Sunday, Sep 25, 2022 - 12:34:13
842 results - (0.007 seconds)

billion over:

latest news at page 1:
    In this article GOOGL AMZN MSFTFollow your favorite stocksCREATE FREE ACCOUNTThe probe will focus on so-called "hyperscalers" like Amazon Web Services and Microsoft Azure, which let businesses access computing power and data storage from remote servers.Chesnot | Getty ImagesBritish media regulator Ofcom is investigating Amazon, Microsoft and Google's tight grip on the cloud computing industry. In the coming weeks, the watchdog will launch a study to examine the position of firms offering public cloud infrastructure and whether they pose any barriers to competition. Its probe, announced Thursday, will focus on so-called "hyperscalers" like Amazon Web Services, Microsoft Azure and Google Cloud, which let businesses access computing power and data storage from remote servers, rather than host it on their own private infrastructure. Further action could be taken by the regulator if it finds the companies are harming competition. Selina Chadha, Ofcom's director of connectivity, said the regulator hadn't yet reached a view on whether the cloud giants are engaged in anticompetitive behavior. Ofcom said it will conclude its review and publish a final report including any concerns and proposed...
    For example, the legal justification for canceling $10,000 of student loan debt per borrower is the alleged national emergency stemming from the pandemic. Meanwhile, Biden officials have argued that migrants should no longer be expelled from the U.S. under Title 42 because the pandemic is a relic of the past.What does the WH say?Administration officials were called in for clean-up duty this week after Biden's "60 Minutes" interview. An official, for instance, told CNN the official policy of the U.S. government has not changed, and that a declaration of national emergency over the pandemic will be extended in October. On Wednesday, White House press secretary Karine Jean-Pierre muddied the waters further with confusing remarks when asked about Biden's declaration. "Just to step back for a second," she said. "When he made those comments, he was walking through the Detroit car show, the halls of the Detroit car show, and he was looking around. We have to remember the last time that they had held that event was 3 years ago. "We are in a different time. He’s been very consistent...
    In another instance, Biden signed away Trump's public charge rule, enabling illegal aliens to acquire additional welfare dollars and benefits. This, according to the CBO, will cost taxpayers $20 billion. A major contributor to the $1.5 trillion figure is Biden's student loan handout — the legality of which is in contention — with $10,000 in debt forgiveness promised to each borrower with an income under $125,000 or $20,00 to those with Pell Grants. The Penn Wharton Budget Model puts the cost of this debt cancellation at around $519 billion over the planned ten-year budget window. Loan forbearance and the new income-driven repayment program will cost another $16 billion and $70 billion respectively. Altogether, with additional unforeseen costs likely to be tacked on, the total plan may cost over $1 trillion. A National Taxpayers Union Foundation estimate puts the cost to taxpayers of Biden's student debt forgiveness at around $400 billion. Although considerably less than some other estimates, this would still mean an increase in the average burden per U.S. taxpayer of $2,503.22. The White House suggested that the...
    Ancient collisions with asteroids actually moved the moon's north and south pokes by about 186 miles, scientists revealed in a new study. A team at NASA's Goddard Space Flight Center in Maryland used computer simulations to 'erase' thousands of craters from the lunar surface - as if they were going back in time to 4.25 billion years ago when the craters didn't exist. Their work led them to discover that asteroid impacts caused the location of the poles to 'wander' by 10 degrees in latitude or about 186 miles. To put that in perspective, the moon's total diameter is 2,159 miles. These wandering poles can teach scientists more about the poles, which are considered more prized regions because of the frozen water that's been discovered there.  Ancient collisions with asteroids actually moved the moon's north and south pokes by about 186 miles, scientists revealed in a new study A team at NASA's Goddard Space Flight Center in Maryland used computer simulations to 'erase' thousands of craters from the lunar surface. GRAIL gravity model GRGM1200B (left), and GRGM1200B with 5197 crater...
    A handful of conservative advocacy organizations are raising questions about the continuous flow of aid to Ukraine as Kyiv's successful counteroffensive in the east continues. The calls for funding to Ukraine to cease came after the White House announced a request of $11.7 billion for security and economic assistance for the first fiscal quarter of 2023 and another $2 billion to help reduce energy costs that have been affected by Russia’s invasion. UKRAINE SAYS IT SHOT DOWN RUSSIAN-ACQUIRED IRANIAN DRONE IN KHARKIV If Congress approves this new set of funding, it would increase the total aid approved to more than $67 billion. It approved $13.6 billion in March and $40 million in May. There were 57 House Republicans and 11 GOP senators who voted against the May package, though they remained a minority within their party. Concerned Veterans for America Senior Adviser Dan Caldwell criticized the administration’s latest request, arguing that "at a time of record inflation, high energy prices, and a $30 trillion national debt, the United States should not continue to write a blank check for the war...
    The U.K.'s newly elected prime minister Liz Truss is expected to announce a multi-billion-pound stimulus package to help people with soaring energy prices.Carl Court / Staff / Getty Images LONDON — The U.K.'s new Prime Minister Liz Truss is set to announce a package worth tens of billions of pounds to help people to pay their energy bills on Thursday, but there are concerns over how it will be funded. The policy announcement is expected to freeze the price of energy either at its current level or at £2,500 ($2,870). As it currently stands the cap coming into effect next month will raise the average energy bill from £1,971 to £3,549 a year. Truss said she would "deal with the energy crisis caused by Putin's war" in her maiden speech as prime minister on Tuesday evening. "I will take action this week to deal with energy bills and to secure our future energy supply," she said. The announcement is set to come as more than 170,000 people in the U.K. plan to cancel their energy bill payments on Oct. 1...
    by Gabe Kaminsky   President Joe Biden’s Internal Revenue Service (IRS) gave a huge number of prison inmates at least $1.3 billion in COVID-19 stimulus checks, the Washington Free Beacon reported. There are more than 1.1 million incarcerated individuals who took in the stimulus money, according to IRS data provided to the Free Beacon, as part of Biden’s $1.4 trillion American Rescue Plan. Those incarcerated who received the stimulus money includes roughly 163,000 people serving life sentences without parole, the IRS told Republican Nebraska Rep. Don Bacon in a letter obtained by the outlet. “Democrats had every opportunity to stop taxpayer dollars from going to convicted criminals,” Mike Palicz, federal affairs manager for Americans for Tax Reform, a group seeking to lower federal spending, told the Daily Caller News Foundation. “Instead, Democrats blocked a Republican amendment that would’ve prevented inmates from receiving stimulus payments and sent up to $1,400 checks to more than one million incarcerated criminals.” The American Rescue Plan was signed by Biden in March 2021 in order to provide relief to Americans amid the economic fallout of the COVID-19 pandemic. Americans earning...
    RUSSIA has vowed to keep natural gas supplies to Europe via the Nord Stream 1 pipeline shut off. Industry leaders Gazprom announced the news in wake of G7 finance ministers agreeing to impose a price cap on the nation's oil exports. 1Gazprom announced the key pipeline would not be reopened due to a leak The proposal by the UK, US, France, Germany, Italy, Japan and Canada was made in a bid to stop pumping money into crazed Vladimir Putin's war fund. Gazprom revealed it would not reinstate supplies to Europe as the main gas turbine at Portovaya compressor station near St Petersburg needs repairs. They said it could not operate safely until the leak was fixed, without mentioning when the supply would return. Experts fear the move could spark mass shortages across the continent. Most read in The US SunOUT OF THIS WORLD! Kylie files trademarks for Stormi World & continues to snub newborn sonCASH BOOST Exact date Americans will receive new up to $1,500 direct payment by this monthSOAP SHOCKER You may be using...
    A former NBA coach has been ridiculed for comparing President Biden's student loan debt forgiveness to Jesus' miracle of feeding the multitudes. Stan Van Gundy - formerly head coach of the Orlando Magic, the Miami Heat, and the Detroit pistons - tweeted a meme intended to mock Republican mentalities but instead landed his own political logic in a hotbed of ridicule. The meme showed a painting of Jesus' miracle of bread a fish - a bible story where Jesus feeds thousands by miraculously multiplying a supply of bread and fish - with a caption reading 'Jesus's miracle of the loaves and fishes was a slap in the face to all the people who brought their own lunch.' Van Gundy added his own caption in the tweet, saying 'Republican logic' apparently intending to call Republicans stubbornly uncharitable for opposing Biden's forgiveness of $10,000 in student loan debt for individuals making up to $125,000. Rather than serving as biting criticism, Twitter users quickly put Gundy on the blast and said his Tweet simply pointed out Democrat's illogical view of how the world...
    Additionally, Biden's extension of the payment moratorium will cost $16 billion. The biggest question mark is the new income-driven repayment program, which is being significantly altered to ease the financial burden of paying back student loans. Penn Wharton said that portion of the plan will cost at least $70 billion. However, Penn Wharton also explained the new IDR program could cost as much as $450 billion — or more. From the analysis:[M]any borrowers who anticipate not being qualified in future years [for the IDR program] would typically be better off enrolling in the intermediate years in which they are qualified. There would also be financial incentives for future borrowers to shift education financing toward more borrowing to take advantage of the 5% repayment threshold. If the Department of Education simply auto-enrolled borrowers for which it had sufficient information (i.e., switched from “opt in” to “opt out”), the additional costs of the IDR program alone could reasonably exceed $450 billion.If the IDR program indeed costs that much, the total cost of Biden's plan could exceed $1 trillion, the analysis said, adding...
    More Democrats are coming out against President Joe Biden's ambitious plan to wipe out at least $10,000 in student loans for a huge number of borrowers, claiming the move is 'out of touch' with what Americans want. The move to forgive student loans is causing a rift in the Democratic party as a Republican bloodbath is expected in the 2022 midterms and as the White House scrambles to explain how they will pay for the plan. Education Secretary Miguel Cardona ducked twice when asked by CNN's New Day how much the plan would cost and how it would be paid for. The Committee for a Responsible Federal Budget released estimates Wednesday claiming that the forgiveness plan could cost taxpayers between $400 and $600 billion over the course of 10 years. This estimate includes the most up-to-date information revealed by the administration and is higher than previous estimates made before Biden announced that Pell Grant borrowers would receive $20,000 in forgiveness while non-Pell Grant recipients stay at the $10,000 figure. The White House and Education Department did not respond to a...
    President Biden announced his his long-awaited student loan cancelation plan and an extension of the moratorium on payments Wednesday. Biden was long expected to announce plans to forgive up to $10,000 in student debt for those making up to $125,000, which he did, but he threw in another provision - $20,000 of debt forgiveness for Pell Grant recipients. In addition, borrowers will not be required to pay back loans until January 2023, marking the fifth extension of the payment pause.  Pell Grants are usually not repaid unless a student drops out early or does not take the proper number of credits.  Here's what the program will actually cost at minimum, based on models that did not factor in Pell Grant forgiveness:  One-time debt forgiveness of $10,000 per borrower making under $125,000 will cost about $300 billion. The cost increases to $330 billion if the program is continued over a standard 10-year budget window.  Disproportionately favors the well-off  Though the Biden administration plans to institute income caps to stave off criticisms that student loan forgiveness benefits the wealthy, between 69 and...
    Joe Biden could make an announcement as early as Wednesday on potentially forgiving $10,000 in federal student loan debt for each borrower earning less than $125,000 annually. The impending potential announcement comes as borrowers' nail-biting continues with the fast-approaching August 31 loan moratorium deadline. People familiar with discussions told Bloomberg that some low-income borrowers who received Pell grants could also receive a higher amount of debt forgiveness. A new analysis released Tuesday from the Penn Wharton Budget Model estimates that forgiving student loan debt for this income demographic could cost between $300 and $980 billion over 10 years. It also notes that the majority of relief would go towards borrowers who are within the top 60 percent of earners. While final details of an impending announcement on the future of student loan forgiveness are still being worked out, President Biden's White House has been signaling for months the potential canceling of a certain amount for each individual borrower. The Biden administration is leaning more toward canceling $10,000 in student loan debt for borrowers making less than $125,000 annually – and...
    Elon Musk has subpoenaed his friend and former Twitter CEO Jack Dorsey amid the ongoing legal battle over his $44 billion acquisition of the social network.  Musk's legal team is likely seeking support from Dorsey - the ultimately Twitter insider who ran the company for eight years - for his argument that the platform has not been truthful about the number of bots and fake accounts among its 238 million daily active users.  Dorsey co-founded Twitter in 2006 and reportedly grew close to Musk, urging him to buy the company and take it private. He stepped down from running the company a second time last November and handed the role to current CEO Parag Agrawal. Scroll down for video  Musk's legal team is likely seeking support from Dorsey - the ultimately Twitter insider who ran the company for eight years According to the subpoena, Dorsey is being asked for documents related to 'the impact or effect of false or spam accounts on Twitter’s business and operations, Twitter’s use of mDAU as a Key Metric' and other information According to the...
    A conservative group run by Federalist Society co-chair Leonard Leo scored an unusually large $1.6 billion donation from electronics manufacturing mogul Barre Seid to sink into this year's midterm elections.  The donation, made to the Marble Freedom Trust by the 90-year-old former Tripp Lite CEO and little-known GOP megadonor, is 'among the largest—if not the largest—single contributions ever made to a politically focused nonprofit,' according to the New York Times. Leo, who runs the group, is a conservative legal activist who co-chairs the Federalist Society. He helped Justice Clarence Thomas through his confirmation hearings and led campaigns to get Chief Justice John Roberts, Justices Samuel Alito, Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett through theirs.  Thomas, in a Federalist Society lecture in 2018, joked that Leo was the 'number three most powerful person in the world.'   The cash infusion came through an 'unusual' series of transactions that appear to have avoided tax liabilities, according to the Times.  Rather than handing over cash, Seid, before selling Tripp Lite, donated 100 percent of the shares of the company before it was sold...
    by Jon Styf   Thursday’s Nashville East Bank Committee Meeting was scheduled to be about the city’s capital improvement obligations at Nissan Stadium. But a portion of the meeting was ultimately a preview of a central point of the Metro City Council’s ultimate debate on approving nearly $2 billion in bonds that will be paid for with an estimated $1.5 billion in public funds for a new estimated $2.2 billion stadium. “One thing I do want to just insert back into the conversation is that Metro’s liability, as I understand it today, is sales taxes and hotel taxes per se, and so it’s not that Metro taxpayers themselves are being asked to pay for all of that,” said Council member Brett Withers, who represents the area that includes the stadium. “I just wanted to clarify what our obligation for the city is the sales tax and hotel tax.” But committee chair and at-large council member Bob Mendes quickly objected to that characterization of the planned funding for a new stadium, saying the committee members had reached an agreement to...
    Woke Twitter staffers were told Friday that their upcoming bonus checks may be half what they expected due to a punishing second quarter and the costly battle with Elon Musk over his aborted $44 billion takeover bid. Company CFO Ned Segal sent an email to the companies 7,500 staffers letting them know that the bonus pool has been drained due to a $270 million net loss in the spring. The company blamed a skittish advertising industry, which accounts for much of the platform's revenue, that has been hesitant to spend ad dollars because of the economic uncertainty caused by the war in Ukraine. Twitter CFO Ned Segal told staffers that the bonuses this year could be half of what they expected Twitter lost $270 million in the second quarter of 2022 because of weak ad sales and the aborted takeover bid by Elon Musk Elon Musk offered to buy the company for $54.20 a share, a 38 percent increase over the stock price at the time Musk's flirtation with purchasing the company in April didn't help the company's bottom line. ...
    "To be fair this is the most animated Mark Zuckerberg has ever looked," tweeted comedian Gianmarco Soresi. "It’s truly embarrassing that someone this rich is hinging his gargantuan company’s existence on something that looks like a JibJab birthday video from 2004," responded writer Mitch Dyer. "Mark zuckerberg heard you all joking that he looks like a robot baby and is trying to get his revenge by creating an entire alternate universe where everyone and everything looks like that," read another tweet. Forbes contributor Paul Tassi similarly torched the offering from Zuckerberg. This is just embarrassing, and yet Zuckerberg seems entirely immune to the embarrassment, or really just does not understand how bad this looks, both literally, the graphics are garbage and it’s bizarre no one has legs after five years of this, but also for him and his company and his grand vision of the metaverse, which he seems to understand less than all of his competition. He concludes, "This is not going to go well for him or Meta if...
    The Inflation Reduction Act, a broad social spending legislation enacted this summer by President Joe Biden and congressional Democrats, will dramatically increase federal spending on climate and healthcare programs. The law also aims to shift the tax code dramatically, with changes Democrats say will only affect the wealthy. The Inflation Reduction Act includes nearly $370 million in tax credits and other incentives to encourage people to switch to clean energy sources and lower greenhouse gas emissions. It also extends subsidies to lower the cost of health insurance for those who get it under the Affordable Care Act. To pay for all of this, lawmakers are relying on two key elements in the law: allowing Medicare to negotiate some prescription drug prices, thus lowering their cost, and a series of new tax measures, largely targeting the wealthy. Combined, the provisions are expected to pay for the law’s climate and healthcare initiatives while cutting the federal deficit by more than $250 billion over the next 10 years. Experts have given the bill’s tax changes mixed reviews, however, with some...
    (CNN Business)The NCAA's Big Ten Conference announced on Thursday it has reached a massive media rights agreement with CBS, FOX, NBC and NBCUniversal's Peacock for a deal reportedly worth an average of at least $1 billion a year.CNN has reached out to the Big Ten Conference to confirm the financial terms of the deal but has not yet received a response.The seven-year deal, which goes into effect in 2023, comes weeks after the conference announced the University of Southern California and UCLA would join from the Pacific-12."The Big Ten Conference media rights agreements are more than just dollars and deals. They are a mechanism to provide stability and maximum exposure for our student-athletes, member institutions and partners during these uncertain times in collegiate athletics," Big Ten Conference Commissioner Kevin Warren said in a statement. "We are very grateful to our world-class media partners for recognizing the strength of the Big Ten Conference brand and providing the incredible resources we need for our student-athletes to compete at the very highest levels, and to achieve their academic and athletics goals."Beginning in the...
    By Amanda Albright | Bloomberg California Governor Gavin Newsom blasted Alabama for spending pandemic-relief aid building prisons, the latest round in his very public campaign criticizing GOP governors in other states. In a video shared on Twitter, Newsom said Alabama — led by Republican Governor Kay Ivey — chose to invest in “prisons and punishment” with federal aid while California spent some of its money on education. Alabama officials approved the use of about $400 million of its pandemic relief aid to finance the construction of two men’s prisons, which activists have criticized. Lotta talk about education & "choice" from these GOP governors. Lets look at the "choices" theyre making. When states received new federal money, CA gave 3.5 million kids college savings accounts. Alabama spent it on two super-sized prisons. Actions speak louder than words. pic.twitter.com/khHpcKrJOc — Gavin Newsom (@GavinNewsom) August 15, 2022 Newsom, who is considered a potential Democratic presidential candidate in 2024, has been attacking Republican governors like Florida’s Ron DeSantis and Greg Abbott in Texas. Given that he’s expected to easily win a second term...
    A pharmacist collects medications for prescriptions at a pharmacy.Simon Dawson | Bloomberg | Getty Images Medicare is poised to renegotiate the prices of some of its most expensive drugs through a historic expansion of its power, which could reduce costs for many seniors as well as federal spending on its prescription drug plan. The changes are tucked inside a massive spending-and-tax bill in Congress that includes $433 billion in investments in health-care and clean energy. House Democrats passed the Inflation Reduction Act on Friday in a 220 to 207 vote along party lines, ending a tortured legislative process that took more than a year. The bill empowers the Health and Human Services Secretary to negotiate prices for certain drugs covered under two different parts of Medicare and punish pharmaceutical companies that don't play by the rules. The legislation also caps out-of-pocket costs at $2,000 starting in 2025 for people who participate in Medicare Part D, the prescription drug plan for seniors.VIDEO3:2403:24House passes Inflation Reduction Act, goes to Biden's desk for signatureThe News with Shepard SmithDemocrats have been fighting for decades...
    Senate Democrats passed a pared-backed reconciliation package on Sunday, but only after a pair of widely supported provisions that would have made it harder for Wall Street tycoons to reduce their tax bills were removed at the behest of Sen. Kyrsten Sinema—the right-wing Arizona Democrat who has taken more than $500,000 in campaign contributions from private equity executives during the current election cycle. "Remember the days when taking half a million bucks from an industry, and then passing legislation that only benefits that industry, while passing the costs onto everyone else, would be called corruption?" Brown University political economist Mark Blyth asked on social media. "Today it's just lobbying as usual." \u201cRemember the days when taking half a million bucks from an industry, and then passing legislation that only benefits that industry, while passing the costs onto everyone else, would be called corruption? Today its just lobbying as usual: https://t.co/TY6Atyi5mf\u201d — Mark Blyth (@Mark Blyth) 1659957133 Last week, Sinema agreed to back the Inflation Reduction Act as long as the so-called "carried interest loophole," which benefits hedge fund managers and...
    Republicans are gearing up to attack President Joe Biden as both a tax hiker and a promise breaker as the 2022 midterm elections approach. Biden has long promised not to raise taxes on middle-class Americans, a pledge they say he's broken with the pending passage of the Inflation Reduction Act. WHITE HOUSE TOUTS FALLING AS PRICES, BUT IS IT TOO EARLY TO CELEBRATE? "We can [lower prescription drug prices] without raising taxes a penny on anyone making under $400,000," Biden said on April 21, though he's used a version of the line dozens of times. "No one making under $400,000 would see a penny in their taxes go up. That’s the best way Congress can address inflation right now: [to] lower the cost of other things for people — everyday people working like hell just to keep food on the table." Though the legislation does include efforts to lower prescription drug prices and does not include higher taxes on anyone earning less than that figure, Republicans argue the bill will nonetheless effectively raise the...
    Alex Wong/Getty Images Axios has entered into an agreement with Cox Enterprises, selling the digital media company in a $525 million deal that keeps the current management involved. Ben Mullin with the The New York Times was the first to report the story, citing two sources with knowledge of the deal. The terms of the sale keep the company’s founders — chief executive Jim VandeHei, president Roy Schwartz, and executive editor Mike Allen (pictured above) — on board with “financial incentives to stay at the company,” Mullins wrote, with each becoming a minority shareholder and “continu[ing] to make day-to-day newsroom and business decisions.” Keeping the founders involved was key to getting the deal closed; VandeHei described the site as his “life’s work” and “passion” and said he had no intention to step aside any time soon. Cox Enterprises’ CEO and chairman Alex Taylor will also join the Axios board. Mullins reported details about the financial aspects of the deal, noting the challenges of the digital media environment: The deal offers a rare flicker of hope for the digital publishing sector, which has been...
    Every Republican in the Senate voted against the Inflation Reduction Act. The U.S. Senate on Sunday gave final approval to a historic climate and health care package following months of negotiations. Every single Senate Republican voted against it. With Vice President Kamala Harris casting the tie-breaking vote, the Inflation Reduction Act passed 51-50. Under Senate budget reconciliation rules, Republicans could not filibuster the legislation because it dealt with federal taxation and spending matters. The bill will provide $369 billion in energy and climate change infrastructure funding and $64 billion to pay for a three-year extension of health insurance subsidies under the Affordable Care Act. It will also cap out-of-pocket costs of prescription drugs and insulin for Medicare beneficiaries. These benefits, as well as hundreds of billions of dollars in deficit reduction, will be paid for by allowing the federal government to negotiate lower prices with pharmaceutical companies, closing corporate tax loopholes, and cracking down on wealthy tax evaders. The bulk of the package was negotiated by West Virginia Democratic Sen. Joe Manchin, who had balked at the size of a...
    A billionaire tech entrepreneur has died of dementia aged 81 while fighting a $2 billion tax evasion claim - the largest ever made against a single person by American prosecutors.   Robert Brockman died Friday night while receiving hospice care, his lawyer Kathy Keneally said.  The Houston-based businessman's death came in the midst of a $2 billion tax fraud claim brought against Brockman by prosecutors. Lawyers for Brockman insisted his dementia - which they say had been worsened by Alzheimer's - made him unfit to stand trial. But a judge ruled that he was competent to face the charges in May this year.  Brockman was born in Florida to a modest upbringing with a gas station owner father and physiotherapist mother, according to Bloomberg, but died with a net worth of about $4.7 billion. He made his riches teaching himself programming and eventually developing software that allow vehicle dealers to run business more efficiently.  The 81-year-old left behind his wife of 53 years, Dorothy and a son Robert II; as well as his brother David, a daughter-in-law and two grandchildren. Brockman was...
    The law would 'be a huge step forward in the fight to preserve a livable planet and is one we need to take while we have the chance,' the group Earthjustice said. Environmental groups are hailing the Inflation Reduction Act (IRA) as a desperately needed step to address catastrophic climate change. On Friday, three former Environmental Protection Agency administrators who served under Republican and Democratic presidents put out a joint statement in support of the bill. The bill would cut greenhouse gas emissions 40% by 2030, according to environmental advocacy groups. That figure comes close to the Biden administration's goal of cutting greenhouse gases 50% by 2030. The act would "be a huge step forward in the fight to preserve a livable planet and is one we need to take while we have the chance," according to the environmental law organization Earthjustice. "We urge the Senate to move swiftly to pass the climate measures in the Inflation Reduction Act — and for the House to follow soon after — so we can keep building toward a more sustainable future," Kris...
    Arizona Democratic Sen. Kyrsten Sinema succeeded in knocking out a $13 trillion provision despised by the hedge fund industry before she announced she had agreed to 'move forward' on major legislation heading to its first key vote Saturday. With enormous leverage in the 50-50 Senate, Sinema was able to push to jettison the provision, which the White House and Sen. Joe Manchin (D-W.Va.) touted as a way to force wealthy hedge funders to take ordinary income rather than booking their earnings as capital gains taxed at a lower rate. It would have provided about $13 billion in revenue for the sweeping climate and health package that Democrats have rebranded as the Inflation Reduction Act. But leaders agreed to fill the hole with other revenue provisions, and the latest deal would still reduce the deficit by about $300 billion, Majority Leader Charles Schumer said Thursday night while announcing the latest deal.  'We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy in the Senate's budget reconciliation legislation,' Sinema said in a statement Thursday,...
    WASHINGTON (AP) — Democrats call it the “Inflation Reduction Act.” Republicans say it’s a “tax and spending spree.” And everyone has a study they say proves it. Recent bipartisan action in Congress on matters ranging from producing computer chips to expanding NATO isn’t extending to the latest economic package from Democrats, which is generating a battle of dueling statistics and projections over whether it would help or hurt the economy. For President Joe Biden, the Senate Democrats’ $739 billion package can help lower inflation, cut the budget deficit, address climate change and lower medical bills — a message that he’s trying to sell to the wider country amid intense Republican criticism. Biden appeared at a virtual event Thursday to highlight the proposal with leaders from General Motors, Cummins, Kaiser Permanente and the AFL-CIO, among other organizations. He called on Congress to listen to the public, dig into the numbers and vote for the bill. “Look at the facts,” Biden said. “Pass it. Get it to my desk. Pass it for the American people. Pass it for businesses and workers. Pass...
    Republicans are fighting back against Democrats' plans to bolster IRS enforcement to bring in revenue to pay for their Inflation Reduction Act spending bill.  Tucked into the $433 billion reconciliation deal reached between Democratic Leader Chuck Schumer and key moderate Democrat Sen. Joe Manchin is $80 billion  over 10 years to expand the IRS and ensure Americans are paying their fair share in taxes.  According to the Congressional Budget Office the beefed-up enforcement would bring in net $127 billion over 10 years.   Dubbed the Inflation Reduction Act, Democrats hope to push through the bill without any Republican votes next month.  It involves at least $260 billion in new spending over 10 years, and would also raise taxes by $326 billion over that time period, according to an analysis from the nonpartisan Joint Committee on Taxation.  The deal, which would include $433 billion in government spending on climate and health programs, would finally give President Biden and Democrats a major policy win ahead of the midterm elections. Democrats plan to enforce existing laws and close loopholes and set a corporate minimum tax...
    Tennessee’s attorney general said Wednesday he has sued Walgreens, accusing the drugstore chain of contributing to the state’s opioid crisis by failing to maintain effective controls against the abuse of prescription pain pills. The lawsuit seeking unspecified civil penalties was filed in Knox County Circuit Court by Attorney General Herbert H. Slatery III and alleges violations of Tennessee’s Consumer Protection Act. The lawsuit said that between 2006 and 2020, Walgreens retail stores in Tennessee dispensed more than 1.1 billion oxycodone and hydrocodone pills. One pharmacy alone in Jamestown dispensed enough opioids over that period to supply each resident with 2,104 pills. “Walgreens did not flood the State of Tennessee with opioids by accident,” Slatery said in a statement. “Rather, the fuel that Walgreens added to the fire of the opioid epidemic was the result of knowing — or willfully ignorant — corporate decisions. Walgreens ignored numerous red flags and failed to detect and prevent the abuse and diversion of dangerous narcotics.” Walgreens did not offer immediate comment Wednesday. The suit said Walgreens created a public nuisance and for years failed...
    Jon Stewart chastised Sen. Ted Cruz (R-TX) for voting against a bill that would aid military veterans exposed to toxic burn pits, calling the reasoning offered by the Republican, who has made headlines responding to the comedian's criticisms, "scattershot" and "all over the place." The former Daily Show host appeared on Capitol Hill this week and amplified broadsides by Senate Democrats who say Republicans shifted their support for the legislation, named the Honoring our PACT Act, after Sen. Joe Manchin (D-WV) reached an agreement with party colleagues on a separate spending bill that would not need GOP support to pass. SENATE GOP OPPOSITION DELAYS, BUT LIKELY WON'T THWART, VETERANS' HEALTHCARE BILL "The bill that Ted Cruz voted yes on had the exact same funding provisions as the bill he voted no on. It's the exact same bill. None of this makes any sense," Stewart told NBC's Chuck Todd on Meet the Press. "I'm watching it from the outside, so I don't know why they did it. But I do know this: The explanations...
    New York (CNN Business)If you're reading this, it means you've survived the busiest week of the summer. Congratulations. The last week of July came with an overwhelming confluence of economic data, earnings reports, Federal Reserve announcements and spending deals in Congress.The impact of these past seven days will reverberate for the next several weeks around the abandoned halls of Wall Street and Washington DC as politicos and investors retreat to the Hamptons or Martha's Vineyard or wherever they summer. Are we in a recession? It's hard to say, but hopefully by September the knowledge we gleaned during this treacherous week will be fully absorbed, and our understanding of the US economy will be more clear. So what are we working with here? Let's recap.Read MoreThe Federal Reserve raised interest rates by another 75 basis points. The market expected this move but it was still a historically large hike. The Fed's actions increased the rate that banks charge each other for overnight borrowing to a range of between 2.25% and 2.50%, the highest since December 2018.  Key inflation gauges showed prices remain elevated. The...
    In this article TWTRTesla CEO Elon Musk.Patrick Pleul | AFP | Getty ImagesElon Musk countersued Twitter on Friday, intensifying the conflict between the Tesla CEO and the social networking company he agreed to buy, but the lawsuit is not yet available to the public. It wasn't clear why Musk wanted to carry out a countersuit in private when the billionaire, who is also the CEO of SpaceX, had been vocally critical of Twitter on social media and in press interviews in recent months. On April 25, 2022 Twitter and Musk announced Musk would buy the social networking company and take it private for about $44 billion. Shortly after Musk struck the $44 billion deal, a market downturn led to a decline in tech stocks including both Tesla and Twitter. Soon after they signed the deal, Musk accused Twitter of lying about the number of spam and bot accounts on its platform, and denying him access to information about their handling of these accounts. Musk formally said he wanted to terminate the deal earlier this month, and Twitter sued him in...
    HARRISBURG, Pa. (AP) — A former opioid manufacturer has agreed in principle to pay up to $2.4 billion in a deal with a dozen states over its marketing and product safety practices, state attorneys general announced Friday. The company, Allergan, is now part of AbbVie but sold its generics division Actavis, including its opioid products, to Teva Pharmaceuticals six years ago. Under the settlement, payments will be made to state and local governments, Pennsylvania Attorney General Josh Shapiro said. The agreement means pharma companies have consented to pay more than $40 billion to settle opioid crisis claims regarding manufacturers and distributors, The Associated Press has found. The agreement came days after a similar, $4.3 billion agreement was reached with Teva Pharmaceuticals. A message seeking comment were left Friday with a corporate spokesperson for Teva. Shapiro said the settlement involved claims that Allergan, which produced Norco and Kadian brand generic opioids, downplayed the risk of addiction in marketing and did not act sufficiently to prevent the drugs from being improperly diverted. “No amount of money will bring back the lives we...
    WASHINGTON (AP) — Senate Majority Leader Chuck Schumer told fellow Senate Democrats on Thursday they now have an opportunity to achieve two “hugely important” priorities on health care and climate change, if they stick together and approve a deal he brokered with hold-out Democratic Sen. Joe Manchin. Schumer spoke at a private meeting after the startling turnaround over an expansive agreement he and Manchin struck that had eluded them for months. The Democratic leader’s comments were relayed by a person familiar with the meeting at the Capitol complex and granted anonymity to discuss it. Manchin called the $739 billion package a “win-win” that shouldn’t come as such a big surprise despite the long months of on-again, off-again talks. He bristled at suggestions he’d left his own party dangling when he refused to support an earlier, broader bill. “I’ve never walked away from anything in my life,″ Manchin told reporters via video chat because he is isolating with COVID-19. The new package, not as much as President Joe Biden once envisioned, remains a potentially remarkable achievement for the party, with long-sought...
    PENNSAUKEN, N.J. (CBS) — It’s more like mega billions now that the jackpot is worth more than $1 billion. The lottery rose after nobody won Tuesday night’s drawing. There are a couple of big questions that we are asking on Wednesday: Are you feeling lucky? And, what would you do with all that money? READ MORE: Former Minneapolis Officer J. Alexander Kueng Sentenced To 3 Years For Violating George Floyd's Civil RightsOutside the Wawa in Pennsauken, people have been going inside to purchase gas and a lottery ticket. We’re told they are expecting longer than usual lines. The mega millions jackpot has surpassed $1 billion. No ticket matched all six numbers drawn Tuesday. The Mega Millions record jackpot is over 1.5 billion dollars, which was won in South Carolina in 2018. To this day, it remains the world’s largest lottery prize ever won on a single ticket. As the jackpot grows, so does the number of winning tickets at different levels. We had no problem finding people ready to spend a couple of bucks, hoping for the big payout. “A...
    Fire arms are seen at the Bobâs Little Sport Gun Shop in the town of Glassboro, New Jersey, United States on May 26, 2022. Tayfun Coskun | Anadolu Agency | Getty Images Major gun manufacturers have made over $1 billion in the last decade selling military-style assault weapons, according to an investigation by the House Committee on Oversight and Reform. A memo from the panel outlines manufacturers' revenue and marketing strategies for assault-style weapons, focusing on the the gun brands used in recent mass shootings. The release came ahead of a Wednesday hearing on the role of the firearms industry in pervasive gun violence in the United States. Earnings from assault weapons more than doubled for brands like Smith & Wesson, Sturm Ruger and Daniel Defense between 2019 and 2021, according to House findings. Sturm Ruger CEO Christopher Killoy, and Daniel Defense CEO Marty Daniel are set to testify at Wednesday's hearing. Smith & Wesson CEO Mark Smith was invited but won't attend. At the hearing, Chairwoman Rep. Carolyn B. Maloney, D-N.Y., announced that the committee will issue subpoenas to Smith...
    WASHINGTON (AP) — Gun manufacturers have made more than $1 billion from selling AR-15-style guns over the past decade, and for two companies those revenues have tripled over the past three years, according to a House investigation unveiled Wednesday. Those profits have come as the weapons have been used in mass shootings that have horrified the nation, including one that left 10 people dead at a grocery store in Buffalo and another where 19 children were shot to death in Uvalde, Texas. Those guns are often marketed to young men as a way to prove their masculinity, the Committee on Oversight and Reform said. Some ads mimic popular first-person shooter video games, while others claim the weapons will put buyers “at the top of the testosterone food chain.” Those sales tactics are “deeply disturbing, exploitative and reckless,” said Democratic Rep. Carolyn Maloney of New York. “In short, the gun industry is profiting off the blood of innocent Americans.” The committee she chairs focused its investigation on five major gunmakers, and found they took in a combined total...
    PENNSAUKEN, N.J. (CBS) — The Mega Millions lottery jackpot keeps rolling over. No one claimed the top prize Tuesday night, so it’s now worth over a billion dollars. While no one had a winning ticket last night, some people won smaller $1 million prizes in New Jersey, so maybe lightning will strike twice.  READ MORE: Eagles' Receiver A.J. Brown Surprises Fans At Cherry Hill Pro Shop With His JerseyAt the Wawa in Pennsauken, their lottery machines open at 6 a.m. and the employees tell CBS3 that over the last few days they’ve experienced quite the line. The Mega Millions jackpot has surpassed $1 billion. No ticket matched all six numbers drawn Tuesday.  The Mega Millions record jackpot is over $1.5 billion dollars, which was won in South Carolina in 2018. To this day, it remains the world’s largest lottery prize ever won on a single ticket.   As the jackpot grows, so does the number of winning tickets at different levels. We had no problem finding people ready to spend a couple of bucks.  One woman we spoke with said...
    Twitter on Friday posted a surprise fall in revenue amid fierce competition from Apple and TikTok in a weakening advertising market, as the company wages a legal battle with Elon Musk over his $44 billion buyout deal. The company reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier. Analysts were expecting $1.32 billion, according to Refinitiv IBES data. The results come after Snapchat parent Snap Inc posted weak results and declined to make a forecast, citing "incredibly challenging" conditions as advertisers cut back on spending. Developing story, more to follow.  Twitter on Friday posted a surprise fall in revenue amid fierce competition
    In this article NFLXA sign is posted in front of Netflix headquarters on April 20, 2022 in Los Gatos, California.Justin Sullivan | Getty ImagesA day after Netflix reported that its feared second-quarter slide in subscribers was much smaller than investors had feared, a different takeaway may sink in from the earnings report at the world's largest streaming service: A years-long debate about whether Netflix is spending too much on content seems to be over now. The key is that Netflix eked out a positive number for operating cash flow in the quarter, despite spending $1.3 billion more on content than it did in the first three months of this year, as it launched a new series of its "Stranger Things" franchise and wrapped up its $200 million "The Gray Man" action thriller. For the first half of the year, Netflix said it made $1 billion in cash flow – a number analysts say will double, and may triple, by 2023. "Netflix's revenue will grow 10 percent to 15 percent next year, but the content spend will grow zero," said Robert...
    Angela Weiss/AFP via Getty Images A date has been set for Twitter’s case against Elon Musk after the billionaire lost a bid on Tuesday to delay the lawsuit. Twitter is seeking to hold Musk to a $44 billion offer, which the Tesla and SpaceX founder grew cold on after Twitter’s stock took a hit. He claims his concern is that the social media platform has more fake accounts than they have previously revealed. Twitter wanted an expedited hearing, hoping the matter could be resolved before September 2022, but Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery has set an October date for what will be a five day trial, the Associated Press reported. Musk’s legal team wanted the trial to begin next year. “Delay threatens irreparable harm,” McCormick said in the decision. “The longer the delay, the greater the risk.” The delay, Musk’s team argued, is needed because the trial is “one of the largest take-private deals in history” and literally “billions of actions” need to be poured over to find the truth about alleged spam accounts Musk...
    Aerial view of containers and cargo ships at the Port of Los Angeles on Jan. 19, 2022 in San Pedro, California.Qian Weizhong | Visual China Group | Getty Images Tens of billions of dollars in trade are either landlocked or anchored at sea in the United States and in Europe as congestion builds at the ports. According to MarineTraffic, approximately 460,000 twenty-foot container equivalent units (TEUs) were loaded on vessels waiting off the East Coast ports and 180,000 TEUs are stacked on vessels off the West Coast ports as of July 13. An important component in this picture is supply chain inflation and its impact on what consumers will ultimately pay for goods. According to data from MDS Transmodal, the nominal value of goods moved in container, measured at the global level, has grown by almost 9% between 2019 and 2021. But Antonella Teodoro, senior consultant at MDS Transmodal, explains that considering that the average annual increase in the previous two years was in the range of 0.7%, "it is reasonable to believe that the main cause of the increase estimated...
    In this article 2330-TWSignage for Taiwan Semiconductor Manufacturing Co. (TSMC) is displayed at the company's headquarters in Hsinchu, Taiwan, on Wednesday, June 5, 2019.Ashley Pon | Bloomberg via Getty ImagesTSMC, the world's biggest chipmaker, posted record net profit in the second quarter, helping assuage fears over weak demand from high inflation and a glut of some semiconductors on the market. These are some of the key numbers for the three months ended June 30: Revenue of 534.14 billion Taiwanese dollars ($18.16 billion), a rise 43.5% year-on-year. That beat the 524.02 billion Taiwan dollar average from analyst estimates compiled by Refinitiv. Net income of 237.03 billion Taiwanese dollars, up 76.4% year-on-year and ahead of estimates. That was a record quarter in terms of net income for TSMC. The company which is Apple's most important chip supplier, said it expects revenue to be between $19.8 billion and $20.6 billion in the third quarter, surging from $14.8 billion in the same period last year. However, TSMC CEO CC Wei said that some of the company's capital expenditure would be "pushed out...
    A Mexican drug cartel blamed for the deaths of nine people has been ordered to pay over $4 billion in a ruling handed down by a federal magistrate judge in North Dakota. The $1.5 billion judgment, issued by U.S. Magistrate Judge Clare Hochhalter, will be automatically tripled under the federal Anti-Terrorism Act, bringing the judgment's amount to $4.6 billion. The money will be given to people who sued the Juarez cartel after the plaintiffs lost family members, three women and six children who were members of an offshoot Mormon community, in a 2019 attack, the Bismarck Tribune reported Thursday. “The horror that my children experienced and my entire family has been through as the result of the Nov. 4, 2019, killing of (wife) Dawna Langford and my two children by the Juarez cartel will never, ever be made right,” David Langford said. “We went into a United States courtroom in North Dakota seeking some acknowledgment of and measure of justice for the trauma inflicted on our family, and we received it." LEAKED DATA SHOW US BRACING FOR...
    Twitter has slammed Elon Musk's attempts to ditch his $44bn takeover of the social media giant - saying that his justifications are 'invalid and wrongful'. The Tesla billionaire has said he wants to terminate the deal which he struck in late April because the company has allegedly drastically underestimated the amount of bot accounts which exist on the platform. The company's lawyers Wachtell, Lipton, Rosen & Katz has hit back at Musk's claims saying that 'Mr. Musk's and the other Musk Parties' purported termination is invalid and wrongful, and it constitutes a repudiation of their obligations under the Agreement [to buy the company]. A letter sent to Securities and Exchange Commission on Sunday said that Twitter had stuck to their part of the deal and 'has not suffered and is not likely to suffer a Company Material Adverse Effect'. The Tesla billionaire has said he wants to terminate the deal which he struck in late April because the company has allegedly drastically underestimated the amount of bot accounts The letter comes at the start of an expected protracted legal battle...
    NEW YORK -- Shares of Twitter slid more than 9% in the first day of trading after billionaire Elon Musk said that he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.Twitter is now preparing to sue Musk in Delaware where the company is incorporated. While the outcome is uncertain, both sides are preparing for a long court battle.Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts on its service. However, Twitter said last month that it was making available to Musk a " fire hose " of raw data on hundreds of millions of daily tweets when he raised the issue again after announcing that he would buy the social media platform.Twitter has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake. But on Monday Musk continued to taunt the company, using Twitter, over what he has described as a lack of data. In addition, Musk...