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☆ Delta Air Lines hit with proposed class action over carbon neutral claims
▼ + stars: | 2023-05-31 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

A proposed consumer class-action lawsuit filed Tuesday alleges Delta Air Lines made "false and misleading" claims of being the world's first carbon-neutral airline while relying on invalid carbon offsets. The lawsuit, filed by California resident Mayanna Berrin in U.S. District Court for the Central District of California, said Delta premised its carbon neutrality on the purchase of carbon offsets from the voluntary carbon market, rather than achieving carbon neutrality through sustainable fuels and carbon removals as initially promised. "Nearly all offsets issued by the voluntary carbon offset market overpromise and underdeliver on their total carbon impact due to endemic methodological errors and fraudulent accounting on behalf of offset vendors," Berrin's attorneys wrote in a complaint. The voluntary carbon offset market is an arrangement of companies and nongovernmental organizations that facilitate investment in green programs such as anti-deforestation and renewable energy. In exchange for their investment in these projects, companies receive carbon offsets in the form of credits that verify the amount of carbon that wasn't released because of the company's investments in offsets.

Persons: Mayanna, Delta, — Organizations: Delta Air Lines, Air Lines, Central, Central District of, Delta Locations: California, U.S, Central District, Central District of California, India, Indonesian, Cambodian

The forecast is 22% higher than the S$8.19 billion annual net profit it achieved in 2022. Its ROE was 15% last year, while its CET1 ratio was 14.6%, according to its 2022 annual report. DBS said faster growth in capital-light high-ROE businesses such as wealth management, global transaction services and treasury market sales will help it achieves its goals. DBS aims to be among the top 10 private sector banks in India, projecting net profit to triple to around S$375 million by 2026, according to the slides. ($1 = 1.3245 Singapore dollars)Reporting by Navya Mittal in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Penguin Random House and Florida parents sue school district over book bans
▼ + stars: | 2023-05-17 | by ( Jo Yurcaba | ) www.cnbc.com time to read: +3 min

A selection of books including "The Bluest Eye," by Toni Morrison, that have been the subject of complaints from parentsPenguin Random House, authors, parents and an advocacy group filed a lawsuit Wednesday against a Florida school district for removing 10 books related to race and the LGBTQ community after a high school teacher complained. In addition to the publishing house, PEN America, a nonprofit group that advocates for free expression in literature, five authors whose books have been removed from the district, and two parents whose children go to school in the district filed the suit against the Escambia County School District and the Escambia County School Board in Pensacola, Florida. "The clear agenda behind the campaign to remove the books is to categorically remove all discussion of racial discrimination or LGBTQ issues from public school libraries. Neither the district nor the school board immediately returned requests for comment. More than 100 other titles are restricted and require parental approval for access.

☆ Automakers say proposed US emissions rules pose challenges
▼ + stars: | 2023-05-09 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, May 9 (Reuters) - An auto trade group warned on Tuesday that aggressive U.S. targets for reductions in vehicle emissions may rely on a too rapid transition to electric vehicles (EVs) and pose significant challenges with manufacturing and supply chains. The U.S. Environmental Protection Agency (EPA) has proposed sharp emissions cuts that it estimates would result in 60% of new vehicles by 2030 being electric and 67% by 2032. The EPA proposal, if finalized, represents the most aggressive U.S. vehicle emissions reduction plan to date, requiring 13% annual average pollution cuts and a 56% reduction in projected fleet average emissions over 2026 requirements. Some say EPA should have proposed tougher rules. "These proposed rules effectively require an additional 10-fold sales increase in a mere eight years," the automaker group wrote.

☆ This Supreme Court is slow to issue rulings — glacially slow
▼ + stars: | 2023-04-30 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +6 min

WASHINGTON, DC - APRIL 19: The Supreme Court of the United States, on Wednesday, April 19, 2023 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images)WASHINGTON — Back in 1923, the Supreme Court had issued 157 rulings by May 1 in a term that started the previous fall. Nevertheless, the slow pace at which rulings have been issued this term has started to attract scrutiny from court watchers. In both 2022 and 2021, the court had decided 25 cases by May 1, according to Feldman. Court experts differed on whether the crunch would have any impact on how the court actually decides cases.

☆ Surprise resort trips and empty hotel rooms reveal how Russia's plan for an easy victory in Ukraine fell apart
▼ + stars: | 2023-04-30 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +7 min

While Russian intelligence services ramped up operations, the US intelligence community started declassifying intelligence about Russian plans. In an unprecedented move, the US revealed Russia's intentions and informed Kyiv about the Russian intelligence operations inside Ukraine. Once Russia's military secured the city, its special-operations forces would begin what the report calls "repressive operations." The Kremlin even compiled a target deck full of unwanted people to be "liquidated" once the Russian forces were in control of the country. Preparing the battlefieldA member of the Ukrainian military in front of a destroyed Antonov An-225 at the airport in Hostomel in July 2022.

Singh "categorically conveyed that development of relations between India and China is premised on prevalence of peace and tranquillity at the borders", it said. India accuses China of frequently intruding into its side of the disputed border in violation of agreements signed since the 1990s. China pushed for engagement and cooperation between the two militaries but was told by India that could happen only if there is tranquillity on the border, two Indian sources told Reuters. The two ministers met ahead of the Shanghai Cooperation Organisation's (SCO) defence ministers' gathering in New Delhi. It is also the first visit by a Chinese defence minister to India since the violence in the Himalayas began in May 2020.

New Delhi CNN —India’s defense minister told his Chinese counterpart on Thursday that violations of their shared border erode the “entire basis” of relations between the two Asian neighbors. Indian Defense Minister Rajnath Singh made the comments during a meeting with newly appointed Chinese Defense Minister Li Shangfu in New Delhi ahead of a regional security summit on Friday. “He reiterated that violation of existing agreements has eroded the entire basis of bilateral relations and disengagement at the border will logically be followed with de-escalation,” the statement added. His visit comes four days after India and China concluded the 18th round of talks to attempt to resolve the border issue. Pakistan’s Foreign Minister Bilawal Bhutto Zardari’s visit to the country will be the most senior-level one in seven years.

☆ Retailers to tackle sustainability at key conference
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +3 min

They will discuss the challenges facing their businesses as inflation causes consumers in Europe and elsewhere to reduce spending. The European Commission is drawing up new rules on textile waste that will make companies responsible for managing the waste their products create. Decathlon, the world's biggest sporting goods retailer, sells repair services, spare parts and tools for people to repair their own bicycles, tents, and kayaks. Retailers are working with local authorities ahead of an EU law that will require member states to separately collect textile waste by Jan. 1, 2025. Firms including Decathlon, Mango, Inditex, and IKEA recently created an association in Spain for the management of textile waste.

[1/3] Prime Minister Tony Blair (R) embraces Irish Prime Minister Bertie Ahern after all parties reached a historic peace agreement April 10, 1998. The peace has utterly transformed the region, largely ending three decades of bitter violence that killed 3,600. "Nothing's ever irresolvable" said Blair, summing up the stubborn optimism many developed working in Northern Ireland at the turn of the millennium. Nationalists, who are mostly Catholic, say Northern Ireland was wrenched from the EU in a UK-wide vote even though its smallest region voted 56% to 44% to remain. "There is an exhaustion and frustration," at the DUP's repeated objections, said Ahern, Irish prime minister from 1997-2008.

☆ Asian Americans are anxious about hate crimes. TikTok ban rhetoric isn’t helping
▼ + stars: | 2023-03-26 | by ( Brian Fung | ) edition.cnn.com time to read: +15 min

And the Chinese government’s authoritarian approach to numerous other issues clashes with important American values, said many Asian Americans interviewed for this article. Concerns about China have gone mainstream as US national security officials and lawmakers have publicly grappled with state-backed ransomware attacks and other hacking attempts. People rallied during a "Stop Asian Hate" march to protest against anti-Asian hate crimes on Foley Square in New York, on April 4, 2021. But to Chu, the incident was an example of the way politics surrounding China, technology and national security have fueled anti-Asian sentiment. “Asian American issues are American issues, and all Americans deserve to be treated with respect.

☆ Your Data Is Diminishing Your Freedom
▼ + stars: | 2023-03-20 | by ( David Marchese | ) www.nytimes.com time to read: +13 min

What inequalities are baked into these data systems? Oregon State UniversityBut it’s almost impossible to function in the world without participating in these data systems that we’re told are mandatory. Which is a concern with, How are these data systems proscribing my freedoms? This is the question of equality and the implications of these data systems’ being obligatory. You get these data systems that load people in, but it’s clear there wasn’t sufficient care taken for the unequal effects of this datafication.

☆ Turkey slashes policy rate by 50 basis points as country continues to reel from earthquake
▼ + stars: | 2023-02-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's central bank on Thursday slashed its policy rate by 50 basis points from 9% to 8.5% as the country continues to reel from the aftermath of a devastating quake which affected millions of lives. The country's most recent inflation rate in January stood at 57.68%. Turkey's monetary policy is premised on a pursuit of growth and export competition rather than soothing inflation. Turkish President Recep Tayyip Erdogan espouses the unorthodox view that raising interest rates increases inflation, rather than taming it. The Turkish lira held steady at 18.87 against the greenback following the central bank decision.

☆ You can call almond milk 'milk,' but there's a catch, the FDA says
▼ + stars: | 2023-02-23 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Almond milk and other plant-based drinks can be labeled "milk," the Food and Drug Administration said. But if they do, they should explain the nutritional differences between their plant-based milk and cow's milk, the FDA said. It also recommends that plant-based milk makers include a statement on their label clarifying the differences between their product and cow's milk. "We applaud FDA's recognition that consumers understand the difference between plant-based milk and cow's milk and that shoppers choose to purchase plant-based milk specifically because it is not cow's milk," Madeline Cohen, senior regulatory attorney at the Good Food Institute, which advocates for plant-based brands, said in a statement. The National Milk Producers Federation, which represents the US animal milk industry, said the proposed guidance would allow plant-based companies "to continue inappropriately using dairy terminology."

☆ Tennessee takes lead in Republican effort to restrict drag shows
▼ + stars: | 2023-02-23 | by ( Jonathan Allen | ) www.reuters.com time to read: +4 min

Feb 23 (Reuters) - Tennessee lawmakers will debate on Thursday whether to restrict drag performances in public or in front of children, one of more than a dozen bills limiting drag advanced by Republican politicians in at least 15 states in recent months. They see the bills as part of a Republican effort to advance laws limiting LGBT people's conduct across the country. Drag performances typically do not involve nudity or stripping. Established in 2015, Drag Story Hour, in which costumed drag performers read to children, has expanded to at least 20 states. Drag performers say they are just as able to tailor their act to their audience as other artists, like an actor who might appear in both a sexually explicit R-rated movie and in a children's movie.

[1/2] Tesla vehicles are shown at a Tesla service center in San Diego, California, U.S., January 13, 2023. At Tuesday's closing arguments in a Delaware court, a judge pressed lawyers representing Tesla directors and the investor challenging Musk's pay over whether the company's explosive growth outweighed misleading disclosures about the pay plan in 2018. The pay package contributed to Musk's fortune, the world's second-largest, and has no comparison in the world of executive pay. Tesla investor Richard Tornetta sued Musk and the board in 2018, arguing it unjustly enriched Musk and should be voided. Attorneys for the Tesla directors argued that Tornetta never challenged the main details of the proxy that described the plan, such as the goals Musk had to meet.

☆ Adani's fall reignites scrutiny of billionaire's close ties with Modi
▼ + stars: | 2023-02-16 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

Ashok Swain Uppsala UniversityHindenburg's report has further sharpened the focus on the billionaire mogul's close ties with Modi. After Modi became prime minister, Adani continued to benefit from the relationship but on a much larger scale, said Swain. In his address to parliament last week, the prime minister seemed unfazed by the opposition's criticism and made no mention of Adani. "And you can never breach this safety shield with the weapons of abuse and lies," he said, as opposition lawmakers chanted "Adani, Adani." "Prime Minister Modi and I are from the same state.

☆ Why a tiny American firm is taking aim at an Indian conglomerate
▼ + stars: | 2023-01-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Gautam Adani is a 60-year-old tycoon who founded the Adani Group over 30 years ago, building it into India’s largest port operator, with businesses spanning infrastructure and energy production. Hindenburg said Adani Group shares are massively overvalued, and it has taken a short position (more on that in a minute) on them, meaning Hindenburg wins when Adani shares fall. What is Hindenburg Research? Hindenburg is a short-seller that specializes in forensic financial research, founded in 2017 by Nathan Anderson.

☆ Biden's classified records mistakes are serious and so far largely unexplained
▼ + stars: | 2023-01-11 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +7 min

The closet where Biden's lawyers found classified documents was inside of a shared "general suite." A second batch of classified documents was discovered by aides at a separate location Biden had used, NBC News reported on Wednesday. He expressed concern about the two-month delay between Biden's lawyers discovering the documents and the White House's public announcement. Trump repeatedly (and foolishly) tried to stonewall Archives and the FBI, which then discovered additional records in the August search; Biden's lawyers say they are cooperating. Ozio confirmed that the Penn Biden Center shared a "general suite" with another Penn entity that uses the same address.

WASHINGTON, Nov 29 (Reuters) - China will likely have a stockpile of 1,500 nuclear warheads by 2035 if it continues with its current nuclear buildup pace, according to a report released by the Pentagon on Tuesday. The figure underscores mounting U.S. concerns about China's intentions for its expanding nuclear arsenal, even though the projections do not suggest China is accelerating the pace of its already-brisk warhead development. The report, which primarily covers activities in 2021, said China currently has a nuclear stockpile of more than 400 warheads. The Pentagon's projection for China's nuclear arsenal of 1,000 warheads by 2030 remained unchanged, the official said, adding the projection for 2035 was based on an unchanged pace of expansion. The United States has a stockpile of about 3,700 nuclear warheads, of which roughly 1,740 were deployed, according to the Stockholm International Peace Research Institute (SIPRI) think-tank.

☆ Godiva accused of post-settlement meddling with claims in Belgium chocolate class action
▼ + stars: | 2022-11-11 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

At issue is the settlement claims process, funded by Godiva and executed by Kroll Notice Media Solutions. According to class counsel, Godiva recently directed Kroll “to conduct several additional rounds of review” of class claims that had already been validated. Adding to the intrigue: In September, class counsel told Preska that Godiva had informed them that the company did not have enough money to pay class members. It's also rare, Frank said, for class counsel to ask a judge to get involved in the post-settlement claims administration process. Read more:State AGs, objectors hoist red flags in proposed Godiva class actionOur Standards: The Thomson Reuters Trust Principles.

☆ 'Bulldog' lawyer Thomas Lauria Lauria predicted a crypto 'liquidation boom' well before Sam Bankman-Fried's FTX filed for bankruptcy
▼ + stars: | 2022-11-11 | by ( Jack Newsham | Sindhu Sundar | ) www.businessinsider.com time to read: +14 min

Thomas Lauria runs the bankruptcy team at White & Case where clients have included Hertz and Johnson & Johnson. But Lauria told Insider that the ability of crypto companies to reorganize will depend on whether they have any real assets. Notably, when Lauria represented Hertz in its Chapter 11 case during the coronavirus pandemic, even its unsecured creditors were repaid in full. So I'm not sure that what's happening in crypto right now is really going to be a reorganization boom, but really probably more of a liquidation boom. About $10 billion of Hertz debt, when they filed, was related to financing in connection with their US fleet.

Everything is on the table: from pitching adjustable rate mortgages to offering free pilates lessons and more. For example, in a 2-1 buydown scenario, the buyer's interest rate will be 2% below the contract rate during the first year. The adjustable rate mortgage makes a comebackThe use of adjustable rate mortgages (ARM) has also soared to a 14-year high, according to the Mortgage Bankers Association. With these types of loans, the interest rate shifts periodically depending on where benchmark mortgage rates stand. He said he expects to see mortgage rates fall in as soon as six months.

☆ Supreme Court declines to consider overturning racist 'Insular Cases'
▼ + stars: | 2022-10-17 | by ( Lawrence Hurley | Lawrence Hurley Covers The Supreme Court For Nbc News Digital. | ) www.nbcnews.com time to read: +5 min

They say that the Justice Department, in defending the law, and an appeals court, in upholding it, relied upon the so-called “Insular Cases,” a series of long-criticized early 20th century Supreme Court rulings. The Supreme Court’s decision not to hear the case means the lower court ruling remains in place. “The subordinate, inferior non-citizen National status relegates American Samoans to second-class participation in the Republic," the challengers’ lawyers say in court papers. American Samoa is the only territory to which Congress has not extended birthright citizenship. Of the current nine justices, two of them — liberal Justice Sonia Sotomayor and conservative Justice Neil Gorsuch — have expressed concern about the Insular Cases remaining on the books.

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