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SAVANNAH, Ga. (AP) — The company seeking permits to mine minerals near the edge of the Okefenokee Swamp and its vast wildlife refuge has agreed to pay a $20,000 fine to Georgia environmental regulators, who say the company violated state laws while collecting soil samples for its permit application. The plan is required for Twin Pines to qualify for a permit. Twin Pines has insisted it can mine without harming the swamp. An attorney for Twin Pines said Wednesday the company denies any wrongdoing. The Army Corps entered an agreement with Twin Pines to maintain its hands-off position in 2022.
Persons: , Lewis Jones, Josh Marks, EPD, ” Marks, Donald Trump, Joe Biden Organizations: Georgia Environmental, Twin, Twin Pines Minerals, Twin Pines, Regulators, Refuge, , National Park Service, UNESCO, U.S . Fish, Wildlife Service, and Wildlife Service, Army Corps of Engineers, Army Corps Locations: SAVANNAH, Ga, Georgia, Twin Pines, Alabama, Twin, Mississippi, Atlanta, blackwater
Paris CNN —When the United States Supreme Court overturned Roe v. Wade in June 2022, French women were paying close attention. Ludovic Marin/AFP/Getty ImagesProtesters voice their support for abortion rights during a debate at the Senate in Paris. According to backers of the bill, therefore, constitutionalization would safeguard abortion rights even if a pro-life majority were to be voted into office. Just last week, Argentina elected a far-right president who has pledged to reverse the abortion rights the country acquired in 2020. ‘Now or never’In France, recent polling data suggests 86% of people are now favorable to the constitutionalization of abortion rights.
Persons: Paris CNN —, Roe, Wade, France, , Mélanie Vogel, Vogel, Emmanuel Macron, Stephanie Hennette, Ludovic Marin, Jordan Bardella, ” Bardella, Laurence Rossignol, Malagré, , Enora Malagré, Pierre, Stephane Cardinale, Corbis, Rossignol, Sarah Durocher, it’s, Marine Le, Le Pen, that’s “, Lafargue Raphael, Durocher, Vauchez, ” Vogel, “ It’s Organizations: Paris CNN, United States, Atlantic, CNN, Senate, Getty, Popular, Law, Justice, National Rally, Locations: France, French, Paris, AFP, United States, Popular French, Poland, Argentina, Versailles
And yet, even as the climate crisis inserts itself viscerally into people’s lives, experts say the year has seen alarming backsliding on climate action. Green policies have been watered down, huge new oil and gas projects have been greenlit and coal has had something of a resurgence. As countries gather in Dubai for the UN’s COP28 climate summit, there are “high expectations,” said Harjeet Singh, the head of global political strategy at nonprofit Climate Action Network International. It sent worrying signals about climate backtracking, said Elisa Giannelli, a senior policy advisor at climate think tank E3G. Around 50% of its total capital spending needs to go toward clean energy projects by 2030, according to the report.
Persons: , Harjeet Singh, Kaveh Guilanpour, Singh, Biden, , Erik Grafe, Joe Biden, Countess, Norway —, Elisa Giannelli, “ It’s, Rishi Sunak, Joeri Rogelj, Flora Champenois, It’s, Bernd Lauter, ” Rogelj, Darren Woods, Bernard Looney, Fatih Birol, Guilanpour, Claire Fyson, ” Fyson, “ we’re, ” CNN’s Ella Nilsen, Ivana Kottasová, Gan Organizations: CNN, United Nations, Action, , Climate, Energy Solutions, US Department of Interior, Imperial College London, Global Energy Monitor, GEM, Getty, BP, Chevron, ExxonMobil, Shell, Exxon, IEA, Climate Analytics Locations: Canada, Libyan, Dubai, Alaska, Washington ,, Australia, Norway, Europe, Germany, China, Asia, Ukraine, Eschweiler, COP28
Disney Chief Executive Officer Bob Iger told employees Tuesday during an internal town hall that he is looking forward to "building again" after spending 2023 mending parts of the business that "needed attention." After speaking alone for about 15 minutes, Iger was joined by Disney head of parks and resorts Josh D'Amaro, ESPN chief Jimmy Pitaro, and Disney Entertainment co-chairs Dana Walden and Alan Bergman. Disney said this month it projects to save $7.5 billion this year, largely through job elimination and content spending rollbacks. "What Bob and I have talked about is we don't just want to flip the switch," Pitaro said. "We don't want to just move our networks over and make them available over the top without significant product enhancements."
Persons: Bob Iger, Iger, David Muir, Josh D'Amaro, Jimmy Pitaro, Dana Walden, Alan Bergman, Disney's, Disney, Pitaro, Bob Organizations: Disney, ABC News, New York's, ESPN, Disney Entertainment, Pixar, Marvel Locations: New, New York's Amsterdam
WASHINGTON (AP) — President Joe Biden and China’s Xi Jinping have no shortage of difficult issues to discuss when they sit down for their first talks in a year, even if expectations are low that their meeting will lead to major breakthroughs. Beijing’s demands were made clear last November when Xi and Biden met in Bali, Indonesia, during the Group of 20 summit. That was a rejoinder to the Biden administration mantra that the two nations should compete vigorously while not looking for conflict. Beijing has bristled at export controls and other measures imposed by the Biden administration, perceiving them as designed to stifle China's economic growth. But Xi, this time, is likely to seek assurance from Biden that the U.S. will not pile new ones onto China.
Persons: Joe Biden, China’s Xi, what’s, Biden, Xi, Janet Yellen, , , Nancy Pelosi, Newt Gingrich, Xie Feng, Wang Wenbin, Zhu Feng, Zhu, Kanis Leung, Ken Moritsugu, Yu Bing Organizations: WASHINGTON, Economic Cooperation, BIDEN, U.S ., U.S, American, School of International Studies of Nanjing University, Trump, Biden, , Associated Press Locations: Asia, Taiwan, East, Europe, U.S, China, Francisco, Beijing, United States, Taiwan . Washington, Iran, Tehran, Israel, American, Hong Kong, Bali , Indonesia, Bali, Washington, ” Beijing, San Francisco
In an attack on his own Conservative predecessors as prime minister, Sunak said: “You don’t reach net zero simply by wishing it. The Climate Change Committee, the government’s independent adviser on climate change, published a report in June that criticized the UK’s net zero plans and said there was not enough urgency to reach the country’s goals. Britain is legally required to have reached net zero – meaning the country would remove from the atmosphere at least as much planet-warming pollution as it emits – by 2050. Johnson’s comments led a chorus of concerns from within Sunak’s Conservative party at the plans, which were apparently hurriedly brought forward after Tuesday’s leaks to the media. British businesses also criticized Sunak’s plans on Wednesday.
Persons: Rishi Sunak, Sunak, ” Boris Johnson, ” Johnson, , Dan Kitwood, pushback Sunak, “ We’ve, ” Sunak, , … I’ve, Alok Sharma, ” Sharma, Chris Skidmore, Rob Picheta, Mike Childs, Sunak’s, Lisa Brankin, Ed Matthew, ” “ Organizations: London CNN, United, Conservative, Labour, , Sunak’s Conservative, BBC, PA Media, London's Labour, CNN, Ambition, UN, Ford, European Union Locations: Britain, United Kingdom, Glasgow, Sunak’s, London, Uxbridge, South Ruislip, New York, United States, China
It said adjusted earnings per share for the year will range between $6.36 and $6.46. That compares with its prior guidance for consolidated net sales gains of 3.5% and an adjusted earnings per share range of between $6.10 and $6.20. Transactions increased by 2.9% and the average ticket rose by 3.4% for Walmart U.S.Same-store sales for Walmart U.S. grew by 6.4% in the second quarter, excluding fuel, compared with the year-ago period. Sales for Walmart Connect, the company's advertising business in the U.S., grew 36% year over year. In the grocery department at Walmart U.S., sales of private labels rose 9% year over year.
Persons: John David Rainey, Rainey, Doug McMillon, Judith McKenna, Kath McLay, Chris Nicholas, " Rainey, Walmart's, John Furner Organizations: Walmart, Walmart U.S, CNBC, Sam's, Walmart Connect Locations: U.S
Investors should snap up shares of Walmart ahead of earnings, according to Credit Suisse. Analyst Karen Short maintained her outperform rating on the stock and raised her price target by $10 to $180. Walmart is set to report its third-quarter earnings Thursday before the market opens. Credit Suisse raised its earnings per share forecast for the second quarter by 6 cents to $1.74, exceeding the consensus of $1.69, according to analysts surveyed by FactSet. To be sure, the analyst added that these tailwinds should be partially offset by Walmart's continued softness in general merchandise sales.
Persons: Karen Short, FactSet ., Walmart's, — CNBC's Michael Bloom Organizations: Walmart, Credit Suisse, FactSet
Of course, that nickname started with his mother, who called her middle son by his initials, he said in an interview before the UPS deal was announced. O'Brien had warned UPS ahead of the deal not to "go down the road of being greedy, being more loyal to Wall Street than Main Street." O'Brien crisscrossed the country in the weeks ahead of a threatened UPS strike on Aug. 1, fortifying Teamster members' resolve with "practice" pickets and profanity-punctuated speeches. Nelson cheered on O'Brien after the UPS deal in a statement, calling the right to strike the "only countervailing force to capitalism that is otherwise unchecked ... UPS workers have until Aug. 22 to vote on the tentative deal.
Persons: Sean O'Brien, O'Brien, Steven Tolman, John Logan, Shawn Fain, Sara Nelson, Nelson, ROLLBACKS O'Brien, Steve Striffler, We've, Lisa Baertlein, Ben Klayman, Matthew Lewis Organizations: Teamsters, International Brotherhood of Teamsters, United Parcel Service, UPS, Workers, Unions, San Francisco State University, United Auto Workers, of Flight, Boston Local, company, University of Massachusetts, Boston Labor Resource Center, Thomson Locations: ANGELES, U.S, Massachusetts, Los Angeles
Walmart has a chance to grow its market share in the grocery business, which could boost the stock in a big way, according to Piper Sandler. The firm upgraded the retail giant to overweight from neutral Monday and raised its price target to $210 per share from $145. Analyst Edward Yruma said the company will benefit as grocery inflation eases, allowing it to take more market share in the space. Walmart stock has climbed more than 12% in 2023. WMT YTD mountain Walmart stock has added more than 12% from the start of the year.
Persons: Piper Sandler, Piper, Edward Yruma, Yruma, — CNBC's Michael Bloom Organizations: Walmart
Walmart once again is looking to compete directly with Amazon's Prime Day. In previous years, the company held "Rollbacks and More" events in July to compete with Prime Day, and last year Walmart launched a summer savings event called Walmart+ Weekend which took place just before Amazon Prime Day. Walmart is holding a summer savings event called 'Walmart Plus Week' between July 10 and 13, around the same time as Amazon's Prime Day. "Amazon's Prime Day market share will continue to slip, dropping from 62.0% in 2018 to an expected 59.6% in 2023," the report said. Roots of Walmart-Amazon Prime Day rivalryThe yearly battle over customers between Walmart and Amazon's Prime Day could date as far back as 2015.
Persons: Andrew Lipsman, Lipsman, Marc Lore, Jason Del Rey Organizations: Walmart, Amazon's, Service, Amazon, Intelligence, Insider Intelligence, Target, Jet, Target Circle Locations: Wall, Silicon, Amazon
Speaker Kevin McCarthy toiled on Wednesday to lock down the votes to pass his deal with President Biden to lift the debt ceiling and set federal spending limits, as a stream of defections from hard-right lawmakers put the fate of the measure in question. With the nation’s first-ever default looming in days, the House was on track to begin votes Wednesday afternoon on a plan to suspend the nation’s borrowing limit for two years in exchange for two years of spending caps and a string of policy concessions Republicans demanded. To muster a 218-vote majority to push it through the closely divided House, congressional leaders must cobble together a coalition of Republicans willing to back it and enough Democrats to make up for what was shaping up to be a substantial number of G.O.P. Hard-right lawmakers are in open revolt over the compromise and have vowed to try to derail it. Multiple right-wing lawmakers have savaged the bill, publicly using a profanity-laced description to compare it to a foul-tasting sandwich and arguing that it does nothing to secure the kind of deep spending cuts and rollbacks of Biden administration policies for which they have agitated.
Persons: Kevin McCarthy toiled, Biden
Walmart prides itself on offering "everyday low prices" no matter the economic environment. Executives said in a recent earnings call that they want to retain shoppers through convenience. This isn't the first time Walmart, which prides itself on "everyday low prices," has talked about the importance of higher-income shoppers to its bottom line. But the brand's low prices and penchant for discounting — or in Walmart parlance, rollbacks — have also historically attracted lower-income shoppers. Yet, as food inflation remains "stubborn," per McMillon, higher-income shoppers looking to save a few bucks have stuck with the Bentonville, Arkansas-based retail giant.
In March, depositors fled Silicon Valley Bank (SIVB.O), withdrawing $42 billion in 24 hours, some via their mobile phones. Information about the bank's difficulties spread fast online, creating a social media-driven bank run. Officials said the bank turbulence added urgency to discussions of a European Commission proposal to broaden the EU's bank resolution framework, now applied to just over 100 of the biggest European banks, to smaller and medium-sized lenders. The proposal, called Crisis Management and Deposit Insurance (CMDI) was requested by EU finance ministers in mid-2022. It would ensure that the resolution of smaller banks could be paid for from the EU's resolution fund, financed by banks, rather than by taxpayers.
The Real Debt Limit Fight Is Yet to Come
  + stars: | 2023-04-27 | by ( Carl Hulse | ) www.nytimes.com   time to read: +1 min
WASHINGTON — House Republicans on Wednesday did what many of them vowed they never would: They voted to raise the federal debt ceiling. “It sucks,” said Representative Lauren Boebert, a hard-right Republican from Colorado whose vote was carefully watched as party leaders squeezed recalcitrant lawmakers. “But you gotta do what you gotta do.”As a reward for their begrudging support of Speaker Kevin McCarthy’s call for legislation he said would strengthen his bargaining power against President Biden, right-wing conservatives earned the chance to take another debt limit vote sometime this summer. But the next one could be on legislation lacking the budget cuts and policy rollbacks that many Republicans demanded to barely nudge this doomed plan over the top. It also made clear that some combination of Democratic and Republican votes would ultimately be required to raise the debt limit to avert a fiscal catastrophe.
WASHINGTON — Speaker Kevin McCarthy on Monday proposed a one-year debt ceiling increase paired with a set of spending cuts and policy changes, backing down substantially from earlier demands but making clear that Republicans would not raise the borrowing limit to avert a catastrophic debt default without conditions. “I want a responsible, sensible debt ceiling that puts us on an economic path to make America stronger. But that cannot happen if the president continues to ignore the problem.”Understand the U.S. Debt Ceiling Card 1 of 5 What is the debt ceiling? ”A no-strings-attached debt limit increase will not pass,” he said. The debt limit is expected to be breached as early as July unless Congress acts to raise it.
New York CNN —Corporate guidance statements will be front and center as earnings season kicks off, with investors trying to gauge the economy’s temperature. Analysts forecast that first-quarter earnings for companies in the S&P 500 will fall 6.8% from the same period the previous year, according to FactSet. “We all expect earnings to be less than stellar,” says Shana Sissel, chief executive officer at Banríon Capital Management. Earnings season for banks starts on Friday with JPMorgan Chase, Wells Fargo, BlackRock, Citigroup and PNC Financial Services slated to report before the bell. Still, earnings are just one factor driving markets, and inflation remains a key concern for the Fed.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB's collapse signals that rollbacks on Dodd-Frank Act were a mistake: Evercore's Roger AltmanRoger Altman, Evercore founder and senior chairman, joins 'Closing Bell' to discuss the mounting concerns that led to the Silicon Valley Bank's collapse, the responsibility of the Fed to act on warnings about SVB's mismanagement, and more.
In prepared remarks, Treasury Secretary Janet Yellen said the SVB situation is very different from 2008. "Our financial system is also significantly stronger than it was 15 years ago," she said. Dean Baker, a senior economist at the Center for Economic and Policy Research who predicted the 2008 housing bubble crash, told Insider that "this is not a 2008, 2009 story at all." "To this day I always argue with people, the problem was the housing bubble. "But the real problem was that the housing market was driving the economy — a housing bubble, and it collapsed, and there was no easy replacement for that.
Democrats have been targeting Fed Chair Powell over his role in the bank's shutdown. The first is to remind Chair Powell: he has a dual mandate. Her second point, she said, was that raising interest rates does not solve issues like price gouging or the Ukraine invasion. During a Senate hearing earlier this month, Powell responded to Warren's questioning on interest rates costing jobs. "Will working people be better off if we just walk away from our jobs and inflation remains 5%-6%?"
The NYT reported that Fed Chair Powell blocked a mention of regulatory failings in a report on SVB. The final joint statement on SVB's fall speaks mostly of regulators' work since the 2008 crisis. Instead, the final statement only spoke positively of financial regulation, praising the reforms put in place after the 2008 Financial Crisis. Silicon Valley Bank was taken over by the FDIC last Friday, sparking an intense sell-off in bank stocks and wavering confidence in the US banking system. President Biden has promised to tighten regulation in the wake of SVB's failure, assuring Americans that the US banking system is safe.
She's criticized Trump-era rollbacks on banking oversight for making the SVB failure possible. "Those are much smaller than the bigger banks," CNBC host Sara Eisen said to Warren, referring to banks like SVB. "We've had a number of those CEOs on the shows in the last few days" such as Charles Schwab, she said, who "do their own stress testing." The whole point of stress testing is for someone on the outside of the bank to say, 'what could go wrong here?' What happened to SVB, Warren wrote, is "the direct result of leaders in Washington weakening the financial rules."
Elizabeth Warren and Richard Blumenthal are calling on the SEC and DOJ to look into the collapse. "The nation's bank regulators cannot make the same mistake twice," they continued. Warren and Blumenthal wrote in their letter that "SVB officials showed a pattern of risky and questionable decision making" that may have contributed to the bank's collapse. They also noted the lack of stress tests that would have helped regulators determine whether the bank could respond to rising interest rates. But Warren has been persistent in her message, already introducing legislation alongside Rep. Katie Porter to roll back the 2018 changes.
In 2018, Sen. Joe Manchin was one of 13 Democrats to vote for easing some banking regulations. The rollback of those regulations meant that Silicon Valley Bank was subject to less scrutiny. That vote has come under renewed scrutiny after the abrupt shuttering of Silicon Valley Bank (SVB) and subsequent bailout of its depositors. Manchin did tell Raju that it was not a mistake to vote through that 2018 legislation, or at least it wasn't at the time. Other Democratic lawmakers who also voted for the 2018 legislation are similarly standing by their decisions.
Silicon Valley and Signature banks were shut down this week by regulators. Their chief executives made millions, but "we should claw all that back," Warren argued in an op-ed. Joseph DePaolo of Signature got $8.6 million," Warren writes, taking aim at the executives of the collapsed banks. "We should claw all of that back, along with bonuses for other executives at these banks." The collapse of Silicon Valley Bank has become the country's largest bank failure since the 2008 financial crisis.
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