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☆ Sam Bankman-Fried took 21 private jet trips to and from Washington, and chartered Cessnas to transport Amazon packages to FTX HQ, sources say
▼ + stars: | 2023-09-30 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

FTX spent $15 million on flights and plane upgrades with a charter airline, a court filing said. Bankman-Fried made 21 trips to or from Washington, DC, on a Learjet 60, a person with direct knowledge told Insider. AdvertisementAdvertisementSam Bankman-Fried and FTX frequently chartered private jets from a Bahamian company called Trans Island Airways (TIA), three people familiar with the matter told Insider. They added that each trip cost between $20,000 and $30,000, which means the Learjet flights alone could cost more than $1 million. AdvertisementAdvertisementProsecutors allege that Bankman-Fried orchestrated a scheme that involved funneling $100 million of FTX funds through executives to politicians .

Persons: FTX, Fried, —, Sam Bankman, Joe Bankman, Jerome Powell, Martin, Ryan Salame, Bankman, Michael Lewis, Lewis, Sam, Ryan, Sam's Organizations: Service, Trans Island Airways, TIA, Amazon, Bombardier Global, Embraer ERJ, Trans, Airways, Prosecutors, Capitol, Yorker, New York Times, Federal, Learjet, Bankman, TIA's, Cessna, Fort, Fort Lauderdale Executive Airport, Twitter Locations: Washington, DC, Florida, Bahamas, Caribbean, New York, Chicago, Fort Lauderdale

☆ Best High-Yield Savings Accounts for October 2023
▼ + stars: | 2023-09-28 | by ( Martha C. White | ) www.wsj.com time to read: +18 min

With the Federal Reserve steadily raising interest rates to fight inflation, high-yield savings account payouts have steadily risen, too. After years of near-zero returns, the average savings account rate has risen to 0.45%, according to the Federal Deposit Insurance Corp. Their new High-Yield Savings account offers a 3.5% APY, but you need a hefty $5,000 deposit to open the account. Unlike some high-yield online savings accounts, you earn a high APY—currently 5%—on every dollar in your account. You can conduct immediate electronic transfers between your brokerage account and savings account, and manage both savings and investment activities on a single platform.

Persons: Martha C, it’s, JPMorgan Chase, Wells, Wells Fargo, Ally, Synchrony, UFB, —, Achilles, We’ve, Foster, Alliant, Morgan Stanley, Marcus, Goldman Sachs, Charles Schwab, Charles Schwab Bank Charles Schwab Organizations: Federal Reserve, Federal Deposit Insurance Corp, Capital, National, One’s, JPMorgan, JPMorgan Chase JPMorgan Chase &, Chase Savings, Ally, Synchrony, CIT, First Citizens, Bank, Axos Bank, Webster Bank, National Bank, Zelle, Alliance Data Systems, Comenity Capital Bank, FDIC, Foster Care, Navy, Navy Federal, Savings, Morgan Stanley Private, Morgan Stanley Private Bank, Bloomberg, Trade, Charles, Charles Schwab Bank, Best Bank, National Credit Union Administration, dateline Locations: Chase, Zelle, Ally’s, Utah, Chicago, U.S, .

☆ Stanford University says it will return the 'entirety' of millions of dollars in gifts it received from bankrupt crypto firm FTX
▼ + stars: | 2023-09-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Stanford University has said it plans to return millions of dollars in gifts it received from FTX. According to a lawsuit, the university received $5.5 million from the now-bankrupt crypto firm. Co-founder Sam Bankman-Fried's parents both held teaching roles at the prestigious California university. A spokesperson for Stanford University responded to the lawsuit in an emailed statement to Bloomberg: "Stanford received gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research." AdvertisementAdvertisementInsider contacted Stanford University for comment but did not immediately hear back outside of regular working hours

Persons: Sam Bankman, — Allan Joseph Bankman, Barbara Fried, Bankman, Stanford, Fried Organizations: Stanford University, Service, Bloomberg News, CNN, Stanford, FTX Group, Bloomberg, FTX Foundation, FTX, Alameda Research Locations: FTX, California, Wall, Silicon, Bahamas, Brooklyn

☆ Stanford University says it will return all gifts from bankrupt crypto exchange FTX
▼ + stars: | 2023-09-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Stanford University said it will be returning gifts it received from bankrupt crypto exchange FTX “in their entirety,” after a lawsuit against founder Sam Bankman-Fried’s parents alleged the school received millions of dollars in donations. The school said it received the gifts from the FTX Foundation and its related companies “for pandemic-related prevention and research,” a Stanford spokesperson said. “We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” the spokesperson said. Bankman donated more than $5.5 million in FTX Group donations to his employer, Stanford University, the lawsuit alleges. FTX went bankrupt last November as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds.

Persons: Sam Bankman, ”, “, FTX, Joe Bankman, Barbara Fried, Bankman, Fried, Joe, Barbara Organizations: New, New York CNN — Stanford University, FTX Foundation, Stanford, FTX Group, Stanford University Locations: New York

FTX entered bankruptcy in November when the global exchange ran out of money after the equivalent of a bank run. Several other former FTX executives have pleaded guilty to fraud and conspiracy charges and are cooperating with investigators. The scheme involved Bankman-Fried receiving a loan from Alameda, then transferring the money to his parents. According to FEC records, Singh contributed roughly $9.7 million in 2022 and in late 2020 to various candidates and committees. The judge revoked Bankman-Fried’s bail last month after finding probable cause that he had tampered with witnesses.

Persons: Sam Bankman, ”, Allan Joseph Bankman, Barbara Fried, FTX, Fried, Bankman, ’, “ Bankman, John Ray III, Joe, Barbara, Ray, “ Fried, Nishad Singh, ” Singh, Singh, Ryan Salame Organizations: —, FTX, Stanford University, Alameda Research, Stanford, FTX Group, Bankman, FEC, FTX Digital Markets Locations: Del, Bahamas, Delaware, Manhattan, Alameda, FTX

☆ Sam Bankman-Fried's parents are accused of siphoning millions of dollars from FTX
▼ + stars: | 2023-09-19 | by ( Will Gendron | Associated Press | ) www.businessinsider.com time to read: +5 min

The fallout of FTX's implosion continues, with Sam Bankman-Fried's parents now facing a lawsuit. Barbara Fried and Allan Joseph Bankman were accused of siphoning millions of dollars from the firm. FTX entered bankruptcy in November when the global exchange ran out of money after the equivalent of a bank run. "And together, Bankman and Fried siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes." Mr. Ray and his massive team of lawyers, who are collectively running up countless millions of dollars in fees while returning relatively little to FTX clients, know better."

Persons: Sam Bankman, Barbara Fried, Allan Joseph Bankman, SBF's, FTX, Fried, Bankman, John Ray III, Joe, Barbara, Ray Organizations: Service, FTX, Stanford University, Alameda Research, Stanford, FTX Group, Bankman Locations: Wall, Silicon, Bahamas, Delaware, Manhattan, Alameda, FTX, Brooklyn

☆ The UAW doesn't have to strike at every automaker or factory to shut down most of the auto industry
▼ + stars: | 2023-09-14 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +5 min

The UAW can strike in a few ways, but typically, members have gone on strike against just one of the three Detroit automakers rather than all three at once. "We're going to hit where we need to hit and when we need to hit, we're going to hit to move mountains." If the UAW cuts off the Detroit auto companies' precious money-making factories, that could have a broader impact. AdvertisementAdvertisementIf the UAW strike takes down Detroit 3 production, that will impact the hundreds of suppliers that provide parts to these companies. Suppliers struggled after the last UAW strike, during which workers halted production at GM for 40 days.

Persons: Stellantis, Shawn Fain, Fain Organizations: United Auto Workers, Service, Ford, General Motors, Detroit, GM, UAW, Suppliers Locations: Wall, Silicon, Mexico, Detroit

☆ Wall Street firms and retired generals to discuss hypothetical Chinese invasion of Taiwan
▼ + stars: | 2023-09-07 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Wall Street firms and retired generals will discuss a hypothetical Chinese invasion of Taiwan. The "tabletop exercise" will take place next week in New York, sources told the New York Times. It comes as the congressional China committee plans to meet with top Wall Street investors. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. It comes as the congressional China committee plans to go to New York, where lawmakers will meet with banks, hedge funds and venture capital firms, according to the New York Times.

Persons: Jay Clayton, Jim Chanos, Anne Stevenson, Yang, Mike Gallagher, Biden, BlackRock Organizations: New York Times, Wall, Service, Chinese Communist Party, Council, Foreign Relations, Communist, Financial, Securities and Exchange, Kynikos Associates, J Capital Research, Financial Times, Wall Street Locations: Taiwan, New York, China, Wall, Silicon, Wisconsin, MSCI, Xinjiang

☆ How the Disney-Charter feud over cable fees could burst the sports-rights bubble
▼ + stars: | 2023-09-06 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Distributors are making it harder for legacy media companies like Disney to bid for valuable sports content. "Historically, I felt media companies had the advantage with the content," Naveen Sarma, senior director of US Media & Telecom at S&P Global Ratings, told Insider. "The cable companies inevitably gave in. For the past couple years, we've wondered why the cable companies weren't taking the stand." "Some of the tech and streaming companies have the ability to be global and create custom packages for leagues.

Persons: —, NBCUniversal, Fox, that's, Naveen Sarma, we've, Disney, WBD, Max, David Zaslav, LightShed, Marty Conway, Conway Organizations: Big Tech, Distributors, Disney, Apple, Charter Communications, Sports, P Global Market Intelligence, Paramount, Warner Bros, ESPN, Media, US Media, Telecom, Hulu, NBA, Fox, 4Q, UBS, LightShed Partners, YouTube, Georgetown University, Major League Baseball, NFL, MLS, Tech, aren't

☆ The U.S. government is investing $22 million into developing surveillance clothing that includes shirts, pants, and underwear that can record video and audio
▼ + stars: | 2023-09-04 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

The federal government has a $22 million surveillance clothing program, according to The Intercept. The initiative will develop shirts, pants, socks, and underwear that can record audio and video. In other words, funding moonshots like underwear that's as stretchable and washable as normal underwear, but can also record your every move. Some are worried, though, that the SMART ePANTS program could lay the groundwork for more invasive forms of surveillance. She added, "now suppose SMART ePANTS detects a chemical on your skin — imagine where that can lead."

Persons: Dawson Cagle, Cagle, Annie Jacobsen, they're, IARPA Organizations: Apple, Oura, Textile Systems, SMART, Intercept, Smart, National Intelligence, Intelligence, Department of Defense, Department of Homeland Security, SMART ePANTS, United, TSA

☆ An Electric-Vehicle Payoff for the UAW . . .
▼ + stars: | 2023-09-02 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The electric-vehicle bubble starts to deflate. Image: Jae C. Hong/Associated PressIf step one of Bidenomics is funneling cash to green industries, step two is cleaning up the distortions created by its subsidies and mandates. That explains the President’s plan this week to spend billions to prop up union jobs in electric-car production that the government is forcing on auto makers.

Persons: Jae Locations: deflate

☆ Best High-Yield Savings Accounts of September 2023
▼ + stars: | 2023-08-31 | by ( Martha C. White | ) www.wsj.com time to read: +18 min

With the Federal Reserve steadily raising interest rates to fight inflation, high-yield savings account payouts have steadily risen, too. After years of near-zero returns, the average savings account rate has risen to 0.43%, according to the Federal Deposit Insurance Corp. Unlike some high-yield online savings accounts, you earn a high APY—currently 5%—on every dollar in your account. You can conduct immediate electronic transfers between your brokerage account and savings account, and manage both savings and investment activities on a single platform. How we pickedTo pick Buy Side from WSJ’s Best Savings Accounts, we looked for accounts that offered the best APY on deposited funds without restrictions.

Persons: Martha C, it’s, JPMorgan Chase, Wells, Wells Fargo, Ally, Synchrony, Foster, Alliant, —, Ivy, Achilles, We’ve, Morgan Stanley, Marcus, Goldman Sachs, Charles Schwab, Charles Schwab Bank Charles Schwab Organizations: Federal Reserve, Federal Deposit Insurance Corp, Capital, National, One’s, JPMorgan, JPMorgan Chase JPMorgan Chase &, Chase Savings, Ally, Synchrony, CIT, First Citizens, Bank, Foster Care, Navy, Navy Federal, Bask Bank, Texas Capital Bank, Savings, LendingClub, Alliance Data Systems, Comenity Capital Bank, FDIC, Morgan Stanley Private, Morgan Stanley Private Bank, Bloomberg, Trade, Charles, Charles Schwab Bank, Best Bank, National Credit Union Administration, dateline Locations: Chase, Zelle, Ally’s, Chicago, U.S, Utah, .

☆ Meet Khan Academy's AI tutor
▼ + stars: | 2023-08-21 | by ( Nadia Bidarian | ) edition.cnn.com time to read: +10 min

More than 8,000 teachers and students will test education nonprofit Khan Academy’s artificial intelligence tutor in the classroom this upcoming school year, toying with its interactive features and funneling feedback to Khan Academy if the AI botches an answer. A conversation between CNN's Nadia Bidarian and Khanmigo, Khan Academy's AI chatbot tutor. Khan Lab School is a separate nonprofit founded by Khan Academy CEO Sal Khan. Khan Academy’s in-the-works AI learning course “AI 101 for Teachers,” created in partnership with Code.org, ETS and the International Society for Technology in Education, offers a path toward AI literacy among teachers. Imperfect, but improvingAn AI “tutor” like Khanmigo is not immune to the flubs all large language models face: so-called hallucinations.

Persons: —, Khanmigo, George Washington, Cleopatra, Martin Luther King Jr, CNN's Nadia Bidarian, Khan, Kristen DiCerbo, she’s, DiCerbo, “, Oz, ” DiCerbo, “ We’re, Albert Einstein, Einstein, Socrates, Christopher Nolan’s “ Oppenheimer, ”, Thomas Jefferson, Khanmigo’s Thomas Jefferson, GPT, Leo Lin, Sal Khan, they’ve, Khan Academy’s, ” Ernest Davis, Davis, it’s, ” Davis, Rama Ramakrishnan, ChatGPT, ” Ramakrishnan, “ It’s Organizations: CNN, Khan Academy, Khan, American, Khan Lab, . New York City Public Schools, Seattle Public Schools, Los Angeles Unified School District, EdWeek Research, Code.org, ETS, International Society for Technology, NYU, MIT Locations: Arizona, Independence, California, . New York, Education, United States

It was the firestorm that wildfire experts and residents on Maui had warned about for years — a blaze fueled by hurricane winds roaring through untamed grasses and into a 13,000-person coastal town with few ways in or out. Local officials had released plan after plan acknowledging that wildfire was all but certain. Cellphone sites were burned and lost power, leaving people unable to communicate or receive emergency alerts. And while fire departments and wildfire-preparedness groups have long urged people in fire-prone areas like West Maui to be ready and leave early, other advice from the authorities was far less concrete. The state of Hawaii’s own guide for how people should respond to hurricanes, tsunamis and other disasters does not include any direction on what to do in a wildfire.

Locations: Maui, Lahaina, West Maui

☆ Sam Bankman-Fried is in jail and will only get to enjoy his favorite peanut butter and jelly sandwiches 4 times a month, at $3.65 each
▼ + stars: | 2023-08-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The facility limits him to two peanut butter jelly sandwiches every two weeks. Embattled ex-FTX CEO Sam Bankman-Fried is going to miss having his peanut butter and jelly sandwiches in prison. For starters, he will be only limited to two peanut butter jelly sandwiches every two weeks while in prison. According to the commissary list, Bankman-Fried can only purchase two peanut butter and jelly sandwiches at $3.65 each per visit. That could be tough for Bankman-Fried, a vegan who said he subsisted on peanut butter when he was incarcerated in the Bahamas last year.

Persons: Sam Bankman, Fried, Lewis Kaplan, Cameron Lindsay, it's Organizations: Metropolitan Detention, Morning, US, New York Times, of Prisons, Bankman Locations: Brooklyn, Bahamas, Alameda

[1/2] William McGlashan Jr., a former Executive at TPG private equity firm facing charges in a nationwide college admissions cheating scheme, leaves the federal courthouse in Boston, Massachusetts, U.S., March 29, 2019. REUTERS/Brian SnyderCompanies TPG Capital Management LP FollowBOSTON, Aug 14 (Reuters) - A U.S. appeals court on Monday upheld the conviction of a former senior executive at the private equity firm TPG Capital for participating in a vast U.S. college admissions fraud scheme by paying $50,000 to rig his son's college entrance exam results. Carter Phillips, McGlashan's lawyer, said his "deeply disappointed" client was evaluating next steps, adding it was clear that ACT test scores were not "property," a necessary element of the fraud statute. More than 50 people pleaded guilty, including the actors Lori Loughlin and Felicity Huffman, who were among Singer's clients. Reporting by Jonathan Stempel in New York and Nate Raymond in Boston Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: William McGlashan Jr, Brian Snyder, William McGlashan's, McGlashan, Jeffrey Howard, William, Rick, Singer, Carter Phillips, McGlashan's, Lori Loughlin, Felicity Huffman, John Wilson, Gamal Aziz, Wilson, Jonathan Stempel, Nate Raymond, Matthew Lewis Organizations: TPG, REUTERS, Brian Snyder Companies TPG Capital Management, BOSTON, TPG Capital, U.S, Circuit, ACT, Yale, University of Southern, University of Southern California . Singer, Varsity, Thomson Locations: Boston , Massachusetts, U.S, Boston, Georgetown, University of Southern California, California, New York

☆ 'Potential minefield': Value investor Guy Spier talks U.S. bank risks, reveals his top stock to own
▼ + stars: | 2023-08-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Renowned value investor Guy Spier has said U.S. regional banks are a "potential minefield" in the current market environment. Moody's left the larger banks' ratings unchanged. Consolidation risks Spier explained that his view stems from the fact that the U.S. banking system remains highly fragmented, with around 12,000 banks nationwide. While not a "massive advantage," Spier believes larger money center banks like Bank of America have a slight edge in profitability over regional banks. Technology threat Aside from the risks highlighted by Moody's, Spier suggested that technology and innovation also pose major threats to regional banks.

Persons: Guy Spier, Spier, Warren Buffett, CNBC's, Moody's, he's Organizations: Bank of America, Spier . Technology, of America, Federal Reserve, U.S, JPMorgan, Citi, Asset Relief, CNBC Locations: Spier, U.S, Bank

☆ Maui wildfires: What you need to know
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaui wildfires: What you need to knowCNBC's Contessa Brewer joins 'Power Lunch' to discuss the struggle to account for missing persons in Hawaii, donations funneling in to help support the devastation in Hawaii, and the economic impact of the fire destruction.

Persons: CNBC's Contessa Brewer Locations: Hawaii

☆ Opinion | It’s August. Californians Are Still Skiing. Don’t Ask.
▼ + stars: | 2023-08-06 | by ( Daniel Duane | ) www.nytimes.com time to read: +2 min

Some ski resorts had to close because they had too much snow. Two of the biggest ski resorts on Lake Tahoe were still hopping on the Fourth of July, a time of year when the mountains are usually full of wildflowers. And don’t bother trying to get used to them in their new form, because they’re going to keep changing, at an ever-faster pace. On an emotional level, there’s something undeniably frightening about that — where’s it all going? — but it can also, in a rare instance like the chance to ski in the dog days of summer, bring a disorienting joy.

Persons: San Francisco — Organizations: Nevada snowpack Locations: San Francisco, Phoenix, California, Nevada

☆ Crypto Heists Funneling Billions to North Korea’s Nuclear Program Attract Senate Scrutiny
▼ + stars: | 2023-08-04 | by ( Dustin Volz | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/crypto-heists-funneling-billions-to-north-koreas-nuclear-program-attract-senate-scrutiny-698fd245

Persons: Dow Jones

☆ US risks 'funding our own destruction' if investor capital flows to Chinese defense firms, key lawmaker says
▼ + stars: | 2023-08-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Forthcoming restrictions should cover US participation in Chinese public markets, he said. "If American capital continues to flow to Chinese military companies, we are at risk of funding our own destruction." A "sizable portion" of that money goes directly to tech companies with ties to China's military and the Chinese Communist Party, he added. His comments follow earlier US efforts to curb Chinese access to critical technologies, such as semiconductors, quantum computing, and artificial intelligence. Meanwhile, foreign investors have been souring on China in recent months as the country's post-COVID economic rebound has disappointed.

Persons: Mike Gallagher, Biden, —, Gallagher, BlackRock Organizations: Service, Financial Times, White, Chinese Communist Party, Communist, Government, Wall Street, BlackRock Locations: China, Wall, Silicon, Wisconsin, MSCI

☆ BlackRock and MSCI are facing congressional probes over facilitating investments in Chinese firms flagged by US for security concerns
▼ + stars: | 2023-08-01 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

BlackRock and MSCI are facing probes by lawmakers for facilitating investments in Chinese firms, the WSJ reported. The probes are related to investments in companies flagged by the US over security risks or human rights violations. The congressional panel said it found that American investors have funded 60 such companies and BlackRock has invested $429 million through five of its funds. The majority of our clients' investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies. With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: MSCI Organizations: BlackRock, Service, Wall Street, Chinese Communist Party, WSJ, US Locations: MSCI, China, Wall, Silicon, Xinjiang, US

☆ Opinion: Why are Trump’s donors paying for his legal fees?
▼ + stars: | 2023-07-31 | by ( Dean Obeidallah | ) edition.cnn.com time to read: +7 min

Trump’s political action committee, Save America, has spent more than $40 million on legal fees since the start of 2023, a source familiar with the matter told CNN. The PAC also shelled out $16 million-plus on legal costs the previous year, Federal Election Commission records show. However, Paul Seamus Ryan, a campaign finance expert, recently told The Washington Post he did not see any “legal red flags” with the PAC paying Trump’s fees. It is disgraceful that Trump is using funds from small donors that they believed would fund his campaign for his own personal legal woes. But even Trump knows the more he spends on legal fees, the less he has for his 2024 campaign.

Persons: Dean Obeidallah, CNN — Dean Obeidallah, Donald Trump’s, deliberates, Joe Biden’s, ” Trump, Steven Cheung, Trump, —, Chris Christie —, Trump’s, “, Donald Trump, ” Christie, “ They’re, Paul Seamus Ryan, ” Ryan, Ryan, Jeff Swensen, I’m, ”, Biden, Joe Biden Organizations: CNN, CNN — Dean Obeidallah CNN, Florida —, Save, Federal, Commission, The New York Times, PAC, Trump, Prison, Save America PAC, Times, New, New Jersey Gov, Washington Post, “, Twitter, Facebook, Republicans, Biden, GOP, White House Locations: New York, Florida, Washington , DC, Fulton County , Georgia, New Jersey, Erie , Pennsylvania

☆ The UK will drill for more oil and gas in the North Sea
▼ + stars: | 2023-07-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments. “Even when we’ve reached net zero in 2050, a quarter of our energy needs will come from oil and gas. He also announced plans to build two new carbon capture and storage sites in the North Sea, to be completed by 2030, which would take the country’s total to four. The licensing process, overseen by the North Sea Transition Authority, will be more flexible to allow companies to drill near currently licensed areas, “unlocking vital reserves which can be brought online faster,” Sunak’s office said in a statement. “[The project] is a central part of plans to decarbonize North Sea operations, and to store emissions from other parts of Scottish industry,” he said.

Persons: Rishi Sunak, we’ve, ” Sunak, Simon Roddy, ”, ” Lyndsay Walsh, Philip Evans, “, ” Evans Organizations: London CNN, International Energy Agency, Transition, Shell, ”, Greenpeace UK, Conservative, Labour Party Locations: North, Scotland, loggerheads

☆ Joe Lewis, Billionaire Owner of Tottenham Hotspur, Charged with Insider Trading
▼ + stars: | 2023-07-26 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Federal prosecutors charged Joseph C. Lewis, the British billionaire who owns the Tottenham Hotspur English soccer club, with insider trading on Tuesday, accusing him of illegally funneling nonpublic information to associates to trade on. In a 29-page indictment, prosecutors in Manhattan accused the 86-year-old financier of doling out tips to friends and associates, including his pilots, personal assistants and romantic partners from 2019 to 2021. “He used inside information as a way to compensate employees and shower gifts on friends and lovers,” Damian Williams, the United States Attorney for the Southern District of New York, said in a statement. “It’s cheating and against the law.”Prosecutors also accused Mr. Lewis of conspiring to hide a roughly 20 percent stake in Mirati Therapeutics, a pharmaceutical company, through a series of shell companies and false statements to the Securities and Exchange Commission.

Persons: Joseph C, Lewis, ” Damian Williams, “ It’s, ” Prosecutors Organizations: Tottenham Hotspur English, United States, Southern, of, ”, Mirati Therapeutics, Securities and Exchange Commission Locations: Manhattan, of New York

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