Southwest Airlines laying off 1,750 corporate workers in cost-saving effort – The Dallas Morning News
Southwest Airlines laying off 1,750 corporate workers in cost-saving effort – The Dallas Morning News
Southwest Airlines laying off 1,750 corporate workers in cost-saving effort The Dallas Morning NewsSouthwest to lay off 15% of its corporate staff, including senior leadership CNNSouthwest Airlines to cut 15% of corporate jobs in cost cuts drive MSNSouthwest Airlines Plans to Cut 15% of Its Work Force The New York TimesSouthwest Airlines announces sweeping layoffs at Dallas headquarters, the first mass layoffs in company history WFAA.com
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Reserve Bank interest rates: Financial markets predict a little more relief on the way in 2025
Reserve Bank interest rates: Financial markets predict a little more relief on the way in 2025
Borrowers could get two more doses of rate relief before 2025 is over, according to financial market forecasts.
The Reserve Bank cut interest rates by 25 basis points to 4.1 per cent on Tuesday amid growing confidence inflation is coming under control.
It marks the first time the RBA has lowered rates since late 2020.
Markets were on Monday evening predicting two more cuts would follow, taking the official cash rate to 3.6 per cent by December.
But the days of emergency low rates near zero per cent during COVID-19 are now a distant memory.
Governor Michele Bullock has frequently said in press conferences that the board feels rates are modestly restrictive, indicating there will not be much room to cut.
On Tuesday the message was similar.
The RBA is still “cautious” and removed only “a little of the policy restrictiveness”. Going too hard would stall the inflation fight and mean price rises remain above the target band, the statement said.
Economists are at loggerheads over how low the RBA will go, with many warning borrowers not to expect back-to-back relief.
Investment bank Morgan Stanley on Sunday said it would be challenging to slow inflation further. Core inflation was 3.2 per cent in December — heading towards the RBA’s target zone but not yet in the band.
The bank expected only one more cut this year, in May.
“We expect the RBA to cut the cash rate by 25 basis points to 4.1 per cent at its February meeting given good inflation progress, dovish commentary and strong expectations for easing,” equity strategist Chris Nicol said.
“Forecasts will likely show lower near-term inflation, slower labour market progress and continued (economic) recovery.
“We expect commentary at the meeting to be relatively cautious — welcoming the December quarter inflation progress but noting the headwinds and uncertainties to sustained disinflation for 2025.
“We expect a total of 50 basis points of easing for 2025.”
That would be two cuts.
Corelogic research director Tim Lawless said borrowers “shouldn’t get our hopes up for a rapid or significant rate cutting cycle in the near term”.
AMP chief economist Shane Oliver said the RBA would probably take a breather at the meeting in early April.
“The low unemployment rate means that the RBA can be gradual in easing,” he said on Friday.
“After the initial cut in the week ahead we expect a pause in April, and then another cut in May with the cash rate hitting 3.6 per cent in the second half.”
International experience also shows investors and households should not assume the inflation fight is over.
The US Federal Reserve lowered interest rates by one percentage point to be 4.25 per cent to 4.5 per cent in December. But inflation bounced back the following month, spooking markets.
Markets give a 47 per cent chance the US central bank will leave rates unchanged until at least June.
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Australia’s central bank cuts rates, cautious on further easing
Australia’s central bank cuts rates, cautious on further easing
SYDNEY (Reuters) – Australia’s central bank cut interest rates on Tuesday for the first time since the depths of the 2020 pandemic, saying progress had been made on inflation though it was still cautious about prospects of further policy easing.
The first rate cut will provide some relief to borrowers and comes as good news for Prime Minister Anthony Albanese, who is facing a tough election to be held no later than May 17. Speculation is swirling that he may use the opportunity to call an early election.
Markets had wagered heavily on a quarter-point cut after core inflation surprised on the downside in the fourth quarter at 3.2%. But the cautious stance sent the *********** dollar 0.2% higher to $0.6366.
Swaps imply just a 20% probability for a follow-up cut in April, although a move in May is still almost fully priced in.
Wrapping up its February policy meeting, the Reserve Bank of Australia (RBA) cut the cash rate by a quarter-point to 4.1%, the first reduction since November 2020 when the pandemic crisis saw rates slashed to an all-time low of 0.1%.
“While today’s policy decision recognises the welcome progress on inflation, the Board remains cautious on prospects for further policy easing,” the board said in a statement, noting that upside risks to inflation remain due to a strong labour market
“The Board’s assessment is that monetary policy has been restrictive and will remain so after this reduction in the cash rate.”
Having already opened the door to a move in December, the board warned that if monetary policy is eased too much too soon, disinflation could stall.
“At first glance the statement suggests their default position is steady in April but should be open for May, not far from market pricing,” said Sean Callow, analyst at ITC Markets.
The RBA has lagged its peers in the global easing cycle and Australia’s cut comes as the Federal Reserve appears to be pausing its policy loosening.
Across the Tasman Sea, New Zealand is poised to go with another 50-basis point cut on Wednesday.
Inflation, which took off in Australia later than elsewhere, ran at 2.4% in the last quarter, back in the target band of 2-3%. The closely watched trimmed mean measure also slowed to 3.2%, from 3.6% previously, and is now expected to fall to 2.7% by June.
Consumer spending has picked up thanks to the government’s tax cuts and the labour market has been surprisingly resilient but not a source of inflationary pressures, all of which suggests the economy is not screaming for consecutive rate cuts.
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Tuesday’s rate cut is also positive for the housing market where prices have actually fallen from their record levels over the past few months, but affordability issues are still a major headache for Prime Minister Albanese.
(Reporting by Stella Qiu; Editing by Sam Holmes)
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Top Social Security official exits after clash with Musk’s DOGE over data – The Washington Post
Top Social Security official exits after clash with Musk’s DOGE over data – The Washington Post
Top Social Security official exits after clash with Musk’s DOGE over data The Washington PostTop Social Security Official Leaves After Musk Team Seeks Data Access The New York TimesActing head of Social Security quits after clash with DOGE over data: Report Fox NewsSocial Security Administration acting commissioner steps down CBS News
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ADCA 2024-25: Bulls’ brilliance with ball nets double bonus-point win, Manypeaks and Narrikup tie in B-grade
ADCA 2024-25: Bulls’ brilliance with ball nets double bonus-point win, Manypeaks and Narrikup tie in B-grade
Mt Barker’s crushing double bonus-point win in round 12 of the Albany and Districts Cricket Association B-grade competition on Saturday helped them jump back into the top four on the ladder.
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Mexico is threatening legal action against Google over ‘Gulf of America’ map changes following Trump’s order
Mexico is threatening legal action against Google over ‘Gulf of America’ map changes following Trump’s order
Mexico might sue Google over the “Gulf of America” label on Google Maps.
The label change follows Trump’s January 20 executive order to rename the Gulf of Mexico.
Mexico’s president said the rename applies only to areas under US jurisdiction, not the whole Gulf.
Google could be facing a lawsuit from Mexico if it continues to show US-based users the label “Gulf of America” for the entire Gulf of Mexico, which touches the US, Mexico, and Cuba.
In a press conference on Monday, ******** President Claudia Sheinbaum said that Mexico will sue Google if the tech giant does not change the “Gulf of America” label to cover only the portion of the body of water under US jurisdiction.
She said that President Donald Trump’s January 20 executive order to rename the “Gulf of Mexico” to “Gulf of America” pertains only to its own continental shelf.
“We’re talking about 22 nautical miles, not the entire gulf,” Sheinbaum said, adding that Google is also changing the name of the continental shelves of Mexico and Cuba.
The ******** government has been discussing this matter with Google since January. Sheinbaum shared her government’s response to Google’s most recent letter on its maps, saying that under no circumstances will Mexico accept the renaming of any geographical area that includes its national territory or that falls under its jurisdiction.
“Any reference to the ‘Gulf of America’ initiative on your Google Maps platform must be exclusively limited to the marine area under US jurisdiction,” the letter read. “Any extension beyond that zone exceeds the authority of any national government or private entity. Should that be the case, the Government of Mexico will take the appropriate legal actions as deemed necessary.”
Sheinbaum, who noted last week that a civil suit was possible, said Monday that the ******** government would await Google’s response before proceeding with legal action.
Business Insider reached out to Google but has not yet received a response.
US President Donald Trump speaking to the press beside a large map that says “Gulf of America.”ROBERTO SCHMIDT/AFP via Getty Images
On January 7, in the lead-up to the inauguration of his second term, Trump stated his intention to rename the Gulf. “We’re going to be changing the name of the Gulf of Mexico to the Gulf of America,” he said. “What a beautiful name — and it’s appropriate.”
In response, Sheinbaum sarcastically remarked that North America should be called “América Mexicana” — “******** America” — because a 17th-century map labeled the continent as such.
Following Trump’s executive order to officially rename the body of water, both Google Maps and Apple Maps updated the Gulf of Mexico’s name to “Gulf of America” for people in the US. For users based outside of the US and Mexico, the body of water shows up as “Gulf of Mexico (Gulf of America).”
Michigan State University political science professor Matthew Zierler, who studies foreign policy and international law, previously told *** that countries don’t have the authority to rename an international body of water.
“Renaming Denali to McKinley is within the United States’ purview, but the Gulf of Mexico is a different issue,” he said.
In January, Sheinbaum sent a letter to Google pushing back against the naming decision.
The tech company responded with a letter, which Sheinbaum read aloud in the Monday press conference. The letter said that the company’s “consistent policy” is to “consult multiple authoritative sources to provide the most up-to-date and accurate representation of the world.”
The Google letter said that the change from “Gulf of Mexico” to “Gulf of America” for US-based users was made to reflect the update by the US Geographic Names Information System (GNIS). The letter also stated that Google Maps users in Mexico will continue to see “Gulf of Mexico” while people elsewhere in the world will be shown both names.
Sheinbaum did not say whether Mexico will be pursuing similar actions against Apple. At the time of publication, her office had not responded to a request for comment.
Read the original article on Business Insider
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*********** central bank cuts benchmark interest rate for the first time since October 2020
*********** central bank cuts benchmark interest rate for the first time since October 2020
MELBOURNE, Australia (AP) — Australia’s central bank on Tuesday reduced its benchmark interest rate for the first time since October 2020 as the nation’s inflation cools.
The Reserve Bank of Australia reduced the cash rate by a quarter percentage point from 4.35% to 4.1%. at its first board meeting for the year.
The cut was widely anticipated after inflation rose only 0.2% in the December quarter and 2.4% for calendar 2024. Annual inflation peaked at 7.8% two years earlier.
The bank manipulates interest rates to keep inflation within a target band of between 2% and 3%.
“Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance,” the board said in a statement.
Unemployment in Australia remained at near-record low levels of 4% in December, up from 3.9% in November.
The rate shift is a welcome development for Prime Minister Anthony Albanese’s center-left Labor Party government which will seek reelection at elections due by May 17.
Twelve of the last 13 rate increases have taken place since the government was elected for its first three-year term on May 21, 2022.
The cycle began in the final days of the previous government’s tenure when the rate rose from a record low 0.1% to 0.35% on May 4, 2022.
The high cost of living and a shortage of housing around Australia are expected to be major issues in the upcoming election campaign.
The central bank had held the cash rate at 4.35% since November 2023. That was the highest rate since it fell from 4.5% to 4.25% in December 2011.
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Costa Rica to Receive 200 Deported Migrants From U.S.
Costa Rica to Receive 200 Deported Migrants From U.S.
Costa Rica announced on Monday that it would receive a flight this week from the United States carrying 200 migrants from Central Asia and India, making it the second nation in Central America to accept deportees from faraway countries who had crossed illegally into the United States.
Last week, Panama received three U.S. deportation flights, carrying migrants from countries in Asia, the Middle East and Africa.
Such flights appear to be the Trump administration’s new tactic for dealing with unauthorized migrants from countries to which it might not be easy to return them, as the administration seeks to ramp up deportations. Rather than keep such migrants in detention centers on the southern border, the administration is recruiting other countries willing to accept them, where it is not clear what will ultimately happen to the deportees.
While traveling through Central America and the Caribbean earlier this month, Secretary of State Marco Rubio received assurances from several governments, including Panama’s and Costa Rica’s, that they were committed to working with the Trump administration on migration issues. But few details were offered.
In its Monday announcement, the Costa Rican government said the first group of deportees would arrive on a commercial flight on Wednesday afternoon.
Costa Rica said its territory would “serve as a bridge” for the migrants’ return to their countries of origin, and that the repatriation process would be “fully funded by the U.S. government, under the supervision of the International Organization for Migration,” a United Nations agency that Costa Rica said would be responsible for the care of the migrants during their stay in the country. Panama has described a similar process for the deportees sent there by the United States.
The U.N. agency’s representatives in Costa Rica did not immediately respond to a request for comment.
After arriving in the main airport serving San José, the capital, the deportees will be transported to a migrant shelter in the canton of Corredores, in the country’s south, Costa Rica said.
Costa Rican officials did not say how many migrants they expected the United States to ultimately send, or how long they would remain in Costa Rica before being sent to their countries of origin.
Not long ago, Costa Rica was grappling with how to cope with thousands of migrants passing through on their way to the U.S. border. Its shelters were crowded with people who, in many cases, had passed through the perilous Darién Gap, between Colombia and Panama, to reach Central America.
In the last year, the number of migrants passing through Costa Rica has dropped dramatically as the United States, Mexico and Panama have hardened their borders and enhanced immigration enforcement.
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Thousands Gather on Presidents’ Day to Call Trump a Tyrant – The New York Times
Thousands Gather on Presidents’ Day to Call Trump a Tyrant – The New York Times
Thousands Gather on Presidents’ Day to Call Trump a Tyrant The New York TimesPhotos Show Trump, Musk 50501 Protests Across the US NewsweekTrump updates: Protesters denounce US president on ‘No Kings Day’ Al Jazeera EnglishProtestors rally in downtown Greenville against Trump administration, Elon Musk Fox Carolina
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Richmond's No.1 draft pick Lalor suffers fractured jaw
Richmond's No.1 draft pick Lalor suffers fractured jaw
Scans have revealed Richmond’s prized No.1 draft pick Sam Lalor suffered a fractured jaw in a collision with a West Coast player during match simulation.
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DOGE says it found nearly untraceable budget line item responsible for $4.7T in payments
DOGE says it found nearly untraceable budget line item responsible for $4.7T in payments
The Trump administration’s Department of Government Efficiency (DOGE) discovered an identification code linking U.S. Treasury payments to a budget line item, which accounts for nearly $4.7 trillion in payments which was oftentimes left blank.
“The Treasury Access Symbol (TAS) is an identification code linking a Treasury payment to a budget line item (standard financial process),” DOGE wrote in a post on X. “In the Federal Government, the TAS field was optional for ~$4.7 Trillion in payments and was often left blank, making traceability almost impossible. As of Saturday, this is now a required field, increasing insight into where money is actually going.”
The agency thanked the U.S. Treasury for their work in identifying the optional field.
What Has Doge Cut So Far?
According to the Bureau of the Fiscal Service, which is under the Treasury, TAS codes are used to describe any one of the account identification codes assigned by the Treasury and is also referred to as the “account.”
All financial transactions made by the federal government are classified by TAS when reporting to the Treasury and the Office of Management and Budget (OMB).
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The discovery was announced on the same day DOGE appeared to have populated the DOGE.gov Savings page, which, as of Monday evening, said the total estimated savings since the establishment of the department total about $55 billion.
Doge Puts Dei On Chopping Block With Termination Of Over $370M In Education Department Grants
President Donald Trump and DOGE head Elon Musk address attempts to portray a rivalry between the pair on a ‘Hannity’ exclusive, airing Tuesday, February 18.
The savings are a combination of “fraud detection/deletion, contract/lease cancellations, contract/lease renegotiations, asset sales, grant cancellations, workforce reductions, programmatic changes, and regulatory savings.”
“We are working to upload all of this data in a digestible and fully transparent manner with clear assumptions, consistent with applicable rules and regulations,” DOGE wrote on the site, adding that the data will be updated twice per week until eventually becoming real-time.
Musk is leading DOGE to aggressively slash government waste when it comes to federal spending under President Donald Trump.
Doge Slashes Over $100M In Dei Funding At Education Department: ‘Win For Every Student’
The department was created via executive order and is a temporary organization within the White House that will spend 18 months carrying out its mission.
The group has faced criticism over its access to federal systems, including the Treasury Department’s payment system, as well as moves to cancel federal contracts and make cuts at various agencies.
Attorneys general from 14 states are suing to block DOGE from accessing federal data, arguing Musk and Trump’s administration have engaged in ******** executive overreach.
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The newly formed cost-cutting agency scored a win on Friday when a federal judge in Washington declined a request to temporarily block it from accessing sensitive data from the Departments of Labor, Health and Human Services and the Consumer Financial Protection Bureau.
Fox News Digital’s Hillary Vaugh and Stephen Sorace contributed to this report.
Original article source: DOGE says it found nearly untraceable budget line item responsible for $4.7T in payments
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More progress on inflation needed before more rate cuts
More progress on inflation needed before more rate cuts
Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019.
Ann Saphir | Reuters
Federal Reserve Governor Michelle Bowman said on Monday that while monetary policy “is now in a good place,” she wants to see data reflect more progress on inflation before cutting interest rates further.
“I would like to gain greater confidence that progress in lowering inflation will continue as we consider making further adjustments to the target range,” Bowman said in a speech at the American Bankers Association.
Rising core goods price inflation since last spring has slowed progress, Bowman said. While she expects inflation to continue to decelerate this year, she said disinflation “may take longer than we would hope.”
“I continue to see greater risks to price stability, especially while the labor market remains strong,” Bowman said.
The most recent consumer price index showed inflation trended higher than expected in January, rising 0.5% month-over-month versus the Dow Jones estimate calling for a 0.3% rise. This put the annual inflation rate at 3%, coming in above consensus forecasts for 2.9%
The Fed maintained its target rate at a range of 4.25% to 4.5% at its January policy meeting.
Bowman said Monday the current level is appropriate for “allowing the Committee to be patient and pay closer attention to the inflation data as it evolves.”
“The current policy stance also provides the opportunity to review further indicators of economic activity and get further clarity on the administration’s policies and their effects on the economy,” continued Bowman.
President Donald Trump’s tariffs against the U.S.’s largest trading partners have raised concerns among economists of higher prices. Expectations for further interest rate cuts in 2025 have weakened on Trump’s trade war. Traders are currently pricing in just a single quarter-percentage-point rate reduction this year, according to CME Group Data.
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Social Security Administration acting commissioner steps down
Social Security Administration acting commissioner steps down
Social Security Administration Acting Commissioner Michelle King has stepped down from her role at the agency, a Trump administration official confirmed to CBS News.
King was replaced by Leland Dudek, who oversaw the SSA fraud investigation office, and then she resigned, according to this official.
White House spokesperson Harrison Fields on Monday wrote on social media about the news, “President Trump has nominated the highly qualified and talented Frank Bisignano to lead the Social Security Administration, and we expect him to be swiftly confirmed in the coming weeks. In the meantime, the agency will be led by a career Social Security anti-fraud expert as the acting commissioner.”
The White House did not provide a specific reason for King’s departure. CBS News has reached out to the SSA for comment.
Nancy Altman, the president of the advocacy group Social Security Works, told CBS News they heard from SSA employees that officials from the Department of Government Efficiency, or DOGE, had been trying to get access to the Enterprise Data Warehouse — a centralized database that serves as the main hub for personal, sensitive information related to social security benefits such as beneficiary records and earnings data. Altman was told King had been resistant to giving DOGE officials access to the database.
“She was standing in the way and they moved her out of the way. They put someone in who presumably they thought would cooperate with them and give them the keys to all our personal data,” Altman said,
The Washington Post first reported King’s departure.
King’s exit from the administration is one of several departures of high-ranking officials concerned about DOGE staffers’ potential unlawful access to private taxpayer information.
DOGE has accessed Treasury payment systems and is attempting to access Internal Revenue Service databases.
Since Mr. Trump has retaken the White House, his billionaire adviser Elon Musk and DOGE have rapidly burrowed deep into federal agencies.
Altman told The Associated Press, “There is no way to overstate how serious a breach this is. And my understanding is that it has already occurred.”
“The information collected and securely held by the Social Security Administration is highly sensitive,” she said. “SSA has data on everyone who has a Social Security number, which is virtually all Americans, everyone who has Medicare, and every low-income American who has applied for Social Security’s means-tested companion program, Supplemental Security Income.”
“If there is an evil intent to punish perceived enemies, someone could erase your earnings record, making it impossible to collect the Social Security and Medicare benefits you have earned,” she said.
The future of Social Security has become a top political issue and was a major point of contention in the 2024 election. About 72.5 million people, including retirees, disabled people and children, receive Social Security benefits.
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Pope in hospital with "complex" condition: What to know about polymicrobial infection – Axios
Pope in hospital with "complex" condition: What to know about polymicrobial infection – Axios
Pope in hospital with “complex” condition: What to know about polymicrobial infection AxiosPope’s complex clinical picture requires longer hospitalization ******** NewsHere’s What We Know About Pope Francis’ Health—As ******** Reports ‘Complex Clinical Picture’ ForbesPope Francis To Remain Hospitalised As Doctors Treat Complex Infection: ******** NDTVVatican says the pope has a ‘polymicrobial respiratory tract infection.’ What is that? The Associated Press
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‘I didn’t really progress as a player’: Isaiah Papali’i ready to revive his career after conceding he stalled at Wests Tigers
‘I didn’t really progress as a player’: Isaiah Papali’i ready to revive his career after conceding he stalled at Wests Tigers
Hunting premierships was an obvious incentive for Isaiah Papali’i to leave the Wests Tigers and join Penrith, but a desire to grow after “plateauing” in recent seasons is the main reason why the back-rower decided to challenge himself in the toughest system in the NRL.
It’s been an interesting journey for Papali’i, who spent the first four seasons of his career at the Warriors but then exploded into form in his first year at the Eels where he was named in the Dally M team of the year.
Camera IconIsaiah Papali’i was one of the best edge forwards in the world while he was at the Eels, but his form dipped when he moved to the Wests Tigers. NRL Photos Credit: The Daily Telegraph
He scored a career-high 10 tries the following year as the Eels reached the grand final against Penrith, but confusion over his deal with the Wests Tigers for 2023 followed him everywhere he went and caused more drama than necessary.
Papali’i was one of the best edge forwards in the world when he joined the Tigers, but by his own admission he struggled at a club that went through a few coaches and enters 2025 having claimed three wooden spoons in a row.
It’s why he decided to move to the four-time defending premiers where he hopes to recapture the Eels form that eluded him at the Tigers.
“I had a few good years a few years back, and then I kind of plateaued or just didn’t really progress as a player,” he said.
“Then the opportunity came to come here where I would be able to grow and learn off the coaches and the players around me would make me better.
“I think reflecting on it, it is a little bit frustrating (that I didn’t develop more).
“But I can’t really do anything about those years that have gone by now. It’s about trying to look forward and put in the work, so I have no excuse to not play well. I have to be as best prepared as I can to keep progressing and growing.”
Papali’i won’t last long at the Panthers if he doesn’t perform at his best, and that’s motivation enough for a man who is hungry to taste the success he’s seen them enjoy from afar.
It comes after his numbers dropped significantly at the Tigers where he averaged just 89 metres per game last year, down from 137 in 2021, while he had 78 more tackle busts four years ago, albeit in nine more games.
“You can look at it like that, but I’ve also got to look at myself and how I looked after myself and how I prepared for games. I want to make sure that my backyard is looked after and that I’m ready to play whenever I get the opportunity,” he said.
“I don’t want to have any reason to plateau. The best way to eliminate that is preparing well and being ready whenever I need to be.
“I can see that I’m more physically fit and more mentally locked in.”
Papali’i will be part of a new-look left edge at Penrith that will likely have Paul Alamoti on the wing, Casey McLean at centre and new recruit Blaize Talagi at five-eighth.
Camera IconBlaize Talagi and Isaiah Papali’i are two of the biggest signings the Panthers have made during their incredible run. Panthers Credit: Supplied
There was a suggestion he could play in the middle this year given James Fisher-Harris is no longer at the club, but he hasn’t trained much there and will start on the edge in Las Vegas.
“It’s a new edge, but we’ve been chipping away at it together, sitting down in the video room, talking to coaches and getting reps under our belt,” he said, revealing he felt nervous ahead of his first trial game.
“We’ll keep working on that. It’s never a perfect kind of picture, but I think that’s what’s exciting because we have so much growth as an edge and as a team.
“I won’t know until round 1 (if it’s an easy system to get used to) but the trial matches we have done I have found it challenging.
“But you can’t argue with the fact it works and it has been working for a couple of years now. I’m just trying to get up to par with how they do things and add a bit of flavour.”
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Delaware bill would limit investor lawsuits as companies threaten to leave the state
Delaware bill would limit investor lawsuits as companies threaten to leave the state
By Tom Hals
WILMINGTON, Delaware (Reuters) – Delaware lawmakers on Monday proposed changes to the U.S. state’s widely used corporate law that would limit shareholder lawsuits after several high-profile companies said they might move their legal home to another state.
The bill sets out steps that corporate boards could take to insulate directors and controlling shareholders from litigation over alleged conflicts. The bill would also limit the kinds of internal records that shareholders can access, which they need to build their cases. The bill is sponsored by leaders of both parties in both houses of Delaware’s state assembly.
Delaware’s corporate law governs relations between company boards and their investors for around two-thirds of the S&P500 index. Companies tend to charter their businesses in the state for its stable law and well-respected courts and the fees those companies pay to the state generate around a third of Delaware’s general budget revenue.
But several companies, including Meta Platforms, Dropbox and Bill Ackman’s management company, recently have said they were moving or considering moving their incorporation out of Delaware, which prompted the bill, according to the sponsor, Delaware state Senator Bryan Townsend, a Democrat and senate majority leader.
“And it also comes at a time when you have a couple other jurisdictions in particular that are seeming to gain some traction with being viewed as legitimate alternatives to Delaware,” Townsend told Reuters.
Texas has established a business court that is meant to rival Delaware’s Court of Chancery for specializing in business and investor disputes. Elon Musk’s Tesla and SpaceX moved their state of incorporation to Texas from Delaware after a Chancery judge last year ordered Musk’s $56 billion pay package from Tesla to be rescinded.
Townsend said he’d like to move quickly on the bill, which he said was drafted with input from the state’s recently elected Governor Matt Meyer, a Democrat. The bill was not drafted by the state’s bar association, which typically oversees changes to the state’s corporate law.
Townsend said the bill would not change the case challenging Musk’s pay, which is on appeal before the Delaware Supreme Court. “This has nothing to do with Elon Musk. And I’ll note that this legislation is not retroactive,” Townsend said.
Townsend also introduced a bill that asked the state bar association to prepare a report on awarding attorneys fees. Delaware judges have awarded several fees that were among the largest ever in the past two years.
Story Continues
In recent years, several corporate leaders who lost costly cases in the Court of Chancery have attacked the state’s judiciary, most notably Musk. Another outspoken critic was Phil Shawe, who was embroiled in a long-running case over control of TransPerfect, a translation provider. Shawe has run ad campaigns in local media criticizing Chancery judges and was a leading proponent of Meyer’s campaign for governor.
Several rulings in recent years have held controlling shareholders liable over deals that corporate lawyers thought were properly structured, fueling criticism that the state was becoming too favorable to shareholder lawyers.
State lawmakers took the unusual step last year of amending the corporate law in response to three rulings before those cases had even been appealed, which was widely criticized by academics.
Ann Lipton, a professor of corporate law at Tulane Law School, said Monday’s bill would make shareholder litigation in Delaware “dramatically less successful.”
The exact impact of that is unclear. Some experts argue shareholder lawsuits prevent the worst board room abuses and self-dealing. But others say litigation acts as kind of tax on companies that rarely results in much benefit for shareholders and that the real policing of corporate boards comes from institutional investors such as large pension funds.
However, the administration of Republican President Donald Trump may loosen federal securities regulations and place constraints on the ability of institutional investors to apply pressure to corporate boards. “That mechanism is failing at exactly the same time,” Lipton said.
(Reporting by Tom Hals in Wilmington, Delaware, Editing by Alexia Garamfalvi and Nick Zieminski)
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Australia’s central bank cuts interest rate for the first time in more than four years
Australia’s central bank cuts interest rate for the first time in more than four years
Reserve Bank of Australia (RBA) at the central bank’s building in Sydney, Australia on May 2, 2022.
Brendon Thorne | Bloomberg | Getty Images
The Reserve Bank of Australia on Tuesday cut benchmark interest rates for the first time in over four years, joining ranks with other major global central banks, as softening inflation allows room for easing policy.
The RBA cut rates by 25 basis points to 4.10%. This marked the RBA’s first easing since November 2020, when the central bank cut its key rate to a record low, as it battled a slowing economy during the pandemic.
The central bank had held its policy rate steady at 4.35% since November 2023, following an extended ******* of 13 rate hikes to tame inflation at home.
The Tuesday decision was in line with market expectations, with government bonds rallying in recent weeks on anticipation of an interest rate cut. The yields on *********** 10-year government bonds dropped nearly 20 basis points since Jan. 13 to 4.450% on Tuesday, according to LSEG data.
The RBA has lagged behind major global central banks that kicked off an easing cycle late last year.
In its last policy meeting in December, the central bank said it was more confident that inflation was declining and that might allow it to ease policy at some stage.
Australia’s inflation over the 12 months through the December quarter eased to 2.4%, compared with 2.8% in the 12 months through September quarter, the *********** Bureau of Statistics data showed.
The RBA has pegged its medium term inflation target between 2% and 3%. On a quarter-on-quarter basis, the consumer price index rose 0.2% in the quarter ending December, softer than the forecast 0.3%.
This is breaking news. Please check back later for updates.
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'Criminal' migrants are 'not welcome,' according to new multimillion-dollar ad from DHS – ABC News
'Criminal' migrants are 'not welcome,' according to new multimillion-dollar ad from DHS – ABC News
‘Criminal’ migrants are ‘not welcome,’ according to new multimillion-dollar ad from DHS ABC NewsNoem sends message to those considering entering US illegally: ‘Don’t even think about it’ Fox NewsTime to go: DHS tells ******** immigrants to ‘self-deport and stay out’ Washington TimesKristi Noem announces ‘multimillion-dollar’ ad campaign to curb ******** immigration FOX 29’Leave now’: Trump admin runs ads telling immigrants to self-deport or face ‘consequences’ AlterNet
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Papali’i ready to rebound with Panthers after ‘plateau’
Papali’i ready to rebound with Panthers after ‘plateau’
Gun Penrith recruit Isaiah Papali’i admits his career “plateaued” at Wests Tigers, but says he’s already feeling his old self again at the Panthers.
Papali’i has arrived at Penrith as one of the biggest-name signings of their premiership dynasty, brought in to help cover the loss of James Fisher-Harris.
The Kiwi is expected to spend the majority of the season playing on the left edge, with Scott Sorensen likely to come off the bench and play in the middle.
Papali’i was signed very much based on the potential he showed at Parramatta.
He was a Dally M backrower of the year in 2021, busting 108 tackles and running 137 metres per game before playing in the following year’s grand final.
But, after initially refusing to publicly commit to his Tigers contract when coach Michael Maguire was sacked, Papali’i never reached his best at Concord.
The 26-year-old’s running numbers dropped by 35 per cent and his tackle busts more than halved, before he was allowed to walk out on his deal and join Penrith.
“I had a few good years a few years back (at Parramatta), and then I kind of plateaued, or just didn’t really progress as a player,” Papali’i said.
“Reflecting on it, it is a little bit frustrating.
“But I can’t really do anything about those years that have gone by now. It’s about trying to look forward and put in the work, so I have no excuse to not play well.”
Papali’i said it would be easy to draw the conclusion that his dip had come as a result of joining a struggling club in the Tigers.
He also conceded he was ultimately responsible for for his own form, and was determined to begin feeling like he did at Parramatta.
“You can look at it (as being environment-based), but I’ve also got to look at myself and how I looked after myself and how I prepared for games,” Papali’i said.
“I want to make sure that my backyard is looked after and that I’m ready to play whenever I get the opportunity.
“I don’t want to have any reason to plateau. The best way to eliminate that is preparing well and being ready whenever I need to be.
“I can see that I’m more physically fit and more mentally locked in.”
Papali’i admitted he had battled with Penrith’s fitness standards over the summer, with the club pursuing a fifth straight premiership.
He was one of the few first-graders to given match time against Canberra a fortnight ago, before also featuring in an in-house trial last week.
“I have found it challenging. But you can’t argue with the fact it works and it has been working for a couple of years now,” he said.
“I’m just trying to get up to par with how they do things and add a bit of flavour.
“The more experience I get here I will be able to do it effortlessly without thinking too much.”
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WSJ asks Kennedy to cast aside ‘antivax hooey’ amid Texas measles outbreak
WSJ asks Kennedy to cast aside ‘antivax hooey’ amid Texas measles outbreak
The Wall Street Journal’s editorial board published an op-ed Monday calling on Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. to set aside his anti-vaccine activist positions in light of the nearly 50 measles cases that have been confirmed among mostly unvaccinated children in Texas.
“We are on record as skeptical of RFK Jr.’s nomination. The Senate confirmed him. Now the best-case scenario would be for Mr. Kennedy to internalize that he is no longer an activist outsider who needs to take provocative potshots to get attention,” the Journal’s editorial board wrote.
As of last week, 48 children in the South Plains region of Texas have confirmed cases of measles, and 13 have been hospitalized. The disease is so transmissible that up to 9 out of 10 people who come into contact someone with measles can be infected, according to the National Foundation for Infectious Diseases.
According to the Texas Department of State Health Services, all the children who have been infected are either unvaccinated or have unconfirmed vaccination statuses. The department has stated “additional cases are likely” due to how contagious measles is.
“The tragedy is that this doesn’t have to keep happening. In 2000 measles was declared eliminated from the U.S., meaning 12 months with no continuous spread,” the Journal’s op-ed read.
“Yet for some people, the reality of measles feels like a sepia-toned history lesson, whereas the antivax hooey featured on podcasts these days sounds current,” the Journal added. “RFK Jr., an environmental lawyer by trade, has long been part of the problem, and at his Senate confirmation hearings he presented himself as just asking questions, man. That undersells his role in spreading doubt and confusion.”
The op-ed additionally noted the falling vaccination rates among kindergarteners in recent years. All states and D.C. require vaccinations for school attendance, but exceptions are often permitted. During the 2023-2024 school year, vaccination coverage among U.S. kindergarteners fell to 92.7 percent when it came to the measles, mumps and rubella (MMR) vaccine.
Federal health authorities have long maintained a “Healthy People 2030” target of achieving 95 percent MMR immunization coverage. This level of coverage is considered ideal for maintaining herd immunity in a population.
Whether this aim for vaccine coverage will continue now remains unclear as Kennedy, a longtime vaccine skeptic, has signaled he will prioritize work on chronic illnesses as opposed to infectious disease.
The Hill has reached out to the HHS for comment on the Journal’s op-ed.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to The Hill.
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Social Security head steps down over DOGE access of recipient information: AP sources – The Associated Press
Social Security head steps down over DOGE access of recipient information: AP sources – The Associated Press
Social Security head steps down over DOGE access of recipient information: AP sources The Associated PressTop Social Security Official Leaves After Musk Team Seeks Data Access The New York TimesActing head of Social Security quits after clash with DOGE over data: Report Fox NewsTop Social Security official exits after clash with Musk’s DOGE over data The Washington Post’Keep your hands off our Social Security,’ lawmakers warn amid DOGE budget cuts CNBC
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Neo-Nazi fights charge of intimidating police officer
Neo-Nazi fights charge of intimidating police officer
Neo-Nazi Thomas Sewell is accused of intimidating a police officer online, but he says what he did was not ********.
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Honda ready to revive takeover talks if Nissan CEO Uchida leaves, FT reports
Honda ready to revive takeover talks if Nissan CEO Uchida leaves, FT reports
(Reuters) -Honda Motor will resume talks with Nissan Motor to form the world’s fourth-biggest automaker provided Nissan CEO Makoto Uchida steps down, the Financial Times reported on Tuesday citing a person familiar with discussions.
Japan’s second- and third-largest automakers by sales after Toyota Motor had been in talks to create a $60 billion firm after a lack of hybrid models in the U.S. and competition from local rivals in China had sent Nissan’s earnings diving.
Those talks collapsed last week, plunging Nissan into further uncertainty and highlighting the pressure on legacy automakers, particularly from emerging ******** giants disrupting the industry.
Nissan declined to comment to Reuters on the FT report. Honda said the report was not something it had announced.
Uchida has been under pressure to turn Nissan around after years of faltering sales and management turmoil left the company a diminished force. Reuters reported in December that subsequent months would be critical for Uchida and Nissan’s future.
Merger talks with Honda unravelled in a little more than a month due to Nissan’s pride and insufficient alarm about its predicament, as well as Honda’s proposal to make its smaller peer a subsidiary, sources previously told Reuters.
The FT reported that Honda is willing to revive negotiations with a Nissan boss who can more effectively manage internal opposition. Honda CEO Toshihiro Mibe last week said his company had no plan to launch a hostile takeover bid for Nissan.
Nissan has been working on a turnaround programme under which it plans to reduce its workforce by 9,000 people and global manufacturing capacity by 20%. It said on Thursday it would provide an update on the programme within a month.
Uchida has expressed his intention to stay until 2026, but is facing pressure to step down in coming months from board members and French partner Renault following the failure of negotiations with Honda, the FT reported.
Nissan’s board of directors has also started informal discussions regarding the timing of Uchida’s departure, the FT reported.
(Reporting by Daniel Leussink in Tokyo and Rhea Rose Abraham in Bengaluru and Urvi Dugar; Editing by Sherry Jacob-Phillips and Christopher Cushing)
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Social Security head steps down over DOGE access of recipient information, sources say – CNN
Social Security head steps down over DOGE access of recipient information, sources say – CNN
Social Security head steps down over DOGE access of recipient information, sources say CNNTop Social Security Official Leaves After Musk Team Seeks Data Access The New York TimesActing head of Social Security quits after clash with DOGE over data: Report Fox NewsTop Social Security official exits after clash with Musk’s DOGE over data The Washington Post’Keep your hands off our Social Security,’ lawmakers warn amid DOGE budget cuts CNBC
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