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WELCOME TO WEDNESDAY PULSE — It appears tickets sold out within hours to the DC Health two-day Rodent Control Academy for D.C. residents. That seems … concerning.
A message from PhRMA:
Today, there are 90 medicines in development for Alzheimer's disease, 119 medicines for breast cancer, 26 medicines for childhood diabetes… But government price setting could mean fewer medicines in the coming years. Which diseases could go untreated if Congress passes government price setting? There is a better way to lower costs without risking new medicines.
Driving the Day
State leaders are struggling for new strategies to fight a pandemic already exhausting constituents. | Morry Gash - Pool/Getty Images
NEW COVID WAVE, SAME OLD SOLUTIONS — State officials have run out of ideas when it comes to messaging around the latest Covid-19 wave, a concession to the reality that their messages rarely resonate and that most people are ready to move on, POLITICO's Megan Messerly, Adam Cancryn and Krista report .
Officials in 10 states told POLITICO no new plans or bold initiatives are on the horizon, even as much of the South remains unvaccinated and vaccination uptakeamong children nationwide is well below what state and federal officials would like.
Instead, their strategies for managing 130,000 new daily Covid cases in the U.S. are largely the same as they were for managing 30,000 new daily cases four months ago.
Officials in both red and blue states worry that if they sound the alarm on this surge too early, the public won't listen later if hospital capacity becomes strained or the number of daily deaths rapidly increases. Instead of hitting the panic button, governors are hewing closely to their long-term Covid response plans announced this spring and, in some cases, continuing to step down their pandemic response.
The White House, for its part, is concerned by the fast pace of the BA.5 subvariant's spread but has yet to take action after discussions on whether to permit Americans under 50 to get a second booster shot to provide extra protection over the next few months.
Instead, the Biden administration has opted for a more low-key approach, targeting individual communities most at risk for the virus. Covid coordinator Ashish Jha has made several media appearances emphasizing the need for older people to get their boosters and for everyone to consider masking in high-transmission areas.
FDA PREPS FOOD, TOBACCO RECKONING — Food and Drug Administration Commissioner Robert Califf said Tuesday that he's ordered an external review of the agency's offices on food safety and tobacco regulation amid growing scrutiny over the agency's response to the baby formula shortage.
The FDA has hired the Reagan-Udall Foundation to conduct the review. The foundation, an independent group tasked by Congress with advising the FDA and helping the agency improve its regulatory and oversight processes, will assess the resources, procedures and organization of the two offices, as well as parts of the Office of Regulatory Affairs, the division that conducts inspections.
How this happened: Besides congressional pressure, Califf and top FDA officials have heard from outside groups in private meetings in recent months, especially in the past few weeks, urging them to appoint a deputy commissioner of foods and enact larger reforms to the foods programs.
PHARMA TO RESERVE VACCINES, WITH STRINGS — The pharmaceutical industry is willing to reserve an allocation of vaccines, treatments and tests for poorer countries when the next pandemic hits, with quite a few caveats, POLITICO Europe's Ashleigh Furlong reports .
The proposal to G-7 and G-20 leaders , launched Tuesday, would let companies set aside production capacity for people in low-income countries, a bid to fix gaps exposed during the Covid-19 pandemic.
But, in turn, it requires countries to respect companies' intellectual property rights, a coup for drugmakers seeking to stall IP waiver discussions.
Notably, Gavi, the Vaccine Alliance and Indonesia, the current head of the G-20, have already indicated that they back the proposal, dubbed the Berlin Declaration.
OVERDOSE DEATHS SPIKE IN PEOPLE OF COLOR — Most everyone knows by now the pandemic was bad news for U.S. overdose deaths, which hit record highs in 2020 and then again in 2021. But a new CDC report released on Tuesday shows how disproportionately the impact was on communities of color, Krista reports .
Overdose death rates rose 44 percent in 2020 for Black people and 39 percent for American Indian and Alaska Native people, compared with 22 percent for white people.
Black youth ages 15 to 24 saw an 86 percent increase in overdose deaths, the largest spike of any age or race group, while Black men 65 and older were nearly seven times as likely than white men to die from an overdose.
At the same time, Black people were less than half as likely as white people to have received substance use treatment, the report found. And in areas where more opioid treatment programs are available, opioid overdose rates were even higher than in areas with lower treatment availability, particularly among Black, American Indian and Alaska Native persons.
A message from PhRMA:
HOW PLANS CAN IMPROVE RACE AND ETHNICITY DATA — A new report published today by the Urban Institute has a series of recommendations on how health plans and other organizations can improve the collection of race and ethnicity data to work to advance health equity.
Some highlights:
Build consumer trust and engagement to overcome community distrust that may make people hesitant to share personal data because of fear of discrimination, for example.
Reduce legal concerns and uncertainty among employers who worry they're not allowed to collect race and ethnicity data, despite no state or federal laws that prohibit them from doing so.
Ensure that organizations have adequate capacity and resources to use the obtained data effectively.
In Congress
LGBTQ+ ADVOCATES CALL ON CONGRESS TO ACT ON MONKEYPOX — Leaders in public health and LGBTQ+ health advocates are calling on Congressional leadership to include $100 million in the fiscal 2023 appropriations bill "to ensure our country has sufficient resources to mount a robust response to the escalating monkeypox outbreak."
In a letter sent Tuesday to Sens. Patrick Leahy (D-Vt.) and Richard Shelby (R-Ala.) and Reps. Rosa DeLauro (D-Conn.) and Kay Granger (R-Texas), the coalition noted that the government had launched an early response to the outbreak but the nation's underfunded public health care system has struggled to respond.
"The U.S. response to monkeypox is a prime example of how an underfunded public health system buckles under pressure during a rapid outbreak," said David Harvey, executive director of the National Coalition of STD Directors (NCSD). "We've had countless opportunities to prepare for this moment — mostly recently with COVID — and have instead chosen to dither and delay. That is now costing us."
At the Agencies
FDA CAN PAY EMPLOYEES 'TILL NOVEMBER — The agency has enough carryover funds to continue paying employees whose salaries are paid by user fees for another month after the programs expire on Sept. 30 , our David Lim and Lauren Gardner report.
"Enough to go through the first of November is what they tell me," Sen. Richard Burr (D-N.C.) told reporters Tuesday amid a deadlock over renewing fees that fund drug, biosimilar and medical device regulation.
The carryover funds might allow the FDA to delay issuing pink slips for several weeks rather than at the beginning of August, as some feared. The development comes as congressional health policy writers continue to work on a deal to reauthorize medical product user fees for the next five fiscal years.
But there's a standstill. Burr and Senate HELP Chair Patty Murray (D-Wash.) both told POLITICO Tuesday that they haven't met in person to discuss the issue in the days since Burr introduced a stripped-down reauthorization bill that doesn't include major riders or amendments on Thursday.
CDC PANEL RECOMMENDS NOVAVAX SHOT — An external advisory committee to the Centers for Disease Control and Prevention on Tuesday voted 12-0 to recommend the Novavax vaccine for adults who haven't received Covid-19 vaccinations.
What's next: There's hope that a more traditional vaccine technology would encourage hesitant adults to finally get their shot. But the polling — including by CDC — hasn't suggested it will sway the most hesitant much, Katherine writes.
Also, variants loom large. Although advisers were unanimous in their support of the Novavax vaccine as an additional option, many wondered how it would fit into the rollout of Omicron-specific vaccines and boosters in the future.
IN THE STATES
DOCTOR MULLS LAWSUIT IN ABORTION BATTLE — The OB/GYN who provided an abortion for a 10-year-old girl from Ohio took a step toward suing Indiana Attorney General Todd Rokita for defamation on Tuesday — saying his public threat to criminally prosecute her caused "reputational harm and emotional distress."
The child had to travel from Ohio to Indiana because she was just a few days past her home state's six-week limit for abortions, which includes no exemptions for rape or incest.
Caitlin Bernard claims Rokita made statements in media appearances and press releases over the past week that he "recklessly and/or negligently failed to ascertain" were true, including suggesting without evidence that Bernard violated the patient's HIPAA privacy rights and failed to file the proper paperwork required after treating a minor.
What We're Reading
In light of the case of the 10-year-old girl from Ohio, The New York Times' Stephanie Nolen reports on the toll pregnancy and delivery takes on children's bodies.
STAT's Jonathan Wosen delves into the biotech firm that's betting changes in diet can reshape cancer care.
Why you should still mask up on planes, according to Saahil Desai in The Atlantic .
A message from PhRMA:
Today, there are 90 medicines in development for Alzheimer's disease, 119 medicines for breast cancer, 26 medicines for childhood diabetes… But government price setting could mean fewer medicines in the coming years. Which diseases could go untreated if Congress passes government price setting? There is a better way to lower costs without risking new medicines.
RISK DISCLAIMER There is a very high degree of risk involved in trading.. DTI Trader and all individuals affiliated with this site assume no responsibility for your trading results. The indicators, strategies, columns, and all other features are for educational purposes only and should not be construed as advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein.
Congrats on inbox zero! Just kidding. There were like 2,000 e-mails in your inbox. It was crowded in there.
🔔 Situational awareness: A coalition of tech giants that includes Apple, Meta and Google has requested the Indian government change newly proposed IT rules that would allow the government to reverse social media content moderation decisions.
Today's newsletter is 1,231 words, a 4.5-minute read.
1 big thing: SF police plan to monitor video ignites controversy
Illustration: Annelise Capossela/Axios
A plan by the San Francisco PoliceDepartment to monitor surveillance video captured by businesses and residents is stoking concerns it will erode citizens' privacy and endanger the rights of protesters and members of marginalized groups.
Why it matters: The proposed policy shift highlights the risk that technology installed for one purpose, can easily be adapted for others.
Driving the news: The proposal would give the police broad power to use a wide range of cameras they don't own, including a large network of cameras operated by neighborhood business improvement districts, as well as those owned by individuals and stores.
The SFPD has proposed the new policy, which has garnered support from the mayor as well as the city's new district attorney, Brooke Jenkins, who replaced Chesa Boudin after his recall last month.
Police leaders argue the cameras will serve as additional eyes and ears at a time when San Francisco faces a perceived rise in crime as well as complaints that the police are not enforcing laws.
The state of crime in the city remains hotly contested, with some citing what seems to be a rise in shoplifting and other offenses. But total crime is down since the pandemic, although homicides have increased, per the San Francisco Chronicle.
The SFPD proposal is thin on details, including which cameras it will and won't access, as well as the process it will use to gain consent and access the data.
Yes, but: Civil rights advocates are sounding alarms. "It is really important to us there are meaningful safeguards and restricting limitations," says Electronic Frontier Foundation staff attorney Saira Hussain. "We don't believe that generally private cameras should be in the hands of law enforcement."
Hussain says the public agrees, pointing to a survey that found six in 10 San Francisco voters oppose the SFPD's proposal, including 42% who said they strongly oppose the idea.
Critics are particularly worried that any expansion of the department's surveillance capabilities will disproportionately target people of color, immigrants, religious minorities, LGBTQ people and protesters.
"As written, SFPD's proposal would allow officers to use private cameras to monitor people going about their daily lives and to request troves of recorded footage, keeping it for years," the ACLU of Northern California said in a blog post.
Between the lines: Even without the new powers, police in the city have been known to monitor real-time feeds, invoking the "imminent danger" clause allowing for such surveillance.
Of note: The SFPD proposal, as it stands now, doesn't set limits on how long video footage can be stored or on how it is shared with other law enforcement agencies, including those from other states as well as federal immigration authorities.
Advocates say that's particularly worrisome at a time when other states are seeking to criminalize abortion and gender-affirming health care.
Be smart: The amount of ambient video recording — including by new tech like autonomous vehicles — is only going to grow in coming years. Without limits, critics worry that virtually everything that takes place in public could be subject to police surveillance.
2. Twitter wins fast-track Musk trial
Illustration: Gabriella Turrisi/Axios
Twitter's trial for its lawsuit against Elon Musk will take place over five days in October, a Delaware Chancery Court decided following a hearing yesterday, Axios' Kia Kokalitcheva reports.
Why it matters: This is much closer to Twitter's preferred timeline than Musk's. The judge sided with the company's arguments that delays will further harm its business.
What happened: Twitter refuted Musk's argument that deep analysis into fake accounts was needed for the trial, mostly because it wasn't even a factor in the acquisition agreement.
The other side: Musk's legal team argued that the only critical date in this case would be his April deadline for the financing of the acquisition, making the fast-tracked trial unnecessary.
Apple has agreedto a $50 million settlement in a class-action lawsuit over the company's faulty "butterfly keyboard" design, Axios' Erin Doherty reports.
Driving the news: The settlement covers customers who bought MacBook, MacBook Air and most MacBook Pro models between 2015 and 2019 in California, Florida, Illinois, Michigan, New Jersey, New York and Washington, per the settlement.
Apple customers claimed that the tech company was aware of the faulty design, which customers say had sticky and unresponsive keys and that tiny amounts of debris could make it difficult to type.
Lawyers for the customers expect maximum payouts of $395 to people who replaced multiple keyboards, $125 to people who replaced one keyboard and $50 to people who replaced individual keys, Reuters reports.
Apple began phasing out the butterfly keyboard in 2019.
Ina's thought bubble: The butterfly keyboards were long-criticized by reviewers and customers, who found them prone to keys that got stuck and either didn't produce a keystroke or produced multiple keystrokes.
Apple offered replacement programs that covered the cost of repairing or replacing some problematic keyboards and eventually redesigned its laptops.
A message from American Edge Project
Voters are focused on inflation — not breaking up tech
Midterm voters' top priorities for Congress are inflation (88%), national security (86%) and jobs (85%).
84% of voters agree "there are other, bigger problems facing the United States, we should not be focused on breaking up U.S. tech companies right now."
Characters from Subway Surfers, whose studio was purchased by Tencent. Image: Sybo
Despite signs of possible industry slowdown, money is still pouring into video game companies big and small, Axios' Stephen Totilo reports.
Driving the news: Some 651 gaming M&A or investment deals were announced or closed in the first half of the year, totaling more than $107 billion, according to a new report from Drakestar Partners.
Those totals include Microsoft's $69 billion bid for Activision, Take-Two's purchase of Zynga and myriad others, among them an industry-leading 47 M&A deals in mobile.
The second quarter of 2022, saw a little comedown, with 60 announced deals compared to 74 from the same quarter in 2021 (but up from 47 in Q2 2020).
Those April-June deals included Embracer's acquisition of Tomb Raider and that franchise's development studio, as well as Tencent buying Subway Surfers maker Sybo. That's just one of 7 acquisitions by Tencent.
Between the lines: Even in a sector where investment is spread to all kinds of games and platforms, continued enthusiasm for blockchain stands out.
More than half of the investment in early stage companies — over $2.2 billion — went to blockchain and NFT startups, according to the report.
5. Take note
Trading Places
GoFundMe has hired former longtime Xbox executive J Allard as chief product and technology officer.
Still working to get needed funding from Congress, the Semiconductor Industry Association is beefing up its ranks, adding Stewart Barber and Molly O'Leary, each in the role of director of government affairs.
ICYMI
The House Judiciary Committee released documents it says show various ways the tech giants preference their own products and services. The release comes as lawmakers continue to struggle to pass antitrust legislation this year. (The Verge)
Netflix's stock rose more than 10% after the streaming giant said it lost 970,000 subscribers last quarter. (Axios)
The Senate's chips bill passed its first procedural vote yesterday, paving the way for approval of the domestic semiconductor manufacturing subsidies. (Wall Street Journal 🔒)
6. After you Login
Image: Lego Group
In honor of Atari's 50th anniversary, Lego is doing a 2,532 brick rendition of a wood-paneled Atari 2600 game console, complete with cartridges and joystick. The Atari build follows Lego's version of the classic Nintendo Entertainment System, released in 2020, which has already found a place behind my desk.
A message from American Edge Project
Voters prioritize inflation over far-reaching tech regulation
A new midterm voter poll finds that regulating tech is not a top priority for voters.
Key number: 74% of voters agree that "breaking up U.S. tech companies will only hurt America's competitiveness on the global stage, at a time when our adversaries are becoming bolder."
It's called Smart Brevity®. Over 300 orgs use it — in a tool called Axios HQ — to drive productivity with clearer workplace communications.
Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content.
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Exposure to loud noise is the most common preventable cause of hearing loss. Earplugs or earmuffs can protect your hearing, but sometimes loud noises happen too quickly to prevent damage. Scientists funded by the National Institutes of Health might be on their way to finding a solution. University of Southern California professor John S. Oghalai, M.D., and colleagues studied how loud noises affect the connections between cells in your ear that detect sound and nerves that lead to your brain. They published their findings in November 2021.
It's a Noisy Planet. Protect Their Hearing.®is a national public education campaign supported and administered by the National Institute on Deafness and Other Communication Disorders (NIDCD), part of the National Institutes of Health. The campaign is designed to increase awareness among children ages 8 to 12 (preteens) and their parents about the causes and prevention of noise-induced hearing loss. With this information, parents and other adults can encourage children to adopt healthy hearing habits before and during the time that they develop listening, leisure, and working habits. To find out more about how to protect your hearing and that of your family, visit the Noisy Planet website.
NIDCD is part of the National Institutes of Health, the nation's medical research agency.
NIH… Turning Discovery Into Health®
This email was sent to edwardlorilla1986.paxforex@blogger.com using GovDelivery Communications Cloud, on behalf of: National Institute on Deafness and Other Communication Disorders · 31 Center Drive, MSC 2320 · Bethesda, MD USA 20892-2320
Further is brought to you by 1440: News Without the Nonsense
Check out 1440 — the fastest way to an impartial point-of-view. The team at 1440 scours over 100+ sources so you don't have to. Culture, science, sports, politics, business and everything in between — all in a five-minute read each morning, 100% free.
Scott Carrell and his twin brother Rich both entered the U.S. Airforce Academy after high school.
They were looking forward to facing the challenges of the Academy together, but ended up kept apart in separate squadrons. Each squadron had 30 students that did everything together and rarely mixed with the other squads.
The two brothers found time to interact when they could, which led Scott to a puzzling discovery. He had always been the better student of the two, but now Rich was outperforming him academically.
Scott still did well, ending up with a PhD and becoming an economist at UC Davis. He began reviewing and performing research on social influence to see if it could help explain why his brother's grades had suddenly surpassed his in their early years as cadets.
The book How to Change by Kay Milkman reveals the results of Carrell's research:
He found that for every 100-point increase in the average verbal SAT score of a doolie's squadron cohort, that cadet's first-year GPA rose by 0.4 grade points on a 4.0 scale. That's the difference between getting all A minuses and being a B or B plus student.
The explanation?
Given that a randomly-assigned squadron became a cadet's entire universe, the social norms of the group became hugely influential. If most people in your squad are studying hard and getting good grades, it's likely to push even an underachiever to do better as well.
From there, though, Carrell made a crucial mistake when called in to improve academic performance for other first-year cadets. Instead of randomly-assigned groups, Scott put high achievers together with low achievers into cohorts, expecting the top tier to pull the bottom tier up with them.
It backfired. Instead of the lower-performing people rising to the occasion, the two different levels of cadets self-segregated into cliques:
With no middle performers to build a social bridge between cadets at the extremes, the squadrons became polarized, and struggling students suffered. Scott had unwittingly demonstrated a serious weakness in what many viewed as a tried and true influence tactic.
The lesson?
You need people at all levels to come together to create a true community of accountability. Who you spend time with matters, and that means a diversity of personalities and skill levels are necessary for the group to thrive at a higher level.
Conforming to the social norms of the right group can help you change for the better. In effect, you're committing to perform better by emulating those who are more skilled or diligent than you may be.
That commitment alone ups your probability of actually changing for the better by 65%. Add to that the ongoing accountability interactions with the in-group you've committed to, and that increases your odds to a whopping 95%.
This is powerful stuff, and it's a big component of our Well + Wealthy community. All sorts of people in their 40s and 50s coming together to learn and change -- with the accountable group dynamic adding to your individual success. You can find out more here.
P.S. You can get free access to Well + Wealthy with just three referrals to Further. Here's your unique link to share - https://further.net?rh_ref=7fda93ad
An Exercise in Futility?
You understand the benefits of physical activity. And yet, some people love it, some learn to love it, and others just plain don't like it. In this article, fitness coaches share five refreshing strategies -- plus over a dozen how-to tips -- that can help you stop fighting with exercise.
The loss of the male Y chromosome as many men age causes the heart muscle to scar and can lead to deadly heart failure, new research shows. The finding may help explain why men die, on average, several years younger than women -- and lead to a way to prevent it.
A new study has found that owning a pet may help delay cognitive decline as we grow older. The greatest effects of pet ownership were seen after 5 years.
Calling, texting or emailing a friend just to say "hello" might seem like an insignificant gesture — a chore, even, that isn't worth the effort. But new research suggests that casually reaching out to people in our social circles means more than we realize.
Great news from the longevity front: scientists have successfully tested a gene-editing technique that permanently lowers cholesterol, potentially stopping "the biggest killer on earth."
This is one more step towards cures for the diseases of aging, the practical implications of which we often talk about here at Further — for example, the need to increase our wealthspan along with our healthspan. But another aspect of aging can be a killer if we don't take an active stance before it's too late.
I'm talking about how our bodies betray us and bust our confidence by bulging, wrinkling, graying, and drooping. Ageism isn't just something others foist upon us; we have no problem sidelining ourselves for not looking as vital as younger people or our former selves.
What we need is a good nip and tuck — not just on the outside but on our inner conception of what it means to be appealing, attractive, and alive.
Senioritis
Do you know why we look older over time? Sure, some of it's genetics or old bad habits (curse you, Hawaiian Tropic, SPF 0!), but there are other biological imperatives that science won't necessarily change. As Gary Wenk, Ph.D., explains, what we do to survive – eating and breathing – are also what underlie the aging process.
This single critical activity, called oxidative metabolism or respiration, that is absolutely essential for your daily survival, is the most important factor that very slowly, minute-by-minute and day-by-day, ages you until your skin sags, your internal organs weaken, and you die.
While it's feasible that scientific breakthroughs may reverse that someday, for now, all we can reliably do to slow the aging process is consume fewer calories. Still, that won't stem the tide enough, and plastic surgery, hair dye, and injectables aren't the answer. (I'm an LA resident, so saying that might get me kicked out for insubordination…)
Our generation is known for non-conformity and beautiful cynicism — like Janeane Garofolo, we've never been into selling out.
In an article by Polly Green, founder of Other Side Channeling Academy, she relates the story of being mistaken for 70 when she was 52. While initially it "knocked the wind" out of her sails, Green — an avid surfer and yoga practitioner — advocates claiming our age and voicing our truth.
Why is it an embarrassment to have old-looking skin? Why can't I have wrinkles and grey hair and own it? This is what the body does. It ages… We are allowed to age.
Research shows your thoughts about aging determine how well you wear it. If you want to feel confident in your own skin, radical acceptance is a beautiful thing.
I wasn't a huge fan of disco as a kid, but some songs are so good it didn't matter what genre they're in. Knock on Wood is one of those songs. Did you know it's a discofied cover of a 1966 Eddie Floyd song? (YouTube)
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🐪 Yes, Wednesday already! Today's newsletter, edited by Mickey Meece, has a Smart Brevity count of 1,288 words, 5 minutes.
🎶 Today marks the 1993 release date of Cypress Hill's second album "Black Sunday," which provides today's intro tune...
1 big thing: Europe's scorched lessons
Illustration: Sarah Grillo/Axios
The heat wave in Europe should be viewed as another deadly and startling warning regarding how far we've pushed the planet's climate into less hospitable territory, and how unprepared we are for what's coming, Andrew writes.
Catch up fast: In the past week, temperature records dating back centuries have been obliterated, particularly yesterday in the U.K. The heat is shifting east, into a region extending from Germany to Sweden.
Why it matters: The heat wave upended life in several major industrialized nations and killed more than 1,700 people, a toll likely to increase. Many of the wildfires it breathed life into are still burning out of control.
By the numbers: A staggering 34 weather observing stations in the U.K. provisionally broke the country's all-time high-temperature record yesterday.
Typically, only a handful of stations would come close to or actually set an all-time record. Such a high number speaks to the heat wave's scope and severity.
In Brest, France, which is in the far northwest part of the country, the temperature soared to 102.7°F (39.3°C). This shattered the previous all-time high by more than 7°F, an unheard-of margin for such a record.
Between the lines: Nobody was fully prepared. For all the talk of climate adaptation, the U.K., and London specifically, did not fare too well.
Wildfires broke out across the country, in addition to the blazes that were already burning in France, Spain and Portugal. London itself was hit by destructive fires within city limits.
Threat level: Scientists warn this isn't an aberration. It is clear to scientists that events that used to be unthinkable, such as the heat wave in the Pacific Northwest last year, are swiftly trending toward becoming commonplace.
"But climate change driven by greenhouse gases has made these extreme temperatures possible."
Yes, but: Even this might not break through. The war in Ukraine is causing an energy crisis that may extend the use of fossil fuel power plants and infrastructure.
European Union leaders, citing risks from "the Kremlin's weaponization of gas exports," today proposed plans for the bloc to curb gas consumption until spring, Ben reports.
Why it matters: The move reflects growing concern that Russia, the EU's top supplier, could cut exports of the key industrial, electric and residential fuel well beyond already reduced levels.
Driving the news: The plan calls for member states to voluntarily cut demand by 15% from August until the end of next March.
The proposed regulation would give EU officials the power to impose mandatory curbs.
The European Commission vowed to "accelerate work on supply diversification, including joint purchasing of gas to strengthen the EU's possibility of sourcing alternative gas deliveries."
The bottom line: "If the bloc's 27 member countries agree to adopt the plan and the new legislation that goes with it, it would solidify the sense that Europe's economy is on war footing because of Russia's invasion of Ukraine," the NYT reports.
Catch up fast: Russian President Vladimir Putin, per multiple reports, said in Iran late Tuesday that the key Nord Stream pipeline would be re-started Thursday after maintenance.
But he "warned that flows...could be curbed soon if sanctions prevent additional maintenance on its components," the WSJ reports.
Europe can't avoid economic harm if Russia cuts off natural gas supplies, but policymakers have tools to reduce the damage, the International Monetary Fund said, Ben writes.
The intrigue:IMF analysts estimated the GDP effects of Russia going beyond the partial reduction to date and instead implementing an "unprecedented total shutoff."
They modeled this risk under two scenarios.
An "integrated" market approach within the EU and globally, where more LNG is available and gas supplies move freely among EU countries.
A "fragmented" approach with far less access to alternative supplies, marked by shortages and higher prices.
Why it matters: The analysis shows that countries most dependent on Russian gas — and Italy, which relies heavily on gas for electricity — face significant economic blows.
Zoom in: One IMF recommendation is moving from measures that limit consumer price increases to allowing more passthrough of high wholesale costs while protecting especially vulnerable households.
This would better incentivize conservation, they said.
President Biden will tout new executive moves on climate today, but he's steering clear — for the moment — of the most aggressive options, Ben writes.
Driving the news: He'll announce funding to help protect communities from extreme heat and steps to boost the domestic offshore wind industry, a White House official said, adding more is planned soon.
The intrigue: The White House and some Senate Democrats hope the door remains open a crack for a deal with holdout Sen. Joe Manchin (D-W.V.) to move major clean energy legislation, Axios' Hans Nichols and Alayna Treene report.
That's keeping Biden from taking more powerful moves to curb fossil fuels that might antagonize the Manchin, they note.
Manchin yesterday seemed willing to address climate policy this summer. "Let's see what the Congress does. The Congress needs to act," he told ABC.
What we're watching: Biden is under pressure from some activists and Senate Democrats to formally declare a "climate emergency" that would unlock more executive powers.
White House press secretary Karine Jean-Pierre said yesterday that no emergency declaration is coming this week, but confirmed it's on the table.
And the White House official told reporters (emphasis added): "Since Congress is not going to act on this emergency, then he will."
Bonus: The "emergency" road
Emergency declarations are not magic wands but do give presidents an expanded suite of tools, Ben writes.
What we don't know: The specifics of any potential climate declaration. The emergency route could mean any number of things.
The big picture: Options range from expediting permitting and siting for clean energy projects to thwarting some fossil energy production and/or exports, ClearView Energy Partners said in a note.
What they're saying: "If the President does pursue a pre-election climate emergency, it might have more to do with green buildout than fossil energy shutdowns (due to energy price concerns)," they said.
Carbon emissions from global electric power are projected to decline less than 1% this year after reaching all-time highs in 2021, the International Energy Agency said, Ben writes.
Why it matters: Their annual market analysis out this morning captures a power sector altered by economic headwinds and Europe's energy crisis.
But opposing forces effectively cancel each other out on emissions at a time when steep cuts are needed to keep global climate targets within reach. Electric power is the largest global source of CO2 emissions.
The big picture: IEA sees global power demand growth at 2.4% this year after surging by 6% in 2021 as economies revived from the pandemic.
The 2022 slowdown reflects a decelerating economy, higher prices fueled by Russia's attack on Ukraine, and China's COVID lockdowns.
Zoom in: High natural gas prices and EU efforts to ditch Russian gas in Europe are prompting at least a near-term rise in coal use there.
But renewables are continuing their global growth, enough to send overall fossil fuel generation down slightly.
Add these and other factors up and IEA sees power sector CO2 emissions declining very slightly.
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Congress has mandated over 500,000 of these new station
At times, our affiliate partners reach out to the Editors at Be On Top Invests with special opportunities for our readers. The message below is one we think you should take a close, serious look at.
Congress has mandated over 500,000 of these new stations.
One tiny company is leading the charge with 9 government contracts and counting.
In today's complex trading environment, people are quick to dismiss simple solutions. They are often labelled as "too simple" and thus deemed not worthy.
Most traders are always looking for the newest indicators, programs, and algorithms that promise automatic success.
But of course, the fancy stuff doesn't stick.
Consider this "simple" strategy:
In the past 20 years, Becton Dickinson (BDX) has traded up all 20 years between October 25 and January 18.
On average, the stock moves up 8.85% each year during this period.
However, using options can potentially turn this 8.85% move into 100%+ ROI each year during this period.
Imagine doing this on hundreds of stocks with this similar pattern.
Illinois Rep. Jan Schakowsky is among members of Congress arrested Tuesday, July 19, 2022, during an abortion rights protest in front of the Supreme Court. | Screen grab from Rep. Schakowsky's Twitter page
Congresswoman Jan Schakowsky was among 19 lawmakers arrested in Washington Tuesday, while taking part in an abortion rights protest in front of the U.S. Supreme Court.
Veteran move : Schakowsky, who's the senior chief deputy whip and chair of the Consumer Protection and Commerce Subcommittee of the Energy and Commerce Committee, was among the longest-serving members of Congress marching alongside Democratic Reps. Alexandria Ocasio-Cortez of New York, Ilhan Omar of Minnesota and Alma Adams of North Carolina.
Passion and politics: Schakowsky and her fellow Dems are enraged at the Supreme Court's decision to overturn abortion rights. In a statement, Schakowsky referred to the recent ruling overturning Roe v. Wade as the court's "rogue" decision.
Rallying cry: The protesters also see abortion as an issue that can rally voters at a time of waning approval ratings for President Joe Biden and worry for the economy.
Bring to light: Schakowsky and her peers made the most of the media moment. The Illinois Democrat showed up in a neon green blouse, color-coordinated with other protesters who wore green bandanas with the words "Won't Back Down."
MORE ROE FALLOUT
VOTING FOR MARRIAGE EQUALITY: Republican Congressmen Rodney Davis and Adam Kinzinger joined Democrats in giving overwhelming House approval to legislation protecting same-sex and interracial marriages. The 267-157 vote came up out of concern that the Supreme Court ruling overturning Roe v. Wade threatens other rights. GOP leaders didn't press representatives to vote on party lines, and Davis and Kinzinger are making their exits from the House after the November elections.
The Respect for Marriage Act now heads to the Senate where Democratic leaders remained noncommittal on its future. Senate Majority Whip Dick Durbin said he would personally support putting it on the floor, but questioned whether there's enough time on the calendar with the Senate set to go on an extended recess in two weeks and two huge party priorities to finish before then, reports POLITICO's Anthony Adragna .
THE BUZZ
ROCK 'n' ROLL: Three gravel producers locked in a contract battle with some 300 highly trained employees of Local 150 have made what they say is a final offer to the union.
The two sides are set to meet today to discuss the offer of 14 percent wage increases over three years. Vulcan Materials Co., Lafarge Holcim and Lehigh Hanson believe the offer is fair. They already cover all health insurance premiums and a pension plan. But the union says the contract offer doesn't reflect already negotiated changes.
"Sending an offer riddled with errors and giving members 48 hours to accept 'or else,' — that's not a good way to build loyalty. It leaves a bad taste in employees' mouths," said Ed Maher, comms director for Local 150. He acknowledged the union is going into today's meeting hoping for "progress and a productive conversation."
Meanwhile, road projects across the state are feeling the pinch of the strike. Vulcan, Lafarge and Lehigh operate quarries throughout the Chicago area and sell gravel to asphalt and concrete companies for roads and foundations. The companies are negotiating collectively as the Chicago Area Aggregate Producers Association, or CAAPA.
At issue: Wages and benefits. Employees, many of whom are trained to load trucks that enter and leave the quarries, went on strike June 7 at the height of the summer construction season.
The strike is drawing attention of Springfield, where officials worry that capital projects run by the Illinois Department of Transportation could be delayed. CAAPA sent a letter Friday to leaders of the General Assembly about the negotiations.
Have a news tip, suggestion, birthday, anniversary, new job, or any other nugget for Playbook? I'd like to hear from you: skapos@politico.com
HAVE QUESTIONS ABOUT ROE BEING OVERTURNED? JOIN WOMEN RULE ON 7/21: Now that the Supreme Court has overturned Roe v. Wade , abortion policy is in the hands of the states and, ultimately, voters. Join POLITICO national political correspondent Elena Schneider for a Women Rule "ask me anything" conversation featuring a panel of reporters from our politics and health care teams who will answer your questions about how the court's decision could play out in different states, its impact on the midterms and what it means for reproductive rights in the U.S. going forward. SUBMIT YOUR QUESTIONS AND REGISTER HERE .
WHERE'S JB
No official public events (sidelined by Covid).
WHERE'S LORI
In City Hall at 10 a.m. presiding over the City Council meeting.
Where's Toni
In Aurora, Colo., speaking at the National Association of Counties (NACo) Conference.
The insurrectionists aren't Trumpsters: "What Pape and his colleagues have found is that those who attacked the Capitol were not an assemblage of rural Donald Trump voters linked to fringe right-wing groups. The movement appears to be far more mainstream than that," writes Caro.
They're from Biden country: "More than half of the arrestees came from counties that Biden won, dispelling the notion that the rioters lived in Trump-dominant bubbles."
The point of the research: "It's because understanding motives and having new knowledge brought to bear on problems, that is the American way to solve problems," says Pape.
— Kinzinger will lead questioning Thursday during the closing summer hearing of the Jan. 6 committee.
CAMPAIGN MODE
— House Speaker Nancy Pelosi is coming to Chicago on Sunday to fundraise for Democratic Reps. Bill Foster (IL-11) and Lauren Underwood (IL-14) and candidates Nikki Budzinski (IL-13) and Eric Sorensen (IL-17). RSVP here
— Pritzker's Florida speech. The Florida Democratic Party released a video of Gov. JB Pritzker's speech over the weekend from the Leadership Blue Gala in Tampa.
— Regan Deering, a Republican in the IL-13 congressional race, was named to the most recent update of the NRCC's 2022 Young Gun list. She faces Democrat Nikki Budzinski.
THE JUICE
— Bailey facing a cash deficit as he takes on billionaire Pritzker: Republican governor candidate Darren Bailey "has raised more than $11.9 million since he announced his candidacy in February of last year and spent more than $11.7 million. In addition to the more than $363,000 in cash he had on hand to begin July, he reported $246,685 in debts from loans he and his wife gave the campaign. Bailey spent about $25.80 per vote, records show," by Tribune's Rick Pearson
— Republican Greg Hart raised $161,926 in the last quarter in his bid for DuPage County chairman. He has $201,736 cash on hand.
Covid-19 Update
Illinois Gov. J.B. Pritzker removes his protective mask before speaking Sunday April 5, 2020, at his daily briefing on coronavirus. | Captured from video
Pritzker tested positive for coronavirus, he tweeted Tuesday just days after attending Florida's Leadership Blue gala, where he gave a rousing speech that railed against Florida Gov. Ron DeSantis. "After being notified of several close contacts testing positive for Covid-19, Gov. Pritzker received a positive test result during his routine Covid testing regimen," his office said in a statement.
On Monday, Val Demings, who also spoke at the Saturday event in Florida, announced she had tested positive for Covid-19, too. Pritzker, who is fully vaccinated and double boosted, is experiencing "mild symptoms" and has been prescribed the antiviral medication Paxlovid.
— Cool Covid map: "Mayo Clinic is tracking Covid-19 cases and forecasting hot spots. All data and predictions include the delta and omicron variants and other SARS-CoV-2 variants."
CHICAGO
— Chicago aldermen set to vote on long-delayed ethics proposal: Ald. Michele Smith's measure includes "strengthening the city's rules against nepotism, campaign contributions, lobbying of City Council members and increasing fines for violating those rules from a maximum of $5,000 to $20,000. But many agree that it is not a panacea," reports WBEZ's Mariah Woelfel.
Kim Walz, who's running for the 46th Ward Chicago City Council seat, has been endorsed by Congressman Mike Quigley (IL-5) and Congresswoman Jan Schakowsky (IL-9). Walz is a former aide to Quigley. "In the 10 years Kim Walz worked in my office, I watched how hard she fought for our constituents, and I know she will bring that same tireless ethic, smarts and compassion to Chicago's City Council," Walz's former boss said in a statement.
INTRODUCING POWER SWITCH: The energy landscape is profoundly transforming. Power Switch is a daily newsletter that unlocks the most important stories driving the energy sector and the political forces shaping critical decisions about your energy future, from production to storage, distribution to consumption. Don't miss out on Power Switch, your guide to the politics of energy transformation in America and around the world. SUBSCRIBE TODAY .
We asked which elected official has had the greatest influence on Illinois politics:Lots of agreement on this.
Vincent Brandys, Shaddi Zeid and Graham Grady said it's former House Speaker Michael Madigan. "Anyone who says to the contrary just doesn't have the courage to admit that this is a true statement," wrote Grady.... And Zeid added, "He's a prime example of why term limits are needed in Illinois."
Phil Zeni: "Richard J. Daley. He had a phone on his desk in the mayor's office that, without dialing, it rang at the Illinois House of Reps podium."
Jake Leahy: "Joseph Medill, who first made the Chicago Tribune into what it is today, helped propel Abraham Lincoln to the presidency with the paper, was a delegate in the 1870 Illinois Constitutional Convention and guided the city as mayor after the Great Chicago Fire of 1871."
— Nancy L. Maldonado was confirmed Tuesday by the Senate to be U.S. District judge for the Northern District of Illinois, according to a statement from Senate Judiciary Chairman Dick Durbin.
Kent Dauten has been elected co-chair of Big Shoulders Fund board of trustees. Dauten, is chairman and co-founder of Keystone Capital , a private investment firm. He succeeds John Canning Jr., who is stepping down from the role after more than 25 years but who will remain active as a trustee, according to the organization. As co-chair, Dauten will work alongside founding chairman Jim O'Connor and co-chair Monsignor Kenneth Velo.
— Matthew Foldi , who was an aide to former Illinois Gov. Bruce Rauner, lost his primary Tuesday for Congress in Maryland. At age 19, Foldi was elected as ward committeeman in Chicago's 5th Ward, making him the youngest elected official in Chicago's history. He was a 2018 graduate of University of Chicago, where he was president of the University of Chicago College Republicans.
FROM THE DELEGATION
— On hand for today's Senate Judiciary Committee hearing on guns: Highland Park Mayor Nancy Rotering and Sen. Tammy Duckworth will testify. Expected to attend: state Rep. Bob Morgan, Lake County Board member Paul Frank, Lake County Board chair Sandy Hart, Lake County State's Attorney Eric Rinehart, Lake County Sheriff John Idelburg, Highland Park City Council members Tony Blumberg, Michelle Holleman, Annette Lidawer, Adam Stolberg and Andres Tapia, and corporation council Steve Elrod.
— Reps. Chuy Garcia and Lauren Underwood have filed legislation to help Prairie Band Potawatomi Nation get back DeKalb County land they say was illegally auctioned off by the federal government in the 1830s.
Today at 11 a.m.: David Greising, president and CEO of the Better Government Association, will join John Shaw, director of the Paul Simon Public Policy Institute, for a Zoom discussion about the work of the BGA and the political culture of Illinois. It's part of the Institute's "Understanding Our New World" series. The event is free but registration is required .
TRIVIA
TUESDAY's ANSWER: Congrats to political consultant Nancy Kohn for correctly answering that Sen. Jacky Rosen , now a Nevada Democrat, attended high school in Arlington Heights.
TODAY's QUESTION: What Daily Illini sportswriter went on to a career as press aide to Democratic politicians and the Democratic National Committee? Email skapos@politico.com
HAPPY BIRTHDAY
Former Deputy Gov. Dan Hynes, AIPAC regional director David Fox, UIC sociology professor Barbara Risman, and Illinois Optometric Association CEO Leigh Ann Vanausdoll.
Today you'll shine participating in groups and do an especially good job of making people feel at home. The more active and outgoing you can be, the more you'll inspire and energize others. Very little can get in your way if you have specific goals to work toward.
Today you'll shine participating in groups and do an especially good job of making people feel at home. The more active and outgoing you can be, the more you'll inspire and energize others. Very little can get in your way if you have specific goals to work toward.
Should you hold on, or let go? Get instant answers with a live psychic reading.Chat online now.
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Bryce recognizes this is a slower market. So he's doing what he must to avoid overtrading…
On Monday, he was looking at Intelligent Living Application Group Inc. (NASDAQ: ILAG) for a potential move similar to United Maritime Corporation (NASDAQ: USEA) on Friday.
They were similar trade ideas since they're both recent IPOs with a low float. And they both have a beaten-down chart with the stock having its first green day.
But after ILAG had a morning spike, Bryce wasn't sure how much higher it could go.
Especially since the day after USEA's first green day, the company did an offering and tanked it overnight…
So, Bryce adjusted his expectations based on the market.
That morning he also looked at Vertical Aerospace Ltd. (NYSE: EVTL).
But it kept dumping after the market opened so he moved on…
And he saw something he liked in the Rhythm Pharmaceuticals, Inc. (NASDAQ: RYTM) premarket action.
RYTM's a multi-day runner, but it didn't have explosive moves. It also has a higher float...
So when he saw a premarket spike and fail with low volume, he thought RYTM was ready to break down…
Are Short Trades Working In This Market?
Bryce shorted RYTM into the morning spike. He added to his position twice and used the $11.59 high of the day as his risk with a stop in place.
Get all the details of Bryce's trade, plus why he didn't like EVTL or ILAG, in histrading recap video below.
RYTM is a good example of the choppy action we're seeing in this market.
So whether you go long or short, take your shot when you see an opportunity…
But also stick to hard stops and adjust your expectations for every trade. And if your trade isn't working out like you thought it should, it's okay to get out.
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Today your powers of persuasion are at an all-time high. This is a good day to ask for a raise or promote a new project. Your drive to gain recognition for your accomplishments may necessitate seeking the public eye, so if publicity is what you need, this is the day to go for it. Your observational skills are acute, as is your insight into others' feelings. This is definitely a good day to seek advancement.
Today your powers of persuasion are at an all-time high. This is a good day to ask for a raise or promote a new project. Your drive to gain recognition for your accomplishments may necessitate seeking the public eye, so if publicity is what you need, this is the day to go for it. Your observational skills are acute, as is your insight into others' feelings. This is definitely a good day to seek advancement.
Today's planetary energy is wonderful for creating an atmosphere of pure sensuality chez-toi! If you and your sweetest heart need a night of love, then this is surely the time to bring heaven to earth. Use all your favorite aromatic oils and candles, your most sumptuous cushions and throws, and bring in some of your favorite foods, the creamier and saucier, the better.
Whatever the source of discomfort in your life, today is giving you an opportunity to put your finger on it. This can be a frustrating planetary transit for some of you, others will find it enlightening or even amusing. Open yourself up to change and release your grip on things that you know should "go." This pertains to unhealthy eating habits, and laziness. Your body governs how you feel to a large extent: give it the respect it deserves!
You may feel that someone has unexpectedly shifted the gears on the car you are driving and suddenly, the work you are doing is taking you backward instead of forward. This may seem like a negative thing at first but realize that it is necessary.
Should you hold on, or let go? Get instant answers with a live psychic reading.Chat online now.
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QUICK FIX
Good news!The national average price for a gallon of gas fell again on Tuesday to $4.49, down from $4.98 just one month ago, according to AAA . Average prices are now below $4.50 in 24 states plus the District of Columbia, compared to just two states a month earlier.
The bad news? It could be a sign of cracks in the foundation of the global economy.
But let's back up to the good news for a minute — Lower prices at the pump are a boon for U.S. consumers, especially as they're facing higher costs for just about everything else. The 50-cent price decline translates to roughly $25 extra each month for the average consumer, or $190 million a day across the entire economy, according to White House estimates.
Falling gas prices also play a huge role in Americans' perception of the economy's strength, and tend to bolster consumer sentiment. (See: the latest University of Michigan sentiment survey .)
It's also a big boost for the Biden administration, which has been scrambling to contain the political fallout from soaring energy costs and stop the president's approval ratings on the economy from slumping further.
Jared Bernstein, a member of President Joe Biden's Council of Economic Advisers, touted the falling price trend this week, which he credited in part to the president's release of 84 million barrels of oil so far from the Strategic Petroleum Reserve.
"We think it's reasonable to expect more gas stations to lower their prices in response to lower input costs and thus, barring unforeseen market disruptions, to see average prices fall below $4 per gallon in more places in coming weeks," he predicted at a White House briefing with reporters Wednesday. (Only one state had an average price that low yesterday — South Carolina, at $3.99, per AAA — but the White House cited one analyst report that estimated more than 25,000 gas stations had set their prices at $3.99 or lower.)
Council of Economic Advisers member Jared Bernstein speaks to reporters at a White House press briefing on falling gas prices Monday. | Andrew Harnik/AP
But, but, but — There's another important factor behind the price relief: Global demand for oil is falling amid high inflation, rising interest rates and a grim economic outlook.
"Prices have come down because there's stress in the rest of the world, and there's a lot of financial stress," said Diane Swonk, chief economist at KPMG, noting worries about the ability of China and emerging market economies to service their debt, not to mention ripple effects of the war in Ukraine.
"The cloud attached to the silver lining is the reality that we've got a world economy that is still edging closer to recession, even as these prices come off, and these prices reflect that more than just good news," she added.
Fragility in the rest of the world also raises the risks that the Fed, in its effort to rein in inflation, could accidentally trigger a financial crisis elsewhere, Swonk said. Trouble in the rest of the world would undoubtedly spell trouble for the U.S., too.
"It's good news for U.S. consumers, but as we've learned in the pandemic, there is no Las Vegas in the global economy," she said. "What happens abroad does not stay abroad."
IT'S WEDNESDAY — A blistering European heat wave sent temperatures above a record 104 degrees Fahrenheit in the U.K. on Tuesday. Let's hope they're not filming chocolate week in the Bake Off tent! (If you know, you know.)
Existing home sales data released at 8:30 a.m. … FHFA Director Sandra Thompson testifies before House Financial Services at 10 a.m. … Senate Finance hearing on tax incentives in affordable housing at 10 a.m. … House Budget hearing on investments in early childhood at 10:30 a.m.
Fed Chair Jerome Powell swears in Michael Barr as the Fed's new vice chairman for supervision and regulation Tuesday. | Federal Reserve
Michael Barr was sworn in as the Federal Reserve's new vice chair for supervision on Tuesday, the Fed said in a statement, giving the central bank a full seven-member board for the first time since 2013.
SEC ENFORCEMENT CHIEF: TRADING 'GAMIFICATION' IS A HUGE CONCERN — Bloomberg's Lydia Beyoud: "The US Securities and Exchange Commission's top enforcement attorney says that Wall Street's main regulator is very concerned about digital engagement practices that brokerages may use to encourage more buying and selling of stocks.
"While SEC Enforcement Director Gurbir Grewal refused to discuss any investigations, his comments during a House subcommittee hearing on Tuesday are the latest signal from the regulator that a crackdown is coming for practices that critics refer to as the gamification of investing. Last month, the SEC said it planned to propose new rules this year."
CFPB TO PUSH BANKS TO COVER MORE PAYMENT-SERVICES SCAMS — WSJ's Andrew Ackerman: "The Consumer Financial Protection Bureau is preparing to prod banks to pay back more customers who are the victims of alleged scams on Zelle and other money-transfer services, according to people familiar with the coming regulatory effort. Under new guidance the bureau is preparing to release in the coming weeks, banks could face heightened requirements around certain scams that have become more prevalent on these platforms, these people said, such as when a customer is tricked into sending money to a scammer pretending to be a representative of his or her bank."
GENSLER SAYS IT'S UNCLEAR IF CHINA WILL AVOID DELISTINGS — Bloomberg's Lydia Beyoud and David Westin: "Securities and Exchange Commission Chair Gary Gensler says it's unclear if American and Chinese authorities will reach a deal to avoid the delisting of some 200 companies from US stock exchanges. Gensler said on Tuesday during an interview … that it's ultimately Beijing's decision whether to grant access to American audit inspectors as required by US law. He added that talks between the two sides had been 'constructive.'"
Fed File
BULLARD: YIELD-CURVE SIGNAL MIGHT NOT BE SO OMINOUS — WSJ's Michael S. Derby: "For St. Louis Fed chief James Bullard, when it comes to the current yield-curve inversion, it's a case of 'this time is different.' In a virtual appearance last Friday, the central banker said even though yield-curve inversions tend to signal recessions, this one is probably driven by inflation , a less ominous factor. … These inversions have an extremely strong, decadeslong history of coming before recessions, though no one can quite say why this is the case."
GOLDMAN 'IMPRESSED' WITH FED'S INFLATION MOVES — Bloomberg's Shubham Saharan: "The Federal Reserve is making the right moves to combat surging inflation , Goldman Sachs Group Inc. President John Waldron said, marking a turnaround from his questioning of its monetary policies earlier this year.
"'You're seeing the Fed move quite aggressively and in my opinion very appropriately to get on top of what's significant inflation building in the economy, clearly trying to front load a lot of the moves -- policy moves -- to try to deal with inflation,' Waldron said in a Bloomberg Television interview Tuesday.
Markets
STRONG DOLLAR FUELS PULLBACK IN COMMODITY MARKETS — WSJ's Yusuf Khan and Joe Wallace: "The bull run in commodity prices is meeting stiff resistance from a surging U.S. dollar . Prices of oil, metals and agricultural products have tumbled since early June after shooting up in the wake of Russia's invasion of Ukraine. In part, the recent fall reflects investors' fears that a demand-busting recession is around the corner. But it is also because most commodities are priced in dollars. That means a rallying dollar makes them more expensive for buyers around the world and drags on demand."
MONEY MANAGERS ARE IN 'DIRE' MOOD — NYT's Joe Rennison: "Investors are hoarding cash and lowering their expectations for growth , as pessimism about the outlook for the U.S. economy has reached a 'dire' level, according to a survey of 259 fund managers responsible for more than $700 billion in investments. The monthly survey, produced by Bank of America and widely watched in financial circles, showed that optimism about global growth fell to a record low, dropping below levels documented in the immediate aftermath of the collapse of Lehman Brothers in 2008."
Jobs Report
Patricia Grady has been named deputy chief counsel at the Office of the Comptroller of the Currency, and Jonathan Fink has been named associate chief counsel. Grady currently serves as the OCC's director in administrative and internal law. Fink is currently assistant chief counsel.
Corrado Camera is joining ICI Global as director of public policy and regulation based in Brussels. Camera, an Italian citizen, served most recently as a senior adviser to the U.S. Treasury representative in Europe.
Fly Around
The U.S.'s successful collaboration with 37 other nations that's driven down exports to Russia serves as a blueprint for a new regime on tackling threats from China, the head of the Commerce Department's Bureau of Industry and Security said. — Bloomberg's Ana Monteiro
The contest to find a new British prime minister is throwing up an unusual twist: Conservative lawmakers are coalescing behind former Chancellor of the Exchequer Rishi Sunak , a candidate that the party's wider membership don't appear to like. — WSJ's Max Colchester
The disappearance of ordinary Chinese savers' money, and the government's seemingly indifferent response , could pose a major test for the Communist Party's legitimacy. — NYT's Vivan Wang and Zixu Wang
On the calendar
9 a.m.: The Peterson Institute for International Economics holds a virtual discussion on "The Economic Future of Zero-Covid China."
10:30 a.m.: The House Budget Committee holds a hearing on "Examining the Powerful Impact of Investments in Early Childhood for Children, Families and Our Nation's Economy."
If you have been wondering what the ZiberBugs platform will look like, we are happy to let you know that the prototype will be out soon. That means you will get a chance to play with the features and different functionalities and experience what is to come.
Although the development of the features will not be as good as the final version, the team is determined to make daily developments to polish it up to give the best possible experience.
CHIPS AHOY? HOW THE COOKIE CRUMBLES— The bill to subsidize domestic semiconductor production hasn't been finalized, but confidence is growing that the slimmed-down package could clear both chambers.
The measure, dubbed "CHIPS plus" made it over its first procedural hurdle on Tuesday night in a 64-34 vote. That sets the bill up for success against the 60-vote threshold to withstand a filibuster. Last night's vote was also a signal that there is support for including science and research funding to the chips bill.
Minus, not plus: The bill that is on the move now is much narrower than what was under negotiation by the large conference committee and many titles won't make the cut. Trade provisions and a sweeping strategy on China designed by the Senate Foreign Relations Committee won't be in the final package.
Next up: The bill still has hoops to jump through including a cloture vote and final passage before it heads to the House. That chamber is expected to bring up the bill should it pass the Senate.
"I hope it's a broader bill, but if it's not, I think we'll get the votes for it," House Majority Leader Steny Hoyer (D-Md.) told reporters on Tuesday.
SPEAKING OF SHRINKING BILL— Democrats are also watching their signature spending bill aimed at climate, health care and taxes get winnowed down.
"As Democrats move forward into the midterms, what started on paper as a $3.5 trillion plan to reshape the government will almost surely become a health care bill that reduces the deficit and spends perhaps $40 billion," write Burgess and Marianne. Don't miss their story on the changing tide: Senate's season of Manchin starts winding down
HAVE QUESTIONS ABOUT ROE BEING OVERTURNED? JOIN WOMEN RULE ON 7/21: Now that the Supreme Court has overturned Roe v. Wade , abortion policy is in the hands of the states and, ultimately, voters. Join POLITICO national political correspondent Elena Schneider for a Women Rule "ask me anything" conversation featuring a panel of reporters from our politics and health care teams who will answer your questions about how the court's decision could play out in different states, its impact on the midterms and what it means for reproductive rights in the U.S. going forward. SUBMIT YOUR QUESTIONS AND REGISTER HERE .
GOOD MORNING!Welcome to Huddle, the play-by-play guide to all things Capitol Hill, on this Wednesday, July 20, where seventeen members of congress will pay $50 fines today .
GOING DOWN TO THE WIRE — House Democrats want to put an assault weapons ban on the board, showing how much further they'd be willing to go beyond the bipartisan Senate guns deal. But now they need the votes.
The measure, sponsored by Rep. David Cicilline (D-R.I.), is at House Judiciary for a markup today and Democratic leaders are hoping to have enough votes in the caucus to put the bill on the floor next week. But a half-dozen Democrats told Jordain and Sarah that they are undecided or opposed.
Hard nays: Reps. Henry Cuellar (D-Texas) and Jared Golden (D-Maine) are expected to vote against it.
Softer skeptics: Dems representing rural areas are the ones to watch. Reps. Ron Kind (D-Wis.), Vicente Gonzalez (D-Texas) and Tom O'Halleran (D-Ariz.) have told their colleagues they are undecided.
"This is a bill that destroyed the Democrats in '94. I guess, do we really have a death wish list as Democrats?" said Rep. Kurt Schrader (D-Ore.), who will not be on the ballot in November as he has already lost his primary.
Whip count: House leadership can only afford to lose four Democratic votes if every Republican opposes the legislation.
Committee action: At 10 a.m. there is committee action in both chambers on mass shootings: The House Judiciary Committee marks up the Cicilline bill that would ban the possession, sale or manufacture of assault weapons and Senate Judiciary holds a hearing with on protecting communities from mass shootings, with testimony from Nancy R. Rotering, the mayor of Highland Park, Ill. A House Oversight hearing on gun manufacturers planned for today was rescheduled to next week.
Rep. Ashley Hinson, right, speaks as House Republican Conference Chair Elise Stefanik, fourth from right, House Minority Whip Steve Scalise, third from right, and Rep. Michael McCaul listen during a news conference at the U.S Capitol June 15, 2021, in Washington, D.C. | Alex Wong/Getty Images
HINSON ON AN ELEVATOR, GOING UP?— "After less than two years in the House, Ashley Hinson's powerful allies in GOP leadership are already weighing how to elevate her — and by next year, she could be at their table," writes Olivia this morning .
"The first-term Iowa Republican is hardly the first 30-something conservative woman to don the well-worn mantle of rising star in Washington. She may even take a similar path as another young House GOP leader: Two well-placed Republicans, speaking on condition of anonymity, see Hinson eyeing the conference chairmanship next year — but only if its current occupant, Rep. Elise Stefanik (R-N.Y.), vacates the No. 3 spot for another perch."
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CHILDS SAILS INTO D.C. CIRCUIT— Onetime Supreme Court shortlister Michelle Childs won Senate confirmation to the powerful U.S. Court of Appeals for the D.C. Circuit Tuesday, by a vote of 64 to 34. That's an unusually high number of Republican votes for a Democratic nominee to the appeals court in this hyper partisan era of judicial politics. Childs was on President Joe Biden's shortlist of potential nominees to the Supreme Court when Justice Stephen Breyer announced his plans to retire. Childs got a home-state full-court-press from Sen. Lindsey Graham (R-S.C.), who lobbied colleagues and the White House to back her for SCOTUS. Both Graham and Sen. Tim Scott (R-S.C.) backed Childs Tuesday. Ultimately Ketanji Brown Jackson got the associate justice gig, but Childs will still hold a seat on the second most powerful court in the country.
UKRAINE'S FIRST LADY ON CAPITOL HILL — Ukraine's first lady, Olena Zelenska, will address U.S. lawmakers in the congressional auditorium at the Capitol this morning, following meetings yesterday with Secretary of State Antony Blinken and first lady Jill Biden earlier this week. Her husband received standing ovations from congress in a video address to lawmakers in the same auditorium in the early days of Ukraine's war against the Russian invasion.
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HUDDLE HOTDISH
Dining workers put it on the line…Senate cafeteria workers and members of their union, Unite Here Local 23 and Local 25, are planning a civil disobedience demonstration to call attention to the ongoing labor dispute between the workers, their employer, Restaurant Associates, the Architect of the Capitol and the Senate.
Fifty-six senate cafeteria workers have been given layoff notices for July 28 despite stopgap funding from the Architect of the Capitol that was supposed to last until Sept. 30. They are also in a drawn-out fight to win a union contract.
A Senate Rules Committee spokesperson told Huddle Tuesday afternoon that talks on a long term solution to provide stability for the dining workers are ongoing. Restaurant Associates has not responded to multiple inquiries from your Huddle host.
Arrests anticipated: Workers are prepared to be arrested. They have significantly less power and protection than the lawmakers and experienced activists who typically stage demonstrations with arrests on Capitol Hill. The demonstration, which is expected to draw labor-minded lawmakers, will begin at 3:30 p.m. at C St NE and First St NE.
Union to union: The Senate dining workers issued a statement of solidarity with the Congressional Workers Union as the first slate of eight House offices begin their unionization process and invited the House workers to join them in their demonstration. "When congressional workers make gains, all Capitol workers make gains," they said. "Thank you for all your constant solidarity, and we look forward to seeing you on a future picket line."
Rep. Andy Levin (D-Mich.) shouted out the Senate dining workers' struggle at a press conference on House unionization Tuesday, directing anyone following the staff organizing process to also pay heed to the strife in the Senate cafeterias.
"The Senate needs to have the kind of contract that will allow them to provide living wages and benefits to their cafeteria workers," Levin said. "So we're all gonna follow that very closely." He is expected to be at the demonstration today.
Rep. Andy Levin (D-Mich.), flanked by other House Democrats and staffers, speaks during a press conference on congressional staff unionization outside the U.S. Capitol July 19, 2022. (Francis Chung/E&E News/POLITICO)
The House convenes at noon for continued consideration of a six-bill spending package.
The Senate convenes at 10 a.m. with votes scheduled for 11:30 a.m. and more are possible.
AROUND THE HILL
9 a.m. Reps. Zoe Lofgren (D-Calif.), Norma Torres (D-Calif.), Lou Correa (D-Calif.), Adriano Espaillat (D-N.Y.) and others hold a press conference to introduce the "Renewing Immigration Provisions of the Immigration Act of 1929" (House Triangle).
9:30 a.m. House Homeland Security Committee hearing on threats to election officials and infrastructure (310 Cannon).
10 a.m. Senate Appropriations Agriculture-FDA Subcommittee hearing on food safety and the FDA. FDA Commissioner Robert Califf testifies (Dirksen 124).
10:30 a.m. Rep. Judy Chu (D-Calif.) and Sen. Alex Padilla (D-Calif.) hold a press conference on federal heat stress protections in the workplace (House Triangle).
12:15 p.m. Sens. Dick Durbin (D-Ill.) and Tammy Duckworth (D-Ill.), and Highland Park, Ill., Officials hold a press conference on civilian access to military-style assault weapons (Hart 216).
12:15 p.m. Sens. John Cornyn (R-Texas), Ted Cruz (R-Texas), and other GOP Senators hold a press conference on their southern border visit (Senate TV Studio).
1 p.m. Speaker Nancy Pelosi (D-Calif.) will join Democratic women members of Congress and advocates for reproductive freedom for a press event ahead of the House passage of H.R. 8373, the Right to Contraception Act (Rayburn Room).
TRIVIA
TUESDAY'S WINNER:Jon Deuser correctly answered that an equal rights measure was the first to be called up in the 66th Congress. Rep. James Robert Mann of Illinois called up House Joint Resolution 1, known widely as the Susan B. Anthony amendment which was brief, but hefty: "The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of sex. Congress shall have power to enforce this article by appropriate legislation." You can learn more from the House Historian's office .
TODAY'S QUESTION from Jon: What recently deceased House Republican once saved a former Speaker from drowning?
The first person to correctly guess gets a mention in the next edition of Huddle. Send your answers to ktm@politico.com.
GE announces plans for three industry leading companies: GE HealthCare, GE Vernova, and GE Aerospace. Each with an elevated vision to lead us into the future. This will be a new era of precision health & connected care, a cleaner future, and flight & defense, built off of a 130 year-old heritage of innovation. Continuing to build a world that works and ensuring our future does too. Learn more.
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MedWatch - The FDA Safety Information and Adverse Event Reporting Program
TOPIC: Kingdom Honey Royal Honey VIP by Shopaax.com: Recall - Due to Presence of Undeclared Sildenafil
AUDIENCE: Consumer, Health Professional, Pharmacy
ISSUE: Shopaax.com is recalling all lots of Kingdom Honey Royal Honey VIP because it contains undeclared sildenafil, the active ingredient in the FDA-approved prescription drug Viagra, used to treat erectile dysfunction. FDA approval of Viagra is restricted to use under the supervision of a licensed health care professional. Use of products with the undeclared active ingredient may pose a threat to consumers because the active ingredient may interact with nitrates found in some prescription drugs (such as nitroglycerin) and may cause a significant drop in blood pressure that may be life threatening. People with diabetes, high blood pressure, high cholesterol, or heart disease often take nitrates. Among the adult male population who are most likely to use these products, adult males who use nitrates for cardiac conditions are at the most at risk from these products.
The recall was initiated after FDA laboratory analysis confirmed that Kingdom Honey Royal Honey VIP contains sildenafil, the active ingredient in the FDA-approved prescription drug Viagra.
Selling of this product has been suspended on Shopaax.com has temporary removed all other products on the website pending investigation.
For more information about this recall, click on the red button "Read Recall" below.
BACKGROUND: The product being recalled is promoted and sold for sexual enhancement on various websites and possibly in some retail stores.
RECOMMENDATIONS:
Consumers who have purchased Kingdom Honey Royal Honey VIP are urged to immediately discontinue use and return recalled product.
Consumers with questions may contact the company.
Consumers should contact their physician or healthcare provider if they have experienced any problems that may be related to taking or using this product.
Consumers and health professionals are encouraged to report adverse events or side effects related to the use of these products to the FDA's MedWatch Safety Information and Adverse Event Reporting Program:
This email was sent to edwardlorilla1986.paxforex@blogger.com using GovDelivery Communications Cloud on behalf of: U.S. Food and Drug Administration · 10903 New Hampshire Ave · Silver Spring, MD · 20993-0002 · 1-888-INFO-FDA
🐪 Wednesday. It's chill vibes today from team Markets, with not-so-terrible news on energy prices and stonks for your morning read. Plus, if you scroll down a bit, we answer a reader's "loonie" question. Let's do this!
Today's newsletter, edited by Kate Marino, is 1,145 words, 4.5 minutes.
1 big thing: Stocks are kinda having a good month
Illustration: Sarah Grillo/Axios
Stocks are finally on track for gains in July, though it's far from clear we've seen the last of the bear market gloom, Matt writes.
Driving the news: The S&P 500 is up 4% this month ... and if the month ended today it'd be the index's best showing since March.
Ten of the 11 industry sectors of the S&P 500 are flashing green, led by consumer discretionary, information technology and communication technology shares.
The tech-heavy Nasdaq has climbed a perky 6.2%.
The Russell 2000 index of smaller stocks is nearly 5.4% higher.
The big picture: The July rally provides a respite for beaten-down portfolios.
Since peaking on Jan. 3, the S&P 500 broke down badly, as the Federal Reserve pivoted to a rate-hiking stance.
The S&P had shed as much as 23.6% by mid-June, as a bear market took hold. Since then, things have stabilized, with the index rising more than 6%.
The intrigue: What changed? Oil prices and interest rates, mostly, as global demand showed signs of sagging, both in the U.S. and China, in the face of nosebleed energy costs.
Early last month, U.S. crude oil was hovering around $120 a barrel. (It's now about $100.)
The decline in energy prices has bolstered confidence that inflation, which hit a 41-year high in June, is unlikely to spiral wildly higher.
That's helped push 10-year Treasury yields, a crucial input into the formulas virtually all investors use to value stocks, from roughly 3.50% last month to around 3% now.
Will it last? Of course not! Nothing in the markets ever really lasts. But if oil prices stabilize — a big if, given the war in Ukraine — and inflation expectations keep falling and the Fed doesn't go full-on Volcker with interest rates, then we could have a decent foundation for a push higher in stocks.
What to watch: The Fed's rate decision next Wednesday — everyone expects a hike of three-quarters of a percentage point — along with chair Jerome Powell's tonal qualities during his post-meeting press conference.
2. Catch up quick
❌ European Commission asks member countries to cut natural gas use by 15%. (NYT)
⚡️ Russia signals it will restart limited flows of gas to Europe through the Nord Stream pipeline. (Bloomberg)
🌾 Ukraine and Russia near deal to end blockade of grain exports. (FT)
3. The energy pinch is easing
Note: Crude oil prices are futures on West Texas Intermediate crude. Wholesale gasoline is futures on RBOB. Data: FactSet; Chart: Axios Visuals
Benchmark prices for energy are falling in commodities markets, taking some of the fuel off of the inflationary fire that U.S. policymakers have been battling, Matt writes.
Driving the news: Both crude oil and wholesale gasoline prices have rolled over since June, signaling that the worst of the recently elevated energy costs might have passed.
The big picture: Prices have eased for a number of demand-related reasons.
The economy of China — the world's second-largest crude consumer — is quite weak and just posted its slowest quarterly GDP growth since the COVID crisis started.
Global demand for crude has also been hurt by the surging dollar. Crude oil is priced in dollars, so the greenback's strength makes it far more expensive for buyers outside the U.S.
Fears of a stateside economic slowdown, which would drag on oil consumption, have also grown, since the worse-than-expected inflation report last week, which raised the risk that the Fed would hammer the economy with higher interest rates.
Only 10% of companies have made, or plan to make, a public statement about abortion in the wake of the Supreme Court's decision overturning Roe v. Wade.
That's according to a survey of approximately 300 public, private and nonprofit entities released yesterday by the Conference Board, Emily writes.
Why it matters: In recent years, businesses have increasingly taken stands on social issues — particularly around race and LGBTQ rights — but abortion so far has proven too controversial.
The picture is different internally: The survey finds that 51% of companies either have addressed reproductive rights with employees or plan to do so.
Between the lines: Companies have tended to steer clear of a cluster of highly controversial issues, viewing them as best left to government regulation, including not only abortion but also immigration and gun regulation, says Paul Washington, executive director of the Environmental, Social and Governance Center at the Conference Board.
Of the companies talking about abortion internally, most are communicating information on existing health care benefits or announcing new policies around travel expenses or paid time off.
This tracks with the way companies have handled other social issues as they move from controversial to more mainstream.
For example: When same-sex marriage was starting to take off as a cause, many companies first addressed the issue in the context of employee benefits, Washington says.
In response to our call for all the markets-related questions that keep you up at night, Peter Moulson in Ontario wrote:
"I live and work in Canada but vacation regularly in the US ... The USD:CAD exchange rate has a significant impact on our budget. I don't understand the significant increase in the USD against CAD given the interest rate increases made by the Bank of Canada as well as the fact that oil and gas are performing (relatively) well and Canada is primarily a resource-based economy. Can you explain why the CAD has been underperforming the USD?"
Axios Markets' Felix Salmon says:
Peter's absolutely right. When oil prices are in the $100 per barrel range, as they are now, the Canadian dollar has historically traded at or near parity with its U.S. counterpart. Given that the U.S. is importing record quantities of Canadian oil, the currency of the petrostate to our north should be doing very well.
So why is the loonie weak? There are two main reasons.
This oil boom is unusual in that it's not being accompanied by an investment boom in new petro projects. A greener Canada means the loonie has decoupled from the oil price.
Exchange rates rise and fall not on absolute rates, but on relative ones. Right now, the markets expect the Canadian central bank to stop raising rates before the Fed does. That's because Canada is more indebted than the U.S., making it "more sensitive to policy tightening" than we are, in the words of one FX analyst. The sooner the central bank is likely to stop tightening, the weaker the currency.
The bottom line: It's a lot cheaper for Americans to visit Montreal this summer than it is for Canadians to visit New York.
A message from Axios
Your guide to communicating effectively
Learn how to communicate more effectively with Axios' new book, Smart Brevity: The power of saying more with less.
Axios' co-founders share their secret sauce on the power of saying more with less to get people to pay attention to what matters more to you.
⚡️ 1 thing Felix loves:A gas station with personality — like Tanforan Shell Car Wash in San Bruno, California.
Michael Grant of the great Why Is This Interesting newsletter has a fantastic interview with the owner, wherein you will learn why the T-Rex has a disclaimer; how many kittens fit onto a vacuum sign; and what led to the whole station becoming plant-based, among many other wonders.
Also, @MileyCyrus: Please read this and then call your agent. Thank you!
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MedWatch - The FDA Safety Information and Adverse Event Reporting Program
TOPIC: Dose Vital VIP Vital Honey by MKS Enterprise: Recall - Due to Presence of Undeclared Tadalafil
AUDIENCE: Consumer, Health Professional, Pharmacy
ISSUE: This product was found to contain the undeclared active pharmaceutical ingredient tadalafil. This undeclared ingredient may interact with nitrates found in some prescription drugs such as nitroglycerin and may lower blood pressure to dangerous levels. Men with diabetes, high blood pressure, high cholesterol, or heart disease often take nitrates. The product was sold through the website, wholesaleonline1.com from March 2022 to July 2022 and distributed to any U.S. State.
The recall was initiated after FDA laboratory analysis confirmed that Dose Vital VIP Vital Honey contains the undeclared active pharmaceutical ingredient Tadalafil.
To date, wholesaleonline1.com has not received any reports of adverse events related to this recall.
For more information about this recall, click on the red button "Read Recall" below.
BACKGROUND: Tadalafil, which is a phosphodiesterase type-5 (PDE-5) inhibitor, is the active ingredient in an FDA-approved prescription drug, used to treat erectile dysfunction (ED).
RECOMMENDATIONS:
Consumers who have purchased Vital Honey on wholesaleonline1.com are urged to immediately discontinue use and return the recalled product.
Consumers with questions may contact the company.
Health professionals and consumers are encouraged to report adverse events or side effects related to the use of these products to the FDA's MedWatch Safety Information and Adverse Event Reporting Program:
This email was sent to edwardlorilla1986.paxforex@blogger.com using GovDelivery Communications Cloud on behalf of: U.S. Food and Drug Administration · 10903 New Hampshire Ave · Silver Spring, MD · 20993-0002 · 1-888-INFO-FDA
Good morning. Stocks got a boost yesterday on news that the European Central Bank may raise...
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.
Good morning. Stocks got a boost yesterday on news that the European Central Bank may raise interest rates by 50 basis points. This would follow on the increasing monetary tightening seen in the US under the Federal Reserve.
Rising interest rates mean a higher cost of capital for any person or business that needs a loan—whether for the purchase of a car, a home, or to get a company off the ground. So why does the market love tightening? It's likely because the more things tighten now, the sooner the tightening can end. A number of traders are already starting to bet on interest rate cuts in the US next year.
Until that actually happens, it's prudent to stay cautious. Rising rates may help crush inflation, but they'll also slow an already-slow economy. That could lead to more market volatility in the months ahead.
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Congress is weighing on legislation to support domestic semiconductor production before it goes on recess. The goal is to counter the global chip shortage. If passed, it will make it easier for mega-factories to be built stateside, but the chip shortage is still likely to continue.
That's because demand remains strong, and many new technologies require a larger number of more advanced chips than ever before. That bodes well across the industry.
David Taylor, a director at Delta Airlines (DAL), recently added 10,000 shares. The buy increased his holdings by just over 21 percent, and came to a total price of just over $293,000.
This marks the second buy at the company this year, also from a director. Company executives have been sellers of shares this year, as high oil prices have weighed on returns. Over the past three years, insider buying has been fairly steady after drops, with insider sales rising after a rally.
Shares of consumer tech giant Apple (AAPL) sank 2 percent on Monday on news that hiring would slow at the company. One trader sees shares shaking off the news and moving higher in the next few weeks.
That's based on the August 26th $147 calls. With 37 days until expiration, 15,718 contracts traded compared to a prior open interest of 176, for an 89-fold surge in volume. The buyer of the calls paid $6.93 to make the trade.
Housing starts came in at 1.56 million in June, slightly lower from May's adjusted rate of 1.59 million. The number came in just under expectations, also at 1.59 million. In the meantime, permits came in at 1.69 million slightly over expectations of 1.68 million, but down from 1.7 million in the prior month.
State-owned Russian energy giant Gazprom has state that it cannot comply with contracts based out of Europe, and is claiming "force majeure" on its supplies. The move comes as Russia has been largely frozen out of traditional international markets. As a result, Gazprom may not be able to fulfill contracts to supply energy to Europe.
The cost of booking a shipping container have dropped to about $6,400. That's down from a peak of $11,000 last year, and from a high of $9,300 at the start of the year. A majority of analysts now see conditions improving, with no major shippers reporting worsening conditions.
After previously announcing a new policy to ban developers from selling open source software, tech giant Microsoft has decided not to introduce the policy. The wording of the policy could have prevented those from using open source software to create their own unique programs from monetizing it on the Windows app store.
Chinese ride-sharing company Didi is facing a fine over $1 billion. The fine comes after a yearlong investigation into the company's data storage practices. As the penalty is paid, the government plans to ease restrictions on the company, and to allow new users onto the platform.
S&P 500 MOVERS
TOP
CZR
9.158%
PVH
8.5%
MTCH
8.276%
CCL
7.358%
MAC
7.014%
BOTTOM
IBM
5.64%
SBNY
4.699%
JNJ
2.416%
BMY
0.753%
KR
0.31%
Quote of the Day
When we think about earnings and we think about where stocks are now, we think there's upside simply because there may be overpricing of this recession that some people think is imminent or already upon us.
- Julian Emanuel, senior managing director at Evercore ISI, on why the stock market rally of the past few weeks may continue as earnings data comes in.
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