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☆ Online College Classes Are Making the Student Debt Crisis Worse
▼ + stars: | 2023-06-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. OPMs have helped fuel the student debt crisis, saddling may students with tens of thousands of dollars worth of debt and an uncertain future.

Persons: Iola Favell, Favell, Rossier, Zavareei, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, Zavareei LLP, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ Is China heading for Japan-like stagnation? Economist says the worst is likely behind us
▼ + stars: | 2023-06-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Jade Gao | Afp | Getty ImagesBEIJING — China's economic recovery from the pandemic is set to broaden, meaning the country isn't headed toward Japan-style stagnation just yet, according to Macquarie's Chief China Economist Larry Hu. The meeting, led by Premier Li Qiang, noted the foundation of China's economic recovery is not yet solid. Similar, but not the same as, Japan"While the worst is behind us, the recovery is far from being self-sustaining," Macquarie's Hu said. Stock Chart Icon Stock chart icon iShares MSCI China ETF"The absence of a self-sustained recovery in China today is mainly a cyclical, not structural, phenomenon," Hu said. The iShares MSCI China ETF is down by about 4% so far this year.

Persons: Jade Gao, Larry Hu, Hu, Macquarie, China's, Premier Li Qiang, Macquarie's Hu, Japan's Organizations: Afp, Getty, BEIJING, China, State Council, Premier, Companies Locations: Beijing, Japan, China

☆ I'm a private jet broker who arranges $500,000 honeymoon flights and $60,000 pet rescues
▼ + stars: | 2023-06-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +6 min

Dan Cook is the director of sales at Victor, a private jet charter company. This as-told-to essay is based on a conversation with Dan Cook, sales director at Victor. Elon Musk boards a private jet in Beijing. Jade Gao/Getty ImagesIn some cases, like a medical emergency, the private jet could be the difference between that person living or dying. There are clients replacing 100% of the fossil fuel with sustainable fuel.

Persons: Dan Cook, Victor, I'm, you'd, Gulfstream We've, Elon, Jade Gao, COVID Organizations: Victor, Private, Gulfstream G400, Gulfstream Locations: London, New York, Europe, Riyadh, Beijing

In the next three days, most of southern China is expected to suffer temperatures of more than 35 Celsius (95 Fahrenheit), with temperatures in some areas exceeding 40C, national forecasters said on Friday. Extreme hot weather beset China, like many part of Asia in recent weeks, even before summer arrived. But how they are occurring - it's just been week on week on week of these records being shattered," said Sarah Perkins-Kirkpatrick, a climate scientist with the University of New South Wales. ELECTRICITY DEMANDDemand for electricity in southern manufacturing hubs, including Guangdong, has surged in recent days, with China Southern Power Grid, one of the country's two grid operators, seeing peak power load exceeding 200 million kilowatts - weeks earlier than normal and close to historical highs. Powerful convection weather has also wreaked havoc in central China in recent weeks, with protracted downpours and even hail devastating the country's ongoing wheat harvest.

Persons: David Kirton, we've, Zhao, Yang, haven't, heatstroke, I'm, Sarah Perkins, Kirkpatrick, Mei, Gao Rong, Ryan Woo, Qiaoyi Li, David Stanway, Michael Perry, Simon Cameron, Moore Organizations: heatwave, REUTERS, Reuters, University of New, China Southern Power Grid, National Climate Centre, Thomson Locations: Shenzhen, Guangdong province, China, BEIJING, Shanghai, Asia, University of New South Wales, Guangdong, Hainan, Guangxi, Yunnan, Guizhou, Sichuan, Henan, Beijing, Singapore

☆ Elon Musk says his Shanghai factory makes the ‘highest quality’ Teslas
▼ + stars: | 2023-06-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

It was the first time Musk has visited the country since January 2020, when a video of him dancing onstage at Tesla’s Shanghai factory went viral. Before leaving, Musk met Chen Jining, the Communist Party chief of Shanghai, according to a statement by the city government. Musk praised the success of Tesla’s Shanghai facility — which opened in 2019 — and said he was hoping to work more with the city in various areas, the statement said. In 2022, the company delivered 1.31 million vehicles globally, more than half of which were from Shanghai, according to its financial results. “Congratulations to Giga Shanghai & Tesla China SDS teams for their excellent work overcoming many obstacles over many years!!

Persons: Hong Kong CNN —, Elon Musk, Musk, Chen Jining, Chen, Tesla, —, Variflight, ”, “, ” Musk, “ It’s, ” “, Elon, Jade Gao, Qin Gang, didn’t, Zeng Yuqun Organizations: Hong Kong CNN, Communist Party, Beijing Capital International Airport, Getty, Financial Times, Twitter, Giga Shanghai, Tesla China SDS, EV, CNN Locations: Hong Kong, China, Shanghai, Shanghai’s Hongqiao, Beijing, AFP, United States, Weibo

☆ 'Relentless' heatwaves scorch southern China, test power grids
▼ + stars: | 2023-06-02 | by ( Ryan Woo | ) www.reuters.com time to read: +3 min

[1/3] Workers of grid operator China Southern Power Grid inspect power cables connecting transmission towers in Dongguan, Guangdong province, China May 29, 2018. REUTERS/Stringer/File PhotoBEIJING, June 2 (Reuters) - Having sweltered through May, southern and eastern China face more weeks of unrelenting heatwaves, putting power grids under strain as demand for air-conditioning soars in mega-cities like Shanghai. Like many parts of Asia, China has been besieged by extreme hot weather in recent weeks ahead of summer proper in the northern hemisphere. But how they are occurring - it's just been week on week on week of these records being shattered. Powerful convection weather has also wreaked havoc in central China in recent weeks, with protracted downpours and even hail devastating the country's ongoing wheat harvest.

Persons: Stringer, I'm, Sarah Perkins, Kirkpatrick, Gao Rong, Ryan Woo, Qiaoyi Li, David Stanway, Michael Perry, Simon Cameron, Moore Organizations: China Southern Power Grid, REUTERS, University of New, National Climate Centre, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Shanghai, Asia, Provinces, University of New South Wales, Guangdong, Hainan, Guangxi, Yunnan, Guizhou, Sichuan, Henan, Beijing, Singapore

☆ China new home prices, sales fall on soft demand in May
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

New home prices among 100 cities fell 0.01% month-on-month in May from 0.02% growth the previous month, according to survey data from the China Index Academy on Thursday. Home sales by value by property developers fell 18.8% from a month earlier, the independent real estate research firm said in a separate statement on Wednesday. "The real estate market was under greater adjustment pressure and homebuyers' sentiment continued to fall in May," said the firm. The property sector gained a boost from the lifting of tough COVID curbs in December, low mortgage interest rates and a slew of policy support measures. "These (bearish) property market data will likely further weigh on China-related assets in the next couple of weeks," said Nomura.

Persons: Nomura, Liangping Gao, Ryan Woo, Kim Coghill Organizations: China Index Academy, Thomson Locations: BEIJING, China

☆ China's factory activity swings to surprise growth in May - Caixin PMI
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction. The reading surpassed expectations of 49.5 in a Reuters poll, a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday. The manufacturing subindexes showed factory output rose at the fastest clip in 11 months while new orders including new exports expanded in May. However, business confidence for the coming 12 months fell to a seven-month low amid concerns over global economic prospects. "Current economic growth lacks internal drive and market entities lack sufficient confidence, highlighting the importance of expanding and restoring demand, " said Wang Zhe, Senior Economist at Caixin Insight Group.

Persons: Zhou Hao, Hang, Wang Zhe, 25bps, Liangping Gao, Joe Cash, Ryan Woo, Sam Holmes, Simon Cameron, Moore Organizations: P Global, PMI, Guotai, CSI, Caixin Insight, ANZ, Thomson Locations: BEIJING, China

☆ Online College Class Providers Screwing Over Students, Adding to Debt Crisis
▼ + stars: | 2023-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. But beyond scandals, the everyday business of OPMs is leaving many online students with exorbitant bills, despite how cheap it is to administer the courses.

Persons: Iola Favell, Favell, Rossier, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ Firms are bringing production back home because of the Ukraine war, China's slowdown — and TikTok
▼ + stars: | 2023-06-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +8 min

Earnings calls discuss 'reshoring'A number of banks noted mentions of the domestic manufacturing trend in U.S. earnings calls for the most recent quarter. And we have never … got the target right," McRaith told an audience at a supply chain conference organized by software company o9 Solutions in April. Bill McRaith Former chief supply chain officer, PVHMcRaith, a former chief supply chain officer at Tommy Hilfiger-owner PVH , said the apparel industry both over-orders and under-orders stock by about 20% to 25%. If we build an economy based on electrification and batteries, it's going to be really important to control our own supply chain. "If we build an economy based on electrification and batteries, it's going to be really important to control our own supply chain," he told CNBC's "Street Signs Asia" in April.

Persons: Luke Sharrett, Savita Subramanian, Ryan Grabinski, they're, Bill McRaith, McRaith, PVH, Tommy Hilfiger, we've, Shein, Jade Gao, it's, Keith Phillips, Joe Biden, CNBC's, Elon Musk, Phillips Organizations: European Union, Bloomberg, Getty, Bank of America, UBS, Securities, o9 Solutions, CNBC, AFP, U.S ., Reshoring, EV, U.S, EVs Locations: China, Ukraine, U.S, Europe, Brazil, Guangzhou, U.S . U.S, Corpus Christi , Texas, Tennessee, United States

Summary Manufacturing PMI unexpectedly fallsNon-manufacturing PMI falls, as services slowPMIs show economic recovery losing steamMarkets skid on PMI weaknessBEIJING, May 31 (Reuters) - China's factory activity shrank faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower. "The PMI data reveal that China may heading to a K-shaped recovery," said Bruce Pang, chief economist at Jones Lang LaSalle. "The sluggish domestic demand could weigh on China's sustainable growth, if there are no efficient and effective policy moves to engineer a broad-based recovery," said Pang. The PMI subindexes for May showed factory output swung to contraction from an expansion while new orders, including new exports, fell for the second month. Last month, imports contracted sharply, factory gate prices fell, property investment slumped, industrial profits plunged and factory output and retail sales both missed forecasts.

Persons: Bruce Pang, Jones Lang LaSalle, Pang, Jones Lang LaSalle's Pang, Li Qiang, Zhiwei Zhang, Liangping Gao, Ryan Woo, Sam Holmes Organizations: PMI, National Bureau of Statistics, . Service, New, Jones, Labor, Nomura, Barclays, Thomson Locations: BEIJING, Asia, New Zealand, China, Japan

☆ China launches Shenzhou-16 mission to Chinese space station - state media
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

China Daily via REUTERSBEIJING, May 30 (Reuters) - China sent three astronauts to its now fully operational space station as part of crew rotation on Tuesday in the fifth manned mission to the Chinese space outpost since 2021, state media reported. The astronauts on Shenzhou-16 will replace the three-member crew of the Shenzhou-15, who arrived at the space station late in November. China has already announced plans to expand its permanently inhabited space outpost, with the next module slated to dock with the current T-shaped space station to create a cross-shaped structure. Leading the Shenzhou-16 mission was Jing Haipeng, 56, a senior spacecraft pilot from China's first batch of astronaut trainees in the late 1990s. Also by the end of 2023, China is due to a launch space telescope the size of a large bus.

☆ China is using AI to raise the dead, and give people one last chance to say goodbye
▼ + stars: | 2023-05-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +13 min

I would have liked to watch a few more episodes," the grandfather bot replied. Yu told Tang his grandmother needed the chatbot to process her emotions and mourn. As for himself, he declined to share his intimate conversations with his grandfather bot. Like Yu's grandfather bot, Wu's bot produced limited responses. "These emotions might have overwhelmed me too much to work and live my life," he told Tang.

☆ China's home prices rise at slower pace as demand ebbs
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Summary April new home prices +0.4% m/m vs +0.5% m/m in MarchApril prices -0.2% y/y vs -0.8% y/y in MarchMore policy stimulus may be needed, analysts sayBEIJING, May 17 (Reuters) - China's new home prices rose for the fourth straight month in April but at a slower pace, heightening fears that pent-up demand after the country's economic reopening is fading. New home prices in April rose 0.4% month-on-month versus a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data on Wednesday. Beijing's aggressive stimulus policies to the crisis-hit property sector since November have boosted sentiment over the past few months but homebuyers are increasingly worried about job security. Home prices in tier-two and three cities also rose at a slower pace in April. April money and credit data last week suggested growth of households' medium-to-long term loans, mostly mortgages, decelerated in April, in line with slower property transactions.

☆ China's new home prices rise at slower pace in April
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Summary April new home prices +0.4% m/m vs +0.5% m/m in MarchApril prices -0.2% y/y vs -0.8% y/y in MarchBEIJING, May 17 (Reuters) - China's new home prices rose for the fourth straight month in April but at a slower pace, official data showed on Wednesday, as government efforts to stabilise the sector lifted sentiment after the country's abrupt exit from COVID curbs late last year. New home prices in April edged up 0.4% month-on-month versus a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. April's slower pace of home price gains, along with bearish data on Tuesday showing property investment and sales sharply falling, add to concerns over the strength of the recovery in a sector crucial to the health of China's economy. From a year earlier, prices fell 0.2%, the 12th month of decline in annual terms. Beijing's aggressive stimulus policies to the crisis-hit property sector since November have boosted sentiment over the past few months.

☆ In Los Angeles, an Indian Chinese Feast Celebrating Female Founders
▼ + stars: | 2023-05-12 | by ( Jean Trinh | ) www.nytimes.com time to read: +2 min

Before all of that, though, the women had some cooking to do, with help from chef Akilah York, whom Gao had hired to provide culinary back up. The goal was to kick back while shoring one another up. “We’re going around the table being like, ‘I see you. The guest Yasmine Khatib of the Los Angeles flower studio Yasmine Floral Design provided a trio of pastel arrangements: white vases filled with foxgloves, pincushions, peonies, poppies and alliums. And Shelley Kleyn Armistead, another guest and the chief executive of the Gjelina hospitality group, supplied the speckled white dinner plates from Gjelina’s kitchenware brand, Gjusta Goods.

The consumer price index (CPI) in April rose 0.1% year-on-year, the lowest rate since February 2021, and cooling from the 0.7% annual gain seen in March, the National Bureau of Statistics (NBS) said. Reuters GraphicsPBOC TESTEDOverall inflationary pressures remain low with the core consumer inflation, which excludes volatile food and energy prices, up 0.7%, unchanged from the previous month. The statistics bureau attributed the weaker consumer inflation to the base effect. Vegetable prices extended their decline to 13.5% and pork, a major driver of CPI, slowed its price growth to 4.0% from 9.6% in March. "Securing income growth and improving consumer confidence remain key policy priorities for delivering a more sustainable consumption recovery," said Pang.

☆ China's consumer inflation slows to over 2-year low, factory gate deflation deepens
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 11 (Reuters) - China's consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation deepened, data showed on Thursday, suggesting more stimulus may be needed to boost a patchy post-COVID economic recovery. The consumer price index (CPI) for the month rose 0.1% year-on-year, the lowest rate since February 2021, and cooling from the 0.7% annual gain seen in March, the National Bureau of Statistics (NBS) said. The producer price index (PPI) fell at the fastest clip since May 2020 and was down for a seventh consecutive month, declining 3.6% from a year earlier after a 2.5% drop the previous month. Month-on-month, the PPI fell 0.5% after remaining flat the previous month, while the CPI fell 0.1% in April after a 0.3% fall in March, bigger than a flat reading in a Reuters poll. Overall inflationary pressures remain low with the core consumer inflation, which excludes volatile food and energy prices, up 0.7%, unchanged from the previous month.

☆ Republicans ask watchdog to assess US oil reserve management
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File PhotoWASHINGTON, May 8 (Reuters) - Two Republicans on Monday asked a congressional watchdog to assess the Biden administration's management of the Strategic Petroleum Reserve and audit its modernization program, saying sales from the SPR have undermined U.S. energy security. Over about six months last year, the Biden administration conducted a record sale of 180 million barrels of oil to combat high gasoline prices after Russia's invasion of Ukraine. The Biden administration wrote to lawmakers last month, saying the sales did not damage the SPR. The lawmakers said they were concerned about delays and cost overruns in the SPR modernization program authorized by Congress in 2015.

☆ Chinese property brokers need to reduce fees, regulator says
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 8 (Reuters) - Chinese real estate brokerage agencies need to implement reasonable reductions to fees for housing transactions and leasing services to promote healthy development of the sector, the housing regulator said on Monday. Some real estate brokers in recent years "have charged excessive, unclear and bound fees, and misused clients' personal information, which has increased the burden on parties to transactions and infringed their legal rights", the regulator said in a notice. Real estate brokers must not abuse a dominant market position to charge unfairly high prices for broking services. The industry has grown increasingly important, with large numbers of property transactions relying on real estate agencies, said analyst Zhang Dawei at property company Centaline, adding that some agents are taking advantage of their scale to increase fees. However, it is a guiding document; the specific impact on the market will depend on implementation by each city," Zhang said.

☆ China's services activity expands as consumers return - Caixin PMI
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

The figure echoed the official PMI released on Sunday, which showed a slightly slower pace of growth. The world's second-biggest economy is facing an uneven recovery and some persistent headwinds, with strong activity in services and a contraction in manufacturing. Surveyed services firms' production activity and new orders including new export order expanded for the fourth consecutive month in April. Caixin group attributed the rise in activity to the return to more normal operating conditions as the impact of COVID-19 continued to fade. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, fell to 53.6 from 54.5 in March, marking the fourth straight month expansion.

☆ Check out the 18-page pitch deck that AI startup Papercup used to raise $20 million and help media and entertainment companies reach new global audiences
▼ + stars: | 2023-05-05 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Papercup is a UK-based startup that's helping media and entertainment companies find global audiences. Read the pitch deck Papercup used to raise its $20 million Series A round. Digital media and streaming companies are increasingly looking overseas for growth as the US market for subscribers gets saturated. Its most recent round was its $20 million Series A last year led by Octopus Ventures; other investors included Local Globe, Sands Capital, and Sky and Guardian Media Ventures. Check out the deck that helped Papercup raise its $20 million Series A round.

☆ For only the second time in its history, the US Navy is beginning the slow, tricky process of taking apart a nuclear-powered aircraft carrier
▼ + stars: | 2023-05-01 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

In April, the Navy published a notice announcing the beginning of planning to scrap the USS Nimitz. But Nimitz will be only the second nuclear-powered carrier to go through deactivation and defueling. The Nimitz would only be the second American nuclear-powered carrier scheduled to be scrapped. The first is the USS Enterprise, which was commissioned in 1961 and was also the world's first nuclear-powered carrier. The private shipyard will probably be in Alabama, Texas, or Virginia, according to a draft environmental impact statement posted on a special Navy carrier disposal website.

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

☆ Fires are starting on US warships in port more often than reported, watchdog finds, and it's giving the Navy a 'false sense of security'
▼ + stars: | 2023-04-24 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +5 min

Fires are breaking out on Navy ships in port more often than they are reported, a government watchdog found. The GAO flagged multiple problems with the reporting system, as well as how lessons are learned from fires. It said the incomplete picture has "given the Navy a false sense of security." Fires when a ship is in port, particularly when it is undergoing repairs and maintenance, are not uncommon. "As a result," the GAO assessed, "the Navy has lost lessons learned over time—such as steps that a ship can take to improve fire safety."

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