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☆ Microsoft reaches settlement in California over claims it punished employees for taking protected time off
▼ + stars: | 2024-07-03 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Microsoft is paying $14.4 million to settle a case in California over allegations that the company retaliated against employees who had taken legally protected time off. Within core Microsoft, women represented 31.2% of the workforce in 2023, up from 27.6% in 2019, according to the company's latest diversity report. Employees have reported feeling worried about retaliation after asking for protected leave, according to the California complaint. As part of the settlement, Microsoft will provide training to direct and second-level managers of staff members in California and to human-resources employees who deal with their bonuses and merit increases. Managers will also be instructed not to consider time off for protected leave when making "impact" decisions.

Persons: Microsoft's, Microsoft didn't, Satya Nadella, Mustafa Suleyman Organizations: Microsoft, Mobile, California's Civil Rights Department, Employees Locations: Barcelona, California, Redmond , Washington

☆ Former Boeing inspector alleges ‘scrap’ parts ended up on assembly lines
▼ + stars: | 2024-07-03 | by ( Gregory Wallace | ) edition.cnn.com time to read: +9 min

A string of whistleblowers this year has raised allegations about Boeing factory lapses, including an official federal complaint from a current employee that Boeing hid potentially defective parts from Federal Aviation Administration inspectors, and that some of those parts likely ended up in planes. Most of the parts that were meant to be scrapped were often painted red to signify they were unsuitable for assembly lines, Meyers said. In a statement to CNN, Boeing did not dispute Meyers’ allegations. Meyers describes a pressure-packed environment at the Everett factory, where assembly teams competed with each other to find the parts they needed. Workers assemble Boeing Co. 787 Dreamliner airplanes at the Boeing Everett Factory in Everett, Washington.

Persons: CNN —, Merle Meyers, Meyers ’, Meyers, “, ” Meyers, ”, Max, Dave Calhoun, Sam Mohawk, Richard Cuevas, Aerosystems, Patrick T, Pete Muntean Organizations: CNN, Boeing, Everett, Federal Aviation Administration, Company, New York Times, FAA, Justice Department, Occupational Safety, Health Administration, Engineering, Workers, Boeing Co, Boeing Everett Factory, Fallon, Bloomberg Locations: Everett , Washington, Auburn , Washington

☆ How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts
▼ + stars: | 2024-07-02 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

Craft had her wages deposited directly into a Yotta account and used the startup's debit card to pay for all her expenses. CNBC reached out to fintech customers whose lives have been upended by the Synapse debacle. Instead of spending years and millions of dollars trying to acquire or become banks, startups got quick access to essential services they needed to offer. They account for 60% of all new fintech account openings, according to data provider Curinos. The FDIC's exact language about whether fintech customers are eligible for coverage: "The short answer is: it depends."

Persons: Natasha Craft, Craft, fintech, Adam Moelis, Sankaet Pathak, Michele Alt, Scott Sanborn, Sanborn, LendingClub, she's, Rick Davies, Taylor Stitch, " Davies, He's, he's, Davies, hasn't Organizations: FedEx, CNBC, Federal Deposit Insurance Corp, Synapse, Indiana FedEx, Disney, Bank, Trust, JPMorgan Chase, Klaros, PayPal, Getty, Financial Technology Association, D.C, Block, Regulators, Federal Reserve, FDIC, Oakland, San, OCC Locations: Mishawaka , Indiana, Craft, Oakland , California, New York City, Santa Barbara , California, Maryland, Bristol , Connecticut, Seattle, Tennessee, Yotta, Boston, Washington, fintechs, Silicon, San Francisco

☆ What the new IRS guidance on crypto tax reporting means for investors
▼ + stars: | 2024-07-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from sales in 2025 via Form 1099-DA. In 2027, brokers must include cost basis, or purchase price, for certain digital asset sales for 2026. "These regulations are an important part of the larger effort on high-income individual tax compliance," IRS Commissioner Danny Werfel said in a statement. The new IRS regulations come roughly four months after the agency hired two former crypto executives to improve digital currency service, reporting, compliance and enforcement programs.

Persons: Danny Werfel, Everybody's, James Creech, Baker Tilly Organizations: U.S . Department of, Treasury, IRS, Finance, Taxation, CNBC Locations: U.S

☆ Crypto firm Circle gets approval to issue stablecoin in EU under bloc’s strict rules
▼ + stars: | 2024-07-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

In this article USDC.CM= Follow your favorite stocks CREATE FREE ACCOUNTLaunched in 2018 by crypto firm Circle, USDC is now the second-biggest stablecoin globally, with more than $30 billion worth of tokens in circulation. The company said it is also opening up its Circle Mint, which allows businesses to mint and redeem Circle stablecoins, in France. That's because according to MiCA, crypto businesses are able to offer their services in one EU country and "passport" them out into other markets within the bloc. After that point, crypto companies will have until July 2026 to become fully compliant with MiCA. Launched in September 2018 by Circle and crypto exchange Coinbase, USDC is now the second-biggest stablecoin globally, with $32.4 billion worth of tokens in circulation, according to CoinGecko data.

Persons: Circle, it's, Prudentiel, Jeremy Allaire, Allaire, cryptocurrencies, stablecoins, USDT Organizations: Getty, EMI, Union's, U.S ., Investors, European Union, Circle Locations: France, Crypto, U.S, European

☆ Move over, remote jobs. CEOs say borderless talent is the future of tech work
▼ + stars: | 2024-06-30 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

Borderless tech hiring has doubled in the last three years, according to Gartner's 2023 CEO Survey. By 2022, the tech talent workforce in cities like Beijing and Delhi far outweighed that of U.S. powerhouses like San Francisco and New York, reports CBRE Global Tech Talent Guidebook 2024. The report cites burgeoning tech talent markets like Bucharest, Romania; Cape Town, South Africa; Cebu City, Philippines; Nairobi, Kenya and more. Pockets of talent worldwideAdam Jackson, CEO of decentralized tech talent platform Braintrust, does borderless differently. Caplan relishes in the more altruistic potential of borderless employment, namely its ability to "lift up communities around the globe."

Persons: Jeremy Johnson, Goldman Sachs, Johnson, John Caplan, Adam Jackson, Jackson, That's, synchronously, Caplan, Caplan relishes Organizations: CBRE Global Tech, Global, NASA, Deel's Locations: Beijing, Delhi, U.S, San Francisco and New York, Bucharest, Romania, Cape Town , South Africa, Cebu City, Philippines, Nairobi, Kenya, Braintrust, San Francisco, Silicon Valley, Europe, Africa, America

☆ Boeing will get a ‘sweetheart’ plea deal, says lawyer representing 737 Max crash victims
▼ + stars: | 2024-06-30 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

They and some of the families they represent were briefed by the Justice Department Sunday about the plea deal. Bloomberg first reported the potential plea deal Sunday. Boeing will have by the end of the week to determine whether to accept the plea deal or go to trial. The deadline for the Justice Department to file criminal charges in the case is July 7. Cassell said the families were upset that the Justice Department deal excluded the prosecution of individuals at Boeing.

Persons: Max, ”, Robert Clifford, Boeing’s, Judge Reed O’Connor, ” Clifford, Paul Cassell, Cassell, ” Cassell Organizations: CNN, US Justice Department, Boeing, Ethiopian, Max, Justice Department Sunday, Cassell, Bloomberg, Department of Justice, Justice Department, Alaska Airlines

☆ Here’s what it means when a company like Boeing faces criminal charges
▼ + stars: | 2024-06-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

While criminal charges against corporations are fairly common, the overwhelming majority are against small, closely-held companies. Earlier criminal settlement now at riskThe potential charges hanging over Boeing currently revolve around that January 2021 deferred prosecution agreement. They have argued Boeing should face new criminal charges and pay a fine as great as $24.9 billion. In May, the Justice Department said it was looking into bringing criminal charges against Boeing once again due to a potential violation of that January 2021 agreement. Arlen said it is common for smaller companies to be forced out of business by criminal charges and the penalties that follow.

Persons: ”, Jennifer Arlen, Arlen, Lindsey Wasson, ” Arlen, “, Max, David Burns, Mark Forkner, Eduardo Soteras, Arthur Andersen Organizations: New, New York CNN, Justice Department, Boeing, Dow Jones, New York University, Control, Max, Federal Aviation Administration, FAA, Alaska Airlines Flight, NTSB, Getty, Alaska Airlines, Prosecutors, CNN, Oil, BP, US Environmental Protection Agency, Ethiopian Airlines Locations: New York, China, Renton , Washington, Alaska, AFP

☆ AI is everywhere, and businesses don't know where to start. Here's what consultants are telling clients.
▼ + stars: | 2024-06-28 | by ( Lakshmi Varanasi | Tim Paradis | ) www.businessinsider.com time to read: +8 min

Some 900 of PwC's top 1,000 consulting clients are now working with the firm on incorporating AI into their businesses, a spokesperson told Business Insider. Even as some companies focus on how AI might rewrite corporate playbooks, some businesses are asking consultants how to get started. Advertisement"Many CIOs are afraid that they don't have the right skills," he told BI. Where to beginMany companies are still determining how they might use AI and GenAI, according to several consultants. This enables greater seamlessness down the line, and that is where the magic lies," he told BI.

Persons: —, Ben Ellencweig, Allison Bailey, Bailey, Greg Sward, They're, Jim Rowan, Rowan, Vlad Lukic, Roy Singh, Joe Atkinson, Atkinson, Deloitte's Rowan, Bain's Singh, PwC's Atkinson, he's, Singh Organizations: Service, Business, McKinsey & Company, Boston Consulting, KPMG US, Deloitte Consulting, Bain & Company, Companies, Carrefour, & $

☆ A California DA is 'disappointed' that doctor who drove a Tesla carrying his family off a cliff gets mental health diversion instead of a trial
▼ + stars: | 2024-06-27 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A San Mateo County judge on June 20 granted Dharmesh Patel's request to participate in a mental health diversion program, which would allow him to avoid a trial on charges of attempted murder. AdvertisementThe ability to participate in diversion programs — for juveniles, veterans, or defendants struggling with mental health diagnoses or substance abuse struggles — is an increasingly popular alternative to jail sentences across the US. Wagstaffe told BI the charges against Patel have now been suspended and if he successfully completes the two years of the diversion program, the charges would be automatically dismissed. Under California law, defendants are ineligible for the diversion program if they have been charged with other offenses, including murder, involuntary manslaughter, and rape."

Persons: —, Tesla, Dharmesh, Steve Wagstaffe, Patel, Susan Jakubowski's, Jakubowski, Wagstaffe, Gavin Newsom Organizations: Service, Business, GPS, California Legislature Locations: California, Mateo County, San Mateo County, Northern California

But, not all AI startups are created equal. AdvertisementBusiness Insider surveyed nine VCs who invest in AI startups at firms like Bain Capital Ventures, Flybridge, and Sapphire Ventures. Startups building AI's "picks and shovels" are a better bet than yet another LLMStep aside, OpenAI and Anthropic. In contrast, unstructured data encompasses various formats such as text documents, images, audio files, emails, social media posts, and videos. Some AI investors say they're shying away from point solutions—think online payment processing or project management—in favor of full-stack solutions.

Persons: —, Harvey, Navin Chaddha, Chip Hazard, they're, Kahini Shah, there's, Rak Garg, Garg, Shah, Lauri Moore, Moore, Chaddha, Capital's Moore, she's Organizations: Service, Accel, Business, Bain Capital Ventures, Flybridge, Sapphire Ventures, Google, Meta, Mayfield Fund, Flybridge Capital Partners, Obvious, Investors, Obvious Ventures, Foundation, Dig Ventures Locations: Mayfield, Hazard, Flybridge

☆ Two Adidas employees out in China corruption probe
▼ + stars: | 2024-06-26 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Two employees have left Adidas as a result of an ongoing investigation by the German sportswear brand into allegations of corruption in China. Chinese state media outlet Economic View reported Wednesday that both former employees had worked in marketing for Adidas China. The allegations against Adidas executives were contained in an unsigned letter from people calling themselves employees of Adidas China. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — accounts for 15% of the company’s sales. In mainland China, Adidas is the second-largest international sportswear brand behind Nike (NKE).

Persons: ” Claudia Lange, “, ”, Jiemian, Lange, Yang Mi, Yi, Fred Organizations: Hong Kong CNN —, Adidas, “, Adidas China, CNN, Nike Locations: China, Hong Kong, Taiwan, Beijing

☆ E-commerce firm Shopee agreed to adjust its practices in Indonesia after watchdog says it violated competition law
▼ + stars: | 2024-06-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)Shopee and its courier service Shopee Express agreed to adjust its current practices after admitting to breaching a competition rule in Indonesia, the country's watchdog said on Wednesday. "Shopee and Shopee Express admitted that they had violated Law no. KPPU said Shopee proposed adjustments to its current practices on June 20 which were approved by the commission council. "Shopee Indonesia attended a meeting with KPPU on 25 June to discuss points of the integrity pact that was shared by KPPU last week. Last month, KPPU revealed its preliminary investigation found that Shopee allegedly prioritized Shopee Express in every package delivery to consumers.

Persons: Rafael Henrique, Shopee, Persaingan Usaha, KPPU Organizations: Getty, Shopee, Shopee Express, KPPU, CNBC, Express Locations: BRAZIL, Indonesia, Shopee Indonesia, Republic of Indonesia

☆ NYC shuttered 80% of its Airbnbs in an attempt to make housing more affordable. All that's done so far is make hotels more expensive.
▼ + stars: | 2024-06-26 | by ( Eliza Relman | Dan Latu | ) www.businessinsider.com time to read: +8 min

Read previewLast September, New York City began enforcing its strict new regulations on short-term rentals. Since then, the number of legal short-term rentals listed on Airbnb and other platforms has plummeted. Impacts of the near-banLL18 was motivated by the city's housing affordability crisis, caused in large part by a severe housing shortage. Short-term rentals, including Airbnbs, can take homes that would otherwise be lived in full-time off the market, potentially exacerbating the housing shortage. But there's some evidence, including from Irvine, California, that restricting short-term rentals can reduce rents.

Persons: —, it's, Jamie Lane, Lane, hasn't, Klossner, LL18, Eric Adams, TIMOTHY A, CLARY, Scott Stringer, Airbnb, It's, Nathan Rotman Organizations: Service, Business, Mayor's, Criminal, Special, York City, Hotel, Former, Big Apple, New Locations: New York City, New, York, Irvine , California, New York

☆ Prewave, an Austrian startup that uses AI to help companies with supply chain risks, just raised $67 million using this 10-slide pitch deck
▼ + stars: | 2024-06-25 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

Prewave, an Austrian AI startup, raised $67 million in Series B funding to enhance supply chain monitoring. Founded in 2017, Prewave addresses supply chain risks, ESG compliance, and logistics for enterprises. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPrewave, an Austrian startup that uses AI to help companies monitor supply chain risks, has raised $67 million in Series B funding. Founded in 2017, Prewave helps enterprise customers identify, monitor, and take action on a wide range of supply chain risks.

Persons: — Organizations: Hedosophia, Service, Business Locations: Austrian, Europe

☆ Prosecutors recommend DOJ file criminal charges against Boeing: report
▼ + stars: | 2024-06-24 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

US prosecutors recommended the DOJ file federal criminal charges against Boeing, Reuters reported. In May, officials found the company violated a 2021 settlement agreement related to two fatal crashes. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS prosecutors have recommended that the Justice Department file federal criminal charges against Boeing for violating the terms of a 2021 settlement related to two fatal crashes, Reuters reported, citing two sources familiar with the matter. In May, officials found that Boeing had violated the terms of a 2021 settlement related to two fatal crashes in 2018 and 2019.

Persons: — Organizations: Boeing, Reuters, DOJ, Service, Justice Department, Federal Aviation Administration, Business

☆ Fake Signatures and ‘Good-Faith Letters’ Fuel a Lucrative Campaign Haul
▼ + stars: | 2024-06-24 | by ( Jay Root | Bianca Pallaro | ) www.nytimes.com time to read: +1 min

When an unheralded candidate for the State Assembly submitted a six-figure request for matching funds under New York’s new public campaign finance system, it came with glaring red flags. Of nearly 300 contribution cards turned in by the candidate, Dao Yin, only nine had donors’ phone numbers or email addresses as required under the system’s guidelines. But in April, the board threw Mr. Yin a lifeline, allowing him to submit copies of “good-faith letters,” documenting his supposed attempt to obtain the missing information from the donors. The board soon sent him $162,800 in matching campaign funds, the eighth-highest amount awarded to a State Assembly candidate running this year. The board said no other state candidate has used the good-faith letters; neither Mr. Yin nor regulators provided any evidence that he had sent them to any of the donors in question.

Persons: Dao Yin, Yin’s, Yin Organizations: State Assembly, New, Campaign Finance Board, The New York Times, Assembly

☆ SIRO, One Za’abeel: Dubai’s ‘first fitness hotel’ is taking wellness tech to the next level
▼ + stars: | 2024-06-21 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +8 min

“The industry is evolving,” says Desmond Cawley, hotel manager at SIRO, One Za’abeel. This kind of light therapy treatment has its roots in NASA’s experimentation with red light therapy in the 1990s to boost plant growth in space and help heal wounds in astronauts. Rebecca Cairns/CNNEven at SIRO, with all its cutting-edge tech, Cawley has observed a surge of interest in mindfulness activities like meditation. Of course, at SIRO, there’s even a high-tech alternative to this: “vibroacoustic therapy,” the sci-fi equivalent of a gong bath. Tech to help you disconnect might seem excessive, but for SIRO, the integration of health data is the future of wellness, providing guests with a data-driven, personalized wellness program.

Persons: ”, Desmond Cawley, SIRO, Dubai’s, Adam Peaty, Ramla Ali, Cawley, it’s, Rebecca Cairns, Boka, “, Beth McGroarty, that’s, ” McGroarty, SIRO isn’t, McGroarty, —, there’s Organizations: CNN, AC Milan football, Kerzner, Global Wellness Institute, bros, Equinox Locations: Dubai, Montenegro, New York City, SIRO, Cryotherapy

☆ Boeing May Evade Criminal Charges for Violating Settlement
▼ + stars: | 2024-06-21 | by ( Mark Walker | Glenn Thrush | ) www.nytimes.com time to read: +1 min

The department has not made final decisions or ruled out bringing charges, or some other solution, the people said. But it is considering offering Boeing what is known as a deferred prosecution agreement, which is often used to impose monitoring and compliance obligations on businesses accused of financial crimes or corruption, as opposed to trying to convict the company. The agreement, if it is offered, might stipulate that Boeing install a federal monitor to oversee safety improvements, according to the people familiar with the situation. Federal prosecutors said in May that Boeing had violated a previous deferred prosecution agreement by failing to set up and maintain a program to detect and prevent violations of U.S. anti-fraud laws. The settlement was reached in 2021, after Boeing admitted in court that two of its employees had misled federal air safety regulators about a part that was at fault in the two crashes.

Persons: Max Organizations: Boeing

☆ IRS to reject billions of dollars in ‘improper’ pandemic-era small business tax credit claims
▼ + stars: | 2024-06-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Danny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in Washington on April 4, 2023. The IRS will deny billions of dollars' worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon. Enacted to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the agency stopped processing new filings in September amid a surge of "questionable claims," the IRS said in a news release. Overall, compliance efforts for erroneous ERC claims have topped more than $2 billion since last fall, the IRS said.

Persons: Danny Werfel, Xers, Werfel Organizations: IRS, ERC, Finance, Social Security Locations: Washington

☆ AI could become a lawyer's greatest help in the courtroom
▼ + stars: | 2024-06-20 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +8 min

Courtesy of Danielle BeneckeA lawyer's copilotFounded in 1949, Baker McKenzie has over 6,500 lawyers working in 70 offices worldwide. The firm's work building generative AI to produce legal draft advice for high-volume employment-law questions recently won an award from Law.com. Courtesy of Jake HellerAI won't replace lawyersThere's another fear likely to push lawyers toward AI: other lawyers. Lawyers might also turn to AI to address a force meant to tame AI: regulation. "I think in three to five years, not using AI for legal work will be tantamount to refusing to use online search for legal work today," Ziniti said.

Persons: Michael Cohen, Donald Trump, Cohen, isn't, Danielle Benecke, Baker McKenzie, Benecke, Cecilia Ziniti, It's, copilot, Ziniti, Cecilia Ziniti Ziniti, CoCounsel, CoCounsel isn't, Jake Heller, Thomson, Heller, they'd, it's Organizations: Google, Law.com, Federal Trade Commission, Microsoft, AI's, IBM, CoCounsel, Thomson Reuters, Times, American Bar Association

☆ Meet the woman behind Dubai’s viral super-chunky chocolate bar
▼ + stars: | 2024-06-19 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +5 min

CNN —On TikTok, gooey, crunchy, loaded chocolate bars are going viral. Bursting with unusual fillings such as filo pastry, vanilla custard, or tea and biscuits, these chunky chocolate bars originate from Fix Dessert Chocolatier. It’s not just a chocolate bar, she says: “We want to create an experience.”The 38-year-old, who has been Dubai-based for nine years, launched the brand in 2021 as a side hustle. Inspired by her pregnancy cravings, the British Egyptian entrepreneur set out to create something more than the “typical” chocolate fix. The 200-gram chocolate bars, which retail for $20 each, are only available through food delivery service Deliveroo, with sales going live at 5pm daily.

Persons: ”, Sarah Hamouda, It’s, Maria Vehera, ingle, ike, ince, ideo, egan, hank Organizations: CNN, ust Locations: Dubai, British Egyptian, arak

☆ More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says
▼ + stars: | 2024-06-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

But, according to a new report from Citigroup researchers, "finance will be at the forefront of the changes." That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement. Citi's AI in FInance report. AdvertisementIn an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point. "I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu.

Persons: —, Shameek Kundu, Kundu Organizations: Service, Citigroup, Business, Accenture Research, Economic, Citi, FInance, of England

☆ Russian arms manufacturers are 'scrambling to expand their production capabilities using whatever they can get,' expert says
▼ + stars: | 2024-06-19 | by ( Rachel Hosie | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRussia is rushing to expand its arms production by buying secondhand machine tools from China through covert networks to get around Western sanctions. A report from Washington-based nonprofit think-tank The Center for Advanced Defense Studies, or C4ADS, said that Russia's arms manufacturers were "scrambling to expand their production capabilities using whatever they can get." And Russian defense industry analyst and lead researcher Allen Maggard told the Financial Times that the decades-old machine tools Russia is importing are still effective. AdvertisementGlenn Gray, the president of Gray Machinery, told the FT he'd never heard of the company.

Persons: —, Allen Maggard, Andrey Mironov, Glenn Gray, Tsugami, hasn't, C4ADS, UMIC —, ELE Organizations: Service, Advanced Defense, Business, Financial Times, Kremlin, AMG, ELE Technology, Gray Machinery Locations: Russia, China, Washington, Ukraine, UAE, Russian

☆ Top GOP senator on Armed Services Committee opposes proposed changes to military draft registration and having women drafted
▼ + stars: | 2024-06-19 | by ( Ted | ) edition.cnn.com time to read: +4 min

Sen. Jack Reed, a Democrat of Rhode Island, who chairs the Senate Armed Services Committee, said he was only “vaguely aware” of the House proposal but said it might be worth doing. And there is no need to be talking about a draft right now.”An accompanying issue is whether to require women to register for the draft. The version of the NDAA that passed out of the Senate Armed Services Committee last week amends the Military Selective Service Act requiring women to register for Selective Service. We have had amendments that would have required women to register and we can’t get any real traction on the other side. Wicker gave a one word answer – “no” – when asked about adding having women register.

Persons: that’s, Republican Sen, Roger Wicker of, Washington shouldn’t, Chrissy Houlahan, NDAA, Sen, Jack Reed, ”, “, ” Reed, ” Wicker, Reed, Wicker Organizations: CNN, Republican, Senate Armed Services, Selective Service, Democratic, GOP, Armed Services Committee, Roger Wicker of Mississippi, Rep, Air Force, National Defense, Senate Armed, Committee, Military Selective Service Locations: Pennsylvania, Rhode Island, Europe, Russia, China, Iran, North Korea

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