Some small farms are facing difficulties, with inflation cutting into their profits. Some owners fear their farms may not survive to be passed down to the next generation.
“I might be the generation that loses [the farm]. It’s not just my fault, but the world around me might change so much that I can’t hold onto it anymore,” said Andrew Boerding, a 6th generation farmer at Boerding Farm. He and his father Jim noted that rising costs are making farming much more expensive than it used to be.
Garrett Hawkins: Missouri Farm Bureau president, highlights tough competition for land, impacting small farms. (Credits: Kyle Hill, Alpha Ag Network)
“My dad retired about 20 years ago, and he just can’t believe how much things cost now compared to when he was farming,” said Jim Boerding to Fox Business, who currently manages the family farm. He explained that higher input costs mean much lower profits.
“The input costs are outrageous… fuel costs, machinery costs, and when the price of grain goes up, everything else does too,” Jim said.
In 2023, the average value of U.S. farm real estate reached $4,080 per acre, which is $280 more per acre compared to before.
Nationwide, 7% decrease in family farms, making it hard for new farmers.
Garrett Hawkins, the president of the Missouri Farm Bureau, said it’s hard for farms to grow because there’s a lot of competition for land. He mentioned that this competition is causing small family farms to disappear, with Missouri losing 300 of them just last year.
“We’ve noticed a 7% drop in family farms nationwide,” Hawkins added. Because of this, it’s getting harder for families to keep their farms or for new farmers to start.
“In Missouri, we made a new state law to encourage new farmers to find land, hopefully connecting them with those who are retiring or leaving farming,” Hawkins explained.
Both Hawkins and the Boerding family are committed to keeping their community strong, even if it takes extra work. “Farming has been a part of my life, my dad’s life and I hope it’ll be part of my children’s lives too,” said Andrew Boerding.
Elon Musk opposes banning TikTok in the United States, even though it could help his platform, X. He believes banning TikTok goes against freedom of speech, which is a core American value.
House Republicans introduced a bill this week that would ban TikTok in the U.S. if its Chinese owner, ByteDance, doesn’t cut ties with the Chinese Communist Party (CCP).
House bill proposes banning TikTok unless ByteDance cuts ties with the Chinese Communist Party.
ByteDance has one year to sever these connections under the proposed bill, which is part of a foreign aid package for Israel and Ukraine. The bill might be voted on as soon as Saturday.
A similar bill passed the House last month with bipartisan support but faced challenges in the Senate. The House is now proposing a revised bill that either bans TikTok in the U.S. or requires ByteDance to separate from the CCP.
The Senate Commerce Committee Chair supports the bill and extends the ByteDance divestment period from six months to one year.
Senate Commerce Committee Chair Maria Cantwell, a Democrat from Washington, now supports the legislation, especially after ByteDance was given a year instead of six months to separate from the CCP.
“I’m pleased that Speaker Johnson and House leaders listened to my suggestion to extend the time ByteDance has to divest from six months to a year,” Cantwell said on Wednesday.
“Extending the divestment period is important to give potential buyers enough time to make a deal. I fully support this updated legislation.”
Musk has previously described himself as a “free speech absolutist,” saying it’s one of the reasons he acquired Twitter, which he renamed X.
Former President Donald Trump’s new company, Trump Media & Technology, could be the focus of market tricks, according to CEO Devin Nunes. He wrote a letter to Nasdaq CEO Adena Friedman on Friday about it.
Since becoming public on March 26, the stock, listed as D-J-T on the Nasdaq, has seen big changes. Nunes mentioned that by April 3, 2024, DJT was the priciest U.S. stock to bet against, meaning brokers had a big reason to lend stocks that didn’t exist.
Data suggests that only four market players have made over 60% of the unusual trading volume for DJT shares: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital. Citadel is led by billionaire hedge fund investor Ken Griffin.
Trump’s company plans a livestream service for Truth Social and may sell more stock.
Short selling is when an investor makes money if a stock’s value drops by borrowing against its purchase and buying it back at a lower price.
Citadel responded to FOX Business, saying, “Devin Nunes is blaming ‘naked short selling’ for his falling stock price. He’s the type of person Donald Trump would have fired on ‘The Apprentice.’ If he worked for Citadel Securities, we would fire him, as we value ability and integrity.”
Since the IPO, DJT shares have reached as high as $79 each, giving Trump a short-lived paper net worth of over $9 billion. But it’s now down to about $3 billion as of Friday.
DJT, unlike others, hasn’t generated revenue, and lost $58 million in 2023, according to reports.
The shares have become popular on social media, joining other actively traded stocks like AMC and GameStop. They often see big swings without any specific news.
These stocks are more liked by individual traders rather than big institutions, according to experts.
The company has been making moves since it started. This week, it said it’s starting a livestream service for Truth Social, which is run by the parent company. Also, it might sell more stock, potentially 146 million shares, of which Trump owns over 114 million, according to an SEC filing.
Unlike some other popular stocks, DJT hasn’t made any money yet, according to its IPO prospectus. It lost over $58 million in 2023, as stated in its Annual Report.
These accusations come as Trump is being tried in New York City for payments to former porn star Stormy Daniels. Jury selection is happening now.
Tesla recently slashed prices on three of its five models in the United States, signaling the challenges the electric vehicle giant, led by Elon Musk, is currently facing. The reductions apply to the Model Y, Model X, and Model S, while the prices for the Model 3 sedan and Cybertruck remain unchanged.
The decision came after Tesla’s stock price plummeted below $150 per share, wiping out gains from the past year, amid declining sales and heightened competition in the electric vehicle market.
Tesla stock falls lowest in ten months.(Credit: Finbold)
Elon Musk took to X, formerly known as Twitter, to highlight that with federal tax credits and savings on gas, the entry-level price for a Tesla could be as low as $29,490.
However, industry analysts had been anticipating the release of a smaller electric vehicle, dubbed the Model 2, priced around $25,000. Reports suggesting Musk might abandon the project added to uncertainty about Tesla’s future direction.
The price adjustments followed a tumultuous week for Tesla, which announced a global workforce reduction of 10%, affecting around 14,000 jobs.
Additionally, the company issued a recall for nearly 4,000 2024 Cybertrucks due to a potential accelerator pedal issue that could lead to unintended acceleration and crashes.
Tesla CEO Elon Musk and Prime Minister Narendra Modi discussing Tesla’s developments in battery technology.(Credit: Mint)
Elon Musk revealed that he postponed a planned trip to India to meet with Prime Minister Narendra Modi due to “very heavy Tesla obligations,” expressing hopes to reschedule for later in the year.
Tesla is set to reveal its first-quarter earnings soon, following a sharp decline in worldwide sales during the period, attributed to increased competition and slowing growth in electric vehicle sales, despite previous price cuts.
This marked Tesla’s first year-over-year quarterly sales decline in nearly four years, underscoring the ongoing challenges facing the company amidst a rapidly evolving automotive landscape.
The upcoming United Nations climate talks, to be presided over by Mukhtar Babayev, Azerbaijan’s environment minister, in November in Baku, Azerbaijan, are seen as a crucial step in global efforts to combat climate change.
Babayev emphasizes the significance of building upon last year’s successful agreement to transition away from fossil fuels and aims for this year’s meeting to lay the groundwork for strengthened plans to reduce greenhouse gas emissions by 2025.
Babayev highlights Baku’s role as a nexus for bridging the gap between developed and developing nations, particularly concerning financial assistance for climate change mitigation and adaptation efforts in poorer countries.
Mukhtar Babayev, COP29 President-Designate, met with Dr. Sultan Al Jaber, COP28 President. (Credit: Açar sözlər)
Despite the challenges posed by the short preparation time due to geopolitical considerations, Babayev remains optimistic about the conference’s prospects.
The overarching goal of COP29 is to secure increased financial support for developing nations to transition to cleaner energy sources and address the escalating impacts of climate change.
Babayev underscores the urgency of the situation by pointing to recent extreme weather events and record-breaking temperatures, emphasizing the need for immediate action.
During his visit to Washington, Babayev engaged with various stakeholders, including financial institutions and the private sector, urging them to play a more active role in climate finance. He believes that collaboration with the private sector is essential in driving meaningful progress towards sustainability.
While acknowledging his background in the oil industry, Babayev and his counterpart, Sultan al-Jaber of Dubai, assert that their industry connections can facilitate constructive engagement and tangible outcomes in climate negotiations.
Azerbaijan’s Minister for ecology and natural resources and formerly an executive at state oil company SOCAR Mukhtar Babayev (C) visits at the Norm cement plant in Baku, on February 23, 2023. (Credit: TOFIK BABAYEV/AFP/Getty Images)
Despite Azerbaijan’s historical reliance on fossil fuels, Babayev aims to showcase the country’s transition towards renewable energy, particularly wind power, as a model for sustainable development.
However, challenges remain, as Azerbaijan has seen an increase in carbon dioxide emissions from fossil fuel combustion in recent years, underscoring the ongoing need for concerted efforts to address climate change.
Tributes pour in following the passing of Mandisa Lynn Hundley, the Grammy-winning American Idol singer, at the age of 47.
Paula Abdul, who served as a judge during Mandisa’s Idol season in 2006, hailed her as a “true beacon of light” in a statement to People.
Another Idol alum, Danny Gokey, expressed being “devastated” in a post on X, formerly Twitter.
Mandisa performs at The Palace of Auburn Hills on March 5, 2017, in Auburn Hills, Michigan. (Credit: Scott Legato/Getty Images)
Mandisa’s publicist confirmed to BBC News that she was discovered deceased in her home on Thursday.
“At this time, we do not know the cause of death or any further details,” they added. “We ask for your prayers for her family and close-knit circle of friends during this incredibly difficult time.”
Known simply as Mandisa, the singer clinched a Grammy in the best contemporary Christian music category for her album “Overcomer” in 2014. She rose to prominence through her participation in season five of American Idol in 2006, securing the ninth spot.
Hosts Matthew West and Mandisa speak on stage during the 7th Annual K-LOVE Fan Awards at The Grand Ole Opry House on June 2, 2019. (Credit: Terry Wyatt/Getty Images)
She subsequently enjoyed substantial success in Christian music, with her albums, including “What If We Were Real” (2011), “Freedom” (2009), and “True Beauty” (2007), earning Grammy nominations.
In her 2022 memoir, “Out of the Dark: My Journey Through The Shadows To Find God’s Joy,” Mandisa openly discussed her battles with depression and grief.
An Instagram statement on her page commemorated her as “a voice of encouragement and truth to people facing life’s challenges all around the world.”
Assembling an impartial jury for the case against Donald Trump, one of the most polarizing figures in US politics, proved to be a challenging endeavor. After numerous challenges, both the prosecution and defense have finalized the panel.
“Those who are blatantly biased are out,” remarked Jeremy Saland, a former Manhattan prosecutor. “They’ve done their homework and done their job to pick a jury.”
Former US President Donald Trump holds a stack of news articles while speaking to members of the media at Manhattan Criminal Court in New York, US, on Thursday, April 18, 2024. (Credit: Jabin Botsford/The Washington Post)
To safeguard their identities, New York Judge Juan Merchan imposed restrictions on the amount of information reporters can disclose about the 12 jurors.
The jury panel comprises five women and seven men, all highly educated individuals. Among them are a civil litigator residing in the Upper East Side, an investment banker with an MBA, a security engineer from the West Village, and a retired wealth manager.
According to Mr. Saland, an independent legal expert, having highly educated jurors is crucial for this case. “You need someone capable and intelligent enough to parse out what happened and apply the law,” he remarked.
Trump’s Opening Statements: Jury Panel Consists of Five Women and Seven Men (Credit: Stock Photo via Getty Images)
However, these jurors might encounter significant external pressure due to the high-profile nature of the felony trial, especially amidst Mr. Trump’s presidential campaign.
“This isn’t your run-of-the-mill or average criminal case,” noted Mr. Saland. “That’s going to weigh heavy on their minds.”
Here are insights into the 12 individuals entrusted with deciding the legal fate of the former president, drawn from their responses during the selection process:
Juror 1- Foreman
Juror number one, originally from Ireland, serves as the jury foreperson. Currently employed in sales and married, he enjoys outdoor activities in his free time and gathers news from sources like the New York Times, the Daily Mail, and Fox News.
Juror 2- Investment Banker
Juror number two, an investment banker with an MBA residing in Hell’s Kitchen with his wife, finds enjoyment in music and concerts. He’s familiar with “quotes” from Mr. Trump’s book, “The Art of the Deal.” Despite lacking firmly held opinions or strong beliefs, he keeps abreast of current events due to his work in capital markets.
Former U.S. President Donald Trump (R) sits with his attorney Todd Blanche (L) during his criminal trial(Credit: Mark Peterson – Pool/Getty Images)
Juror 3- Lawyer
Juror number three, a resident of Chelsea, works in corporate law and indulges in hiking and running for leisure. Like many, he stays informed through the New York Times and the Wall Street Journal.
Juror 4- Security Engineer
Juror number four, a West Village resident of 15 years, works as a security engineer and finds pleasure in wood and metal working, as well as comedy podcasts. While he served on a previous jury for a criminal case, he doesn’t recall the verdict.
During the jury selection process, when asked by prosecutors if he harbored any concerns about rendering a guilty verdict, he replied with a straightforward “No.” Additionally, he expressed neutrality towards the former president.
Juror 5- School Teacher
Juror number 5, a Harlem native, now works as a school teacher and considers herself a “creative at heart”, finding joy in theatre, writing, and travel. Despite having friends with strong opinions about Mr. Trump, she asserts her lack of political inclination and disinterest in news.
“President Trump speaks his mind and I’d rather that than someone who’s in office who you don’t know what they’re thinking,” she remarked during the jury selection process.
Trump’s Opening Statements: Jury Panel Includes School Teacher (Credit: Stock Photo/Getty Images)
Juror 6- Software Engineer
Juror number six, residing in Chelsea, recently completed college and pursues a career in software engineering. Her leisure activities include socializing with loved ones and dining out. She keeps informed through the New York Times, Google, and TikTok.
Juror 7- Litigator
Juror number seven, an Upper East Side resident, practices civil litigation but admits limited knowledge of criminal litigation. He values family time outdoors and relies on the New York Times, the Washington Post, and the New York Post for news. Additionally, he tunes into the podcast Car Talk. He acknowledges having “political views” regarding Mr. Trump’s presidency, appreciating some policies while disliking others.
Juror 8- Wealth Manager
Juror number eight, a retired wealth manager, has been a fixture of the Upper East Side for decades, holding an MBA. He prioritizes his well-being with a daily yoga routine and stays informed through outlets like the BBC, the New York Times, and CNN. He is a proud parent of a son and a daughter.
Diverse Jury Panel Featuring E-commerce Worker, Speech Therapist, Wealth Manager, Teacher, and Engineer for Trump’s Opening Statements(Credit: Stock photo/Getty Images)
Juror 9- Speech Therapist
Juror number nine, residing on the Upper East Side and working as a speech therapist, holds a master’s degree. Her leisure activities include dining out and watching TV, particularly enjoying reality TV podcasts. Despite not closely following the news, she expressed confidence in her ability to remain fair and impartial during the selection process.
Juror 10- Employed in E-commerce
Juror number 10 hails from Ohio and is employed in e-commerce. He finds interest in behavioral psychology podcasts and harbors a deep affection for animals. Although he doesn’t closely track current events, he keeps up with the New York Times.
Juror 11- Product Development Manager
Juror number 11, originally from California, serves as a product development manager. In her free time, she delights in discovering the city and indulging in culinary delights. She made her stance clear on Mr. Trump’s persona, expressing disagreement with some of his politics while assuring the court of her capacity for impartiality. Her humorous analogy drew laughter from the courtroom.
Juror 12- Physical Therapist
Juror number 12, another resident of the Upper East Side, works as a physical therapist and is happily married. Her interests span from running and tennis to live music and sports podcasts. She stays informed through the New York Times, USA Today, and CNN.
The transition in the West African nation will shift from a presidential to a parliamentary system.
Advocates of President Faure Gnassingbé argue that the adjustments diminish his authority by converting the presidency into a ceremonial position.
Faure Essozimna Gnassingbe, President of Togo (Credit: Inga Kjer/Photothek via Getty Images)
However, the opposition contends that the reforms eliminate term limits, potentially extending President Gnassingbé’s tenure until 2031. They assert that thereafter, he would assume the newly created role of “president of the council of ministers,” essentially functioning as prime minister, thus perpetuating his family’s 57-year rule.
Gnassingbé has held power since 2005
President Gnassingbé ascended to power in 2005 following the passing of his father, who had held the presidency since 1967.
Although lawmakers ratified the constitutional amendments last month, Mr. Gnassingbé announced a pause in the reforms in response to growing public discontent, stating that further consultations would be conducted.
Parliament Building in Lome, Togo(Credit: Getty Images)
Minister of Human Rights Yawa Djigbodi Tségan expressed optimism that the initiative would “enhance democracy within the nation”.
However, Brigitte Kafui Johnson, leader of the opposition CDPA party and former presidential contender, criticized the proposed constitutional amendments as a “bid for increased power”.
“Don’t Touch My Constitution”- Opposition
In recent weeks, lawmakers supportive of the government have embarked on nationwide visits purportedly aimed at “engaging with and educating citizens on the constitutional reforms”.
Opposition’s Rally Against Constitutional Amendments: ‘Don’t Touch My Constitution'(Credit: Getty Images)
These discussions primarily targeted customary leaders and select groups, yet no alterations were implemented following these engagements.
There exists a pervasive atmosphere of apprehension surrounding public expression of dissent, with concerns heightened due to the authorities’ crackdown on anti-government demonstrations.
Just last month, a press conference organized by the opposition under the slogan “Don’t Touch My Constitution” was forcefully dispersed by police wielding batons.
Trump’s hush-money trial enters its fourth day as 12 jurors were selected on Thursday, marking progress despite the complexities of the jury selection process.
The jury selection process had been complicated due to the polarizing and high-profile nature of the defendant. Prospective jurors were extensively questioned about their political affiliations, social media activity, and various aspects of their personal lives.
Former U.S. President Donald Trump talks to the media following the second day of his criminal trial at Manhattan Criminal Court on April 16, 2024 (Credit: Mary Altaffer-Pool/Getty Images)
Juror Voices Identity Concerns
On Thursday, a juror expressed concerns about the potential discovery of her identity, particularly after being mentioned in the media. Subsequently, she was excused from the trial, prompting Judge Juan Merchan to rule that certain identifying details, such as a juror’s workplace, should not be disclosed publicly.
Throughout the proceedings, Trump has been present in court, mostly observing quietly. However, his activity on his Truth Social media platform has drawn significant attention, leading prosecutors to accuse the former president of violating a gag order and potentially facing contempt of court charges.
Attorney Todd Blanche sits with former US President Donald Trump as they attend Trump’s trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City on April 19, 2024. (Credit: Mark Peterson / POOL / AFP)
A hearing regarding this matter is scheduled for April 23. The focal point of the case revolves around a $130,000 payment made by Trump’s former lawyer and confidant, Michael Cohen, to Stormy Daniels during the 2016 election campaign, aimed at preventing her allegations of an affair with Trump from surfacing publicly.
Allegations and Legal Battles
According to prosecutors, Trump allegedly obscured the true nature of payments in internal records when his company reimbursed Cohen, who pleaded guilty in 2018 and is expected to be a key witness for the prosecution. Trump has consistently denied any affair with Daniels, with his legal team arguing that the payments to Cohen constituted legitimate legal expenses.
Participants were seen holding signs outside the New York Criminal Court. (Credit: Erik McGregor/LightRocket via Getty Images)
Trump is now facing 34 felony counts related to falsifying business records. This trial marks the first instance of a former US president facing criminal charges in an American courtroom.
However, there are three other significant issues at play, including Trump’s actions during the January 6 insurrection, the handling of classified documents at his Mar-a-Lago residence, and alleged attempts to undermine the 2020 election in Georgia. Despite these legal challenges, Trump’s legal team has thus far managed to postpone these cases.
Despite the ongoing legal battles, Trump remains the front-runner for the Republican presidential nomination and is expected to face off against Joe Biden in November. Recent polling suggests Trump holds a narrow lead over Biden, particularly in key swing states crucial for securing the presidency.
Two individuals have been apprehended in Poland under suspicion of assaulting Leonid Volkov, a prominent associate of the late Russian opposition figure Alexei Navalny, as stated by the president of Lithuania. Volkov endured a brief hospitalization last month subsequent to an ambush outside his residence in Vilnius, Lithuania’s capital.
The assailant shattered Volkov’s car window and proceeded to strike him with a hammer, resulting in a broken left arm and damage to his left leg before fleeing. President Gitanas Nausėda, addressing reporters in Vilnius, acknowledged Poland’s efforts and expressed gratitude.
Vehicle of Navalny Ally Volkov Removed After Hammer Attack in Vilnius (Credit: PETRAS MALUKAS / AFP)
Nausėda Commends Poland for Cooperation
“Two individuals have been detained in Poland on suspicion of assaulting Russian opposition leader Leonid Volkov,” Nausėda stated. “I extend my appreciation to the Republic of Poland for their commendable efforts. I have conferred with the Polish president, expressing gratitude for their exceptional cooperation.”
Lithuanian prosecutors confirmed that the two suspects, who are Polish citizens, have been charged with intentionally harming Volkov due to his political beliefs. They stated that the suspects will be extradited to Lithuania in May.
Lithuania’s President Gitanas Nausėda (Credit: Thierry Monasse/Getty Images)
Previously, Nausėda had attributed the attack to Russia, a sentiment echoed by Lithuanian counterintelligence, which implicated Russian special services.
In a message on X platform, Volkov expressed gratitude towards the Lithuanian and Polish law enforcement agencies, emphasizing the importance of uncovering the entire chain of command, “from Putin to the guy with the hammer.”
As one of Russia’s leading opposition figures, Volkov had been a close associate of Navalny, serving as his chief of staff and chair of his Anti-Corruption Foundation until 2023.
The assault marked the first direct targeting of Navalny’s allies since their departure from Russia over three years ago. It occurred roughly a month following Navalny’s mysterious demise in a remote Arctic penal colony.
Volkov and other members of the Navalny team have been residing in Lithuania since Russian authorities designated Navalny’s organizations as extremist entities in 2021.
Yulia Navalnaya Hires Bodyguard After Assault
Yulia Navalnaya, widow of Alexei Navalny, revealed in a recent Time magazine interview that the assault on Volkov compelled her to enlist the services of a bodyguard.
Yulia Navalnaya, widow of late Russian opposition figure Alexei Navalny. (Credit: LUKAS BARTH / AFP)
There seems to be a surge in covert activities by Moscow across Europe. Recently, Germany disclosed the detention of two German-Russian individuals suspected of orchestrating sabotage missions, including targeting US military installations. This was described by officials as a significant attempt to erode military assistance for Ukraine.
Simultaneously, Poland announced the apprehension of Polish nationals accused of assisting a Russian intelligence scheme to assassinate Ukrainian President Volodymyr Zelenskiy.
Indigenous leaders from 35 nations have raised concerns about the lack of consultation regarding mining activities on or near their territories. This issue has become more pressing due to the growing demand for minerals essential for the transition to cleaner energy sources.
In a recent declaration, these leaders expressed support for the shift away from fossil fuels towards renewable energy. However, they highlighted the failure of the current energy transition to uphold principles of justice, social equity, and environmental sustainability, particularly concerning Indigenous rights and well-being.
The declaration emerged from the Conference on Indigenous Peoples and the Just Transition held in New York, where representatives from countries such as the U.S., Canada, Brazil, Kenya, Australia, and Norway participated.
Members of the Mura tribe in a cleared section of unmarked Indigenous territory within the Amazon rainforest on August 20, 2019. (Credit: Ueslei Marcelino / Reuters)
Minerals like lithium, nickel, cobalt, copper, and aluminum are crucial for renewable energy technologies like batteries and electrical grids, but mining activities have historically caused environmental harm.
The statement also drew attention to the escalating persecution and attacks against Indigenous leaders. It criticized organizations like the International Council of Mining and Metals and the International Seabed Authority for neglecting Indigenous rights.
Research published in the journal Nature Sustainability revealed that around half of energy transition mineral projects are situated on or near Indigenous and subsistence farmer lands.
Ruth Alipaz Cuqui, an Indigenous leader from the Bolivian Amazon, emphasized the need for comprehensive Indigenous participation in the energy transition process to ensure fairness.
Alipaz speaking at a UN Human Rights Council hearing in 2019, where Indigenous community representatives shared the problems, they face in their territories (Credit: CEDIB)
Cuqui cited conflicts in Bolivia’s Uyuni region, where local communities oppose water-intensive lithium production. The project, a joint venture between Bolivia and China, has faced opposition from Indigenous communities. Despite this, the Bolivian Ministry of Energy did not respond to inquiries.
The conference was organized by Indigenous Peoples Rights International, with support from organizations like Nia Tero, The Christensen Fund, the Henry Luce Foundation, the Waverley ST Foundation, and the Columbia Center on Sustainable Investment.
The CEO of FTX Trading Limited, John J. Ray III, didn’t hold back in a letter to Judge Lewis A. Kaplan, slated to sentence cryptocurrency figure Sam Bankman-Fried next week.
Ray vehemently refuted Bankman-Fried’s assertion that his actions didn’t harm customers, lenders, and investors, calling it a “callously false” narrative and accusing Bankman-Fried of living in a “life of delusion.”
Bankman-Fried, founder of a cryptocurrency company, was convicted of fraud and conspiracy charges last November. His once-thriving enterprises collapsed in November 2022, just a year after a period of immense success marked by a Super Bowl advertisement, celebrity endorsements, and congressional testimony.
FTX Group CEO John J Ray III speaks at a US House Financial Services Committee hearing investigating the collapse of the now-bankrupt crypto exchange FTX. (Credit: ELIZABETH FRANTZ/Reuters)
Ray disputed claims made in Bankman-Fried’s sentencing submission, particularly emphasizing the losses suffered by victims of Bankman-Fried’s crimes.
He stressed that the financial impact of Bankman-Fried’s actions was substantial and far-reaching, with significant sums stolen and many victims left unreimbursed.
Despite efforts to recover lost assets, including substantial work by professionals, Ray asserted that customers will never fully recover their losses.
Prosecutors accused Bankman-Fried of pilfering over $10 billion from customers, lenders, and investors, seeking a lengthy prison sentence as a result. Bankman-Fried’s defense team, however, argued for a much shorter term, suggesting that those who suffered losses would be compensated.
The FTX Arena in Miami last November was the month the crypto platform filed for bankruptcy. The arena has since been renamed.(Credit: MARCO BELLO/REUTERS)
Ray highlighted the ongoing dissatisfaction among Bankman-Fried’s victims, particularly regarding the valuation of their claims and the inability to recover certain funds, such as bribes and misrepresented bitcoins.
He also criticized Bankman-Fried’s lavish spending and apparent lack of remorse, suggesting that his actions were driven by hubris and a disregard for legal norms.
In a separate letter, Bankman-Fried’s attorney, Marc Mukasey, pointed to a communication indicating potential full recovery for FTX investors, though Ray remained skeptical.
The sentencing hearing, scheduled for next week, will determine the consequences for Bankman-Fried’s actions.
The former chair of Royal Mail, Allan Leighton, has issued an apology for the “tragic and diabolically unfair” prosecutions of post office operators, stemming from issues with the Post Office’s Horizon computer system. However, Leighton adamantly denies any prior knowledge of suspected problems with the faulty system.
Leighton, who chaired Royal Mail from 2002 to 2009, during its ownership of the Post Office, made these statements during a statutory inquiry. He stated that he had “absolutely not” received any warnings regarding the unreliability of the Horizon system.
Former Royal Mail chair apologizes for Post Office prosecutions. (Credit: Getty Images)
The Post Office is currently facing intense scrutiny as an inquiry delves into the scandal surrounding the Horizon computer system. Installed by contractor Fujitsu, errors within the system led to the wrongful prosecution of numerous post office operators for alleged theft. The ongoing inquiry aims to examine the failings that contributed to the scandal and determine whether there was any attempted cover-up.
Prime Minister labels as “greatest miscarriages of justice”
Rishi Sunak has labeled the scandal surrounding the Horizon computer system as “one of the greatest miscarriages of justice in our nation’s history.” Despite this, the government only pledged to overturn convictions based on Horizon evidence in January.
Post office operators had been advocating for justice for years, but it wasn’t until an ITV series dramatized Alan Bates’ struggle against his prosecution that the government took action.
British Prime Minister Rishi Sunak (Credit: Wiktor Szymanowicz/ Future Publishing via Getty Images)
Allan Leighton, a former chief executive of Asda and Pandora, as well as chair of several prominent companies including BHS, Lastminute.com, and Selfridges, has been at the forefront of the discussion.
During his tenure as chair of the Royal Mail board, many wrongful prosecutions occurred. However, in his testimony and witness statement to the inquiry, he consistently maintained that he had no knowledge of any issues with Horizon, including correspondence from Bates.
Leighton attributed the scandal to the failure of certain individuals within the Post Office to escalate concerns about Horizon’s failures to higher authorities, citing procedural lapses. “It’s because of people that this happened,” he asserted during the inquiry.
Leighton says “Sorry”
Allan Leighton expressed deep regret over the unfolding scandal, particularly empathizing with the subpostmasters and subpostmistresses affected. “What’s happened has been a terrible thing for everybody who has been involved in it, particularly the subpostmasters, subpostmistresses,” Leighton stated.
Leighton issues apology: ‘Sorry’ for Post Office controversies. (Credit: Getty Images)
“It’s unbelievable that it’s happened and I just wanted to say that I’m sorry that the elements of that that occurred in my tenure at the Royal Mail, I am sorry for that happening.”
Regarding the technical issues plaguing many post office operators who attempted to utilize the Horizon system, Leighton clarified that the Post Office board typically wouldn’t get into such detailed technical matters or individual branch audits.
India, with a population exceeding 1.4 billion, is gearing up for its mammoth election starting on April 19th. Renowned for the scale of its parliamentary elections, India ensures that even citizens in the remotest regions and highest peaks can exercise their voting rights.
In some less accessible areas, voting machines are transported by horses and elephants, while for others, polling booths can only be reached by boat. Notably, India boasts the world’s highest polling booth, situated 15,256 feet (4,650 meters) up in the Himalayan mountains.
Election official carrying an Electronic Voting Machine (EVM) to a polling station dismounts a boat at Lohore Chapori in Golaghat district, in India’s Assam state on April 18, 2024 (Credit: BIJU BORO/AFP via Getty Images)
Due to its vast geography, voting takes place over seven phases across different states, spanning nearly six weeks in total. The electoral process involves electronic machines in over a million polling booths, with the Election Commission of India deploying 15 million personnel to oversee operations. Voting concludes on June 1st, with results slated for counting and declaration on June 4th.
India’s elections rank among the most expensive globally, with an anticipated expenditure of 1.2 trillion rupees (£12bn) this year, nearly double the spending in the 2019 elections.
India’s Election: A Global Impact
India gears up for its historic election with a staggering 969 million eligible voters, representing over 10% of the world’s population, including 18 million first-time voters. With more than 2,600 political parties in the fray, the frontrunner remains Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP), vying for a third term after being in power since 2014.
India’s election draws 969 million voters, over 10% of the global population. (Credit: STRDEL/AFP via Getty Images)
Modi’s and the BJP’s Hindu nationalist agenda has significantly reshaped India’s political and cultural environment, veering away from constitutional secularism towards Hindu majoritarian rule. This shift has sparked debates and concerns about the erosion of religious equality enshrined in the Constitution.
As the world’s most populous country with one of the fastest-growing economies, the outcome of India’s election holds global significance. India’s growing importance as an international partner, particularly for countries like the UK, the US, and France, underscores the geopolitical implications of the election. These nations have recently deepened ties with Delhi as a strategic counterbalance to China, further amplifying the international stakes of India’s electoral outcome.
BJP’s Election Ambitions: Power and Challenges Ahead
In the aftermath of the resounding victory in the 2019 elections, where it secured 303 seats, the Bharatiya Janata Party (BJP) stands as a dominant force in Indian politics, with its coalition partners swelling the total to 352 seats. Buoyed by this success, the party now sets its sights on an even greater triumph, aiming for over 400 seats in the 543-seat parliament.
Amit Shah, India’s Home Minister and leader of the ruling Bharatiya Janata Party (BJP) attends his roadshow during an election campaign at Sanand, on the outskirts of Ahmedabad on April 18, 2024 (Credit: SAM PANTHAKY/AFP via Getty Images)
The BJP’s unparalleled position is attributed to the towering popularity of Prime Minister Modi and the consolidation of power during his tenure. This consolidation includes a meticulously organized party machinery and pioneering utilization of technology and social media to engage with voters effectively.
Moreover, the BJP boasts an extensive grassroots network of activists and volunteers, complemented by a formidable propaganda apparatus operating across various social media platforms and messaging apps like WhatsApp. However, these platforms have previously faced accusations of disseminating disinformation on a significant scale during elections.
Financially, the BJP towers above its competitors, possessing substantial resources for electioneering, having reportedly spent nearly 418 billion rupees in the 2019 elections.
Despite the BJP’s perceived inevitability of victory, lingering uncertainties persist regarding its ability to maintain its overwhelming parliamentary majority. Crucial states remain undecided, and simmering discontent over issues such as unemployment and inflation could potentially sway electoral outcomes.
As India braces for the upcoming elections, the BJP’s formidable electoral machinery faces the test of sustaining its dominance amidst prevailing challenges and evolving political dynamics.
The Modi factor
A robust cult of personality surrounds India’s prime minister, portraying him as both a strong leader and a man of the people. His humble origins, raised in poverty in Gujarat and assisting his father in tea-selling, contrast sharply with the image of the corrupt political elite.
As an unmarried individual with no children, he often refers to the Indian populace as “Modi ka Parivar” (Modi’s family). Each month, millions tune in to his radio show, Mann Ki Baat, where he engages with ordinary citizens about their concerns and lauds his government’s achievements.
BJP supporters waved party flags and pamphlets proclaiming “Modi ka parivar”, during an election rally in Guwahati, Assam, on April 16, 2024 (Credit: David Talukdar/NurPhoto via Getty Images)
The prime minister’s visage is ubiquitous across the nation, adorning billboards, food ration packages, and even Covid vaccine certificates. Furthermore, most welfare initiatives introduced by his administration bear his name.
Strategically utilizing the media, he has cultivated a narrative around himself, tightly controlling information dissemination. Remarkably, he has never held a solo press conference in his ten years as prime minister.
Modi’s Hindu nationalist agenda garners support from a significant portion of India’s Hindu majority, allowing him to transcend traditional caste and class barriers to secure votes from rural and urban populations alike, including the lower castes and affluent urbanites.
Additionally, he receives acclaim for positioning India as a global power courted by the West, instilling pride in many of his supporters about their Indian identity.
Opposition Struggles
In the past decade, India’s opposition parties have weathered a sustained assault from powerful state agencies, resulting in a significant erosion of their influence and capabilities. Numerous opposition figures have faced investigations or arrests in financial and corruption cases they claim are politically motivated.
The ‘INDIA’ opposition coalition, consisting of multiple political parties, organized a rally in New Delhi on March 31, 2024.(Credit: Amarjeet Kumar SINGH / AFP)
Congress, once the dominant force in Indian politics with decades of rule, now finds itself marginalized, having suffered resounding defeats in the last two national elections and subsequent state polls to the Bharatiya Janata Party (BJP). The party, associated with the Nehru-Gandhi dynasty, grapples with perceptions of elitism and dynastic politics.
In a bid to unseat the BJP, 27 opposition parties, including Congress, united last year under the banner of the India coalition. However, internal disputes over leadership and seat-sharing, coupled with defections to the BJP, undermined the coalition’s unity in most states. Additionally, the coalition has yet to nominate a prime ministerial candidate.
The government’s purported crackdown on the opposition intensified with the arrest of Arvind Kejriwal, the chief minister of Delhi and a prominent leader in the India coalition, on corruption charges in May. Kejriwal remains incarcerated, despite the government’s denial of involvement in his arrest.
CYSS Protest March Against The Arrest Of Delhi CM Arvind Kejriwal (Credit: Sanchit Khanna via Getty Images)
Congress has alleged that tax authorities under central government control froze the party’s accounts, hindering its campaign efforts, and issued tax notices for decades-old cases amounting to billions of rupees.
Despite the BJP’s dominance in populous northern states, known as the Hindi belt, the party faces challenges in eastern and southern regions like Kerala and Tamil Nadu, where regional politics hold sway and Hindu nationalist appeals resonate less. Consequently, the BJP has intensified its efforts to secure seats in the southern states in the upcoming election.
As the election unfolds, the opposition’s struggles against alleged state agency interference, coupled with the BJP’s regional electoral ambitions, underscore the complexities and uncertainties shaping India’s political future.
BJP’s Election Focus: “Modi’s Guarantee”
Accompanied by a fervent emphasis on religion and nationalism, the Bharatiya Janata Party (BJP) places “Modi’s Guarantee” at the forefront of its campaign, with the prime minister himself spearheading promises of economic development, infrastructure advancement, and upliftment of families from poverty.
The Bharatiya Janata Party (BJP) prioritizes “Modi’s Guarantee” in its campaign strategy.(Credit: Indranil Aditya/NurPhoto via Getty Images)
Prime Minister Modi’s nationwide tour has been marked by billions of rupees worth of infrastructure projects, including airports and highways, alongside the promotion of government welfare programs, such as free food rations, which have garnered popularity among disadvantaged voters.
Despite India’s economic growth, wealth remains disproportionately concentrated among the elite, exacerbating the gaping divide between the rich and the poor. The opposition is poised to capitalize on pressing issues like chronic unemployment, particularly among the youth, as well as inflation, which has exacerbated everyday struggles for the less affluent.
Critics of the BJP decry what they label as “corrupt crony capitalism” flourishing under Modi’s leadership. Moreover, there is widespread discontent among farmers, a substantial and influential voting bloc, who claim to have borne the brunt of his administration’s policies.
Thousands of Indian farmers on February 13, launched what they have dubbed “Delhi Chalo”, or “March to Delhi”, to demand a law to fix a minimum price for their crops(Credit: Narinder NANU / AFP)
In contrast, the Congress party’s manifesto includes pledges to conduct a nationwide caste census to reveal the true extent of deprivation in the country. Additionally, it vows to enact legislation permitting civil partnerships for LGBTQ+ couples, aiming to address broader social inequalities.
As India gears up for elections, these competing narratives and promises underscore the complex issues shaping the electoral discourse, with economic concerns and social justice agendas occupying center stage alongside ideological and identity-based themes.
Allegations of Electoral Bias Surface Amid India’s Democracy
Throughout its 75 years of independence, India has prided itself on conducting elections that are generally perceived as free and fair, boasting high turnout rates, such as the 67% recorded in 2019, with results that are typically uncontested. However, recent years have seen accusations of electoral manipulation cast a shadow over this reputation.
Critics argue that during its decade in power, the Modi administration has implemented measures that tilt the electoral playing field unfairly in favor of the Bharatiya Janata Party (BJP).
Supporters of the ruling Bharatiya Janata Party (BJP) gathered in Ahmedabad on April 18, 2024.(Credit: Sam PANTHAKY / AFP)
Concerns have been raised about the erosion of media freedom under Modi’s tenure, with watchdogs documenting crackdowns on independent and critical media outlets, leading to a media world that predominantly favors the government. Additionally, the independence of the judiciary has been called into question.
Recent events, such as the arrest of Kejriwal and the freezing of Congress’s accounts, have prompted international scrutiny, with statements from the US, Germany, and the UN urging India to ensure the integrity of its electoral processes.
One institution under particular scrutiny is the Election Commission, tasked with maintaining the impartiality of elections and adjudicating campaign violations. Critics point to recent changes in appointment rules that have granted the government majority control over commission appointments. Shortly after these changes, a panel of the commission resigned abruptly, raising suspicions about government influence in the selection process.
Indian Chief Election Commissioner Rajiv Kumar announced the polling schedule for the Lok Sabha election 2024. (Credit: Naveen Sharma/SOPA Images)
“In the last 10 years, it looks like the Election Commission has become an extended arm of the government,” remarked Kapil Sibai, a member of parliament, echoing widespread concerns. However, the government denies allegations of partiality in the selection process.
Furthermore, opposition parties have repeatedly questioned the transparency of and potential tampering with electronic voting machines, although no concrete evidence of manipulation has been presented. These allegations cast doubt on the integrity of India’s electoral process, raising significant concerns about the future of its democracy.
Concerns rise over BJP’s third term in India
As India braces for its upcoming elections, apprehension looms large over the potential outcomes, particularly if the Bharatiya Janata Party (BJP) secures a resounding victory. Many observers fear that a continuation or even an amplification of the BJP’s majority could pave the way for the rapid implementation of its Hindu nationalist agenda, reminiscent of its actions following the 2019 elections.
BJP candidate Ravishankar Prasad from the Patna Saheb Lok Sabha seat, along with Bihar Minister Nitin Navin and others, flagged off the Shri Ram Rath outside Mahavir Mandir ahead of Ramnavami on April 9, 2024 in Patna, India. (Credit: Santosh Kumar/Hindustan Times via Getty Images)
Central to these concerns is the BJP’s pledge to enact a uniform civil code nationwide. Critics worry that such a move could undermine the rights of religious and cultural minorities, curtailing their freedom to practice as they choose.
Moreover, there are apprehensions about the specter of further authoritarianism and democratic regression under a potential third-term BJP government. Since Narendra Modi assumed power, India has witnessed a concerning trend of democratic backsliding, leaving many wary of what the future holds if this trajectory continues.
Yet, perhaps the gravest concern among opponents is the BJP’s ambitious goal of securing a staggering 400 seats, which would grant it a substantial enough majority to amend India’s secular constitution. Such a move could fundamentally alter the nation’s character, formalizing it as a Hindu-first state, much to the chagrin of those advocating for secularism and pluralism.
As the election approaches, these apprehensions underscore the pivotal juncture at which India finds itself, with the potential for significant shifts in its political and social development depending on the electoral outcome.
U.S. stock indexes showed signs of upward momentum on Thursday, potentially breaking a four-day losing streak for the S&P 500.
By midday trading, the S&P 500 had gained 0.6%, recovering from an initial slight decline. Another downward move would mark its lengthiest losing streak since late October, coinciding with its ascent to record highs.
The Dow Jones Industrial Average saw an increase of 294 points, or 0.8%, by 11 a.m. Eastern time, while the Nasdaq composite edged up by 0.5%.
The Dow Jones news ticker in Times Square in New York. (Credit: Paul Taggart/Getty Images)
Elevance Health experienced a 5.5% surge after revising its profit forecast upward for the full year. Homebuilder D.R. Horton also saw a positive trend, rising by 3.5% following a quarterly profit and revenue report that exceeded analysts’ expectations.
However, Equifax faced a setback with a 2.8% decline after reporting weaker revenue than anticipated for the latest quarter. Pressured by high interest rates, its mortgage credit inquiry business took a hit.
Recent struggles in the stock market coincide with rising bond yields, intensifying pressure as investors abandon hopes of multiple interest rate cuts by the Federal Reserve this year.
Bond Yields are on the rise (Credit: Getty)
Yields saw a slight uptick following Thursday’s reports, which continued to depict a stronger-than-expected U.S. economy. Fewer workers applied for unemployment benefits, signaling robustness in the job market despite soaring interest rates.
Additionally, manufacturing growth in the mid-Atlantic region exceeded economists’ expectations, contrary to predictions of contraction. Sales of previously owned U.S. homes also showed resilience, falling less than anticipated.
Such data, coupled with persistent inflation, prompted top Fed officials to suggest a prolonged period of high-interest rates. This shift comes after earlier indications of potential rate cuts by the Fed, which now requires assurance of inflation nearing its 2% target before adjusting rates.
Traders have adjusted expectations accordingly, now forecasting only one or two rate cuts this year compared to initial projections of six or more.
Federal Reserve Chairman Jerome Powell (Credit :Al Drago/Bloomberg)
In the bond market, the yield on the 10-year Treasury rose slightly to 4.63%, with the two-year Treasury yield reflecting expectations for Fed action by rising to 4.98%.
Despite market challenges, a strong economy supporting high interest rates offers the potential for robust profit growth.
Companies such as Genuine Parts, reporting stronger-than-expected profits despite low sales growth, exemplify this trend. Likewise, Comerica’s positive profit forecasts for 2024 contributed to a 3.6% increase in its stock.
Alaska Air faced setbacks due to Boeing 737 Max fleet grounding but projected better-than-expected profits for the current quarter, resulting in a 6.2% rise in its stock. Conversely, Las Vegas Sands experienced a 6.8% decline despite surpassing expectations, possibly due to concerns about competition in Macau.
International markets saw modest movement, with European indexes mostly steady after gains in Asia, notably with South Korea’s Kospi leading the region with a 2% jump.
Compensation payouts for train delays in Britain have surged to unprecedented levels, surpassing £100 million annually, as the number of claims for disrupted journeys continues to rise.
In the year leading up to April 2023, payouts to passengers for delayed or cancelled trains amounted to £101.3 million, marking a significant increase of 155% from the previous year’s total of £39 million in 2021-22.
Train delay compensation hits £101.3M, up 155% in a year. (Credit: Stock photo/Getty Images)
According to the latest official data from the rail regulator, the Office of Rail and Road, projections indicate that the financial impact is expected to be even greater in 2023-24. Approvals for compensation claims across all train operators in Britain reached 4.6 million by early January, exceeding the previous year’s count with several months still remaining.
Although the rise in compensation payouts partly reflects a resurgence in train travel following the Covid crisis, the escalating figures far surpass the 40% increase in passenger numbers.
Challenges in Britain’s Rail Sector
In the past year in Britain, close to 320,000 train services faced cancellations or partial cancellations, contributing to widespread disruption and delays across the railways. Strikes, staff shortages, rail infrastructure damage, and mechanical failures on trains all played roles in the challenges faced by passengers.
Rail service woes burden taxpayers as compensation payouts surge. (Credit: Stock Photo/Getty Images)
Labour pointed out that this situation underscores the taxpayer’s burden in dealing with deteriorating rail services.
Despite promises of wholesale rail reform, the current compensation system places the burden on taxpayers. Under existing contracts, the government covers the compensation bill, paying operators a management fee regardless of their performance and bearing the cost of lost revenue.
It’s worth noting that compensation for delays only applies to scheduled services. Trains removed from the timetable typically do not trigger compensation, a policy that has faced significant criticism, particularly on lines like Avanti West Coast and TransPennine Express.
Critiques of the Current Rail Compensation System
The increasing compensation bill is partly attributed to the rise in automated payouts. Several train operators now offer immediate refunds to passengers who have booked advance journeys through their websites or to registered season ticket holders during disruptions.
Additionally, the industry has enhanced its response to complaints, with over 99% of claims being resolved within 20 days.
Rail operators profit despite service failures in UK; taxpayers burdened, Labour claims. (Credit: Stock Photo/Getty Images)
Labour criticized the system, highlighting that some of the worst-performing operators in terms of cancellations are being rewarded for their failures. Companies such as CrossCountry and the parent company of Avanti West Coast have distributed millions to shareholders and received contract extensions from ministers last year.
Louise Haigh, the shadow transport secretary, remarked, “Thanks to this government, private rail operators receive the same management fee regardless of service disruptions – they receive substantial public funds irrespective of performance. It is the taxpayer who bears the burden of our dysfunctional rail network.”
Labour Calls for Public Ownership
Labour has pledged to bring train operations back under public ownership as contracts expire, according to recent statements. In response to the growing compensation payouts, a spokesperson for the Rail Delivery Group, representing train operators, expressed apologies to those affected.
They emphasized the importance of customers knowing how to claim compensation for delays or cancellations, noting efforts to simplify the process. The spokesperson cited data from the Office of Rail and Road indicating that 99.5% of delay compensation claims were closed within 20 working days.
Acknowledging the challenges, the spokesperson stated that railway performance is not up to par and highlighted ongoing efforts within the rail industry to enhance train reliability. They mentioned recruitment and training initiatives aimed at improving resilience.
A Department for Transport spokesperson attributed the increase in compensation payouts to factors including an improved claims process, industrial action by Aslef, and weather-related disruptions.
They reiterated the government’s commitment to railway reform, collaborating with the industry to implement the rail reform plan while holding operators accountable for disruptions within their control and ensuring value for taxpayers’ money.
Inflation in the U.K. saw a slight ease in March, according to the Office for National Statistics. Despite economists’ expectations of a 3.1% rate, it landed at 3.2%, down from February’s 3.4%. Notably, food prices played a significant role in pulling the headline rate down, while motor fuel costs exerted upward pressure.
The core inflation figure, which excludes energy, food, alcohol, and tobacco, surpassed projections at 4.2%, compared to the anticipated 4.1%. Monitoring services inflation, a crucial metric for U.K. monetary policymakers, revealed a decline from 6.1% to 6%.
Core inflation exceeds projections, reaching 4.2%, while services inflation declines to 6%. (Credit: Getty Images)
Unemployment Rose To 4.2%
This week, market watchers turned their attention to indications of a cooling labor market in the U.K., as unemployment unexpectedly rose to 4.2% between December and February. Additionally, wage growth, excluding bonuses, saw a slight dip from 6.1% in January to 6% in February.
Unexpected rise in UK unemployment to 4.2% prompts speculation about timing of interest rate cuts.(Credit: Getty Images)
Bank of England Governor Andrew Bailey remarked on Tuesday about the efficacy of higher interest rates in curbing inflation, which has tapered from its peak of 11.1% in October 2022. The central bank foresees inflation briefly dropping to its 2% target in the spring before a slight uptick.
However, with the March core inflation print surpassing 4%, speculation mounts that inflation may be more persistent than previously thought, potentially delaying the timing of the first interest rate cuts.
BOE Is Ready To Reduce The Interest Rate
Market expectations currently indicate that the Bank of England (BOE) may implement two interest rate cuts in 2024 from its current rate of 5.25%, with the first potentially occurring in August or September. However, uncertainty surrounding this timeline has heightened due to ongoing inflationary pressures in the U.S.
Market expectations suggest the potential for two interest rate cuts by BOE in 2024. (Credit: Getty Images)
Camille de Courcel, head of European rates strategy at BNP Paribas, shared her insights on CNBC’s “Squawk Box Europe” on Wednesday, noting that the latest data suggests the U.K. is “going in the U.S. direction,” which poses a risk to her forecast for a June rate cut by the BOE.
While labor market data surprised on the downside, the Office for National Statistics (ONS) has cautioned that month-on-month figures may be distorted by methodological issues. As a result, de Courcel emphasized that the BOE’s Monetary Policy Committee will pay close attention to any unexpected increases in wage growth and services.
Following the announcement, the British pound strengthened against both the U.S. dollar and the euro. It traded up 0.1% against the greenback at $1.243 and 0.15% stronger against the euro at 1.1718.
U.K. Finance Minister Jeremy Hunt, preparing for a national election this year, expressed his thoughts on social media platform X, stating that the inflation data was “welcome news.”
In the aftermath of a contentious congressional hearing that led to the departure of two Ivy League presidents, Columbia University’s president, Nemat Shafik, is slated to testify before the same committee.
The focus of the inquiry revolves around concerns regarding antisemitism and the university’s handling of conflicts stemming from the Israel-Hamas war on campus.
Originally summoned to testify in December, Shafik deferred due to scheduling conflicts. The preceding hearing featured presidents from Harvard University, the University of Pennsylvania, and the Massachusetts Institute of Technology.
Pro-Israel protestors chant a song as they demonstrate at Columbia University in New York City on October 12, 2023.(Credit: AP Photo/Yuki Iwamura)
Their responses, characterized by legal nuance, sparked significant backlash, ultimately resulting in the resignations of the presidents of Penn and Harvard.
During the December hearing, Rep. Elise Stefanik raised the question of whether advocating for the genocide of Jews would violate each university’s code of conduct.
The responses, notably cautious, failed to appease critics and led to further controversy. Subsequently, both the presidents of Penn and Harvard resigned from their positions.
Shafik’s upcoming testimony, scheduled for Wednesday, is expected to address concerns surrounding antisemitism and campus tensions.
Nemat Shafik, Columbia University’s inaugural female president, faces mounting criticism for her management of campus turmoil linked to the Gaza conflict. (Credit: Suzanne Plunkett/Reuters)
In preparation, Shafik has emphasized the importance of striking a balance between upholding free speech and ensuring a safe environment for students in a recent op-ed.
In the wake of the Israel-Hamas conflict, tensions have escalated on university campuses, with Jewish students expressing dissatisfaction over the response to instances of antisemitism.
Conversely, students advocating for Palestinian rights have alleged disproportionate targeting and censorship by campus administrations. Columbia, among other institutions, is under investigation by the Department of Education for allegations of antisemitism and Islamophobia.
Additionally, the university faces legal action from both pro-Palestinian and Jewish student groups, further complicating the contentious atmosphere on campus.
The FBI has initiated a federal criminal inquiry into the tragic collapse of a Baltimore bridge last month, triggered by a vessel striking one of its supports, as revealed by the bureau on Monday.
Representatives from the FBI reportedly boarded the cargo ship Dali to conduct lawful law enforcement actions related to the incident, as disclosed by a spokesperson to Reuters.
The investigation is currently underway with limited public information available, and the FBI has stated that there will be no further comments on the matter.
The fatal incident occurred in the early hours of March 26, when a large container ship lost power and collided with a support pylon, resulting in the collapse of the Francis Scott Key Bridge into the Patapsco River, claiming the lives of six individuals who were working on the bridge at the time.
A significant aspect of the investigation will examine whether the crew of the cargo vessel Dali departed from the port despite being aware of serious issues with the ship’s systems, as reported.
Safety investigators have successfully retrieved the ship’s “black box” recorder, which contains crucial data such as position, speed, radar, audio recordings from the bridge, radio communications, and alarm signals.
Rescue personnel on site after Bridge’s collapse. (Credit: Jim Lo Scalzo/EPE-EFE/Shutterstock)
In related developments, the head of the U.S. National Transportation Safety Board informed Congress that key personnel from the cargo ship have been interviewed as part of the investigation.
Efforts to clear the wreckage and restore traffic through the port’s shipping channel are ongoing, with the replacement of the bridge anticipated to be a lengthy process spanning several years.
Although the exact timeline for bridge replacement remains uncertain, temporary measures such as the opening of two temporary channels have been implemented to facilitate navigation for some shallow-draft vessels around the impacted container vessel.
The U.S. Army Corps of Engineers has also announced plans to open a new channel to the Port of Baltimore by the end of April.
President Joe Biden Speaking from the site of the bridge’s collapse. (credit: Anna Moneymaker / Getty Images)
At the time of the incident, the cargo ship Dali was departing Baltimore bound for Colombo, Sri Lanka, with a crew complement of 21 individuals, along with two pilots to assist in steering out of the port.
The same vessel was previously involved in an incident in the port of Antwerp, Belgium, in 2016, where it collided with a quay while attempting to depart from a North Sea container terminal.
Public data from the Equasis website indicates that an inspection conducted in June 2023 in San Antonio, Chile, identified propulsion and auxiliary machinery deficiencies onboard the vessel.
Despite these findings, the vessel reportedly passed foreign port inspections in June and September of the previous year, as confirmed by Singapore’s Maritime and Port Authority.
The recent drone and missile attack on Israel over the weekend has injected fresh turmoil into global markets, particularly the oil market, which witnessed a surge in prices.
Although Iran claimed responsibility for the attack, stating that it has ceased its offensive, the world remains apprehensive about potential retaliation from Israel.
Before this incident, market sentiments were already tense due to the Federal Reserve’s decision to maintain high interest rates, which was compounded by concerns over inflation.
However, Monday brought some relief as retail sales for March exceeded expectations, indicating a 0.7% increase compared to the anticipated 0.4%.
Notably, sectors like food and beverage establishments, as well as online retailers, drove this uptick. Additionally, February’s retail sales were revised upwards from 0.6% to 0.9%.
Iran fired more than 300 drones and missiles at Israel, which Tehran said was in response to the strike on its consulate in Syria on April 1. (Credit: AP)
Looking ahead, market observers are eagerly awaiting reports on the housing market performance for March, including construction starts, building permits, and existing home sales.
It is anticipated that these data points may show a decline in activity compared to February. Furthermore, Thursday will bring insights into economic growth through the leading indicators index for March, with forecasts suggesting a slight dip.
However, amidst these economic indicators, the spotlight remains on the escalating cost of oil and the potential disruptions to global supply chains resulting from heightened geopolitical tensions.
The recent spike in oil prices has immediate inflationary implications for various goods, prompting concerns among investors.
This anxiety was exacerbated by reports of Iran’s military preparations before the attack on Israel, leading to market sell-offs on Wednesday and Friday.
Analysts predict that if Iran’s attack results in a wider war, Brent crude prices could rise above $100 per barrel. (Credit: File photo)
Nevertheless, Monday saw a rebound in market sentiment, with Dow futures up more than 200 points and oil prices decreasing to around $85 a barrel.
While geopolitical events often trigger short-term volatility, historical trends suggest that markets tend to recover from such shocks.
Nonetheless, the current environment, marked by inflationary pressures and geopolitical uncertainties, poses a heightened risk of prolonged market volatility.
Analysts caution that the persistence of inflation and the prevailing high-interest rate environment could potentially lead to a recession later this year or early next.
Despite Federal Reserve Chairman Jerome Powell’s assurances regarding inflation targets, some experts believe that inflation may settle at a higher level than anticipated, necessitating careful monitoring of financial conditions and policy responses moving forward.
