipts of the arms transfers from other locations in Europe and take Ukrainian officials’ word that the weapons are being properly used and stored." But DSCA deputy director Jed Royal has stated, "Over time, we would like to be able to extend our insights with greater presence on the ground." Royal added that in a scenario inspectors are sent in, it would not be "some kind of operational detachment or anything along those lines." But that's not how Moscow would see it, after vowing to target any inbound foreign weapons shipments in locates it identifies in the conflict theater. The Pentagon official said further: "What I'm talking about is a security cooperation office, appropriately the right size given the mission set for Ukraine, that would fall under chief of mission authority like we have in other countries," he said. The Pentagon’s "end-use monitoring" mission typically involves inspectors physically reviewing weapons and checking serial numbers. That is “just harder to do that without a robust presence on the ground,” Royal said. Without one, "we are somewhat limited in our ability to get the kind of insight that we would like to have." But according to a recent report in The New York Times, the CIA has had a significant ground presence since the start of the Russian invasion and even prior. I'm starting to wonder whether the US Government's ability to find ways to justify its posture of Endless War - and that's what it is: endless - might have something to do with how a tiny slice of Americans (corporate and security state elites who wield huge power in DC) benefit? pic.twitter.com/kCnaorRJda — Glenn Greenwald (@ggreenwald) July 1, 2022 Yet it goes without saying that Pentagon foreign weapons transfer programs have some degree of actual oversight, being much more in public view and officially disclosed, whereas the CIA operates in the shadows - often with its activities not being detailed till years later (the covert "Timber Sycamore" program in Syria is a prime example). Thus the CIA has less incentive to provide oversight and accountability when it comes to US covert arms programs - and often even actively fights to prevent such oversight. Tyler Durden Fri, 07/01/2022 - 11:25.....»»

Category: blogSource: zerohedge14 min. ago Related News

"…And Then?"

"…And Then?" By Michael Every of Rabobank "... And Then?" Thursday was another down day in most markets, with staggering moves in some. US stocks closed down (-0.9% S&P) and had their worst H1 since 1970. How many Wall Street analysts had that pencilled in? Bonds rallied. US 10s breached the key 3% level, which had been establishing itself as a floor vs. a 3.50% ceiling, but were back above it at time of writing. European bonds have seen a staggering two-day move, with German 5s down 35bp in just two days, apparently only the third time that has happened in 20 years, and 10s down 29bps. That was despite Reuters suggesting that the ECB would buy Italian, Greek, Portuguese, and Spanish bonds with the proceeds from German, French, and Dutch bonds. Yet overall bonds still had an H1 for the ages too – in a bad sense. Commodities got smacked again and are all well down from their 2022 peaks. Base metals have given up all their Ukraine war gains. Yet oil as the key benchmark is still up 48% year-to-date. Javier Blas from Bloomberg also picks up the Banque de France flagging concerns about global commodity trading, which it calls an "oligopolistic market", with "potentially systemic importance and moral hazard", and where "more extensive work still needs to be done on the regulation." This is red flag that has been waved by the Fed before. Bitcoin crumbled further below $19,000. The US dollar once again was up sharply, then down again, with the DXY at 104.7, having been at 105.5. If we see another spike that is held even as everything else starts to collapse,… well, fasten your seatbelts. Fed swap lines will be needed. In short, if you bought stocks in H1, you lost; if bonds, you lost; if commodities, you were doing great until recently; if crypto you lost; if the US dollar, you were fine. Some of the extreme moves we have seen recently were likely exacerbated by end-month and end-quarter flows/repositioning. So, now on to Q3 and H2. We kick off with the Atlanta Fed Q2 GDP tracker being revised down to -1.0%, meaning the US *is* already in recession even before we have to worry about one ahead. At least that clears the picture a little. Except that supply chain chaos may be easing at sea in some places, but worsening in others. As Freight Waves puts it, “The jaws of the supply chain vise are squeezing trade so tight that the headache it is creating will be a whopper for logistics managers this peak season. Port congestion is growing again as a result of labour and equipment inefficiencies.”  More, properly-focused workers are needed urgently, is their conclusion. Indeed, alongside airport chaos, American Airline pilots are getting a 17% pay rise to try to keep things running. Yes, 17%, not 1.7%. In short, some pipeline deflation is evident – but not in energy: and pockets of structural inflation remain that cannot be resolved by the stroke of any central bank pen. Listening to recent commentary, the market appears madly focused on the idea that for all of the calamites unfolding around us there is one simple solution - the Fed cuts rates, and soon. Making that call is important, and particularly because it means ignoring what the Fed, every central bank, and the BIS, just said loudly and clearly – that rates are going up a lot anyway. However, let’s presume the Fed and every central bank is wrong (which is a healthy place to start) and the market is right (which isn’t), and a Fed pivot is imminent (which may be true). My key question is: “…and then?” Most of the market doesn’t seem to have an answer in terms of the big picture. It doesn’t even want to try to think of one. Fed cuts will apparently make all our issues go away. Yes, a logical near-term response is “go long stocks; long bonds; long commodities; short the US dollar; long crypto; and long risk”. However, my question is still: “…and then?” What about Inequality? Energy prices? The food crisis? Regulation of commodity markets? Geopolitics? National security? The war? The climate? How does this all join up, and where are we going even if we do get lower rates? I cannot tell you how few market commentators are willing to even begin to answer those questions holistically: because it’s hard; and because “go long stocks; long bonds; long commodities; short the US dollar; long crypto; and long risk”, makes lots of people lots of money. So, they will keep peddling their threadbare wares, and I will keep saying “…and then?” until I get some answers like the annoying voice at the Chinese restaurant in that avantgarde arthouse US film ‘Dude, Where’s My Car?’ And ‘wonton soup’, while nice, is not going to be one of them. To make my point, yesterday saw another huge US Supreme Court ruling: this time to roll back the “administrative state” - as Justice Thomas had flagged in an interview. Specifically, it ruled the Environmental Protection Agency has limits to its regulation of carbon emissions. As with Roe vs. Wade, elected officials now have to make decisions on crucial matters, this time federal not state. “…and then?” Which regulator will be next, and which key legislation will then be added to the pile for a dysfunctional Congress that has a narrow Democrat majority now, but which is likely to see a larger Republican (and MAGA) one after the November mid-term elections? “…and then?” To repeat another point I had made on Monday, if you extend the logic of the ruling, the Fed may get nervous. I’m not sure exactly what case somebody might be able to bring against the 1913 Federal Reserve Act --perhaps being egregiously harmed by QE?-- but if they can, we might find out if this Court thinks the Fed also has de facto executive power, enforcement power, and adjudication power outside of the constitution. The ECB dealt with similar issues in their German constitutional court case in recent years and emerged even more powerful – but then Europe generally likes centralized regulation a whole lot more than US conservatives do. Yet one wonders how the ECB will fare politically if it starts selling core bonds to buy peripherals, and once we eventually find out how its much-vaunted but even more controversial Anti-Fragmentation Tool (AFT) actually works --or doesn’t-- in practice. “…and then?” Who knows? But more volatility surely. Does the Fed get to keep control when other elements of the administrative state fade away? Or does the Fed gain greater power via regulation of commodity markets and expanded dollar swap lines (for friends only),… and then do central governments gain greater powers over central banks to ensure national security needs are met? “…and then?” We have to look bigger picture. Turkey is to get new US F-16s, and so Greece is to get new US F-35s (partly paid for by the ECB via German, French, and Dutch bonds). “…and then?”   Not too far away, and despite the utopian prognostications of the EU’s foreign policy bumblebee Borrell, the word on the street is the Iranians are playing hard ball in the latest indirect US-Iran talks because a powerful clique in Tehran is not sure if they want to bother with the pretense of the nuclear deal or not. People are really talking about the “last chance” for any agreement. “…and then?” New Zealand agreed a trade deal with the EU. Yet PM Ardern’s warning at the recent NATO summit --also attended by Australia, Japan, and South Korea-- that China is becoming more assertive, has drawn a sharp rebuke, as did the summit’s focus on China as well as Russia. Beijing has noted Ardern’s “misguided,” “wrong,”, and “regrettable” accusations.     “…and then?” In the US, Senate Minority Leader McConnell has now threatened to withhold support on the until-now bipartisan US COMPETES Act aimed at helping to onshore semiconductor production, if the bill also includes items not related to the issue at hand. Relatedly, just published a look at the potential for ‘friend-shoring’ of supply chains from China to others (‘Friends Reunited’). The simple conclusion is that were this to happen on even the limited scale we project relative to China’s total labour force, it could transform global trading patterns; moreover, China’s trade surplus would swing to a deficit, leading to lower GDP growth and an inability to use fiscal and monetary policy to compensate without a balance of payments and FX crisis. Obviously, China will do all that it can to retain its trade ‘MySpace’ as a result. “…and then?”   “…and theeen?”  “…and theeeeeen?” “…So, we think the Fed will cut rates…”  Happy Friday, July, Q3, and H2. Tyler Durden Fri, 07/01/2022 - 11:45.....»»

Category: blogSource: zerohedge14 min. ago Related News

First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing

The shifting mortgage market has sent ripples throughout the lending industry that have manifested in waves of layoffs as companies look to adapt to the changing times. While this has become a common trend in the past six months, some companies have struggled more than others. That’s been the case for First Guaranty Mortgage Corp.… The post First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing appeared first on RISMedia. The shifting mortgage market has sent ripples throughout the lending industry that have manifested in waves of layoffs as companies look to adapt to the changing times. While this has become a common trend in the past six months, some companies have struggled more than others. That’s been the case for First Guaranty Mortgage Corp. (FGMC), which announced yesterday that it had filed chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on June 30 along with its affiliate Maverick II Holdings, LLC. “While we have made considerable efforts to address our ongoing financial challenges related to the state of the mortgage market, we ultimately must do what is best for our borrowers and consumers,” said FGMC CEO Aaron Samples in a press release. The company claims in the petitions that it has experienced “significant operating losses and cash flow challenges” due mainly to the volatile mortgage lending market. “In 2021, intense competition for mortgage originations, in part due to the collapse of the refinancing market, resulted in a sharp decline in the Debtors’ performance,” read an excerpt from the filing. “The Debtors’ margins on the sale of loans also declined dramatically.” Like many mortgage companies that have seen their profits tumble amid the current market shift, FGMC’s filing painted a picture of its financial woes as mortgage rates have climbed in 2022. For the four months ending April 30, 2022, the Texas-based company tallied $23.3 million of after-tax net loss, which is partially attributed to lower origination volumes. Despite the company raking in $1.7 billion in mortgages during that time, FGMC indicated that its sales profit gains “continued to be very weak.” The bankruptcy filing comes less than a week after the Texas-based mortgage lender laid off nearly 80% of its workforce on June 17. According to a WARN notice sent to the Texas Workforce Commission, FGMC terminated 428 of its 565 employees. Initial reports regarding the firings indicated that the layoffs were caused by “significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility.” While the layoffs indicate the persisting strain mortgage companies have had to endure under rising mortgage rates and shrinking refinance originations, the approach in which FGMC fired its workers harkens back to a now-infamous wave of layoffs conducted by Better.com CEO Vishal Garg.  National Mortgage Professional (NMP) reported that Samples fired workers during a 10-minute virtual meeting on Microsoft Teams. Based on former employee accounts featured in NMP, Samples cited “several general economic hurdles” plaguing FGMC, like market compression and geopolitical issues, as reasons for terminating everyone on the call immediately. RISMedia also spoke with a former FGMC employee impacted by the layoffs, who confirmed what the reports indicated. The former employee requested that they be anonymous in this story and drew comparisons between FGMC’s firings and the Better.com Zoom-call firings. “For Better Mortgage, they didn’t show much empathy,” they say. “It was pretty similar to last Friday. There was a brief call over Microsoft Teams, and he said, ‘if you are in the call, your job has been cut.'” Admittedly, the former employee said the announcement came as a surprise despite a general understanding that the mortgage lending environment has been in flux for the past year and a half. “Our business was shrinking for sure, but there was some niche in the industry,” they say, highlighting FGMC’s work with non-qualified mortgages as an example of products that the company could have leaned on during the market shift. On June 15, FGMC announced a new stand-alone second lien program that the company touted as an “exciting new addition” to its suite of non-QM products under its affiliate Maverick Solutions. “The market is still there, so they were optimistic and were coming up with new products,” the former employee continues. “Our impression was they’ll be alright.” Several other former employees took to social media to lament the loss in the days following the layoffs. “One constant in my nearly 30 years in the mortgage industry is that when I find a job that feels like home, I am going to give well over 100% and will not leave until they kick me out,” wrote Stacy Lighton, a former VP of Credit Policy at FGMC, on LinkedIn. “My most recent position as vice president of Credit Policy was with First Guaranty Mortgage Corporation, a company that felt like family until last Friday when most of the staff was abruptly released.” Other impacted employees painted pictures of the unexpectedness of the incident. “FGMC cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications,” read a LinkedIn post by former FGMC Account Executive Tina Ogden Smith. “The company laid off around 500 employees without severance payment,” the post continues. “Sure sign of doors closing in near future.” According to the former employee, a severance package was not offered immediately after the layoffs occurred. However, they tell RISMedia that FGMC has since offered severance, including a week’s work-worth of pay for every year they worked at FGMC. Employees weren’t the only ones blindsided by FGMC’s behavior, as lender partners indicated that they were also left without updates on whether the company would purchase and fund loans that had already been approved for purchase. “I’m positive I am not alone when wondering ‘will you be honoring your commitment to purchase these loans, and when can we expect them to be purchased?’” wrote Dani Hernandez, vice president of mortgage at UpEquity in Austin, Texas. In her letter to FGMC, which was posted on LinkedIn, Hernandez indicated that the last communication UpEquity received from FGMC was two weeks ago, and the company was told that FGMC would “honor these locks and pricing.” “Now FGMC has gone radio silent,” Hernandez wrote. “Please let your lender partners know if we should be looking for other investors to sell these loans to or if and when you will be funding these loans you’ve committed to purchasing. “Leadership at FGMC, we understand this is a difficult time, but you owe it to your lender partners to let us know what is happening, so others do not suffer,” the letter concluded. While FGMC’s bankruptcy filing isn’t expected to affect closed mortgages, the company indicated that it has “taken action to accommodate the maximum number of borrowers who have started but not yet completed the loan process.” “FGMC is finalizing debtor-in-possession financing that will enable it to close and fund approved consumer loans under existing terms and conditions,” FGMC stated. The company also indicated that it identified one or more potential partners to provide optionality to support the pipeline of in-process loans. The debtor-in-possession financing still needs to be approved by the Court. The same applies to an “employee incentive and retention program” that FGMC is trying to develop. “As part of this process, the Company retained a portion of its workforce to manage the day-to-day business,” Samples said. “We are requesting that the court approve a variety of motions that will promote a smooth transition for all pertinent parties while also preserving value for the benefit of the Company’s stakeholders.” The post First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing appeared first on RISMedia......»»

Category: realestateSource: rismedia58 min. ago Related News

How chief sustainability officers are bringing more accountability and less waste to their companies — and the world

In 2021, companies that appointed a CSO tripled compared to the previous year, according to a PwC survey. Several factors are driving the trend. Kazi Awal/InsiderSandra Noonan is Just Salad's chief sustainability officer.Just Salad Many companies have hired chief sustainability officers, or CSOs, in recent years. Their job is to drive projects that help organizations meet their sustainability goals. Here's a look at how some top CSOs are making strides in their organizations. This article is part of the "Financing a Sustainable Future" series exploring how companies take steps toward funding and setting their own sustainable goals. As companies commit to being more environmentally conscious and launch initiatives to reduce greenhouse gas emissions, waste, and water use, they often need someone to drive these programs. To face these challenges many organizations are hiring chief sustainability officers, or CSOs. These leaders collaborate with company executives and stakeholders to develop and oversee an organization's approach to sustainability. In 2021, companies that appointed a CSO tripled compared to the previous year, according to a PwC survey. Wells Fargo appointed its first CSO, Robyn Luhning, in April, and UnitedHealthcare Group named Patricia Lewis as its first CSO in February.Several factors are driving the trend. Ann Tracy, chief sustainability officer at Colgate-Palmolive, said mostly it's pressure from stakeholders, employees, and consumers, who are more likely to pay more for brands that are sustainable, according to an IBM Institute for Business Value study. Investors are increasingly weighing environmental, social, and governance factors, while governments also pushing to disclose related metrics, including a proposed rule from the Securities and Exchange Commission in the US.  When organizations fall behind on ESG progress, they risk losing investors and customers. "The need for ESG leadership to help get companies organized is critical," said Tracy, who's been with Colgate-Palmolive for more than 30 years and transitioned into the CSO role that the company created in 2020 after releasing its 2025 Sustainability and Social Impact Strategy. "When companies make commitments and pledges, stakeholders want to see action." Public sustainability commitments ensure accountabilitySpencer Reeder, director of government affairs and sustainability at Audi of America, said the company has made public commitments to reduce its carbon footprint by 30% by 2025 and produce its last internal combustion engine vehicle in 2025 in favor of electric vehicles. This enables him to stay on track and hold Audi accountable to meet its sustainability goals. "I'm able to stand up for the brand and what we're doing, but also continue to push internally to be more innovative and aggressive on emissions, water consumption, and using more sustainable materials," he said, adding that he's required to report progress on sustainability initiatives. CSOs need a "place at the strategy table" to be effective, said David Larcker, director of the Corporate Governance Research Initiative at the Stanford Graduate School of Business. The role needs to be a key part of executive leadership, meet with the company's board of directors, and have a budget, and CSOs should be embedded in the company's operations — otherwise, it's "window dressing," he said. When Reeder joined the company in 2018, he gave a "science talk" to the leadership team to raise awareness about the need to move to electric vehicles to mitigate the effects of the climate crisis. Spencer Reeder is the director of government affairs and sustainability at Audi of America.Audi"Based on that initial investment and support from the leadership, I feel there's great receptivity to any idea that I bring forward around sustainability," he said. "We've made changes that have been considered for over a decade and just couldn't get over the threshold that now within the last couple of years, have been able to move forward." Reeder is continuing to make strides. He recently spearheaded an internal carbon pricing program, in which Audi charges itself $200 per ton of carbon emissions — higher than the current interim federal social cost of $51 a ton — with an intention of offsetting emissions from employee commuting and business travel.Tracking progress on sustainability to drive culture change Sandra Noonan joined the fast-casual restaurant chain Just Salad as chief sustainability officer in 2019. She was a loyal customer and appreciated the company's Reusable Bowl program and its sustainability initiative. She said concern for the environment is especially crucial for restaurants since about a third of global greenhouse gas emissions are tied to the food system. "I had a lot of leeway to shape the CSO role," she said. Reporting directly to the company's CEO and the fact that sustainability is in "the bones of the company" empowers her to tackle problems like reducing single-use packaging and food waste.In 2021, the Reusable Bowl program kept more than three tons of waste out of landfills. The company also estimated that more than 90% of its food packaging was made from recycled or renewable materials."I get involved in figuring out how we operationalize our ideas and our targets," Noonan said. "I also spend a lot of time on metrics and looking at our greenhouse gas emissions breakdown and going, 'OK, what programs would reduce our footprint?'" To mitigate food waste, Just Salad partners with Too Good To Go, a platform that connects customers with restaurants that have food surplus, and some locations also compost leftover food. In March, Just Salad's carbon labels showing the emissions estimates for each menu item received verification by Planet FWD, a carbon management platform. By talking directly with customers and working with Just Salad's marketing team to spread the word about its sustainability programs, one of Noonan's top priorities is to make Just Salad "a voice for culture change and changing norms that are harmful to nature."Educating customers and stakeholders about the value of sustainable behaviors While inspiring a culture change is a goal for CSOs, changing customer behavior can be a challenge. "Even though consumers want to be more sustainable, many don't want to compromise on convenience, on price, and on quality — and they don't want to change their behavior," Colgate's Tracy said. Overcoming this "consumer intention action gap," according to Tracy, depends on consumer education. Colgate's "Save Water" public awareness campaign, which urged people to turn off the tap while brushing their teeth, has saved an estimated 206 billion gallons of water and 10.8 million metric tons of carbon emissions since 2016. And last year, about 85% of Colgate-Palmolive's packaging across categories and materials was recyclable. Ann Tracy is chief sustainability officer at Colgate-Palmolive.Colgate-PalmoliveTo reduce plastic waste, the brand launched a recyclable toothpaste tube earlier this year and shared the technology with the industry, including competitors. Colgate also debuted the Keep toothbrush, which features an aluminum handle that consumers keep and a replaceable brush. Tracy said that finding creative ways to educate and influence teams across a company about sustainability is central to a CSO's work. She works closely with the company's chief financial officer on sustainability accounting and balancing the cost and benefits of sustainable products since consumers don't want to pay more. CSOs may experience pushback within their companies and skepticism from consumers at times, Tracy said, but the job is "by and large trying to drive positive impact and hopefully helping Colgate be presented in a positive light for the work we do and the accomplishments we've made."  @media (min-width: 960px) { #piano-inline-content-wrapper .content-header .figure.image-figure-image { min-width: 100%; margin-left: 0; } } Read the original article on Business Insider.....»»

Category: topSource: businessinsider58 min. ago Related News

3 Broadcast Radio & TV Stocks to Watch in a Prospering Industry

Radio and television broadcast companies, Warner Bros. Discovery (WBD), Fox Corporation (FOXA), and Gray Television (GTN) are benefiting from higher content consumption and increased digital viewing despite intensifying competition for ad dollars. The Zacks Broadcast Radio and Television industry has been benefiting from rising demand for streaming content amid an increasing rate of cord-cutting. Industry participants like Warner Bros. Discovery WBD, Fox Corporation FOXA and Gray Television GTN are benefiting from a huge spike in digital content consumption. Diversified content offerings, which are original, regional, short and suitable for small screens (smartphones and tablets), improved Internet speed and penetration, and technological advancement are benefiting the industry participants. As monetization and revenues in terms of ad-spend continue to be subdued, profit protection and cash management with greater technology integration have gained strategic significance and are expected to aid these companies in driving the top line in the near term.Industry DescriptionThe Zacks Broadcast Radio and Television industry comprises companies offering entertainment, sports, news, non-fiction and musical content over television, radio and digital media platforms. These companies majorly derive revenues from the sale of television and radio programs, advertising slots as well as subscriptions. Notably, these industry players are increasing their spending on research and development as well as sales & marketing in order to stay afloat in an era of technological advancements with increased demand for VR and Internet Radio among audiences. The industry is likely to remain focused on sustenance at current levels along with a renewed emphasis on flexibility, which would accelerate the move to a variable cost model and reduce fixed costs.4 Broadcast Radio and Television Industry Trends to Watch Out ForShift in Consumer Preference a Key Catalyst: To adapt to the changes in the industry, companies are coming up with varied content for over-the-top (OTT) services in addition to linear TV. Additionally, they are adding OTT services to their content portfolios. The availability of streaming services on a wide range of platforms is helping such services easily reach a global audience. It is also helping them to expand their international user base, which in turn, attracts advertisers to their platforms, thereby boosting ad revenues. Moreover, the use of services to help advertisers measure their ROI and enhance their use cases is expected to benefit advertisers and industry participants. Also, major leagues and events such as NFL, NHL, Olympics, European Games, EPL and elections attract significant ad dollars. The recent resumption of live sports events after delays and cancellations over the past year is expected to boost advertiser demand.Increased Digital Viewing Aids Content Demand: Many industry participants who are either launching their own OTT services or acquiring other OTT services are banking on user insights to deliver the right content. Increased digital viewing is making consumer data easily available to companies, thereby allowing them to apply AI and machine-learning techniques to create/procure targeted content. The move not only boosts user engagement but also lets industry participants raise the prices of their services at an appropriate time without the fear of losing subscribers.Coronavirus Hurts Production and Ad Demand: Industry participants are bearing the brunt of coronavirus-induced macroeconomic woes. Advertising is a major source of revenues for this industry, which has been badly hit by the coronavirus. Recovering yet low ad demand and reduced spending are expected to hurt the top line in the near term. Moreover, the industry players are facing stiff competition from tech and social media companies for ad dollars. This has been a major impediment to growth.Low-Priced Skinny Bundles Hurt Revenues: Increase in cord-cutting has forced industry participants to offer “skinny bundles.” These services, which are available through the Internet, often contain fewer channels than a traditional subscription and therefore are cheaper. The move is in line with changing consumer viewing dynamics as growth in Internet penetration and advancements in mobile, video and wireless technologies have boosted small-screen viewing. The alternative services are expected to keep users glued to their platforms, thereby increasing the need to produce more content. However, the low-priced skinny bundles are likely to dampen top-line growth.Zacks Industry Rank Indicates Bright ProspectsThe Zacks Broadcast Radio and Television industry is housed within the broader Zacks Consumer Discretionary sector. It carries a Zacks Industry Rank #92, which places it in the top 37% of more than 250 Zacks industries.The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.The industry’s position in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic on this group’s earnings growth potential.Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.Industry Lags Sector and S&P 500The Zacks Broadcast Radio and Television industry has underperformed the broader Zacks Consumer Discretionary sector and the S&P 500 Index over the past year.The industry has declined 57.8% over this period compared with the S&P 500’s decline of 12.8% and the broader sector’s decline of 42.4%.One Year Price PerformanceIndustry's Current ValuationOn the basis of trailing 12-month EV/EBITDA (Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization), which is a commonly used multiple for valuing Broadcast Radio and Television stocks, the industry is currently trading at 16.52X versus the S&P 500’s 12.19X and the sector’s 9.17X.Over the past five years, the industry has traded as high as 41.9X and as low as 16.13X, recording a median of 30.23X, as the chart below shows.EV/EBITDA Ratio (TTM)3 Broadcast Radio and Television Stocks to WatchGray Television: Headquartered in Atlanta, GA, this Zacks Rank #1 (Strong Buy) company’s local stations are quite popular among political ad buyers. Notably, post the Raycom acquisition, Gray reached almost 36% of the U.S. population in 113 markets, operating more than 150 Big Four affiliated stations. You can see the complete list of today’s Zacks #1 Rank stocks here. In the first quarter of 2022, the company’s core advertising revenues increased 40% year over year and retransmission consent revenues increased 59% year over year. The company has also been witnessing a big surge in political advertising revenues, which increased 189% year over year in the first quarter.The Zacks Consensus Estimate for 2022 earnings has remained steady at $5.27 per share over the past 60 days. Grey Television’s shares are down 16.2% year to date.Price and Consensus: GTNFox: This New York-based company is riding on the growing demand for live programming. The robust adoption of Fox News and Fox Business Network (FBN) is expected to drive the user base in the near term. This Zacks Rank #3 (Hold) company generates a major portion of advertising revenues from live programming, which is relatively immune to the rapidly intensifying competition from subscription-based video-on-demand services.Moreover, recovering ad spending in the local advertising market, affected by the coronavirus outbreak, is a major positive for Fox. Also, increasing affiliate-fee revenues are expected to drive Fox’s top line.The Zacks Consensus Estimate for Fox’s fiscal 2022 earnings has declined 0.7% to $2.81 per share over the past 60 days. The stock is down 12.9% year to date. Price and Consensus: FOXAWarner Bros. Discovery: This Zacks Rank #3 company’s expanding direct-to-consumer offerings are driving top-line growth.Expanding sports coverage based on partnerships with the likes of PGA TOUR, Tiger Woods and Olympics is a major growth driver for Discovery. Further, recovery in advertising spending, primarily in the international markets, is a major positive.Markedly, the stock has declined 43% year to date. Notably, the Zacks Consensus Estimate for its 2022 earnings has remained steady at $1.51 per share over the past 30 days.Price and Consensus: DISCA Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Warner Bros. Discovery, Inc. (WBD): Free Stock Analysis Report Fox Corporation (FOXA): Free Stock Analysis Report Gray Television, Inc. (GTN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 14 min. ago Related News

T-Mobile (TMUS) Extends 5G Home Internet Across Several States

T-Mobile (TMUS) is confident of its ability to unlock massive synergies while building the finest 5G network across the country. T-Mobile US, Inc. TMUS recently augmented its 5G footprint in the country by introducing 5G Home Internet services in five states, namely Colorado, Iowa, Kansas, Missouri and Oklahoma. The expansion will enable the company to offer the service to nearly 5 million additional homes in 81 more cities and towns across the five states.The Home Internet service offers fast, affordable home broadband connectivity through a 5G Gateway device, which combines the capabilities of a router and a modem. The Gateway device then converts the 5G signal to Wi-Fi, which is accessible by all the devices in the home. It neither has any data caps nor charges any equipment fee for the Gateway device and is priced at a flat rate of $50 per month with AutoPay. Customers can even avail the service at $30 per month with Magenta MAX, T-Mobile’s most popular phone plan. It also requires no annual service contract and consequently does not have any early termination fees for discontinuation of service.Following its merger with Sprint, T-Mobile boasts an unrivaled bouquet of high- and low-band spectrum for a faster nationwide 5G rollout, undeniably disrupting the competitive landscape of the U.S. telecom market. To its credit, T-Mobile has the largest nationwide 5G network, covering more than 250 million people across 1.3 million square miles. The company is further strengthening its mid-band coverage by adding more towers and spectrum in places that already have 5G network connectivity.T-Mobile is confident of its ability to unlock massive synergies while building the finest 5G network. Also, it aims to deliver $43 billion of synergies and achieve $6 billion of annualized cost savings from its merger with Sprint. T-Mobile’s commitment to building the world’s best nationwide 5G network is likely to bring super-fast speeds to urban areas as well as rural locations. Customers will have access to average 5G speeds up to eight times faster than LTE in a few years and 15 times faster over the next six years.The company intends to offer the same services at a discounted rate for three years. The revamped T-Mobile intends to compete for consumers at all price points. Customers, including prepaid and Lifeline, will have access to the same 5G network and services. The combined company’s network will have 14 times more capacity than on a standalone basis, which enables it to leapfrog the competition in network capability and customer experience. Moreover, T-Mobile launched its streaming TV service. The acquisition of Layer3 TV has boosted its streaming service. The company continues to leverage LTE network speeds and Layer3 TV’s technology to roll out a TV streaming service. Notably, offering such services has become a trend in the industry. T-Mobile's improved mobile plans, network performance, deployment of LTE-U technology and offering of attractive unlimited data are key factors behind the stellar performance.Shares of the company have lost 8% in the past year compared with the industry’s decline of 16.4%.Image Source: Zacks Investment ResearchT-Mobile presently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Sierra Wireless, Inc. SWIR carries a Zacks Rank #2 (Buy). It has a long-term earnings growth expectation of 15% and delivered an earnings surprise of 223.7%, on average, in the trailing four quarters.Over the past year, Sierra Wireless has gained 48.3%. Earnings estimates for the current year for the stock have moved up 616.7% since June 2021. The company continues to launch innovative products for business-critical operations that require high security and optimum 5G performance.Qualcomm Incorporated QCOM, carrying a Zacks Rank #2, is another key pick for investors. It has a long-term earnings growth expectation of 16.1% and delivered an earnings surprise of 12.2%, on average, in the trailing four quarters.Earnings estimates for the current year for the stock have moved up 43.2% over the past year, while that for the next fiscal is up 48.6%. Qualcomm is likely to benefit in the long run from solid 5G traction and a surge in demand for essential products that are the building blocks of digital transformation in the cloud economy.TESSCO Technologies Incorporated TESS, carrying a Zacks Rank #2, delivered an earnings surprise of 61.9%, on average, in the trailing four quarters. Earnings estimates for TESSCO for the current year have moved up 40.7% since May 2021.TESSCO offers products to the industry’s top manufacturers in mobile communications, Wi-Fi, wireless backhaul and related products. With more than three decades of experience, it delivers complete end-to-end solutions to the wireless industry. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report Sierra Wireless, Inc. (SWIR): Free Stock Analysis Report TMobile US, Inc. (TMUS): Free Stock Analysis Report TESSCO Technologies Incorporated (TESS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 14 min. ago Related News

Fact-Checking 8 Claims About Crypto’s Climate Impact

Cryptocurrencies are bad for the environment—at least, that’s what most people online seem to believe. Pro-crypto posts on social media are often flooded with angry comments about the industry’s outsized contribution to greenhouse gas emissions. Studies estimate that Bitcoin mining, the process that safeguards the Bitcoin network, uses more power globally per year than most… Cryptocurrencies are bad for the environment—at least, that’s what most people online seem to believe. Pro-crypto posts on social media are often flooded with angry comments about the industry’s outsized contribution to greenhouse gas emissions. Studies estimate that Bitcoin mining, the process that safeguards the Bitcoin network, uses more power globally per year than most countries, including the Philippines and Venezuela. On the other side, members of the crypto community argue that crypto mining is actually good for the environment in several crucial ways. They say that it offers a new, energy-hungry market that will encourage renewable projects. In the long run, they say, crypto will revolutionize the energy grid, and soak up excess energy that would have been otherwise wasted. [time-brightcove not-tgx=”true”] As lobbyists have volleyed arguments on both sides, a blow was dealt to crypto mining’s hopes for rapid expansion in the U.S. on June 30 when New York officials denied the air permits of Greenidge Generation, a Bitcoin mining operation, on June 30, citing “substantial greenhouse gas (GHG) emissions associated with the project.” The decision could set a precedent for how local jurisdictions across the country approach a hotly contested topic. So which side is correct? To investigate, TIME spoke with several energy and environmental experts to break down some of the crypto community’s main arguments. While some experts say that there’s potential for positive impact from crypto mining, most agree there are few indications that the industry is going in the right direction. “There is a narrow path upon which they could be useful to the energy system—but I don’t see that happening,” says Joshua Rhodes, an energy research associate at the University of Texas at Austin. And right now, he says, damage is already being done. “Writ large, they’re probably adding to carbon emissions currently.” Claim: Crypto mining relies on renewable energy. Bitcoin’s network relies on groups of computers, all around the world, to run complex math equations. These computing centers act less like “miners” in the literal sense and more like network watchdogs, used for security and stability. The process, known as proof of work, is energy-intensive by design, in order to prevent hacks and attacks. Crypto advocates argue that the proof-of-work process is becoming more energy efficient: that more and more miners are turning to renewable energy sources like wind, solar, or hydropower, as opposed to coal or natural gas. However, one peer-reviewed study from earlier this year shows the opposite: that the Bitcoin network’s use of renewable energy dropped from an average of 42% in 2020 to 25% in August 2021. Researchers believe that China’s crackdown on crypto, where hydropower-driven mining operations used to be plentiful, was the primary catalyst of this decrease. At the moment, the rate at which crypto miners use renewable energy sources is heavily disputed. The Bitcoin Mining Council, an industry group, argues that 60% of mining comes from renewable sources, which is 20 percentage points higher than the number listed by the Cambridge Center for Alternative Finance. George Kamiya, an energy analyst at the International Energy Agency, says that while the Bitcoin Mining Council likely has access to more data, its numbers come from a survey that hasn’t been peer-reviewed and lacks methodological details, and encouraged them to share the underlying data and methodology with outside researchers like Cambridge. Regardless of which statistic is closer to the truth, there are still many mining operations using non-green energy sources. In New York, Greenidge repurposed a coal power plant that was previously shuttered. It’s now powered by natural gas, which is also fossil-fuel-based. Yvonne Taylor, vice-president of Seneca Lake Guardian, an environmental non-profit, told TIME in April that Greenidge would emit “over a million tons of CO2 equivalents into the atmosphere every year, in addition to harmful particulate matter.” A representative for Greenidge wrote in an email to TIME that the company has offered to reduce its greenhouse gas emissions by 40% from its currently permitted levels by 2025, and that it plans to be a “zero-carbon emitting power generation facility” by 2035. The company also plans to appeal the denial of its air permits and remain operational. Claim: Crypto mining will lead to a renewable energy boom. If crypto mining isn’t sustaining itself on renewables right now, might it in the future? Fred Thiel, the CEO of the crypto mining company Marathon Digital Holdings, has announced his intention to make the company fully carbon-neutral by the end of this year, and says that companies like his could have a huge impact on the future of the renewable energy industry. It’s worth noting that many cryptocurrencies already use much less energy-intensive processes than Bitcoin’s proof of work. Smaller blockchains like Solana and Avalanche use a security mechanism called proof of stake, which Ethereum Foundation researchers claim reduces energy usage by more than 99% compared to Bitcoin’s system. Ethereum, the second largest blockchain behind Bitcoin, is in the process of switching from proof of work to proof of stake this year. It doesn’t seem like Bitcoin will transition away from proof of work any time soon. But renewable energy developers need customers in order to grow, and proof-of-work miners provide exactly that, Thiel argues. As an example, Thiel suggested that there are wind farms in Vermont that have no ability to sell their energy because of their remote locations and the lack of transmission lines. Putting a crypto mining plant on top of the farms would theoretically give them immediate revenue. “If the goal of this country is to convert to green or sustainable energy forms for the majority of our energy use by 2050, the only way it’s going to happen is if the power generators have an incentive to build the power plants,” Thiel says. But Thiel declined to give the name of the Vermont wind farms, and a follow-up email to a Marathon representative asking for the name of that operation or any similar ones received no response. Most experts TIME spoke with dispute the idea that there has been any sort of boom in renewables due to crypto. “I am not aware of any specific examples where a major crypto mining project directly—and additionally—boosted renewable energy production,” Kamiya wrote. “The proof is in the pudding–and I have not seen that play out in the state of Montana,” says Missoula County Commissioner Dave Strohmaier, whose county hosted energy-intensive mining operations that rankled local communities, leading the local government to restrict miners’ ability to set up new operations. Joshua Rhodes says that counties in Texas were ”chock-full of renewable projects getting built and turning on” even before the Bitcoin mining rush. He also argues that even if crypto did spur a renewables boom, it might not even help the right places. While wind and solar energy is plentiful in West Texas, for example, it requires extensive infrastructure and transmission lines to run that power back east to the cities that desperately need it, like Houston and Dallas. “All of the cheap electricity can’t get out,” he says. And even if it were true that crypto mining is creating rapidly accelerating demand for solar and wind farms—which, again, doesn’t seem to yet be the case—there’s the problem of where to put them. Many communities or organizations have opposed them on various grounds ranging from aesthetic to conservational. In New York, Assemblymember Anna Kelles—who spearheaded a bill to impose a moratorium on crypto mining in the state—says that a crypto-driven influx of solar and wind operations would be “directly competing with farmland in New York State at a time when it’s becoming more and more the breadbasket of the country because of climate change.” With major resistance and long timetables to erect wind and solar projects, impatient crypto miners are more likely to set up shop using other, less clean forms of energy. In Kentucky, abandoned coal mines are being repurposed into crypto mining centers. Claim: Crypto miners improve electricity grids If crypto companies aren’t yet supercharging a renewables boom, then maybe they’re helping other ways, like making our electricity grids more resilient. Thiel argues that crypto miners are uniquely suited to help grids for several reasons: that they can be turned off quickly during peak hours of energy usage in a way that, say, pasteurization machines can’t; that they can soak up energy from the grid that would be otherwise wasted; that they can be located very close to sources of energy. “We voluntarily curtail whenever the grid needs the energy,” Thiel says. “It acts as this ideal buffer for the grid.” During peak stretches of Texas’s energy usage, Thiel says, Marathon has lowered or completely shut off their usage of the grid for two to three hours a day. Flexible energy loads are, in fact, good for the grid, Rhodes wrote in a study last year. He found that if crypto miners were willing to curtail their energy usage during peak times so that their annual load is slashed by 13-15%, then their enterprises would help reduce carbon emissions, improve grid resiliency under high-stress periods, and also help foster the shift to renewables. But Rhodes and others are skeptical that most miners will be willing to operate on someone else’s schedule. Crypto miners have shown that in order to maximize their profits, they would much rather operate 24/7. Strohmaier, in Montana, says that when he met with crypto miners operating in his county about their activity, the topics of grid resilience or curtailment “never came up once. We never got the sense there was any willingness to scale back even for a nanosecond of what they were doing. It was all, ‘We have to keep every one of these machines running—and add more if we are able to remain viable,’” he says. Thiel says that when there isn’t enough energy from the wind farms to power Marathon’s plants—as wind doesn’t blow all the time—the company then supplements it partially with natural gas from the grid. When asked for a breakdown of Marathon’s energy usage, a representative wrote in an email, “We’re still in the process of installing miners in Texas. It’s hard to estimate what the ultimate mix will be.” Claim: Crypto miners are simply using energy that would have gone to waste. Plenty of electricity gets wasted in the U.S., and crypto miners are hoping to take advantage of it. The process of oil extraction, for example, produces a natural gas byproduct that many companies simply choose to flare (burn off and waste) rather than building the infrastructure to capture it. But in North Dakota, crypto miners signed a deal with Exxon to set up shop directly on site and use gas that would have been flared for new mining operations instead. Some experts say this process could still be severely damaging. “I don’t see that as a benefit: They’re still burning the gas,” says Anthony Ingraffea, a civil and environmental engineering professor at Cornell University, who co-wrote a paper in 2011 on the environmental hazards of extracting natural gas. Further, Ingraffea argues, by giving Exxon extra business at their oil drilling sites, crypto mining theoretically incentivizes the fossil fuel industry to keep investing in oil extraction. Kamiya contends that there are other productive uses for flared gas, including producing electricity to be sold back to the grid, but that crypto mining “could disincentivize the operator from finding other uses and markets for its gas that can drive higher emission reductions.” And crypto miners are running into problems even in ideal energy circumstances. A paper released this month from the Coinbase Institute contends that in Iceland, a “new gold rush” of mining activity has led to minimal environmental impacts due to the country’s “abundant geothermal energy.” But in December, the country experienced a severe electricity shortage, causing its main utility provider to announce they would reject all future crypto mining power requests. Claim: Some crypto mining operations are already carbon neutral. Last year, Greenidge Generation, the crypto mining facility in New York, tried to quell criticisms about its environmental impact by announcing its intention to become carbon neutral. In a press release, the company said it would purchase carbon offsets and invest in renewable energy projects to account for its gas-based emissions. Replacing fossil-fuel-based energy with renewable energy is certain to be an environmental good. But carbon offsets are not as clear-cut. The offset industry has come under fire from many scientists who say that many such projects are poorly defined and not as helpful as they seem—that it’s common for projects that have no positive environmental impact to be rewarded on technicalities. Offsets essentially allow companies to pay to continue polluting. Greenpeace even called the entire system “​​a distraction from the real solutions to climate change.” Carbon offsets “do not reduce global emissions, they just move them around the globe,” Ingraffea says. He argues that they should only be used in the case of emissions that are impossible to reduce. Read more: The Crypto Industry Was On Its Way to Changing the Carbon-Credit Market, Until It Hit a Major Roadblock Claim: Data centers are just as bad for pollution as crypto mining operations. Many crypto miners feel unfairly targeted about their environmental impact, believing that data centers, which receive far less scrutiny, are just as responsible for increasing carbon emissions. Multiple experts disagree. “Crypto mining consumes about twice as much electricity as Amazon, Google, Microsoft, Facebook, and Apple combined,” says Kamiya. Jonathan Koomey, a researcher who has been studying information technology and energy use for more than 30 years, says that the two categories of machines are moving in opposite directions in terms of efficiency. A 2020 study he co-wrote found that while the computing abilities and output of regular data centers had grown vastly between 2010 and 2018, its electricity use barely increased at all. Meanwhile, in Bitcoin mining, “there’s a structural incentive for the entire system to get less efficient over time,” he says. He’s referring to the fact that, generally, Bitcoin miners are forced to solve harder and harder puzzles over time to keep the blockchain functioning—and the computing power to work through those tasks requires increasing amounts of energy. Claim: Christmas lights use more electricity than Bitcoin. This claim has been repeated over and over by Bitcoin mining defenders, including Thiel in our interview, in order to deflect attention from Bitcoin mining and onto other large uses of electricity. It’s also completely unsubstantiated. The latest major study on holiday lights came from a paper written in 2008, which put their electricity consumption in the U.S. at 6.63 terawatt hours of electricity per year. (The paper noted that figure would only decrease as LED bulbs became more common). The Bitcoin network, by comparison, consumes an estimated 91 terawatt hours yearly. Popular online posts on this topic that defend Bitcoin, including from the digital mining operator Mawson, either do not cite any sources for their data or mangle the findings of trusted institutions. Claim: Bitcoin’s value added to society will make it all worth it. Koomey and other experts say that over the last decade there’s only been one surefire reason crypto mining’s environmental impact can sometimes fall: when cryptocurrency prices go down. During these drops, miners are disincentivized to stay in the market or buy new equipment, and some close up shop, leading to fewer greenhouse-gas emissions. Indeed, as Bitcoin’s value fell from $40,000 to $20,000 from late April to June, industry power usage also dropped by a third according to the Cambridge Bitcoin Electricity Consumption Index. So why should the U.S. allow crypto miners to go on, if they’re harming the environment? Crypto enthusiasts argue that the long-term societal and economic benefits of their industry will offset its electricity usage, just as the computer revolution did before it. Koomey says that when weighing the possible environmental impacts of crypto, it’s important to take a wide-lens approach: to think about what crypto might add to society overall compared to other energy guzzlers. “Sure, Google uses a measurable amount of electricity—but I would argue that’s a pretty good use of that electricity,” he says. “So you have to come back to this question for the crypto people, aside from just how much electricity they use: What business value are you delivering? How does this technology perform a function better than the technology that it replaces? Is it worth it?”  .....»»

Category: topSource: time1 hr. 42 min. ago Related News

These Are The Five Best And Worst Performing Mega-Cap Stocks In June 2022

Mega-cap stocks (those with a market cap of more than $200 billion) are known to be stable. However, tightening monetary policies, multi-decade high inflation, rising commodities prices, geopolitical tensions, and concerns over economic growth have made even these stocks relatively more volatile than usual on the negative side. In June, there were only a few […] Mega-cap stocks (those with a market cap of more than $200 billion) are known to be stable. However, tightening monetary policies, multi-decade high inflation, rising commodities prices, geopolitical tensions, and concerns over economic growth have made even these stocks relatively more volatile than usual on the negative side. In June, there were only a few mega-cap stocks that were in the green. Let’s take a look at the five best and worst performing mega-cap stocks in June 2022. Five Best Performing Mega-Cap Stocks In June 2022 We have used the monthly return data (from finviz.com) to come up with the five best and worst performing mega-cap stocks in June 2022. First, let’s take a look at the five best performing mega-cap stocks in June 2022. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more PepsiCo (-1%) Founded in 1965 and headquartered in Purchase, N.Y., it is a food and beverage company. PepsiCo, Inc. (NASDAQ:PEP) shares are down by over 4% year to date and by almost 1% in the last three months. The company reported revenue of more than $79 billion in 2021 and over $70 billion in 2020. As of writing, PepsiCo shares were trading at over $166, and have a 52-week range of $147.77 to $177.62 Costco Wholesale (3%) Founded in 1983 and headquartered in Issaquah, Wash., this company operates a chain of membership-only big-box retail stores. Costco Wholesale Corporation (NASDAQ:COST) shares are down by over 15% year to date and by almost 17% in the last three months. The company reported revenue of more than $190 billion in 2021 and over $160 billion in 2020. As of writing, Costco Wholesale shares were trading at over $478, and have a 52-week range of $393.88 to $612.27. UnitedHealth Group (3%) Founded in 1977 and headquartered in Minnetonka, Minn., this company offers health care coverage, software, and data consultancy services. UnitedHealth Group Inc (NYSE:UNH) shares are up by over 2% year to date and by almost 1% in the last three months. The company reported revenue of more than $280 billion in 2021 and over $250 billion in 2020. As of writing, UnitedHealth Group shares were trading at over $510, and have a 52-week range of $383.12 to $553.29. Eli Lilly & Co. (3%) Founded in 1876 and headquartered in Indianapolis, Ind., this company deals in pharmaceutical products, including Diabetes, Oncology, Immunology, Neuroscience, and Other therapies. Eli Lilly And Co (NYSE:LLY) shares are up by over 17% year to date andby  over 13% in the last three months. The company reported revenue of more than $28 billion in 2021 and over $23 billion in 2020. As of writing, Eli Lilly shares were trading at over $325, and have a 52-week range of $220.20 to $330.85. AbbVie (4%) Founded in 2011 and headquartered in North Chicago, Ill., it is a biopharmaceutical firm that develops and sells pharmaceutical products. AbbVie Inc (NYSE:ABBV) shares are up by over 13% year to date but are down by over 4% in the last three months. The company reported revenue of more than $56 billion in 2021 and over $45 billion in 2020. As of writing, AbbVie shares were trading at over $152, and have a 52-week range of $105.56 to $175.91. Five Worst Performing Mega-Cap Stocks In June 2022 JPMorgan Chase (-15%) Founded in 1968 and headquartered in New York City, it is a financial holding company that provides financial and investment banking services. JPMorgan Chase & Co (NYSE:JPM) shares are down by almost 29% year to date and by over 17% in the last three months. The company reported revenue of more than $57 billion in 2021 and over $64 billion in 2020. As of writing, JPMorgan Chase shares were trading at over $112, and have a 52-week range of $110.93 to $172.96 Bank of America (-16%) Founded in 1904 and headquartered in Charlotte, N.C., this company offers banking and nonbanking financial services. Bank of America Corp (NYSE:BAC) shares are down by over 30% year to date and over 24% in the last three months. The company reported revenue of more than $47 billion in 2021 and over $51 billion in 2020. As of writing, Bank of America shares were trading at over $31, and have a 52-week range of $30.64 to $50.11. Meta Platforms (-17%) Founded in 2004 and headquartered in Menlo Park, Calif., this company develops and operates social media applications. Meta Platforms Inc (NASDAQ:META) shares are down by over 52% year to date and by over 25% in the last three months. The company reported revenue of more than $117 billion in 2021 and over $85 billion in 2020. As of writing, Meta Platforms shares were trading at over $160, and have a 52-week range of $154.25 to $384.33. Chevron (-17%) Founded in 1906 and headquartered in San Ramon, Calif., this company provides administrative, financial management, and technology support for energy and chemical operations. Chevron Corporation (NYSE:CVX) shares are up by over 23% year to date but are down by over 11% in the last three months. The company reported revenue of more than $150 billion in 2021 and over $90 billion in 2020. As of writing, Chevron shares were trading at over $145, and have a 52-week range of $92.86 to $182.40. NVIDIA (-18%) Founded in 1993 and headquartered in Santa Clara, Calif., this company offers computer graphics processors, chipsets, and related software. NVIDIA Corporation (NASDAQ:NVDA) shares are up by over 48% year to date and by over 44% in the last three months. The company reported revenue of more than $26 billion in 2021 and over $16 billion in 2020. As of writing, NVIDIA shares were trading at over $149, and have a 52-week range of $148.62 to $346.47. Updated on Jul 1, 2022, 10:08 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk1 hr. 42 min. ago Related News

Jan. 6 live updates: Trump allies paid multiple Jan. 6 witnesses" legal fees, report says

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The former WH aide Cassidy Hutchinson gave damning testimony to the House Jan. 6 committee on Tuesday. GOP Rep. Adam Kinzinger said she had "more courage than most" Republicans. The NYT reported that Trump allies helped pay many witnesses' legal fees, sparking concerns of witness influencing. Trump allies paid legal fees for multiple Jan. 6 witnesses, including Cassidy Hutchinson, sparking witness-influencing concerns, report saysCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's allies and supporters paid the legal fees for multiple people who had provided testimony to the January 6 committee, including the former White House aide Cassidy Hutchinson, The New York Times reported.Hutchinson eventually fired the lawyer who was paid for a pro-Trump group, and went on to provide damning testimony about Trump, the report said. Two sources familiar with the committee told The Times that they believe Hutchinson's decision to part ways with the lawyer — who had been recommended by Trump allies and paid for by a pro-Trump PAC — likely played a role in her decision to provide new evidence. There are no laws against a third party paying for a witness' legal representation in a congressional inquiry, but the situation may raise some ethical concerns, according to the report.Read Full StoryFormer Secret Service agent said he, too, would have defied Trump's request to be taken to the Capitol on January 6Former President Donald Trump and former Vice President Mike Pence.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesFormer Secret Service agent Jonathan Wackrow said in an op-ed that he also would not have taken then-President Donald Trump to the Capitol on January 6, 2021.In an op-ed published by Newsweek, Wackrow said he was shocked by Cassidy Hutchinson's testimony to the January committee regarding Trump's actions on the day of the Capitol riot. Hutchinson, a former aide in the Trump White House, claimed that Trump had gotten into a physical altercation with the head of his security detail while demanding to be brought to the Capitol."If I had been working on Trump's security detail on January 6, I would have made the same decision as Secret Service Special Agent in Charge Robert Engel to not go to the Capitol based on the known escalating threats," Wackrow wrote.He added, however, that he believed Trump still respects the Secret Service because he probably has seen "first-hand what they're willing to do to protect him and his family." Read Full StoryGOP Rep. Adam Kinzinger says Cassidy Hutchinson is a 'hero' and has 'more courage than most' Republicans after January 6 testimonyCassidy Hutchinson testifies during the sixth hearing by the House Select Committee on the January 6th insurrection.Andrew Harnik-Pool/Getty ImagesGOP Rep. Adam Kinzinger of Illinois on Thursday applauded Cassidy Hutchinson for her testimony to the January 6 committee, saying the former top aide to White House chief of staff Mark Meadows has "more courage" than most of his Republican colleagues. "Cassidy Hutchinson is a hero and a real patriot (not a faux 'patriot' that hates America so much they would attempt a coup.)," Kinzinger, one of two Republicans on the House committee investigating the January 6 insurrection, said in a tweet."Of course they will try to bully and intimidate her. But she isn't intimidated. More courage than most in GOP," Kinzinger added of Hutchinson.Read Full StoryGOP Sen. Pat Toomey says Trump's chances of winning the party's 2024 presidential nomination are 'much more tenuous' following the January 6 committee's hearingsRepublican Sen. Pat Toomey of Pennsylvania at the White House with Trump in February 2018.AP Photo/Evan VucciRepublican Sen. Pat Toomey of Pennsylvania suggested Thursday that public hearings from the House select committee investigating January 6, 2021, had damaged former President Donald Trump politically, even among Republicans.At the end of a wide-ranging interview with Bloomberg that focused on the Supreme Court's recent ruling on the Environmental Protection Agency and the Federal Reserve's approach to tackling inflation, the retiring lawmaker was asked whether he believed the hearings would preclude Trump from seeking a second term as president in 2024."I don't know that it means that. I mean he gets to decide whether he's going to run," said Toomey, who was one of seven Republican senators who voted to convict Trump on a charge of incitement of an insurrection after the Capitol riot."Look, I think he disqualified himself from serving in public office by virtue of his post-election behavior, especially leading right up to January 6," Toomey said. "I think the revelations from this committee make his path to even the Republican nomination much more tenuous."Read Full StoryCheney 'absolutely confident' that former White House aide's explosive testimony is credibleRepublican Rep. Liz Cheney of Wyoming, vice-chair of the select committee investigating the January 6 attack on the Capitol, speaks during a business meeting on Capitol Hill on December 13, 2021 in Washington, DC.Anna Moneymaker/Getty ImagesRepublican Rep. Liz Cheney, who serves as vice-chair of the House's January 6 committee, said she is "absolutely confident" that a former White House aide's damning testimony is accurate."I am absolutely confident in her credibility. I'm confident in her testimony," Cheney told ABC News's Jonathan Karl about the allegations made by top Trump White House aide Cassidy Hutchinson this week.Cheney said that Hutchinson showed "an unbelievable example of bravery and of courage" by testifying.Read MoreBannon wants his contempt trial to be delayed because of Jan. 6 hearingsSteve Bannon outside of the E. Barrett Prettyman U.S. Courthouse on June 15, 2022 in Washington, DC.Kevin Dietsch/Getty ImagesTrump ally Steve Bannon has asked for his contempt-of-Congress trial to be delayed because the hearings on the Capitol riot are getting so much publicity.A federal grand jury indicted Bannon in November 2021 on two counts of contempt of Congress after he refused to comply with a subpoena from the House committee investigating the Capitol riot.In a Wednesday court filing, Bannon's lawyers argued that the coverage of the committee's hearings would make his trial unfair.Read More January 6 panel subpoenas former White House counsel Pat CipolloneFormer White House Counsel Pat Cipollone said he would testify about Jeffrey Clark, a DOJ official who outlined ways for Trump to challenge the 2020 election.Alex Wong/Getty ImagesThe House's panel investigating the Capitol riot on January 6, 2021, has subpoenaed former White House counsel Pat Cipollone.The demand for Cipollone to appear before the committee comes after explosive testimony from a former top White House aide in the Trump administration, who described Trump and his inner circle's actions before and during the insurrection.Read Full StoryFormer Secret Service agent says Trump's 'girth' would have made it impossible to attack driverOutgoing US President Donald Trump waves as he boards Marine One at the White House in Washington, DC, on January 20, 2021.MANDEL NGAN/AFP via Getty ImagesA former White House aide testified that former President Donald Trump grabbed the steering wheel of his SUV and lunged at a Secret Service agent on January 6, 2021, after they refused to take him to the Capitol building.But former Secret Service agents told Insider they have doubts about the story."Trump's not a little guy, right? And the space to actually be able to lunge towards the wheel is not that big," one former agent said, speaking on background to Insider.  "I don't mean to sound disparaging to the former president, but just his girth would prevent him from actually getting to the steering wheel."Keep ReadingHouse Republican who led rioter on tour before insurrection could oversee Capitol policeRep. Barry LoudermilkBill Clark/CQ-Roll Call via Getty ImagesRepublican Rep. Barry Loudermilk — who led a Capitol rioter on a tour of the building the day before the insurrection — could end up overseeing Capitol police.If Republicans regain control of the House, Loudermilk would be next in line to lead the committee that has oversight over the police force attacked by Trump supporters on January 6, 2021.Loudermilk has faced backlash from Democrats after video showed him taking a group on a tour of the Capitol building, showing them hallways, security areas, and stairwells. The next day, members of the tour flaunted a sharpened flagpole bearing the American flag as they marched near the Capitol.It remains unclear whether the group entered the Capitol building itself during the riot.Read Full Story Former Jan. 6 committee investigator announces run for SenateSenior investigative counsel John Wood questions witnesses during the third public hearing of the January 6 committee on June 16, 2022.Anna Moneymaker/Getty ImagesJanuary 6 committee investigator John Wood is launching an independent Senate campaign in Missouri in an effort to stop GOP nominee Eric Greitens.Wood told the St. Louis Post-Dispatch that he believes Greitens — the former Missouri governor — is likely to win the Republican nomination, and that voters deserved an alternative.Wood, a Republican, said he will run as an independent.Read MoreTrump ally says Hutchinson's testimony was a 'campaign commercial' for Ron DeSantis in 2024Florida Gov. Ron DeSantisPhelan M. Ebenhack/AP PhotoExplosive testimony by a former Trump White House aide could be a boost to Florida Gov. Ron DeSantis to replace Trump on the presidential ticket in 2024, CNN reported.One Trump adviser said the hearings — which painted as Trump as violent and volatile — were "basically a campaign commercial" for DeSantis. Another told CNN that "no one is taking this lightly."DeSantis has flirted with larger political ambitions and is a rising Republican star who would be poised to fill the leadership vacuum if Trump is forced aside.Read Full StorySecret Service agents willing to dispute Hutchinson's claims about Trump's outburst, reports sayFormer President Donald TrumpSAUL LOEB/AFP via Getty ImagesSecret Service agents are willing to testify before the January 6 House panel to refute former White House aide Cassidy Hutchinson's claim that Trump tried to grab the steering wheel when he demanded to be taken to the Capitol on the day of the insurrection, according to multiple reports.The driver of the car and the head of Trump's security are ready to testify under oath that the former President never lunged for the wheel or physically assaulted the driver, according to CBS News.Read More Hutchinson's testimony could lead to legal trouble for Trump: reportCassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoFormer aides to Donald Trump worry the explosive testimony by a former White House aide could put Trump in legal jeopardy, according to the New York Times."This hearing definitely gave investigators a lot to chew on," former Attorney General Bill Barr told the Times after testimony from top White House aide Cassidy Hutchinson detailed Trump's behavior on the day of the Capitol riot.Hutchinson's testimony painted Trump as a volatile man who knew his supporters were armed on January 6, 2021. Trump also demanded to be taken to the Capitol building, but his security staff refused, Hutchinson said.Mick Mulvaney, who was once Trump's White House Chief of Staff, said evidence of possible witness tampering could open his orbit up to charges.Keep Reading  Former Trump press secretary shares text that appears to show Melania Trump to condemn Capitol riot violenceMelania Trump speaks at the White House on October 09, 2019Chip Somodevilla/Getty ImagesFormer Trump Press Secretary Stephanie Grisham shared a text exchange on Tuesday that purportedly showed former First Lady Melania Trump refusing to condemn the violence during the Capitol riot. The apparent screengrab of a text exchange was between Grisham and a person named "MT." "Do you want to tweet that peaceful protests are the right of every American, but there is no place for lawlessness & violence?" read the message. "No," the person replied.Representatives for Melania Trump at Trump's post-presidential press office did not respond to a request for comment from Insider.Read Full StoryJohn Eastman drops lawsuit blocking his phone records from January 6 committeeJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APIn a late Tuesday filing, John Eastman dropped a lawsuit he'd filed to prevent the Jan. 6 committee from accessing his phone records."Plaintiff brought this lawsuit primarily to protect the content of his communications, many of which are privileged," the latest filing read. "The Congressional Defendants represented in their motion to dismiss that they were not seeking the content of any of Plaintiff's communications via the subpoena they had issued to Defendant Verizon."The former Trump lawyer's phone was seized by federal agents on June 22, according to a separate suit he filed on Monday, seeking the return of his property. Of interest to investigators are call logs from Eastman's personal device, and the search warrant indicates investigators will not review any additional content from his phone without a court order. Read Full StoryTrumpworld shocked by former White House aide Cassidy Hutchinson's explosive January 6 testimony, calling it the 'most damning day' and 'insane'Cassidy Hutchinson, former aide to Trump White House chief of staff Mark Meadows, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Tuesday, June 28, 2022.Jacquelyn Martin/AP PhotoIt took six hearings for the January 6 select committee to finally break through to embattled former President Donald Trump's inner circle.Cassidy Hutchinson, a top aide to then-White House Chief of Staff Mark Meadows, testified during a surprise hearing Tuesday that Trump was determined to go to the US Capitol with his armed supporters on January 6, 2021, as Congress was certifying the election results. Hutchinson's additional revelations about that day came crashing down on Trumpworld during the two-hour hearing. Among them were that Meadows told Hutchinson "things might get real, real bad" on January 6, that Trump knew his supporters were armed when they flooded the Ellipse to attend his "Stop the Steal" rally, and that Trump said "Mike deserves it" when rioters chanted "hang Mike Pence." "Definitely most damning day of testimony," one former White House aide told Insider. READ MOREFox News host says it's not 'wholly out of character' that Trump 'might throw his lunch' after January 6 testimony on ketchup dripping down the wallFormer President Donald Trump and Fox News Chief Political Anchor Bret Baier.Brendan Smialowski / AFP via Getty ImagesMoments after a colleague referred to Tuesday's January 6 committee testimony as "stunning," Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts surrounding his efforts to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall.""I mean, I'm not sure that it really shocks anybody that the president just — knowing what we've seen, observing him over the years — if he got angry then he might throw his lunch," MacCallum said. "I'm not sure. It's obviously a very dramatic detail, and the way that she describes it, um, is. But I'm not sure if this is wholly out of character with the Donald Trump and the President Trump that people came to know over the years."READ MOREHere are all the people who sought preemptive pardons from Donald Trump after the Capitol riot, per January 6 committee witnessesRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are ch.....»»

Category: topSource: businessinsider1 hr. 42 min. ago Related News

Michael Cohen says Trump is using a "mob boss" playbook amid claims Trump allies sought to intimidate Jan. 6 witnesses

The Jan. 6 panel shared evidence of witness intimidation by Trump allies on Tuesday. Cohen said this followed a familiar pattern. Former Trump lawyer Michael Cohen.Michael M. Santiago/Getty Images The Jan. 6 committee shared evidence of Trump allies intimidating the panel's witnesses on Tuesday. Michael Cohen accused Trump of seeking to intimidate witnesses and compared him to a mob boss. Cohen, Trump's former personal lawyer, was targeted by Trump after testifying against him in 2019.  Michael Cohen, Donald Trump's former personal attorney, compared Trump to a "mob boss" after the committee investigating the January 6 Capitol riot alleged that witnesses had been subjected to intimidation by members of the former president's circle. Earlier this week the committee showed messages from Trump allies to witnesses testifying in its inquiry, apparently seeking to warn them against making damaging claims about the former president. Cohen, who was subjected to a barrage of attacks by the former president after testifying against him in 2019, said that the behavior follows a familiar pattern. "Donald Trump never changes his playbook," Cohen told The Washington Post. "He behaves like a mob boss, and these messages are fashioned in that style. Giving an order without giving the order. No fingerprints attached."Rep. Liz Cheney, a Republican who sits on the committee, said at Tuesday's hearing that the messages to witnesses were an attempt to get them to "testify untruthfully" to the committee, and showed examples of the communications. One text message to a witness, who was not publicly named, said according to Cheney: "What they said to me is as long as I continue to be a team player, they know that I'm on the team, I'm doing the right thing, I'm protecting who I need to protect, you know, I'll continue to stay in the good graces in Trump world."And they have reminded me a couple of times that Trump does read transcripts and just keep that in mind as I proceed through my depositions and interviews with the committee."CNN and Punchbowl reported that Cassidy Hutchinson, a former White House aide who provided perhaps the most damaging testimony about Trump to the committee to date, was among the witnesses contacted before their testimony.The messages echoed those sent by people in Trump's circle to Cohen when rumors circulated in early 2018 that he was planning on cooperating with investigators from Special Counsel Robert Mueller's probe into Russian interference. "Sleep well tonight, you have friends in high places," an attorney close to Trump's circle emailed Cohen in 2018, CNN reported in 2019. After Cohen testified to Congress in early 2019, Trump and his new personal attorney, Rudy Giuliani, attacked Cohen and members of his family in what Cohen's legal team described as a form of witness intimidation. In the wake of Hutchinson's testimony Tuesday, Trump has criticised her in a string of messages on his Truth Social platform, accusing her of being a liar and "social climber."Cheney has said that the committee routinely asks witnesses if they have been contacted by Trump or his allies ahead of their testimony in a bid to influence them, and would be soon be making a decision on what to do in relation to the evidence of attempted witness tampering. Attempting to influence witnesses in a congressional inquiry is a federal crime. The committee has made several criminal referrals to the Justice Department for witnesses defying subpoenas, but none for alleged witness tampering to date.Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 42 min. ago Related News

Travelers and airlines are bracing for a chaotic July 4 weekend. Here"s what to do if your flight is canceled or delayed.

Rebooking on the airline's mobile app and familiarizing yourself with your travel card's trip insurance policies are a few of the ways to prepare. Travelers queue up at the north security checkpoint in the main terminal of Denver International Airport, Thursday, May 26, 2022, in Denver.AP Photo/David Zalubowski US airlines canceled over 900 flights on Wednesday and Thursday ahead of the July 4 weekend. Airlines have taken action to prevent disruptions, like starting boarding earlier or bringing in extra workers. Disruptions are still bound to happen — here's what you can do if your flight is delayed or canceled. Travelers may be in for a hectic Fourth of July weekend. In the days leading up to the long holiday, airlines have already started canceling and delaying flights. On Wednesday, United Airlines and American Airlines both delayed over 20% of their scheduled flights and canceled 103 and 277 others, respectively, according to FlightAware data.Delta Air Lines was not much better, delaying 538 flights, or 18% of its schedule, and canceling 65. The three mainline carriers continued the trend into Thursday, having canceled over 250 flights, per FlightAware. Over 5,500 flights total were delayed or canceled by all airlines operating to, from, or within the US.Another 350 have been canceled or delayed by American, Delta, and United on Friday, as of the time of publication, according to FlightAware.The disruptions come as booming demand and staffing shortages create chaos for airlines and passengers, especially over key holiday weekends. Over the Juneteenth weekend, more than 35,000 flights were canceled or delayed from Thursday to Monday, while 4,500 were canceled over Memorial Day weekend in May. With travelers getting nervous ahead of the likely hectic weekend, airlines are making efforts to keep their flights on schedule, like cutting departures, bringing in more workers, and starting boarding earlier.Delta Air Lines CEO Ed Bastian said in a message on Thursday that the airline deployed its "Peach Corps" program for the Fourth of July weekend, meaning the company has sent corporate workers to assist at its Atlanta and New York airports, like checking in passengers and helping with bag drop, among other duties. Moreover, the carrier is offering a fare difference waiver for travelers who want to change their flights over the weekend. United has opted to slash 12% of its daily departures out of its busy Newark Liberty International Airport hub, which is the second-most delayed airport in the nation, CNBC reported. The company says the move will improve on-time performance and make flying through Newark easier for all travelers. The Chicago-based carrier told Insider that it anticipates 5.2 million customers to fly United over the Independence Day weekend, which is 24% higher than in 2021 and about 92% of what they saw in 2019.Despite the airline's best efforts, many travelers are going to face challenges at the airport regardless of how well they prepare. Here are six things to do if your flight gets canceled or delayed.Know the ways to contact your airlineBreeze agents in Las Vegas during a long delay.Taylor Rains/InsiderAirline customer service can be reached via phone or by talking to agents at the airport. However, some airlines have a dedicated center in the terminal where everyone must go to get help, but those lines can be very long. If you prefer to call instead, here are the customer service numbers for US carriers:Alaska: 1-800-252-7522Allegiant: 1-702-505-8888American: 1-800-433-7300Avelo: 1-346-616-9500Breeze: No phone number. The fastest way to contact Breeze is via Facebook Messenger.Delta: 1-800-221-1212Frontier: 1-801-401-9000JetBlue: 1-800-538-2583Southwest: 1-800-435-9792Spirit: 1-855-728-3555Sun Country: 1-651-905-2737United: 1-800-864-8331While you wait for a representative to answer, which has taken up to four hours for some customers, try reaching out to companies via social media, like Twitter. Sending a direct message early on can act as a virtual placeholder, and you may hear back via a chat before you talk to a live human. However, this method is not fool-proof and is best to be used in conjunction with other lines of communication.Know how the airline is preparing for inclement weatherAmerican plane after landing on a snowy day.EchoVisuals/ShutterstockIf you travel this summer, it is almost guaranteed you'll experience some type of weather event. Thunderstorms and hurricanes are common across the US and can cause significant delays and cancellations, which are out of the airline's control.If there is impending weather then carriers known will disrupt operations, they will typically send an email or text message to customers, or publish a warning on their website. For example, Frontier Airlines waived change fees for passengers scheduled to travel during a tropical storm that moved across Florida in early June.Rebook flights on an airline's website or mobile appSouthwest Airlines mobile app.Brenda Rocha - Blossom/ShutterstockWhen flights get delayed or canceled, there is typically a rush of people eager to talk to a customer service agent at the airport. However, it is easier and faster to make changes on the carrier's website or mobile app. In most cases, flight changes should be free, or you can request a refund. During high-traffic situations where thousands of people are making changes at once, it is possible that all of the options will be taken. So, act quickly, or you may need to seek out a customer service agent as your plan B.Know your traveler rightsTravelers queue up move through the north security checkpoint in the main terminal of Denver International Airport, Thursday, May 26, 2022, in Denver.David Zalubowski/APIf your flight is canceled altogether, airlines must offer customers a refund, according to the Department of Transportation. In other cases, like a voluntary cancelation, airlines may offer credits that can be used at a later date. Refunds, however, give more freedom to the customer to rebook a flight on a different carrier.If you find yourself stranded at an airport due to a delay or cancelation caused by the airline, like crew staffing, then you can ask for a meal or hotel voucher. Airlines, however, are not obligated to give passengers anything when things outside of their control, like weather, cause disruptions. Moreover, DoT laws do not require them to compensate customers for delays. In these cases, you should be familiar with your airline's reimbursement policies, and always ask for a meal voucher regardless of the reason for the delay — it never hurts to ask.Know what your travel credit card or trip insurance policy coversPassport and Chase Sapphire Reserve credit card.Evgenia Parajanian/ShutterstockHigh-dollar credit cards like the Chase Sapphire Reserve and American Express Platinum Card have built-in trip insurance when you make any travel-related purchases with those cards.There are also travel insurance companies, like Allianz, that cover costs lost by disruptions. For example, if you don't make it to your final destination for at least 24 hours "due to severe weather (or another covered reason)," then Allianz has a coverage plan.Allianz's 24-hour policy is not always the case. Chase's "trip delay reimbursement" policy reimburses customers for 6-hour delays or overnight stays.Insider used Chase's reimbursement benefit on a trip in summer 2021 and was covered for all expenses.Get ready for long lines, but know when enough is enoughPassengers in line in Miami to rebook canceled American Airlines flights in 2021.Taylor Rains/InsiderDuring the busy summer travel season, understand that airlines will be rebooking thousands of passengers and long lines will form. Expect to wait on hold with customer service agents for hours, and be ready to wait for a response via social media.Give yourself a cut-off time that you will wait for your flight or an agent. Once that passes, start looking at other options to get to your destination, like driving or taking a train. In many cases, these expenses are covered by trip insurance.Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 42 min. ago Related News

Ukraine says it is exporting power to Europe and can help with countries" energy shortfall after Russia cut gas supply

Russia cut countries' gas supply in response to sanctions over its invasion of Ukraine. Zelenskyy said Ukraine can help fill the energy shortfall. German Chancellor Olaf Scholz (2nd L) sits at the table with Mario Draghi (L), Italy's Prime Minister, Volodymyr Selensky, Ukrainian President, (C) Emmanuel Macron, France's President, (2nd R) and Klaus Johannis, Romania's President (R) in Kyiv, Ukraine, on June 16, 2022.Jesco Denzel/Bundesregierung via Getty Images Ukraine said Thursday it has started sending "a significant export" of electricity to Romania. President Zelenskyy said it can help Europe with some of the energy shortfall caused by Russia. A Ukrainian official said they have the potential to export up to 2.5 gigawatts of energy to Europe. Ukraine said Thursday that it can help with Europe's energy supply after Russia cut countries off, and that it has already exported 100 megawatts of power to Romania.In a nightly video address on Thursday, Ukrainian President Volodymyr Zelenskyy said his country's government has sent a "significant export of electricity" to Romania ⁠— a member of the EU ⁠— and is preparing to increase supply in the coming weeks."At the expense of Ukrainian electricity, a significant part of the Russian gas consumed by Europeans can be replaced," Zelenskyy said in his address.Zelenskyy appeared to be echoing comments made by Volodymyr Kudrytskyi, the chairman of Ukraine's power-system operator Ukrenergo, who said previously that Ukraine has a lot of electricity to spare after millions of people fled the country amid the war."We have a surplus of power, and neighboring countries — they all have deficits," Kudrytskyi said, according to The Wall Street Journal.Zelenskyy said that Ukraine would get revenue from exporting energy, and that Ukraine doing so would also benefit Europe: "That is, it is not just a question of export revenue for us, it is a question of security for the whole of Europe."Ukrainian Prime Minister Denys Shmyhal elaborated on Ukraine's energy export plans on Thursday, saying the country has already sent an initial volume of 100 megawatts to Romania and has the potential to send up to 2.5 gigawatts to Europe in total."Under this scenario, the state will be able to receive more than 70 billion Ukraine hryvnia ($2.3 billion) per year," he said.Kudrytskyi said small amounts of electricity could also begin to flow to Slovakia and Hungary in early July.Russia has been gradually choking off natural gas supplies in retaliation for European sanctions and military support for Ukraine following its invasion.Germany — Europe's largest economy — has been particularly reliant on Russian President Vladimir Putin, receiving around 35% of its natural gas from Russia as of last month. But after Russia's invasion of Ukraine, the country vowed to become largely independent of Russian gas by mid-2024.Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 42 min. ago Related News

Wheelchair-using BBC journalist stranded on plane for the second time this year, says UK airports are "consistently crap"

BBC security correspondent Frank Gardner, who has used a wheelchair since being shot by Al Qaeda in 2004, said UK airports are failing disabled people. Frank Gardner, BBC Security CorrespondentColin McPherson/Corbis via Getty Images BBC Security Correspondent Frank Gardner was stranded on a flight at Gatwick airport after staff failed to assist him off the plane.  Tweeting about the incident, Gardner said "Just WHY are UK airports so consistently crap at getting disabled people off planes?" Gardner has used a wheelchair since 2004 when he was shot and paralyzed by an attack by Al-Quaeda.  The BBC security correspondent has been stranded on a flight for the fifth time after staff failed to assist the wheelchair user off the plane. Journalist Frank Gardner was left on an Iberia flight at Gatwick airport when he returned on July 1 from Madrid, where he was covering the NATO summit. Tweeting about the incident, Gardner said "Just WHY are UK airports so consistently crap at getting disabled people off planes?"He said that the airline crew departed the plane, and he was still waiting for assistance when a new crew onboarded. —Frank Gardner (@FrankRGardner) June 30, 2022Gardner has used a wheelchair since he was partially paralyzed after being shot by Al-Qaeda while reporting in Saudi Arabia in 2004. In May 2022, Gardner was left on his flight at Heathrow airport after being allegedly told that there were "no staff" to get his wheelchair off the plane. —Frank Gardner (@FrankRGardner) May 15, 2022 He wrote that "disabled passengers are once again apparently the lowest priority." Speaking on the BBC, Gardner said that the May incident was the fourth time he has been stranded on a flight in four years, making Friday's incident the fifth time. Gardner added "It's not that they don't care, but it is a huge busy airport and they are frankly, not at the moment, up to the task of giving disabled passengers the service that they deserve."Victoria Brignell, 45, waited more than 90 minutes at Gatwick Airport to be assisted off her British Airways flightVictoria BrignellThree weeks ago, Gatwick and their outsourced access company Wilson James came under fire for leaving a disabled woman on a flight for 95 minutes. The staff at Gatwick airport never arrived to assist off the plane. Gardner commenting on this case to the BBC, said, "The airports seem to be slipping back. The level of investment and effort that goes into making money at these airports isn't matched by the effort and money that needs to go into getting disabled passengers off the plane at the same time as everybody else."Two weeks ago, an 82-year-old man with mobility issues died after he fell down an escalator at Gatwick airport after disembarking an easyJet flight.In a statement to Insider, a Gatwick spokesperson said: "We apologise for the delay Mr Gardner experienced on this occasion. We have been working closely with our assistance provider, Wilson James, to establish the reasons for this."At this stage, it appears there was no special assistance booking from the airline for Mr Gardner. However, as soon as we were made aware, the team responded and Mr Gardner received assistance within 20 minutes."We strive to provide the best possible service to all passengers so will continue to look into this with Wilson James and the airline concerned. We apologise again for any delay Mr Gardner experienced returning from the NATO summit in Madrid."Wilson James nor Iberian Airlines have responded to Insider's request for comment. Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 42 min. ago Related News

Kettering-based tech and gaming startup skyrockets to $1.2 million in revenue in under two years

This local pandemic startup went from basement to booming amid supply chain shortages. Their secret? A viral social media post as well as local and nation-wide partnerships from the blossoming gaming industry......»»

Category: topSource: bizjournals1 hr. 42 min. ago Related News

Erdogan Warns Sweden, Finland NATO Bids Could Still Be Blocked If Vows Not Kept

Erdogan Warns Sweden, Finland NATO Bids Could Still Be Blocked If Vows Not Kept Authored by Dave DeCamp via AntiWar.com, Turkish President Recep Tayyip Erdogan said Thursday that Sweden and Finland could still have their NATO bids blocked by Turkey if the Nordic nations don’t follow a memorandum that was signed earlier in the week. Turkey lifted its objection to Sweden and Finland joining NATO after the three countries signed a 10-point agreement on Tuesday. Under the deal, the Nordic nations agreed to respond to Turkey’s extradition requests, lift export controls on Turkey, and not support Kurdish militant groups, including the PKK. Turkish President Tayyip Erdogan, Finland's President Sauli Niinisto, Sweden's Prime Minister Magdalena Andersson and NATO Secretary General Jens Stoltenberg at Madrid summit on Tuesday, via Reuters. Erdogan said that if the deal isn’t followed, Turkey’s parliament could block their membership. "This business will not work if we don’t pass this in our parliament," Erdogan said at the final day of the NATO summit in Madrid. "First Sweden and Finland must fulfill their duties and those are already in the text… But if they don’t fulfill these, then of course there is no way we would send it to our parliament," he warned. What appears to be the most important issue for Erdogan is that Finland and Sweden agree to extradite suspected PKK members. He claimed Sweden agreed to extradite 73 people, although a leaked version of the memorandum did not say that.  "Sweden promised to give us these 73 people with this text. They may or they may not, we will follow that through the text and we will make our decision," the Turkish leader said. Concerning extradition, the memorandum said that Sweden and Finland agreed to address Turkey’s "pending deportation or extradition requests expeditiously and thoroughly." The Nordic nations also agreed to "establish necessary bilateral legal frameworks to facilitate extradition and security cooperation with Turkey." The Swedish government could come under intense domestic pressure over the deal with Turkey. The ruling Social Democrats recently survived a no-confidence vote that relied on the support of an independent MP of Kurdish heritage, Amineh Kakabaveh, who said the government agreed not to give in to Turkey’s demands for NATO membership. Tyler Durden Fri, 07/01/2022 - 09:45.....»»

Category: blogSource: zerohedge2 hr. 26 min. ago Related News

Can Demand & Online Strength Aid Crocs (CROX) Amid Inflation?

Solid demand, online strength and gains from the HEYDUDE acquisition raise optimism in Crocs (CROX) despite supply-chain and inflation woes. Crocs, Inc. CROX has been benefiting from solid consumer demand, as well as strength in the Crocs and HEYDUDE brands. This led to the top and bottom lines surpassing the Zacks Consensus Estimate for the eighth straight quarter in the first quarter of 2022. Also, sales and earnings improved year over year. The top line witnessed growth across all regions and channels.The company has been making significant progress in expanding digital and omnichannel capabilities. We note that digital sales advanced 20.3% year over year and accounted for 32.8% of revenues in the first quarter. Increased focus on the Crocs mobile app and global social platforms aided digital sales. Within digital, India, South Korea and Australia regions witnessed double-digit increases from the year-ago period. Gains from strategic collaborations, influencer campaigns, and digital and social marketing efforts remained upsides.Driven by these factors, management updated the guidance for 2022 and issued a second-quarter view. For 2022, revenues related to the HEYDUDE buyout are likely to be $750-$800 million on a reported basis, up from $620-$670 stated earlier. The company expects revenue growth (excluding HEYDUDE) of more than 20% for 2022. Consolidated revenues are projected to be $3.5 billion, suggesting year-over-year growth of 52-55%. Adjusted earnings are envisioned to be $10.05-$10.65 per share, up from the prior stated $9.7-$10.25. The adjusted operating margin is anticipated to be 26-27% compared with the aforementioned 26%.For second-quarter 2022, revenues are projected to grow 43-49% to $918-$957 million. In the prior-year quarter, it reported revenues of $641 million. The adjusted operating margin is estimated at 26%, including air freight expenses of $50 million.Additionally, an uptrend in the Zacks Consensus Estimate echoes the same sentiment. The Zacks Consensus Estimate for CROX’s 2022 sales and EPS suggests growth of 52.6% and 26.9%, respectively, from the year-ago period’s reported numbers. Earnings estimates for the current financial year have increased 4% to $10.56 over the past 60 days.The company’s latest buyout of HEYDUDE, which sells light-weight, casual shoes and sandals for men, women and children, is likely to add value to its fast-growing footwear business. This is the second high-growth, highly profitable brand added to the Crocs portfolio. Crocs believes that HEYDUDE’s consumer-insight-driven casual, comfortable and light-weight products perfectly fit its existing portfolio. The acquisition is likely to diversify Crocs’ brand portfolio and add to its digital penetration, as HEYDUDE already has a strong online presence.The acquisition is expected to be immediately accretive to Crocs’ revenues, operating margins and earnings. It expects HEYDUDE to deliver revenues of $620-$670 million on a reported basis, beginning Feb 17, 2022. Management expects the HEYDUDE brand to reach $1 billion in revenues by 2024.Hurdles On the PathCrocs is currently grappling with the ongoing inflation, supply-chain headwinds and adverse impacts of the war in Ukraine. The supply-chain disruptions have been challenging for manufacturers and have significantly hampered the mobility of products across the globe.The company notes that global inflation, contributing to incremental freight costs, particularly air freight, will continue through the first half of 2022 and 2022. It expects air freight costs of $75 million to hurt the gross margin in the first half of 2022. Image Source: Zacks Investment Research Consequently, shares of CROX have lost 35.6% in the past three months compared with the industry’s decline of 27%.Wrapping UpDespite supply-chain headwinds and rising inflation, this Zacks Rank #3 (Hold) stock is likely to get back on track in the near term on the back of solid demand, brand strength and robust digital business. Also, a long-term earnings growth rate of 15% reflects its inherent strength.Stocks to ConsiderSome better-ranked stocks from the same industry are Delta Apparel DLA, Oxford Industries OXM and GIII Apparel Group GIII.Oxford Industries, which is an apparel company, designs, sources, markets and distributes products bearing the trademarks of its owned and licensed brands. It currently flaunts a Zacks Rank #1 (Strong Buy). OXM has a trailing four-quarter earnings surprise of 99.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Oxford Industries’ current financial year’s sales and earnings suggests growth of 10.9% and 7.1%, respectively, from the year-ago period's reported numbers.Delta Apparel, a manufacturer of knitwear products, currently sports a Zacks Rank #1. DLA has a trailing four-quarter earnings surprise of 95.5%, on average.The Zacks Consensus Estimate for Delta Apparel's current financial year’s sales and earnings per share suggests growth of 11.9% and 10.1%, respectively, from the year-ago period's reported numbers.GIII Apparel, a manufacturer, designer and distributor of apparel and accessories, presently has a Zacks Rank #2 (Buy). GIII has a trailing four-quarter earnings surprise of 160.6%, on average.The Zacks Consensus Estimate for GIII Apparel’s current financial-year sales and earnings suggests growth of 8.7% and 5.2% from the year-ago period’s reported numbers, respectively. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crocs, Inc. (CROX): Free Stock Analysis Report GIII Apparel Group, LTD. (GIII): Free Stock Analysis Report Oxford Industries, Inc. (OXM): Free Stock Analysis Report Delta Apparel, Inc. (DLA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks2 hr. 58 min. ago Related News

SEC"s New ESG Rule Hurts America"s Small Farms & Ranches

SEC's New ESG Rule Hurts America's Small Farms & Ranches Authored by Gabriella Hoffman via RealClearEnergy.org, As small farming and ranching operations struggle to bounce back from the COVID-19 pandemic and supply-chain disruptions, the federal government is preparing to throw another hurdle their way.  In March, the Security and Exchange Commission (SEC), a governmental outfit purporting to “promote a market environment that is worthy of the public's trust,” proposed a new Environmental, Social, and Governance (ESG) rule. Billed as the “Enhanced and Standardization of Climate-Related Disclosures for Investors,” it would require registrants who do business with small operators “to include certain climate-related disclosures” called Scope 3 Emissions—indirect (upstream or downstream) emissions occurring in the value chain of the reporting company. Farmers and ranchers, however, aren’t public companies nor “registrants” reporting to the agency. But the aforementioned provision will adversely affect their operations and impose steep costs and liabilities.  First, the agency’s new rule is unenforceable as it cannot regulate non-financial goals like ESG—including Scope 3 greenhouse gas (GHG) emissions goals. Why? Political goals fall outside their purview.  As spelled out in Section 13(a) of the Securities Exchange Act of 1934, the SEC can only create rules deemed “necessary or appropriate for the proper protection of investors and to insure fair dealing in the security.” ESG principles, as understood, don’t make businesses more secure—just more vulnerable to politicization.  Unelected SEC staff cannot compel registrants to disclose information of their business partners. Only Congress is constitutionally authorized to craft bills relating to climate and environmental regulations—not the SEC. The Mercatus Center notes, “The SEC has therefore concluded that it is generally not authorized to order disclosures relating to environmental, sustainability, or other social goals except in response to ‘a specific congressional mandate.’” Small owners and operators are already subjected to onerous regulations by local, state, and federal laws. Why put more strains on struggling businesses that feed and nourish us? It wouldn’t be fair.  Demanding these smaller producers adopt more rigorous reporting regimes in this manner would also invite massive privacy concerns. Unlike corporations, small and medium-sized agribusinesses typically run their operations out of their personal residences. For instance, disclosing data regarding individual operations and day-to-day activities—if made public— could invite threats by agriculture industry opponents and make them the target of radical environmentalists and animal rights activists intent on disrupting and stopping their operations altogether. Unfortunately for the SEC, the courts have previously ruled against governmental agencies that force disclosure of sensitive personal data. The Eight Circuit Court of Appeals ruled in American Farm Bureau Federation v. EPA (2016) that the Environmental Protection Agency (EPA) disclosing spreadsheets containing personal information of farmers invites “substantial privacy interest of the owners while furthering little in the way of public interest that is cognizable under FOIA” and would “constitute a clearly unwarranted invasion of personal privacy.”  If the agency goes down this route, registrants working with small companies won’t trust them to handle disclosures containing sensitive information going forward. And they shouldn’t. Given constraints already placed on small agribusinesses, disclosing personal data would place an enormous financial strain on them. To meet new demands, farmers and ranches would have more time dedicated to collecting data and less time on their food products. Farm management software (FMS), for instance, isn’t cheap nor heavily utilized by most farmers and ranchers. It’s reported software would cost these small businesses an additional $1,200 annually. Moreover, a 2018 survey of nearly 1,500 farmers found 69 percent still use non-computerized tools for their day-to-day operations compared to 16.5 percent who chiefly rely on FMS systems. Ultimately, adopting a rigorous reporting data regime would make it impossible for these small businesses to focus on their bottom line: feeding, fueling, and clothing the U.S. and beyond.   If this rule proceeds, the SEC will betray its mission to “protect investors, facilitate capital formation, and foster fair, orderly, and efficient markets.” Worse, the Scope 3 considerations would result in the closure of small businesses and force SEC registrants to seek food products from businesses outside the U.S—making our nation highly vulnerable to food insecurity.  In response, a bipartisan group of 118 House members, including swing district Democrats Reps. Elaine Luria (D-VA) and Elise Stlokin (D-MI), have demanded the agency scrap the rule altogether ahead of its comment period deadline on June 17th, 2022. Trump-appointed SEC Commissioner Hester M. Piece has also voiced her opposition to the proposal because it would undermine the agency’s disclosure regime and harm the economy. Farmers and ranchers are conservationists who are mindful of their environmental footprint. They don’t need to heed SEC directives to properly steward their lands.  Tyler Durden Fri, 07/01/2022 - 07:20.....»»

Category: blogSource: zerohedge4 hr. 14 min. ago Related News

Former Apple lawyer in charge of tackling insider trading pleads guilty to insider trading, DOJ says

Gene Levoff's job was to clamp down on insider trading at Apple. The DOJ said he used insider information and traded Apple stock over five years. Graph of Apple stock trading graph seen on a smartphone screen.Rafael Henrique/SOPA Images/LightRocket via Getty Images A former Apple lawyer pleaded guilty to insider trading, the Department of Justice said Thursday. Gene Levoff's job was to clamp down on insider trading at the company. The DOJ said he used insider information and traded Apple stock over five years. A former Apple lawyer in charge of tackling insider trading has pleaded guilty to insider trading, the Department of Justice said Thursday.Gene Levoff, 48, pleaded guilty in a federal court in New Jersey on Thursday to six counts of an indictment charging him with securities fraud, the DOJ said.Each security-fraud charge carries a maximum of 20 years in prison and a $5 million fine, though it is expected that the punishment for Levoff — who is due to be sentenced in November — will be much less, CNBC reported.Levoff, who first joined Apple in 2008, held multiple positions at the company. As Apple's former corporate secretary, he was in charge of enforcing the company's policies against insider trading.He was also the director of corporate law and co-chairman of Apple's disclosure committee, which reviewed and discussed quarterly and annual earnings reports that hadn't been issued yet, the DOJ said.But between 2011 and 2016, Levoff used insider information and traded Apple stock, secretly generating personal profits of $277,000 and avoiding losses of $377,000 on other transactions, prosecutors said.Levoff also bought and sold Apple stock within Apple's regular quarterly "blackout periods," prosecutors said. These "blackout periods" were designed to stop employees with access to insider information from trading until Apple publicly disclosed its finances, the DOJ said."Gene Levoff betrayed the trust of one of the world's largest tech companies for his own financial gain," First Assistant US Attorney Vikas Khanna in New Jersey said, per the DOJ press release."Despite being responsible for enforcing Apple's own ban on insider trading, Levoff used his position of trust to commit insider trading in order to line his own pockets."Terence Reilly, an FBI special agent, also said according to the release: "This defendant exploited his position within a company strictly for financial gain that he would not have otherwise realized.""That's called 'gaming the system.'"Levoff was fired from Apple in September 2018, several months before he was criminally charged, NPR reported.Apple didn't immediately respond to Insider's request for comment.Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 26 min. ago Related News

US, UK Unveil A Combined $2BN More In Ukraine Security Aid, Including "Offensive" Weapons

US, UK Unveil A Combined $2BN More In Ukraine Security Aid, Including "Offensive" Weapons During his Thursday news conference at the Madrid NATO summit, President Biden announced yet more Ukraine security aid - this time to the tune of $800 million in the next round of security assistance. But what stood out compared to prior announcements of aid is that this includes some "offensive" weapons, in addition to air defense systems, which is a significant upgrade in terms of heavier and more sophisticated hardware compared to things like Javelin anti-tank missiles given early in the conflict (and prior to it). Biden stressed in his remarks at the end of the two-day NATO summit, "Putin thought he could break the transatlantic alliance. He tried to weaken us. He expected our resolve to fracture. But he’s getting exactly what he did not want." PA Wire/The Independent According to The Hill some of the weapons he listed off were identified as "more counter-battery radars, artillery and ammunition, including ammunition for High Mobility Artillery Rocket Systems (HIMARS) that the U.S. has recently supplied to the Ukrainians. Biden also predicted that other countries would send HIMARS to Ukraine." Up to this point, the US administration has carefully focused its rhetoric on declaring that only "defense" weapons are being supplied, thus it's hugely significant that Biden has begun admitting "offensive" weapons are included as well, perhaps as part of messaging aimed at Putin saying Washington is ready to stay the course in backing Ukraine even as it's clear Ukrainian forces are being beaten back in the Donbas. Biden said: They need — we’re going to be providing another — well, I guess I’ll announce it shortly, but another $800 billion — $800 million in aid for additional weaponry, including — you know, weapons, including air defense system, as well as offensive weapons.  I have a whole list I’d be happy to give to you.  But that’s the next tranche that’s going to occur. National security adviser Jake Sullivan earlier this week mentioned medium and long-rage anti-air systems, but didn't specify just which ones would be transferred to the Ukrainians. Previously the White House expressed a desire to avoid sending weapons with ranges capable of striking inside Russia, but it's no longer clear if this remains a guiding policy at this point. The day prior, on Wednesday, the UK too announced it will be providing Kiev with another one billion pounds in military aid. This has been described as to include "air defense systems, uncrewed aerial vehicles, new electronic warfare equipment and thousands of pieces of equipment for Ukrainian soldiers." Prime Minister Boris Johnson, who has been outspoken in encouraging Ukraine's president Zelensky to at no time offer any territorial concessions for the sake of peace, said in unveiling the new aid, "UK weapons, equipment and training are transforming Ukraine's defenses against this onslaught. And we will continue to stand squarely behind the Ukrainian people to ensure Putin fails in Ukraine." Previously, Ukrainian military commanders have suggested the additional weapons are "too little, too late" in making a decisive difference in the tide of war for the Donbas, but they appear to be setting in for the reality of a long haul, grinding fight for the country. Tyler Durden Fri, 07/01/2022 - 04:15.....»»

Category: blogSource: zerohedge5 hr. 26 min. ago Related News