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☆ Debt woes and zero-Covid: China's cities are running out of cash to pay huge bills
▼ + stars: | 2022-12-02 | by ( Laura He | ) edition.cnn.com time to read: +9 min

They spent 11.8 trillion yuan ($1.65 trillion) more than they raised in revenue between January and October, borrowing heavily to do so, according to data from China’s Ministry of Finance. Andy Wong/AP‘Widest in history’For nearly three years, local governments have borne the brunt of enforcing pandemic controls. The weak fiscal position of local governments has been a drag on the country’s overall financial standing. Kevin Frayer/Getty ImagesLow income, high costsWhy are local governments in this parlous state? In May, Beijing told local governments that they had to bear the costs for regular Covid testing in their regions.

☆ China's cities are running out of money to pay huge COVID lockdown bills, report says
▼ + stars: | 2022-12-02 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

China's zero-COVID strategy is having a big financial impact on local governments, CNN reported. China's strict strategy involves mass testing and locking down major cities. And local governments have had to pay for much of this, CNN reported. As a result, some local governments have delayed or suspended payments to coronavirus test providers and some are now asking residents to pay for their own coronavirus tests, CNN reported. The zero-COVID strategy has harmed China's economy more widely, by restricting movement and tourism and locking down cities of millions of people, which has also at times meant shutting down factories and manufacturing sites.

☆ I was laid off from Lehman Brothers right before it collapsed. Here's what the final chaotic weeks were like from the inside.
▼ + stars: | 2022-12-01 | by ( Emma Magnus | ) www.businessinsider.com time to read: +5 min

Adam Taylor had been working in M&A at Lehman Brothers in London for 2½ years in 2008. I had started working at Lehman Brothers in the summer of 2005, when I was 25. In retrospect, there were warning signs before it collapsedAt the time, nobody thought Lehman Brothers would go under in 2008. I had friends who bought shares in Lehman Brothers when they were really low, thinking they were only going to go up, but they lost their money. I lost the sense of identity I had linked to the companyFor 2½ years, I'd been "Adam Taylor who works at Lehman Brothers."

☆ From giant kites to foldable wings, here's what container ships could look like by 2050 as companies race to decarbonize their supply chains
▼ + stars: | 2022-11-23 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

Shipping giants are racing to find scalable green alternatives to gas-guzzling container ships. Other shipping giants are betting big on green methanol fuel derived from agricultural waste. Courtesy of VeerBut the real challenge, Fagerheim said, is convincing clients to get onboard with the boat's slower transit time compared to a traditional container ship. By comparison, conventional container ships can handle loads of over 38,000 tonnes. ©PIRIOU / courtesy of TransOceanic Wind TransportBut as more shoppers prioritize sustainability, some big name brands are pledging to use sustainable cargo ships once the designs become a reality.

☆ Austrian central bank defends compulsory mortgage-lending standards
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

VIENNA, Nov 22 (Reuters) - Austria should keep its recently introduced compulsory standards for mortgage lending, the Austrian National Bank (ONB) said on Tuesday, despite a recent call by the conservative finance minister for those standards to be reviewed. Faced with a sustained housing boom and banks' widespread flouting of recommendations on mortgage lending aimed at limiting risk, Austria introduced the compulsory standards in August, though banks are still allowed to deviate from them in up to 20% of cases. With interest rates now rising, however, Finance Minister Magnus Brunner has asked that the decision to introduce the compulsory standards be reviewed to make lending easier. "The newly adopted regulation contributes to safeguarding financial stability by curbing excessive developments in residential real estate lending," the ONB said in a statement on its semi-annual Financial Stability Report, referring to the binding standards. The regulation introducing those standards was issued by the Financial Market Authority (FMA), though the standards were developed by the Financial Market Stability Board, which brings together officials from the Finance Ministry, ONB and FMA.

[1/2] U.S. House of Representatives Minority Leader Kevin McCarthy (R-CA) arrives as House Republicans gather for leadership elections at the U.S. Capitol in Washington, U.S., November 15, 2022. REUTERS/Leah Millis/File PhotoWASHINGTON, Nov 22 (Reuters) - The top Republican in the U.S. House of Representatives, Kevin McCarthy, on Tuesday called on Homeland Security Secretary Alejandro Mayorkas to step down, warning that the House may try to impeach him when Republicans take the majority next year. "Our country may never recover from Secretary Mayorkas' dereliction of duty," McCarthy told reporters in El Paso, Texas, on Tuesday after speaking with border officials. "If Secretary Mayorkas does not resign, House Republicans will investigate every order, every action and every failure (to) determine whether we can begin (an) impeachment inquiry," he said. He became the first Latino and foreign-born Homeland Security chief when he was confirmed to the role in February 2021.

☆ Austria announces windfall tax on energy companies
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Companies Omv Ag FollowVerbund AG FollowVIENNA, Nov 18 (Reuters) - Austria's government on Friday announced plans to introduce a windfall tax on energy companies that will be of up to 40% for oil and gas firms. The tax will apply retroactively from July 1 of this year until the end of next year, it added. The threshold can be increased to 180 euros if those companies invest in renewables, the statement said. Kogler said the tax rate then would be 90%. That tax will apply from Dec. 1 of this year until the end of 2023, the statement said.

☆ Republicans grill Biden homeland chief in possible preview of next Congress
▼ + stars: | 2022-11-15 | by ( Ted Hesson | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 15 (Reuters) - Republicans at a congressional hearing on Tuesday chastised U.S. While Tuesday's hearing before the House Homeland Security Committee was titled "Worldwide Threats to the Homeland," Republicans focused intensely on the southwestern border. [1/6] A general view of a House Homeland Security Committee hearing on "Worldwide Threats to the Homeland" on Capitol Hill in Washington, U.S., November 15, 2022. Higgins said there were rumors that Mayorkas would resign before the start of the new Congress on Jan. 3. Reporting by Ted Hesson in Washington; Editing by Howard Goller, Kristina Cooke and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Top U.S. homeland official faces lawmakers after border chief resigns
▼ + stars: | 2022-11-14 | by ( Ted Hesson | ) www.reuters.com time to read: +2 min

Homeland Security Secretary Alejandro Mayorkas will testify before lawmakers on Tuesday, three days after the country's top border official, Chris Magnus, resigned under what he said was pressure from Mayorkas. Magnus, who held the role of U.S. Customs and Border Protection commissioner since December 2021, resigned in a letter on Saturday to President Joe Biden. A day earlier, Magnus said he had been pressured by Mayorkas to step down or be fired. It was the most significant staffing shakeup in Biden's Democratic administration to follow last week's U.S. midterm election vote and signals that record border crossings remain a concern under Biden, a Democrat. FBI Director Christopher Wray and National Counterterrorism Center Director Christine Abizaid will also testify in the U.S. House Homeland Security Committee hearing, which focuses on security threats.

☆ Chris Magnus Resigns as Customs and Border Protection Commissioner
▼ + stars: | 2022-11-13 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

Customs and Border Protection Commission Chris Magnus is stepping down amid a rift with other Biden administration officials. WASHINGTON—The Biden administration’s top border official, Customs and Border Protection Commissioner Chris Magnus , has resigned after days of internal pressure, White House press secretary Karine Jean-Pierre said. “The President thanks Mr. Magnus for his service at CBP and wishes him well,” she said in a statement.

Nov 12 (Reuters) - President Joe Biden has accepted the resignation of U.S. Customs and Border Protection Commissioner Christopher Magnus, the White House said in a statement on Saturday. The White House statement comes a day after U.S. media reported that Magnus had been asked to resign or was fired in a sign of tensions within Biden's administration over a record number of migrant crossings at the U.S.-Mexico border. "I am submitting my resignation effective immediately but wish you and your administration the very best going forward. Magnus, 62, was confirmed in December as commissioner of the CBP, a 60,000-strong agency that oversees border security, trade and travel. When Biden nominated Magnus for the role in 2021, the White House touted him as a reformer focused on establishing community trust in law enforcement and holding officers accountable.

☆ US Customs and Border Protection chief resigns after initially declining Biden administration request to step down
▼ + stars: | 2022-11-13 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Chris Magnus resigned as chief of Customs and Border Protection on Saturday, per the White House. "Thank you for the opportunity to serve as your Senate confirmed Commissioner of US Customs and Border Protection over the past year. "We are thankful to Commissioner Magnus for his contributions over the past year and wish him well," Mayorkas wrote in his letter. Magnus, the former police chief in Richmond, Calif., and Tucson, Ariz., had overseen over 60,000 employees who were largely focused on border security and counterterrorism issues. Border security has become a major issue for Biden, with Republicans and even some Democrats needling the administration over the level of undocumented migrants being caught by agents.

☆ Customs and Border Protection chief refusing request to step down, DHS official says
▼ + stars: | 2022-11-12 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — The commissioner of U.S. Customs and Border Protection, the federal agency in charge of border security, is refusing to step down from his job after a request by the Biden administration, an official from the Department of Homeland Security told NBC News. As the head of CBP, Chris Magnus, 62, oversees more than 60,000 employees whose missions focus on counterterrorism, border security and trade enforcement. The Los Angeles Times was first to report the news that Magnus was asked to resign. Magnus has served in the role since Dec. 2021 after being narrowly confirmed by the Senate in a 50-47 mostly party-line vote. He had previously served as chief of police in Tucson, Ariz., from 2016 to 2020, resigning after a civilian died while in police custody.

☆ Biden Administration Pushes Border Agency Head to Resign
▼ + stars: | 2022-11-11 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

Chris Magnus, commissioner of the U.S. Customs and Border Protection agency, has said he won’t resign. WASHINGTON—The head of U.S. Customs and Border Protection is being forced out of his job, according to three officials familiar with the situation, in the first apparent shake-up of the Biden administration following the midterm elections. Chris Magnus, the agency’s commissioner since last December, was asked by Homeland Security Secretary Alejandro Mayorkas earlier this week to resign his post or risk being fired, the people said.

☆ The Biden administration is pressuring its top border official to resign — but he says they'll have to fire him
▼ + stars: | 2022-11-11 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

The head of US Customs and Border Protection said Friday that he had been asked to resign. In an interview with the Los Angeles Times, Chris Magnus, head of US Customs and Border Protection, said that he had been twice this week asked to resign or risk being fired. According to Magnus, Mayorkas said he would request that he be fired if he did not submit a resignation. According to Magnus, Mayorkas asked for his resignation after the CBP commissioner decided against providing a "retention" bonus to the head of Border Patrol, citing philosophical differences. The number of migrants crossing the US-Mexico border is below the number seen in the early 2000s, according to DHS.

Indiana's Republican-controlled legislature passed the law in May, overriding the veto of the state's Republican governor, Eric Holcomb, who had said it was unnecessary. Proponents of the law say that allowing transgender girls to play on girls' teams is unfair because they have a biological advantage. The mother of a 10-year-old transgender girl attending public school in Indianapolis then sued the school district in Indianapolis federal court, seeking to stop it from enforcing the law against her. The Indianapolis school district itself did not oppose the injunction, but the state of Indiana intervened to defend its law. A group of 19 Republican-led states filed their own brief supporting Indiana in September.

☆ Top U.S. border official says Biden administration pushing him out - reports
▼ + stars: | 2022-11-11 | by ( Ted Hesson | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 11 (Reuters) - A top U.S. border official said on Friday he had been asked to resign or be fired, a sign of tensions within U.S. President Joe Biden's administration over a record number of migrant crossings at the U.S.-Mexico border. Magnus said he would not resign and defended his commitment to the agency, according to the reports. The White House, the U.S. Department of Homeland Security, and CBP did not respond to requests for comment. The number of migrant arrests at the U.S.-Mexico border has soared to record highs under Biden, a Democrat who took office in 2021, fueling attacks by Republicans who say his policies are too lenient. Magnus, 62, was confirmed in December as commissioner of the CBP, a 60,000-person agency that oversees border security, trade and travel.

☆ Five lions escape enclosure, sparking alarm at Sydney zoo
▼ + stars: | 2022-11-02 | by ( Kriti Gandhi | ) www.nbcnews.com time to read: +2 min

Five lions managed to escape their enclosure at an Australian zoo Wednesday, sparking a brief emergency as officials rushed to contain them. The lions — four cubs and a male adult named Ato — slipped loose from the enclosure at Sydney’s Taronga Zoo due to “an integrity issue with a containment fence,” the zoo said in a statement early Wednesday. Lion cubs at the Taronga Zoo in Sydney on August 12, 2022. All guests at the zoo were moved to a designated safe zone until the lions were safely back in their enclosure. No animals or humans were injured in the lions’ short escape and the zoo later opened as normal, officials said.

☆ Migrant border crossings in fiscal year 2022 topped 2.76 million, breaking previous record
▼ + stars: | 2022-10-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Julia-Ainsley-Circle-Byline-Template.Jpg | Julia Ainsley | ) www.nbcnews.com time to read: +1 min

The number of undocumented immigrant crossings at the southwest border for fiscal year 2022 topped 2.76 million, breaking the previous annual record by more than 1 million, according to Customs and Border Protection data. For the 12 months ending Sept. 30, 2022, CBP stopped migrants more than 2,766,582 times, compared to 1.72 million times for fiscal 2021, the previous yearly high. The 2022 numbers were driven in part by sharp increases in the number of Venezuelans, Cubans and Nicaraguans making the trek north, according to CBP. In September, there were 227,547 encounters along the border, up 12 percent compared to August. CBP Commissioner Chris Magnus said that in October, the number of Venezuelans trying to cross the border has fallen sharply due to increased cooperation with Mexico.

☆ Inside the Chess Cheating Scandal: ‘It Was a Ticking Time Bomb’
▼ + stars: | 2022-10-22 | by ( Andrew Beaton | Joshua Robinson | ) www.wsj.com time to read: 1 min

A month before Magnus Carlsen and 19-year-old American grandmaster Hans Moke Niemann found themselves battling each other at the center of a high-profile chess cheating scandal, they were two guys pushing pawns on the beach in Miami. Hanging around for a tournament promotion, they played on a board in the sand, watched by only a handful of people, including Dutch grandmaster Anish Giri . The games were casual, but the results were decisive. Mr. Carlsen, the five-time world champion from Norway and the highest-rated player of all time, wiped the beach with Mr. Niemann, according to Mr. Giri.

☆ Chess grandmaster Hans Niemann files defamation lawsuit seeking $100M in damages over cheating allegations
▼ + stars: | 2022-10-21 | by ( Chantal Da Silva | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +2 min

American chess grandmaster Hans Niemann filed a defamation lawsuit Thursday against world champion Magnus Carlsen and others seeking $100 million in damages over cheating allegations that have rocked the chess world in recent weeks. “My lawsuit speaks for itself,” Niemann, 19, tweeted Thursday, sharing a copy of the lawsuit. Niemann, Carlsen, Nakamura and Chess.com did not immediately respond to requests for comment from NBC News. The lawsuit comes weeks after Carlsen, 31, first accused Niemann of cheating after the two chess players competed at the Sinquefield Cup in St. Louis on Sept. 4. And you know, ‘Chess speaks for itself.’ That’s all I can say.”

☆ Chess grandmaster sues current world champion for defaming him
▼ + stars: | 2022-10-21 | 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 EmailChess grandmaster sues current world champion for defaming himCNBC’s Tyler Mathisen reports on ‘The News with Shepard Smith’ that teenage chess grandmaster Hans Niemann, who was accused of cheating last month by current world champion Magnus Carlsen, is suing his accusers for $100 million.

☆ Hans Niemann Files $100 Million Lawsuit Against Magnus Carlsen, Chess.com Over Cheating Allegations
▼ + stars: | 2022-10-20 | by ( Andrew Beaton | Joshua Robinson | ) www.wsj.com time to read: 1 min

Hans Moke Niemann, the 19-year-old American grandmaster at the center of an alleged cheating scandal that has pulsed drama through the chess world, has made his next move: He sued world champion Magnus Carlsen and others seeking $100 million in damages. The federal lawsuit, filed in the Eastern Missouri District Court, says that Carlsen, Chess.com and others, including grandmaster Hikaru Nakamura, are “colluding to blacklist” Niemann from the chess world and have made defamatory statements accusing Niemann of cheating. Niemann is seeking damages of no less than $100 million in the suit, which said that tournament organizers have shunned him since the allegations emerged.

☆ Hans Niemann files defamation lawsuit seeking $100 million in damages
▼ + stars: | 2022-10-20 | by ( Matt Foster | ) edition.cnn.com time to read: +2 min

CNN —The cheating scandal that has consumed the chess world has taken its latest twist as American grandmaster Hans Niemann filed a defamation lawsuit against world champion Magnus Carlsen amongst others in a Missouri court on Thursday. In the lawsuit, Niemann and his attorneys state that they are seeking at least $100 million in damages. “My lawsuit speaks for itself,” Niemann tweeted along with a copy of the lawsuit. Chess.com responded to the suit via a statement from their lawyers, Nina Mohebbi and Jamie Wine. CNN has reached out to Carlsen and Nakamura for comment.

☆ Fewer Venezuelans caught at U.S.-Mexico border after Biden expulsions
▼ + stars: | 2022-10-20 | by ( Ted Hesson | ) www.reuters.com time to read: +2 min

U.S. Customs and Border Protection Commissioner Chris Magnus told Bloomberg News on Thursday that U.S. border agents had encountered just 155 Venezuelans on Wednesday, down from a daily average of 1,200 earlier this month. More than 4,500 Venezuelans have been returned to Mexico since the new U.S. expulsion policy began on Oct. 12, the Mexican government said, straining shelters there. The new effort comes as Republicans have criticized Biden's handling of the border and seek to gain control of the U.S. Congress in Nov. 8 midterm elections. At a shelter in the U.S. border city of Deming, New Mexico, Venezuelans went from being the most common nationality to absent, according to Ariana Saludares, executive director of Colores United, which runs the center. A spokesperson for Texas Governor Greg Abbott said the busing could continue until Biden "does his job."

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