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☆ What is Juneteenth? History of US federal holiday and its celebration explained
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +3 min

Juneteenth, long a regional holiday in the U.S. South, rose in prominence following protests in 2020 over police killings of George Floyd, Breonna Taylor, Rayshard Brooks and other African Americans. Juneteenth, a combination of the words June and 19th, is also known as Emancipation Day. Connecticut, Minnesota, Nevada and Tennessee have made Juneteenth a permanent public holiday for the first time this year, according to the Pew Research Center. In Alabama and West Virginia, Juneteenth has been authorized as a state holiday for this year by a governor’s proclamation. People are also celebrating the holiday by organizing for civil rights, reading books about African American heritage and history, attending festivals and musical performances, and dining at Black-owned restaurants.

Persons: Crystal Howard, Read, Joe Biden, George Floyd, Breonna Taylor, Rayshard Brooks, Abraham Lincoln's, Juneteenth, Aurora Ellis, Lisa Shumaker Organizations: Black Americans, U.S, District, Columbia, Pew Research, The U.S, Supreme, Thomson Locations: Texas, U.S, Nashville , Tennessee, United States, Connecticut, Minnesota, Nevada, Tennessee, Alabama, West Virginia, America, The

☆ Gannett tiptoes into generative AI, giving humans the last word
▼ + stars: | 2023-06-16 | by ( Helen Coster | ) www.reuters.com time to read: +6 min

Their caution follows well-publicized generative AI gaffes at media outlets including CNET and Men’s Journal. Generative AI is a sticking point in some negotiations with the company, the union said. Other news outlets are approaching generative AI with varying levels of commitment and caution. Bloomberg, which competes with Reuters, is developing its own generative AI model, BloombergGPT, which it trained on financial data. The New York Times, Washington Post and Bloomberg declined to provide additional comment on their plans.

Persons: Larry Downing, Renn Turiano, Turiano, ”, We’re, Paul Bascobert, Nicholas Diakopoulos, Ilana Keller, Gannett, Alessandra Galloni, Miranda Marcus, Marcus, “, we’re Organizations: YORK, Gannett, Gannett Co, USA, Gannett Co's, U.S, Reuters, ” Gannett, Northwestern University, CNET, Men’s, USA Today, Journalists, Asbury Park Press, Microsoft, USA Today’s, New York Times, Washington Post, Bloomberg, BBC News Labs Locations: McLean , Virginia, New Jersey, USA, Washington

☆ China's VCs look to the Middle East for a U.S. dollar lifeline
▼ + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's ties with the Middle East have warmed since Saudi Arabia and Iran restored diplomatic relations earlier this year — through discussions brokered by Beijing. Those tensions and increased regulatory scrutiny in both countries prompted many U.S.-based investors to hold off on investments in Chinese venture capital funds. Middle East capital is looking to step in, especially as countries such as Saudi Arabia and Qatar look to diversify from dependence on fossil fuels. However, many potential investments in Chinese funds are still in discussion, the venture capital funds said. Preqin data showed the share of Middle East sovereign wealth funds' investment in alternative assets worldwide roughly doubled between 2021 and the first half of 2022.

Persons: Faisal bin Farhan al, Saud, Hu Chunhua, Fayez Nureldine, Morgan Stanley, Khalid Al, CNBC's Dan Murphy, Falih, PIF, Massimo, Aysar Tayeb, Prosperity7, Tayeb, Abu Organizations: Saudi, Political Consultative, China Business Conference, Afp, Getty, BEIJING — Venture, U.S ., CNBC, Public Investment Fund, Investment, Conference, Prosperity7 Ventures, Business, of, Local Locations: Riyadh, BEIJING, China, Saudi Arabia, Iran, Beijing, U.S, Qatar, Middle East, Asia, East, Saudi, Al, Aramco, Hyperview, Shanghai, UAE, of Dubai, Abu Dhabi

☆ Analysis: Global tax deal at risk as first pillar teeters
▼ + stars: | 2023-06-16 | by ( Leigh Thomas | ) www.reuters.com time to read: +5 min

Reuters GraphicsDIGITAL SERVICE TAXWhile the global minimum tax was always expected to bring in far more revenue, the collapse of plans to redistribute taxing rights would not come without consequences. The Biden administration backed the deal in 2021 in part because it requires other countries to abandon existing or planned digital services taxes targeting big U.S. tech groups. France, which the Trump administration hit with tariff action over its digital services tax before the Biden administration suspended it, has said that it will keep the tax in place as long as Pillar I of the deal is not resolved. Against that background, U.S. companies are eager to see progress on a multilateral solution that would get rid of unilateral digital services taxes. U.S. Treasury Secretary Janet Yellen told CNBC last week that the bill had little chance of passing and that the United States would get on board with the global minimum.

Persons: Peter Barnes, Biden, Trump, Megan Funkhouser, Janet Yellen, Barnes, Leigh Thomas, Christian Kraemer, David Lawder, Catherine Evans Organizations: PARIS, Google, Fiscal Association, Republican, U.S . Congress, Economic Cooperation, Development, Reuters, OECD, Information Technology Industry Council, Republicans, Treasury, CNBC, Trump, Thomson Locations: United States, Paris, France, Washington, U.S, United, Berlin

☆ US lawmakers seek new law to protect TikTok user information
▼ + stars: | 2023-06-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 14 (Reuters) - A bipartisan group of six senators and two members of the House of Representatives on Wednesday introduced legislation to protect Americans’ data from being used by U.S. adversaries. TikTok denies any improper data use and says it has spent more than $1.5 billion on data security measures. TikTok said on Wednesday it is "well underway in cutting off access to protected U.S. user data to any employee — wherever they are." The bill also would regulate exports of personal data by data brokers and firms like TikTok directly to restricted foreign governments. It would apply export control penalties to senior executives who knew or should have known that employees were directed to illegally export Americans’ personal data.

Persons: Ron Wyden, TikTok, Joe Biden, Warner, David Shepardson, Jonathan Oatis, Kirsten Donovan Organizations: Senate, U.S, Commerce Department, U.S ., Democratic, Thomson Locations: China, U.S, Montana

☆ China: 'Hacker empire' US is 'spreading rumours' with talk of Cuba spy station
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 9 (Reuters) - China's foreign ministry on Friday said "spreading rumours and slander" is a common tactic of "hacker empire" the United States, after a media report that China has reached a deal with Cuba to set up an electronic eavesdropping facility on the island. Cuba and China have reached an agreement in principle, the U.S. officials said, with China to pay Cuba "several billion dollars" for the eavesdropping station, according to the Journal. "As we all know, spreading rumours and slander is a common tactic of the United States," said Wang Wenbin, spokesperson at the Chinese foreign ministry. "The United States is also the most powerful hacker empire in the world, and also veritably a major monitoring nation." The reported deal could raise questions about a near-term visit to China that U.S. officials say Secretary of State Antony Blinken is planning.

Persons: John Kirby, Wang Wenbin, Antony Blinken, Blinken, Carlos Fernandez de Cossio, Liz Lee, Ryan Woo, Christopher Cushing Organizations: Wall Street Journal, White House National Security Council, Reuters, Cuban, Foreign, Thomson Locations: BEIJING, United States, China, Cuba, Beijing, U.S, Washington, America, Caribbean

Such a spy installation would allow Beijing to gather electronic communications from the southeastern United States, which houses many U.S. military bases, as well as monitor ship traffic, the newspaper reported. The countries have reached an agreement in principle, the officials said, with China to pay Cuba "several billion dollars" to allow the eavesdropping station, according to the Journal. The intelligence on the plans for a Cuba station was gathered in recent weeks and was convincing, the Journal reported. Cuba, an old Cold War foe of the United States, has long been a hotbed of espionage and spy games. It backed down and removed the missiles, but it is widely regarded as the moment when the United States and the Soviet Union came closest to a nuclear confrontation.

Persons: Fort Bragg, John Kirby, Biden, Antony Blinken, Washington's, Bob Menendez, ”, Vladimir Putin, Doina Chiacu, Matt Spetalnick, David Brunnstrom, Patricia Zengerle, Dave Sherwood, Jonathan Landay, Nick Zieminski, Alistair Bell Organizations: Wall Street, U.S, U.S . Central Command, Tampa . Fort Liberty, Fort, White House National Security Council, Embassy, Senate Foreign Relations, Capitol, Reuters, Taiwan’s National Security Bureau, Cuban, Moscow, Soviet Union, Thomson Locations: China, Cuba, Florida, Beijing, United States, Tampa . Fort, North Carolina, People’s Republic, Washington, Cuban, U.S, America's, Coast, South, Taiwan, South China, Havana, Soviet, Lourdes, Russian

He said the United States has had "real concerns" about China’s relationship with Cuba and was closely monitoring it. Brigadier General Patrick Ryder, a U.S. Defense Department spokesperson, said: "We are not aware of China and Cuba developing a new type of spy station." If such a facility is built, the Chinese will use Cuba "as a beachhead for collection against the United States," said Daniel Hoffman, a former senior CIA undercover officer. Cuba, an old Cold War foe of the United States, has long been a hotbed of espionage and spy games. It backed down and removed the missiles, but it is widely regarded as the moment when the United States and the Soviet Union came closest to a nuclear confrontation.

Persons: Fort Bragg, John Kirby, General Patrick Ryder, Jose Cabanas, Washington, Joe Biden's, Antony Blinken, Washington's, House's Kirby, Bob Menendez, ”, Daniel Hoffman, Biden, Vladimir Putin, Matt Spetalnick, Jonathan Landay, Doina Chiacu, Trevor Hunnicutt, David Brunnstrom, Patricia Zengerle, Dave Sherwood, Michael Martina, Kanishka Singh, Phil Stewart, Idrees Ali, Nick Zieminski, Alistair Bell, Daniel Wallis Organizations: Wall Street, White House, Pentagon, U.S, U.S . Central Command, Tampa . Fort Liberty, Fort, White House National Security Council, Reuters, U.S . Defense Department, Embassy, Senate Foreign Relations, CIA, Taiwan’s National Security Bureau, Cuban, Moscow, Soviet Union, Thomson Locations: China, Cuba, Florida, Beijing, U.S, Tampa . Fort, North Carolina, United States, Washington, Cuban, America's, Coast, South, Taiwan, South China, Havana, Soviet, Lourdes, Russian

☆ Air India to send replacement plane for passengers stranded in Russia
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, June 7 (Reuters) - Air India said on Wednesday a reserve plane would take off from Mumbai on Wednesday for passengers whose flight on Tuesday was forced to land at an airport in Russia's Far East because of engine trouble. The airline said its ferry flight would leave Mumbai at 0730 GMT and head to Magadan in Russia, carrying food and other essentials for the passengers stranded there. Russian aviation authority Rosaviatsia had said that a reserve Air India plane was scheduled to land at 0300 GMT. Air India did not immediately respond to a request to share the nationalities of the passengers. The airline said it had moved passengers to makeshift accommodations, citing infrastructure limitations around the airport.

Persons: Rosaviatsia, Vedant Patel, Patel, Tanvi Mehta, Lidia Kelly, Krishna N, Gerry Doyle Organizations: Air, Boeing, Air India, NDTV, U.S . State Department, Thomson Locations: DELHI, Air India, Mumbai, Russia's Far, Delhi, San Francisco, Magadan, Russia, Air, Indian, U.S, United States, New Delhi, Melbourne

The deal to suspend the $31.4 trillion debt ceiling until January 2025 holds non-defense discretionary spending largely flat this year, with a 1% increase in fiscal 2024. SOCIAL SECURITY, MEDICARE OFF LIMITSIn their debt limit negotiations, both President Joe Biden and House of Representatives Speaker Kevin McCarthy vowed not to touch the main driver of U.S. debt: rising Social Security pension and Medicare health benefit costs. Debt-ceiling negotiations spared cuts to mandatory spending like Medicare, Medicaid and Social Security even though these programs cost more than discretionary spending. CBO projects the government will spend $6 trillion on mandatory spending programs in the 2033 fiscal year, up from $4.1 trillion this year. But the plan failed when then-president Barack Obama declined to endorse it, setting up Congress for the debt ceiling battle of 2011.

Persons: Joe Biden, Kevin McCarthy, Julia Nikhinson, Dennis Ippolito, you've, Nigel Chalk, Biden, Brian Riedl, Linda Bilmes, Bowles, Barack Obama, Bilmes, David Lawder, Andy Sullivan, Heather Timmons, Nick Zieminski Organizations: White, REUTERS, WASHINGTON, Republicans, Defense, Southern Methodist University, Congressional Budget Office, Security, Social Security, CBO, International Monetary Fund, Reuters, Democratic, Western Hemisphere Department, IMF, Manhattan Institute, Harvard Kennedy School, Commerce Department, Simpson, Thomson Locations: United States, Washington , U.S, U.S, Washington

☆ Lab-grown breast milk startup Biomilq aims to change infant nutrition — if it can release a product
▼ + stars: | 2023-05-20 | by ( Natasha Piñon | ) www.cnbc.com time to read: +11 min

Biomilq, the company behind the breakthrough, had been working for nearly a decade to replicate the process of making human milk — but outside of the body. While the crisis has highlighted the importance of a resilient formula supply, human milk experts, milk bank advocates and Biomilq all stress the same message: Breast milk is best. The startup will likely take a "gradual approach" to introducing its science via "an early-life nutrition product in partnership with one of these bigger companies," Strickland explained. Breast milk is woefully understudied — to the point that it's difficult "to even say what human milk is from a nutritional standpoint," Perrin explained. The company is researching which aspects of human milk its system is best suited to produce.

☆ Analysis: Overexposed US regional banks could sell commercial property loans
▼ + stars: | 2023-05-17 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Still, previously unreported data from New York-based real estate data provider Trepp, shared with Reuters, show many regional banks' holdings exceed thresholds stipulated by regulators. While big banks have recently warned about CRE exposure, the new Trepp data underscores how acute and widespread the problem is across the banking sector. The regulatory guidance requires that banks exceeding these thresholds "should employ heightened risk management practices," including potential sales of specific loans. Meanwhile, New York Community Bancorp (NYCB.N) and Flagstar Bank [RIC:RIC:FBCANK.UL] were among the top five banks listed by Trepp that exceeded the CRE loan threshold. In Tuesday congressional testimony, FDIC chair Martin Gruenberg warned CRE loan portfolios "face challenges" should market conditions persist.

☆ Can the World Make an Electric Car Battery Without China?
▼ + stars: | 2023-05-16 | by ( Agnes Chang | Keith Bradsher | ) www.nytimes.com time to read: +10 min

China controls 6% of the world’s nickel 78% of graphite 5% of manganese China controls 6% of the world’s nickel 78% of graphite 5% of manganese Source: CRU Group, U.S.G.S. China makes 73% of NMC cathodes 99% of LFP cathodes China makes 73% of NMC cathodes 99% of LFP cathodes Source: CRU Group Note: Data for “NMC cathodes” category includes NMC, NCA, NMCA; “LFP cathodes” includes LFP, LMFP. China makes 66% of the world’s battery cells 2.8” Cathode Each car has thousands of cells. China makes 54% of the world’s electric cars China makes 54% of the world’s electric cars Source: IEA Note: Data for 2021American investors remain wary about putting money into electric vehicles. Electric car buyers in China get tax rebates, cheaper vehicle registration, preferential parking and access to an extensive charging network.

☆ China's recovery lifts U.S. companies' sales as domestic consumers pull back spending
▼ + stars: | 2023-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

U.S. companies are reporting that demand in China is returning, boosting their sales at a time when many U.S. consumers are pulling back their spending. Starbucks reported that its same-store sales in China rose 3% in its latest quarter, reversing their declines. Some Wall Street analysts were still anticipating shrinking same-store sales for the company's second-largest market. That quarter, Starbucks' same-store sales in China sank 23%. Yum China , Yum Brands' master franchisee in China, also said its same-store sales grew 8% in the first quarter.

☆ American CEOs are 'failing' their workers right now, says Harvard expert: 'We're in a crisis of trust'
▼ + stars: | 2023-05-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

"We're in a crisis of trust in leadership," Sandra Sucher, a Harvard Business School professor who studies layoffs and trust, tells CNBC Make It. "Leaders of all kinds ... are failing some of the basic expectations that people have for how they should be treated." People just don't want to be led astray or lied to," says Kelly, 28, the CEO and founder of fitness content startup Curastory. Tiffany Kelly, CEO and founder of fitness content startup Curastory. The past two years revealed the leaders who are truly focused on the well-being of their workers, versus the ones who are focused on the bottom line.

An additional 1,500 active-duty troops will temporarily support missions at the southern border, a Pentagon official said Tuesday. Photo: Jorge Duenes/ReutersNext week’s expiration of Title 42 border policy has altered the plans of many U.S.-bound migrants, with some now aiming to cross into the U.S. illegally ahead of the policy change and others planning to follow a new, slower process for seeking asylum. The Title 42 pandemic-era policy allows U.S. authorities to quickly expel migrants on public health grounds and is set to expire May 11. After that date, those who cross the border illegally will be held to a higher initial asylum standard—which most migrants are expected not to pass—and could be quickly deported from the U.S.

☆ Apple's quarter eases concerns about mobile device demand, with a China sales beat to boot
▼ + stars: | 2023-05-04 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Revenue in Apple's fiscal second quarter of $94.84 billion dropped 3% year-over-year but beat expectations of $92.96 billion. Bottom line Apple bounced back nicely from the supply-constrained December quarter to deliver record March quarter results across a few key categories and metrics. It's hard to tell if Apple's results were enough to send shares in the near term back to all-time highs of about $176 each, set back in August. In its March quarter, Apple returned $23 billion via the repurchase of 129 million shares valued at $19.1 billion and $3.7 billion in dividends. For the current June quarter, Apple expects year-over-year revenue performance to be similar to the March quarter result, assuming no worsening macro outlook.

Reuters GraphicsMany U.S. importers are still sanguine, but their supply chains could still be disrupted as Vietnam's apparel makers depend on China for about half of their input materials, according to the country's industry association. XINJIANG LINKSWhile the halted shipments represent a tiny portion of the $27 billion worth of garments and footwear Vietnam exported to the U.S. last year, compliance risks may lead to more painful adjustments for Vietnam. That, in turn, will hit U.S. consumers as Vietnam is their main source of cotton apparel, according to the U.S. Department of Commerce. However Nike has significantly reduced its output of apparel and footwear in Vietnam despite the country remaining its main manufacturing hub, according to its latest annual report updated to May 2022. Two officials from U.S. footwear and apparel industry trade associations said the new rules have had no major impact so far on Vietnam and blamed recent job cuts on lower global demand.

☆ Analysis: Bearish fundamentals, buoyant charts complicate outlook for US stocks
▼ + stars: | 2023-04-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

Technical indicators such as equity price movement largely show stocks are poised to continue a rally that has seen the S&P 500 climb 8% year-to-date, analysts who track them said. TECHNICALLY SPEAKINGThe S&P 500 (.SPX) has traded in a 9.7 percentage point range year-to-date, its narrowest range for comparable periods since 2017. Johnson, who has a year-end S&P 500 target of 4,625, is encouraged by the reversals in downtrends for many U.S. stock indexes. The S&P 500 has traded higher 83% of the time for the full year, returning an average 13.73%, when it hasn't dropped below the preceding year’s December low in the first quarter, a Piper Sandler analysis showed. The S&P 500 is trading at about 18 times 12-month forward earnings estimates compared to its long-term average P/E of 15.6 times, according to Refinitiv Datastream.

☆ How US and allies can find common ground on China
▼ + stars: | 2023-04-17 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

That said, the U.S. and its allies have many common values and interests with regards to China. Reuters GraphicsJapan, Australia and other Asian countries also need American support to counter the challenge from a more assertive China. The G7 finance ministers last week took a step to address this concern. But it is unclear how much headway the G7 will make as China has already invested heavily in many poorer countries. It is not just the group’s finance ministers who are seeking to coordinate their approach.

☆ Russian diplomat says it may be time to reduce number of U.S. reporters in Russia
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

The United States has urged Russia to release Gershkovich and cast the Russian claims of espionage as ridiculous. The Russian ambassador said that it might be time to reduce the number of American journalists working in Russia. "Perhaps it is the time for us to show reciprocity and reduce the number of American journalists who work in Moscow and in Russia as a whole to the number [of Russian journalists] who work in Washington and New York," Antonov said. Foreign Minister Sergei Lavrov has told the United States that Gershkovich was caught red-handed while trying to obtain secrets. The United States on Monday determined that Russia had "wrongfully detained" Gershkovich, effectively saying that espionage charges are bogus and that the case is political.

☆ California county starts monitoring wastewater for illicit drugs
▼ + stars: | 2023-04-11 | by ( Nathan Frandino | ) www.reuters.com time to read: +3 min

[1/5] The Central Marin Sanitation Agency facility, where wastewater samples are collected for testing, is seen in San Rafael, California, U.S. March 29, 2023. REUTERS/Nathan FrandinoSAN RAFAEL, California, April 11 (Reuters) - As the COVID-19 pandemic wanes, a California county is using the same wastewater monitoring program it used to track the coronavirus to go after another deadly public health crisis: opioids. We're losing one resident every five days in Marin County," said Dr. Matt Willis, Marin County's public health officer. Marin County, like many other places in the U.S., is grappling with a drug epidemic. Reporting by Nathan Frandino in San Rafael, Additional reporting by Brian Snyder in Cambridge, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

DETROIT, April 6 (Reuters) - Ford Motor Co (F.N) unveiled a new electric Courier van aimed at winning business customers in Europe, and boxing out electric van startups such as Arrival SA.47K.FThe electric Courier is part of a revamped lineup of smaller, commercial vans for the European market that will also include gasoline and diesel models, Ford said. The new Courier vans are 25% larger than the current model, and will carry heavier loads, Ford Pro chief Ted Cannis said in an interview. The electric Courier will respond to European commercial customers who operate in cities, such as Paris, where officials have mapped out plans to ban combustion vehicles from city centers, Cannis said. The electric Courier will launch next year. Separately, Cannis said Ford expects many U.S. commercial fleet customers will receive $7,500 tax credits if they buy electric Transit vans.

☆ Congress Seeks Details on Spying Risks From Chinese Cargo Cranes
▼ + stars: | 2023-04-03 | by ( Gordon Lubold | Aruna Viswanatha | ) www.wsj.com time to read: 1 min

A Chinese company makes software used by many U.S. port cranes. Cranes in Baltimore. WASHINGTON—Top lawmakers who oversee the Department of Homeland Security want to hold hearings and obtain access to classified and unclassified government documents that expose potential security vulnerabilities posed by dozens of Chinese-made cranes at American ports across the country. It is “extremely worrisome” that about 80% of American port cranes use Chinese software that is manufactured by a Chinese company, said House Committee on Homeland Security Chairman Mark Green (R., Tenn.) in a statement. “On behalf of the American people, this Committee is demanding answers on the risks these cranes pose to U.S. cybersecurity and the resilience of our critical infrastructure, which is a core aspect of the homeland security mission.”

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