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5 things to know before the stock market opens on Tuesday

Here are the most important news that investors need to start their trading day:

1. Stock futures in red

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, June 30, 2022.

Brendan McDermid | Reuters

US stock futures fell on TuesdayInvestors are concerned about simmering geopolitical tensions between Beijing and Washington ahead of House Speaker Nancy Pelosi’s expected visit to Taiwan. Treasury returns As Tuesday slippedwith the standard 10-year treasury bonds It is trading as low as 2.516% as investors flock to perceived US government debt. Stocks in China and Hong Kong Tuesday stumbled, too, and the yenWhich is considered a safe haven currency, strengthened further. On Monday, Wall Street’s major stock indexes closed in the red, breaking their three-day losing streak.

2. It is said that Chinese warplanes are flying close to the dividing line of the Taiwan Strait

Photo of House Speaker Nancy Pelosi holding her weekly press conference on Capitol Hill on Friday, July 29, 2022 in Washington, DC. US House Speaker Nancy Pelosi is expected to arrive in Taipei later on Tuesday, a source familiar with the matter told Reuters, as several Chinese warplanes flew near the line dividing the Taiwan Strait.

Kent Nishimura | Los Angeles Times | Getty Images

Chinese warplanes Flying close to the center line in the Taiwan StraitReuters reported on Tuesday, citing a source. Beijing has warned Pelosi against visiting Taiwan, an autonomous island claimed by China. Pelosi is touring the region, but her expected visit to Taiwan has not been officially announced. Tensions between China and Taiwan was increasing In the last years.

3. Uber Reported Another Big Loss, But Stocks Soared

Uber CEO Dara Khosrowshahi speaks at a product launch event in San Francisco, California on September 26, 2019.

Philip Pacheco | AFP via Getty Images

shares Uber Technologies Jumped on Tuesday after the delivery and food company reported Quarterly revenue better than expected. Uber’s second-quarter sales came in at $8.07 billion, well above analysts' forecasts of $7.39 billion, according to Refinitiv. However, Uber reported a net loss of $2.6 billion for the quarter, including $1.7 billion as a result of a revaluation of its investments in Grab Aurora and Zomato. Total losses from operations for the quarter ended June 30 were $713 million, but the company reported positive free cash flow of $382 million. In May, CEO Dara Khosrowshahi told employees in a note that cash-flow positivity had become an important near-term goal.

4. Oil companies boost dividends

The BP logo is photographed in London on May 12, 2021. The International Energy Agency recently reported that 2021 saw energy-related carbon dioxide emissions rise to their highest level in history.

Glenn Kirk | Afp | Getty Images

British oil giant BP US shale producer Devon Energy reported strong quarterly earnings and increased dividends, as higher crude oil prices this year helped companies boost their capital return programs. bb that on tuesday Reported second-quarter profit of $8.5 billion, raised its quarterly dividend 10% to 6,006 cents per common share. Devon Energy, which turned on Monday Q2 results are better than expected Above and below, reports a 22% increase in dividend payouts. Using a fixed plus variable dividend strategy, Devon’s quarterly payout is now $1.55 per share, up from $1.27.

5. Pinterest jumps. An activist company says it is the largest shareholder

Online photo board banner Pinterest Inc. Hanging from the New York Stock Exchange (NYSE) on the morning of Pinterest’s initial public offering on April 18, 2019 in New York City.

Spencer Platt | Getty Images News | Getty Images

Pinterest shares are up nearly 18% in pre-market trading on Tuesday, a day after the social media company reported quarterly earnings and revenue that fell short of Wall Street expectations, and guidance for the current quarter was weaker than expected. While Pinterest’s monthly active user decline wasn’t as bad as feared, the company’s results nonetheless show the challenging operating environment for the social media name right now. PinterestStocks may react to news that activist investor Elliott Management on Monday She revealed that she is the largest shareholder in the companytouting the "value creation opportunity" you see.

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Explainer: How healthcare for vets became a battle in Congress | government and politics

By Kevin Friking – The Associated Press

Washington (AFP) – A bill that would boost health care and disability benefits for millions of veterans who suffered toxic burns hit a snag in the Senate last week, angering advocates such as comedian Jon Stewart who said aid from the government is long overdue.

Lawmakers have been increasingly hearing from voters with respiratory illnesses and cancers they attribute to serving near burns in Iraq and Afghanistan. The military used pits to dispose of things like chemicals, cans, tires, plastic, and medical and human waste.

Veterans' groups say military veterans have waited long enough for enhanced health benefits, and lawmakers largely agree. The Senate is eventually expected to send the measure to President Joe Biden’s desk. It’s just a matter of when.

People also read…

How will the bill help veterans in Iraq and Afghanistan?

First, veterans who served near burn pits will receive 10 years of health care coverage through the Department of Veterans Affairs when separated from the military instead of five.

Second, the legislation directs the VA to assume that certain respiratory illnesses and cancers were associated with burn pit exposure. This removes the burden of proof on the veteran, allowing him to receive disability payments to compensate for his injury without having to prove that the illness was a result of their service.

Nearly 70% of disability claims related to burn pit exposure have been denied by the Department of Veterans Affairs due to a lack of evidence, scientific data, and information from the Department of Defense.

Is there help for other vegetarians? yes. For example, hundreds of thousands of Vietnam War-era veterans and survivors will also benefit. The bill adds hypertension, or high blood pressure, as a putative disease linked to exposure to Agent Orange. The Congressional Budget Office projected that about 600,000 of the 1.6 million veterinarians living in Vietnam would be eligible for increased compensation, although only about half of them would have diagnoses severe enough to warrant having one.

Also, veterans who served in Thailand, Cambodia, Laos, Guam, American Samoa, and Johnston Atoll are presumed to have been exposed to Agent Orange. The CBO projected that 50,000 veterans and survivors of deceased veterans would be compensated for illnesses presumed to have resulted from their exposure to the herbicide.

How much will the bill cost?

The bill is expected to increase the federal deficit by about $277 billion over 10 years, the Central Bank of Oman said. Lawmakers haven’t included the formula for spending cuts or tax increases to help pay off spending.

Where do things stand in Congress? Both the House and Senate approved the bill by an overwhelming majority. The Senate did so in June, but the bill included a revenue clause that would have to arise in the House, and would require a reappointment for a technical overhaul.

The House of Representatives approved the fixed bill by 342 votes to 88. So, the measure is now back in the Senate, where the previous iteration passed by 84 votes to 14. Biden says he will sign it.

So why hasn’t the Senate approved this yet?

When the CBO scored the bill, it predicted that nearly $400 billion to be spent on health services would move from discretionary spending to mandatory spending, which is often shielded from the painful battles that occur each year over where the money in appropriations bills is spent.

The Committee on Responsible Federal Budget, a nonpartisan financial watchdog, said reclassifying nearly $400 billion from discretionary to mandatory would "reduce pressure to keep those costs under control and make it easier for financiers to spend more elsewhere in the budget without compensation." ."

Those dynamics also applied to the bill when the Senate approved it in June. However, senators voted in favor of the measure by an overwhelming majority.

But, last week, more than two dozen Republicans voted for the bill in June against introducing it this time around. They sided with Republican Senator Pat Toomey of Pennsylvania, who is seeking a vote on an amendment that he says would not reduce spending on veterans but would prevent increased spending on other non-defense programs in the future.

Senate Majority Leader Chuck Schumer offered to allow the Senate to vote on the Tommy Amendment with the 60 votes needed to pass it, the same number needed to advance the bill itself.

It’s unclear how the delay will be resolved, though Senate Republican Leader Mitch McConnell on Monday predicted that the bill would pass this week.

Veterans Defense groups, a major voting bloc in the upcoming midterm elections, are outraged and are increasing political pressure on lawmakers to act. At a news conference on Capitol Hill the day after last week’s procedural vote, speakers used terms like "bad guys" and "reprehensible" to describe Republican senators who voted against advancing the measure last week but voted for nearly the same bill in June.

"Veterans are angry and confused at the sudden change of those who thought they had their backs," said Cory Titus of the American Military Officers Association.

"You screwed up veterans yesterday, and now we’re going to hold them accountable," added Tom Porter of the US Veterans Group for Iraq and Afghanistan.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

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Authors say pirated books are thriving on Amazon, authors say web giant is ignoring fraud

Amazon is flooded with fake versions of books, angering customers and authors alike who say the site is doing little to fight literary scammers.

Counterfeiting sold by third parties via Amazon ranges from e-books, paperbacks and fiction to non-fiction — but the issue is particularly prevalent for textbooks, whose extremely high poster prices attract fraudsters, according to publishing industry sources.

"The damage to authors is very real," Matthew Hefty, the novelist and attorney who found fake copies of his own book on Amazon, told The Post. "It’s a pervasive problem."

The end result is that readers stumble upon unread books that bleed ink or fall apart, while authors and publishers lose revenue to publishing pirates.

However, Amazon takes a portion of third-party sales regardless of whether the books they ship are real or fake, which gives the company no incentive to crack down on counterfeiting, as people in the publishing industry are upset. They say a site usually known for its express service is too slow to respond to their concerns about fakes.

"Pages are not readable"

Computer science researcher and academic Martin Klipman has seen 1-star Amazon reviews of his data modeling textbook for years, with angry customers complaining about unreadable text, missing pages, and other quality issues. He blames counterfeiters, who he said sold pirated copies.

An angry review of Klipman’s book reads: "This book is very poorly printed." "Ink goes everywhere after 10 minutes of reading."

Another review reads "Pages are printed overlapping". "About 20 unreadable pages."

fake book
"Pages are overlapping printed," one reviewer said.
fake book
One of the overlapping and poorly printed pages in an alleged pirated text.

A third reviewer feels they had to order Kleppmann’s book from Amazon three different times before they could get a usable copy. The counterfeiters had transparencies and other flaws.

“I see a lot of negative reviews complaining about the print quality,” Klipman told The Post, adding that his publisher asked Amazon to fix the problem but the company did nothing.

"We prioritize customer and author trust and constantly monitor and have measures in place to prevent the listing of prohibited products," Amazon spokeswoman Julia Lee said in a statement to The Post.

He told me that Amazon has spent more than $900 million globally and has employed more than 12,000 people to protect customers from fraud, fraud, and other forms of abuse.

Amazon
One Amazon reviewer said they had to buy Klipman’s book three times to find a non-fake copy.

But Kleppmann isn’t the only author who has struggled with fakes on Amazon. Google deep learning researcher Francois Chollet complained about fakes in a popular Twitter thread earlier in July, accusing Amazon of doing "nothing" to crack down on widespread fake versions of his textbook.

“Anyone who has bought my book from Amazon in the past few months has not bought an original, but a low-quality fake printed by various fraudulent sellers,” Chollet wrote. "We’ve been informed [Amazon] Several times, nothing happened. Scam sellers have been in business for years.”

Even Miranda Devine, columnist for The Post, saw fake copies of her book on Hunter Biden, "A Laptop from Hell," go viral on Amazon last year.

She said that after Devine’s publishers reported the problem to Amazon, the fake products remained on the site for several days.

Amazon did not respond to a request for comment on the specific examples of fraud in this story.

Endless Whack-a-mole Game

Amazon generally requires authors and publishers to comb the site for counterfeit versions of their own books, then battle layers of bureaucracy to remove counterfeits, according to intellectual property attorney Katie Sunstrom.

"The onus is on the seller to get Amazon to stop infringers and counterfeiters from selling on their system," Sunstrom told The Post. "There is no incentive for Amazon to take care of it."

Kleppmann’s publisher, O’Reilly Media, told The Post that it routinely submits complaints to Amazon about fraudulent sellers, but the company is often slow to address their concerns.

“It’s an endless game of whack-a-mole where accounts simply pop up days or weeks later,” Rachel Romiliotis, vice president of content strategy at O’Reilly, told The Post, adding that Amazon will respond to "individual symptoms as publishers discover them" but does not. Something to stop the "systematic flow" of fakes.

An example of an alleged pirated book from Amazon.
An example of an alleged pirated book from Amazon.

“Amazon spends a lot of time trying to combat the perception that its market perpetuates fraud because it is known that there is a problem – yet its platform and policies are built in ways that facilitate it,” said Romelutis.

According to Hefty, the unchecked spread of fakes can endanger the professional lives of authors.

In addition to deducting authors' earnings from books they have already published, fake sales are not counted toward official sales figures. Hefty said the lower sales numbers, in turn, would make it difficult for authors to strike book deals in the future.

"The model is too exploitative for the book," he said. "I don’t even know if there is any fix, at least not without Amazon having to spend a lot of money and lose a bunch of existing profits."

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WWF report says online wildlife trade is on the rise in Myanmar

Bangkok (AFP) – Illegal online purchases of wildlife are increasing in Myanmar, threatening public health and endangered species, a report by the World Wildlife Fund shows.

The Friday’s report was released It found that enforcement of the ban on such transactions has weakened amid the political turmoil following the military’s takeover in 2021.

The number of such transactions was up 74% from the previous year to 11,046, almost all of them relating to the sale of live animals. Of the 173 species in circulation, 54 are globally threatened, the report said.

The researchers identified 639 Facebook accounts belonging to wildlife traders. It added that the largest online trading group has more than 19,000 members and dozens of posts per week.

The animals and animal parts bought and sold were elephants, bears, gibbons, Tibetan antelopes, endangered pangolins, and the Asian giant tortoise. The most famous mammals were various types of langurs and monkeys, and they were often bought as pets.

Most of the animals advertised for sale were taken from the wild. It also included the civet cat, which along with pangolins have been identified as potential vectors for the spread of diseases such as SARS and COVID-19.

Sean Martin, who heads the WWF’s Asia Pacific Regional Cybercrime Project, said monitoring the wildlife trade online shows that different species were close to each other, sometimes in the same cage.

"With Asia’s record as a breeding ground for many modern zoonoses, this sharp rise in online trade of wildlife in Myanmar is deeply concerning," he said.

Unregulated trade in wild species and the resulting interactions between wild species and humans raise the risks of new and possibly vaccine-resistant mutations for diseases like COVID-19 that could evolve undetected in non-human hosts into more dangerous variants of the disease, according to experts say.

COVID-19 is one of the many diseases of animals. The killing and selling of so-called bushmeat in Africa was thought to be a source of Ebola. Bird flu likely came from chickens at a market in Hong Kong in 1997. Measles is believed to have evolved from a virus that infected livestock.

said Mary Elizabeth Miranda, an expert in diseases and zoonoses and executive director of the Alumni Field Training Program in Epidemiology at an institution in the Philippines.

Social media and other online platforms have joined forces in a global effort to eradicate the booming trade in birds, reptiles, mammals and animal parts. In Myanmar, most wildlife trade is done through Facebook, which as a member of the Coalition to End Online Wildlife Trade has taken measures to ban or remove the accounts of people involved in such transactions.

But as in other places, new accounts often appear once old accounts are closed, which hampers implementation, the report noted. Easy online access to animals also increases demand, which exacerbates the problem.

Discussions of buying protected species often take place in open groups on Facebook, the report said, indicating that such transactions remain "largely risk-free". Since payments and deliveries are often made using messaging apps, controlling the issue is very difficult.

To highlight the lack of enforcement, people in the illegal wildlife trade in Myanmar often use primitive methods of transporting animals and animal products – with buses being the usual form of transport.

The study by WWF in Myanmar focused on the online trade of animals and other creatures within the country, although there were some imports from neighboring Thailand, especially birds such as macaws, macaws and crocodiles, to India.

She added that some of the deals may include animals or parts being sent to China.

The conservation group said it plans to conduct future studies to better understand Myanmar’s role in the global trade of endangered species.

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Here’s why you should wait to start your own business to gain the right skills

Opinions expressed by entrepreneur Shareholders are their own.

“But I am not an expert. I do not have a degree or credentials. How can I start a program Business? No one will take me seriously, let alone pay me.”

Listen to this All time of my students. I remind them patiently that I He did not complete his secondary educationAnd, on paper, my only family to manage And the The ads are the fact that I run a seven-figure agency that runs Facebook and Google ads.

Usually does not drown, so I refer them to a talk The Wall Street Journal Article – Commodity It tells a very familiar story about a group of graduates who cannot secure a high-paying job. This particular story, however, shares the struggles of students enrolled in the MFA Filmmaking Program in prestigious ivy league School in New York. These students took out six figures of debt to earn an MFA degree, only to discover that not all students could be Scorsese right out of the gate. Ivy League It couldn’t save them from the same low-paying movie jobs as someone who didn’t Get a loan for the size of the apartment.

We are facing an epidemic overly educated And low-paid wage stalkers in this country because our success equation is completely backward.

What I am about to share with you applies not only to starting a business but also to people who just want a profitable and satisfying job. I will describe how most people deal skills Acquisition, and then I’ll tell you how well it works People are getting closer to acquiring skills.

If I do my job well, you will be convinced that you do not need to be an expert to start a business. In fact, if you’re not an expert now, you’re better off.

Related: 8 Keys to Being an Expert in Everything You Sell

How most People gain skills

"Go to college! Get an advanced degree! That’s how you succeed."

It’s amazing how people refuse to believe what’s right in front of their eyes. Colombian filmmakers are not unique. According to a survey conducted by PayScale46% of American workers reported being "partially unemployed." Meanwhile, 76% of those respondents said it was because they had not used their degrees in their careers.

But people still blindly follow the same old routine, which goes like this:

  1. Plunge time and In education to acquire skills.
  2. Go to the market with newly acquired skills.
  3. ???
  4. he won?

Let’s discuss two things about this approach. First of all, it holds all files risk. You’re sinking tons Time and money to acquire the skills you hope for The market will reward you for. In fact, many graduates enter the market only to discover that the market does not need their skills. Even worse, many find that their advanced education makes them Eligible. They have priced themselves outside the market.

Related: 5 steps to establish yourself as an industrial expert

How do business people Acquisition of skills

Entrepreneurs, smart people, take a retrograde approach to what I mentioned above. This is what it looks like:

  1. Go to the market and ask them about the problems they are facing.
  2. Find out how much they would be willing to pay to solve this problem.
  3. When you find a problem that the market will pay a lot to solve, go ahead and acquire the skills you need to solve that problem.
  4. Gaining your first customers.
  5. Improve your presentation, using your early customers as a hands-on.
  6. Submit your offer to the market.

Entrepreneur starts With the market – listen to what they want, and only then Acquire the necessary skills.

There is also much less risk up front. Yes, it can take time and money to acquire the skills you need to solve a market problem. Maybe it will require a degree? Maybe not? But she probably won’t. You can work wonders with books and Online lessons.

But no matter how much time and money you invest, you invest it knowing there is a pay day waiting on the other side. why? Because it’s you market response.

You are the solution to a problem. Ultimately, that’s what people pay money for. Colombian filmmakers learned the hard way that there is no bigger problem to solve – and that hasn’t changed just because they have expensive degree.

Related: 7 ways to put yourself in a position where people see you as an expert

Next steps

Here are the reasons why you should start your own business before You have the skills to deliver. Once you start working Find the store-You are in business.

Here’s how to get started:

  1. Choose a niche, any niche. Don’t be tempted to follow money – everyone He promotes consulting services, doctors, lawyers, etc. Oftentimes, the more mysterious and esoteric a niche is, the better.
  2. Talk to people in the field. Find out their biggest daily problems.
  3. Ask them how much they will pay to solve the problem. If they say anything under $2,000, you may not have a viable business. It must be worth your time.
  4. Want extra bonus points? If you’re feeling ambitious, ask them to pull out their credit card and pay for the solution before you even know how to deliver! It’s a bold move, but that’s how you know That people are willing to pay for the solution. It is the final check of the product’s suitability for the market.
  5. Now – and only Now – go ahead and gain the skills you need to solve the problem.

You don’t need to become a master for 10,000 hours. You just need to know a) more than the customer and b) enough to solve the problem.

Problem solving is everything. Thread that needle, and you are as good as you pay.

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Referee leaves questions about Boy Scouts' bankruptcy plan

Dover, Dell (Associated Press) — A Delaware bankruptcy judge approved parts of the Boy Scouts of America reorganization plan, but rejected other provisions, saying in a Friday ruling that the organization had "decisions to be made" regarding the plan.

Judge Laurie Silber Silverstein issued her 281-page ruling, months after ending the trial in the case. She indicated that she was willing to hold a case conference at the request of the Scout’s attorney.

The BSA plan proposed creating a $2.6 billion fund to compensate tens of thousands of men who say they were sexually abused as child scouts, while maintaining the organization’s financial ability to continue operating.

The ruling is the latest example of uncertainty in a case that has seen many twists and turns since the Scouts sought bankruptcy protection more than two years ago to fend off a torrent of lawsuits alleging child sexual abuse by Scout leaders and volunteers.

Meanwhile, the cash-strapped Bank of South Asia has spent more than $327 million in fees and expenses in bankruptcy and continues to waste money, with no end in sight. It also remains unclear when any of the 82,000 sexual assault claimants in bankruptcy might receive any compensation for their abuse.

The plan called for the Texas-based Irving BSA and its local councils, along with settlement insurance companies and troop sponsoring organizations, to contribute about $2.6 billion in cash and property to a fund for abuse claimants. In exchange for these contributions, those entities will be protected from future lawsuits over Scout-related violations.

When it filed for bankruptcy, BSA faced about 275 lawsuits filed and was aware of nearly 1,400 other potential cases, but more than 82,200 abuse claims had been filed in bankruptcy. BSA insurance lawyers argued early on that the sheer volume of claims was indicative of fraud and the result of aggressive demand from clients by attorneys and for-profit claims collectors.

While some of these insurers later negotiated settlements for a fraction of the billions of dollars in liability exposure they would likely face, other insurers continued to oppose the plan. They argued that the procedures for distributing money from the Compensation Fund would violate their contractual rights to challenge claims, set a dangerous precedent for a collective tort litigation, and lead to massively inflated payments for claims violations, including tens of thousands that could have been prevented by the passage of time.

Under the reorganization plan, the Department of Financial Services and its 250 local councils, along with insurance companies and troop sponsoring organizations, will contribute approximately $2.6 billion in cash and property to a fund for victims of child sexual abuse. In exchange for these contributions, these entities will be exempted from further liability, which means they cannot be sued for abuse claims related to Scouting. The plan would also allow abuse claimants to sue insurers and local organizations sponsoring forces that do not enter their own settlements within one year.

In addition to arguments presented by opposing insurers, the case presented Silverstein with one of the most contentious issues for bankruptcy judges – whether third parties not indebted to bankruptcy themselves could escape future liability in the tort regime by contributing to a segregation debtor reorganization plan 11 .

Such third-party releases, resulting from asbestos and product liability issues, have been criticized as an unconstitutional form of "deteriorating bankruptcy," in which non-debtor entities obtain benefits by joining the debtor to resolve collective tort claims in the event of bankruptcy.

Federal courts in some jurisdictions, including Delaware, have allowed third-party releases in certain circumstances, while courts in others have denied them.

Under the plan proposed by Boy Scouts, insurers, local BSA boards, and troop sponsoring organizations would receive broad liability exemptions protecting them from future sexual assault claims in exchange for contributing to the Victims Compensation Fund — or even just for not contesting the plan.

Some survivors of abuse have argued that releasing their claims against non-debtors without their consent would violate their due process rights. The US bankruptcy trustee, which is the government’s "controller" in Chapter 11 bankruptcies, has argued that such bankruptcies are not permitted under the bankruptcy law, and that the scope of the proposed versions in the BSA plan, potentially extending to tens of thousands of entities, was Unprecedented.

The plan called for BSA itself to contribute less than 10% of the proposed settlement fund, consisting of property valued at approximately $80 million, a promissory note of $80 million, and approximately $20 million in cash.

Local BSA boards, which run daily operations for the troops, have offered to contribute at least $515 million in cash and property, and a note carrying at least $100 million in interest. That contribution was conditional on some protection for the local troop sponsoring organizations, known as "charter organizations." Those organizations, numbering in the tens of thousands, include religious entities, civic associations and community groups.

The bulk of the compensation fund will come from BSA’s two largest insurers, Century Indemnity and The Hartford, which have reached settlements requiring them to contribute $800 million and $787 million, respectively. Other insurance companies agreed to contribute about $69 million. The Church of Jesus Christ of Latter-day Saints, the former largest sponsor of the BSA, will contribute $250 million to abuse claims involving the Mormon Church, while groups affiliated with the United Methodist Church will contribute $30 million.

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Argentina: Markets cheer for the new minister, but for how long?

Buenos Air – Markets are welcoming Sergio Massa as Argentina’s third economy minister in less than a month, but analysts warn that more details are needed about his plans to pull the South American country out of its dire economic strain.

The local currency, the peso, strengthened strongly in the financial market on Friday while government bonds saw gains a day after the government of President Alberto Fernandez announced the appointment of Massa as an economic "super minister" bringing together the existing ministries of Economy, Productive Development and Agriculture. .

The increases recorded, Friday, continue the trend that began earlier this week amid rumors that Massa, the speaker of the House of Representatives of Congress, the House of Representatives, will join the administration.

“The market reaction reflects relief that someone with political skills and a strong party constituency has played this key role,” said Benjamin Gaidan, acting director of the Latin America Program at the Wilson Center in Washington. "He’s someone who can’t be easily dismissed, and the idea is that there will be some consistency in policy."

Massa’s appointment came just over three weeks after a left-leaning Sylvina Batakis was named to replace the more moderate Martin Guzmán, who abruptly resigned amid complaints he did not have the full support of a ruling coalition that had split between factions loyal to him. President on one hand and Vice President Cristina Fernandez de Kirchner, the former president who still enjoys a strong support base.

The naming of Patakis was followed by a sharp depreciation of the peso amid strict capital controls, reflecting uncertainty over whether it has the power to impose the kinds of reforms needed to transform an economy that suffers from one of the world’s highest inflation rates. which operates at more than 60% annually.

"Argentina has an urgent need to restore confidence in the economy, and the hilarious round of finance ministers is having the opposite effect," Gaidan said.

Fernandez tacitly acknowledged on Friday the need for a strong figure to lead the government’s economic programme.

"What we have experienced as a state and society over the past few months, and especially the last few weeks, forces us to better coordinate," Fernandez wrote on Twitter.

Massa, a former mayor who has always had presidential ambitions and enjoys good relations with the country’s business elite, has his own political support base, so he is seen as someone who is supposed to be able to impose his own agenda.

Fausto Spotorno, chief economist at Orlando J. Ferrers: "He’s not pro-market, he’s pro-capitalist" & Associates, a consulting firm in Buenos Aires. "He’s not a leftist."

Massa told reporters on Friday that he will appoint his team on Monday and unveil new economic measures on Wednesday. He still had to formally resign his seat in Congress before he could officially take up the cabinet position.

Despite the lack of concrete steps, market analysts feel confident they know in which direction Massa will go, given that his team has been talking to key players all week.

“The measures they discussed are very reasonable,” Spotorno said.

But for now, "the optimism seems somewhat exaggerated," Gedan cautioned. "It is true that Martin Guzmán was living outside the country and did not necessarily have the ability to navigate the snake pit of this alliance, but the underlying problems are difficult to solve and politically treacherous."

One of the main questions the country is asking is about the future of the country’s recent deal with the International Monetary Fund to restructure $44 billion in debt.

Cristina Fernandez and her left-leaning coalition allies publicly opposed the deal, claiming that it required a level of austerity that would hurt workers and the poor while also stifling growth.

Patakis was replaced the same day she returned from a brisk tour of Washington, where she met investors and officials at the International Monetary Fund, the World Bank and the United States Treasury.

Although the market seems to welcome Massa with open arms, it’s not clear that Argentines as a whole feel the same way.

“What the market needs and what public opinion needs are two completely different things,” said Jorge Giacopi, a political analyst who runs local Giacobi polls. & Associated. "They’re both angry, yes, but Massa makes it to this new role with only 9% positive and 70% negative."

When people were asked to describe Massa in one word, Jacobi said, they chose the word "pie," a word used colloquially to describe someone who frequently changes opinions.

Giacobbi added that the low approval rating means that Massa is "a man who has nothing to lose."

Massa was prime minister for about a year during the first term of Cristina Fernandez’s 2007-2015 presidency. He then became highly critical of his former boss as he pursued his presidential ambitions only to later join the coalition that ended up electing Alberto Fernandez, another former ally of Cristina Fernandez who later became a critic.

Some argue that handing too much power to someone who has demonstrated a willingness to change alliances quickly reflects the desperation of the administration.

"This is the government’s last bullet," Spotorno said. "If Massa leaves, who is left? There is no one."

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How to protect your life from stagnation amid economic uncertainty

New York (AFP) – Gas, food and rent prices are on the rise. The Federal Reserve raises interest rates to its highest level since 2018. The US economy has contracted for two consecutive quarters.

Economists are divided over whether a recession is on the horizon. What is clear is that economic uncertainty is not going away any time soon. But there are steps you can take now to be prepared for whatever is to come.

Yiming MaD., an assistant professor at Columbia University, says the question is not whether a recession will happen but when it will happen. She said people should prepare but not panic.

“Historically, the economy has always been in an ups and downs,” Ma said. "It’s something that just happens, it’s a bit like catching a cold."

But it does suggest that some people’s immune systems are better able to recover than others. It’s the same with finances. If you think an economic recession could destabilize you, here are a few things you can do to prepare.

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Know your expenses and create a budget

Knowing how much you spend each month is key. Ma recommends sitting down and writing how much you spend day in and day out. This will help you know what will happen, what will happen, and unnecessary expenses that you may be able to cut.

"By understanding the money you’re getting and what you’re spending, you may be able to make changes to help you through tough times," advises the FDIC. smart moneyFinancial education programme.

Budgets often reveal expenses that can be eliminated entirely or impulsive spending that can be avoided by planning.

For tips on creating a budget, free courses like " Create a budget (and stick to it) By CT Dollars and Sense, a partnership of Connecticut state agencies, and Nerd Wallet’s Budget Calculator They can be good places to start.

Save what you can

The more nonessential expenses you can cut, the more you can save.

It’s not possible for everyone, but Jane Natalie, co-founder of Troutwood, an app that helps people create financial plans, says it’s ideal to budget to save enough to cover basic necessities for three to six months.

Programs like America savesa not-for-profit campaign by the Consumers Federation of America, could help create a roadmap.

Ma said, if you have a savings account, it is important to check if your bank gives you a good interest rate and to shop if not.

Her advice is to watch monthly fee Or service charges that may eat up your savings. But don’t limit your options. Online banks sometimes offer better rates than traditional banks.

Collect your loans and don’t take any more

With interest rates rising, experts recommend consolidating your loans for a single fixed rate loan and, if possible, paying off as much of your debt as possible.

“Job security tends to be worse when the recession comes, and this is not a great time to build up debt,” Ma said.

But Pay off your current debts Easier said than done. FTC Consumer Advice Guide for Get out of debt It can help you make a plan.

With interest rates rising, it’s also not a great time to get new loans for big expenses like cars, although experts recommend that if you need durable items like vacuum cleaners, stoves or dishwashers, you can buy them as soon as possible to avoid increases prices in the future.

Visit second hand stores and yard sales

Allen Galleon, a home care provider in California, has been affected for months by the soaring prices of household staples like groceries, paper towels, and gas on his commute.

Hi-C’s son’s favorite orange juice, which was $1.99 for a six-pack, is now $2.50.

Since the beginning of the pandemic, when Galleon stopped caring for multiple families for one client to reduce health risks, his family has dealt with financial instability.

One of the choices he made was to buy items like clothes or electronics Used whenever possible, whether from Goodwill, Pawn Shops or Craigslist. And Craigslist lets you search by area, for less driving — which means less gas and hassle.

Negotiate your monthly bills

Since the pandemic, many companies have updated their relief policies and become more flexible with users, according to Kia McAllister Young, principal. America saves.

McCallister Young said that calling monthly providers to negotiate bills — whether it’s utilities, phone or cable service, internet or car insurance — can lead to meaningful savings. Individuals can request the best rate or any available discounts, discounts or vouchers that can result in a reduced monthly fee. She added that if the service provider is competitive with other companies, there is a better chance of getting a discount.

"If you tell them, 'I’m thinking of a change' or you’re shopping, it helps – if they know you’re thinking of leaving, they’ll give you the best rate, and the goal now is to find as much cash flow as possible."

Check out federal programs like Low Income Home Energy Assistance Program, Which helps cover bills, and Lifeline that can help phone bills. If you are not sure if you qualify for any federal or state program, you He can call 211which will connect you to a local professional who can help you.

Switch your groceries

Among the recommendations from American Consumer Federation.

“A lot of stores have price matching, so if you show them that a competitor is selling the same product at a lower price, they will match,” McAllister Young said. "You also want to look at the stores closest to you, so you’re not spending the extra money you might save on gas."

An alternative way to save money on groceries is to check out food sharing apps like oleo, that connects people around their community to share extra groceries, and very good to go, Where customers can buy corporate surplus food at a discount.

Look at government assistance programs

Even with these saving and spending practices, a month’s wage is not always enough to cover important expenses. If this is your case, programs across the country are available to help you.

"Sometimes there just isn’t enough 'end of the month' at the end of the month," said Michael Best, an attorney at the National Consumer Law Center who works on financial services cases.

To take advantage of these resources, check if you qualify for Emergency Rental Assistance ProgramAnd the Supplemental Nutrition Assistance ProgramAnd the Farmers Market Feeding Programor the homeowner assistance fund. All of these are federal programs coordinated by state governments. Some states offer additional local programs for their residents.

Looking for community help

If you are food or housing insecure, find nonprofit or community organizations around you. From housing support And the food pantry to me Utility helpNon-profit organizations across the country can help. National organizations such as Feeding America It hosts food banks in all 50 states.

Kavita Mehra said from Sakhi for South Asian womenan organization that helps survivors of domestic violence in New York City.

Her organization provides housing, food, and emergency cash assistance to people in the community. Between January and June, she said, her group distributed more than $150,000 in emergency cash assistance to survivors who had the most trouble turning out the lights and putting food on the table. This is more than last year.

Food aid organizations such as Abundant harvestAnd the America is hungry And the Save the United States Food Offers maps that allow users to search a nearby food bank by typing in their zip code.

Take care of your mental health

Between worrying about bills and not knowing what your financial future might look like, your stress levels can go to the surface.

"It’s a feverish existence," Galleon said. "You have to do a lot of management, and you have to keep calm, for the sake of your mental health."

Debra Kessin, Clinic Director Light on CBT Anxiety Treatment CenterHe recommends first identifying when your body is under stress. Then she recommends mindfulness exercises such as breathing and touching the wall to calm yourself down and complete The Five Senses for Anxiety Relief Exercise.

Most health insurance covers some form of mental health assistance. If you do not have health insurance, you can search for registered therapists across the country, including through FindTreatment.gov and the American Anxiety and Depression Association Guide.

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The Associated Press receives support from the Charles Schwab Foundation for educational and interpretive reporting to improve financial literacy. The independent foundation is separate from the Charles Schwab & Co. Foundation. The Associated Press is solely responsible for its press.

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Asian stocks rose mostly after the rally on Wall Street | Health, medicine and fitness

By YURI KAGEYAMA – AP . Business Writer

TOKYO (AP) – Asian stocks rose mostly on Friday after a broad rally on Wall Street, but the main index in Hong Kong fell more than 2%.

Investors seem to have become more convinced that The Federal Reserve may ease Sharp interest rate increases are aimed at curbing inflation after the Commerce Department reported US economy shrinking at a rate of 0.9% annually in the most recent quarter. This followed a 1.6% year-over-year decline in the first quarter.

Investors have been cautiously eyeing regional tensions over China’s stance on Taiwan after President Zhou Biden and China, Xi Jinping Talk for more than two hours on Thursday. China left no doubt that it blamed the United States for the worsening relationship, but the White House said the point of the call was to "manage our differences responsibly and work together where our interests coincide."

Hong Kong’s Hang Seng fell 2.3% to 20148.90 and the Shanghai Composite fell 0.7% to 3,258.86 after China’s leaders acknowledge that the economy is suffering It will not reach the official growth target of 5.5% this year.

The announcement came after a planning meeting of the ruling Communist Party on Thursday that Beijing will try to support sagging consumer demand but will stick to tough anti-COVID-19 tactics that have disrupted manufacturing and trade. highlights The high cost of the Xi government is willing to bear To stem the virus in a politically sensitive year as he is widely expected to try to extend his term in power.

Japan’s Nikkei 225 lost 0.3% to 27750.17, while Australia’s S&P/ASX 200 rose 0.8% to 6947.30. South Korea’s Kospi rose 0.4% to 2,446.22 points.

Japanese government data showed that factory production in June jumped 8.9% from the previous month, marking the first rise in three months. The last dilution of Pandemic lockdowns In China to promote Japanese production.

“On the economic data front, the easing of Chinese restrictions also resulted in stronger-than-expected June production for Japan, as the reopening of China is likely to have a positive impact across the region in the second half of the year,” Yip said. Jun Rong, Market Strategist at IG in Singapore.

The rise in the number of COVID-19 infections to record levels in many parts of Japan has raised alarm. But Robert Carnell, ING’s regional head of research for Asia Pacific, thinks Japan’s second-quarter gross domestic product, or gross domestic product, will rebound marginally from the first-quarter contraction.

On Thursday, the S&P 500 rose 1.2% to 4072.43, while the Dow Jones added 1% to close at 32,529.63. The Nasdaq rose 1.1% to 12162.59. The Russell 2000 Index rose 1.3% to 1873.03.

Consecutive quarters of lower GDP are an unofficial, if not definitive, indicator of what economists call a technical recession.

The GDP report indicated weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment declined. Inventories fell as companies slowed to restock shelves, lagging 2 percentage points of GDP.

The Federal Reserve has made a slowing US economy to tame the highest inflation in 40 years its goal by raising interest rates, most recently on Wednesday. The latest GDP report, along with recent weak economic data, may give some investors confidence that the central bank will be able to cushion the scale of any further rate hike.

In a research note Thursday, Jonathan Golub, chief US equity strategist at Credit Suisse Securities, said, “Whether or not we are in a recession will be debated by academics in the coming months. However, today’s report unequivocally reflects significant weakness in activity." economy, and increases the likelihood that the Fed will turn pacifist.”

The central bank raised its key short-term interest rate by 0.75 percentage points on Wednesday, taking it to the highest level since 2018. The move sparked a broad market recovery led by technology shares that helped give the Nasdaq its biggest gain in more than two years. . All major indexes are now on track for weekly gains, extending Wall Street’s strong rally in July.

In a week packed with corporate earnings reports, investors focused on what companies are saying about inflation and the impact of higher interest rates on their businesses and customers.

Technology stocks, retailers, restaurant chains and other companies that rely on direct consumer spending helped lift the S&P 500 index on Thursday. Microsoft shares rose 2.9 percent, Target added 3.1 percent, and McDonald’s rose 1.8 percent.

Telecom services stocks were the only lagging behind. Meta Platforms fell 5.2% after the social media giant said its revenue fell last quarter for the first time ever, weighed down by a drop in ad spend.

Shares of Spirit Airlines rose 5.6 percent after JetBlue It agreed to buy the low-cost airline for $3.8 billion Creation of the fifth largest airline in the country. The day before, Spirit’s attempt to merge with Frontier Airlines had collapsed. Frontier Airlines jumped 20.5%.

In energy trading, benchmark US crude rose 25 cents to $97.28 a barrel in electronic trading on the New York Mercantile Exchange. It lost 84 cents to $96.42 on Thursday.

Brent crude, the international pricing standard, rose 3 cents to $101.86 a barrel.

In currency trading, the US dollar fell to 133.24 Japanese yen from 134.27 yen late Thursday. The price of the euro came to $ 1.0220, a slight increase from $ 1.0199.

AP Business Contributing Writer Alex Veiga.

Yuri Kageyama is on Twitter https://twitter.com/yurikagyyama

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

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US official says Biden and Xi could meet in person | Health, medicine and fitness

By Chris Mejerian and Zeke Miller, The Associated Press

A senior US administration official said after the two leaders spent more than two hours on Thursday talking about the future of their complicated relationship, with tension over the future of their complicated relationship. Taiwan It reappears as a flash point.

Biden made the phone call from the Oval Office, where he was joined by his top aides, including Secretary of State Anthony Blinken. The official declined to be identified to speak about the private conversation.

When Biden was vice president, he spent many hours with Xi in the United States and China, an experience he often remembers as he talks about the two countries' opportunities for conflict and cooperation. However, they have not met in person since Biden became president last year.

Xi left mainland China only once, To visit Hong KongSince the start of the COVID-19 pandemic. However, it has been Officially invited to Indonesia In November for the upcoming G20 summit of the world’s leading economies, making the conference a potential location for a meeting with Biden.

The latest pressure on Taiwan is the possible visit of House Speaker Nancy Pelosi to the island, which has ruled itself for decades but China maintains as part of its territory.

Xi confirmed the allegations during his call with Biden, according to China’s Ministry of Foreign Affairs.

"He who plays with fire will perish with it," the ministry said. Hopefully, the US will be clear in his eyes about this. "

The White House released its own description of the conversation on Taiwan, saying that Biden "emphasized that US policy has not changed and that the United States firmly opposes unilateral efforts to change the status quo or undermine peace and stability across the Taiwan Strait."

The White House said the goal of the call, which began at 8:33 a.m. EST and ended at 10:50 a.m. EDT, was to "manage our differences responsibly and work together where our interests align."

As usual, China leaves no doubt that it blames the United States for the deterioration of relations between the two countries.

“President Xi stressed that dealing with and defining Sino-US relations in terms of strategic competition and viewing China as the primary competitor and that the most serious long-term challenge would be to misunderstand Sino-US relations and misread China’s development, and would mislead the people of the two countries and the international community, The Ministry of Foreign Affairs said.

Yun Sun, director of the China program at the Stimson Research Center, said that while Beijing’s warning not to play with fire on Taiwan on Thursday drew attention, it did not represent an escalation of its usual diplomatic rhetoric.

Sun noted that both the United States and China said the conversation covered a wide range of topics, from the epidemic to climate change. She described it as "more positive than the two leaders telling each other, well, we’ll stick to our positions on Taiwan."

She also suggested that Xi might have an incentive to calm tensions as he seeks to obtain Third term as president.

"They cannot afford to rupture the relationship with the United States," she said.

The call with Xi took place as Biden aims to find new ways to work with China and contain its influence around the world. Differing views on global health, economic policy and human rights have long tested the relationship — with China refusing to condemn it Russian invasion of Ukraine Add more pressure.

The last pressure point was House Speaker Nancy Pelosi Possible visit to Taiwan, which has a democratic government and receives unofficial defense support from the United States, but which China considers part of its territory. Beijing said it would view such a trip as a provocation, a threat US officials are taking increasingly seriously in light of Russia’s incursion into Ukraine.

"If the United States insists on going its own way and challenging China’s net profit, it will certainly be met with strong responses," Zhao Lijian, a Chinese foreign ministry spokesman, told reporters earlier this week. "All consequences of this will be borne by the United States."

Pelosi will be the highest-ranking elected US official to travel to Taiwan since then Republican Newt Gingrich visited the island in 1997 When he was Speaker of Parliament. Biden told reporters last week that US military officials believe the spokesman’s visit to the island "is not a good idea" at the moment.

John Kirby, a US national security spokesman, said Wednesday that it is important for Biden and Xi to touch the base regularly.

"The president wants to make sure that the lines of communication with President Xi remain open because they need to," Kirby told reporters at a White House briefing. "There are issues on which we can cooperate with China, and there are issues that there are obviously frictions and tensions."

Biden and Xi last spoke in March, Soon after the Russian invasion of Ukraine.

“This is one of the most important bilateral relationships in the world today, and it has ramifications that go beyond both individual countries,” Kirby said.

Biden moved to shift US dependence on Chinese manufacturing, including Final congressional approval Thursday Legislation to encourage semiconductor companies to build more high-tech factories in the United States

He also wants to mobilize global democracies to support infrastructure investment in low- and middle-income countries as an alternative to China’s "Belt and Road Initiative", which aims to boost China’s trade with other global markets.

Biden has kept Trump-era tariffs on many goods manufactured in China in order to maintain influence over Beijing. But he is considering whether at least some of them should be loosened to reduce the impact of high inflation on American households.

US officials have also criticized China’s "COVID-free" policy of mass testing and lockdowns in an effort to contain the spread of COVID-19 in its territory, calling it misleading and worrying that it will further slow global economic growth.

Other points of tension include China’s treatment of Uyghur Muslims, which the United States has declared a genocide, the militarization of the South China Sea, and its global campaign of economic and political espionage.

Associated Press writers Ken Moritsugu and Joe MacDonald contributed from Beijing, and Ellen Nikmeyer contributed from Washington.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

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