Temu steers users to ‘local’ products after Trump ends de minimis
Temu steers users to ‘local’ products after Trump ends de minimis
A package from Temu is seen in front of a screen with the Temu logo. (Photo by Nikos Pekiaridis/NurPhoto via Getty Images)
Nurphoto | Nurphoto | Getty Images
******** online retailer Temu has been surfacing more products on its app that can be shipped from warehouses in the U.S. following President Donald Trump’s decision to revoke a popular tax loophole.
The nearly century-old exception, known as de minimis, has been used by many e-commerce companies to send goods worth less than $800 into the U.S. duty-free. Trump on Saturday suspended the exemption as part of new tariffs that include an additional 10% tax on ******** goods.
De minimis has helped propel Temu and Shein’s explosive growth in the U.S. by allowing the companies to bypass taxes on low-value shipments, and sustain their rock-bottom prices on everything from shoes and clothes to furniture and electronics.
With the tariff exemption gone, Temu has significantly ramped up its promotion of sellers who have inventory in U.S. warehouses, rather than items that are shipped direct from China. A scan of listings in Temu’s “Lightning deals” section shows that it’s almost entirely dominated by products with a green “local” badge.
By promoting local inventory, Temu’s products not only arrive faster to shoppers’ doorsteps, but the company also reduces its reliance on sellers who ship direct from China. Even though the products are stored in U.S. warehouses, many local listings state that the items are sold by businesses based in China.
Representatives from Temu didn’t respond to requests for comment.
Temu is surfacing more products shipped from local warehouses in its app in the wake of a popular trade loophole’s suspension.
Temu’s promotion of U.S.-based products also puts it in more direct competition with Amazon, eBay and Walmart, which have also signed up sellers in China who ship goods overseas to their warehouses. Amazon last year took notice of Temu and Shein’s dramatic growth in the U.S. when it launched its own budget storefront, called Haul.
Temu, which is owned by ******** online retailer PDD Holdings, began onboarding sellers with inventory in U.S. warehouses in March. By July, roughly 20% of Temu’s U.S. sales came from those sellers, not merchants based in China, according to e-commerce market research firm Marketplace Pulse.
Temu, Shein and other ******** e-commerce companies are trying to minimize the level of disruption to their services as they face new, more stringent customs requirements. They were thrown into further chaos on Tuesday night when the U.S. Postal Service abruptly announced it was suspending inbound packages from China and Hong Kong “until further notice.”
Less than 12 hours later, the USPS reversed its decision, and resumed accepting packages from those regions. The agency also said it would work with U.S. Customs and Border Protection to “implement an efficient collection mechanism for the new China tariffs to ensure the least disruption to package delivery.”
The uncertainty has created volatility for PDD’s stock price which fell 6% on Monday, rose 8% on Tuesday and fell more than 3% on Wednesday.
Critics of the de minimis provision say it’s provided an unfair advantage to ******** e-commerce companies, and created an influx of packages that are “subject to minimal documentation and inspection,” raising concerns around counterfeit and unsafe goods.
Others have advocated for the de minimis exemption to remain in place, saying its removal would burden customs officials and lead to higher government costs.
“At some point there’s going to be 3 million of these goods piling up a day and customs can do their best, but they’re not equipped,” said Hugo Pakula, CEO of supply chain compliance company Tru Identity. “They have to do 10x more screenings this week than last week.”
CBP has said it processed more than 1.3 billion de minimis shipments in 2024. A 2023 report from the House Select Committee on the ******** ********** Party found that Temu and Shein are “likely responsible” for more than 30% of de minimis shipments into the U.S.
Shein has also been courting U.S. buyers and sellers. The company opened distribution centers in states including Illinois and California in 2022, and a supply chain hub in Seattle last year. The company said the Seattle hub would enable it to “localize and support speedier delivery times for American consumers.”
WATCH: Amazon Haul takes on Temu
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Pokémon Sleep is celebrating Valentine’s Day with a weeklong event and special bundles
Pokémon Sleep is celebrating Valentine’s Day with a weeklong event and special bundles
The Valentine’s Event will run from February 10th to 18th
Snorlax’s requested dishes will be in the limelight
You can also purchase bundles filled with resources
Valentine’s Day is approaching, and Pokémon Sleep is celebrating with a week-long event packed with special bonuses, rare Pokémon appearances, and new bundles. From February 10th to 18th, you’ll have the chance to collect ingredients, meet Pokémon tied to Valentine’s themes, and enjoy boosted rewards, all while tracking your sleep.
During the Valentine’s Day event in Pokémon Sleep, Snorlax’s requested dishes will focus on desserts and drinks. To sweeten the deal, the final Strength value for dishes will be multiplied by 1.5, making your culinary efforts more rewarding.
If you manage to whip up Extra Tasty dishes, the bonus jumps to 3x, and on Sunday, February 16th, that multiplier hits 4.5x. Plus, two new dessert and drink recipes will also be added, giving you fresh options to try. Furthermore, as part of the celebration, Pokémon who collect Fancy Apples, Soothing Cacao, or Rousing Coffee will appear more frequently.
You’re more likely to encounter Wooper (Paldean Form) and Clodsire, with slightly boosted chances for Pokémon like Psyduck, Pinsir, Pichu, Ralts, Aron, Absol, Grubbin, Mimikyu, and Fuecoco. There’s also a chance to meet certain Shiny Pokémon during sleep research, regardless of your sleep type for the day.
Speaking of Shiny Pokémon, here’s our guide on getting Shiny Pokémon in Pokémon Sleep!
To help you get the most out of the event, special Valentine’s Day 2025 Bundles will be available starting February 10th. The bundles, S, M, and L, include items like Poké Biscuits, Friend Incense, and Ingredient Tickets to stock up on cooking ingredients.
You’ll also find Pokémon-specific incense for Wooper (Paldean Form), Absol, and Fuecoco. The Ingredient Tickets vary in size, with larger tickets offering more ingredients, including up to 25 each of four types with the L Ticket.
Get ready for this event by downloading Pokémon Sleep now for free by clicking on your preferred link below. Visit the official website for more information.
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At least 104 Indian citizens deported from US on military aircraft, say Indian officials – CNN
At least 104 Indian citizens deported from US on military aircraft, say Indian officials – CNN
At least 104 Indian citizens deported from US on military aircraft, say Indian officials CNNUS plane brings 104 Indians: 99 from Haryana, Gujarat and Punjab The Times of IndiaMigrants Are Deported to India on U.S. Military Plane The New York TimesLegs chained, handcuffed: US deportees say shackled on military flight to India India Today
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USAID worker says “everyone is really scared” at agency after being locked out
USAID worker says “everyone is really scared” at agency after being locked out
USAID worker says “everyone is really scared” at agency after being locked out – CBS News
Watch CBS News
USAID personnel have been locked out of their offices and email since Monday, leaving many confused as to whether they’ll have healthcare or paychecks coming. One staffer spoke anonymously to Margaret Brennan, calling the shakeup by the Trump administration a “moral atrocity.”
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Bank of England expected to cut interest rates
Bank of England expected to cut interest rates
Faarea Masud
BBC Business reporter
Getty Images
Interest rates are expected to be cut by the Bank of England later, in a move closely watched by households and economists.
Analysts predict the benchmark rate will be cut from 4.75% to 4.5%, as the Bank comes under pressures to boost the *** economy which has been showing slow growth.
The Bank rate is the primary tool aimed at controlling inflation, and hopes of a cut rose after the inflation rate – which charts the rising cost of living – fell to 2.5% in the year to December.
However, it remains above the Bank’s target of 2%, and changes in the Budget are forecast to push it up.
Economic uncertainty has been heightened, owing to US President Donald Trump’s introduction, or threat, of import tariffs. They could lead to inflationary pressure globally, causing a knock-on effect on price rises in the ***.
Why do interest rates change?
The Bank moves rates up and down to try to control inflation, which measures the pace of overall price rises.
By raising rates, borrowing is made more expensive, so people have less money to spend. People may also be encouraged to save more.
In turn, this reduces demand for goods and slows the rate at which prices are rising.
But it is a balancing act – increasing borrowing costs risks harming the economy as it discourages businesses from investing and creating more jobs.
Once price rises are more under control, then the Bank will consider lowering interest rates.
Its base interest rate heavily influences the rates High Street banks and other money lenders charge customers for loans, credit cards and other finance deals.
This is most obviously seen in the cost of mortgages. Reducing the base rate would see an immediate impact for those on “tracker” mortgages.
About 629,000 mortgage-holders have tracker deals. Typically, their monthly repayment would fall by about £29 as a result of the expected 0.25 percentage point cut later.
A similar number of householders have variable rate deals, and lenders will be under pressure to cut their rates if the Bank reduces the base rate.
Fixed rate deals do not change immediately, but the expectation of further rate cuts could lead to new, or renewing, borrowers getting a better deal.
Savers would be hit by a base rate fall, as the return they receive from banks would also be likely to be cut.
‘Gradual approach’
In December, when rates were held at 4.75%, the Bank’s Governor, Andrew Bailey, said it would take a “gradual approach to future interest rate cuts”.
But he added: “We can’t commit to when or by how much we will cut rates in the coming year.”
In the minutes from that meeting, the Bank said there was uncertainty “around how the measures that had been announced in the autumn Budget were affecting growth”.
Following November’s meeting, Mr Bailey would not be drawn on the impact of Trump tariffs on the *** economy, saying “let’s wait and see”.
In the US, the central bank – the Federal Reserve – has indicated it will cut rates at a slower pace this year.
When the Bank announces its interest rates decision at 12:00 it will also share a report on where it sees inflation going in the coming months and could hint at its strategy in response.
Cutting the *** interest rate would strike a balance between “supporting an economy that appears to have ground to a complete halt and preventing inflation from taking off again”, economist Paul Dales from Capital Economics told the BBC.
“Trump’s tariffs are unlikely to influence *** interest rates much,” he added, but wage growth being faster than the Bank’s forecast could influence its decision.
The *** economy grew by less than expected in November, after not growing at all in the previous two months. A further slowdown is expected as businesses brace for rising costs from April because of budgetary changes like rising National Insurance contributions and higher minimum wages.
The economic figures came after recent turbulence in financial markets sent the government’s borrowing costs to the highest level for several years and the value of the pound down.
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Newcastle 2-0 Arsenal: Magpies have Wembley date with destiny in Carabao Cup final
Newcastle 2-0 Arsenal: Magpies have Wembley date with destiny in Carabao Cup final
Arsenal goalkeeper David Raya made sure Newcastle’s fans could start a celebration lasting most of the second half when he inexplicably played Declan Rice into trouble as he was shadowed by Fabian Schar after 52 minutes, the ball ending at the feet of Anthony Gordon for a simple finish.
As St James’ Park went wild, Bruno Guimaraes picked up a ****** and white scarf hurled on to the side of the pitch, holding it above his head, while goalscorer Gordon grabbed another before mimicking the celebrating fans by swirling it around his head in elation.
In among all the throat-clearing in practice for Wembley, Newcastle’s fans reserved a special place for Arsenal manager Mikel Arteta, who complained about the ball being used in the Carabao Cup after their first-leg loss.
“Mikel Arteta, it must be the ball”, became part of this soundtrack to victory as Newcastle’s players and staff did a lap of honour – even the normally low-key Howe fist-pumping towards The Leazes End in celebration.
Newcastle’s X account, external joined in the fun, posting a picture of the ball with the words ‘the culprit’, while some were wondering whether Gordon’s post-match demand for his team to ‘stay humble’ was a small dig at Arsenal’s weekend celebrations against City.
Shearer delivered his verdict on “X”, posting: “That was a proper performance man. Arsenal couldn’t live with the intensity. Better than them tonight in every position.”
He was not wrong.
For all the carnival, colour and noise, once heads clear and calm returns, Howe and Newcastle know the hard part remains. Can they finally cross the psychological barrier that has reduced Newcastle to also-rans for so long?
They have been here before, as recently as two years ago, but this was once again an illustration of the outstanding job Howe has done since succeeding Steve Bruce in November 2021, with the team then in 19th place and five points from safety after 11 games.
This is a huge opportunity, but they have had opportunities before.
What they do have is a world-class striker in Isak, Gordon in irresistible form, and midfield pair Sandro Tonali and Guimaraes who are capable of exerting full control against sides as good as Arsenal.
Gordon, perhaps with an unwitting reference to the message Arsenal were so keen to deliver to Manchester City on Sunday, said: “It’s important to stay humble now.”
Guimaraes, however, was in no mood to play down expectations and what Newcastle can achieve as he added: “Play like that and we can dream big. It would be amazing to get a trophy, it is my dream to do this.”
The final word, however, must go to the man behind it all, the manager who has made Newcastle fans believe again.
Howe said: “It is huge to get back to Wembley. The first appearance there was a bit unexpected, but with the club we want to be, we have to be there regularly, so it’s not a surprise.
“We are there on merit, our run has not been easy this year, we’ve faced four Premier League teams, so we have done the hard yards.
“Hopefully we can learn from the last experience and improve our performance.”
Learn, end 56 success-starved years, and Howe will make himself a Geordie legend.
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Temu steers users to ‘local’ products after Trump ends de minimis
Temu steers users to ‘local’ products after Trump ends de minimis
A package from Temu is seen in front of a screen with the Temu logo. (Photo by Nikos Pekiaridis/NurPhoto via Getty Images)
Nurphoto | Nurphoto | Getty Images
******** online retailer Temu has been surfacing more products on its app that can be shipped from warehouses in the U.S. following President Donald Trump’s decision to revoke a popular tax loophole.
The nearly century-old exception, known as de minimis, has been used by many e-commerce companies to send goods worth less than $800 into the U.S. duty-free. Trump on Saturday suspended the exemption as part of new tariffs that include an additional 10% tax on ******** goods.
De minimis has helped propel Temu and Shein’s explosive growth in the U.S. by allowing the companies to bypass taxes on low-value shipments, and sustain their rock-bottom prices on everything from shoes and clothes to furniture and electronics.
With the tariff exemption gone, Temu has significantly ramped up its promotion of sellers who have inventory in U.S. warehouses, rather than items that are shipped direct from China. A scan of listings in Temu’s “Lightning deals” section shows that it’s almost entirely dominated by products with a green “local” badge.
By promoting local inventory, Temu’s products not only arrive faster to shoppers’ doorsteps, but the company also reduces its reliance on sellers who ship direct from China. Even though the products are stored in U.S. warehouses, many local listings state that the items are sold by businesses based in China.
Representatives from Temu didn’t respond to requests for comment.
Temu is surfacing more products shipped from local warehouses in its app in the wake of a popular trade loophole’s suspension.
Temu’s promotion of U.S.-based products also puts it in more direct competition with Amazon, eBay and Walmart, which have also signed up sellers in China who ship goods overseas to their warehouses. Amazon last year took notice of Temu and Shein’s dramatic growth in the U.S. when it launched its own budget storefront, called Haul.
Temu, which is owned by ******** online retailer PDD Holdings, began onboarding sellers with inventory in U.S. warehouses in March. By July, roughly 20% of Temu’s U.S. sales came from those sellers, not merchants based in China, according to e-commerce market research firm Marketplace Pulse.
Temu, Shein and other ******** e-commerce companies are trying to minimize the level of disruption to their services as they face new, more stringent customs requirements. They were thrown into further chaos on Tuesday night when the U.S. Postal Service abruptly announced it was suspending inbound packages from China and Hong Kong “until further notice.”
Less than 12 hours later, the USPS reversed its decision, and resumed accepting packages from those regions. The agency also said it would work with U.S. Customs and Border Protection to “implement an efficient collection mechanism for the new China tariffs to ensure the least disruption to package delivery.”
The uncertainty has created volatility for PDD’s stock price which fell 6% on Monday, rose 8% on Tuesday and fell more than 3% on Wednesday.
Critics of the de minimis provision say it’s provided an unfair advantage to ******** e-commerce companies, and created an influx of packages that are “subject to minimal documentation and inspection,” raising concerns around counterfeit and unsafe goods.
Others have advocated for the de minimis exemption to remain in place, saying its removal would burden customs officials and lead to higher government costs.
“At some point there’s going to be 3 million of these goods piling up a day and customs can do their best, but they’re not equipped,” said Hugo Pakula, CEO of supply chain compliance company Tru Identity. “They have to do 10x more screenings this week than last week.”
CBP has said it processed more than 1.3 billion de minimis shipments in 2024. A 2023 report from the House Select Committee on the ******** ********** Party found that Temu and Shein are “likely responsible” for more than 30% of de minimis shipments into the U.S.
Shein has also been courting U.S. buyers and sellers. The company opened distribution centers in states including Illinois and California in 2022, and a supply chain hub in Seattle last year. The company said the Seattle hub would enable it to “localize and support speedier delivery times for American consumers.”
WATCH: Amazon Haul takes on Temu
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Jamie Dimon says he was in a war room five times a day, every day for a year, starting at 5 a.m. and finishing at 10 p.m. during the financial crisis
Jamie Dimon says he was in a war room five times a day, every day for a year, starting at 5 a.m. and finishing at 10 p.m. during the financial crisis
Jamie Dimon summoned JPMorgan staff back to the office at 9 p.m. on a Thursday night following a call from Bear Stearns CEO Alan Schwartz, in which he said he needed $30 billion. Dimon discussed on a recent podcast how he prepared his bank for the 2008 financial crisis when no one else saw it coming.
The 2008 financial crisis plunged everyone from CEOs of major companies to individual homeowners into a state of chaos—and JPMorgan CEO Jamie Dimon was in the trenches as well.
The boss of America’s largest bank was tasked with steering the lender through the economic meltdown after landing the top job a couple of years prior.
But the billionaire banker said he had been prepared for the ****** and subsequent recession as he had seen his father—a broker—navigating slumps in the 1970s and 1980s.
As such, Dimon learned the lesson of “serve your clients, do a great job in the downs—not just the ups. Don’t celebrate the rising tide, be prepared for the tide to go out.”
The reason JPMorgan therefore fared better than other lenders, Dimon said, was because he was tough on capital, liquidity, and profitability as soon as he was CEO.
“I knew that if the ***** had hit the fan early on, we would’ve had a real problem,” Dimon told the How Leaders Lead podcast in an episode released this week.
Under his stewardship, risk management was also deployed more widely, with extreme stress tests put in place to ensure that JPMorgan would survive in the face of a financial crisis.
Some colleagues told Dimon such an eventuality would never come to pass, he added: “[But] I said, ‘I don’t care if it happens [or not] … I want to know if it happens that we survive to serve our client.’
“Then the ***** hit the fan, but we were ready by then.”
That preparedness also meant Dimon had built an “army” of workers to navigate such an outcome.
“People say, ‘What did you do differently?’ Nothing,” Dimon told podcast host David Novak, former PepsiCo executive and Yum! Brands CEO. “We already had teams, we already had an army, we had things to go.”
The only thing that changed was the meeting of the risk committee, which, prior to the crisis, met once a week for a couple of hours.
When the market began to collapse, “all of a sudden … it was meeting five times a day, every day, for a year,” Dimon recalled.
“And I mean, every day. I mean going to 10 p.m. and 5 a.m. because you had Asia—we had to be up for that. We were on calls all the time with regulators of governments and clients, but the machine was working.”
Dimon, who was paid $39 million for his work in 2024, said his team was making “battlefield decisions” for clients, highlighting which individuals could deal with the stress and which couldn’t.
Story Continues
Dimon, 68, said one of the most nail-biting moments of the 2008 crisis was when he received a call from then-CEO of Bear Stearns Alan Schwartz.
The investment bank and brokerage had been hemorrhaging money throughout the first quarter of 2008, losing more than $19 billion from its market cap in a little over a year.
On March 13, 2008, Dimon was in a Greek restaurant with his parents when his phone rang at around 9 p.m.
He stepped out of the restaurant, and Schwartz told him: “Jamie, I need $30 billion tonight, otherwise we’re going to go bankrupt in Asia in the morning.”
“Even I said, ‘Alan, I don’t even know how to get $30 billion,’” Dimon recounted. “‘But have you spoken to the secretary of the Treasury?’ I called up our senior people and said, ‘Get dressed and go to the office.’”
Hundreds of JPMorgan staffers returned to their desks, and as they had done for their own books at JPMorgan, went through Bear Stearns’s client list line by line to see if they could finance them until the weekend.
“We did six months of work in two days, and bought Bear Stearns that night,” Dimon said. “That kind of thing is the moment where you’re breathless.”
This story was originally featured on Fortune.com
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Stock market today: Live updates
Stock market today: Live updates
China stocks and currency face a tough 2025 regardless of tariffs, Capital Economics says
Stocks in China and the renminbi face “a tough year regardless of how trade tensions play out,” according to Thomas Mathews, head of Asia Pacific markets at Capital Economics.
Higher tariffs, or elevated tariffs that remain where they are, leave plenty of room for “China’s markets to deteriorate,” according to the firm, a London-based researcher. “But tariffs are, in our view, only one reason to be downbeat,” Mathews wrote Wednesday.
China’s tepid economy ought to keep down bond yields, and the central bank is more likely “to let the currency weaken.”
Meanwhile, stock market investors may be too optimistic about the effect of government measures to boost the economy and too confident about the ability of companies in China to “generate sustained growth in earnings per share,” Mathews said, arguing that “despite a recent pick-up, EPS are still lower than they were ten years ago. And the economic backdrop of that decade was much rosier than we think the next one will be.”
— Scott Schnipper
Stocks making the biggest moves after the bell: Qualcomm, Ford Motor and more
These are the stocks moving the most in extended trading hours:
Read the full list of stocks moving here.
— Lisa Kailai Han
Stock futures are little changed
Stock futures traded near flat Wednesday night.
Dow futures slipped just under 0.1% shortly after 6 p.m. ET, while S&P 500 and Nasdaq 100 futures were both trading around the flatline.
— Lisa Kailai Han
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Ford CEO calls for ‘comprehensive’ tariff analysis for all countries
Ford CEO calls for ‘comprehensive’ tariff analysis for all countries
Ford Motor Co., CEO Jim Farley gives the thumbs up sign before announcing Ford Motor will partner with ********-based, Amperex Technology, to build an all-electric vehicle battery plant in Marshall, Michigan, during a press conference in Romulus, Michigan February 13, 2023.
Rebecca Cook | Reuters
DETROIT — Ford Motor CEO Jim Farley on Wednesday said if the Trump administration is going to implement tariffs affecting the automotive industry, it should take a “comprehensive” look at all countries.
Farley singled out Toyota Motor and Hyundai Motor for importing hundreds of thousands of vehicles annually from Japan and South Korea, respectively, that have little to no duties compared with the 25% tariff President Donald Trump has threatened imposing on Canada and Mexico.
“There are millions of vehicles coming into our country that are not being applied to these [incremental tariffs],” Farley said during the company’s fourth-quarter earnings call with investors. “So if we’re going to have a tariff policy … it better be comprehensive for our industry.
“We can’t just cherry pick one place or the other because this is a bonanza for our import competitors.”
Farley’s comments follow Trump implementing a 10% additional tariff on goods from China, which include automobiles, and ongoing negotiations with Canada and Mexico regarding 25% levies on imports from those countries to the U.S.
For years, Ford has touted its investments in the U.S., as well as having the most American workers of any automaker, even as it is considered a disadvantage to its business.
GlobalData reports 46.6% of all vehicles sold in the U.S. last year were produced outside of the country. South Korea, at 8.6%, and Japan, at 8.2%, rank second and third in vehicle imports, only trailing Mexico, at 16.2%, GlobalData reports.
Cars imported from South Korea currently have no tariffs, while those imported from Japan are subject to 2.5% duties. Truck imports for the countries are 25%.
Aside from Hyundai and its sibling company Kia, General Motors annually imports hundreds of thousands of vehicles tariff-free from South Korea.
Nissan Motor and Honda Motor, along with smaller carmakers such as Subaru, also import vehicles from Japan, along with Toyota.
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Dairy herds in Nevada test positive for newer bird flu strain that’s been linked to severe human infections – CNN
Dairy herds in Nevada test positive for newer bird flu strain that’s been linked to severe human infections – CNN
Dairy herds in Nevada test positive for newer bird flu strain that’s been linked to severe human infections CNNCows Have Been Infected With a Second Form of Bird Flu The New York TimesSecond bird flu strain found in US dairy cattle, USDA says ReutersUSDA confirms spillover of 2nd H5N1 avian flu genotype into dairy cattle University of Minnesota Twin Cities
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World leaders set to vie for AI domination at Paris summit
World leaders set to vie for AI domination at Paris summit
Getty Images
******** app DeepSeek has shaken up the world of AI
As I write, there are a lot of powerful people around the world preparing to make their way to Paris – and a sense that many of them are holding their breath.
On Monday, against the sumptuous backdrop of the city’s 125-year-old Grand Palais, representatives from 80 countries including world leaders, tech bosses, academics and other experts, will gather for a two-day global summit to discuss current progress, and future goals, for the rapidly-evolving, hugely-disruptive technology that is artificial intelligence.
That might be what’s on the official agenda of the Artificial Intelligence Action Summit, but there is something else that’s breathing fire into this particular talking shop: DeepSeek.
A horse racing fan once told me that the night before a big race, everyone’s a winner.
And with China dramatically blowing the AI competition in a new direction with DeepSeek, its super-efficient and super-viral AI assistant, suddenly there’s a feeling ahead of the summit that the pole position occupied by the US AI sector, despite its vast wealth and AI infrastructure, might not be quite so out-of-reach after all.
Prof Gina Neff, from the Minderoo Centre for Technology and Democracy at the University of Cambridge, says there is currently “a vacuum for global leadership on AI”.
Prof Dame Wendy Hall, from Southampton University, agrees. “DeepSeek made everybody realise that China is a force to be reckoned with,” says the computer scientist.
“We don’t have to just go along with what the big companies on the West Coast are saying. We need global dialogue.”
On that front, the timing of the summit could not be better.
Europe also spies an opportunity to make a new bid for the AI crown. One of French President Emmanuel Macron’s officials described the summit to journalists as a “wake up call” for France and Europe, adding that the bloc must not let the AI revolution “pass it by”.
Other countries also recognise a potential shifting of AI power in the air. India PM Narendra Modi has confirmed his attendance at this summit – having not come to previous gatherings.
The US is sending some serious firepower as a defensive signal of its own, including Vice President JD Vance, OpenAI CEO Sam Altman, and Google’s Sundar Pichai.
Elon Musk is notably absent from the official guest list, but he will undoubtedly have something to say about it all, whether he’s there in person or not.
British Prime Minister Kier Starmer is also reportedly staying away.
Getty Images
US Vice President JD Vance will be leading the US delegation
There have been two previous summits, the first held in the *** and the second in South Korea. A lot has happened since the AI world gathered for the first time, on the steps of the historic mansion of Bletchley House, in November 2023, and promised to try to maximise the benefits of AI while minimising the risks. For one thing, half of the global population has been to the polls since then.
In Bletchley Park, China’s Vice Minister for Science and Technology, Wu Zhaohui attended. But there were whispers that he was kept at arms length, on the grounds of national security.
In Paris, by comparison I expect China to be guests of honour. The country is reportedly sending one of its most senior leaders, Ding Xuexiang, a close ally of President Xi JinPing. There’s also a buzz around whether DeepSeek creator Liang Wenfeng will join him.
I asked ChatGPT to list some of AI’s notable milestones since the South Korea summit of May 2024. DeepSeek did not make the cut.
Of course there is much more to AI than generative AI like both DeepSeek and ChatGPT – tools that create content like text, images, video. It may well be the most widely accessible to us as consumers. But there are also AI tools that spot disease symptoms, model climate change solutions, develop new formulas for drugs – and that will all be in scope in Paris.
Furthermore, the David v Goliath narrative around which the story of DeepSeek hangs does merit further scrutiny. The boss of AI firm Anthropic, Dario Amodei, has written a compelling blog about whether DeepSeek really was built at a fraction of the cost of its US rivals.
We do know that it was built on their shoulders: using a number of Nvidia chips (probably older ones, because of US sanctions) and some opensource AI architecture developed by Meta. In addition, OpenAI has complained that rivals are using its work in order to advance their own (contacts in the creative industries was amused at the irony of this, given that OpenAI products will happily produce output “in the style of” individual human creators).
But nonetheless DeepSeek succeeded in shaking up the AI sector in a way not even AI itself might have predicted. And it wiped a lot of money off the value of some of the biggest players in the process. It will almost certainly be a huge topic of conversation all around those Parisian conference rooms.
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The summit is being held at the Grand Palais building in the centre of Paris
There’s one more theme running through the AI Summit that will be worth keeping an eye on.
The first summit had the word “safety” in its title. Some felt the event pushed the narrative too hard and terrified people with dark talk of existential threats.
But it hasn’t fallen of the agenda entirely.
As a subject, AI safety is a rather broad church. It can relate to any number of risks: the generation and spread of misinformation, displays of bias and discrimination against individuals or races, the ongoing development by multiple countries of AI-controlled weapons, the potential for AI to create unstoppable computer viruses.
Prof Geoffrey Hinton, often described as one of the Godfathers of AI, says these as “short-term risks”. They might be up for discussion in Paris, but he argued on BBC Radio 4’s Today programme last week that they are unlikely to garner strong international collaboration in the long term.
The big scenario which he believes will really pull everyone together is the prospect of AI becoming more intelligent than humans – and wanting to seize control.
“Nobody wants AI to take over from people,” he says. “The ******** would much rather the ******** ********** Party ran the show than AI.”
Prof Hinton compared this eventuality to the height of the Cold War, when the US and Russia “just about succeeded” in collaborating in order to prevent global nuclear war.
“There’s no hope of stopping [AI development],” he said. “What we’ve got to do is to try to develop it safely.”
Prof Max Tegmark, founder of the Future of Life Institute, also share a stark warning. “Either we develop amazing AI that helps humans, or uncontrollable AI that replaces humans,” he says.
“We are unfortunately closer to building AI than to figuring out how to control it.”
Prof Tegmark hopes the summit will push for binding safety standards “like we have in every other critical industry”.
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Strong earthquake near Santorini after days of tremors
Strong earthquake near Santorini after days of tremors
A strong earthquake has been recorded between the Greek islands of Amorgos and Santorini, after days of consecutive tremors in the area.
More than 11,000 people have already left Santorini with around 7,000 departing by ferry and 4,000 people leaving by air.
The quake followed two smaller tremors minutes earlier, and was recorded at 21:09 local time (19:09 GMT) as a magnitude 5.2 tremor, making it the strongest in recent days.
So far major damage has not been reported on the island but authorities have been taking precautionary measures.
Santorini welcomes millions of tourists annually, but it is currently low season meaning local residents and workers make up the majority of evacuees.
Schools on Santorini – and other neighbouring islands including Anafi, Paros, Naxos and Mykonos – will remain closed until Friday, when authorities will make a decision about when they can re-open.
Vassilis Kikilias, the climate and civil protection minister, said units of firefighters specialised in natural disasters were being despatched to Santorini. Teams with special dogs and a mobile operations centre have also been sent to the island, while helicopters are on standby in case of emergency.
Kikilias also said the coast guard and armed forces would be available to assist vulnerable people who wish to evacuate.
Earlier on Wednesday, Greek Prime Minister Kyriakos Mitsotakis struck an optimistic tone at a meeting of civil protection experts.
“First and foremost, the state trusts science and scientists. We have done this in other crises,” the prime minister said.
“All plans have been implemented. Forces have been moved to Santorini and the other islands, so that we are ready for any eventuality,” stressed Mitsotakis.
“We will continue like this with the good hope that things will get better, and the phenomenon will subside.”
Mitsotakis concluded his statement with an appeal to the islanders to “stay calm and cooperate with the authorities”.
“I understand the fear of being on Santorini, which is constantly shaking,” he added, emphasising that the situation would be assessed on a daily basis.
Santorini is on what is known as the Hellenic Volcanic Arc – a chain of islands created by volcanoes – but the last major eruption was in the 1950s.
Greek authorities have said the recent tremors were related to tectonic plate movements, not volcanic activity.
Scientists cannot predict the exact timing, size or location of earthquakes.
But there are areas of the world where they are more likely to occur which helps governments prepare.
Earthquakes are the result of movement of tectonic plates in the earth’s crust. Sometimes these plates lock together when they meet, which is called a plate boundary or a fault line.
Santorini and the Greek Islands are near such a line.
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‘Spiritual guide’ allegedly took $150k in jewellery from woman in prayer scam in Sydney’s CBD
‘Spiritual guide’ allegedly took $150k in jewellery from woman in prayer scam in Sydney’s CBD
A woman allegedly had $150,000 worth of jewellery taken by a man claiming to be a spiritual guide in a prayer scam in the heart of Sydney.
A 47-year-old woman was taking her lunch break in Darling Harbour on January 9 when she was approached by an unknown man who claimed to be a spiritual guide.
The man offered to perform a blessing on her after they struck up a conversation.
Camera IconThe alleged scam took place in Darling Harbour. Newswire/ Gaye Gerard Credit: NCA NewsWire
He later met the woman again and asked her to provide jewellery as part of the blessing ritual.
He allegedly placed a coconut on the jewellery and then replaced the jewellery with empty boxes and other items while she held his gaze.
She later reported the incident to police when she realised her jewellery was gone.
A 25-year-old man was arrested near Darling Harbour on Wednesday following an investigation.
Items of jewellery allegedly belonging to the woman were then found during a police search of an Elizabeth St hostel.
The man was charged with dishonestly obtaining property by deception.
He was granted conditional bail and is set to front Blacktown Local Court on February 10.
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House committee devolves into shouting match over Elon Musk subpoena
House committee devolves into shouting match over Elon Musk subpoena
House committee devolves into shouting match over Elon Musk subpoena
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India moves towards first policy rate cut in four years
India moves towards first policy rate cut in four years
The newly appointed Reserve Bank of India (RBI) governor Sanjay Malhotra leaves after addressing a press conference, in Mumbai on December 11, 2024.
Indranil Mukherjee | Afp | Getty Images
India’s central bank will likely cut benchmark interest rates in its policy meeting that’s underway, as easing inflation offers it room to stimulate a faltering economy, though the rupee hovers at record lows.
The Reserve Bank of India is poised to trim the repo rate by 25 basis points to 6.25% as it concludes its policy meeting on Friday, setting off “a shallow rate cut cycle,” said Taimur Baig, chief economist at DBS Bank.
Indian bonds have rallied in recent weeks with the 10-year benchmark yield falling by 16.5 basis points in about three weeks to 6.664 as of Wednesday close, according to LSEG data, as traders ramp up wagers for an interest rate cut at the February meeting.
If the RBI does lower rates, it will be the first cut in nearly five years. The central bank last reduced rates in May 2020 as the country battled the Covid-19 pandemic-inflicted downturn.
Investors will also scrutinize the statement of the new RBI Governor Sanjay Malhotra to assess the direction of the bank’s monetary policy. Malhotra took charge in December.
“It will be interesting to see if the RBI continues with the governor’s statement, apart from the monetary policy statement, as a tool of policy communication,” Goldman Sachs said.
The Wall Street bank anticipates a quarter-percentage cut this week, along with a monetary policy shift to ******* “accommodative” stance from “neutral.” It also penciled in an additional 25-basis-point cut in April.
The benchmark repo rate has remained steady at 6.5% for past two years, as the domestic inflation rate has stayed above the central bank’s medium-term target of 4%, and even breached the RBI’s upper tolerance limit of 6% in October.
“The delay in implementation of universal tariffs by the incoming U.S. administration provides some tactical space for RBI to prioritize domestic growth … and space to cut policy rates,” said Ruhul Bajoria, an economist at Bank of America in India.
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Changed house
The softer inflation readings have offered some room for the RBI to lower rates, in what is also the first policy meeting after Malhotra took charge for a three-year term.
His predecessor, Shaktikanta Das had maintained steady interest rates for nearly two years toward the end of his six-year stint.
In RBI’s most recent monetary policy meeting in December, the rate-setting panel kept the key interest rate unchanged in a split decision, while cutting the cash reserve ratio by 50 basis points to 4.0%, effectively easing the monetary conditions.
The new senior monetary policy leadership could give “the MPC a fresh look, but also possibly a different approach,” Bajoria said.
Malhotra has remained fairly tight-lipped on his monetary policy views, but he acknowledged in the financial stability report in December that easing inflation and the potential for monetary policy flexibility were positive developments.
The governor also cautioned the medium-term economic outlook remains challenging, citing risks including rising geopolitical conflicts and financial market turmoil.
He also reportedly ordered a review of the central bank’s inflation and growth forecasting tools in an effort to minimize projection errors.
Weakening rupee
A weakening rupee has made it tougher to loosen the monetary policy. The rupee has been on a steady decline against a stronger dollar, shedding 3.6% against the dollar since early November.
With the rupee hitting record lows against the greenback, any cuts to the bank’s policy rate could spark a further rise in domestic inflation, putting further pressure on the currency and likely triggering capital outflows.
RBI has acted to implement substantial interventions in the foreign exchange market to help cushion a potential sudden outflows of foreign capital and avoid any steep fall in the currency.
“The level of volatility on which intervention is undertaken appears to have shifted higher,” BofA’s Bajoria said, adding that “a weak rupee can influence timing, but would not overrule the need for policy support.”
External headwinds
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Analysts rework Alphabet stock price targets after earnings shock – TheStreet
Analysts rework Alphabet stock price targets after earnings shock – TheStreet
Analysts rework Alphabet stock price targets after earnings shock TheStreetGoogle’s Finances Are in Chaos as the Company Flails at Unpopular AI FuturismAlphabet stock gets rocked after cloud computing and spending surprise: What Wall Street is saying Yahoo FinanceAlphabet shares drop as much as 9% on revenue miss, soaring AI investments CNBC
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Norwegian oil giant cuts green investment in half
Norwegian oil giant cuts green investment in half
Simon Jack
BBC Business editor
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Chief executive Anders Opedal said the transition to lower carbon energy was moving slower than expected
Norwegian energy giant Equinor is halving investment in renewable energy over the next two years while increasing oil and gas production.
Chief executive Anders Opedal said that the transition to lower carbon energy was moving slower than expected, costs had increased, and customers were reluctant to commit to long term contracts.
Mr Opedal told the BBC he was confident that Rosebank – a giant new oil field in the North Sea – would go ahead, despite a recent court ruling that consent had been awarded unlawfully.
He also warned that gas prices could rise next winter as European gas storage levels were lower now than this time last year.
“We are scaling down our investments in renewables and low carbon solutions because we don’t see the necessary profitability in the future,” Mr Opedal said.
It will cut investments in renewables to $5bn over the next two years, down from about $10bn.
It will also drop a target to spend half of its fixed assets budget on renewables and low carbon products by 2030.
By contrast, Equinor will be increasing oil and gas production by 10% over the next two years.
Rosebank ‘not straightforward’
The controversial Rosebank oil field is thought to hold 500 million barrels of oil.
A Scottish court recently ruled that consent had been granted unlawfully as the application did not account for the full environmental impact of the project.
Many within the *** government – including the energy secretary Ed Miliband – are opposed to it.
Mr Opedal acknowledged it was a divisive issue but insisted it was good for the *** economy.
“This is an important project for us. It provides local jobs in Scotland, local jobs in the ***, so we think this project will move forward,” he said. “We think that Western Europe and the *** should produce the oil and gas it uses instead of being dependent on other countries outside Europe.”
Climate campaigners and the oil industry both claimed victory at the Supreme Court ruling as although the consent was revoked, the court allowed preparatory work to continue on Rosebank while new consents are sought.
The government said it has “already consulted” on emissions from burning extracted oil and gas, and will incorporate the results of the consultation when making revisions to environmental guidance.
“Our priority is to deliver a fair, orderly and prosperous transition in the North Sea in line with our climate and legal obligations, which drives towards our clean energy future of energy security, lower bills, and good, long-term jobs,” the spokesperson added.
Tessa Khan, from the environmental campaign group Uplift which, along with Greenpeace, brought judicial reviews to stop the development of Rosebank, said Equinor was getting ahead of itself.
“I think it’s in the industry’s interest to make it sound like it’s a tick box exercise to get Rosebank over the line,” she said.
“There is a regulatory process that needs to be satisfied, and there are very strong public interest arguments against developing Rosebank, so we don’t think it will be a straightforward decision at all.”
She added that new oil and gas fields will not bring down *** bills or improve *** energy security, as renewables would, because the oil is drilled and sold for export.
“I think we should be honest about whether or not oil and gas companies are good faith partners in the energy transition and interested in lowering people’s energy bills. I think the answer now is very clearly ‘no’,” she said.
Trump stance ‘positive’
Equinor follows other energy companies in reducing investment in renewables. Shell and BP have both scaled back their future plans.
Mr Opedal appeared to welcome Donald Trump’s invitation to the industry to “drill, baby, drill” but said energy prices, not the US president, would dictate future exploration and production.
“When I hear ‘drill, baby, drill’, I see that as a positive sentiment to the oil and gas business but I think companies will always decide on drilling programs based on price signals,” said Mr Opedal.
“If prices go down, less wells will be drilled, if it goes up, more will be drilled.”
When asked how this was compatible with his target to make Equinor net zero by 2050, he conceded that drilling more now would make it harder in later years.
Mr Opedal also warned that low levels of gas storage in Europe as it exits this winter could mean higher prices next year.
“Gas storage levels will be lower this spring, meaning that Europe will need to fill up larger amounts of gas to keep it at the same level,” Mr Opedal added. “The increase in underlying demand for gas from China means more competition for energy which has the potential to increase prices.”
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Thursday’s big stock stories: What’s likely to move the market in the next trading session
Thursday’s big stock stories: What’s likely to move the market in the next trading session
The three major averages rose on Wednesday for a second consecutive winning session. Here’s what CNBC is watching going into Thursday.
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Make it harder to get British citizenship, urges Kemi Badenoch
Make it harder to get British citizenship, urges Kemi Badenoch
Kate Whannel
Politics reporter
Watch: Kemi Badenoch says her citizenship plan is “the right thing to do”
Immigrants should only be able to apply for British citizenship after being in the *** for 15 years rather than the current six, Conservative leader Kemi Badenoch has said.
Making one of her first policy announcements since becoming leader, Badenoch also said indefinite leave to remain – which paves the way for citizenship – should not be granted to those who have criminal records or who had claimed benefits or social housing.
Speaking to the BBC, she said citizenship was a privilege, not just a right and should be for those with a “meaningful connection to the ***”.
Labour minister Angela Eagle said “after 14 years of shameful Tory failure no one will take seriously anything they claim”.
Obtaining indefinite leave to remain (ILR) gives people the right to live, work and study in the ***.
It is usually possible for someone to apply for ILR if they have worked in the *** for five years, although it can be two or three years if they came to *** on particular visas.
A person can currently apply for British citizenship, 12 months after they have been granted indefinite leave to remain.
The Conservatives say the ******* before someone can apply for ILR should be extended from five to 10 years and people should then have to wait a further five years before seeking citizenship.
The party wants the government to adopt the changes, backdated to 2021, by amending its Border Security, Asylum and Immigration Bill due to be debated in Parliament next week.
Speaking to the BBC, Badenoch said the current rules had created a “conveyor belt” to citizenship for those who had just arrived in the country.
She argued too many people were getting citizenship through this route and that was “creating a strain on public services”.
“We need to make sure that people coming here have a real, meaningful connection to the ***, so no criminal records, they should be net contributors to the economy, not relying on benefits but people who care about our country and our communities.”
She said she believed the policy would bring numbers down but would not say by how much.
Last year, shortly after becoming leader, Badenoch said her party had got it “wrong” on immigration during its time in government, which saw net migration rise to a record high of 906,000.
She has said there should be a hard cap on migration but declined to say what the cap should be, arguing it would depend on the situation at any given time.
Asked if she was panicking because of the rising popularity of Nigel Farage’s Reform ***, Badenoch said her party “needed to rebuild trust with the public” and that it was natural for the public to look to “the protest party”.
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Killer Instinct studio Iron Galaxy has laid off 66 employees
Killer Instinct studio Iron Galaxy has laid off 66 employees
Iron Galaxy Studios has announced a round of layoffs affecting 66 employees.
The Chicago-based indie studio behind Rumbleverse, which also has offices in Orlando and Nashville, said it was forced to make the staff cuts to ensure its “long-term survival”.
Best known as a co-development and support studio, Iron Galaxy has worked on numerous high-profile franchises including Call of Duty, The Last of Us, Uncharted, The Elder Scrolls, Fallout, Destiny, BioShock and Killer Instinct.
It reportedly employed more than 250 people in March 2022, when it said it planned to hire over 100 more for the opening of its third studio.
Following several years of “making sacrifices” to keep its teams intact, Iron Galaxy said today in a LinkedIn update that it had “run out of room to maneuver”.
“In total, we have reduced our employee base by 66 people. This was a means of last resort for us. It’s a measure we do not take lightly to enable our long-term survival.
“Iron Galaxy is still committed to serving our partners in the creation of games. Our capabilities remain intact to work with the best companies in the world on the most beloved player experiences. This year, we’ll continue to explore new ways to support an industry we love and keep working towards its ongoing recovery.
“At this moment, our focus is on our teammates who have begun a journey toward their next role,” the studio added. “We thank them for working with us. We’ll be doing everything we can to support them in the search for the next phase of their careers. Keep an eye out for them if you need good people. We are sorry to see them go.”
Over one in 10 developers who participated in a recent GDC survey said they were laid off over the past year.
Game companies reportedly impacted by layoffs so far this year include Wargaming USA, Highwire Games, Netmarble, Toadman Interactive, Freejam, Pirahna Games, Counterplay Games, Microsoft, Splash Damage, Jar of Sparks, Probably Monsters and Ubisoft.
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Google scraps diversity ‘aspirations,’ as a federal contractor
Google scraps diversity ‘aspirations,’ as a federal contractor
Google CEO Sundar Pichai speaks with Emily Chang during the APEC CEO Summit at Moscone Center West in San Francisco on Nov. 16, 2023.
Justin Sullivan | Getty Images News | Getty Images
Google is scrapping its diversity goals, becoming the latest tech giant to alter its approach to hiring and promotions following the election of President Donald Trump.
In its annual report published on Wednesday, Alphabet excluded language from prior years stating that, “we are committed to making diversity, equity, and inclusion part of everything we do and to growing a workforce that is representative of the users we serve.”
Fiona Cicconi, Alphabet’s chief people officer, told employees in a memo that the company has to make changes due to new requirements.
“Because we are a federal contractor, our teams are also evaluating changes to our programs required to comply with recent court decisions and U.S. Executive Orders on this topic,” Cicconi wrote in the memo, which was viewed by CNBC. “We’ll continue to invest in states across the U.S. — and in many countries globally — but in the future we will no longer have aspirational goals.”
The Wall Street Journal first reported on the memo.
Cicconi noted that in 2020, the company set aspirational hiring goals and focused on growing offices outside California and New York to improve representation.
One of Trump’s first acts as president after taking office in January was to sign an executive order ending the government’s DEI programs and putting federal officials overseeing those initiatives on leave. And following a midair collision between an American Airlines regional jet and an Army ****** Hawk helicopter above Washington, D.C., last week, Trump blasted former President Joe Biden and DEI policies claiming they “could have been” to blame for the deadliest plane ****** in the U.S. since 2001.
Tech companies have shown an eagerness to appease the new administration following a rocky four years during Trump’s first tenure in the White House.
Amazon said earlier in January that it was halting some of its diversity and inclusion initiatives, and Meta announced plans to end a number of internal programs designed to increase the company’s hiring of diverse candidates. Beyond the tech industry, companies including Target, Walmart and McDonald’s have made similar changes.
Google’s commitments for 2025 had included increasing the number of people from underrepresented groups in leadership by 30% and more than doubling the number of ****** workers at non-senior levels.
The company began making cuts to its DEI programs in 2023, CNBC reported at the time, getting rid of staffers who were in charge of recruiting underrepresented groups and letting go of DEI leaders who worked with Chief Diversity Officer Melonie Parker.
Parker, who took on her current role in 2019, will work closely on evaluating programs and trainings and update “those that raise risk, or that aren’t as impactful as we’d hoped,” Cicconi wrote in her memo.
She added that the Google’s employee resource groups will remain as will the company’s work with colleges and universities.
A Google spokesperson told CNBC in a statement that the company is “committed to creating a workplace where all our employees can succeed and have equal opportunities, and over the last year we’ve been reviewing our programs designed to help us get there.”
WATCH: Trump blasts Biden, DEI efforts after D.C. plane ******
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Super Rugby Pacific: Western Force captain and Wallabies lock Jeremy Williams re-signs for two more years
Super Rugby Pacific: Western Force captain and Wallabies lock Jeremy Williams re-signs for two more years
Western Force captain Jeremy Williams will extend his tenure with the club into a fourth and fifth year, signing a new two-year deal to remain with the club until the end of the 2027 season.
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Wisconsin couple sues Walgreens and Optum Rx, saying son died after $500 price rise for asthma meds
Wisconsin couple sues Walgreens and Optum Rx, saying son died after $500 price rise for asthma meds
LA CROSSE, Wis. (AP) — A Wisconsin couple is suing Walgreens and a pharmacy benefits management company, alleging that their son died because he couldn’t afford a sudden $500 spike in his asthma medication.
Shanon and William Schmidtknecht, of Poynette, filed their lawsuit in federal court in Milwaukee on Jan. 21, a year to the day that their son Cole died at age 22.
According to the lawsuit, Cole Schmidtknecht suffered from asthma all his life. He managed it with daily inhaler doses of the medication Advair Diskus and its generic equivalents.
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He stopped at a Walgreens pharmacy in Appleton on Jan. 10, 2024, to refill his prescription and was told the cost had jumped from $66 to $539 out-of-pocket. Unable to afford the new cost, he left the pharmacy without the medication. He tried to manage his condition with his rescue inhaler but suffered a fatal asthma attack days later, according to the lawsuit.
The Schmidtknechts allege that pharmacy benefits management company OptumRX violated Wisconsin law by raising the cost of the medication without a valid medical reason and failing to provide 30 days’ advance notice of drug price increases.
Pharmacy benefits managers act as intermediaries between health insurance companies, prescription drug companies and pharmacies. Optum Rx services prescription claims for more than 66 million people across the United States, according to the lawsuit.
The lawsuit alleges that the Walgreens pharmacy staffers failed to offer Cole any workarounds to obtain his usual medication. They told him there were no cheaper alternatives or generic medications available, they didn’t contact OptumRx to request an exception on Cole’s behalf, and they didn’t ask Cole’s doctor to request an exception for him, his parents contend.
The lawsuit seeks unspecified damages.
“The conduct of both OptumRx and Walgreens was deplorable,” one of the family’s attorneys, Michael Trunk, said in a statement. “The evidence in this case will show that both OptumRx and Walgreens put profits first, and are directly responsible for Cole’s death.”
OptumRx spokespeople didn’t immediately reply to Wednesday messages seeking comment. In a statement last April extending sympathy to the family, the company said that a review of Cole’s claims showed that on the day he visited the pharmacy, he did buy a different asthma medication, generic Albuterol, for a $5 co-pay on Jan. 10 — a medication that it says he also obtained in October 2023. His case was handled “consistent with industry practice and the patient’s insurance plan design,” the company said.
Trunk, though, said Wednesday that the $5 generic prescription Cole filled was for his rescue inhaler, not the Advair Diskus inhaler that he took daily. He said Cole was not able to fill his Advair Diskus prescription because it had suddenly become too expensive.
Walgreens officials didn’t immediately respond to a Wednesday email seeking comment on the lawsuit.
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