global glass onion: week ending Mar 16

Fed's cautious approach to cutting rates reinforced by new inflation reading --Fresh evidence of sticky inflation released Thursday will likely reinforce the Federal Reserve’s cautious approach to rate cuts and could add to questions about whether interest rates will remain elevated for longer than expected in 2024. "Given the stickier than expected nature of inflation, it’s going to be very difficult for the Fed to justify a near-term rate reduction," Stifel's Lindsey Piegza told Yahoo Finance Live Thursday. "Our base case is that the Fed holds off to the second half of the year before initiating a change in policy." The new inflation reading Thursday came from the Labor Department’s Producer Price Index, which tracks the prices businesses pay to manufacture products and services. The index rose 0.6% from January to February, up from a 0.3% rise the previous month. So-called "core" producer prices, excluding volatile food and energy costs, were up 0.3% month-over-month. The Fed watches core prices closely. While that core figure was an improvement from the prior month, it was higher than the 0.2% expectation. Compared with a year ago, core prices climbed 2%, which was the same as last month but also more than expected. The odds of a first rate cut in June slipped slightly following the PPI release Thursday, from 67% to 63%, according to Fed Funds Futures. That June percentage was considerably higher several weeks ago, underscoring the shifting expectations on the part of investors as signs of elevated inflation persist. Traders began the year expecting a first cut in March. One former Fed official said the new PPI figure probably won't change the big picture for the Fed as inflation continues to come down when compared to highs achieved in 2022. "A little bit hot on the PPI today," said Jim Bullard, former president of the St. Louis Fed and now dean of the Purdue Business School, "but one number like this probably wouldn't affect things dramatically." The hotter-than-expected producer prices follow a Tuesday release of the Consumer Price Index showing that "core" consumer prices in February climbed 3.8% over the prior year, which was also higher than economist expectations. Fed chair Jay Powell and his colleagues have been emphasizing for months that they want to be sure inflation is moving "sustainably" down to their 2% target before easing monetary policy. The Fed is widely expected to hold the benchmark policy rate steady at its meeting next week in the range of 5.25%-5.5%.

Here's when the Fed may start cutting rates, investment strategists say — The U.S. Federal Reserve is likely to start cutting interest rates by the end of the second quarter despite recent "hotter than expected" inflation data, according to Kristina Hooper, chief global market strategist at Invesco.The U.S. economy is also likely to dodge recession as the Fed calibrates interest rate policy, she and other strategists said Wednesday at Financial Advisor Magazine's annual Invest in Women conference in West Palm Beach, Florida.The Fed has raised borrowing costs for consumers and businesses to rein in high inflation during the pandemic era. That has pushed up rates for mortgages, credit cards, auto loans and other forms of lending. Inflation has declined significantly from its peak in mid-2022. However, it's still well above the Fed's 2% target level.The question has become, at what point — and how quickly — does the central bank start to cut rates in order to avoid plunging the economy into a downturn?Fed Chair Jerome Powell said last week that the Fed may not be far off from throttling back.Despite hotter-than-expected inflation data issued this week, the central bank is likely to start reducing borrowing costs by the end of June, with cumulative cuts of 0.75 percentage point or 1 point in 2024, Hooper said.2024 will be the last stretch to the Fed's 2% goal, says Glenmede's Jason Pride History may be a guiding principle, she said. The Fed last raised interest rates in summer 2023; in prior interest-rate-hiking cycles, the Fed began cutting rates about 8½ months later, Hooper said.Jenny Johnson, president and CEO of Franklin Templeton, also expects the central bank to begin cutting rates this year, though in the second half of 2024 at Fed policy meetings in July or September.Forecasts have changed from prior months. Moira McLachlan, senior investment strategist in Alliance Bernstein's wealth strategies group, said the firm had earlier expected five or six cumulative rate cuts this year, but now anticipates three or four.The firm's "base case" is cumulative cuts of 1 percentage point in 2024, she said Wednesday.Strategists expect the U.S. to dodge a recession as it navigates interest rate policy, experiencing what's known in economic parlance as a "soft landing.""A soft landing is our best guess in terms of where we're going to be," McLachlan said."We're likely to avoid a recession," Hooper echoed."I do worry [the Fed] may be too late to start cutting," she said.

Fed’s QT Going Forward: the Treasury Maturity Schedule & Roll-off under Current QT Plan, and How a New QT Plan Might Fit -- By Wolf Richter --The Fed has started laying out some basic principles abouthow QT might evolve in the future. So far, the Fed’s QT has shed $1.43 trillion in assets, including 1.14 trillion in Treasury securities. So it’s time to look at how the Fed’s Treasury holdings will mature over the next few years, because that determines the maximum possible pace of the QT roll-off since the Fed does not sell them outright.As the pile of Treasury securities on its balance sheet shrinks – currently down to $4.63 trillion – fewer securities will mature each month. We can see where this is going because the New York Fed posts the Fed’s portfolio of securities online, including purchase price, CUSIP numbers, and maturity dates. The current QT Plan. When it designed its QT plan in 2022, the Fed capped the maximum Treasury roll-off at $60 billion per month. Here is the visual depiction of the amounts in Treasury notes and bonds that will mature every month going forward (red columns), the $60-billion cap (green horizontal line), and the use of T-bills to get to the $60 billion cap until the Fed runs out of T-bills (blue bars), based on the current QT plan.Making up the shortage to the $60-billion cap. When fewer than $60 billion in Treasury notes (2 to 10 years) and bonds (20 and 30 years) mature in one month, the Fed makes up the difference by letting some of its Treasury bills (1-12 months) roll off to get to the $60 billion cap.For example, this month, $45 billion in notes and bonds will mature (first red column in the chart above), which is below the $60-billion cap (green line), and the Fed will let about $15 billion in T-bills roll off (first blue column) to bring the total roll-off to $60 billion.In April, about $60 billion in notes and bonds mature and roll off. The Fed will not use any T-bills because the roll-off is already at the cap.In May, $90 billion in notes and bonds mature. The Fed will let $60 billion roll off, and it will replace the other $30 billion that matured with new securities that it buys at auction. It will not use any T-bills.QT will naturally slow in June 2025 because the Fed will run out of T-bills, as indicated in the chart above, and it will have no more T-bills to fill the gap to the cap, and the amounts of maturing notes and bonds left in the declining pile also decline.The Fed has $209 billion in T-bills left, down from $326 billion at the beginning of QT in June 2022. It used $117 billion of T-bills so far to make up the shortages in months when fewer than $60 billion in notes and bonds matured. We discussed the details here last week, under the subheading, “How Treasury bills fit into QT.”The first months when the Treasury roll-off will be substantially below the cap will be June 2025 ($48 billion maturing), which is the month the Fed runs out of T-bills, and July 2025 ($33 billion maturing).August 2025 ($71 billion maturing) is the last month when the Treasury maturities exceed $60 billion, as we saw in the chart above.After August 2025, maturities will be below $60 billion every month, and over time, they’re shrinking further as the pile of Treasuries shrinks.

H2 2025: maturities average $36 billion per month.
H1 2026: maturities average $41 billion per month.
H2 2026: maturities average $33 billion per month.
H1 2027: maturities average $30 billion per month.
H2 2027: maturities average $26 billion per month.

Only 6 months left with maturities over the cap. When more than $60 billion in notes and bonds mature in a month, the Fed lets $60 billion “roll off,” and replaces the overage by buying notes and bonds at auction in the amount of the overage.As the chart above shows, there are only six months left going forward when this occurs (amount of overage):

May 2024 ($30 billion)
Aug 2024 ($5 billion)
Nov 2024 ($9 billion)
Feb 2025 ($23 billion)
May 2025 ($16 billion)
Aug 2025 ($11 billion).

Fed governors Christopher Waller and Lorie Logan have come out to tease us with some ideas when and how the pace of QT might slow to avoid an “accident” that would stop QT prematurely. A QT accident occurred in late 2019 when the repo market blew out. The Fed has two tools to avoid a QT “accident”:

In July 2021, before QT was even announced, the Fed already implemented the first tool by reviving the Standing Repo Facility, which it had always had until it killed it in 2009 amid QE.
The second tool will be to slow down the pace of QT. Details will be forthcoming sometime in the future.

So as we see, the pace of Treasury QT will naturally slow down, starting in June 2025. If the Fed lowers the cap before then, the slowdown would begin earlier.Waller laid out the idea of replacing maturing longer-term Treasury securities with T-bills because the Fed used to hold a much larger share of T-bills compared to the rest of its balance sheet. Starting in 2009, the balance sheet has veered into the opposite direction. Currently, the Fed holds only $209 billion in T-bills but $4.63 trillion in Treasury notes and bonds. Waller said he would like to see the share of T-bills start reverting toward a normal level, which would lead to a much a much faster roll-off of notes and bonds.Under a new QT plan, the Fed could start this process during QT, replacing the overage in notes and bonds over the cap with T-bills. The cap is now $60 billion, but under a new plan, the Fed might reduce it, maybe to $30 billion. And then there would be more months with overages, and those overages of notes and bonds could be replaced with T-bills. So we’re eagerly awaiting more details on this idea.Waller also said that he would like to see MBS go to zero on the balance sheet, so let them run off even after QT ends and replace them with Treasuries – which is what the Fed did from the end of QT-1 in the summer of 2019 until March 2020. The likely replacement would be T-bills given the urge to get the share of T-bills back up toward where it used to be before 2008. We can’t wait to see the details.

Pressure mounts on Fed to play its part in modernizing discount window -As Washington regulators preach readiness among banks in case they ever need to tap the discount window, some critics say the Federal Reserve has its own work to do to expand use of the emergency lending facility. Bankers, politicians, academics and former Fed staffers say the discount window — through which depository institutions can obtain short-term funding in exchange for high-quality collateral — is outdated and ill-equipped for liquidity crises of today. Last week, Rep. Patrick McHenry, R-N.C., chair of the House Financial Services Committee, equated the process to using "1940s" technology, a nod to the fact that banks initiate the borrowing process by placing a toll-free call to their regional reserve banks. "It should be the push of a button rather than phone calls, and it should be an instant rather than days," McHenry said during an event hosted by the Brookings Institution. "That piece, [the Fed] didn't fix. This is a question of operational competence." At that same event, PNC Financial Services Group CEO Bill Demchak called the process "incredibly mechanically difficult," contrasting it with the Federal Home Loan banks, from which banks can secure collateralized short-term funding with "a few keystrokes." The Fed offers a digitized interface known as Discount Window Direct, through which requests can be made online. Unlike the standard discount window, which closes at 7 p.m. ET weekdays and is closed on the weekends, the online portal is available 24 hours a day. But this option is only available for banks that are eligible for primary credit — meaning they are in sound financial condition — or seasonal credit, which is meant for small institutions with recurring capital needs. During testimony before the Senate Banking Committee last week, Fed Chair Jerome Powell said the lending facility's functionality is not up to snuff with today's digital banking standards. "There's a lot of work to do on the discount window," Powell said. "It needs to be brought up technologically into the modern age, we need to eliminate the stigma problem, and we need to make sure banks are actually able to use it when they need to use it. That's a broad work program that we're on right now. It's important." The discount window has been a focal point for the Fed and other agencies since the bank failures of last spring. In July, the Fed, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued guidance about the importance of pre-pledge assets to the discount window and testing borrowing capabilities regularly. In his report on the failure of Silicon Valley Bank, Fed Vice Chair for Supervision Michael Barr noted that the Santa Clara, California-based bank did not have sufficient assets prepositioned at the discount window and had not tested its borrowing capabilities in more than a year. While a smoother experience likely would not have saved the bank, which saw $40 billion of deposits withdrawn in a single day, Barr said the episode highlighted the role the discount window can play in protecting financial stability. "When the system is hit with a shock that results in widespread stress, funding markets are often unable to effectively distribute liquidity," Barr said in an October speech. "In these cases, the discount window can be particularly important both to the institutions that need liquidity and to the Federal Reserve's efforts to stop dysfunction from spreading and restore stability — but, again, only if banks do the work ahead of time and are ready and able to use it. Still, Barr said the Fed is continuing to study the episode. In a February speech, he indicated that such reflections have included a look back at the Fed's emergency lending practices. "While banks do their part to get operationally ready, we at the Federal Reserve also need to continue to improve discount window operations," Barr said. Neither Barr nor Powell elaborated on what those additional steps might look like or when improvements might be rolled out. A Fed spokesperson declined to provide additional context this week.

Inverted yield curve no longer reliable recession flag, strategists say (Reuters) - A key indicator of an oncoming recession implied by the U.S. bond market is no longer reliable, according to nearly two-thirds of strategists polled by Reuters. A persistent negative spread between 2-year and 10-year U.S. Treasury yields is a key input into many analysts' models as a reliable predictor of recession, having occurred in the lead-up to nearly all recessions since 1955. It offered a false signal just once during that time. The yield curve has been inverted for more than 20 months now - currently by 46 basis points - but most of the recent discussion in markets has been about the probability of no recession or even the risk of a re-acceleration in economic growth. Nearly two-thirds of strategists in a March 6-12 Reuters poll of bond market experts, 22 of 34, said the yield curve's predictive power is not what it once was. "I feel the inverted yield curve is just not as good an indicator as before," said Zhiwei Ren, portfolio manager at Penn Mutual Asset Management. "If you have these two things going on together - insatiable demand for the long-end from real money like pension funds and the Fed keeping front-end rates higher because of the resilience of the economy - the curve will stay inverted for a while." Since the 2007-2008 global financial crisis, the Federal Reserve has on multiple occasions conducted aggressive buying of Treasury securities as part of is stimulus program, meaning it owns a much larger proportion of the market in its own portfolio than it did before. Many observers have argued over recent years this ownership is distorting market pricing, although strategists interviewed to discuss the latest poll results did not mention suppressed yields via "quantitative easing" as a reason. "The difficulty this time is that the policy rate is more than double the fed (funds rate's) longer-run equilibrium, and it's the magnitude and speed of rate hikes that have contributed to the inversion," said Steve Major, global head of fixed income research at HSBC. In the meantime, financial markets have aggressively scaled back bets this year on when the Fed will first cut interest rates, from March to May and now to June. This has led several strategists to ramp up 12-month forecasts for the rate-sensitive 2-year Treasury note yield by a median 21 basis higher than one month ago to 3.68%. The benchmark 10-year Treasury note yield , currently at 4.10%, too was seen falling only a modest 19 basis points to 3.91% by the end of August, and to 3.75% in a year, according to 60 strategists polled. "Disinverting" the curve requires these short-term yields to fall much more sharply than longer-term ones, or for longer-term yields to rise. In addition to a decision on when to cut, the Fed will soon have to judge when to slow and then finally stop unloading some of the securities it purchased through its massive "quantitative tightening" program. Asked when the Fed would start slowing, or tapering, the pace of shrinkage of its balance sheet, 14 of 26 respondents said in June. Other responses ranged from March to December. Seventeen of 26 said the Fed would conclude its tapering program either in the first quarter of 2025 or later.

5 sticking points in the fight to avert a shutdown - Lawmakers are racing to reach an agreement on the final six full-year government funding bills, but they face a list of hurdles as they barrel toward a shutdown deadline Friday.The divided Congress just finished work on its first batch of funding bills for fiscal 2024 last week. But some negotiators see the tranche coming down the pike — which covers agencies like the departments of Homeland Security (DHS) and Health and Human Services (HHS) — as their toughest yet.Here are five spending fights to watch as negotiations continue.

Homeland Security. Negotiators on both sides of the aisle see the annual Homeland Security funding bill as the hardest of the bunch lawmakers are hoping to pass next week. Partisan divides on border and immigration — hot button issues heading into the November elections — makes the bill particularly tricky. Senate Appropriations Committee Chair Patty Murray (D-Wash.) told The Hill on Tuesday that the DHS funding bill is “the most challenging one,” while Sen. Lisa Murkowski (R-Alaska) said “Homeland is absolutely the toughest” of the six outstanding bills. Some are already concerned lawmakers may need to pass a stopgap measure to buy more time to negotiate the measure as Republicans press for border wall construction and the revival of the controversial “remain in Mexico” policy.
Earmarks. Last week’s passage of the first batch of funding bills shined a light on deep divides among Republicans in both chambers on members’ use of earmarked dollars for community projects back home. Some GOP negotiators say the matter has already emerged as an issue for the next round of legislation, particularly around the annual HHS funding bill, which also covers money for the departments of Labor and Education. “Democrats in the Senate have earmarks and Republicans, we don’t have any on our side,” Rep. Tom Cole (R-Okla.), a spending cardinal, told The Hill last week. “We passed a rule that did not allow it, and that makes it very difficult because there’s nothing to trade back and forth, and some of the Democratic earmarks tend to be more liberal than some of our members would like.”
UNRWA - Republicans have been doubling down on calls to block further funding to a key Palestinian relief agency amid allegations that some of its staffers took part in Hamas’s deadly attack on Israel last October. Negotiators say the issue has emerged as a major sticking point in bipartisan talks around the annual State Department funding bill, which allows for funding for the United Nations agency for Palestinian refugees, known as UNRWA.Democrats have signaled openness to new conditions on money for the agency. But many have rejected calls to block funding altogether, arguing there are no alternatives that have the same capacity to provide aid to Gaza, where almost 2 million people have been displaced.At the same time, prominent Republicans are lining up against the funding.
Election security - Rep. Steve Womack (R-Ark.), head of the House subcommittee that handles the annual funding bill for financial services and general government (FSGG), said election security remains among the sticking points threatening the forthcoming bill. House Republicans pushed to eliminate funding for election security grants as part of a partisanproposal last year, but Senate negotiators called for $75 million for the item in an initial proposal that passed out of committee with bipartisan support in the summer.Pressed about the issue on Thursday, Sen. Chris Van Hollen (D-Md.), a spending cardinal for the FSGG appropriations subcommittee, said negotiators are “still trying to finalize a lot of the funding pieces.”
Lawmaker pay. Rep. Mark Amodei (R-Nev.), chair of the subcommittee that produces the annual legislative branch funding bill, also said he’s been pressing for a vote that could allow a pay raise for members. While he noted the legislative branch funding bill passed by House Republicans last year upheld a years-long prohibition on annual cost-of-living adjustments (COLA), he told The Hill weeks back that “members want a chance to vote on a COLA.” “If you think it’s kryptonite politically, then vote against it,” he said. “And if you love the 27th Amendment, or you’re tired of 13 years with no [pay], then vote for it and defend it with your constituents.”

Biden unveils sweeping budget blueprint for next term - President Biden on Monday rolled out his sweeping, $7.3 trillion budget request for 2025, with a set of ambitious proposals aimed at raising taxes on wealthy individuals and corporations. The president calls for trimming the nation’s deficits by $3 trillion in the next 10 years, doubling down on pitches to increase the corporate tax rate, enact a minimum tax on billionaires and quadruple the stock buybacks tax. While the proposal stands no chance of becoming law in the divided Congress, the president can point to it on the campaign trail, and it could serve as a guide for Democrats as Congress begins to look at funding for fiscal 2025, which begins in the fall. The budget leans into measures the White House says are aimed at cracking down on “wealthy tax cheats,” targeting parts of former President Trump’s signature 2017 tax plan that Democrats have panned as tax cuts for the wealthy. The budget request also supports extending tax cuts for Americans making less than $400,000, but with additional reforms. The president’s latest proposal echoes last year’s budget plan, which also aimed to lower the deficit by $3 trillion and raise taxes on the wealthy. The White House has also been stalwart about protecting Social Security and Medicare, which it argues the new budget plan would protect, as Democrats have worked to hammer Republicans on the key campaign issue. The latest example came hours before the unveiling of his budget on Monday, as Trump critics circulated a clip of the former president arguing “there is a lot you can do” when it comes to entitlement programs. Biden responded with a post on social media, writing, “Not on my watch.” Biden’s plan proposes shoring up solvency for Medicare’s hospital insurance trust fund, in part by raising tax rates on Americans earning above $400,000, reforming the capital gains tax and eliminating tax subsidies for real estate and cryptocurrency transactions. It would also extend the solvency of Social Security, which faces serious threats to funding, by “asking the highest income Americans to pay their fair share,” but the proposal doesn’t specify how this would be accomplished. Biden’s proposal comes as he deals with lackluster polling numbers and persistent concerns about his handling of the economy — despite signs that the economy is on the mend, including cooling inflation, a booming stock market and lowered unemployment. During a State of the Union address last week that read at times as more of a campaign speech, Biden touted his administration’s economic moves and knocked those of his predecessor — who’s on track to win the Republican presidential nomination, teeing up a Biden-Trump rematch in November’s general election. “Folks, I inherited an economy that was on the brink. Now, our economy is literally the envy of the world,” Biden told a raucous Congress, arguing the country is on a “comeback.” But one recent CBS News/YouGov poll taken in the days before the State of the Union found more than half of surveyed voters thought the economy under Biden was bad, compared with less than a third who thought economic conditions were bad under Trump. Biden during his speech last week pointed forward, foreshadowing his 2025 budget by laying out plans to lower costs for Americans and “make the tax code fair,” as the 2024 race revs up, and as the incumbent promises voters he’ll finish the job with another term in the Oval Office. Aside from going big on taxes, Democrats have also lauded proposals in the plan in areas including child care, climate change and housing. “By proposing historic investments in child care, lowering drug prices and health care costs, increasing access to affordable housing, and helping people access higher paying jobs, President Biden is focused on helping the middle class and working Americans,” Rep. Rosa DeLauro (Conn.), the top Democrat on the House Appropriations Committee, said in a statement on Monday. The plan would raise funding for a number of offices, but one of the biggest jumps would be an 8.9 percent increase in budget authority for the Social Security Administration (SSA) compared with fiscal 2023 levels. The White House said the funding boost is aimed at improving service delivery and expanding access to the program, particularly for “underserved communities.” The budget plan also calls for the establishment of a national paid family and medical leave program that would operate under the SSA, similar to a proposal Democrats pushed for as part of Biden’s signature “Build Back Better” plan when he first took office. The Environmental Protection Agency would see an 8.4 percent increase in budget authority from fiscal 2023 levels under the plan, with proposals focused on tackling climate change, investing in water infrastructure and securing more dollars for the Office of Air and Radiation and grant programs aimed at combating lead contamination in drinking water. The sprawling proposal calls for more support for a wide array of agencies and services key to Democratic priorities, including increases to the maximum Pell Grant award and the housing voucher program, improved immigration courts, and Democratic wish list items such as a proposal for a new program guaranteeing affordable child care for families with annual incomes below $200,000. Upon the plan’s rollout, budget hawks welcomed Biden’s tax proposals to reduce the national deficit, but they said more action is needed to address the federal government’s climbing debt. “There are many helpful proposals in the budget that could reduce projected deficits, including ideas to close various tax loopholes, lower prescription drug costs, and raise significant amounts of new revenue,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said Monday. “But at the same time, it turns around and spends much of this money, eating into the overall savings.” Michael Peterson, CEO of the Peter G. Peterson Foundation, also called the president’s proposed plan a “meaningful step in the right direction but unfortunately not nearly enough to stabilize our fiscal future.” “Over the next decade, we are on pace to grow our debt to an all-time high as a share of [gross domestic product], fueling record interest costs,” Peterson said. “Meanwhile, critical programs including Social Security and Medicare are in significant danger of automatic cuts for all beneficiaries, and we can’t let that happen. Republicans, meanwhile, have railed against the plan, while pointing to their own proposals for the coming year. “House Republicans reject Biden’s misguided budget proposal and have taken action to steer our nation back to a path of fiscal sanity,” House GOP leaders argued in a statement Monday afternoon, adding that the party’s “budget plan for the next fiscal year, preceding the president’s proposal, reflects the values of hardworking Americans who know that in tough economic times, fiscal discipline is non-negotiable.” While lawmakers are still working to tie up funding for fiscal 2024 this month, the president’s request provides a glimpse into where Democrats could be pressing for bigger increases when Congress begins its work for fiscal 2025 funding in the coming weeks.

Biden's $7.3 trillion budget for 2025 calls for taxing the rich and corporations to pay for Social Security, Medicare - President Joe Biden's 2025 funding proposal released Monday repackaged his tax hike proposals on billionaires and corporations and many other requests from his 2024 budget, which is still under negotiation on Capitol Hill halfway into the fiscal year. Like all presidential budgets, Biden's 2025 plan is more of a wish list than it is a policy document. Biden's budget comes in at $7.3 trillion in spending proposals, up from $6.9 trillion in 2024 though the two proposals include mirroring requests for boosts to Social Security, Medicare and tax hikes for the wealthy. This year, as the president faces a likely general election rematch against Donald Trump in November, his budget is also a statement of the Biden campaign's economic platform. Trump on Monday morning suggested cutting entitlement programs like Social Security, Medicare and Medicaid in a CNBC interview. "There is a lot you can do in terms of entitlements in terms of cutting and in terms of also the theft and the bad management of entitlements," Trump said on CNBC's"Squawk Box." Biden has repeatedly fired back at the comment in the hours since. "Even this morning, Donald Trump said cuts to Social Security and Medicare are on the table again," Biden said at a speech in New Hampshire following the budget proposal's release. "I'm never going to allow that to happen." Taxing the rich According to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code. Biden's budget would raise taxes for billion-dollar companies from 15% to 21% and hike the broader corporate tax rate to 28%. "We can do all of our investments by asking those in the top 1 and 2% to pay more into the system," Shalanda Young, director of the White House Office of Management and Budget, said on a call with reporters Monday. Biden will also seek to shore up Medicare and Social Security, in part by relying on new, federal negotiating powers for Medicare prescription drugs and by seeking other savings in housing, health insurance and more. Biden previewed many of the themes of his budget blueprint in his State of the Union address Thursday. "Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don't. I'm going to keep fighting like hell to make it fair!" he said in a fiery, partisan speech before Congress. Biden's populist, progressive, tax-the-rich funding plan is not a novel proposal from his White House. Since he took office in 2021, Biden and congressional Democrats have repeatedly proposed increasing taxes on the very wealthiest to raise revenue. But the idea made very little headway even when Democrats controlled both houses of Congress. After Republicans assumed the House majority in 2023, the billionaire tax plans were put on ice indefinitely. House Republicans tried to preempt Biden's budget proposal last week by passing their own 2025 budget resolution in a party-line committee vote. That proposal would aim to reduce the ballooning federal deficit by some $14 trillion over the next decade, in part by dismantling Biden's landmark Inflation Reduction Act, which has provided massive investments in clean energy and the green economy. "Congressional Republicans give their top lines, which have rosy economic projections that don't fit reality," Young said Monday. "Congressional Republicans don't tell you what they cut, who they harm." House Republican leaders, including Speaker Mike Johnson, R-La., on Monday slammed Biden's budget request, calling it "a roadmap to accelerate America's decline." "The price tag of President Biden's proposed budget is yet another glaring reminder of this Administration's insatiable appetite for reckless spending and the Democrats' disregard for fiscal responsibility," Johnson and his House Republican colleagues wrote in a statement. 2024 budget still unfinished The two competing budget proposals are no surprise in a deeply divided Washington, one where compromise has been a rare commodity during 2024. Back-and-forth disagreements in Congress have meant that six months into the fiscal year, lawmakers have still not settled on a permanent budget. Over the past six months, fierce battles in Congress led to several near government shutdowns, and cost former Republican House Speaker Kevin McCarthy his job.

Here's What's In Biden's 'Reckless' $7.3 Trillion Budget, And Here's How He'll 'Pay' For It - The Biden administration has released a proposed budget that would boost federal spending to $7.3 trillion next fiscal year. To pay for it, they plan to raise taxes on the wealthy and large corporations. And while there's virtually no chance of it passing given the current makeup of Congress (WSJ calls it 'largely symbolic'), it will give Biden a steady supply of talking points to read off teleprompters across the land during his re-election campaign. According to the White House, the 2025 budget would cut the deficit by $3 trillion over the next decade, and raise taxes by a net of $4.9 trillion - a boost of roughly 7% in collections without any policy changes, the Wall Street Journal reports. Other features of the proposed budget include:

A boost in defense spending to $895 billion, up from $886 billion.
Congressional approval for roughly $1.6 trillion in discretionary spending - slightly lower than the current year's budget.
This will be offset by $1.6 trillion in spending caps which were agreed to last year by House Republicans and the Biden administration, according to the Congressional Budget Office.
Medicare taxes and drug pricing are also included, with tax increases on people earning more than $400,000 per year (which we all know is total bullshit). The plan will also significantly expand the number of drugs subject to government price negotiation, to 50 per year, up from 20, and it would extend a $2,000 cap on out-of-pocket prescription drugs under Medicare.
Immigration and international aid: The Department of Homeland Security would receive an additional $8.7 billion under the proposal - much of which would plug a budget hole created by the 'unexpected' surge in migrants last year. $2.9 billion of it would fund longer term investments, including hiring more Border Patrol agents and asylum officers.
Ukraine: Of course, the budget proposal also reiterates Biden's supplemental request for $60 billion in emergency aid for his favorite country.

Other items of note: the budget calls for shoring up Social Security but does not specify a plan. It also calls for extending Trump-era tax cuts for most households after they expire in 2025, but does not detail how they should be paid for. It also calls on restoring the expanded child tax credit on a temporary basis.Under his plan, families making less than $200,000 a year would be guaranteed subsidized child care, with the lowest income families paying nothing. The president proposed building or preserving more than two million housing units, and a series of tax credits to ease the high cost of purchasing a home. He calls for spending $12 billion to come up with strategies to reduce the cost of college, while expanding Pell Grants and offering tuition-free community college. And he again outlined a federal paid family and medical leave program. -WSJAccording to White House spox Olivia Dalton, the budget "invests in all of America to make sure everyone has a fair shot, we leave no one behind," adding that congressional Republicans "have made their values clear in the meantime; they have repeatedly fought to slash critical programs that the American people rely on."House Republican leaders, meanwhile, said in a statement that "the price tag of President Biden’s proposed budget is yet another glaring reminder of this administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility."The budget proposal comes less than eight months before Election Day and amid polls that show Trump with a narrow lead over Biden. As he shifts his focus to the general election, the president is expected to increasingly seek to draw a contrast with his presumed opponent, casting Trump as out of touch with voters’ priorities and a danger to democracy. Trump, in turn, has railed against the president, targeting his spending on issues such as clean energy. -WSJ According to Shalanda Young, director of the Office of Management and Budget, Americans are "going to have a robust tax debate at the end of 2025."

Biden seeks modest bump for record $895B defense budget - The Biden administration’s defense budget for fiscal 2025 is only a 1 percent increase from last year’s, a slowdown in spending that will prevent the Pentagon from quickly refilling weapons stocks gutted by the wars in Ukraine and Israel, according to documents released Monday. The $895.2 billion proposal, while the highest number ever for defense, is constrained by budget caps agreed to last summer by President Biden and then-House Speaker and former Rep. Kevin McCarthy (R-Calif.), which hold spending increases to 1 percent for the next two years. While the request will certainly meet opposition from the Republican-controlled House, it offers a starting point for negotiations on the next fiscal year and outlines Biden’s priorities. The Defense Department’s 2025 budget ask is nearly $850 billion, up from what is expected to be a $841 billion budget for fiscal 2024, which has been repeatedly delayed amid spending chaos in Congress. The overall U.S. defense and national security budget also includes $25 billion for programs under the Department of Energy, as well as funding lines under the Department of Homeland Security, boosting the defense request top line to $895.2 billion. Deputy Secretary of Defense Kathleen Hicks on Monday urged “Congress to come together” and pass the proposal. “The world is watching what we do in this moment. It’s tracking whether we can unite and overcome the headwinds facing our national security and our democracy,” she told reporters Monday. “Our adversaries in particular are observing our willingness to step forward for our allies and partners. So we must continue to make progress critical to projecting power and protecting our people.” The budget includes a 4.5 percent pay raise for service members, close to $10 billion to bolster the U.S. and allied security presence in the Indo-Pacific and more than $147 billion to maintain troop readiness. It also proposes $500 million in presidential drawdown authority — when the U.S. draws from its own weapons stocks to support an ally — for Taiwan, the first time the authority has ever been directed at a specific country. Biden said in a statement that the budget request continues investments to “revitalize U.S. alliances and partnerships,” strengthen the military and counter Russia and China. “We must continue to adapt, advance and innovate at speed and at scale across all domains, prioritizing China as the pacing challenge, and Russia as an acute threat,” Joint Chiefs of Staff Vice Chair Navy Adm. Christopher Grady told reporters. “Our strategy driven budget does exactly that.” But the slimmed-down budget will slow F-35 fighter jet purchases, air defenses for Guam, orders for an aircraft carrier and the Virginia-class submarine buys. Only one such submarine is to be bought in fiscal 2025. The plan also cuts costs by trying to retire older ships and aircraft deemed too costly to maintain and operate. The Navy hopes to retire 10 ships before the end of their scheduled service life, while the Air Force wants to retire 250 aircraft such as the A-10 Warthog — a once valuable plane for air support in Afghanistan that has since been made obsolete with the end of the war. The request has already drawn criticism from the GOP. Rep. Mike Rogers (R-Ala.), chair of the House Armed Services Committee, said the “defense top-line number fails to keep pace with inflation and our adversaries.” “I have been saying this for some time now — our defense budget should be built with the goal of deterring the threats facing our nation,” Rogers said in a statement. “Instead, we are forced to build a budget to meet an arbitrary number. I worry about the long-term impact this budget process will have on our national defense.”

America’s Defense spending dragged into budget chaos - The Pentagon is sailing into somewhat unprecedented waters as it prepares to unveil its fiscal 2025 budget next Monday. The Defense Department (DOD) still doesn’t have a full budget for 2024, faces a looming 1 percent across-the-board cut unless Congress can break its logjam, and is still reeling from years of high inflation. What’s more, the Pentagon likely won’t be able to use all the money intended for it should lawmakers finally agree on a spending plan, given the rule that if a department is unable to spend its full funding by the end of this fiscal year, those dollars must be turned back over to the Treasury Department. Now, more than five months into the current fiscal year, due to lawmakers’ ongoing impasse, experts are predicting that a delay will cause ripple effects for warfighters for the next two to three years. “When you have one year money but you’re really only spending it in a six-month window, your odds of not spending it will go up,” Mackenzie Eaglen, a defense expert at the American Enterprise Institute, told The Hill. “Congress is not doing its job, then turning around and yanking funds because they’re use it or lose it.” The consequences of this fall twice on the armed forces, according to Eaglen, a former congressional adviser on defense issues. “It’s a double whammy,” she added. “They get the money late, then they have to turn over whatever they can’t spend quickly enough because Congress didn’t give it to them on time.” DOD is among several federal agencies on a short-term budget extension since the end of September due to political infighting over spending levels. While Senators on Friday passed a bill to fund a slew of government agencies for the rest of fiscal 2024 — sending the measure to President Biden’s desk hours before a shutdown deadline — that only approved full-year funding for the departments of Veterans Affairs, Agriculture, Interior, Transportation, Housing and Urban Development, Justice, Commerce and Energy, among other offices. Biden signed that bill into law Saturday, averting a partial shutdown. Defense is counted among the remaining six government funding bills that bankroll more contentious areas, including the departments of Homeland Security and Health and Human Services. Budgets for the remaining agencies are due March 22 and are expected to be more difficult to pass, according to top appropriators. In the background is last year’s debt ceiling deal — an agreement Biden struck with then-House Speaker Kevin McCarthy (R-Calif.) last summer — which imposes a 1 percent cut on the Pentagon and all other agencies if Congress fails to pass a full fiscal 2024 budget by April 30. The situation is not ideal for the U.S military, which has already been stretched thin as it responds to the two major wars in Ukraine and Gaza, the latter of which has also sparked heightened tensions between the United States and Iran — as well as its proxies in the Middle East. The Biden administration hoped Congress would pass a sweeping supplemental request to supply weapons to Ukraine and Israel, as well as fund the military mission along the southern border, but that hasn’t happened. The service leaders have sounded the alarm over the situation in late February, warning the U.S. military may run out of personnel funds before the end of the year. Without the needed dollars “we have to make tough choices … between the ability to fight tonight and be ready for all the threats, versus preparing for the future and modernizing our forces,” Navy Under Secretary Erik Raven told reporters in a Feb. 27 briefing along with the Army and Air Force undersecretaries. And Army Under Secretary Gabe Camarillo said his service has been forced to take $500 million out of its base budget for European theater operations costs, $100 million for U.S. Central Command and $500 million for the operations along the U.S.-Mexico border. “At one point in time, there was a thought that all of this could be funded through a supplemental, and it is now currently, today, in FY-24, being funded 100 percent out of the Army’s base budget,” Camarillo said. “We are just burning hotter than we normally would across all of our appropriations accounts.”

Biden's meager 1% US defense budget increase buys fewer ships, jets (Reuters) - President Joe Biden's overall U.S. defense and national security budget request released on Monday is just 1% higher than last year, forcing a slowdown in spending on a wide range of programs and delaying efforts to rebuild weapons stocks depleted by wars in Ukraine and Israel. The $895 billion national security budget request, which includes funds for homeland security as well as nuclear weapons-related activities carried out by the Department of Energy, is the result of a two-year budget deal struck in mid-2023 that limited the budget to a 1% increase. "It is an increase over last year, is not enough of an increase to cover inflation. That, again, would presumably not have been a surprise to anybody who drafted the caps or voted for the caps," a senior defense official told reporters during the budget rollout process. Under the cap, the Pentagon's share of the national defense budget is $850 billion. The less-than-expected funding will curb purchases of the stealthy F-35 jet made by Lockheed Martin, and air defenses for Guam, and will delay programs, including slowing orders for an aircraft carrier made by Huntington Ingalls Industries and Virginia-class submarines made by Huntington and General Dynamics. The budget asks for a 4.5% pay raise for troops, but also trims costs by retiring older weaponry like ships and planes that are more expensive to operate. Under the plan, 10 Navy ships will be retired before the end of their scheduled service life, including two Littoral Combat Ships, which have underperformed expectations. Last spring, before the cap was put in place, the Pentagon had estimated in 2025 it would need about $880 billion, and the total national security budget would be $929 billion. But because the budget increase is capped at 1% and smaller than expected, there is less money to spend. The budget will spark debate on Capitol Hill that could lead to an increase in the national defense budget to over $900 billion for fiscal 2025, budget watchers say. Last year the Pentagon began buying missiles and munitions with multiyear contracts for the first time, something that is routine for planes and ships. In the 2025 budget the Pentagon is prioritizing purchase of a new ground attack weapon, the Precision Strike Missile (PrSM), which is to replace the Army Tactical Missile (ATACM). Last year, before the budget cap deal, the plan was to buy 190 in 2025; now the Army plans to buy 230 PrSM. Another missile, viewed as critical to deter China's navy, is the Long Range Anti-Ship Missiles (LRASM). Again, last year, before the budget cap deal, the plan was to buy 47 of the missiles, but now the Pentagon says it wants to buy 205. Lockheed Martin makes both the PrSM and LRASM. Defense spending accounts for about half of the U.S. discretionary budget; the other half goes to transportation, education, diplomacy and other departments. Entitlements like Social Security, the national retirement fund, constitute the nondiscretionary portion of the budget. The 2024 budget, which includes $886 billion for national security, still has not passed Congress. The U.S. government is working under a continuing resolution: a stop-gap measure which caps spending at 2023 levels until a 2024 budget is passed. The current continuing resolution is keeping the government open until later in March. The Pentagon order for Lockheed Martin's stealthy fighter will drop to 68, down from an expected order of 83, for an estimated $1.6 billion drop in spending on the jets.

Biden Requests $895 Billion for Military Spending for 2025 - President Biden has requested a record $895 billion in military spending for the 2025 fiscal year. Of that amount, about $850 billion will go to the Pentagon, and the remaining funds will go to other US federal agencies for military programs, including the Energy Department’s nuclear weapons program.While a massive figure, the request likely would have been bigger if not for the debt ceiling deal reached between House Republicans and the White House last year, which capped military spending for 2024 and 2025. The $895 billion is a 1% increase from the 2024 National Defense Authorization Act, which still hasn’t been appropriated by Congress.The debt ceiling deal did not cap “emergency supplemental” military spending, which is how the US has been funding the proxy war in Ukraine. President Biden is also urging the House to pass a $95 billion supplemental foreign military aid bill that includes funding for Ukraine, Israel’s slaughter of Palestinians in Gaza, and Taiwan.Factoring in other costs, including the Veterans Affairs budget and interest paid on national security-related debt, the true cost of military spending for 2025 will easily exceed $1.5 trillion.Much of the Pentagon’s massive spending is justified by hyping the threat of China, which the US military has named as its top threat. “We must continue to adapt, advance and innovate at speed and at scale across all domains, prioritizing China as the pacing challenge and Russia as an acute threat. Our strategy-driven budget does just that,” said Adm. Christopher Grady, the vice chairman of the Joint Chiefs of Staff.The Pentagon budget includes $500 million in military aid for Taiwan in the form of Presidential Drawdown Authority, which allows the US to send weapons straight from US military stockpiles. The US gave its first PDA package to Taiwan last year, which marked a significant escalation in US support for the island.The US has sold weapons to Taiwan since Washington severed diplomatic relations with Taipei in 1979 but has never financed the purchases or provided arms free of charge until 2023.President Biden’s 2025 budget request also includes $100 million for Taiwan through the State Department in the form of Foreign Military Financing, which provides money to foreign governments to purchase US arms. The US announced its first FMF package for Taiwan in 2023 as well. The State Department described the new $100 million request as a “historic investment in Taiwan’s security.” China responded sharply to the new aid for Taiwan, as it strongly opposes all US military support for the island.

Biden budget promotes war in Ukraine, Middle East, China and at US-Mexico border- The White House released a draft budget outline Monday afternoon that has two entirely separate audiences: working people, who get false promises, and the financial oligarchy, who get money, money, money. For the mass of the American population, the Biden administration makes demagogic promises of social spending to be financed by tax increases on the wealthy, pledges that will be discarded as soon as the election campaign is over. For the financial aristocracy and the military-intelligence apparatus, Biden proposes record spending on the military and on domestic and border police repression, together with trillions in interest payments—nearly $5 trillion over the next ten years—going straight into the coffers of Wall Street and the billionaires. Naturally, the corporate-controlled media devotes virtually all its coverage to the pie-in-the-sky promises of social benefits that have no purpose except to try and fool the population in an election year, while saying very little about the ongoing military build-up and nothing at all about rising interest payments, which will soon be one of the largest components of the federal budget. The social spending components can be detailed briefly. Biden proposes to restore the Child Tax Credit, enact a new tax credit for first-time home buyers, establish universal prekindergarten, 12 weeks of paid family leave, substantial forgiveness of college student loan debt and subsidies for an array of other social services. All this is to be paid for by raising the corporate income tax to 28 percent (restoring only half the cut from 35 percent to 21 percent enacted under Trump in 2017), and increasing various other taxes on the wealthy. This is, to put it politely, a political fairy tale. Biden made no serious attempt to push through such policies in 2021–22, when the Democrats controlled the House and Senate, allowing a handful of right-wing Democrats in the Senate to block most of it. With Republicans in control of the House, and potentially in control of the Senate after the next election, there is no prospect of any of this being passed. In any case, the Democratic Party would not enact these measures if it had total control, because the vast bulk of spending is earmarked for wars in Ukraine, the Middle East and, further down the road, against China in the Indo-Pacific. The promises of social spending are brazen lies that will be discarded on November 6, if not sooner. The heart of the budget is what it provides for the Pentagon, a record $850 billion in discretionary budget authority for Fiscal Year (FY) 2025, which begins on October 2024. This represents a 4.1 percent increase of the budget for FY 2024, which has still not yet been approved by Congress. To this must be added supplemental funding for the war in Ukraine and other so-called emergency spending that will inevitably be brought forward during the next year and a half, as well as the military spending that is incorporated into the budgets of other departments, particularly the Department of Energy, which oversees the US nuclear weapons stockpile, including both production and maintenance, and secret amounts awarded to the Central Intelligence Agency and other agencies involved in surveillance and provocation around the world. Total US military spending will once again top the $1 trillion mark, far more than the 10 largest military budgets of other countries, combined. The White House budget document proposes a “robust 4.5 percent pay increase” for the uniformed military, on top of the 5.2 percent increase in the current fiscal year. That means, compounded over a two-year period, the troops and their officers would receive a 10 percent pay raise, substantially more than anything available to most workers. The document emphasizes investment in “key technologies and sectors of the U.S. industrial base such as microelectronics, submarine construction, munitions production, and biomanufacturing.” The budget “modernizes and expands the production capacity of the industrial base to ensure the Army can meet strategic demands for critical munitions,” the document states. There is a particular emphasis on “the development and testing of hypersonic strike capabilities while enhancing existing long-range strike capabilities to bolster deterrence and improve survivability.” These are open preparations for wars with what are called “peer competitors” in Pentagon jargon, i.e., Russia and China. Some $20 billion goes to building nuclear weapons, an increase of $4.5 billion compared to 2021, a rise of 29 percent in three years. The call for “a resilient, responsive nuclear security enterprise” underscores the active planning for nuclear war, when weapons systems must be “resilient” to survive the global holocaust. The budget is based on the strategic outlook first articulated by the national security strategy document prepared under Trump’s Pentagon chief, General James Mattis, which shifted the main focus from the supposed threat of terrorism to the prospect of “great power” wars with Russia and China. The goal of the military budget, the document declares, is to “confront global threats and strengthening America’s military, advance U.S. national security to out-compete China and counter Russian aggression, and address pressing global challenges.” Other elements include supporting the integration of Britain and Australia into US military operations through the AUKUS alliance, and expanding US military spending in Latin America, particularly Central America.

CBO predicts nondefense spending bills won’t face automatic cuts post-April 30 --The nonpartisan Congressional Budget Office (CBO) said Wednesday that funding for nondefense programs will not be subject to automatic spending cuts even if Congress doesn’t pass its remaining six spending bills by an April 30 deadline.The forecast is a potentially important one in the ongoing funding fight between Republicans and Democrats, which could lead to a partial government shutdown next weekend.It would mean defense programs could still see a 1 percent cut, the CBO said, which could amount to a reduction of as much as $11 billion.Under a budget caps deal brokered between President Biden and House GOP leadership last year, funding for defense and nondefense programs stood to see an across-the-board 1 percent cut from fiscal 2023 levels if lawmakers didn’t finish their funding work by an April 30 deadline.Initially, there were concerns that nondefense programs — including a number of Democratic priorities — could see a bigger cut than Democrats previously bargained for.In an estimate from early January, the CBO said nondefense programs could have seen as much as a 5 percent cut, or a reduction of $41 billion, under the penalty at the levels recorded then.But a new forecast from the CBO, based on the six government funding bills Congress passed last week, found that nondefense programs could be shielded from cuts — potentially giving Democrats more leverage in the funding fight.However, the office notes that “ultimately, the authority to decide whether sequestration is required and to calculate the percentage reductions, if any, rests with the Office of Management and Budget (OMB).”Over the weekend, Biden signed a package that contained six of the 12 annual government funding bills, approving full-year funding for the departments of Veterans Affairs, Agriculture, Interior, Transportation, Housing and Urban Development, Justice, Commerce and Energy, among other offices.The six bills were written from a spending top-line agreement largely in line with the Fiscal Responsibility Act, the bipartisan debt limit deal hashed out last year that included spending caps for Congress to work from for fiscal 2024.Lawmakers are still working to strike a deal on the remaining six bills, which includes funding for the departments of Defense, Labor, Health and Human Services, Education, and Homeland Security.In the meantime, those offices are being funded through a stopgap measure that freezes spending at fiscal 2023 levels.Factoring in that stopgap, along with the funding bills passed last week, the CBO said that “nondefense funding in those acts is $3 billion below” the $736 billion cap, adding, “so no sequestration of nondefense budgetary resources would be required.”

Pentagon Says It Needs $10 Billion to Replace Weapons It Sent to Ukraine - The Pentagon needs $10 billion to replace weapons in US military stockpiles that have already been sent to Ukraine, a Defense Department official has told POLITICO.The $60 billion President Biden is seeking includes funding to replenish US military stockpiles. The Senate has approved the spending, which is part of a $95 billion foreign military aid bill, but it’s unclear if the House will bring it to the floor for a vote.The official said that if the Pentagon doesn’t get the money, it would hurt the US military. “It would come back on our own readiness on our own stockpile to a certain extent if we can’t get new funding,” the official said.US officials have said the Pentagon has been unable to give Ukraine any more military equipment this year. The Pentagon still has over $4.1 billion in presidential drawdown authority for Ukraine, which allows shipments directly from US stockpiles, but the authority hasn’t been used since there are no funds to replenish the weapons.The last US arms package that the US provided Ukraine was announced on December 27. At the time, the Pentagon said it had pledged over $44 billion in military equipment for Ukraine since Russia invaded in February 2022. The US has spent at least $113 billion on the proxy war, which includes financial assistance and other types of aid for Ukraine.Biden’s struggle to get more funding for the war and Ukraine’s failure on the battlefield demonstrates how time is on Russia’s side in the conflict. Ukrainian officials have also said that even if the West gives them all the weapons they need, they don’t have the troops to use them, as Ukraine is facing a significant manpower shortage.

US sending Ukraine first weapons package since December - The Biden administration on Tuesday announced it will send Ukraine a new emergency military aid package worth $300 million, the first such weapons tranche Washington has sent an increasingly desperate Kyiv since late December. “Ukrainian troops have fought bravely are fighting bravely throughout this war, but they are now forced to ration their ammunition under pressure on multiple fronts, and we’re already seeing the effects on the battlefield,” national security adviser Jake Sullivan told reporters at the White House. “When Russian troops advance and its guns fire, Ukraine does not have enough ammunition to fire back. That’s costing terrain, it’s costing lives and it’s costing us the United States and NATO Alliance strategically,” he added. “So today, on behalf of President Biden, I’m announcing an emergency package of security assistance to $300 worth of weapons and Ukraine’s pressing needs.” The United States hasn’t been able to pledge lethal aid to Ukraine since Dec. 27, when it announced a last package worth up to $250 million. While some weapons and equipment continue to trickle into the country, additional dollars for Kyiv remain barred by Republican leaders in Congress. The Pentagon was able to construct the package using credits refunded to the Defense Department for recent weapons buys, two senior defense officials told reporters ahead of the announcement. “Given the battlefield situation, [President Biden], [Defense Secretary Lloyd Austin] and others are concerned about what’s happening and were looking to see if there was anything we could do,” one official explained. “As that discussion was ongoing, savings were starting to come in, which has happened before and may happen again.” The second defense official pointed to savings found through recent bulk buy negotiations, such as with 25 mm ammunition, which was initially estimated to cost $130 each but ended up only $93 per unit. But the first official also stressed that while the savings will “help square the circle” of new funding for Ukraine as it struggles through winter fighting, this is “a bit of an ad hoc or one time shot.”

US Sending Ukraine More Cluster Bombs as Part of New $300 Million Arms Package - The White House announced on Tuesday that the US is sending a new $300 million arms package to Ukraine that includes more cluster bombs, which are notorious for killing and maiming civilians.The arms package is the first for Ukraine to be announced since December 27, as the Pentagon has said it’s out of money to replenish weapons that have been sent to Ukraine, and Congress hasn’t authorized more. US officials claim that the new weapons package is being paid for using savings in the US Army’s budget.White House National Security Advisor Jake Sullivan announced the package and said it was “assistance that Ukraine desperately needs to hold the line against Russian attacks and to push back against the continuing Russian onslaught in the east and in the east and other parts of Ukraine.”Sullivan also pleaded for Congress to approve the $60 billion President Biden is seeking to fuel the proxy war in Ukraine for another year. “We have said repeatedly here in the briefing room, and President Biden said it to the entire nation in the State of the Union last week, that we cannot provide ongoing assistance to Ukraine without significantly impacting our military readiness absent congressional action,” he said.According to Task & Purpose, the package includes a cluster bomb variant of 155mm artillery shells, known as dual-purpose improved conventional munitions (DPICM). The US first began shipping DPICMs to Ukraine last year as it is running low on the standard high explosive 155mm artillery rounds, which are also included in the arms package.POLITICO reported that the new arms package also includes a cluster bomb variant of the Army Tactical Missile Systems (ATACMs), known as Anti-Personnel/Anti-Materiel (APAM) missiles, which have a range of about 100 miles. The US first sent APAMs to Ukraine last year but did not initially publicly disclose the shipment.Cluster bombs spread small submunitions, known as bomblets, over a large area. They are so hazardous to civilians because many of the submunitions do not explode on impact and can be found years or decades later, often by children, as they have in Vietnam, Cambodia, and Laos, where the US dropped hundreds of millions of bomblets during the Vietnam War. Due to their indiscriminate nature, cluster bombs have been banned by over 100 countries. But the US, Ukraine, and Russia are not signatories to the treaty, known as the Convention on Cluster Munitions.

House Democrats Will Attempt to Force Vote on $95 Billion War Bill - The top Democrat on the House Rules Committee is attempting to employ a rarely used rule to force a vote on a massive military spending bill that includes $61 billion for Ukraine and $14 billion for Israel. A significant number of Americans oppose sending billions to Israel or Ukraine.Rep. Jim McGovern, ranking member of the House rules panel, is collecting signatures to force a vote on the supplemental defense spending bill. McGovern will need a majority of representatives, or at least 218, to sign his petition to bring the bill to a vote even if Speaker Mike Johnson opposes it.The bill has passed the Senate, and President Joe Biden has said he will sign it into law should it clear the lower chamber. Members of the House estimate that the $95 billion war bill will easily pass the body with over 300 votes if Johnson allows it to come to the floor. Though Johnson supports the spending, to become speaker, he pledged to block any vote on Ukraine aid without sufficient immigration reform. The $95 billion legislation does not include money for border enforcement.The bill is moving through Congress at a precarious time for Tel Aviv and Kiev. In Ukraine, Kiev’s forces are losing ground to Russian fighters, while Ukrainian soldiers report a severe lack of ammunition and manpower. There is little hope on the horizon for Kiev as Russia is producing substantially more weapons than Ukraine’s Western backers.Tel Aviv, meanwhile, is struggling in the north and south. In Gaza, Israeli forces have slaughtered over 20,000 women and children but have made little inroads in dismantling Hamas. On the northern border, Tel Aviv is in a fight with Hezbollah, forcing multiple Israeli villages to evacuate toward the center of the country.Additionally, the war in Gaza has become increasingly unpopular in the US. Many Americans, including asizable portion of Biden’s Democratic base, view the Israeli onslaught as a genocide. Protesters have disrupted several of the president’s reelection campaign events this year with chants of “Genocide Joe.”

US Rejects Russian Ceasefire Proposal for Ukraine - Russia’s attempt to broker a ceasefire in Ukraine, along the current lines of control, was met with a firm rejection in Washington. US officials reiterated their stance, stating that they would only engage in talks with Moscow with Kiev’s consent. According to Reuters, in late 2023 and early 2024, Russian intermediaries reached out to US officials seeking to establish a ceasefire. The Kremlin was hoping to freeze the fighting along the current lines of control. “The contacts with the Americans came to nothing,” an unnamed senior Russian official told the outlet. Russian officials said some progress was made, and National Security Advisor Jake Sullivan agreed to a call with his counterpart in the Kremlin. Putin’s adviser, Yuri Ushakov, suggested the idea of a ceasefire to Sullivan, but Sullivan refused to talk about Ukraine.Putin has also suggested talks during public remarks, including in his interview with Tucker Carlson.US officials speaking with Reuters said there was no formal contact with Russian negotiators and stressed that Washington would not engage in talks with Moscow without Kiev. However, some admitted that Russian officials had floated talks in an unofficial manner.The Joe Biden administration has steadfastly refused to engage in talks with the Kremlin. Before the war in Ukraine broke out, Moscow sent Washington the outlines of a deal to prevent the war. A Biden admin staffer later acknowledged that the White House refused to negotiate with Russia on Putin’s top issues, including NATO military buildup in Eastern Europe and the alliance’s expansion to Ukraine. During the first two months of the war, Moscow and Kiev engaged in talks hosted by US allies Turkey and Israel. Russian, Ukrainian, Turkish, and Israeli officials have all confirmed that a deal was nearly reached; however, the US and UK pushed Ukrainian President Volodymyr Zelensky to forgo a deal with Putin. Washington’s current refusal to talk with Moscow comes as the war is going poorly for Kiev, with Ukrainian forces losing significant territory to Russia in recent months. Additionally, Kiev lacks the manpower and ammunition to mount an effective defense.

Putin Threatens To Use Nukes as NATO Continues Sabre Rattling - Moscow will use nuclear weapons if Russia perceives an existential threat to its independence or sovereignty, President Vladimir Putin reaffirmed on Wednesday. This comes amid a spate of provocative rhetoric in NATO capitals, including discussions regarding deploying alliance troops to Ukraine.During an interview with Russian state television, Putin said the Kremlin is prepared to resort to nuclear weapons use if there is a threat to “the existence of the Russian state, our sovereignty and independence.” He continued, “All that is written in our strategy, we haven’t changed it.”The Russian leader was asked if he ever considered using tactical battlefield nuclear weapons in Ukraine, but he said that has not been necessary. Putin explained he does not believe the world is heading for nuclear war. Rather, he feels that Joe Biden, his American counterpart, is a veteran politician who comprehends the dire risks of any escalation that would reach such a threshold.However, Putin did address the hawkish remarks made by NATO officials and even heads of state recently, saying “the nations that say they have no red lines regarding Russia should realize that Russia won’t have any red lines regarding them either.”Gabrielius Landsbergis, Lithuania’s top diplomat, embraced French President Emmanuel Macron’s recent remarks that “nothing can be ruled out” regarding the deployment of NATO troops to Ukraine. “Now is the right time to discuss this,” Landsbergis enthused. “Starting this conversation erases the red lines we have imposed on ourselves,” he added.

Putin Warns West Russia 'Ready' For Nuclear War, But Says 'Never Been A Need' - Just ahead of Russia's March 15 presidential elections, Vladimir Putin has reiterated Wednesday that his country stands ready to use nuclear weapons should the state's existence be threatened, but so far "there has never been such a need."The new warning of Russia's nuclear 'readiness' accompanied with acknowledgement that nuclear war is not imminent appeared further reaction to the West taking up the question of sending troops to Ukraine, after France's Macron raised the issue last month. There have also been fresh attack from Ukraine on Russia's energy infrastructure this week."Apart from (US President Joe) Biden, there are enough other experts in the sphere of Russian-American relations and strategic restraint. So I don’t think that everything is going to go head-on here, but we are ready for it," Putin said in the fresh remarks given to Rossiya-1. Putin said further of Washington that it too is developing its strategic forces but this doesn't mean it's ready to "launch a nuclear war tomorrow.""They are now setting tasks to increase this modernity, innovation, they have a corresponding plan. We know about it too. They are developing all their components. So are we," Putin explained. "Weapons exist in order to use them. We have our own principles." Importantly, FT noted that "Putin also claimed that he had not considered using a tactical nuclear weapon at Russia’s lowest point in Ukraine in the autumn of 2022 when his forces made humiliating retreats in the eastern regions of Kharkiv and Kherson." While none of this marks any kind of change in Russia's nuclear doctrine or posture, it demonstrates that President Putin is taking threats from NATO countries to escalate their involvement seriously. Among the more interesting excerpts from the interview is his comparison of US and Russian strategic arsenals and advancement: President Vladimir Putin said Wednesday that Russia's nuclear triad — its three-pronged arsenal of weapons launched from land, sea and air — was "much more" advanced than that of the United States. "Our triad, the nuclear triad, it is more modern than any other triad. Only we and the Americans actually have such triads.And we have advanced much more here," Putin said in an interview on state TV.

Johnson signals shift on Ukraine to GOP senators -- Speaker Mike Johnson (R-La.) told Republican senators Wednesday to expect the House to send them legislation to help Ukraine, but cautioned that what comes out of the House will look substantially different than the $95 billion foreign aid package the Senate passed last month. Johnson tried to reassure frustrated GOP senators who asked him about funding for Ukraine during a question-and-answer session at the annual Senate Republican retreat, which was held at the Library of Congress. Johnson told senators that the House will send a Ukraine aid package to the Senate but floated the idea of making it a loan or lend-lease program so U.S. taxpayers would not be shelling out tens of billions of dollars without any expectation of getting a return, according to senators who participated in the discussion. The Speaker also talked about including something similar to the REPO for Ukrainians Act, sponsored by Rep. Michael McCaul (R-Texas), which would authorize the confiscation of Russian sovereign assets and deposit the proceeds of liquidated property into a Ukraine support fund, senators said. Notably, Johnson did not say whether such a Ukraine aid package would include tough border security reforms, such as “Remain in Mexico” language, which would face opposition from Senate Democrats.

White House reaffirms it has no “red lines” for Israeli war crimes --The Biden administration reiterated Monday that the United States has no “red lines” for the war crimes it allows Israel to commit with US weapons, amid mounting global opposition to Israel’s genocide and deliberate starvation of the population of Gaza. “I don’t think it’s productive to assign a ‘red line’ terminology to what is a very complex set of policies,” said Principal Deputy Press Secretary Olivia Dalton at a briefing aboard Air Force One on Monday. These remarks reinforced the statement made by Biden on Sunday in an interview with MSNBC in which he declared, “The defense of Israel is still critical. So there’s no red line where I’m going to cut off all weapons so they don’t have the Iron Dome to protect them.” While reaffirming the US position of unequivocal support for Israel, Biden criticized Israeli Prime Minister Benjamin Netanyahu’s plans to invade Rafah, declaring, “You cannot have 30,000 more Palestinians dead.” In response, Netanyahu vowed to proceed with the Rafah invasion, declaring, “We’ll go there.” In a separate interview, Netanyahu asserted, “I’m telling you that we’re not getting off the gas.” He added. “I’m telling you that we have to take care of Israel’s security and our future, and that requires eliminating the terrorist army. That’s a prerequisite for victory.” Earlier this month, Biden had speculated that a ceasefire agreement could be in place by the start of Ramadan, which began on Monday. But the holiday began with a continuation of Israeli bombings and mass starvation. Over the weekend, 234 people were killed, according to Gaza’s Ministry of Health. On the first day of Ramadan, two babies died of malnutrition and lack of medical supplies in northern Gaza, according to the Health Ministry. This brings the death toll from malnutrition and dehydration in the Gaza Strip, caused by the Israeli siege, up to 27. In a statement to the Anadolu news agency, Palestinian pediatrician Dr. Samer Lubbad warned that Israel’s blockade of food and medical supplies “will lead to the death of many children due to malnutrition. “The two infants died as the Israeli occupation army refused to allow food and medical supplies into northern Gaza,” he said. He added that malnutrition occurs “as a result of the lack of food resources for children, such as basic milk for premature babies and infants.” The Defense for Children International-Palestine said in a statement, “The true death toll due to starvation is feared to be much higher as many Palestinians, particularly in northern Gaza, face famine and are almost entirely cut off from the limited humanitarian aid entering Gaza through the southern Rafah crossing.” Ayed Abu Eqtaish, accountability program director at the children’s rights group, said, “The starvation of children is a hallmark of genocide and a deliberate political choice by Israel, backed by the Biden administration.”

Bernie Sanders reaffirms support for “Genocide Joe” after Biden declares “no red lines” in Israeli assault on Gaza - Less than a day after NBC aired a rare one-on-one interview with President Joe Biden in which the president unequivocally declared that the US would impose “no red lines” on the Israeli government as it continues its genocidal campaign against Palestinians in Gaza, top Biden surrogate Vermont Senator Bernie Sanders appeared on Face the Nation to reaffirm his support. Sanders’ public affirmation of Biden’s flagging presidential campaign comes as the death toll in Gaza continues to climb. In what is surely an underestimate, the Palestinian Ministry of Health documented at least 31,045 people killed in Gaza as of March 10. Of the confirmed dead, about 12,500 are children, while another 8,400 are women. At least 72,654 people have been injured, and more than 8,000 people are missing. Assuming the missing are dead, roughly 40,000 Palestinians, or nearly 2 percent of the entire population of Gaza, has been killed in roughly 155 days. In his interview with Margaret Brennan, Sanders expressed sorrow for the thousands killed by US supplied bombs and bullets, and increasingly by starvation due to the Israeli blockade. “Thirty thousand people, two-thirds of them ... women and children” had been killed, but, as he does in every public appearance, Sanders refused to characterize the Israeli government’s actions as a “genocide” or “genocidal.” Sanders falsely presented the war as solely the product of the “right-wing extremist government under [Israeli Prime Minister] Benjamin Netanyahu.” In doing so, Sanders completely whitewashes 75 years of US support for Israel and the direct involvement of the Biden administration in arming, financing and politically supporting Netanyahu’s actions. By presenting the current government in Israel as somehow an aberration from decades of joint Israel-US policy, Sanders postured as an opponent of the Israeli military and declared his opposition to providing another $10.1 billion to Netanyahu, though he indicated he would support the funding if Israel let in more aid trucks. Sanders’ opposition to providing additional military funding to Israel is not across-the-board. As he wrote in a December 2023 press release, “Israel has an absolute right to defend itself. ... Therefore, I believe it is appropriate to support defensive systems that will protect Israeli civilians against incoming missile and rocket attacks...” Sanders then reaffirmed his backing for the military campaign against Hamas after a temporary “ceasefire.” “Hamas is dedicated to destroying Israel” said Sanders, adding, “I think at the end of the day, Hamas cannot be continuing to run Gaza,” though he added the caveat that the Netanyahu government would also have to go. Turning to Biden’s recent interview, Brennan played a clip in which Jonathan Capehart asked Biden if it would be a “red line” if Israel invaded Rafah after Biden had “urged him not to.” Biden replied, “It is a red line, but I’m never gonna leave Israel.” Biden said, “The defense of Israel is still critical. So there’s no red line.” He added that he would not “cut off all weapons so they don’t have the Iron Dome to protect them.” Asked by Brennan to comment on Biden’s “red line” statement, Sanders replied that an invasion in Rafah would be an “unmitigated disaster” but that the “bottom line is, though, Netanyahu has got to be told no more money for his war machine, unless there is humanitarian aid coming in to feed the people.” (emphasis added) In other words, as long as there is some “humanitarian aid” coming in, Netanyahu, and his US-funded “war machine” can continue their campaign. As he wrote in a December 2023 press release

Sullivan Dismisses Reports That Say Biden is Considering Conditioning Aid to Israel If It Invades Rafah - National Security Advisor Jake Sullivan on Tuesday refuted a report from POLITICO that said President Biden was considering conditioning military aid to Israel if it invades Rafah, the southern Gaza Strip city that’s packed with 1.5 million Palestinians.“We’re not going to engage in hypotheticals about what comes down the line and the reports that purport to describe the president’s thinking are uninformed speculation,” Sullivan said.A full-scale attack on Rafah would incur a huge number of civilian casualties as most Palestinians in the city, which has a pre-war population of 275,000, are sheltering in tents on the streets.The assault would also disrupt the small flow of aid going into Gaza, as the only border crossing into Egypt is located in the city, and Palestinians are already starving to death in Gaza due to the Israeli siege.Sullivan also denied the idea that President Biden set a red line for Israel. In an interview over the weekend, Biden suggested an assault on Rafah was a red line but quickly walked back the comment. “The president didn’t make any declarations or pronouncements or announcements,” Sullivan said.Also on Tuesday, Israeli Prime Minister Benjamin Netanyahu again vowed to invade Rafah. “We will finish the job in Rafah while enabling the civilian population to get out of harm’s way,” he said in comments to AIPAC, the pro-Israel lobbying group in the US. The State Department said on Monday that Israel hasn’t presented a plan to protect civilians if it invades Rafah. “The Government of Israel has said that they will implement a humanitarian assistance plan,” said State Department spokesman Matt Miller. “We haven’t seen such a plan yet.

Senior Israeli Official Suggests US Trying to Overthrow Netanyahu - After a US intelligence assessment concluded that Israeli Prime Minister Benjamin Netanyahu’s rule is vulnerable, a senior Israeli official suggested Washington was attempting to overthrow the war government in Tel Aviv. President Joe Biden has grown increasingly critical of his long-time friend Netanyahu. While the White House has sought to distinguish between support for Israel and its leader, the administration says it will not reduce support for Tel Aviv. A senior Israeli official slammed the Biden administration in remarks to the Jerusalem Post, saying, “We expect our friends to act to overthrow the terror regime of Hamas and not the elected government in Israel.” They added that “Israeli citizens, and not anyone else, elect the prime minister. Israel is not a protectorate of the US but an independent and democratic country whose citizens are the ones who choose the government.”The statement followed the annual “threat assessment” compiled by US intelligence agencies, which was released on Monday and questioned Netanyahu’s hold on power. “Netanyahu’s viability as leader as well as his governing coalition of far-right and ultraorthodox parties that pursued hardline policies on Palestinian and security issues may be in jeopardy.” It continues, “Distrust of Netanyahu’s ability to rule has deepened and broadened across the public from its already high levels before the war, and we expect large protests demanding his resignation and new elections. A different, more moderate government is a possibility.”While Netanyahu may not be personally popular among Israelis, his policies are. “Israelis repeatedly show a historically low level of confidence in the prime minister, while support for his Likud party keeps dwindling,” Ksenia Svetlova wrote for the Atlantic Council. “At the same time, it’s also clear that the general public in Israel supports Netanyahu’s policies… about two-thirds (63 percent) of the Jewish public do not support Israel agreeing in principle to an independent and demilitarized Palestinian state.”As Biden has faced increased criticisms from Democrats over his unconditional support for Israel, the White House has attempted to distinguish support for Israel and Netanyahu. In the past week, Biden has criticized Netanyahu on several occasions, saying he wanted to have a “come to Jesus” meeting with the leader of the Jewish state.

Liberals Are Always Trying To Distance Biden From Netanyahu, And Netanyahu From Israel by Caitlin Johnstone - Western liberals are always doing this weird dance where they try to rhetorically create space between Biden and the atrocities of the Israeli government, working tirelessly to frame the president as an innocent passive witness to the genocide he is directly facilitating in Gaza. Those western liberals who support Israel are also simultaneously performing a second bizarre contortion in which they try to distance the Israeli state from Benjamin Netanyahu, as though Israel would be a nice, normal, non-genocidal nation if it only had a different prime minister.Two good examples of this frantic compartmentalization campaign came out in the mass media in the last few days, with a New York Times article titled “Providing Both Bombs and Food, Biden Puts Himself in the Middle of Gaza’s War” and an Axios article titled “Biden breaks with Netanyahu but sticks with Israel”.Both the New York Times and Axios write-ups go out of their way to inform the reader that Biden has been growing “frustrated” with the Netanyahu government — yet more examples of a trend in liberal media reporting that’sbeen going on for months in which spinmeisters convey the idea that Biden is secretly hopping mad at Bibi and his cohorts behind the scenes despite all of his actions and decisions and public statements conveying the opposite. The idea is to manipulate the reader into accepting that while Biden may be backing a genocide, secretly his feelings feel very upset at the people he’s backing so you should like him and vote for him anyway.The New York Times’ Peter Baker and Michael Crowley present a poetical reframing of Biden’s genocide in which they depict this lifelong Beltway swamp monster’s self-evident depravity as a poignant story about a kindhearted leader facing difficult decisions, saying “The United States finds itself on both sides of the war in a way, arming the Israelis while trying to care for those hurt as a result.”“From the skies over Gaza these days fall American bombs and American food pallets, delivering death and life at the same time and illustrating President Biden’s elusive effort to find balance in an unbalanced Middle East war,” write Baker and Crowley, presumably while high-fiving about their eloquent prose.“Mr. Biden has grown increasingly frustrated as Prime Minister Benjamin Netanyahu of Israel defies the president’s pleas to do more to protect civilians in Gaza and went further in expressing that exasperation during and after his State of the Union address this past week,” write the authors, before adding, “But Mr. Biden remains opposed to cutting off munitions or leveraging them to influence the fighting.”That last sentence right there is all anyone needs to know about Joseph R Biden. Those are the raw facts, and everything else is narrative spin. Israel gets the actual material weapons it requires to continue its genocidal atrocities, and the readers of The New York Times get empty narrative fluff about aid drops and Biden’s feelings to help them feel okay about it.

US Intelligence 'Threat Assessment' Says Hamas Isn't Going Away - An annual “threat assessment” compiled by US intelligence agencies was released on Monday and said that Israel will likely face resistance from Hamas for years to come, another sign that Israeli Prime Minister Benjamin Netanyahu’s stated goal of “eradicating” the Palestinian group isn’t realistic.“Israel probably will face lingering armed resistance from HAMAS for years to come, and the military will struggle to neutralize HAMAS’s underground infrastructure, which allows insurgents to hide, regain strength, and surprise Israeli forces,” the assessment reads.The assessment aligns with an Israeli military intelligence document that was circulated last month and said even if Israel succeeded in dismantling Hamas as an organized military force, the group would still exist as “a terror group and a guerrilla group.” Other reports have said Israel is struggling to destroy the vast tunnel network underneath Gaza that is key to Hamas’s survival and is far more expansive than Israel initially thought.Chairman of the Joint Chiefs of Staff Charles Q. Brown, the highest ranking US military officer, previously saidthat Israel’s mass killing of civilians in Gaza will be a recruiting boon for Hamas. “The faster you can get to a point where you stop the hostilities, you have less strife for the civilian population that turns into someone who now wants to be the next member of Hamas,” Brown said in November.Despite believing Netanyahu’s goal is unrealistic, the US continues to provide unconditional military support for Israel’s genocidal war, which has killed at least over 31,000 Palestinians, mostly women and children. The Biden administration is trying to distance itself from Netanyahu by criticizing his government, but the rhetoric hasn’t amounted to a policy change. The US threat assessment said that while Hamas isn’t going away, Netanyahu could lose his hold on power.

US Troops Depart for Mission to Build Gaza Port - Four US Army vessels carrying about 100 American troops departed Virginia on Tuesday with equipment to build a temporary port on Gaza’s coast, AFP reported.US officials say the idea of the port is to get more aid into Gaza, where the entire population is facing food shortages and children are starving to death. President Biden is taking the extreme measure instead of pressuring Israel to allow more aid into the Strip by cutting military assistance.According to a report from The Jerusalem Post, the idea to build the port actually came from Israeli Prime Minister Benjamin Netanyahu, who proposed it to Cypriot President Nikos Christodoulides in October. Under the US plan, the aid shipments will go through Cyprus and will be subject to Israeli inspection, meaning they can be turned away.The port isn’t expected to be completed for 60 days, and many Palestinians could starve to death in that time. A total of 1,000 US troops will be deployed to build the pier, which puts them at risk of being targeted by Hamas.“We expect the pier to be fully operational in approximately 60 days which will be able to facilitate the delivery of about 2 million meals per day,” Pentagon spokesman Brig. Gen. Pat Ryder said. The Pentagon insists there will be no US “boots on the ground” but acknowledged the risk of them coming under attack, which would likely lead to a significant escalation in US involvement in Israel’s genocidal war.

Netanyahu behind Biden plan to deliver Gaza aid by sea --Prime Minister Benjamin Netanyahu initiated the plan to deliver humanitarian aid to Gaza via Cyprus in collaboration with US President Joe Biden, a senior diplomatic source told The Jerusalem Post on 10 March."Netanyahu took the initiative to establish maritime humanitarian aid for the civilian population in the Gaza Strip, in collaboration with the Biden administration," the source stated.According to the source, Netanyahu discussed with President Biden the concept of "delivering humanitarian aid to Gaza via the sea, contingent on an Israeli inspection in Cyprus" on 22 October, just two weeks after the war began."Then, on October 31, Prime Minister Netanyahu outlined this strategy to Cypriot President [Nikos] Christodoulides," the source added.Netanyahu and Biden discussed the proposal again on 19 January.The Jerusalem Post notes further that the source, viewed as close to the Prime Minister, suggested that "Biden was simply implementing a plan by Netanyahu, not actually initiating anything new."However, during last week's State of the Union address, Biden announced as his own a plan for the US military to build an emergency temporary port off the Gaza coastline to help facilitate the entry of humanitarian aid into Gaza by sea.Media reports suggested that Biden had proposed the plan out of frustration with Netanyahu's refusal to allow aid into Gaza, where Palestinians have begun to die of starvation. Reports also suggested that Biden opposed Netanyahu's plan to launch a ground invasion of Rafah, the city on the Egypt border where over 1 million displaced Palestinians are sheltering. Aid groups have warned an Israeli invasion of Rafah would be a "blood bath."Reports that Netanyahu initiated the plan to send aid by sea and that he and Biden are cooperating to make it a reality raise fears that the temporary port is being built for another purpose.Such a plan would shift responsibility and condemnation away from Israel for refusing to allow aid to Gaza. It may also open the door to ethnic cleansing. On 13 October, one week before Netanyahu suggested delivering aid by sea, the Israeli Ministry of Intelligence leaked a plan to forcibly deport Gaza's 2.3 million inhabitants under a humanitarian guise. The plan proposed making Gaza so dangerous that its residents would voluntarily choose to leave the bombarded and besieged strip as refugees to Egypt, Greece, Spain, or even Canada. This would, in turn, open the way for Israel to annex a depopulated Gaza and build Jewish settlements there.

US building Gaza port to facilitate mass 'voluntary' migration: Anadolu Agency - A US military ship set sail on 11 March to travel to the coast of the besieged Gaza Strip to build a temporary port. However, doubts about US intentions for the port's construction continue to emerge.Hisham Khreisat, a Jordanian military and strategic affairs expert, suggested the motivation for building the port was instead to facilitate the deportation of Gaza's population by ship. Khreisat told Anadolu Agency that "the floating port off the shores of Gaza is a humanitarian facade hiding voluntary migration to Europe.""This military tactical port will receive Israeli approval because Prime Minister Benjamin Netanyahu has been seeking this idea since the beginning of the war, aiming for the voluntary displacement of Gazans and their [flight] to Europe," he added.The White House claims it wishes to build the port to deliver humanitarian aid to Gaza as hundreds of thousands of Palestinians are at risk of starvation due to Israel's blockade. But the BBC noted that the port would take at least 60 days to build and that "charities have said those suffering in Gaza cannot wait that long."If the US wished to stave off famine in Gaza, it could simply use its leverage as Israel's leading supplier of weapons to force Tel Aviv to allow more aid to enter by truck convoys through existing land crossings.On 13 October, just days after the beginning of the war on Gaza, the Israeli Ministry of Intelligence issued a document calling for the forcible expulsion of the strip's 2.3 million inhabitants under a humanitarian guise.The leaked document recommends making conditions in Gaza so uninhabitable that its population would be forced to flee to other countries, including Egypt's Sinai, Greece, Spain, and Canada.Israel could justify the deportation to the international community, the plan stated, if it appears to lead to "fewer casualties among the civilian population compared to the expected number of casualties if they remain," the document says. Israel's horrific bombardment of Gaza since 7 October has created just such conditions, killing at least 30,000 Palestinians, the majority women and children. The risk of famine, caused by Israel's blockade, has also created conditions to make the deportation of 2.3 million Gazans appear as a humanitarian gesture. These conditions could further be created should Israel conduct a ground operation in Rafah, where over a million Gazans displaced from other areas of the strip are sheltering.

US Missile Strikes Pound Yemen, 11 Reported Killed - The US launched a series of missile strikes against targets in Yemen’s Red Sea province of Hodeidah on Monday as the US bombing campaign against the Houthis continues.US Central Command said it conducted six strikes and claimed it destroyed “an unmanned underwater vessel and 18 anti-ship missiles in Houthi-controlled areas of Yemen.”The Houthis’ Al-Masirah TV reported that 14 US-British airstrikes were launched against targets in Hodeidah, but the British Defense Ministry said it wasn’t involved. The US and Britain have conducted several rounds of joint missile strikes against Yemen, but most bombings have been launched by the US unilaterally.The US-backed Yemeni government, known in Yemen as the “government of hotels” since it’s based in Saudi Arabia, said that 11 people were killed in the US strikes, but the casualties have not been confirmed by the Houthis.In a statement after the strikes, Houthi military spokesman Yahya Sarea vowed the operations against commercial shipping would “escalate” in support of Gaza despite the US military pressure. He also said a Houthi missile struck the M/V Pinnochio, which he described as an American ship, but CENTCOM said the vessel was Singaporean-owned and Liberian-flagged and that the missile impacted the water.President Biden’s bombing campaign against the Houthis, which began on January 12, has only escalated the situation in the Red Sea and Gulf of Aden. The Houthis, officially known as Ansar Allah, were previously targeting Israel-linked shipping but expanded their targets to American and British commercial shipping.US officials have acknowledged they don’t know if the bombing campaign is hurting the Houthis, and the group is known to be extremely resilient since it endured a brutal US-backed Saudi-UAE war and blockade thatkilled at least 377,000 Yemenis from 2015-2022. More than half were killed by starvation and disease caused by the siege.

Democratic anger over Israel reaches new heights Democratic anger over Israel’s war in Gaza reached a new level Thursday with a dramatic speech from Senate Majority Leader Chuck Schumer (D-N.Y.) on the Senate floor. Although he didn’t call for a cease-fire, America’s top Jewish leader opened a new broadside against Israeli Prime Minister Benjamin Netanyahu with the war still raging, calling for new elections in Israel and criticizing Netanyahu as “losing his way” and “too willing to tolerate the civilian toll in Gaza.” “As a lifelong supporter of Israel, it has become clear to me: The Netanyahu coalition no longer fits the needs of Israel after Oct. 7,” Schumer said in a speech on the Senate floor, accusing Netanyahu of fighting on in Gaza for his political survival. The speech comes as the party grows increasingly concerned about the impact of the war on the 2024 election and as Democrats — particularly on the left — express growing fury over the war’s civilian toll. Some 31,000 Palestinians have been killed amid Israel’s push to destroy Hamas for a deadly Oct. 7 attack that killed more than 1,100 in southern Israel and took another 250 hostages, with about 100 still held alive by Hamas in Gaza. President Biden has expressed growing frustration with Israeli leadership and has ramped up efforts to increase humanitarian aid in Gaza, calling Israel’s military campaign “over the top” and accusing its leaders of using humanitarian aid as a “bargaining chip.” But Schumer’s speech and Biden’s efforts are unlikely to blunt criticism from the left or heal the fractures among Democrats, with critics saying anything short of a cease-fire won’t address the spiraling situation on the ground. “The Biden administration and the establishment Democrats like Schumer … they’re saying they’re so fed up with Netanyahu, yet they’re providing all the tools he needs to stay in power, providing all the tools he needs to continue the war,” said Tariq Kenney-Shawa, a U.S. policy fellow at the Palestinian think tank Al-Shabaka. “The war allows him to stay in power.”

Ocasio-Cortez blasts CNN analyst for calling Omar PR agent for Hamas - Rep. Alexandria Ocasio-Cortez (D-N.Y.) slammed a CNN analyst for calling her fellow “squad” member Rep. Ilhan Omar (D-Minn.) a “public relations agent for Hamas” on Wednesday. “How on earth is this kind of blatant Islamophobia so casually accepted without pushback? This is shocking,” Ocasio-Cortez said Wednesday in a post on X, the platform formerly known as Twitter. Her post came in response to a clip of Republican strategist Scott Jennings on CNN’s “NewsNight” in which he said he is “surprised, that in the year of our Lord 2024, there is a public relations agent for Hamas sitting in the United States Congress,” in response to an earlier interview with Omar. Other members of the “squad” also criticized Jennings for his comments, which Omar retweeted. “Scott Jennings’ comments are reminiscent of the anti-Muslim bigotry we saw in the George Bush post-9/11 era,” Rep. Cori Bush (D-Mo.) said in a post on X. “It is disgusting and must not be normalized. CNN should denounce this hateful, dangerous and blatant Islamophobia immediately.”Rep. Ayanna Pressley said, “Blatant Islamophobia has no place in our society — let alone on primetime TV.”“It’s dangerous, unacceptable, and cannot be normalized,” she said on X.Rep. Jamaal Bowman (D-N.Y.) called Jennings’s comments “disgustingly racist and Islamophobic” and said comments similar to the ones he made “are extremely dangerous and fuel anti-muslim hate crimes.”“CNN should never have him on again!” Bowman continued.Jennings’s comments followed an interview with Omar in which she said it was her understanding that Israel didn’t show up to negotiations in Egypt for a cease-fire.“It was Israel that refused to send negotiators to be at the table to carve out — you have to remember that a cease-fire is not something that happens magically,” Omar said

YouTube censors David North’s lecture on the death of Aaron Bushnell -On Thursday, YouTube politically censored the World Socialist Web Site by flagging as “age-restricted” a video of the lecture given by WSWS International Editorial Board Chairman David North at the University of Michigan on March 12, titled, “The Gaza genocide and the death of Aaron Bushnell: What are the political lessons?” Despite multiple protests and appeals, YouTube has not reversed or in any way justified this act of censorship, which is clearly aimed at preventing the platform’s 2.7 billion active users from accessing the political content of North’s lecture. By “age-restricting” the video, all those who see it on YouTube or wherever it is embedded, including on the WSWS itself, are greeted with a black box warning that “Viewer discretion is advised,” as shown below.The aim was clearly to obstruct the viewing of North’s lecture. For tens of thousands of people accessing the WSWS on their cell phones or laptops, this was disruptive and confusing. Whereas the viewership of a clip from the lecture has surpassed 4,000 on TikTok and 6,000 on Twitter/X, a small fraction of those numbers have viewed the lecture on YouTube. As a result, the WSWS was forced to swap out the YouTube video with a Twitter/X post of the full lecture.Furthermore, only users “verified” as older than 18 who are logged into their accounts can even view the video, preventing hundreds of millions of the platform’s users, who are under 18, from accessing the lecture altogether.At 8:22 a.m. EDT Thursday morning, the WSWS initially appealed YouTube’s decision to flag the video as “age-restricted.” At 8:45 a.m. EDT, the WSWS received the email below from YouTube rejecting our appeal and claiming, “We reviewed your content carefully, and have confirmed that it violated our self harm policy.” The dishonesty of this statement is self-evident, given that YouTube replied to the WSWS’s appeal only 23 minutes after it was sent, during which time it is impossible that they “carefully” reviewed the contents of the 49-minute video.More fundamentally, anyone who watches the lecture “carefully” would recognize it as the most sensitive and thoughtful analysis of the suicide of 25-year-old Aaron Bushnell, which places this event in its broader objective and historical context. There is no one of any age who would not benefit from a serious examination of these questions and, in particular, young people who have higher rates of mental health conditions.In the course of his report, North meticulously documents the phenomenon of ever-rising rates of suicide in the United States, particularly in the military, rooting this in the eruption of US imperialism, the suppression of the class struggle and the toxic promotion of individualism following the dissolution of the Soviet Union in 1991. He then critiques an essay by Chris Hedges, who unequivocally endorsed Bushnell’s suicide, “making himself, in effect, not only an accomplice after the fact in the young man’s death, but also an instigator of future protest suicides.” North characterizes Hedges’ essay as consisting of a “mixture of religious mysticism, middle class utopianism, political disorientation, historical falsification and the glorification of irrationalism.”Sharply summing up the significance of Hedges’ promotion of suicide as a viable political strategy, North states, “Hedges’ essay speaks to the pessimism, intellectual bankruptcy and essentially reactionary character of middle class pseudo-leftism, i.e., the ideological conceptions that generally predominate on university campuses.” At no point in his lecture does North in any way promote or justify Bushnell’s suicide, and it is entirely unclear what caused the video to trigger YouTube’s censorship algorithm. Scenes or photos of Bushnell’s self-immolation do not appear at any point in the video. The video briefly shows the well-known 1963 photo of the self-immolation of Thích Quảng Đức, which won the World Press Photo of the Year, but there are numerous videos on YouTube which show this photo and are not “age-restricted.”The only relevant clause from their “self-harm policy” is that the lecture could qualify as “Content that is meant to be educational, documentary, scientific, or artistic” or “Content that is of public interest.” These broad categories are listed among those that can trigger the “age restriction,” underscoring the entirely arbitrary and anti-democratic character of these rules.

Bands pull out of SXSW over U.S. Army sponsorship, Gaza war -Multiple bands and musicians scheduled to perform at the South by Southwest (SXSW) festival are pulling out because of the U.S. Army’s “super sponsorship” of the event, and America’s ongoing support of Israel’s war on Hamas. The Belfast, Ireland-based rap trio Kneecap — the most recent departure — called the relationship “depraved” in light of the war in Gaza. “We cannot in good conscience attend an arts festival that has the U.S. Army as a ‘super sponsor’ and is platforming RTX (formerly Raytheon), Collins Aerospace and BAE Systems, the very companies selling the weapons that have murdered 31,000 Palestinians, over 21,000 of them women and children,” the group said in a statement on X, formerly known as Twitter. Kneecap joins other slated SXSW performers like Lambrini Girls, Scowl, Gel, Okay Shalom, Squirrel Flower and Sprints in pulling out of the event to protest. The artists were set to perform at the festival in Austin, Texas from March 11-16. The festival typically attracts over 300,000 people each year, and Kneecap said backing out will have “a significant financial impact” on the group. “But it isn’t an iota of hardship when compared to the unimaginable suffering being inflicted every minute, every day on the people of Gaza,” Kneecap said. Lily Macieira and Phoebe Lunny of Lambrini Girls, a Brighton-based band, said on social mediathat their boycott of SXSW was necessary to avoid “becoming totally inauthentic” in their claims of solidarity with Palestine.“We were considering going to the festival and protesting on stage, but there isn’t a way to do that doesn’t feel performative or inherently exploitative,” they said. “There’s always a right thing to do and it’s almost never as complicated as the establishment wants you to believe. And sometimes it costs you a dream, but a dream is a dream and not a life,” Brooklyn-based artist Okay Shalom said in a statement to social media announcing her departure from SXSW. “A music festival should not include war profiteers. I refuse to be complicit in this and withdraw my art and labor in protest,” Ella Williams, also known as Squirrel Flower, said in her social media statement.The U.S. is currently the foremost supplier of weapons to Israel, and several of those systems are being deployed in the conflict. President Biden has become increasingly critical of the civilian toll of the war, and said last week he expects a “Come-to-Jesus meeting” with Israeli Prime Minister Benjamin Netanyahu.The U.S. Army is also spearheading the delivery of humanitarian aid to Gaza, and will construct a seaport, as announced by Biden during his State of the Union address. “This war has taken a greater toll on innocent civilians than all previous wars in Gaza combined,” Biden said during the address. Biden called on Israel to “do its part” to facilitate aid in the region. In a statement to BBC, the US Army said it was “proud to be a sponsor of SXSW, and to have the opportunity to showcase America’s Army… explore new ideas and insights, and create dynamic industry partnerships.”

SXSW controversy spikes as bands drop out over military ties Controversy surrounding the annual South by Southwest festival, familiarly called SXSW, has spiked after more than 100 acts, the majority of them European, dropped out over the U.S. Army’s and defense contractors’ sponsorship of the music and cultural event in Austin, Texas. As of Wednesday, five music labels and 105 bands and individual musicians, including more than 60 acts from the United Kingdom and all 12 Irish bands originally slated to perform, chose to forego the nine-day festival in protest of the Pentagon’s support for Israel’s war in Gaza. More than 10 acts have decided to stay in for financial reasons but are going to make statements on stage or use their time slot to focus on Palestine, as tracked by Austin For Palestine Coalition (AFPC), the organization leading the boycott. Among the acts that have pulled out are Chicago-based songwriter Ella Williams, known as Squirrel Flower, Los Angeles-based indie band Mamalarky, and hip-hop trio Kneecap from Belfast, Northern Ireland. The avalanche of boycotts stems from an AFPC pressure campaign, launched Feb. 21, asking artists to apply pressure on SXSW over the participation of defense entities, Zainab Haider, the lead for the initiative at AFPC told The Hill. The group has protested the Army’s heavy sponsorship of SXSW as well as the festival’s inclusion of military defense firm RTX, also known as Raytheon, and its subsidiary Collins Aerospace, which both make weapons and equipment used by the Israeli military. BAE Systems has also been called out for its participation as an exhibitor in a connected event known as Startup Crawl at Capital Factory House. In a statement to The Hill, a BAE spokesperson said the defense firm has “no plans to participate in any way” in SXSW. RTX and Collins Aerospace did not respond to requests for comment. Army spokesperson Matt Ahearn said it’s “proud to be a sponsor of SXSW, and to have the opportunity to showcase America’s Army. SXSW presents a unique opportunity for the Army to meet technology innovators and leaders, explore new ideas and insights, and create dynamic industry partnerships as we modernize for the future.” The AFPC effort has quickly picked up steam, and since late last month nearly 600 people have emailed SXSW “to express their horror” at the military-linked sponsors, Haider said. “These entities are either sponsoring, funding, or supplying weapons for Israel’s assault on Gaza, for what the International Court of Justice is investigating as Genocide in Palestine.”

South Dakota Governor Signs Bill Into Law That Conflates Criticism of Israel With Anti-Semitism - South Dakota Governor Kristi Noem signed a bill into law last week that conflates some criticisms of the modern state of Israel with anti-Semitism.By signing the bill into law, the International Holocaust Remembrance Alliance’s (IHRA) definition of anti-Semitism must be taken into consideration in investigations of unfair or discriminatory practices within the state of South Dakota.The IHRA’s definition was first adopted in 2016 and lists “drawing comparisons of contemporary Israeli policy to that of the Nazis” as an example of anti-Semitism. Noem signed the bill into law as Israel’s brutal campaign in Gaza has killed over 31,000 Palestinians, mostly women and children, and after the International Court of Justice ruled it’s “plausible” that Israel is committing genocide.The IHRA also defines anti-Semitism as applying “double standards” to Israel by “requiring of it a behavior not expected or demanded of any other democratic nation.” It lists “denying the Jewish people their right to self-determination” by “claiming that the existence of a State of Israel is a racist endeavor” as another example of anti-Semitism.According to The Jerusalem Post, South Dakota has become the 12th US state to codify the IHRA’s definition of anti-Semitism into law. At least 23 other states have supported the definition through legislative action but have not officially made it into law. The US State Department has also adopted the definition, as the US is a member country of the IHRA.Many US states have also passed laws to punish individuals or companies who boycott Israel. The legislation is designed to fight against the global Boycott, Divestment, and Sanctions (BDS) movement that advocates for global boycotts against Israel.

'Defend the Guard' Legislation to Be Taken Up By Idaho State House - This week, a committee in Idaho’s House of Representatives will take up the Defend the Guard Act, legislation that would prohibit the state’s National Guard from being deployed to combat zones without a formal declaration of war from Congress.Idaho’s Senate has already passed a Defend the Guard bill, making it the third state legislature in the country to approve a version of the legislation. The Idaho House’s Transportation and Defense Committee is expected to vote on the bill this Friday.“The last hill to climb in Idaho is in the House Transportation and Defense Committee,” Bring Our Troops Home, the organization behind the Defend the Guard Act, wrote on X. If the bill passes the committee, it’s expected to be approved in a full House vote. “Once we’re out of committee, we believe the bill will land on the governor’s desk,” Bring Our Troops Home said. Defend the Guard is a nationwide movement, and a version of the bill has been introduced in over 30 states. Go to Defendtheguard.us to see the status of the legislation in your state. National Guard units are frequently deployed to wars in the Middle East and Africa, including in Syria and Somalia. The recent drone attack that killed three members of the US Army Reserve at Tower 22 in Jordan also wounded about 40 members of the Arizona National Guard.

Marine anti-terrorism unit sent to protect US Embassy in Haiti The U.S. military is sending an anti-terrorism unit to protect the country’s embassy in Haiti from a soaring wave of violence as armed gangs run amok across the island nation, sparking a regional crisis in the Caribbean. The Marine Fleet-Anti-terrorism Security Team (FAST) was sent at the request of the State Department, U.S. Southern Command (SOUTHCOM) announced in a Wednesday statement. FAST will deploy to the U.S. Embassy in Haiti in the capital of Port-au-Prince, where armed gangs have taken over some neighborhoods and pose a growing threat to the public. “U.S. Southern Command is prepared with a wide range of contingency plans to ensure the safety and security of U.S. Citizens in Haiti,” SOUTHCOM said in a statement. SOUTHCOM also announced earlier this week that it sent in forces to secure the embassy and evacuate some personnel. The embassy remains open and limited operations are continuing, including efforts to support Americans in the country and to secure a transition to a new presidential council after Haitian Prime Minister Ariel Henry resigned Tuesday.

US Military to Fund Construction of New Philippines Port Near Taiwan - The US military will fund the construction of a new port in Batanes, the Philippines’ northernmost province, which is less than 125 miles from Taiwan. According to Kyodo News, Batanes Governor Marilou Cayco said over the weekend that a US Army delegation would be visiting to discuss the construction of the new facility in April.Cayco said one purpose of the port would be to make it easier to evacuate Filipinos who work in Taiwan in the event a war breaks out on the island. According to Taiwan News, the exact location of the port hasn’t been announced, but it’s expected to face north. The province’s current major port faces the west.The Philippine military is looking to bolster its presence in Batanes and is scheduled to hold drills on the islands with the US military this April and May. Last year, Washington and Manila signed a deal that gives the US access to four new bases in the Philippines, a move China viewed as a major provocation. Three of the new US bases are in the northern Philippines but not as far north as Batanes. The other base is in Palawan, an island province on the South China Sea, where the US has been stepping up patrols in support of Manila’s claims.The South China Sea has become a potential flashpoint for a war between the US and China as Washington has repeatedly vowed the US-Philippine Mutual Defense Treaty applies to attacks on Philippine vessels in the South China Sea. The Chinese and Philippine coast guards often have tense encounters in the disputed watersthat sometimes end in collision.

House plows ahead with TikTok bill despite Trump’s opposition -The House is steaming ahead with a bill that could ban TikTok despite vocal opposition from former President Trump, who once led the charge against the popular app.The House will vote this week on the bipartisan Protecting Americans From Foreign Adversary Controlled Applications Act, under a special rule that waives discussion of the bill and requires a two-third majority to pass, according to House Majority Leader Steve Scalise’s (R-La.) weekly schedule released Monday. “We must ensure the Chinese government cannot weaponize TikTok against American users and our government through data collection and propaganda,” Scalise said.The plan highlights the bipartisan momentum propelling the bill forward quickly through the House, even as Trump — the party’s leader and likely presidential nominee — speaks out against it.It advanced with rare unanimous support Thursday out of the House Energy and Commerce Committee, just two days after it was introduced by Reps. Mike Gallagher (R-Wis.) and Raja Krishnamoorthi (D-Ill.), the top lawmakers on the House Select Committee on the Chinese Communist Party. The bill would force ByteDance, TikTok’s China-based parent company, to divest the app or face a ban within the U.S. The measure also lays out a process for banning other apps that are found to be controlled by U.S. adversaries.Although the bill has broad bipartisan support, it’s also facing opposition on both sides of the aisle that could pose hurdles for lawmakers — along with a fierce opposition campaign launched by TikTok. On the right, the most influential force bashing the bill is Trump, who is on track to clinch the 2024 Republican nomination for president.Trump has flipped since his failed efforts to ban TikTok as president, arguing Monday that getting rid of the app would benefit Facebook.The former president was banned from Facebook in 2021 after spreading false claims about voter fraud ahead of the Jan. 6, 2021, riot. Trump’s account was reinstated last year.“There’s a lot of good and a lot of bad with TikTok. But the thing I don’t like is, without TikTok you can make Facebook bigger. And I consider Facebook to be an enemy of the people, along with the media,” Trump said Monday on CNBC’s “Squawk Box.”

Rand Paul: Proposed TikTok ban ‘makes no sense’ - Sen. Rand Paul (R-Ky.) said on Tuesday that the proposed TikTok ban “makes no sense,” ahead of an expected vote on the House floor on Wednesday. In an interview on “The Hill” on NewsNation, Paul argued that a ban on TikTok would be akin to steps employed by the Chinese government, which, Paul said, is precisely the supposed threat from which such a ban would purport to shield Americans. “TikTok is banned in China,” Paul said. “We’re thinking – or people who want to ban it are thinking – Wow, we’re going to really defeat the Chinese communists, by becoming Chinese authoritarians and banning it in our country? TikTok is banned in China. So, we’re going to emulate the Chinese communists by banning it in our country?” “It makes no sense whatsoever,” he added. Paul also argued that some Americans have a stake in TikTok’s China-based parent company, ByteDance, and that such a ban would be taking property away from Americans without proving a crime first. “We know that the Chinese government does demand things, but we don’t know that any information really is going from TikTok to any of these people in China,” he said, noting that a provable crime is necessary to take property from Americans. Not all lawmakers see the proposed ban this way. The House is expected to vote Wednesday on a bill that would give ByteDance 165 days from the day it is enacted to divest TikTok or face a ban on U.S. app stores and web hosting services. House Republicans are bringing up the bill through a special rule that requires a two-thirds majority to pass the measure, rather than the simple majority needed to pass most House bills. Rep. Mike Gallagher (R-Wis.), chair of the House Select Committee on the Chinese Communist Party and lead co-sponsor of the bill, expressed confidence that it would pass, saying Tuesday that there is a “great bipartisan core” behind the measure.

House Passes Biden-Supported Bill That Could Ban TikTok - The House passed a bill that will allow the President to ban TikTok without an ownership change. Opponents of the legislation warned that it will give the executive a massive amount of power to control online discourse. The bill now heads to the Senate. President Joe Biden says he will sign the deal if it reaches his desk. The “Protecting Americans from Foreign Adversary Controlled Applications Act,” introduced by GOP Rep. Mike Gallagher and Democratic Rep. Raja Krishnamoorthi, would order TikTok’s Chinese owner, ByteDance, todivest its shares from the company within six months or face an effective ban in the US.The bill passed the House 352 – 65 opposed. The bill had bipartisan support, with 197 Republicans and 155 Democrats voting for it. Proponents of the bill, such as Rep. Elise Stefanik, argue Beijing uses TikTok to influence young Americans. The New York Congresswoman said she co-sponsored the act because of “TikTok’s attempt to mobilize young Americans on behalf of the [Chinese Communist Party].”Critics of the bill argue that it was rushed and will grant the President too much power. The bill was reportedly drafted with “technical support” from administration staffers and passed through the House Energy and Commerce Committee unanimously last Thursday with bipartisan backing.Florida Republican Matt Gaetz posted on X, “Banning TikTok is the right idea. But this legislation was overly broad, rushed and unavailable for amendment or revision. This is no way to run a railroad (or the internet).” Congresswoman Ilhan Oman (D-MN) explained there were constitutional concerns. “Not only are there 1st amendment concerns, this is bad policy,” she said to explain her vote against the bill.Thomas Massie (R-KY) slammed the bill as a “trojan horse” for censorship. He points to sections of the legislation that allow the President to ban websites. “The President will be given the power to ban WEB SITES, not just Apps,” the Congressman posted on X. “The person breaking the new law is deemed to be the U.S. (or offshore) INTERNET HOSTING SERVICE or App Store, not the “foreign adversary.”

House easily passes bill that could ban TikTok - The House passed a bill that could ban TikTok in a 352-65 vote Wednesday, putting the spotlight on the Senate on how to handle the controversial legislation that has support from President Biden.One lawmaker voted present.The Protecting Americans From Foreign Adversary Controlled Applications Act would force ByteDance, TikTok’s China-based parent company, to divest the app within roughly five months of going into effect, or be banned from U.S. app stores and web hosting services.The bill passed quickly through the House in a floor vote scheduled less than a week after it was first introduced by Reps. Mike Gallagher (R-Wis.) and Raja Krishnamoorthi (D-Ill.), the top lawmakers on the House Select Committee on the Chinese Communist Party. House Republicans invoked a special rule for the vote that required two-thirds majority to pass — rather than the simple majority needed for most House bills — to expedite the process.Republicans also raced to pass the bill in the face of opposition from former President Trump, who tried and failed to ban TikTok as president before reversing his position.Supporters of the bill say it aims to curb national security posed by ByteDance, which they say could share sensitive data from American users with the Chinese government.TikTok has pushed back on accusations that it poses national security risks and strongly opposed the legislation. A TikTok spokesperson slammed the House for a “rushed” process on the bill.“This process was secret and the bill was jammed through for one reason: it’s a ban. We are hopeful that the Senate will consider the facts, listen to their constituents, and realize the impact on the economy, 7 million small businesses, and the 170 million Americans who use our service,” the spokesperson said.Although the ban passed with bipartisan support, there was also vocal opposition on both sides of the aisle. “I am highly concerned about our data being collected and being misused by both foreign adversaries and also domestic companies. But this bill does not fix that problem,” Rep. Maxwell Frost (D-Fla.) said Tuesday. He was also among Democrats who raised concerns about how the bill could infringe on users’ free speech rights. The American Civil Liberties Union and the Knight First Amendment Institute at Columbia University also raised those concerns about the bill. Trump, the presumptive GOP 2024 presidential nominee, was the strongest force from the right who opposed the bill. He cast his opposition around how a ban might benefit rival social media company Facebook.

TikTok ban gets huge win in the House, but is poised to hit a wall in the Senate --Wednesday was a massive day at the exact point where the awesome power of social media intersects with the law. The House voted on a bill that could lead to a TikTok ban in the U.S. The bipartisan bill, H.R. 7521, known in short form as the Protecting Americans from Foreign Adversary Controlled Applications Act, would require TikTok to sever any and all relationships with its Chinese parent company, ByteDance, within 180 days or face a ban in the United States. This legislation purportedly aims to protect national security by preventing apps developed by foreign adversaries from being distributed in the U.S. On Wednesday morning, China responded just a few hours before the House vote by making it crystal clear that the U.S. banning TikTok is an “act of bullying.” On Wednesday, it received more than the required two-thirds majority in the House, with 352 members in favor and 65 opposed. This supermajority was needed as the vote was under suspension of the rules, so its passing is seen as far more bipartisan than it would have been with a simple majority. If this bill now finds a way to make it through the Senate, ByteDance will have to sell TikTok or the app will be banned from U.S. app stores and web-hosting services. In other words, you won’t be able to download TikTok in the U.S. Why did the bill gain such strong momentum in the House, with the Biden administration also agreeing to support it as a measure to safeguard national security? The foundational argument in support of the bill comes from an ongoing fear that TikTok is a threat to U.S. national security. That TikTok could be weaponized as a tool for propaganda and data collection by the Chinese Communist Party isn’t a new concept but it’s one that gained a lot of traction in the House and propelled this bill. The backup argument, which is always present with any of the major social media platforms, is that, national security issues aside, TikTok’s content moderation policies may not effectively address issues such as misinformation, promoting harmful behaviors, and ensuring children’s safety. The counterpoints, which failed today but will be extremely important as this issue continues to play out in Congress, center around the Constitution and free speech. The first point, that banning TikTok could infringe on users’ free speech rights and limit their choice of communication technologies, is currently being embraced by former president and presumptive GOP nominee Donald Trump. As Trump, who owns social media platform Truth Social, argues, a TikTok ban would drive more people to Facebook, which he sees as “an enemy of the people.”There is, of course, a downstream effect to any ban of a major social media platform. As New York lawyer William H. Cooper points out, “There is a strong argument that banning TikTok would violate the First Amendment because it would limit speech on the platform as well as hurt influencers and businesses that use TikTok to earn revenue through what they say on the platform.”

Mnuchin now wants to buy TikTok, days after leading NYCB rescue -Steven Mnuchin is targeting a purchase of TikTok from its Chinese parent company, a day after House lawmakers passed a bipartisan bill that would ban the wildly popular social media app in the U.S. The former Treasury secretary has spoken to potential co-investors about acquiring TikTok, he said in an interview with CNBC on Thursday, declining to give any specifics. U.S. lawmakers are pushing for a ban of the app unless its owner ByteDance Ltd. divests it, driven by concerns over Chinese government influence on the American public. If Mnuchin follows through with a purchase, it'll be the second high-profile deal he will have marshalled this year, after leading a $1 billion equity investment in troubled commercial real estate lender New York Community Bancorp. It would also mark his return to a saga that started in 2020, when former President Donald Trump first ordered ByteDance to sell its U.S. assets. It's unclear whether Mnuchin, who runs a private investment firm that counts Saudi Arabia among its backers, will be able to pull off a deal. TikTok's U.S. business would be worth $35 billion to $40 billion, Bloomberg Intelligence estimates. Though Mnuchin's investment firm, Liberty Strategic Capital, raised about $2.5 billion in 2021, the high valuation means he'd still need multiple equity investors to join any potential bid. "It's a great business," Mnuchin said of TikTok in an interview with CNBC. "It should be owned by a U.S. business. There's no way the Chinese would ever let a U.S. company run something like this in China." He added that the social-media app would be remade in the U.S. with homegrown technology. The House voted overwhelmingly on Wednesday to approve a bill that would effectively eliminate the app in the U.S. unless it finds a new owner in about six months. Now, the short-video app used by 170 million Americans has turned its lobbying efforts to the Senate, where passage is less certain. TikTok intends to exhaust all legal challenges before it considers any kind of divestiture, people familiar with the matter have told Bloomberg. Mnuchin said that under his plan, no investor would own more than 10% of TikTok, and existing investors would have the option to roll over into the new ownership. While TikTok's exact ownership structure is unclear, the plan could be a boon for the U.S. investment companies that have bought into ByteDance. Institutional investors including Carlyle Group., General Atlantic and Susquehanna International Group own 60% of ByteDance; 20% is owned by the company's global workforce; and an additional 20% is owned by the company's Chinese co-founder Zhang Yiming.

State Department-Commissioned Report Warns AI Could Be an 'Extinction-Level' Threat - - A report released on Monday that was commissioned by the U.S. State Department warns that artificial intelligence could pose an "extinction-level threat.""Given the growing risk to national security posed by rapidly expanding AI capabilities from weaponization and loss of control—and particularly, the fact that the ongoing proliferation of these capabilities serves to amplify both risks—there is a clear and urgent need for the U.S. government to intervene," the report states.The report compares the development of AI to the development of nuclear weapons and claims it might "destabilize global security" if it's not properly regulated. The report says the U.S. government must move "quickly and decisively" to address the threat of AI."The three authors of the report worked on it for more than a year, speaking with more than 200 government employees, experts, and workers at frontier AI companies—like OpenAI, Google DeepMind, Anthropic, and Meta—as part of their research," Timereports. "Accounts from some of those conversations paint a disturbing picture, suggesting that many AI safety workers inside cutting-edge labs are concerned about perverse incentives driving decision making by the executives who control their companies."The report recommends that the U.S. create a new federal agency to regulate the companies developing new AI tools and limit the growth of AI. Experts say such a move does not seem likely.“I think that this recommendation is extremely unlikely to be adopted by the United States government,” Greg Allen, director of the Wadhwani Center for AI and Advanced Technologies at the Center for Strategic and International Studies (CSIS), told Time.AI is a rapidly developing, and experts have warned that many of the companies creating new AI tools are not acting responsibly. A reportfrom earlier this month also noted how generative AI is increasing the spread of climate disinformation and using up valuable resources.The U.S. was one of 18 countries that joined an agreement in November to keep AI systems "secure by design," but further action will be needed to accomplish that goal.

Biden to announce more than $3B in infrastructure investments while in Milwaukee - President Biden will announce billions worth of new infrastructure investments to reconnect communities while he is in the battleground state of Wisconsin on Wednesday. The funding, $3.3 billion in total, will focus on communities in more than 40 states that were divided by transportation infrastructure decades ago, according to the White House. Biden will be in Milwaukee as part of his travel to swing states following the State of the Union address last week. The new funding will include $36 million for Milwaukee’s 6th Street Complete Streets Project, which aims to reconnect communities along 2.5 miles of a corridor that was cut off in the 1960s. The Department of Transportation estimates that at least 1 million people and businesses were displaced by decades of urban renewal projects, according to the White House. It outlined that highways and rail lines have disproportionately torn through Black communities, neighborhoods of color and low-income communities, which led to displaced residents, businesses and hurt economic development. The money comes from the Bipartisan Infrastructure Law and will fund other projects giving residents increased access to health care, schools, jobs and places of worship, according to the White House. And, the funds will go toward covering highways with public spaces, creating new transit routes and adding sidewalks, bridges and bike lanes. The funds include $158 million in Atlanta to reconnect Midtown and downtown; $159 million in Philadelphia to cover blocks of expressway; and $450 million in Portland, Ore., to construct a highway cover for a pedestrian and bike bridge. Additionally, $180 million will go to Syracuse, N.Y., to construct a grid that will reconnect residents, and $139 million will go to Los Angeles to create 14 miles of bus priority lanes.

The IRA has injected $250B into clean energy. It may not be enough If, in the 18 months since the Inflation Reduction Act passed, you’ve found yourself muttering Jerry Maguire’s timeless mantra — “Show me the money!” — a handful of policy analysts has just done exactly that. Their analysis of the nation’s investment in clean energy found that for every dollar the government has contributed to advancing the transition, the private sector has kicked in $5.47, leading to nearly a quarter-trillion dollars flowing into the clean economy in just one year.Across nearly every segment tracked by Rhodium Group and its collaborators at Massachusetts Institute of Technology, investments have not only increased since President Joe Biden signed the legislation, the rate of growth has quickened, too. In the 12 months from October 2022 through September 2023, $220 billion poured into everything from battery factories to solar farms to emerging technologies like hydrogen, including $34 billion in federal spending, mostly in the form of tax credits.The report shows, among other things, the scale of investments that the government can spur with a clear commitment to a specific course of action. Both figures reveal a substantive increase in the financial pressure building behind the transition to a clean economy and testify to the role progressive policies play in pushing that economic transformation forward. “It’s proving the value of the federal government taking the lead, putting in place policy that says, ‘This is the direction that we’re headed: supporting decarbonization, supporting clean energy,'” said Hannah Hess, an associate director of climate and energy at Rhodium Group who co-authored the report.By taking that lead, many billions more have flowed into the clean economy. In 2023, the sector as a whole logged new records for yet another year. Utility-scale solar and storage grew more than 50 percent compared to 2022 to a total of $53 billion. Investment in the entire EV supply chain hit $42 billion — up 115 percent over the previous year. Meanwhile, retail spending by businesses and households on things like EVs, heat pumps, androoftop solar came in at $118 billion, all told.Nonetheless, several economists and analysts said that, while impressive, the rate of investment revealed in the Clean Investment Monitor still isn’t enough for the U.S. to achieve its climate goals. We can certainly cut emissions by 40 percent, as stated in the Inflation Reduction Act, or IRA, but we’re still far from the 50 percent reduction needed by 2030 to meet its commitments under the Paris Agreement.“We have more work to do,” said Catherine Wolfram, a professor of energy economics at MIT. While not involved with the Clean Investment Monitor, much of Wolfram’s work at MIT has studied the expected economic impacts of the IRA. Though she doesn’t see the level of investment as yet being sufficient to achieve that ambitious goal, she underscored that the IRA remains a big win, especially as a symbol of America’s commitment to climate action.By holding a torch to the path the nation’s economy can take toward a future in which excess emissions fade into myths and fables, the government has garnered investments in projects that won’t receive federal support for years to come. In particular, Hess pointed out that more than one-fifth of the $239 billion spent in the 2023 calendar year on clean investments went toward manufacturing, particularly to all things EV. In many cases, companies are spending tens, sometimes hundreds, of millions of dollars to build factories on the promise that they will receive tax credits once batteries, solar panels, and other products start coming off the assembly line.

Bernie Sanders unveils 32-hour workweek bill - Sen. Bernie Sanders (I-Vt.) on Wednesday introduced a bill to establish a standard four-day workweek in the United States without any reduction in pay. The bill, over a four-year period, would lower the threshold required for overtime pay, from 40 hours to 32 hours. It would require overtime pay at a rate of 1.5 times a worker’s regular salary for workdays longer than 8 hours, and it would require overtime pay at double a worker’s regular salary for workdays longer than 12 hours. The Thirty-Two Hour Workweek Act would also protect workers’ pay and benefits to ensure there’s no loss in pay, according to a press release. A press release described the legislation as “an important step toward ensuring that workers share in the massive increase in productivity driven by artificial intelligence, automation, and new technology.” “Moving to a 32-hour workweek with no loss of pay is not a radical idea,” Sanders said in a press release. “Today, American workers are over 400 percent more productive than they were in the 1940s. And yet, millions of Americans are working longer hours for lower wages than they were decades ago. That has got to change.” “The financial gains from the major advancements in artificial intelligence, automation, and new technology must benefit the working class, not just corporate CEOs and wealthy stockholders on Wall Street. It is time to reduce the stress level in our country and allow Americans to enjoy a better quality of life,” he wrote. Sanders introduced the legislation with Sen. Laphonza Butler (D-Calif.), and Rep. Mark Takano (D-Calif.) introduced companion legislation in the House. “While CEOs’ wages continue to increase, our workers are finding themselves doing more, yet earning less than they have in decades,” Butler wrote in a statement. “The Thirty-Two-Hour Workweek Act would allow hardworking Americans to spend more time with their families while protecting their wages and making sure profits aren’t only going to a select few.” Takano, in a statement, described the bill as “transformative legislation that will be a win for both workers and workplaces.” Sanders, who chairs the Senate Committee on Health, Education, Labor, and Pensions, introduced the legislation ahead of his committee’s hearing Thursday on the same topic. The committee will hear from United Auto Workers President Shawn Fain, among other witnesses. In the announcement, Sanders cited several pilot programs and studies that show productivity improving with a four-day workweek. The studies largely found that because workers were happier, they were more productive and were less likely to get burned out. Sanders also pointed to other countries that have already made the move toward shortening workweeks. France has a 35-hour workweek and is considering moving to a 32-hour workweek, and Norway and Denmark have workweeks of about 37 hours. The Fair Labor Standards Act was signed into law in 1938 and established a 44-hour workweek, establishing the first broadly applicable federal standard. Two years later, the legislation phased in the 40-hour workweek that exists today.

Sanders gets heated in exchange with Fox Business reporter over proposed 32-hour workweek Sen. Bernie Sanders (I-Vt.) became angry when a reporter with Fox Business questioned him on his proposed legislation that would create a 32-hour workweek. “Can I talk to you about the 32-hour workweek?” Fox Business reporter Hillary Vaughn asked Sanders, which prompted him to ask her which outlet she worked for. Vaughn then said that it seems like Democrats want businesses to be taxed more. Sanders cut her off, saying, “Really? This how we do things?” The two continued to talk over each other, with Sanders saying “excuse me” and Vaughn telling him she didn’t get to ask her question. The Senator then looked directly at the camera, making his case for proposing a four-day workweek without a reduction in pay for employees. “We held a hearing on a 32-hour workweek because what we have seen is that over the last 50 years, despite a huge increase in worker productivity, almost all of the wealth has gone to the top 1 percent, while 60 percent of the people [are] living paycheck to paycheck,” Sanders said, as highlighted by Mediaite. “Many of our people are exhausted,” he continued. “We work the longest hours of any people in the industrialized world. I think it’s time for a shortened workweek.” Vaughn attempted to ask the same question for a second time and Sanders cut her off again, waving his hand in front of her face. Vaughn asked the senator how businesses would survive a shortened workweek, and Sanders argued that Amazon owner Jeff Bezos pays a lower tax rate than the average worker, which shows “we have a real problem with our tax system.” “I think that billionaires have got to start paying their fair share of taxes,” he said.

Veterans Affairs to expand IVF coverage to same-sex couples, single veterans - The Department of Veterans Affairs (VA) said it would provide in vitro fertilization (IVF) for same-sex couples and single veterans, extending the benefit to members regardless of marital status. The VA announced the expansion of the benefit Monday. VA Secretary Denis McDonough said the expansion has long been a priority of the department and it is working on having the benefit available imminently nationwide. “Raising a family is a wonderful thing, and I’m proud that VA will soon help more Veterans have that opportunity,” McDonough said in a statement. “This expansion of care has long been a priority for us, and we are working urgently to make sure that eligible unmarried Veterans, Veterans in same-sex marriages, and Veterans who need donors will have access to IVF in every part of the country as soon as possible.” Sen. Patty Murray (D-Wash.), a member of the Senate Veterans Affairs Committee, applauded the announcement. The senior appropriator has long fought for the expansion. “Servicemembers and veterans have sacrificed so much—but they should never have to sacrifice their ability to start a family,” Murray said in a Monday statement on X, formerly known as Twitter. “This announcement is an important step to help veterans start & grow their families—& it’s especially timely as IVF is under attack from the far right.” Alabama’s Supreme Court ruled last month that embryos created through in vitro fertilization should be considered children, a decision that has led providers in the state to put a pause on their services given the potential legal repercussions of destroying unused embryos. Murray is seeking to pass her Veterans Families Health Services Act with unanimous consent on the Senate floor Tuesday. She has worked on legislation for more than a decade to expand health care benefits for both VA and Department of Defense (DOD) members. The DOD unveiled the new adjustments to its IVF eligibility policy Monday and will now allow members to use sperm or donor eggs. The new policy covers the price of reproductive technology for troops and their spouses.

Trump suggests he’s open to cuts to Medicare and Social Security after attacking primary rivals over the issue | CNN Politics - Former President Donald Trump on Monday suggested he was open to making cuts to Social Security and Medicare after opposing touching the entitlement programs and attacking his GOP presidential primary rivals over the issue. Trump was asked in an interview with CNBC whether he had changed his outlook on how to handle entitlement programs like Social Security, Medicare and Medicaid in order to tackle the national debt. “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said on CNBC’s “Squawk Box.” He added: “There’s tremendous amounts of things and numbers of things you can do.” Following the interview, President Joe Biden responded to a clip his campaign made of Trump’s comments: “Not on my watch.” Trump campaign spokeswoman Karoline Leavitt later told CNN that Trump was “clearly talking about cutting waste, not entitlements.” “President Trump delivered on his promise to protect Social Security and Medicare in his first term, and President Trump will continue to strongly protect Social Security and Medicare in his second term,” said Leavitt, who argued: “The only candidate who poses a threat to Social Security and Medicare is Joe Biden.” “By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security and Medicare on a stronger footing for generations to come,” Leavitt said. When Trump was president, his administration’s budget proposals included spending cuts to Social Security, primarily by targeting disability benefits, and Medicare, largely by reducing provider payments. Trump also signaled in an interview with CNBC in 2020 that he was open to cutting federal entitlements to reduce the federal deficit. But Trump has vowed repeatedly on the campaign trail this election cycle to “always defend Medicare and Social Security,” and has a video posted to his campaign website in which he says, “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security.” Trump also fiercely attacked former GOP rival Nikki Haley on the campaign trail over her support for reforming these entitlement programs. Haley called for increasing the age at which today’s younger workers would become eligible for Social Security retirement benefits and limiting the benefits of wealthier Americans. Trump also regularly took aim at Florida Gov. Ron DeSantis over his past support of privatizing Social Security and raising the retirement age – positions the governor distanced himself from during his failed presidential bid.. In his State of the Union address last week, Biden said he would stop anyone who tries to cut the programs or raise the retirement age. Without any changes, Social Security’s combined trust funds are set to run dry in 2034, at which time the program’s continuing income from taxes will only be able to cover 80% of benefits owed, according the most recent Social Security trustees report. Medicare’s hospital insurance trust fund, known as Medicare Part A, will only be able to pay scheduled benefits in full until 2031, according to the latest Medicare trustees’ annual report. At that time, Medicare, which covers nearly 67 million senior citizens and people with disabilities, will only be able to cover 89% of total scheduled benefits.Two factors driving the projected rise in deficits are the aging population and the growth in federal health care costs, which will necessitate greater spending on Social Security and Medicare, according to the Congressional Budget Office.

Trump "Clearly Hasn't Learned From His COVID-Era Mistakes", RFK Jr. Says -President Joe Biden claimed that COVID vaccines are now helping cancer patients during his State of the Union address on March 7, but it was a response on Truth Social from former President Donald Trump that drew the ire of independent presidential candidate Robert F. Kennedy Jr. During the address, President Biden said: “The pandemic no longer controls our lives. The vaccines that saved us from COVID are now being used to help beat cancer, turning setback into comeback. That’s what America does.”President Trump wrote: “The Pandemic no longer controls our lives. The VACCINES that saved us from COVID are now being used to help beat cancer—turning setback into comeback. YOU’RE WELCOME JOE. NINE-MONTH APPROVAL TIME VS. 12 YEARS THAT IT WOULD HAVE TAKEN YOU.”An outspoken critic of President Trump’s COVID response, and the Operation Warp Speed program that escalated the availability of COVID vaccines, Mr. Kennedy said on X, formerly known as Twitter, that “Donald Trump clearly hasn’t learned from his COVID-era mistakes.”“He fails to recognize how ineffective his warp speed vaccine is as the ninth shot is being recommended to seniors. Even more troubling is the documented harm being caused by the shot to so many innocent children and adults who are suffering myocarditis, pericarditis, and brain inflammation,” Mr. Kennedy remarked.“This has been confirmed by a CDC-funded study of 99 million people. Instead of bragging about its speedy approval, we should be honestly and transparently debating the abundant evidence that this vaccine may have caused more harm than good.“I look forward to debating both Trump and Biden on Sept. 16 in San Marcos, Texas.” Mr. Kennedy announced in April 2023 that he would challenge President Biden for the 2024 Democratic Party presidential nomination before declaring his run as an independent last October, claiming that the Democrat National Committee was “rigging the primary.”

Hunter Biden Refuses To Testify At Public Hearing - President Joe Biden’s son, Hunter Biden, has refused an invitation from Republican lawmakers to appear at a public hearing before Congress, according to his attorney, who cited a scheduling conflict and denounced the hearing as a “carnival side show.”Abbe Lowell, Mr. Biden’s attorney, said in a letter to House Oversight and Accountability Committee Chair James Comer (R-Ky.) that his request for Mr. Biden to appear at a March 20 public hearing alongside other witnesses can’t be met because of a court hearing the next day in California.Mr. Lowell said that the scheduling conflict is the “least of the issues,” while denouncing the hearing as not a “proper proceeding” but an “obvious attempt to throw a Hail Mary pass after the game has ended,” pointing to the arrest of former FBI informant Alexander Smirnov, who is accused of lying to agents and falsifying records about the alleged business dealings of President Biden and his son.“I must confess my surprise by your hasty request,” Mr. Lowell wrote. “After that six-plus hour deposition on February 28, 2024, along with the realization that your inquiry was based on a patchwork of conspiracies spun by convicted liars and a charged Russian spy, I thought even you would recognize your baseless impeachment proceeding was dead.”Mr. Lowell argued that multiple witnesses had “undermined the central premise” of the hearing, namely that President Biden benefited from his son’s business dealings.“President Biden has done nothing wrong and certainly nothing, even in your misapplication of the impeachment provisions of the Constitution, to warrant further proceedings,” he argued.Mr. Biden testified on Feb. 28 before the House Oversight and Judiciary Committees, admitting to making “mistakes” and wasting opportunities but denying any involvement of President Biden in his business dealings.

Buck to retire next week, narrowing House GOP majority - Rep. Ken Buck (R-Colo.) will retire from Congress next week, he said Tuesday, a stunning announcement that will narrow the House GOP’s razor-thin majority even further. Buck — who has become known for breaking from his party on various issues and criticizing Republicans on election denialism — announced last year that he would depart the House at the end of his current term, but expedited that timeline Tuesday. “It has been an honor to serve the people of Colorado’s 4th District in Congress for the past 9 years. I want to thank them for their support and encouragement throughout the years. Today, I am announcing that I will depart Congress at the end of next week. I look forward to staying involved in our political process, as well as spending more time in Colorado with my family,” he wrote in a statement. The announcement from Buck, 65, puts a bookend on his nine-plus-year tenure in Congress, which in the past year included a number of controversial votes that put him in direct conflict with other members of the House GOP conference — including his decision to oust former Speaker Kevin McCarthy (R-Calif.) and his opposition to the effort to impeach Homeland Security Secretary Alejandro Mayorkas. His impending departure will knock the House GOP’s majority down by one, bringing the breakdown in the House to 218 Republicans and 213 Democrats. Buck’s exit will not change the margin: Republicans will still only be able to afford to lose two of their members on any party-line votes, assuming all lawmakers are present. But his resignation will, nonetheless, decrease the cushion GOP lawmakers will have on those partisan measures, making it more difficult to pass messaging legislation in the coming months.

Speaker Johnson: ‘There will probably be a change’ to motion to vacate next Congress — Speaker Mike Johnson (R-La.) on Wednesday predicted that the House will “probably” change the rules around the motion to vacate in the next Congress, months after eight Republicans banded with Democrats to oust former Speaker Kevin McCarthy (R-Calif.) using the procedural maneuver. Johnson — speaking at a kickoff press conference during the House GOP’s annual retreat in West Virginia — said he is not personally advocating for a change to the motion to vacate, but added it’s being openly discussed among lawmakers. “The motion to vacate is something that comes up a lot amongst members and discussion. … I expect there will probably be a change to that as well. But just so you know, I’ve never advocated for that; I’m not one who’s making it into this issue, because I don’t think it is one for now,” Johnson said. “I just think it’s something that a lot of members on both sides of the aisle talk about openly that they have a desire for [a] more normal process on the House floor again,” he continued. “So we’ll be looking at that on the House rules package in our respective caucus and conference packages as well as going to the new Congress. And that’s just something we should do in due course, be good stewards of the institution.” Under current rules, a single member can bring a motion to vacate against the Speaker, which forces a vote on ousting the lawmaker from the top job. McCarthy agreed to the one-member threshold during the Speaker’s race in January of last year after hard-line conservatives demanded it as a condition of their support. During Rep. Nancy Pelosi’s (D-Calif.) tenure as Speaker, a motion to vacate could only be brought if a majority of either party was in support. That concession, however, marked the beginning of the end of McCarthy’s Speakership: Just nine months later, Rep. Matt Gaetz (R-Fla.) forced a vote on removing the California Republican, which was successful after seven other GOP lawmakers and all House Democrats joined him in supporting the effort. The historic vote sparked three weeks of chaos in the GOP conference, paused legislative business on the floor and, in the end, left Johnson with the Speaker’s gavel after Republicans rejected three other Speaker candidates.

Autoworkers respond to UAW President Shawn Fain at Biden’s State of the Union -- United Auto Workers head Shawn Fain was President Biden’s guest of honor at the State of the Union address last week. Biden introduced Fain as a “great friend and a great labor leader” and claimed the UAW, with the help of his administration, had stopped the closure of an auto plant in Belvidere, Illinois, and secured 4,000 new jobs in last fall’s contract negotiations. Following his appearance at the State of the Union speech, Fain gave interviews to MSNBC, the Nation and other news outlets, where he praised the Democratic president, a lifelong shill of corporate America, as a steadfast defender of the working class. The difference between Biden and Trump, he told the Nation, was: “One stands with working class people, and one represents the billionaire class—and is a member of the billionaire class—and doesn’t give a damn about working class people.” With poll numbers showing Biden trailing Trump, Fain has become one of the president’s most prominent spokesmen. In so doing, he has covered up Biden’s support for Israel’s genocidal war in Gaza and Biden’s offer to work with Trump to pass the most reactionary anti-immigrant measures in US history in exchange for Republican support for the expanding US-NATO war against Russia in Ukraine, which threatens the world with nuclear war. At the same time, both Fain and Biden continue to perpetuate the claim that the UAW’s bogus “stand up strike”—in reality, a non-strike that kept most workers on the job—achieved “historic” gains for autoworkers. This included the supposed conversion of supplemental (temporary) workers into full-timers and the end of “perma-temps.” In fact, just a few days before the State of the Union speech, Stellantis fired 341 temporary workers at its Toledo Assembly Complex in Ohio. They are among the more than 2,300 supplementals being permanently terminated by Stellantis with the full blessing of the UAW bureaucracy.

Trump clinches GOP nomination - Former President Trump is projected to win the GOP primary in Washington, thereby clinching the Republican presidential nomination and setting him up for a rematch against President Biden, according to Decision Desk HQ. Trump is expected to notch at least 1,215 delegates — the minimum number needed to secure the Republican nod. Ahead of the Tuesday primaries, Trump had been awarded 1,077 delegates, according to DDHQ, meaning that he needed at least 138 delegates. Between the Georgia, Hawaii, Mississippi and Washington state GOP nominating contests, there were 161 delegates up for grabs. Though Trump wasn’t expected to face any serious primary challenge on Tuesday given that rival Nikki Haley had dropped out of the GOP primary last week, it was unclear if the former U.N. ambassador would continue to pick up votes as a form of protest to Trump. The Tuesday primaries also capped off one of the least surprising Republican presidential contests. Despite the fact that a crowded field of GOP candidates ran against the former president for the nomination, all but two — Trump and Haley — remained by the time of the New Hampshire primary on Jan. 23. Meanwhile on the Democratic side, Biden earned enough delegates to secure the Democratic presidential nomination.

No. 1 feeling about Biden-Trump rematch is ‘dread’: Survey - The top feeling voters have about the expected rematch this fall in the presidential race between President Biden and former President Trump is “dread,” according to a new survey.In the YouGov and Yahoo News poll, most voters chose the most negative emotion when they were asked about their feelings for the rematch.Dread topped the list with 40 percent of respondents checking it off, the survey found. Meanwhile, 29 percent of respondents chose exhaustion and 21 percent chose depression. The emotion delight only earned 8 percent. A majority of Americans, 53 percent, chose at least one of the three negative feelings — dread, exhaustion and depression — while just 40 percent chose at least one of the three positive feelings, optimism, excitement and delight. While it doesn’t come as much of a surprise that voters aren’t thrilled about the two presidential candidates, Yahoo News noted that people are starting to feel less negative about the rematch than they once were. Trump clinched the delegates needed for the Republican presidential nomination Monday, just hours after Biden also earned enough delegates to receive the Democratic presidential nomination. The two candidates have begun gearing their campaigns toward the general election in what is likely going to be another close race. Since September, when there were several candidates challenging both Trump and Biden for their respective nominations, exhaustion has fallen by 5 points from 34 percent, according to the survey. Optimism has risen by 6 points from 25 percent, making it the second most selected emotion on the list in the recent poll behind dread.Among GOP respondents, optimism is the top emotion, the survey found. The survey also found that there is a much greater share of Republican respondents who believe Trump has the best chance of winning: 85 percent of GOP respondents think Trump is the favorite to win, while 65 percent of Democrats believe Biden will earn his second victory. The survey was conducted March 8-11 among 1,482 voters. It has a margin of error of 2.8 percentage points.

Will Trump Election Bring Back Isolationism and Threaten NATO? - Indian academic Pratap Bhanu Mehta, a former president of the Centre for Policy Research, writes that a Trump election would be a threat for democracy in the US. Other experts have argued Trump could endanger NATO and bring back American isolationism. Things might not be quite so simple, though. As I wrote recently, besides the much talked about issue of NATO’s enlargement, one should also consider the expansion of the US infamous Central Intelligence Agency (CIA): according to a recent New York Time’s exposé, in the past decade the Agency has backed a “network of spy bases” in Ukraine, including “12 secret locations along the Russian border” and a “secret intelligence partnership” has transformed the country into “one of Washington’s most important intelligence partners against the Kremlin.” Commenting on that, Mark Episkopos, a Eurasia Research Fellow at the Quincy Institute for Responsible Statecraft, highlights the fact that such a CIA-Ukraine partnership actually “deepened under the Trump administration, yet again putting the lie to the baseless idea that former President Trump was somehow amenable to Russia’s interests while in office.” Moreover, in December 2017 then US President Donald Trump sold Kyiv “defensive” weapons, which, according to University of Chicago political science professor John Mearsheimer, “certainly looked offensive to Moscow and its allies in the Donbas region.” Of course, Ukrainian-American ties grew under US incumbent president Joe Biden, with 2021 Operation Sea Breeze’ provocations the U.S.-Ukraine Charter on Strategic Partnership the same year, and much more, all the way to today’ crisis. The point however is that albeit arguably less blatantly hostile to Moscow (in some areas), it would be inaccurate to describe the previous Trump presidency as anything remotely similar to a “pro-Russian” administration. It is true that last month, speaking at a rally, Trump said he once told an unnamed NATO ally that he would not, as the president, defend allies who fail to meet the Alliance’s defense spending duties. According to himself, he said: “You didn’t pay? You’re delinquent? No, I would not protect you. In fact, I would encourage them to do whatever the hell they want. You gotta pay. You gotta pay your bills.” This kind of rhetoric, though, typical as it is of the former president style, should rather be interpreted as pre-election rhetoric to inflame his base – plus as a valid criticism, from an American perspective, of the fact that most NATO countries do fail to meet the agreed expenses’ goal of using at least 2 percent of their GDP in military spending. This of course overburdens Washington – at the expense of its taxpayers.Trump’s (rhetorical) point has been denounced by many as a serious threat of letting Russia “conquer” much of Europe. In the real world, though, Moscow has no goal of conquering Ukraine (as any serious expert will tell you – its mains concerns being about NATO enlargement), much less any interest in invading NATO countries in Western Europe and thus bringing about Third World War – and, even if that were the case, the United States, with or without Trump, would of course have its own strategic reasons to oppose such hypothetical scenario by coming to the defense of its European allies, be they delinquent or not. In the make-believe world of pro-Biden propagandists, Trump is a kind of “Russian agent” hell-bent on destroying American hegemony globally and thus letting “evil” prevail. The fantasies of some of the more naïve analysts of an “anti-imperialist” persuasion are quite similar, the only difference being that they perceive that to be a good thing and imagine the Republican favorite as a champion of multipolarity, world peace, and even of the Global South, if you will (Venezuelans might differ). None of that should be taken seriously, but, unfortunately, in the age of propaganda and of information warfare, it often does. Rhetorics aside, far from being a marginal stance, the notion that military victory in Ukraine is unattainable is slowly gaining ground amid the American Establishment. Trump could arguably be a little more quick to let it go, but that is all. James Stavridis, former NATO Supreme Allied Commander Europe, writing for Bloomberg in November 2023, for instance, argued that Washington should learn from “the lessons of South Korea” and negotiate a “land for peace” deal to end combat in Ukraine. This scenario would involve a kind of strategic retreat, from a Western perspective, to then invest in Western Ukraine, so to speak, so as to nurture it as a kind of Eastern European South Korea (with a persistent CIA presence, one could expect). It is not always over even when it is “over”: such a scenario would clearly not do much for regional stability or peace in the long run. As I’ve written on more than one occasion, even after peace is achieved, as long as the Russian minority remains marginalized in Ukraine and as long as NATO enlargement continues, there will still be plenty of room for tension and conflict. When interviewed for a Boston Globe’s story titled “Vote all you want. The secret government won’t change”, in 2014, Michael J. Glennon, professor of international law at The Fletcher School of Law and Diplomacy at Tufts University (and author of “National Security and Double Government”), explained that much of the US foreign policy “programs” are, as John Kerry once famously said, “on autopilot”, and that “policy after policy after policy all continue virtually the same way that they were in the George W. Bush administration.” This situation is explained by this analyst with the concept of a “double government”, which is how he describes an almost self-governing defense and national security apparatus that operates in the United States without much accountability. Glennon’s aforementioned book was praised by former members of the State Department, Defense Department, CIA, and the White House. There is no reason to assume its conclusions are less true today. To sum it up, there are limits on how much change a US president, on its own, can bring about to the superpower’s system of “double government” in terms of defense and foreign policy. The center of gravity of global tensions is changing, and Ukraine is no longer that important, to put it bluntly. Finally, Trump’s record as a former president in no way allows for a description of his administration either as “isolationist” or as “pro-Russian”. Republican group planning $50M campaign to block Trump from reelection -An anti-Trump Republican group is planning to spend $50 million in a campaign to stop the former president from winning a second term in the White House. Republican Voters Against Trump plans to share testimonial videos of Trump’s past backers who will share why they won’t be supporting the former president come November. The campaign is orchestrated by Sarah Longwell, a Republican strategist who has long been critical of Trump. The plan is to target “moderate Republican” and Republican-leaning voters in swing states with videos. The group had a similar strategy in 2020, when they shared more than 1,000 testimonials during an election that President Biden won. The ads featuring the former Trump voter testimonials will be deployed on TV, streaming platforms, billboards, radio and digital media. They will run in the battleground states of Arizona, Georgia, Michigan, Nevada, Pennsylvania and Wisconsin. Longwell believes the anti-Trump coalition built up in 2020 was one of the determining factors in that contest, and that expanding the demographic in 2024 could be a determining factor in whether Trump returns to the White House. “Former Republicans and Republican-leaning voters hold the key to 2024, and reaching them with credible, relatable messengers is essential to re-creating the anti-Trump coalition that made the difference in 2020,” Longwell, the president of the group’s Republican Accountability PAC, said in a Tuesday statement. “It establishes a permission structure that says that — whatever their complaints about Joe Biden — Donald Trump is too dangerous and too unhinged to ever be president again. Who better to make this case than the voters who used to support him?”

Cheney fuels speculation about her next move --Speculation is growing about the role former Rep. Liz Cheney (R-Wyo.) will play in the 2024 election as President Biden and former President Trump barrel toward a rematch. Cheney has vowed that she’ll do whatever it takes to keep Trump from returning to the White House. She has left the door open to running an independent bid and recently launched her political action committee, the Great Task, after Nikki Haley dropped her long-shot primary challenge against Trump. At the same time, she has said she won’t be a spoiler third-party candidate if it helps Trump — leaving some Democrats curious, even hopeful, she’ll publicly endorse Biden instead. “If you had asked me 20 years ago, whether I thought it was a really good idea for Democrats to team up with a Cheney, I would have told you that you were drinking something,” said Democratic strategist Jennifer Holdsworth. “But in this day and age, I think the more democracy-focused folks we have working towards the same goal, the better.” Holdsworth said she would “welcome” a Cheney endorsement despite their policy differences and Cheney’s track record on issues such as women’s rights, while also acknowledging such a move would complicate the former congresswoman’s future political ambitions. Cheney underwent a sudden political evolution in the wake of the Jan. 6, 2021, Capitol attack, going from a once-rising GOP star to someone vilified by her party for her opposition to Trump. Despite her conservative track record, she was ousted from her position as House GOP conference chair and lost her primary last cycle to a Trump-backed challenger over her objection to Trump’s baseless claims about the 2020 elections and his conduct during the Capitol riot.

New RNC chair accidentally says America is better off now than under Trump -- Newly elected Chair of the Republican National Committee (RNC) Michael Whatley accidentally said America is better off now than under former President Trump, during a Fox News appearance Friday. Whatley attempted to argue that the country is worse off under President Biden’s leadership than it was four years ago with Trump in office, and that the country would improve if the former president were reelected, but he mixed up his words on air. “At the end of the day, this comes down to a very simple contrast between President Trump and President Biden,” Whatley said. “Were you better off four years ago than you are today? The answer for this entire country is no. I mean, yes.” “We are better off today, or, we will be better off under President Trump than we will under President Biden,” he stumbled. Whatley took over the leadership position last week. Since then, he has instigated a major reset for the party. More than 60 people have been fired in recent days, including senior staff. Trump clinched the party’s nomination for the general election, and the layoffs signal that change is coming to the party as it gears up to take on President Biden in the fall. Whatley justified the layoffs as the party “realigning the committee to make sure that we are focused on coming out of the primary.”

Cuomo to Tucker Carlson: You ‘cherry-picked’ Jan. 6 video -NewsNation anchor Chris Cuomo and ex-Fox News host Tucker Carlson clashed over the Jan. 6, 2021, Capitol attack in Carlson’s first national television appearance since his exit from Fox last year. Cuomo confronted Carlson over his views of the insurrection and criticized his “cherry-picked” use of security footage from the Capitol that day that was exclusively released to him by then-Speaker Kevin McCarthy (R-Calif.). “Your approach, and the approach of other people — ‘Hey this was just, you know, these guys were in the wrong place, the wrong way, but that’s all it was.’ I don’t agree with that,” Cuomo said. “I think it was a riot. And I think they were way over the line, and I think they were motivated to go over the line in part by the president of the United States.” Carlson in reply said that “parts of it obviously were a riot” but said there is a lack of transparency around the number of federal agents in the crowd that day. The FBI has categorically denied any involvement in sparking the attack. Cuomo agreed that transparency is the “key to understanding.” “[Transparency] is the opposite to what we have, and there are thousands of hours of tape and the release of which will not jeopardize the security in the Capitol,” Carlson said. “You cherry-picked that tape by the way,” Cuomo hit back. Carlson said he “aired what they sent me.””

The Supreme Court granted Trump amnesty it has no power to give -The Supreme Court has decided to grant former President Donald Trump and all other insurrectionists running for federal office amnesty, allowing Trump to become president despite being disqualified by lower courts for engaging in an insurrection on Jan. 6. But Section 3 of the 14th Amendment only authorizes Congress with a two-thirds vote, not the Supreme Court, to grant such an amnesty. The court is aware of this, but convinced itself and hopes to convince the public that it did something else. The court held that states may not disqualify presidential candidates from appearing on the ballot for participating in an insurrection. The states may disqualify presidential candidates who lack other constitutional qualifications for becoming president — U.S. citizenship, minimum age and 14 years of residence — but, the court said, the states cannot enforce the most important constitutional qualification of all. This amounts to an amnesty grant because current law contains no other mechanism to enforce the requirement that “no person shall . . . hold” a federal office who swore an oath to support the Constitution and then defied it by engaging in insurrection. Disabling state law enforcing the disqualification of insurrectionists does exactly what any other amnesty does, it leaves the law on the books but forbids its enforcement. The justices evidently failed to ask themselves this simple question: If Donald Trump wins the presidency in 2024 but loses the election in 2028, are they confident that President Trump would acknowledge his defeat and peaceably leave office?The 14th Amendment’s creators enacted Section 3 because they feared repeated insurrection by those who had solemnly sworn to support the Constitution and then rose against it and assumed positions of trust in the government of the United States again. Giving credence to the constitutional judgment lying behind Section 3 required the justices to recognize that President Trump may well repeat his defiance of the oath of office. Because the peaceful transfer of power constitutes the essence of democracy, the justices’ failure to enforce the agreed-upon public meaning of Section 3’s text risks the end of American democratic rule.Indeed, what democracy has survived the selection of a leader who stokes violence as President Trump does? Section 3 allows only Congress, by a two-thirds vote, not the Supreme Court, to put our Constitution at risk in this way.Saying that state law is disabled until Congress enacts an enforcement statute helps the court pretend that it is not granting Trump amnesty. But creating a constitutional default rule disfavoring enforcement amounts to an amnesty grant just the same. It empowers a majority of Congress to, in effect, grant amnesty by opposing the enactment of an enforcement statute. However, Section 3 does not authorize a mere majority of Congress to allow oath-defying officers to get back in power. Amnesty requires a two-thirds vote.The Supreme Court’s opinion contradicts the 14th Amendment and the clear intent of its drafters. The court expressed concern that allowing states to enforce Section 3 could result in differing views on whether a particular person engaged in insurrection. But that is a less serious constitutional concern than subjecting the Constitution to the dangers that come with the court’s amnesty. The court could have solved that issue by simply ordering Trump off the ballot in all 50 states. It’s also exceedingly unlikely that any sitting judge would reach a different conclusion than the Colorado courts reached after a trial. The evidence was so overwhelming that Trump’s counsel did not squarely challenge the factual findings. Nor would a federal statute necessarily eliminate the possibility of different outcomes in federal courts. While the court’s concern is understandable, that is not a sufficient basis to disregard the Constitution’s plain command that an individual shall not “hold any office” if they break an oath of office to engage in insurrection. Since Congress has not granted amnesty to Trump, the court’s obligation under the Constitution was clear. It was required to, at a minimum, allow states to disqualify Trump.

Judge tosses some Trump Georgia charges in election interference case -- A Georgia judge on Wednesday dismissed some of former President Trump’s charges in the sweeping election interference case against him due to a lack of detail. Judge Scott McAfee tossed six charges total contained in the indictment, including three counts against Trump. The charges dropped against Trump notably involve his pressure campaign on Georgia Secretary of State Brad Raffensperger (R), including the infamous call in which Trump asked Raffensperger to “find” enough votes — exactly 11,779 — to overturn Joe Biden’s victory in the state. The charges dropped all relate to alleged efforts to solicit Georgia officials to violate their oaths of office. Some of the counts that were dropped also implicated Trump’s co-defendants, including former New York City Mayor Rudy Giuliani and White House chief of staff Mark Meadows. The judge’s ruling does not impact the Racketeer Influenced and Corrupt Organizations Act charge that each defendant faces and serves as the foundation of the historic prosecution. That charge wraps in all of the alleged conduct in the case, meaning prosecutors are still able to tie in the Trump-Raffensperger call despite the dropped counts. McAfee’s ruling is also not linked to the judge’s examination of Fulton County District Attorney Fani Willis’s (D) relationship with a special prosecutor on the case, which he is also expected to rule on this week.The judge ruled that while the charges do contain the “essential” elements of each crime, they fail to provide enough detail for the defendants to mount their defenses. Under the current charges, McAfee said, the defendants could have violated the law in “dozens, if not hundreds, of distinct ways.”“The Court’s concern is less that the State has failed to allege sufficient conduct of the Defendants – in fact it has alleged an abundance,” McAfee wrote. “However, the lack of detail concerning an essential legal element is, in the undersigned’s opinion, fatal.”McAfee made clear that his ruling “does not mean the entire indictment is dismissed” and said the Fulton County district attorney’s office could seek reindictment after supplementing the charges he deemed insufficient. The judge wrote that, even if the statute of limitations expires, the state will receive a six-month extension from Wednesday to resubmit its case to a grand jury. He also said prosecutors could request a certificate allowing them to appeal, which he would “likely grant” because of a lack of precedent.

Jordan threatens Fani Willis with contempt over subpoena on federal grants - House Judiciary Committee Chair Jim Jordan (R-Ohio) threatened possible contempt proceedings against Georgia’s Fulton County District Attorney Fani Willis (D) over a subpoena requesting information about her use of federal funds. Willis’s office has already sent information in response to the February subpoena, but the GOP leader complains she failed to turn over documents related to allegations from a now-terminated employee who flagged another former employee’s desire to misuse federal grant money. “We appreciate that you have produced a narrow set of documents in response to the subpoena, but your compliance with the subpoena to date is deficient,” Jordan wrote in the letter. “If you fail to do so, the Committee will consider taking further action, such as the invocation of contempt of Congress proceedings.” The allegations center on a former employee to Willis who said the district attorney fired her shortly after she raised concerns about how a Willis campaign aide-turned county employee hoped to use federal grants for items outside the scope of a youth violence and gang prevention program. It’s not clear that the federal funds in question were ultimately spent inappropriately. In a recording of the whistleblower’s conversation with Willis, the district attorney does not dispute that the other employee’s desires to spend grant money on laptops and “swag” would be inappropriate. Willis denied any wrongdoing when the subpoena was first issued in February. “These false allegations are included in baseless litigation filed by a holdover employee from the previous administration who was terminated for cause. The courts that have ruled found no merit in these claims. We expect the same result in any pending litigation. Any examination of the records of our grant programs will find that they are highly effective and conducted in cooperation with the Department of Justice and in compliance with all Department of Justice requirements,” Willis said in a statement. Her office did not immediately respond to request for comment Thursday.

Fani Willis can stay on Trump's Georgia case if Nathan Wade leaves: Ruling -- A Georgia judge ruled Friday that Fulton County District Attorney Fani Willis (D) or the prosecutor she had a romantic relationship with must step aside before her office can continue its election interference case against former President Trump and his allies. Judge Scott McAfee ruled that Willis’s once-romantic relationship with special prosecutorNathan Wade constituted an appearance of conflict of interest in the racketeering case, allowing the district attorney to still prosecute Trump if Wade departs. “[T]he established record now highlights a significant appearance of impropriety that infects the current structure of the prosecution team — an appearance that must be removed through the State’s selection of one of two options. The Defendants’ motions are therefore granted in part,” McAfee wrote in his 23-page ruling. The Trump prosecution was sidetracked by the probe into Willis and Wade’s relationship. In more than three days of hearings, defense attorneys sought to prove that Willis hired her romantic partner to prosecute Trump and has since benefited from his appointment in the form of trips they took together. The judge’s decision is a middle ground between the two sides. Trump and eight of his co-defendants argued the relationship meant the entire district attorney’s office should be thrown off the case, which would’ve hurled the prosecution into chaos. Prosecutors described the calls to step aside as baseless. McAfee’s ruling provides a pathway for Willis to still prosecute the historic election interference case, in which she indicted Trump and his allies on racketeering and other charges, contending they entered a months-long criminal conspiracy to overturn Joe Biden’s 2020 victory in the state. But to do so, her once-romantic partner will have to go. “As the case moves forward, reasonable members of the public could easily be left to wonder whether the financial exchanges have continued resulting in some form of benefit to the District Attorney, or even whether the romantic relationship has resumed,” McAfee wrote. “Put differently, an outsider could reasonably think that the District Attorney is not exercising her independent professional judgment totally free of any compromising influences. As long as Wade remains on the case, this unnecessary perception will persist.” The romance initially came to light in January court papers filed by Ashleigh Merchant, an attorney who represents Trump 2020 campaign operative Michael Roman, one of the former president’s co-defendants. Defense attorneys sought to prove Willis had an actual conflict of interest, asserting she hired her romantic partner to prosecute Trump and benefited from lavish vacations they took together using Wade’s compensation. Steve Sadow, Trump’s lead Georgia attorney, said his team will use “all legal options available as we continue to fight to end this case.” “While respecting the Court’s decision, we believe that the Court did not afford appropriate significance to the prosecutorial misconduct of Willis and Wade, including the financial benefits, testifying untruthfully about when their personal relationship began, as well as Willis’ extrajudicial MLK ‘church speech,’ where she played the race card and falsely accused the defendants and their counsel of racism,” Sadow said in a statement.

‘Trump Employee 5’ says classified docs case no ‘witch hunt’ --A Mar-a-Lago club employee at the center of former President Trump’s classified documents case said Monday the matter isn’t a “witch hunt,” pushing back on political attacks from Trump and his allies.Brian Butler, known as “Trump Employee 5” in court records, told CNN on Monday that he rejects Trump’s assertions that the criminal obstruction charges brought against him are politically motivated, and he outlined how he unknowingly participated in transporting boxes of classified documents.He described how the criminal case against Trump shook him and broke his relationship with defendant Carlos De Oliveira, who he described as a close friend.“I felt like it was a total no-win situation for me. I mean, they’re asking me questions about one of my best friends. I’m being honest. But I also have a bad feeling that what I’m saying is getting him into trouble,” Butler told CNN’s Kaitlan Collins.“Nobody should have to go through that,” he said. “And for [Trump] to get up there all the time and say the things he says about this being a witch hunt and everything. … He just can’t take responsibility for anything.” Butler described how Trump co-defendant Walt Nauta made a strange request for his help in June 2022 to move boxes of documents from Mar-a-Lago onto a waiting private jet. He said he had “no idea” that the 10 to 15 boxes he moved with Nauta and De Oliveira contained classified material. It was the same day federal investigators met with Trump’s attorneys, looking for the documents.“They were the boxes that were in the indictment, the white bankers boxes. That’s what I remember loading,” he said.Butler has turned into a key witness for special counsel Jack Smith, refusing to use an attorney supplied by the Trump legal team like Nauta and De Oliveira have. He told CNN he was the source who informed prosecutors of the alleged leak of classified information to Australian billionaire Anthony Pratt in 2021.Trump’s attorneys have long attempted to toss out and delay the classified documents case, which charges Trump with 40 felony counts, including mishandling classified information and obstruction of justice.In a filing last week, Smith fought against Trump’s defenses, claiming he is not immune from prosecution due to his status as the former president. Prosecutors have also drawn a stark difference between the case and the classified document investigation against former President Biden, arguing that Trump made “extensive and repeated efforts to obstruct justice and thwart the return of documents bearing classification markings.”

Manhattan DA seeks 30-day delay of Trump’s New York hush money trial - Manhattan prosecutors said they will not oppose delaying former President Trump’s upcoming hush money trial by 30 days after receiving thousands of new documents in recent days. Jury selection is scheduled for to begin in less than two weeks, which would mark Trump’s first criminal trial — and the first criminal trial of any former U.S. president. But the new filing from Manhattan District Attorney Alvin Bragg’s (D) office throws a curveball into the schedule, potentially pushing the trial closer to this year’s election. Judge Juan Merchan has maintained the March 25 trial date over Trump’s previous objections, and the judge must sign off on any delay. The new twist comes after Trump accused prosecutors of misconduct by violating discovery rules. Trump, who asserts his charges should be dropped altogether, wants his trial to be adjourned for 90 days at minimum. Prosecutors insist they complied with their obligations, but out of an “abundance of caution” would agree to a one-month delay after the U.S. Attorney’s Office (USAO) for the Southern District of New York turned over 73,000 pages of records in recent days. Court filings show nearly half were turned over Wednesday, and more documents are expected by next week. “Based on our initial review of yesterday’s production, those records appear to contain materials related to the subject matter of this case, including materials that the People requested from the USAO more than a year ago and that the USAO previously declined to provide,” wrote Matthew Colangelo, a senior counsel on the prosecutorial team.trump-hush-money-discovery-sanctions-motion Download (embedded here)

Hedge Fund Titan John Paulson Made $1 Billion in an Illegal Goldman Sachs Deal; Trump Is Now Floating Him for Treasury Secretary -By Pam and Russ Martens According to headlines at Bloomberg News and Reuters this morning, Donald Trump is floating the notorious hedge fund billionaire, John Paulson, to be his next Treasury Secretary. Paulson has, apparently, earned consideration for the post the same way Steve Mnuchin, Trump’s former Treasury Secretary, got the job: by raising a lot of money for the Trump political campaign. Paulson has hosted multiple fundraising events for Trump in the current election cycle and in Trump’s failed run for reelection in 2020. Paulson is the founder and President of the hedge fund Paulson & Co. On April 16, 2010, the Securities and Exchange Commission had this to say about Paulson’s business morals when it announced formal charges against Goldman Sachs pertaining to the infamous 2007 ABACUS deal: “The SEC alleges that one of the world’s largest hedge funds, Paulson & Co., paid Goldman Sachs to structure a transaction in which Paulson & Co. could take short positions against mortgage securities chosen by Paulson & Co. based on a belief that the securities would experience credit events.” Translation, Paulson helped Goldman select dogs that would default or receive credit downgrades and then made easy bets that they would.The SEC complaint goes on: “…after participating in the portfolio selection, Paulson & Co. effectively shorted the RMBS [Residential Mortgage Backed Securities] portfolio it helped select by entering into credit default swaps (CDS) with Goldman Sachs to buy protection on specific layers of the ABACUS capital structure. Given that financial short interest, Paulson & Co. had an economic incentive to select RMBS that it expected to experience credit events in the near future. Goldman Sachs did not disclose Paulson & Co.’s short position or its role in the collateral selection process in the term sheet, flip book, offering memorandum, or other marketing materials provided to investors.”According to the SEC’s complaint, Paulson & Co. paid Goldman Sachs approximately $15 million for structuring and marketing ABACUS. By October 2007, 83 percent of the bonds in the portfolio had been downgraded and 17 percent were on negative watch. By Jan. 29, 2008, 99 percent of the portfolio had been downgraded. The SEC estimated that investors lost more than $1 billion in the ABACUS deal while Paulson profited by approximately the same amount..Paulson walked free – ostensibly because he didn’t actually sell the product or misrepresent it to investors – he just stacked the deck against investors and, apparently, that’s not a big deal in the eyes of the SEC.While Paulson’s involvement in the ABACUS deal was the subject of news reporting, NYU’s Stern School of Business announced that it had received a $20 million donation from Paulson and would name “the first floor lobby of Tisch Hall and the School’s auditorium in his honor,” noting further that those areas “are prominent locations for hosting business and policy conferences as well as serve as central community hubs for students and returning alumni.”If, as Senator Bernie Sanders has correctly surmised, the business model of Wall Street is fraud, and that is now an open secret in America, then it makes eminently good sense to let students aspiring for jobs on Wall Street come and go in a university hub honoring John Paulson.It also meshes with Donald Trump’s view of American capitalism, where the skill and cunning to commit crimes and avoid prosecution renders you fit for the highest political offices.

Poll: Crypto-owning voters lean towards Trump as their next president -Voters who own crypto are leaning toward voting for U.S. Republican presidential candidate Donald Trump, according to apoll conducted by investment firm Paradigm released on Thursday. The poll found that 48 percent of crypto owners plan to vote for Trump, and 39 percent of crypto owners plan to vote for President Joe Biden. Thirteen percent are undecided. "Notably, among crypto owners, 43% recall voting for President Biden in 2020 and just 39% of crypto voters recall voting for former President Trump that year," Paradigm said. "So it appears some of the voters President Biden is now losing to Trump are owners of crypto, possibly because of actions taken by some agencies in the Biden Administration."Paradigm, alongside Public Opinion Strategies, conducted the poll. One thousand registered voters were polled online between Feb. 28 and March 4, with a margin of error of 3.5 percent, according to the release. The poll also found that 19 percent of registered voters say they have bought crypto — made up of 19 percent Democrats, 18 percent Republicans and 24 percent independent voters.

Biden resurrects 30% crypto mining tax in new budget proposal -- United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025. In a U.S. Department of the Treasury document titled “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” the administration highlighted that current laws do not address digital assets apart from broker and cash transaction reporting. Because of this, the administration wants to impose an excise tax — taxes levied on goods like fuel — on digital asset mining. The Treasury wrote:“Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”If implemented, crypto mining companies must report the amount and type of electricity they use. In addition, firms must report the value of the electricity used if they purchase it externally. Meanwhile, Miners who lease computational capacity would be mandated to report the value of the electricity of the company that leased them the capacity. The value would then serve as the tax base.According to the administration, this proposal would be effective for taxable years after Dec. 31, 2024. The government will introduce the tax in three phases: 10% in the first year, 20% in the second year and 30% in the third year.The tax would also apply to crypto mining firms that generate their own electricity. Companies that produce or acquire power “off-grid” would also need to pay a 30% tax on the estimated costs of their electricity bills.Pierre Rochard, vice president of research at Bitcoin mining infrastructure firm Riot Platforms, highlighted that even those using solar or wind power would be affected. Rochard believes this is a ploy to suppress Bitcoin (BTC) and launch a central bank digital currency (CBDC).Meanwhile, U.S. Senator Cynthia Lummis voiced opposition to the tax proposal on X. According to Lummis, while the inclusion of crypto on the budget shows that the administration may be bullish on crypto, a 30% tax would destroy the industry’s foothold in the United States.This is not the first time the Biden administration has tried implementing a 30% tax on electricity used by crypto miners. On March 9, 2023, Biden made the same attempt to tax miners in the budget proposal for 2024.

Crypto Meme Tokens Like 'Dogwifhat' Are Booming Amid Bitcoin Price Surge Crypto meme tokens like 'dogwifhat' and 'Baby Doge Coin' are booming as bitcoin surges

Crypto meme coins have surged over the past week as bitcoin has hit record highs.
Memecoins with names like "dogwifhat" and "Baby Doge Coin" are worth billions of dollars.
Listed below are the eight largest memecoins that have surged over the past week.

The boom in crypto over the past few weeks isn't just hitting the most popular tokens like bitcoin, ether, and solana. The crypto spike has now spilled over into what are best known as "memecoins," which are essentially crypto tokens that are based more on an internet joke than they are on any fundamental economic reasoning.And crypto investors are fully embracing the questionable nature of investing in a crypto token called "dogwifhat" and "baby doge coin," which is a joke token making fun ofa joke token which was making fun of crypto as a whole when it first launched in 2013.And they're being handsomely rewarded for it. These are the eight largest memecoins that have surged over the past week and are now worth collectively worth tens of billions of dollars, according to data from CoinMarketCap.

8. Baby Doge Coin -Ticker: BABYDOGE Market cap: $437.0 million
1-week gain: 41.3%
7. Memecoin Ticker: MEME Market cap: $570.1 million
1-week gain: 24.1%
6. Bonk Ticker: BONK Market cap: $2.2 billion
1-week gain: 19.7%
5. FLOKI - Ticker: FLOKI Market cap: $2.6 billion
1-week gain: 111.1%
4. dogwifhat Ticker: WIF Market cap: $3.1 billion
1-week gain: 78.8%
3. Pepe -- Ticker: PEPE Market cap: $4.1 billion
1-week gain: 43.7%
2. Shiba Inu --Ticker: SHIB Market cap: $19.0 billion
1-week gain: 4.3%
1. Dogecoin Ticker: DOGE Market cap: $25.6 billion
1-week gain: 18.4%

JPMorgan's Dimon says he will now 'defend your right to buy Bitcoin' - Jamie Dimon, best known for his criticism of Bitcoin, cited concerns about its association with illegal activities while acknowledging individuals’ right to invest in crypto. JPMorgan CEO Jamie Dimon now appears to be willing to support individuals’ right to purchase Bitcoin (BTC) following years of sustained criticism.In a recent interview with CNBC, Dimon highlighted ongoing issues surrounding crypto’s involvement in illicit activities such as fraud and terrorism. Despite these concerns, he emphasized his willingness to defend individuals’ right to purchase cryptocurrencies, although he personally seems hesitant to do so.“I don’t know what the Bitcoin itself is for, but I defend your right to smoke a cigarette, I’ll defend your right to buy a Bitcoin. I won’t personally ever buy a Bitcoin.” This marks Dimon’s second public discussion about Bitcoin this year, following his previous statement in January where he said he was done talking about crypto: “This is the last time I’m talking about this [Bitcoin] with CNBC, so help me God.” However, his latest remarks appear to contradict earlier statements, such as his assertion in December 2023 that he would shut down Bitcoin and other cryptocurrencies if he represented the American people. That statement came during a congressional hearing in response to concerns raised by Senator Elizabeth Warren, a vocal critic of cryptocurrency, regarding crypto regulation and compliance. However, as Chainalysis earlier clarified, less than 1% of crypto transactions are actually tied to illegal activities.At the time of reporting, Bitcoin is trading at $72,110, marking a year-to-date increase of over 70%, according to data from Yahoo Finance.

Bitcoin (BTC) Price Falls on Higher Inflation - Bitcoin bulls so far this year have had a respite from having to pay attention to things like the economy and Federal Reserve monetary policy thanks to the overwhelming demand for the crypto from the new spot ETFs. For the moment, at least, that appears to be changing. Thursday morning's Producer Price Index (PPI) for February was yet another data point that perky inflation is proving far stickier than most expected. The government report said PPI was higher by 0.6% last month, doubling the pace in January and also double economist forecasts. The so-called core PPI, which excludes food and energy costs, rose 0.3% in February, a slowdown from 0.5% in January, but ahead of forecasts for 0.2%. Earlier this week, the Consumer Price Index (CPI) also came in faster than anticipated, with inflation ticking up to 3.2% annually and the core rate rising to 3.8%. Previously flirting with dipping below the 4% level earlier this month, the 10-year Treasury yield has new risen to 4.30%. Alongside, the U.S. dollar has broken out a downtrend begun in mid-February to rise about 1% over the past week, including a 0.5% rise on Thursday. All things being equal, higher rates and a rising dollar tend to be a negative for risk assets like bitcoin (BTC). Expectations for far easier monetary policy in 2024 continue to be whittled back. Markets had come into the year anticipating as much as 150 basis points in Fed rate cuts in 2024, with the initial cut to come at next week's Federal Open Market Committee meeting. At this point, no one longer expects that, nor is a cut expected at the May meeting. As for June, the odds of lower rates have fallen to roughly 50%, according to the CME FedWatch Tool. After about a 70% rise in 2024 to a new record high just shy of $74,000, bitcoin was surely vulnerable to a correction and it could be that the inflation, interest rate and dollar news has given traders an excuse to lighten up. After touching $73,800 earlier Thursday morning, bitcoin slid to as low as $70,650 after the economic data. At press time it was trading at $70,900 down more than 3% over the past 24 hours. The broaderCoinDesk 20 Index was lower by just 1.7%, with gains in Solana and Dogecoin helping that gauge's outperformance.

Bitcoin's sudden 7% retreat causes over $660M in crypto liquidations - The price of Bitcoin (BTC) plunged amid a hectic day that saw crypto liquidations topped $661 million over past 24 hours, affecting nearly 200,000 traders. In early trading on March 15, Bitcoin shed 7.5% in just a few hours falling from $72,000 to $66,500.The asset rebounded slightly to reclaim the $68,000 level before getting rejected there and falling further to around $67,500, where it was trading at the time of writing, according to data from Tradingview. The price is currently 8.3% down from its March 14 all-time high of $73,737.The vast majority of liquidations, 80%, were long positions, amounting to $525.2 million in liquidations over the past 24 hours. Short position liquidations totaled $136.5 million.Crypto market capitalization has declined by 7.3% on the day to reach $2.68 trillion as around $175 billion exited the space.Crypto derivatives tooling provider Greeks Live said on X there had been a “recent change in market tempo,” on March 14. “The current narrative of ETF inflows may be starting to turn,” the firm added.Lead analyst at Australian crypto exchange Swyftx, Pav Hundal, told Cointelegraph that there could be a correction back into the low $60,000 or high $50,000 level if ETF volumes continue to decline.“What’s concerning is that Bitcoin ETF [inflow] volumes were down 48% on their 14-day average yesterday,” he added.Aggregate spot Bitcoin ETF inflows were just $133 million on March 14, the lowest they have been this month according todata from Farside Investors. “It looks like this is the drop we’ve been looking for playing out now,” wrote crypto trader and analyst “CrediBULL Crypto” to his 380,000 followers on X.This recent drop has also wiped out most of the built-up open interest (OI) in derivatives markets, he added before predicting that there was a little further to go and BTC could fall to around $63,000 to $64,000.The release of economic data in the United States this week may have accelerated the declines.Fresh PPI (Producer Price Index) data coming in above expectations fueled projections for prolonged high rates from the Federal Reserve.Meanwhile, hotter-than-expected Consumer Price Index (CPI)data earlier this week is seen to have exacerbated America’s economic woes.Stock markets in Asia also retreated on Friday after the U.S. economic data dashed hopes that lower interest rates were coming soon.

Coinbase Accuses U.S. SEC of Breaking the Law in Rejecting Crypto Rulemaking - The crypto exchange had petitioned for clear rules on digital assets, and the agency rejected the petition in December. Coinbase isn't taking no for an answer.

U.S. crypto exchange Coinbase has filed an action against the Securities and Exchange Commission, accusing the agency of behaving arbitrarily and capriciously in its refusal to tailor rules to clarify oversight of the industry.
This case is a response to the SEC's denial of the company's formal petition for rulemaking, again putting an important question for the future of crypto regulation before the courts.

Coinbase Inc. (COIN) has accused the U.S. Securities and Exchange Commission of ignoring the law when it rebuffed the company's formal petition for crypto rules, according to a filing Monday in the U.S. Court of Appeals for the Third Circuit.Lawyers for Coinbase are arguing that the securities regulator has acted arbitrarily and capriciously when it claims authority over crypto assets while also declining to write new regulations on how those assets should be treated. Instead, the agency steered its oversight of digital assets through its enforcement actions, the company argued in the opening brief of its lawsuit.When the SEC rejected the Coinbase petition in December, it didn't offer much of an explanation for why it won't write crypto-specific regulations, the exchange's lawyers are also arguing. SEC Chair Gary Gensler, who made a statement when his agency rejected the Coinbase petition, argued that the regulator has been working on crypto rules – even if they're not the rules the industry wants – and that "it is important to maintain commission discretion in setting its own rulemaking priorities."Coinbase's chief legal officer, Paul Grewal, posted Monday on X that the SEC owes the public an explanation and a chance to weigh in on how it's using its powers, saying, "if you go back and read the SEC’s perfunctory denial, you’ll be hard pressed to find an actual reason for its inaction." The company's lawsuit is aimed toward forcing that answer."The SEC demands that the industry comply with inapplicable, inapt and still-evolving securities-law requirements or else join the many companies now facing enforcement actions – including Coinbase," the company wrote in its brief. "Yet the SEC refuses to conduct the rulemaking needed to set stable standards, to show how it believes compliance with those irrelevant requirements is even possible and to provide a path to do so."While this week's latest legal challenge contends the regulator has failed to properly regulate crypto, it's not directly tied to Coinbase's epic court fight with the SEC that could eventually help steer the course of the treatment of crypto exchanges under U.S. securities law. In that case, the SEC has accused Coinbase of illegally running an unregistered exchange that lists unregistered crypto securities. One thing the disputes have in common is the SEC's unwillingness to formally define what makes a crypto security outside of the explanations the agency provides in its enforcement actions.That question isn't answered in any of the crypto rulemaking efforts the SEC offers as proof that it's already forming crypto policy. The agency has been working on a few major rules that could – if they survive potential court challenges – have dramatic effects on how the industry does business. Those rules include proposals to overhaul the SEC's definition of exchanges to rope in crypto platforms and to require that investment advisors use so-called qualified custodians to park their customers' crypto, and a rule that it recently finalized to expand its definition of dealers in a way that folded in decentralized finance (DeFi) operations.Coinbase is requesting the federal circuit court throw out the SEC's earlier denial of its petition and order the SEC to get started on new crypto rulemaking, or at least to fully explain its position.A spokesperson for the SEC declined to comment on the new suit.The SEC has spent a considerable time in court on crypto matters, and its record of judgements is – so far – a mixed bag. It lost badly in disputes with Ripple and Grayscale (leading to the approval of spot bitcoin exchange-traded funds), but it's prevailed in others, including a recent ruling in an insider-trading case tied to a former Coinbase employee. In that case, a judge in the U.S. District Court for the Western District of Washington decided the crypto assets in that matter were unregistered securities.Even as the industry follows each court outcome with keen interest, the cases – such as Ripple's – are likely to continue to move through appeals, and earlier outcomes could be reversed as the disputes rise toward potential consideration by the U.S. Supreme Court.

Grayscale, Coinbase Sit Down With SEC Over Spot Ether ETF - Grayscale and Coinbase met with the SEC on March 6 to address concerns about the conversion of Grayscale’s Ethereum Trust into a spot ETF... Crypto firms Grayscale and Coinbase recently met with United States Securities and Exchange Commission (SEC) officials to discuss a rule change for the launch of spot Ether exchange-traded funds (ETFs).Grayscale is seeking to convert its Ethereum Trust - which tracks the market price of Ether - into an ETF, similar to the conversion of its Bitcoin Trust to an ETF in January. The meeting, held on March 6, followed the end of the commenting period for the proposal and addressed concerns about possible market manipulation should the fund be approved.According to a presentation shared by the SEC, Coinbase argued that the same reasoning that led to the approval of Bitcoin ETFs should be applied to Ether since the token has “mechanisms that significantly limit ETH’s susceptibility to fraud and manipulation.”Another presentation point relates to Coinbase’s surveillance-sharing agreement with the Chicago Mercantile Exchange (CME). The mechanism was implemented for Bitcoin ETFs at the request of the SEC to improve trading monitoring.Coinbase also emphasized the correlation between Ether futures and spot markets, similar to the Bitcoin market, noted Nate Geraci of ETF Store on X.“Add-in that SEC approved CME-traded Ether futures ETFs and I’m not sure what grounds for disapproval of spot Ether ETFs would be.” Grayscale is also proposing a second ETF for Ether futures trading. The main difference between spot and futures markets is that spot market assets are traded immediately, whereas, in the futures market, contracts are made to buy or sell assets at a future date for a specific price.Some analysts have suggested that Grayscale may be using its futures ETF application as a “trojan horse” to corner the SEC into approving its spot Ether ETF.Several asset managers, including Invesco, Galaxy Digital, Fidelity, Franklin Templeton and BlackRock, are seeking the green light for a spot Ether ETF. Final deadlines for an SEC decision are expected in May. Bloomberg’s Eric Balchunas believes asset managers are still in the dark about regulators’ views on the crypto investment vehicle. “Normally I’d say this was [a] good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on BTC ETFs,” Balchunas said.

U.S. Attorney’s Office Files Civil Forfeiture Action to Return $2.3M in Crypto Tied to 37 Scam Victims -- The United States Attorney’s Office in Massachusetts filed a civil forfeiture action on Wednesday aimed at returning $2.3 million in cryptocurrency to 37 victims of online scams and fraud. The cryptocurrencies – which includes nearly 300,000 (USDC), 1.5 million (USDT), 102,000 (TRX), 3,000 (SOL), and 14,000 (ADA) – were seized from two Binance accounts in January, following an investigation last spring into a “pig butchering” scam targeting a Massachusetts resident. The victim of the scam was tricked into forking over $400,000 to the scammers, who transferred the funds to other wallets that investigators then connected to funds from the other 36 victims.The civil forfeiture action is a required step in the forfeiture process that allows third parties to make claims to the property before the funds can eventually be returned to the victims.The USAO’s action closely follows last week’s news that the U.S. Attorney’s Office in Chicago had seized $1.4 million in Tether from an unhosted virtual cryptocurrency wallet tied to a suspected tech support scam targeting the elderly.Tether voluntarily assisted with the recovery of those assets, burning the funds tied to the alleged scammers and reissuing them in other, government-controlled wallets to be returned to the victims.

US attorney seeks to reclaim $2.3M crypto from ‘pig butchering’ scheme — The United States Attorney’s Office in Massachusetts has initiated legal proceedings to reclaim cryptocurrency linked to a scheme dubbed the “pig butchering” operation, which victimized a Massachusetts resident and 36 others. The U.S. Attorney’s Office filed a civil forfeiture action on March 13 aimed at returning $2.3 million in a variety of cryptocurrencies, including USD Coin USDCUSD , Tether USDTUSD , Ether ETHUSD and Solana’s SOL SOLUSD , to the victims of online scams and fraud. A civil forfeiture action is a legal process through which law enforcement agencies seize assets, such as property or funds, that they suspect are involved in illegal activity. In these cases, the assets are considered the defendant in the legal proceedings rather than any person. Cointelegraph The cryptocurrencies, which include nearly 300,000 USDC, 1.5 million USDT, 102,000 Tron TRXUSD , 3,000 SOL and 14,000 Cardano ADAUSD , were seized from two Binance accounts in January following an investigation last spring into a “pig butchering” scam targeting a Massachusetts resident. Pig butchering is a technique in which scammers establish trust online and get the victim to invest in a crypto scheme before the victim realizes they have been defrauded. Regulators in the U.S. have warned investors of the technique and have brought charges against some bad actors. Authorities initiated an inquiry into the scheme in the spring of 2023 and disclosed that cryptocurrency had been confiscated from funds connected to 37 victims, including the individual from Massachusetts. According to the statement, the scam victim was tricked into wiring $400,000 to the scammers, who transferred the funds to other wallets that investigators then connected to funds from the other 36 victims. The United States Attorney’s Office’s action closely follows last week’s news that the U.S. Attorney’s Office in Chicago had seized $1.4 million in USDT from an unhosted virtual cryptocurrency wallet tied to a suspected tech support scam targeting the elderly. Tether cooperated willingly in the asset recovery process, destroying the funds linked to the accused fraudsters and reallocating them to alternative wallets under government supervision for restitution to the victims. In January, the Commodity Futures Trading Commission issued warnings and charged digital asset platform Debiex with fraud for allegedly using pig butchering to take $2.3 million from investors. The Financial Crimes Enforcement Network also warned investors when it issued a pig butchering alert late last year.

How a hacked Facebook scammed a follower out of $5,000 - When the Facebook page belonging to Matt Bell, a 44-year-old chef in Nashville, fills with posts about the large sums of money he has helped people make off cryptocurrency investments, one of his followers — a therapist familiar with Bell’s work in the Little Rock food scene — looks right past the red flags.To his knowledge, Bell is a savvy businessman, so when his account promises a 350 percent return in mere weeks, the therapist takes the leap.“It’s a weird process for me,” the therapist writes to Bell on Facebook Messenger in August 2023. “I wouldn’t do [it] for anyone other than someone like yourself that I trust.”The therapist — who spoke on the condition of anonymity, citing concerns that his reputation might be negatively affected — doesn’t know he is exchanging messages with a scammer who has taken over Bell’s account. Eventually, the therapist loses the $5,000 he put in and joins the ranks of consumers who in total lost more than $10 billion to fraud in 2023, according to the Federal Trade Commission, up from the nearly $9 billion lost to scams in 2022.While the therapist got ensnared in one of social media’s persistent, expensive problems, his acquaintance Bell fell victim to a Facebook hack. Hacking and being scammed are so common that law enforcement officials are growing just as frustrated as consumers. Last week, a bipartisan group of 41 attorneys general sent a letter to the top lawyer for Meta, the parent company of Facebook and Instagram, urging the company to take “immediate action” to address “the dramatic increase in user account takeovers” on its platforms.Help Desk, the personal technology section at The Washington Post, has received hundreds of emails from people locked out of their Facebook accounts with no idea how to get back in. Multiple hack victims told The Post in 2022 that they were unsuccessful in trying to connect with customer support staff over the phone and that emailed responses from customer support were often rote and unhelpful.“Our offices have experienced a dramatic and persistent spike in complaints in recent years concerning account takeovers that is not only alarming for our constituents but also a substantial drain on our office resources,” the letter states. The attorneys general go on to say they “refuse to operate as [Meta’s] customer service representatives.”

FDIC's Hill calls for more nuance in regulatory approach to digital assets — Federal Deposit Insurance Corp. Vice Chair Travis Hill Monday said federal bank regulators' slow pace in providing clarity to companies interested in utilizing blockchain and distributed ledger technology might be surrendering U.S. influence in an evolving sector of the financial industry. "While the largest banks are able to hire consultants and staff in Washington, D.C., to read the tea leaves to discern what might be approved, the message being heard by the vast majority of the industry could be interpreted as don't bother trying," Hill said. "Our goal should still be to provide as much clarity as is feasible regarding what is permissible and what we consider safe and sound [and] to the extent that we need to maintain a bank-by-bank approval process, it is critical that we provide feedback to institutions in a timely way." In 2021, the agencies issued a set of guidelines aimed at providing clarity to the public on various legal and policy questions regarding digital assets. But since then, as Hill noted, the agencies have not issued formal rules on digital assets and have required institutions to individually engage with regulators before undertaking any activities related to digital assets. In addition, Hill also argued the agencies need to distinguish between cryptocurrency and the use by banks of blockchain and distributed ledger technologies. "I do not think banks interested in the latter, insofar as it simply represents a new way of recording ownership and transferring value, should need to go through the same gauntlet as banks interested in crypto," said Hill. Hill also renewed his call for the FDIC to tackle the issue of how to classify a type of digitally recorded real-world asset known as tokenized deposits — or, fungible, digital notes that record deposit claims against a commercial bank similar to how deposit account balances function today. Hill argued the agency should take stakeholder and industry comment if it decides it needs to distinguish tokenized deposits from traditional deposits for regulatory or reporting purposes. "As financial institutions and developers around the world continue to develop blockchain and distributed ledger technologies, a poor regulatory approach to these issues presents substantial opportunity costs for bank customers and the U.S. economy, discourages institutions from investing in the future, and cedes influence to non-U.S. jurisdictions," said Hill. Hill also touched separately on the SEC's custody rule — which specifies that an entity that safeguards crypto assets should recognize such an asset on its balance sheet as both an asset and a liability. Hill said this treatment, which is different from how firms custody other types of assets — namely, off-balance sheet and considered customer property — is prohibitively onerous for banks and gives nonbank crypto exchanges an upper hand. He also thinks SEC's crypto definition is erroneously broad and could lump in tokenized real-world-assets into the accounting regime. Hill is not alone in questioning the rule. His Democratic colleague Michael Hsu, along with Fed Chair Jerome Powell, discussed in separate letters to House Financial Services member Rep. Andy Barr, R-Ky., their reservations that the rule could undermine custody banking by requiring major shifts in the custody practices at banks and bring higher costs.

Flagstar Bank paid $1 million bitcoin ransom in 2021 data breach -Flagstar Bank paid a $1 million bitcoin ransom in late 2021 to access and delete a swath of sensitive customer data hackers had compromised weeks earlier, court documents say. A professional ransomware negotiator helped Flagstar leaders make the payment to the perpetrators on Dec. 31, 2021, according to a deposition of the firm's chief information officer taken in January. That data breach, one of three the company has suffered in recent years, impacted over 1.5 million clients. A federal judge last May consolidated multiple class action complaints over the breach from consumers. The decision to pay was made by then-CEO Alessandro DiNello along with Flagstar's cyber insurance provider, the negotiator and legal counsel, Flagstar CIO Jennifer Charters told attorneys. Charters, when asked by a lawyer if she agreed with the decision to pay, said it depends on the situation. "It certainly does not help to incent threat actors by paying them money to stop, I guess, harassing you," said Charters in the deposition. "On the other hand, depending on the situation that anyone is in … I guess I'll say they want to protect information and it could be worth the cost to protect that data and information."Federal law enforcement recommends companies don't pay ransoms because, in addition to incentivizing criminals, such payments don't guarantee data recovery. While other mortgage firms have faced ransomware demands, it's unclear if they paid hackers. Neither Flagstar nor attorneys for either party responded to requests for comment Monday. The December 2021 incident came 11 months after 1.4 million Flagstar clients had their personally identifiable information ensnared in a cyberattack exploiting a file transfer software. Another 837,390 bank customers were exposed last June in a breach involving a separate file transfer software. It's unclear how many of the company's mortgage customers were involved in each incident. Filings in the Angus v. Flagstar case, the one in which Charters was deposed, say anonymous criminals infiltrated Flagstar's network on November 22, 2021, using stolen log-in credentials from a contractor. Within the following three weeks, hackers began to exfiltrate customer PII and deployed ransomware on Dec. 13. The criminals sent a ransom note via fax, and a separate email to DiNello, according to Charters' deposition. Once Flagstar negotiated the ransom payment, the response team including the third-party negotiator reached a server provided by the hackers via remote desktop access to delete the stolen Flagstar data. Plaintiffs, in countering Flagstar's motion to dismiss the complaint, wrote in a March 6 motion that it's unclear whether the exfiltrated PII was definitively deleted. "Flagstar has offered no competent evidence establishing what data was stolen and when, who stole it, and what those actors might have done with it during, and for months following, the breach," wrote attorneys for plaintiffs. Affected customers also take aim at Flagstar's post-breach monitoring of the dark web for evidence their personal information was shared. Risk advisory firm Kroll, which isn't a named defendant, didn't begin monitoring the dark web until October 2022, 10 months after the breach occurred, according to Charters' deposition. A separate expert also conducted a search on the dark web for a plaintiff's data on behalf of Flagstar, for two weeks in late 2022, and plaintiff attorneys paint his analysis as limited in scope. The identity of the culprit is also not disclosed in plaintiffs' motions, nor made clear in either public deposition excerpt. Plaintiffs are seeking class certification, unspecified damages over $5 million and to enforce numerous cybersecurity measures at the bank. No hearing nor deadline is scheduled for the case.

PPP fraud suit alleges animal abuses by factory farm - In the Paycheck Protection Program, $800 billion of loans were made to more than 10 million borrowers through banks, fintechs and the Farm Credit System. Lenders were urged to approve these loans quickly to help people affected by the COVID-19 shutdown. One unintended consequence was that fraudsters had a field day with the PPP. The Small Business Administration, which administered the program, estimates that at least 17% of all PPP funds were disbursed to "potentially fraudulent actors." Some were flashy scammers who bought themselves Lamborghinis, Ferraris and other fancy cars. But one PPP loan fraud case that's scheduled to get its first hearing in U.S. District Court in Minneapolis on March 29 stands out for an unusual reason. It highlights allegations of animal abuse pervasive in the factory farms that produce more than 99% of food in the country. The Animal Legal Defense Fund, based in Cotati, California, has brought a False Claims Act lawsuit against Northfield, Minnesota-based Holden Farms, which received a $2.57 million PPP loan that was ultimately forgiven. On a copy of Holden Farms' PPP loan application that American Banker obtained, President Blake Holden certified that the company was "not engaged in any activity that is illegal under federal, state or local law." But according to the ALDF, this certification was false. An undercover investigation completed by Animal Outlook just before Holden Farms submitted its PPP loan application found that Holden was engaged in systematic and ongoing violations of a Minnesota anti-cruelty law, the federal Swine Health Protection Act and a Minnesota anti-garbage-feeding law, according to the ALDF's amended complaint. The ALDF says these violations make Holden Farms ineligible for the PPP loan. Under the False Claims Act, a third party like the ALDF has the power to file suits on behalf of the government against those alleged to have defrauded the government. "We're sort of stepping in the shoes of the government and trying to recover money that we think was the result of a false certification to receive that money," Danny Waltz, managing attorney at ALDF, said in an interview. Holden Farms did not respond to a request for comment for this article. The case offers a reminder that PPP fraud cases are still working their way through the courts. It also shows that animal welfare law violations can be prosecuted, and lenders need to keep a watchful eye on their borrowers' compliance with such laws.

In banks' battle against deepfake fraud, we need all hands on deck - Recently, a Hong Kong-based employee of a multinational firm was tricked into paying out $25 million to fraudsters using deepfake technology to pose as the company's chief financial officer in a video conference call. While fraud has been an issue in the financial services sector from time immemorial, the industry is facing a 21st-century threat unlike any other: deepfake fraud. The incident in Hong Kong serves as a clarion call for the industry to equip itself with the tools, technologies and processes, bolstered by proactive regulatory and congressional actions, to ensure that deepfake fraud does not overwhelm global financial institutions or the economy as a whole. Deepfake technology, which uses artificial intelligence and machine learning to create hyper-realistic but fabricated audiovisual content, has evolved from a novel tool in entertainment into a potent weapon in the hands of fraudsters and nefarious actors. The recent deepfake videos of Taylor Swift that spread across social media show the darker potential of this technology. In the banking sector, where trust and security are paramount, the implications of such deepfakes are profound.The banking industry's vulnerability to deepfakes is not just a matter of potential financial loss, which in itself is substantial, but also a matter of trust. The foundational trust between banks and their clients, painstakingly built over decades, faces erosion by the sophisticated machinations of deepfake technology. Traditional security measures are increasingly inadequate in detecting these advanced forms of fraud, making the task of distinguishing real from fake a daunting and paramount challenge.In this context, know-your-customer processes become more than just regulatory compliance mechanisms; they emerge as essential safeguards. Know your customer involves verifying a client's identity at the time of account opening and periodically thereafter, especially during major transactions. This critical step, which must be radically enhanced in the era of deepfakes, helps detect and prevent fraud. Banks are required to ensure that their clients are genuinely who they claim to be, which is increasingly challenging in the new digital age.The evolution of know your customer into electronic know your customer harnesses technology for more efficient and accurate identity verification. In regions like India, where electronic know your customer has become widely implemented due to the prevalence of digital IDs, the process incorporates AI and biometrics, significantly bolstering defenses against deepfakes; liveness detection in facial recognition systems, for instance, can differentiate between a live person and a deepfake. The financial services industry must maintain its technological edge over digital gangsters, and electronic know your customer is a step forward in this effort. With an estimated $1.6 to $4 trillion laundered annually, the stakes for financial institutions in maintaining robust know-your-customer protocols are astronomically high. Enhanced due diligence, part of the know-your-customer process, requires a deeper analysis for high-risk clients, vital in the era of deepfakes. Noncompliance with these procedures not only risks heavy penalties but also severe reputational damage.Regulatory bodies must also adapt to this new threat by updating know-your-customer guidelines to specifically address deepfake risks. International standards, such as those set by the Financial Action Task Force, or FATF, should reflect these emerging challenges.Moreover, it is imperative for Congress to take decisive action in establishing robust legal frameworks that will unequivocally hold individuals accountable for perpetrating deepfake fraud. The rapid advancement of technology often outpaces the development of corresponding policymaking, highlighting an urgent need for proactive efforts in Washington to reverse this trend.Encouragingly, the recent establishment of the Bipartisan Task Force on Artificial Intelligence in the U.S. House of Representatives represents a significant step forward. Other lawmakers introduced legislation that would establish a task force focused on the financial services sector, another positive step. Thoughtful, targeted action is needed to deter and prevent deepfake fraud and stop fraudsters from undermining the banking system. But technology and policy changes alone are not the panacea. A collaborative effort is essential in this fight against deepfake threats. Banks must work closely with technology companies, regulatory authorities and each other to develop comprehensive strategies. Educating customers and employees about the risks and signs of deepfake scams is equally crucial. Such collaborative efforts ensure a unified front against these sophisticated frauds.Know-your-customer processes must evolve to integrate specific deepfake detection mechanisms. Techniques that identify minor inconsistencies in videos or audio files can be key. Major technology companies are already developing tools to analyze content for authenticity, which can be incorporated into the know-your-customer framework.The threat of deepfakes in the banking industry necessitates a proactive and robust response. This response must center around strengthened know-your-customer procedures, integration of advanced technology, updating of regulatory and legislative frameworks and fostering customer and employee awareness. As we navigate a world where seeing is no longer believing, advanced know your customer stands as a critical bulwark in preserving the trust and security fundamental to the banking industry. The Hong Kong incident is not just a wake-up call; it's a call to action.

JPMorgan Chase fined $348 million for gaps in trading venue oversight - JPMorgan Chase will pay $348 million in monetary penalties leveled by federal bank regulators over lackluster surveillance of its global trading venues.The Federal Reserve and Office of the Comptroller of the Currency announced the fines and corresponding restrictions placed on the $3.9 trillion-asset bank in enforcement actions released Thursday.Along with the penalties, JPMorgan also agreed to restrictions on adding new trading venues — an expansive term of art that includes many different kinds of trading platforms — and committed to commissioning both internal and independent third-party reviews of its trade surveillance program. The Fed and OCC examined the trading activity of JPMorgan's Corporate & Investment Bank, or CIB — which provides market-making, prime brokerage and treasury and securities products and services to corporations, financial institutions and governments — between 2014 and 2023, according to the Fed.The probe found that JPMorgan failed to monitor trades and orders placed on at least 30 global trading platforms. Specifically, the agencies flagged the bank's reconciliation processes, which are supposed to verify transactions against supporting documentation to check for authenticity.As part of its consent agreement with the regulators, JPMorgan has promised to improve its automated reconciliation systems and establish a remediation plan for when discrepancies are identified.The OCC, which supervises nationally chartered banks, is set to receive $250 million of the total monetary penalty, while the Fed, which oversees the nation's largest, global systemically important banks, will collect $98.2 million.The consent order does not represent an admission of guilt by JPMorgan Chase but does preclude any legal appeal by the bank for the issues identified in the order.JPMorgan has been signaling that a large penalty would be imminent for months. In November, the bank told investors that a probe of its trading operations by a then-unnamed regulator could result in a fine. In its annual report to the Securities and Exchange Commission, known as a 10-K filing, in February the company disclosed that the investigation involved two regulators and would cost roughly $350 million in fines. JPMorgan was not immediately available for comment. In that filing, the bank said it "self-identified" that certain trading data was not feeding into its surveillance system, but noted that a review of the data that was not surveilled showed no employee misconduct or harm to customers or the broader market. Yet, the volume of activity that went unchecked was not trivial. Billions of dollars of trading activity involving JPMorgan was improperly monitored dating back to at least 2019, according to the OCC's action. "While the identified gaps represent a fraction of the overall activity across the CIB, the data gap on one venue, which largely consisted of sponsored client access activity, was significant," the bank stated in its February filing. "The firm is dedicated to maintaining rigorous controls and continuously enhancing the reliability of its trade infrastructure."In the filing, the bank noted that it was also engaged in "advanced negotiations" with a third regulatory agency, but noted that "there is no assurance that such discussions will result in a resolution."The penalties leveled against JPMorgan were the first banking-related fines against the company since 2020, when the OCC dinged it for $250 million over issues relating to the bank's ability to manage conflicts of interest in its fiduciary services business. That same year, JPMorgan was also hit with a $920 million fine from the Justice Department and Commodity Futures Trading Commission for illegal trades of Treasuries and precious metals futures.

BankThink: Gaming out regulators' next moves on Basel | American Banker — A "fork" in chess is a brilliant little tactic whereby a single piece is attacking two opposing pieces at once, forcing one's opponent to choose between losing one piece or the other. Federal banking regulators in general, and the Federal Reserve in particular, have played themselves into a similar posture with respect to their Basel III endgame rulemaking process. There is more than one way forward, but choosing the best one entails the kind of careful weighing of options, advantage and countermoves that could make any grandmaster sweat. To briefly recap, the Basel III endgame (née Basel IV) rules were finalized despite considerabledebate and delay almost a decade ago and then remained untouched until the confirmation of Michael Barr as vice chair of supervision at the Fed, soon after which occasion Barr made known that the Basel rules would be on the near-term agenda and would entail higher rather than lower or neutral topline capital standards for banks.Those standards were presumably being hashed out in the background over the next many months until the abrupt failures of Silicon Valley Bank and Signature Bank in March of 2023 and the brokered failure of First Republic in May. The Basel rules were then seemingly fast-tracked and framed as at least a partial policy response to those failures and were proposed tomixed reviews less than three months after First Republic's failure. Between uncommonly intense opposition from the banking industry and Republicans, skepticism from moderate Democrats and an unclear majority on the Fed Board for passage, it seems clear that the sharper edges of the final rule will have to be sanded down considerably from what was initially proposed.The question, then, is whether regulators are able to reengineer the proposal such that a critical mass of approval can be attained and the rule can be finalized, or whether the entire enterprise — and the all-important regulatory clock — will have to be restarted. Nominally, the administration would prefer to finalize the rule so as to avoid the possibility of it either being struck down via Congressional Review Act resolution or placed back in regulatory cold storage if the administration changes after November. Conversely, banks and Republicans would prefer it to be re-proposed to encourage such an outcome. But there are long-term risks to both sides of this policy were they to prevail in achieving their preferred short-term outcome. Likewise, plowing ahead with the rule with a bare majority would inevitably lead to continued backlash and perhaps contribute to a perception of the Fed as out of touch, weakening the institution at a moment when it has a realistic chance of generating popular goodwill if growth remains high and a soft landing is ultimately achieved. There is, in other words, good reason to keep this affair from getting any messier than it absolutely has to be. A more prudent approach — at least as it seems to me, looking from the outside in — would be to calibrate the proposed rule such that its interlocking parts fit more comfortably together and amongst the rest of the bank capital apparatus. If that results in a more modest increase in capital — say, somewhere between what has been finalized in the U.K. and EU — that's an outcome that a sizable portion of the banking community would probably be able to live with. That may or may not stop litigation, but it would certainly make banks think twice about undertaking the time and expense of fighting the rule in court. Taking that road accomplishes a few things. For one, it would require large firms to account for unrealized losses in their available-for-sale securities, a relatively noncontroversial aspect of the rule in light of last year's bank failures. It would also put Basel III in the rearview mirror, completing an early agenda item for the administration. And if the ultimate goal of regulators is to raise capital requirements for the largest banks — an idea that has been around for a long time — it would allow regulators to live to fight that fight another day. Whether such a deal is feasible depends on the state of negotiations at the Fed, but I suspect that it could be had. Fed Chair Jerome Powell said last week that re-proposal is "plausible" but not necessarily inevitable. What would make it inevitable is if the sticking points are about fundamental problems in the models and assumptions themselves — if a satisfactory final rule would require the creation of new frameworks out of whole cloth. But if it is a matter of magnitude rather than method, both sides would benefit from getting to yes. Failing to do so, by contrast, could result in a checkmate.

Banks knock FDIC over growing tab for last year's failures -One year after Silicon Valley Bank and Signature Bank failed in the span of three days, big banks are miffed about their growing tab from last March's wild weekend. The gripes stem from decisions made between March 10-12, 2023, when the Federal Deposit Insurance Corp. stopped deposit runs by taking over the two banks and declaring a systemic risk exception to ensure that the vast quantities of uninsured deposits at those failed banks were covered. Bigger banks are largely responsible for paying for the failures under a process that banks say isn't transparent and is turning out to be more expensive than they thought. Last month, the FDIC increased the banks' tab to $20.4 billion, up from a prior estimate of $16.3 billion. Bank lobbying groups say it's the latest sign of the agency seeming not to care about keeping banks' costs low. "The full story of what the FDIC has been doing, or failing to do, over the past year is long overdue," the Bank Policy Institute, a trade group that represents large banks, said in a statement last week. The FDIC says the costs tied to the SVB and Signature failures were always subject to change as the agency went through the nitty-gritty of unloading those banks' assets. The agency also says that it has worked to maximize returns on the failed banks' asset sales and that its rapid actions helped avert a broader and costlier bank panic. The debate involves the "special assessment" that the FDIC is charging banks after the agency took the unusual step of covering the two failed banks' uninsured deposits, rather than just their FDIC-insured deposits. The agency invoked a so-called systemic risk exception to cover the uninsured deposits in an effort to ensure that the two banks' corporate customers could make their payrolls the following week and prevent a deeper crisis of confidence in the banking system. The FDIC estimated the cost of covering those deposits and resolving the banks at $16.3 billion when the agency finalized its special assessment in November. The charge was spread between some 114 banks that were selected because they held a certain level of uninsured deposits. This year, however, the FDIC told those same banks that the cost has risen to $20.4 billion. Karen Petrou, the co-founder of the consulting firm Federal Financial Analytics, said the $4 billion difference is a "very significant mistake" that calls into question the FDIC's credibility in gauging the costliness of bank resolutions. "When an agency gets something this wrong, it's not unreasonable for those picking up the tab to ask," Petrou said. The agency has been gradually getting rid of certain assets that First Citizens Bank and New York Community Bancorp did not acquire when they bought many of the remnants of the two failed banks. First Citizens bought much of SVB, and New York Community acquired parts of Signature. In the Signature case, the FDIC has sold chunks of the failed bank's rent-controlled multifamily portfolio, as well as other commercial real estate loans. But it has avoided getting rid of the assets quickly, fearing that a fire sale might sharply drive down prices, making the failures more costly to banks and adding to existing stresses in the real estate market. Still, the $4 billion increase in costs to banks may be a sign that the FDIC's asset sales are fetching more discounted prices than the agency once anticipated.

A year post SVB's collapse, lawmakers keep up pressure on regulators — Almost exactly a year after the failure of Silicon Valley Bank, two lawmakers from opposing sides of the aisle have offered different criticisms of regulators responses to the crisis. Sen. Bill Hagerty, R-Tenn., sent a letter on Sunday asking Federal Deposit Insurance Corp. Chairman Martin Gruenberg about its sale of part of the loan portfolio of Signature Bank, which failed a few days after Silicon Valley Bank and received a systemic risk exception from federal regulators. Hagerty suggested that the bid chosen by the FDIC might not have been the highest offer submitted. The FDIC is required to choose the least costly offer to the deposit insurance fund, which is the pot of money that the FDIC uses to resolve failed banks. "My concerns about this sale are heightened by the level of political attention it has attracted," he said. Hagerty cited a letter from New York City Mayor Eric Adams to the FDIC endorsing the bid submitted by Related Fund Management, which eventually won out among other competing bids. "Under no circumstances should a bid be selected because it is politically favored or because a bidder — in this case, Community Preservation Corp. — professes commitments to progressive political causes," he said. On the same day, Sen. Elizabeth Warren, D-Mass., wrote a letter to all three prudential banking regulators, urging them to tighten capital and liquidity requirements, stress tests and resolution planning for banks with more than $100 billion in assets.Particularly, Warren said she's concerned about the large regional bank category, which saw their requirements somewhat loosened with a 2018 law that allowed regulators to tailor capital requirements for banks in the $100 billion to $250 billion asset range. After the failure of Silicon Valley Bank, President Joe Biden urged bank regulators to reinstate some of the requirements that previous administrations rolled back. "I strongly support your agencies' work to finalize the Basel III rule to strengthen capital requirements for the biggest banks," Warren said. "In addition to this effort, I also urge you to follow through on the commitments you made in March 2023 to implement President Biden's request for stronger capital and liquidity requirements, stress tests, and resolution planning for banks with at least $100 billion in assets."

OCC's Hsu says agencies eyeing new operational risk standards for banks — Acting Comptroller of the Currency Michael Hsu said Tuesday regulators are working on baseline operational risk standards for large banks' "critical operations" and contingencies related to third-party service providers. Hsu's remarks — delivered to a crowd at the Institute of International Bankers' Annual Conference in Washington, D.C. — shed light on the increasing complexity of banking today and the associated operational risks. Hsu noted such a rule would be issued with input from interested parties including the banking industry though a notice-and-comment process under the Administrative Procedure Act."Such baseline requirements could include establishing clear definitions for identifying critical activities and core business lines; defining tolerances for disruption; requiring testing and validation of resilience capabilities; incorporating third-party risk management expectations; stipulating clear communication expectations among stakeholders and counterparties; and addressing expectations for critical service providers, with emphasis on governance and risk management expectations," Hsu said.Operational resilience refers to the durability of a bank as it undergoes disruptions in the continuous functions of its business. Examples of operational disruptions vary from outside factors like extreme weather events to personnel errors like insufficient risk management or data breaches. Regulators — and the OCC in particular — have raised the issue as a priority over the last year, including fining City National bank last month for insufficient operational risk controls. One of the Biden administration's regulators' major efforts — an embattled capital reform proposal dubbed Basel III endgame — also requires banks to put up additional capital as a buffer against operational risk.In October 2020, the banking agencies issued an interagency paper consolidating standing guidance for banks on operational risk. In 2023, the agencies issued interagency guidance on third-party risk management, a crucial component of operational risk mitigation. The OCC's December 2023 Semiannual Risk Perspective also prioritized tackling operational risk in the year ahead as a regulatory priority. While the agencies have provided guidance on operational risk, Hsu suggested enforceable regulations could more sufficiently account for risks in banks' particularly "critical operations." A major issue to tackle in any proposal, he says, will be defining which systems are considered critical as well as how regulatory expectations will scale according to the kind of operational incident involved. "The provision of banking services increasingly resembles global manufacturing supply chains, with their efficiencies, complexities and vulnerabilities," Hsu noted. "The threat surface for disruptions expands, and as authorities in other jurisdictions begin implementing their rules to ensure operational resilience, we are assessing and working with our interagency peers to develop the right approach here in the U.S."

Wall Street Mega Banks Have Drawn a Law-Free Zone Around Themselves – The Media Is Complicit - By Pam Martens --From revoking the American people’s right to a jury trial in matters involving Wall Street; to brazenlythumbing their nose at anti-trust law; to trading the stock of their own bank in the darkness of their own dark pools; to forming their own stock exchange; to committing serial felonies without being criminally prosecuted or having their bank charters revoked – Wall Street mega banks have drawn a law-free zone around themselves and are more dangerous today than they have ever been in U.S. history. The most dangerous eras for the American people versus Wall Street mega banks have been the late 1920s and 1930s; 2007 to 2010; and today. We know that today is the most dangerous era because we read 12,000 pages produced by the Senate Banking Committee of the early 1930s on the Wall Street corruption in the late 20s and 30s; we read every government report produced on the causes of the crash of 2008 and its aftermath, as well as every important book on the subject; and we have personally chronicled at Wall Street On Parade the unprecedented corruption of the Wall Street mega banks since 2008.One key factor stands out in our mind as to why today’s Wall Street mega bank era is so much more corrupt and dangerous than earlier times: the failure of mainstream media to do its job.For the past decade, mainstream media has failed to adequately report to the American people the activities of the Wall Street mega banks and the insidious role of the Federal Reserve in being their secret bailout kingpin. Consider what happened with the Fed’s so-called repo loan bailouts in the last quarter of 2019.On September 17, 2019 the overnight repo loan rate spiked from an average of about 2 percent to 10 percent – signaling that one or more important Wall Street firms were in trouble. The repo loan market is an overnight loan market where banks, brokerage firms, mutual funds and others make predominantly one-day loans to each other against safe collateral, typically Treasury securities. Repo stands for “repurchase agreement.” When firms back away from lending to each other, someone is in trouble and spreading fear of the kind of contagion that occurred in 2008. Because the repo market dried up, the Fed effectively became the repo loan market on September 17, 2019. It exponentially grew the amount of emergency repo loans it was making over the following months. And, instead of just making the customary overnight loans, the Fed also added loans lasting for weeks, up to 42-day loans in some cases. The dollar amounts of the Fed’s repo loans grew to staggering levels. On October 24, 2019, we reported the following: “The New York Fed will now be lavishing up to $120 billion a day in cheap overnight loans to Wall Street securities trading firms, a daily increase of $45 billion from its previously announced $75 billion a day. In addition, it is increasing its 14-day term loans to Wall Street, a program which also came out of the blue in September, to $45 billion. Those term loans since September have been occurring twice a week, meaning another $90 billion a week will be offered, bringing the total weekly offering to an astounding $690 billion. It should be noted that if the same Wall Street firms are getting these loans continuously rolled over, they are effectively permanent loans. (That’s exactly what happened during the 2007-2010 Wall Street collapse: some teetering Wall Street casinos received, individually, $2 trillion in cumulative loans that were rolled over for two and one-half years – without the authorization or even awareness of Congress or the American people. One bank, Citigroup, received over $2.5 trillion in Fed loans, much of them at an interest rate below 1 percent, at a time when it was insolvent and couldn’t have obtained loans in the open market at even high double-digit interest rates.)”The names of the banks receiving the repo loans in 2019 remained secret from the American people for two years. When the stunning data was finally released by the Fed, it received a total news blackout by mainstream media. We have never seen anything that unprecedented in our 40 years of working on Wall Street or covering Wall Street on this website. The names of the banks in desperate need of cash in the fourth quarter of 2019 included some of the biggest and most iconic names on Wall Street.The Fed’s cumulative repo loans for the fourth quarter of 2019 on a term-adjusted basis came to $19.87 trillion, based on the data the Fed released two years later. Just six trading units of the Wall Street mega banks received 62 percent of the $19.87 trillion: Nomura ($3.7 trillion), JPMorgan ($2.59 trillion), Goldman Sachs ($1.67 trillion), Barclays ($1.48 trillion), Citigroup ($1.43 trillion), and Deutsche Bank ($1.39 trillion).

Regulators are taking on nonbanks — a little bit at a time — The 2008 financial crisis amply illustrated the potential for nonbank financial firms to pose a risk to the broader financial system. But the increasing growth and interconnectedness of those firms is compelling regulators to rely on the limited tools they have to check that risk. Ian Katz of Capital Alpha Partners, says regulators are keeping a watchful eye on the expanding connections between banks and the alternative asset management sector. "I think this has been building gradually for a long time," said Katz. "More financial activity has moved outside the banking sector in recent years, and a lot of that activity isn't under direct federal oversight." Evidence from a Financial Stability Board publication in 2023 showed nonbanks' market share has grown since 2008. FSB estimated that nonbanks collectively have more than $200 trillion in total assets and account for about half of the global financing activities — a higher level than during the financial crisis. Katz noted that while bank regulators cannot directly oversee other sectors, they can engineer solutions that protect the banking sector from nonbank exposure. "[Regulators] believe that non-banks don't operate under the same tough regulations they face, and it's a fair point that banks are regulated more strictly than non-bank financials," Katz wrote. "At the very least, the bank regulators want to keep the riskiest and sketchiest stuff away from the banks they oversee." Regulators' strongest tool to reign in risks from nonbanks is housed with the Financial Stability Oversight Council, an interagency commission created by Dodd-Frank tasked with identifying and curtailing risks to the broader financial system. While its power to designate nonbanks systemically risky — thereby subjecting such firms to enhanced prudential standards similar to those big banks face — was weakened throughlitigation and by regulation during the Trump Administration, FSOC reclaimed its designation power last year. But David Portilla, a lawyer at Davis Polk and former FSOC staffer argues that may not reduce the risks posed by nonbanks overnight. "There doesn't seem to be an indication that the FSOC is working on entity designations in regards to the asset management industry," said Portilla. While entity-level designations don't appear imminent, Katz notes that regulators still can exercise some limited indirect power to hedge risks from nonbanks.

BankThink: Credit unions' top regulator sounds the alarm. Is Congress listening? | American Banker -- America's credit unions have long held a unique place in our financial system for their mission of service, as well as the cooperative principles they embody. Credit unions themselves often evoke their humble beginnings as institutions rooted in close-knit communities where neighbors help neighbors. But those days have long passed. Recently, a CNN investigative report regarding discriminatory lending practices at the country's largest credit union, as well as other revelations about credit union business activities, havecaused serious consternation among the movement's ranks and within policymaking circles. More than 70 members of Congress have requested information from federal regulators andNavy Federal Credit Union following CNN's bombshell report. House Financial Services Committee Ranking Member Maxine Waters, D-Calif., and six colleagues have even called for a congressional hearing. This type of oversight is long overdue. While lawmakers gather information on this situation, it's worth noting that Congress hasn't held a hearing on the $2.2 trillion credit union system in nearly 20 years. And the industry's list of problems is long — and growing. Last month, National Credit Union Administration Chairman Todd Harper summed it up neatly at a Brookings Institution event: "There is this myth within the credit union system that because credit unions are owned by their members, they're always going to do right by their members."And in a stark departure for the NCUA, which has often been viewed as an advocate for those it regulates, he proclaimed, "The people who manage the credit union, their interest doesn't always align with that of the members."To that end, Chairman Harper announced that credit unions with more than $1 billion in assets — a group that holds approximately 90% of credit union assets — will soon have to report revenue from overdraft and nonsufficient funds fees, like banks of comparable size must do. America's 140 million credit union members will benefit from this increase in transparency. The chairman doubled down and addressed another hot button topic: bank acquisitions. He asserted, "When a credit union acquires a bank … why is it that on the bank side of the ledger there is a separate consumer compliance exam with a separate consumer compliance score that is done every 3 years, and that's not done on the credit union side?" He added, "We're working to fix that problem." And on the perplexing phenomenon of credit unions purchasing stadium naming rights? Harper remarked, "If I were on a credit union board, I would be advocating that rather than spending that money necessarily on naming rights, I'd be pointing it in the direction of what can we do to lower the prices of our loans and increase the service to our members."

CFPB says bank engaged in 'forum-shopping' to fight $8 late fee rule -- With $10 billion in late fee revenue on the line, credit card issuers and the Consumer Financial Protection Bureau are duking it out in a Texas court over the fate of the bureau's $8 credit card late fee rule, which will be decided by the same judge that overturned the Affordable Care Act in the Obama administration. On Tuesday, the CFPB claimed the credit card industry engaged in "forum shopping," in which litigants go to considerable lengths to bring their suits before sympathetic judges. The CFPB asked U.S. District Judge Reed O'Connor to deny a request for a preliminary injunction by six trade groups that sued the bureau last week to block the late fee rule from going into effect.The bureau's response comes just days after the Judicial Conference of the United States, a policymaking body for the federal courts, announced a new policy to assign civil cases randomly to address concerns about "judge shopping." The CFPB said in its brief that the Fort Worth Chamber of Commerce lacked standing in Texas and claimed that Synchrony Bank — a $106 billion-asset bank based in Stamford, Connecticut, and chartered in Utah — had only recently joined the group in order to get the lawsuit filed in Texas, a district considered favorable to the banking industry. The CFPB urged the judge to dismiss the case for improper venue or, alternatively, to move the case to Washington D.C. "Far-flung entities cannot just pay membership fees to an association in their venue of choice to gain access to that venue," the CFPB said in its motion. "Only one Plaintiff resides in this District, the Fort Worth Chamber of Commerce. But the Fort Worth Chamber — suing on behalf of its members, only one of whom is named, Synchrony Bank of Draper, Utah (apparently, a recent addition to its roster) — lacks standing and, therefore, cannot provide the foundation for venue in this Court. The other Plaintiffs are associations headquartered in Washington, D.C., or other parts of Texas. And those other Texas groups identify zero members with standing." The Fort Worth Chamber of Commerce did not respond to repeated inquiries. A spokeswoman for Synchrony declined to comment.The CFPB's $8 late fee rule issued earlier this month applies only to the largest 30 to 35 credit card issuers. The CFPB said that because the trade groups that oppose the rule are based in the District of Columbia, the case should be moved out of Texas. "Put simply, this case — about a consumer protection rule issued in Washington and applicable to a small number of large card issuers, not one of which appears to be based in this District — does not have an adequate connection to this District for venue to be proper," the CFPB motion said.In addition to the Fort Worth chamber, the five other trade groups that sued the CFPB are the U.S. Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association, the Longview Chamber of Commerce and the Texas Association of Business. The U.S. Chamber of Commerce is expected to file a reply brief later Thursday. The judge could rule within a week, according to some experts.

Judge recuses himself in lawsuit over CFPB's $8 credit card late fees - A Texas judge has recused himself from a case challenging the Consumer Financial Protection Bureau's $8 credit card late fee rule. On Thursday, U.S. District Judge Reed O'Connor recused himself from the case in which the U.S. Chamber of Commerce and five other trade groups are seeking to halt the late fee rule from going into effect. The CFPB has accused the trade groups of "forum shopping" for filing the case in the U.S. District Court for the Northern District of Texas, where judges are considered favorable to industry. Judge Mark T. Pittman, a Trump appointee, replaced Judge O'Connor, and is expected to decide soon whether to grant the trade groups a preliminary injunction to keep the late fee rule from going into effect. Pittman has ruled against the Biden administration in several major cases, most recently in finding this month that a federal agency serving minority businesses could notdiscriminate against White business owners. He also struck down President Biden's student loan forgiveness program in 2022. The litigation over $10 billion in late fee revenue is expected to be decided soon, in part, because the CFPB has already been found to be unconstitutional in the U.S. Court of Appeals for the 5th Circuit that covers Texas, Louisiana and Mississippi. In 2022, three judges on the 5th Circuit ruled that the CFPB's funding structure violates the Constitution's structural separation of powers. The Supreme Court is expected to rule by June on whether the bureau's funding structure is unconstitutional, and Judge Pittman could stay the rule until that decision, which is expected by June at the latest. On Thursday, the CFPB argued that one of the trade groups, the Fort Worth Chamber of Commerce, lacked standing. The bureau said the case should be moved from Texas to the District of Columbia, where most of the trade groups and the CFPB are headquartered. In rebuttal, the U.S. Chamber said in its motions Thursday that many credit card issuers have customers in Fort Worth who would be adversely affected by the $8 late fee rule.

BankThink: CFPB's latest overreach threatens to nationalize consumer finance | American Banker -- In a bold move that may reshape the U.S. consumer finance landscape, Rohit Chopra's Consumer Financial Protection Bureau has issued Consumer Financial Protection Circular 2024-01, marking a significant overreach into how Americans access financial services. This circular scrutinizes digital intermediaries, such as comparison-shopping tools and lead generators, dictating how they should operate and penalizing their business models. This step hints at a future where the federal government might not just regulate but effectively dominate the consumer lending sector. At its heart, this directive places digital intermediaries under intense scrutiny, particularly for prioritizing financial products based on compensation: With the current financial services model, lead generators create a pipeline of potential customers, and these would-be borrowers are "sold" to the highest-bidding lender. At issue is Chopra's arbitrary determination that this model is allegedly not conducive to the consumer's best interests.Under the CFPB's proposition, the approach risks transforming the federal government into the ultimate decision-maker in consumer banking, molding the CFPB to compete directly with the private sector. Make no mistake: The CFPB is positioning itself to inevitably take the place of the private sector entirely. The federal government would effectively control the entire market by controlling the flow of customers. This unprecedented move could fundamentally alter the dynamics of consumer finance, sidelining the principles of free market competition and stifling the innovation that drives the development of new and effective financial solutions.Moreover, the CFPB's expansive definition of "abusive practices" within this circular grants the agency far-reaching power to intervene in the operations of these platforms. Such regulatory overreach is poised to induce a chilling effect across the sector, stifling the innovation and competition that benefit consumers. Chopra is explicitly targeting certain financial products or services by attacking the consumer pipeline. This leads to digital platforms scaling back their offerings or becoming overly cautious to avoid regulatory repercussions. The compliance burden and decreased competition force businesses to adjust their pricing models, paradoxically limiting consumer choice and inflating costs. That's not good for business, and it's not good for the consumer.There is also reason to doubt the CFPB's ability to protect the data the new circular would require companies to report. Last year, when I attempted to file a complaint against the CFPB for a significant data breach — where the personal information of over 250,000 consumers was compromised — my efforts revealed a convoluted and ineffective process, highlighting a glaringaccountability gap within the bureau.This incident not only underscores the CFPB's challenges in safeguarding sensitive information but also raises serious concerns about its capability to manage the vast amounts of data it seeks to regulate. If the agency struggles to protect consumer data, how can it be entrusted with an even broader mandate to oversee and regulate digital financial intermediaries?The notion that a government agency can more effectively determine the financial products that best serve consumers than the free market itself is radically misguided. It undermines the consumer's ability to make informed decisions and the market's capacity to self-regulate through competition and innovation. By positioning itself as the gatekeeper of consumer financial transactions, the CFPB risks pushing us toward a de facto nationalization of consumer finance, which serves neither the market's nor the consumer's best interests.The CFPB's latest move represents regulatory overreach and a direct assault on the American economy's free market principles. It threatens to solidify government control over consumer lending, dampening competition and innovation to the detriment of the consumers it aims to protect. We must reconsider this trajectory and advocate for policies that preserve market dynamics and foster an environment where innovation and consumer choice are paramount.

Senators urge FDIC to act on pending ILC applications - Both Republican and Democratic-aligned Senators Wednesday sent a letter to the Federal Deposit Insurance Corp. Wednesday asking the agency to fairly consider Industrial Loan Company Applications. The bipartisan letter obtained by American Banker, led by Sen. Mitt Romney, R-Utah, included members from states — like Nevada, Utah and Michigan — which either have multiple ILC charters or notable pending applications. "The FDIC should evaluate all ILC applications based on the existing laws and regulations that currently apply to all FDIC-insured banks [and] in the event an application does not satisfy the criteria for approval, the agency should provide specific feedback to the applicant that references the relevant statute or regulation," the letter said. "Action on a pending application should not be delayed indefinitely without a clear explanation to the applicant of the required steps to allow the review process to proceed." Senators Catherine Cortez Masto, D-Nev.; Susan Collins, R-Maine; Kyrsten Sinema, I-Ariz.; Bill Hagerty, R-Tenn.; Angus King, I-Maine; Marsha Blackburn, R-Tenn.; Jacky Rosen, D-Nev.; Mike Lee, R-Utah; Gary Peters, D-Mich.; Debbie Stabenow, D-Mich. and Pete Ricketts, R-Nev., joined Romney in the letter. The Senators not only pointed to the FDIC's lack of experience in reviewing applications, but also argued that skepticism towards ILCs is unfounded. "A July 2021 report found that compared to other financial institutions, ILCs have historically enjoyed a greater return on assets while maintaining higher capital levels," the letter noted. "In addition to strong financial performance, the industry has successfully weathered financial shocks such as the 2008 Financial Crisis and the COVID-19 Pandemic without an institutional failure leading to losses to the Deposit Insurance Fund." ILCs are a unique state banking charter regulated and insured by the FDIC. Like traditional banks, ILCs offer various loan types and deposit accounts. Unlike traditional bank holding companies, parent companies of ILCs are exempt from the Bank Holding Company Act granted they refrain from offering deposit accounts on demand. ILCs get around this by opting for negotiable order of withdrawal accounts which, unlike checking accounts, technically give the depository the right to require a week's notice to transfer funds, even though in practice ILCs can voluntarily transfer funds on demand. Opponents of the charter suggest the BHCA exemption allows ILCs to blend banking and commerce, contrary to U.S. legal doctrine that historically separates the two. In the early 2000s, big U.S. corporations like Walmart and The Home Depot attempted to acquire ILC charters, which elicited backlash over concerns their entry into banking would quash competition. The FDIC paused ILC charter approvals from 2006 to 2008, and again as part of a provision in the Dodd-Frank Act from 2010 to 2013.In March 2020, the FDIC granted approval for two new ILC applications — after years of consideration and approved new parameters for consideration of future ILC applications.Romney has been a long-time advocate for this kind of charter, with Utah being the home of the vast majority of existing ILCs. Dearborn, Michigan-based Ford — which has long sought an ILC charter — reapplied in 2022, though its application remains pending.

BankThink: For bankers facing the new CRA rule, it's time to 'Fight the Fed' | American Banker - "Don't fight the Fed!" Good advice for investors, but bad advice for bankers facing the most complicated and convoluted regulation in the history of American banking.Banking trade groups and Texas bankers took the courageous but necessary step of legallychallenging the Federal Reserve's politically motivated Community Reinvestment Act final rule. Good public policy means fair lending and fair banking, but neither is possible with unfair and politically tainted regulations preventing banks from meeting the needs of their communities and shareholders.It is fitting this litigation is during a deeply divided election year. For the first time, CRA has become a political football. The major overhauls first in the Trump CRA and then the Biden CRA, while wildly different, were totally unnecessary. CRA only needs to be modernized for digital banking to prevent weblining, modern day redlining by branchless banks.CRA was working fine since its last major 1995 reform, which Senator Bill Proxmire, the "Father of CRA," supported. That 1995 "Proxmire CRA" stood the test of time and results in about $500 billion of annual community benefits, $100 billion of community benefit agreements with merging banks and a 98% CRA exam passing rate.While working fine for communities and most banks, it was not working fine for two ex-bankers who former President Trump tapped to run the Treasury Department and its Office of the Comptroller of the Currency. They came to Washington with a CRA chip on their shoulder as a result of tremendous community group difficulties involving the purchase and sale of their former bank, IndyMac/One West.They obediently followed Trump's deregulation agenda but attacked the wrong reg. According to a Fed study at that time, the Bank Secrecy Act was, by far, the No. 1 most burdensome regulation. CRA was far down the Fed's regulatory burden list at No. 6.Trump's get-CRA regulators used the "modernization" excuse to reform CRA by issuing anAdvanced Notice of Proposed Rulemaking, or ANPR, in August 2018; an NPR with the FDIC in December 2019; and the final "Trump CRA" rule (without the FDIC) in May 2020.Unlike the 1995 reform where all regulators eventually worked together, the Fed was noticeably absent and came out with its own ANPR in September 2020. The Fed's CRA architect, a "liberalish" Democrat and supporter of President Biden, reportedly desired to runTreasury and the Fed. Biden didn't give her either job but instead made her Fed vice chair and later head of his National Economic Council in the White House. He then appointed a politically savvy academic, who served in two previous Democratic administrations, as the Fed's new CRA czar. Biden cemented his Fed ties by reappointing the current Fed chair and appointing the formerFed chair to head Treasury who, in turn, appointed a former Fed official to run the OCC. It is nosecret that for every Republican economist at the Fed, there are more than ten Democrats. The Biden-influenced, re-regulating and some would say "woke" Fed became the new alpha regulator, and Trump's CRA was rescinded in December 2021. The Fed issued a joint NPR in May 2022 based on the previous ANPR, and the final "Biden CRA" rule was released in October 2023, with the OCC and FDIC compliantly tagging along.Not surprising, the only former banker on the Fed and two FDIC directors, all Republicans, strongly opposed the Biden CRA's cost/benefit and other unintended consequences.CRA had become just another brick in the polarizing political wall.

CBO report pegs $6.9B government subsidy to Federal Home Loan banks -- The Congressional Budget Office has estimated that the government subsidy provided to the Federal Home Loan banks amounts to $7.3 billion — $6.9 billion of which is in the form of the Federal Home Loan banks' "implied guarantee" of its bonds. The bipartisan CBO said in a report released last week that the Home Loan banks' so-called "implied guarantee" — the perception among bond investors that the federal government will back the system's debt in the event of a default — is the largest component of the federal subsidy, pegging its value at $6.9 billion to the government-sponsored enterprise.The Home Loan banks also are exempt from federal, state and local taxes, and from registration requirements with the Securities and Exchange Commission, which reduces the system's operating costs by another $900 million, the CBO said. In addition, each of the 11 regional Home Loan banks is required by statute to give 10% of earnings to affordable housing, which amounted to $350 million last year. The report provides fodder for critics that claim the little-known system, created in 1932 to support mortgage lending after the Great Depression, receives billions in subsidies and generates outsize profits for its members while providing far less support for its mission of affordable housing. "There is a very real government subsidy backing this system," said Kathryn Judge, a law professor and vice dean at Columbia Law School. "Even if the cost doesn't come out of the federal budget, the size and nature of the subsidy is a clear sign that what we're dealing with here is not a truly private organization but a government-sponsored enterprise, and it's important to repeat that because the subsidy tells us that."Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, the system's trade group and lobbying arm, said the CBO report confirmed that the government subsidy is paid for by bond investors."The report is confirmation of the valuable role the Home Loan Bank System plays in providing liquidity to our members particularly in times of stress, and that the benefits of our system accrue not only to our members but to the broader public and the broader financial system," Donovan said. "It also makes clear that we pose very little risk to the taxpayers, and to the extent that there is a subsidy, private investors — not taxpayers — bear the cost of the subsidy to the system."

Wall Street braces for commercial real estate time bomb - Remarks last week by Federal Reserve Chair Jerome Powell about a spate of coming bank failures related to the faltering commercial real estate sector have sent shockwaves through the financial world, leading some investors to run for cover and others to look for opportunities. With the typical U.S. commercial lease ranging from three to five years, the clock is ticking for office and retail property owners and their creditors in the financial sector as remote work has taken off and prompted changes in urban land use. Office vacancy rates have climbed sharply in the wake of the pandemic after falling steadily in the decade before, reaching a record 13.1 percent last year, according to data from the Treasury Department’s Financial Stability Oversight Council (FSOC), citing analytics firm CoStar. “At the midpoint of the third quarter of 2023, the national office vacancy rate hit a record high of 13.2 percent, a full 370 basis points higher than at the end of 2019,” CoStar analyst Phil Mobley wrote in a third-quarter analysis. “The recent reset in office demand has rocked U.S. markets,” he added. Private equity firm KKR’s Real Estate Finance Trust, a property investment vehicle with money in commercial mortgages, is a recent example: Its stock lost a quarter of its value in early February on news that it would cut its dividend on an office loan loss.Delinquency rates for commercial mortgage backed securities are on the rise in recent months, though they’re still well below highs reached in the immediate aftermath of the pandemic and the fallout from the 2008 financial crisis.“The decline in office property demand may take time to stabilize as tenants navigate remote-work decisions and adjust how much space they need,” according to the latest FSOC report. “In addition, a slow return to densely populated urban office centers could reduce the desirability of office properties located there and even nearby retail space.”Powell delivered much the same message to the Senate Banking Committee last week, going so far as to declare that there will be failures among smaller and regional banks that have made commercial real estate loans.“This is a problem we’ll be working on for years more, I’m sure. There will be bank failures,” he said.“It’s not a first-order issue for any of the very large banks. It’s more smaller and medium-sized banks that have these issues. We’re working with them. We’re getting through it. I think it’s manageable, is the word I would use,” Powell said.Investors are heeding Powell’s warnings about the sector but they’re also taking them with a grain of salt, arguing that traditional liquidity crises of the sort that took down Silicon Valley Bank and Signature Bank last year are unlikely to result from the losses.

FDIC Data Contradicts Fed Chair Powell: Shows Real Estate Problems Have Skyrocketed at Largest U.S. Banks, Not the Smaller Regionals -Pam and Russ Martens: On Sunday, February 4, the CBS program 60 Minutes aired a taped interview with Federal Reserve Chairman Jerome Powell. The actual interview had occurred three days earlier and was conducted by 60 Minutes interviewer Scott Pelley. Two noteworthy things happened in connection with that interview: First, CBS did not indicate above thetranscript of the interview that Powell’s comments had been materially shortened in the program that aired on TV; secondly, Powell calls the real estate problem at the largest banks “manageable” while shifting the more serious real estate loan problem to “smaller and regional banks.” Below is what Powell had to say about problem real estate loans at U.S. banks in the 60 Minutes’ interview. The bracketed bold text is what is in the transcript but did not air in the broadcasted program on television. (Scroll to 8 minutes and 20 seconds at this linkto listen to the relevant portion of the program that aired.)

PELLEY: What is the likelihood of another real estate-led banking crisis?
POWELL: I don’t think that’s likely. [So, what’s happening is, as you point out, we have work-from-home, and you have weakness in office real estate, and also retail, downtown retail. You have some of that. And there will be losses in that.] We looked at the larger banks’ balance sheets, and it appears to be a manageable problem. There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged. And, you know we’re working with them. [This is something we’ve been aware of for, you know, a long time, and we’re working with them to make sure that they have the resources and a plan to work their way through the expected losses. There will be expected losses. It feels like a problem we’ll be working on for years. It’s a sizable problem. I don’t think — it doesn’t appear to have the makings of the kind of crisis things that we’ve seen sometimes in the past, for example, with the global financial crisis.]

More recently, on March 7 of last week, Powell appeared before the Senate Banking Committee to deliver his Semiannual Monetary Policy Report. In the Q&A that followed, Senator Catherine Cortez Masto (D-NV) raised the question with Powell on troubled real estate loans at U.S. banks. Cortez Masto said this: The Financial Stability Oversight Council’s 2023 report identified commercial real estate as a financial risk. And the Fed’s monetary report also noted commercial real estate prices continue to decline, especially in the office, retail, and multi-family sectors. I’m especially concerned that because of the low levels of transactions in the office sector, prices have not yet fully reflected the true decline in the value. So can you expand on the emerging risk the Federal Reserve has identified in the commercial real estate market – one – and then, I’m curious, can you discuss the compound risks identified in commercial real estate lending, particularly at banks with large CRE [Commercial Real Estate] concentrations and high fractions of uninsured deposits.”As part of his answer, Powell again played down the real estate threat at the largest banks, stating: “There will be bank failures, but this is not the big banks. If you look at the very big banks, this is not a first order issue for any of the very large banks. It’s more smaller and medium size banks that have these issues.” (Watch the full exchange between Cortez Masto and Powell at one hour and 53 minutes (1:53) on the archived video here.)According to Senator Elizabeth Warren, Powell is leading the charge behind the scenes to overturn federal regulators’ proposal to require the largest banks to hold larger amounts of capital. Downplaying the large banks’ risks from commercial real estate might be part of Powell’s overall agenda to gut the proposed capital rule. Powell has a long history of running interference for the mega banks on Wall Street (those that have combined federally-insured deposits with casino trading) and blaming the Fed’s serial and massive bailouts of these global behemoths on fanciful causes. Nonetheless, we were shocked when the Chair of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, held a press conference at the exact time last week that Powell was addressing the Senate Banking Committee. Gruenberg boldly announced a serious real estate problem inside the largest banks. Gruenberg’s press conference was to deliver the findings of the FDIC’s quarterly “Banking Profile.” Gruenberg stated the following: (Go to 5 minutes and 12 seconds at this link.)

CFPB's mortgage 'junk fee' blog draws ire and praise -- A day after targeting the title insurance industry, the Biden Administration has put the rest of the real estate finance process in its crosshairs.On March 8, the Consumer Financial Protection Bureau posted a blog inviting consumers to tell it how "junk fees" in the closing process affect them.While not able to speak to the specifics of the posting, nor about any possible actions the regulator might take, the Community Home Lenders of America "is thrilled that they're jumping into this," Scott Olson, its executive director, said in an interview. "We've actually used this phrase [junk fees] ourselves a couple of years or so ago" he said in regards to click fees lenders are charged by third party vendors, which are passed on to consumers. Others in the industry had a hard time understanding where the CFPB was coming from."The CFPB's blog post is baffling and reveals little understanding of how the mortgage market works or awareness of its own regulations that provide for full fee transparency and limits on what can be charged," Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a lengthy statement."The fees mentioned are clearly disclosed to borrowers well before a home purchase on forms developed and prescribed by the Dodd-Frank Act and the CFPB itself," he added, referring to the TILA-RESPA Integrated Disclosures, also known as TRID. One of those disclosures, the loan estimate, is given when the borrower contacts the originator and is supposed to be used to shop.The other form – the closing disclosure presented at the end of the process – must be within certain tolerances of the data provided on the loan estimate."In 2020, the CFPB issued a report praising its own rule for improving consumers' ability to locate key information, compare terms and costs between initial disclosures and final disclosures, and compare terms and costs across mortgage offers," Broeksmit said.But in Olson's view, "transparency is not the same as competition."The CHLA has been supportive of the use of title insurance alternatives like attorney opinion letters, that could reduce costs to borrowers."We think that opening up the line of sight on some of these things is reasonable where there really is not competition," Olson said. CHLA plans to "comment vigorously" to the CFPB, he continued, adding that it has done so regarding competition and fees charges in the not-so-distant past, particularly in regards to the Intercontinental Exchange purchase of Black Knight.

Q4 Update: Delinquencies, Foreclosures and REO - I’ve argued repeatedly that we would NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble). The two key reasons are mortgage lending has been solid, and most homeowners have substantial equity in their homes.Last Thursday, CoreLogic reported on homeowner equity: CoreLogic: Number of Underwater US Homes Drops by 15% Annually in the Fourth Quarter The report shows that U.S. homeowners with mortgages (which account for roughly 62% of all properties) saw home equity increase by 8.6% year over year, representing a collective gain of $1.3 trillion and an average increase of slightly more than $24,000 per borrower since the fourth quarter of 2022. This brought total net homeowner equity to more than $16.6 trillion at the of 2023. …From the fourth quarter of 2022 to the fourth quarter of 2023, the total number of homes in negative equity decreased by 15%, from 1.2 million homes or 2.1% of all mortgaged properties.And on mortgage rates, here is some data from the FHFA’s National Mortgage Database showing the distribution of interest rates on closed-end, fixed-rate 1-4 family mortgages outstanding at the end of each quarter since Q1 2013 through Q3 2023 (Q4 2023 data will be released in a two weeks).This shows the surge in the percent of loans under 3%, and also under 4%, starting in early 2020 as mortgage rates declined sharply during the pandemic. Currently 22.6% of loans are under 3%, 59.4% are under 4%, and 78.7% are under 5%.With substantial equity, and low mortgage rates (mostly at a fixed rates), few homeowners will have financial difficulties.Some simple definitions (for housing): Here is some data on REOs through Q4 2023 …

MBA: Mortgage Applications Increased in Weekly Survey - From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey; Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 8, 2024. The Market Composite Index, a measure of mortgage loan application volume, increased 7.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8 percent compared with the previous week. The Refinance Index increased 12 percent from the previous week and was 5 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 11 percent lower than the same week one year ago. “Mortgage rates dropped below 7 percent last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months,” “Purchase application volume increased for the week but remains about 11 percent below last year’s level. By contrast, refinance volume picked up by 12 percent, with a larger, 24 percent increase in the government refinance index. While these percentage increases are large, the level of refinance activity remains quite low, and we expect that most of this activity reflects borrowers who took out a loan at or near the peak of rates in the past two years.” ... The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.84 percent from 7.02 percent, with points decreasing to 0.65 from 0.67 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The first graph shows the MBA mortgage purchase index. According to the MBA, purchase activity is down 11% year-over-year unadjusted. Red is a four-week average (blue is weekly). Purchase application activity is up slightly from the lows in late October 2023, and below the lowest levels during the housing bust. The second graph shows the refinance index since 1990.With higher mortgage rates, the refinance index declined sharply in 2022, and has mostly flatlined since then.

Lawler: Rent Trends at some Large Holders of Multifamily Properties - From housing economist Tom Lawler:Below tables showing rent trends at three publicly traded companies owning large numbers of multifamily units – MAA, Equity Residential (EQR), and Avalon Bay Communities (AVB). The tables show rent trends for “same-store” portfolios, which as of last quarter total 95,286 units for MAA, 77,670 units for EQR, and 74,730 units for AVB. MAA’s portfolio is concentrated in the Southeast, Southwest, and Mid-Atlantic regions; EQR’s portfolio is concentrated in the Northeast, DC Metro, San Francisco, Seattle, and Southern California areas (with “expansion markets” in Texas, Denver, and Atlanta; and AVB’s portfolio is concentrated in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.Not surprisingly, rent growth at all three companies has slowed sharply over the last year. Moreover, rent changes on new move-in’s slowed sharply beginning in the fourth quarter of last year, and were negative for all three companies last quarter.Note also, however, that the YOY growth in rent renewals, while also down sharply from mid-2022, was still running in the 4 ½% - 5% range in January.For folks who follow certain rent indexes based on limited data on repeat/same property transactions, they should note that rent renewals would not be included in the databases used to construct those indexes.While all three companies were aware of the weakness in the multifamily rental market last year and were willing to be “aggressive” on new leases in order to maintain occupancy rates, all three also appeared to send out renewal notices averaging 5% + in the last few quarters, figuring or hoping that most tenants would simply accept that rate and only some would attempt to negotiate or simply move (which if done simply because of a rent increase can be expensive).

Part 1: Current State of the Housing Market; Overview for mid-March 2024 --Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024 A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market. I always like to start with inventory, since inventory usually tells the tale! Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com: However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels. There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now). And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range. But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.There is much more in the article.

Realtor.com Reports Active Inventory UP 19.9% YoY; New Listings up 17.4% YoY - On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For February, Realtor.com reported inventory was up 14.8% YoY, but still down almost 40% compared to February 2019. Now - on a weekly basis - inventory is up 19.9% YoY, and that would still put inventory down about 38% compared to March 2019. Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending March 2, 2024

• Active inventory increased, with for-sale homes 19.9% above year ago levels. For a 17th straight week, active listings registered above prior year level, which means that today’s home shoppers see more for-sale homes. In fact, the February Realtor.com Housing Trends Report showed that 2024 had the most abundant level of inventory since 2020, and inventory held relatively steady relative to January, counter to typical monthly trend over the last four years. Nevertheless, the number of homes on the market is still down nearly 40% compared to what was typical in 2017 to 2019.
• New listings–a measure of sellers putting homes up for sale–were up this week, by 17.4% from one year ago. Newly listed homes reached above year ago levels for the 19th week in a row.

Here is a graph of the year-over-year change in inventory according to realtor.com. Inventory was up year-over-year for the 17th consecutive week following 20 consecutive weeks with a YoY decrease in inventory. Inventory is still historically very low.Although new listings remain well below "typical pre-pandemic levels", new listings are now up YoY for the 19th consecutive week.

Housing March 11th Weekly Update: Inventory Up 0.4% Week-over-week, Up 21.1% Year-over-year -- Altos reports that active single-family inventory was up 0.4% week-over-week. It is likely inventory bottomed in mid-February, as opposed to mid-April in 2023, and inventory is now up 1.3% from the 2024 February bottom.This inventory graph is courtesy of Altos Research. As of March 8th, inventory was at 501 thousand (7-day average), compared to 498 thousand the prior week. Inventory is still far below pre-pandemic levels.The second graph shows the seasonal pattern for active single-family inventory since 2015. The red line is for 2024. The black line is for 2019. Note that inventory is up more than double from the record low for the same week in 2022, but still well below normal levels.Inventory was up 21.1% compared to the same week in 2023 (last week it was up 18.8%), and down 38.7% compared to the same week in 2019 (last week it was down 39.1%). Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels has closed a little.Mike Simonsen discusses this data regularly on Youtube.

Hotels: Occupancy Rate Decreased 0.3% Year-over-year --From STR: U.S. hotel results for week ending 2 March --U.S. hotel performance was mostly positive year over year, according to CoStar’s latest data through 2 March.
25 February through 2 March 2024 (percentage change from comparable week in 2023):
• Occupancy: 62.5% (-0.3%)
• Average daily rate (ADR): US$155.29 (+2.7%)
• Revenue per available room (RevPAR): US$97.12 (+2.4%)
The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average. The red line is for 2024, black is 2020, blue is the median, and dashed light blue is for 2023. Dashed purple is for 2018, the record year for hotel occupancy. The 4-week average of the occupancy rate is tracking below last year, and below the median rate for the period 2000 through 2023 (Blue). The 4-week average of the occupancy rate will increase seasonally over the next several weeks.

BLS: CPI Increased 0.4% in February; Core CPI increased 0.4% -- From the BLS: The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in February on a seasonally adjusted basis, after rising 0.3 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment. The index for shelter rose in February, as did the index for gasoline. Combined, these two indexes contributed over sixty percent of the monthly increase in the index for all items. The energy index rose 2.3 percent over the month, as all of its component indexes increased. The food index was unchanged in February, as was the food at home index. The food away from home index rose 0.1 percent over the month. The index for all items less food and energy rose 0.4 percent in February, as it did in January. Indexes which increased in February include shelter, airline fares, motor vehicle insurance, apparel, and recreation. The index for personal care and the index for household furnishings and operations were among those that decreased over the month. The all items index rose 3.2 percent for the 12 months ending February, a larger increase than the 3.1-percent increase for the 12 months ending January. The all items less food and energy index rose 3.8 percent over the last 12 months. The energy index decreased 1.9 percent for the 12 months ending February, while the food index increased 2.2 percent over the last year. The change in both CPI and core CPI were slightly above expectations. I'll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

Cleveland Fed: Median CPI increased 0.4% and Trimmed-mean CPI increased 0.3% in February - The Cleveland Fed released the median CPI and the trimmed-mean CPI. According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.4% in February. The 16% trimmed-mean Consumer Price Index increased 0.3%. "The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report". This graph shows the year-over-year change for these four key measures of inflation. On a year-over-year basis, the median CPI rose 4.6% (down from 4.9% in January), the trimmed-mean CPI rose 3.5% (down from 3.7%), and the CPI less food and energy rose 3.8% (down from 3.9%). Core PCE is for January was up 2.8% YoY, down from 2.9% in December.Note: The Cleveland Fed released the median CPI details. The volatile "Motor fuel" increased at a 54% annual rate in February. Rent and Owner's equivalent rent are still very high, and if we exclude rent, median CPI would be around 1.8% year-over-year.

YoY Measures of Inflation: Services, Goods and Shelter --Here are a few measures of inflation: The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up around 8% year-over-year. This declined and is now up 3.9% YoY (increased recently). This graph shows the YoY price change for Services and Services less rent of shelter through February 2024. Services were up 5.0% YoY as of February 2024, unchanged from 5.0% YoY in January. Services less rent of shelter was up 3.9% YoY in February, up from 3.6% YoY in January. The second graph shows that goods prices started to increase year-over-year (YoY) in 2020 and accelerated in 2021 due to both strong demand and supply chain disruptions. Durables were at -1.6% YoY as of February 2024, unchanged from -1.6% YoY in January. Commodities less food and energy commodities were down 0.3% YoY in February, unchanged from down 0.3% YoY in January.Here is a graph of the year-over-year change in shelter from the CPI report (through February) and housing from the PCE report (through January) Shelter was up 5.8% year-over-year in February, down from 6.1% in January. Housing (PCE) was up 6.1% YoY in January, down from 6.3% in December.This is still catching up with private data. The BLS noted this morning: "The index for shelter rose in February, as did the index for gasoline. Combined, these two indexes contributed over sixty percent of the monthly increase in the index for all items." Core CPI ex-shelter was up 2.2% YoY in January, unchanged from 2.2% in February.

Producer price index February 2024: Wholesale inflation rose 0.6% in February --- Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department's Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January. Excluding food and energy, the core PPI accelerated by 0.3%, compared with the estimate for a 0.2% increase. Another measure that also excludes trade services rose 0.4%, compared with the 0.6% gain in January, and was above the estimate for a 0.2% advance. On a year-over-year basis, the headline index increased 1.6%, the biggest move since September 2023. The data contributed to a decline on Wall Street, with the major U.S. stock falling slightly. Treasury yields climbed on the back of the report. A busy morning for economic data also showed that retail sales rebounded, up 0.6% on the month, according to Commerce Department data that is adjusted seasonally but not for inflation. The increase helped reverse a downwardly revised 1.1% slump in January, but was still below the estimate for a 0.8% rise. Also, initial filings for unemployment insurance nudged lower to 209,000 last week, a decrease of 1,000 and below the estimate for 218,000, the Labor Department reported. Continuing claims edged higher to 1.81 million, though the previous week's count was revised sharply lower. The market focused on the PPI release, which comes two days after the consumer price index, which measures what consumers pay in the marketplace, showed that inflation was slightly higher than anticipated on a year-over-year basis.The PPI is considered a leading indicator for inflation as it indicates costs early in the supply chain. The BLS reported that about two-thirds of the rise in the headline PPI came from a 1.2% surge in goods prices, the biggest increase since August 2023. As with the CPI, the acceleration was traced to energy prices, with saw a 4.4% increase in the final demand measure. Gasoline prices jumped 6.8% at the wholesale level. Services costs increased 0.3%, boosted by a 3.8% surge in traveler accommodation services. On the retail sales side, the data indicated that consumers kept ahead of CPI inflation, which increased 0.4% on the month, though sales were still sluggish. Excluding auto, retail sales rose 0.3%, one-tenth of a percentage point below expectations. Motor vehicle parts and dealers saw an increase of 1.6%, second only to the 2.2% gain for building material and garden centers on the month. Despite slumping prices, gasoline stations reported an increase of 0.9%. Electronics and appliance sales rose 1.5% while miscellaneous store sales climbed 0.6% and restaurants and bars were up 0.4%. Retail sales posted a 1.5% gain on a year-over-year basis, below the 3.2% increase in the CPI. Inflation-related data is being watched closely on Wall Street, ahead of the Federal Reserve's two-day policy meeting starting next Tuesday. While the central bank is almost certain to hold its benchmark interest rate in place, markets will be looking for clues about the future of monetary policy. Futures pricing is pointing toward the rate-setting Federal Open Market Committee to start cutting interest rates in June, with three quarter-percentage point decreases expected this year. At the meeting, policymakers will update their outlooks for rates, economic growth, inflation and unemployment.

What the PPI is Telling us: Disinflation in “Core Goods,” a Hefty Counterweight to Hot Services Inflation, May be Over -by Wolf Richter (graphs) -- The Producer Price Index (PPI) for final demand jumped by 6.9% annualized in February from January, on top of the 3.9% jump in the prior month. The three-month rate jumped to 3.3% annualized, the highest since September. Part of this was driven by a renewed surge in energy cost. But the other part was driven not only by surging costs in services – we knew that – but now also by surging costs in core goods, and that’s very disconcerting. Services have been the driver of consumer price inflation for nearly two years, while falling energy costs and falling or slowly rising core goods costs in consumer price inflation measures served as a hefty counterweight to the hot inflation in services. But what the PPI is beginning to outline is that core goods prices deeper in the pipeline are raising their ugly heads again – potentially leaving us with hot services inflation that is no longer counterbalanced by disinflation in core goods. The finished core goods PPI final demand, which excludes energy costs, rose by 4.1% annualized on top of the 4.2% surge in the prior month (blue in the chart below). These are core goods that producers buy, and whose costs become part of their input costs. The 3-month rate jumped to 2.9% annualized, the highest since April last year when it was on the way down (red). You can see the long hard plunge from mid-2022 through late 2023 of the 3-month rate. And that trend has now reversed: The breakout of the 3-month rate of finished core goods PPI is very disconcerting. The whole disinflation momentum in consumer prices (CPI) in 2023 had been driven by drops in prices of durable goods (negative inflation or deflation) and by the plunge in energy prices, while services continued to be hot. This PPI data on finished goods has now thrown some cold water for the second month in a row on the hopes that core goods deflation will continue. Services PPI final demand jumped by 3.6% annualized in February from January. The 3-month rate jumped by 3.1%, the highest since September. These are services that producers use. They weigh 62% in the overall PPI. And producers will try to pass those price increases on to their customers. All of this month-to-month inflation data is very volatile and noisy with big ups and downs, and trend changes take some time to be confirmed, and a couple of months aren’t enough. So we exercise some caution here. But it sets the warning lights blinking. Core PPI final demand jumped by 3.9% annualized in February from January on top of the 6.1% spike in the prior month. The three-month rate jumped to 3.1% annualized, the highest in 13 months, driven by the surge in services PPI and finished goods PPI. What the PPI is telling us. The measure that tracks consumer-facing inflation, the Consumer Price Index, has for months seen hot and rising services inflation, but durable-goods inflation has been negative (deflation) since the peak of the spike in 2022, and these negative readings in durable goods, plus the plunging energy prices of yore provided a big counterweight to services inflation and a downward push for the overall CPI readings in 2023. But this counterweight and downward push is now in the early stages of fizzling – that’s what the PPI is telling us.First ship carrying food aid arrives in Gaza, ‘preparations underway’ to dispatch second The first ship carrying 200 tons of food gathered by World Central Kitchen (WCK) arrived in Gaza Friday and, the organization announced, more will be coming soon.WCK, the charity founded by celebrity chef José Andrés, released a statement that its team unloaded the aid in Gaza. The food was carried on a ship by the Spanish aid group Open Arms and is part of the WCK’s effort “to bring as much aid as possible to Palestinians by sea.”The ship departed from Cyprus on Tuesday and WCK announced preparations are already underway to dispatch a second boat carrying “hundreds more tons of aid, along with heavy machinery to expedite the offloading process.”Andrés posted on X, formerly known as Twitter, shared the news of the ship’s arrival.“We did it! Teams of @WCKitchen and @openarms_fund working hard to offload all 200 tons…12 trucks! This was a test! To learn…we could bring thousands of tons a week…with what we learn we will get better,” he said online.

Favorable Weather Boosted Employment by About 100,000 in February - The BLS reported 275 thousand non-farm jobs were added in February. During the Winter months, I like to look at the weather impact on the report. The BLS reported 243 thousand people were employed in non-agriculture industries, with a job, but not at work due to bad weather. The average for February over the previous 10 years was 368 thousand (median 272 thousand), so fewer people than normal were impacted by bad weather. The BLS also reported 633 thousand people that are usually full-time employees were working part time in February due to bad weather. The average for February over the previous 10 years was 1.55 million (the median was 694 thousand). This series suggests weather positively impacted employment more than usual. The San Francisco Fed estimates Weather-Adjusted Change in Total Nonfarm Employment (monthly change, seasonally adjusted). They use local area weather to estimate the impact on employment. For February, the San Francisco Fed estimated that weather boosted employment by about 100 thousand jobs.

Boeing whistleblower found dead in apparent suicide - A prominent Boeing whistleblower who reported on safety and quality control concerns in the company’s production line was found dead Saturday, according to South Carolina authorities. John Barnett, 62, died of an apparent self-inflicted wound on Friday, the Charleston County Coroner’s office said. He was found in his truck at his hotel’s parking lot. A 32-year veteran of Boeing, Barnett’s 2019 whistleblower allegations claimed that overworked employees at its South Carolina plant frequently fitted substandard parts on planes and reported faulty oxygen systems that could result in as many as 1 in 4 oxygen masks not operating properly. Boeing denied Barnett’s claims, but a follow-up investigation by the Federal Aviation Administration lent credence to some aspects of his allegations. A report found that more than 50 “non-conforming” parts were unable to be traced and were lost in the company’s system. Barnett was in Charleston to be questioned for a long-running retaliation suit against the company. His death comes as Boeing is under increased regulatory scrutiny for its 737 Max aircraft manufacturing process after a door blew out of a flight midair in January. The incident launched a widespread investigation into Boeing manufacturing, discovering lax quality control.

Profits over toes and fingers: Kansas City football fans suffer amputations after attending sub-zero game NFL would not postpone -- Some of the fans who had attended the January 13, 2024 National Football League (NFL) playoff game between the Miami Dolphins and the Kansas City Chiefs in subzero conditions, in a game that became the largest livestreamed event in US history, have had to undergo amputations after suffering severe frostbite. Though these frostbites occurred nearly two months ago, many of the amputations only occurred recently after other treatment methods failed. This information emerged last week when the Research Medical Center of Missouri issued a statement that it had been treating dozens of people who had experienced frostbite during an 11-day cold snap in January. Twelve of those people so far—including some who were at the January 13 game—had to undergo amputations involving mostly fingers and toes. Moreover, the hospital said more surgeries are expected over the next two to four weeks as “injuries evolve.” The game, the coldest in Kansas City history and the fourth coldest in NFL history, was played in temperatures that dropped to minus 6 degrees Fahrenheit (-21 Celsius) with a wind chill of minus 27 (-33 Celsius.) In anticipation of the subzero conditions, Arrowhead Stadium, where the game was played, opened warming stations around the stadium, offered free hot chocolate and encouraged fans to wear lots of layers to stay safe in frigid conditions. Fans also were allowed to bring heated blankets into the stadium and small pieces of cardboard to place under their feet on the cold concrete. The efficacy of those measures was belied by the fact that the Kansas City Fire Department received nearly 70 calls for service during the game, with about half related to signs of hypothermia, according to Michael Hopkins, a spokesman for the department. Of those calls, 15 people were hospitalized, including seven for hypothermia and three for frostbite. The other five were hospitalized for injuries unrelated to the cold, Hopkins said. The fire department’s numbers do not include other fans who sought help at an aid tent in Arrowhead run by the University of Kansas Medical Center, which reported that it had also treated a number of fans for frostbite. Dr. Megan Garcia, the medical director of the Research Medical Center’s Grossman Burn Center, said in an interview with WDAF-TV that the Kansas City fans who came in with frostbite injuries had to schedule amputation surgeries after weeks of hospital treatment. The treatment included rewarming the injured areas, applying antibiotics and thrombolytic therapy to dissolve blood clots and restore circulation, and hyperbaric oxygen therapy to boost oxygen to injured areas to reduce swelling. Patients with frostbite experience “lifelong sensitivity and pain,” Dr. Garcia said, “and will always be more susceptible to frostbite in the future.” Another playoff game scheduled for the next day between the Pittsburgh Steelers and the Buffalo Bills was postponed by one day because a blizzard had left up to two feet (0.61 meters) of snow in Buffalo and made traveling to the game too dangerous. The game in Kansas City, however, went on as scheduled despite the frigid weather, ostensibly because it did not present similar problems getting to Arrowhead Stadium, even though the National Weather Service warned of “dangerously cold temperatures” with windchills creating an added danger.

Texas judge blocks AG’s subpoena of nonprofit that assists migrants --A West Texas judge shut down Texas Attorney General Ken Paxton’s (R) attempts to subpoena a nonprofit that assists migrants on Monday, after calling the state’s demands “rude” and “unprofessional” in arguments last week.Last month, Paxton accused El Paso-based Annunciation House of “alien harboring, human smuggling, and operating a stash house.” The nonprofit acts as a temporary shelter for undocumented people who recently entered the U.S.The state’s subpoena demanded records and names of its clients and gave its director only a day to comply. When the nonprofit said it needed more time, the state moved to have the organization shut down, claiming it was in noncompliance. “The Attorney General’s efforts to run roughshod over Annunciation House, without regard to due process or fair play, call into question the true motivation for the Attorney General’s attempt to prevent Annunciation House from providing the humanitarian and social services that it provides,” Judge Francisco Dominguez wrote Monday. “There is a real and credible concern that the attempt to prevent Annunciation House from conducting business in Texas was predetermined,” he added.Dominguez ordered that the Attorney General’s office must file a civil suit against the nonprofit in order to receive the requested documents.During court proceedings on Thursday, Dominguez admonished Assistant Attorney General Ryan Baasch over how the state handled the subpoena after Baasch characterized it as a “negotiation.”“This is the part where you’re starting to offend my intelligence,” Dominguez said Thursday, theTexas Tribune reported. “You did not offer to negotiate. You did not offer to act in good faith.”The legal action against Annunciation House is part of a series of actions from Gov. Greg Abbott’s (R) administration aimed at aggressively curbing immigration into the state.Besides a testy legal battle with the federal government over border jurisdiction, Abbott has spent billions on beefing up border security through hiring law enforcement, expanding authority and attempting to crack down on border crossings.

California state Democrat introduces ban on artificial dyes in foods served in schools - A California legislator introduced a first-of-its-kind bill Tuesday in the state Assembly that would ban seven artificial dyes from foods served in schools, citing health and behavioral risks.Assembly Member Jesse Gabriel’s Bill 2316 would bar California schools from purchasing, serving or selling any foods that contain the dyes. Among them are Red 40, which has been tied to hyperactivity in children, and titanium dioxide, a white dye that has been banned in the European Union over cancer risks.“California has a responsibility to protect our students from chemicals that harm children and that can interfere with their ability to learn,” Gabriel said in a statement. “As a lawmaker, a parent, and someone who struggled with ADHD, I find it unacceptable that we allow schools to serve foods with additives that are linked to cancer, hyperactivity, and neurobehavioral harms.”“This bill will empower schools to better protect the health and wellbeing of our kids and encourage manufacturers to stop using these dangerous additives,” he said.The Food and Drug Administration (FDA) has found no specific causal link between food dyes and behavioral disorders in children, as of a 2019 report, though newer research from California goes against those conclusions.A 2021 report from the California Environmental Protection Agency first found that some dyes could result in hyperactivity in children, additionally noting that much of the scientific research on the topic is decades outdated. The bill expands on a measure signed into law last year, also introduced by Gabriel, that outlawed “dangerous additives” in all foods sold in California, including a dye found in Skittles, which posed health risks to consumers. Gabriel’s office said in a statement that Tuesday’s bill would outright ban specific products or foods, but rather “prompt a nationwide transition to safer alternative ingredients.”

Eighth grade algebra - Joel Eissenberg - I took Algebra I in 8th grade. Algebra I and typing were the two classes I took in junior high that I can say I have used regularly for the rest of my life (so far). In the school system I was in, there was tracking. Some kids got to take 8th grade Algebra I. The rest took regular math. The ones who took Algebra I in 8th took Geometry in 9th, Algebra II and Trig in 10th, advanced pre-calculus in 11th and Calculus in 12th. I got off that bus after 10th grade and took regular pre-calculus in 11th grade, then probability and statistics in 12th, along with a full year of computer programming. I took four quarters of calculus in college and never used any of it outside of the exams for the courses. I took college physics that didn’t use calculus. I took physical chemistry in college and it didn’t use calculus. Basic algebra was as advanced math as I needed to make my career as an academic scientist. Apparently, some school systems have decided to deal with the fact that many students are not prepared for 8th grade algebra by not offering it to anyone in 8th grade. The concern, it seems, is equity issues, and the answer was to level down. How this is good for the students who are bored by the lack of challenging curriculum escapes me. Happily, some schools are returning to a two-track system. Not everyone is going to learn calculus. The reality is that college calculus is mostly a badge, not life preparation. And not everyone who takes Algebra I in 8th grade goes on to take high school or college calculus. But for those who embrace the challenge, and for those who actually need it for a career (e.g., engineering, physics, economics), holding them back for the hypothetical social benefits of leveling seems unfair to everyone.

School authorities, police and media step up harassment of pro-Palestinian educators in New York City -- Another witch-hunt by Zionists with the active support of the right-wing media, New York City Public School authorities and the New York Police Department (NYPD) has targeted a pro-Palestinian paraprofessional at an elementary school in Brooklyn. This comes on top of the doxxing of Queens teacher Mohammad Jehad Ahmad last month when the far-right, pro-Zionist organization Accuracy in Media sent a truck with electronic billboards displaying his image on them to his school. Ahmad and others have been harassed uninterruptedly since October for making statements on social media against the Gaza genocide. Similar trucks have appeared at universities around the country, displaying personal information about anti-Zionist students.Students in New York City who have protested the genocide in Gaza have been slandered as antisemites, and school authorities have done nothing to defend educators’ or students’ rights to free speech. New York City Public Schools Chancellor David Banks, an appointee of the right-wing Democratic Mayor Eric Adams, has given the Zionist slaughter his full support. Banks has warned educators not to raise the issue of Palestine even while outside of school, including on social media, which is a direct attack on the First Amendment of the Constitution’s guarantee of free speech. The gutter rag of the New York Post has not only repeatedly disclosed personal information about pro-Palestine educators, but has also called for the firing of principals deemed too lax in their suppression of anti-genocide sentiment among students. Leaders of Central Education Council 14 (CEC)—a city-sponsored parents’ advisory group—have been the target of harassment since CEC 14 called for a ceasefire in Gaza and supported student participation in anti-genocide protests. The harassment, according to Hellgate, includes “threatening phone calls, emails, and even … a box addressed to the head of the all-volunteer council that contained what they believed to be human feces. Some parent leaders have also received death threats.” A member of another CEC in Queens was ousted because of her pro-Palestinian views. A paraprofessional, James, whose last name has been withheld at his request, was originally targeted by upper-middle-class Zionist parents, some of whom have ties to the upper echelons of the Israel Defense Forces, when he spoke in November in defense the leadership of CEC 14 at one of its public meetings. In discussions with the WSWS, he detailed the campaign of harassment, which has included articles in the New York Post that give his full name and the school at which he works, and make untrammeled accusations of anti-Semitism against him. On Tuesday, after a fourth disciplinary hearing because of his social media posts, he was suspended from work without pay for ten days. James explained that the CEC meeting which he attended in November “was a very volatile meeting and when it was time for public comments, I was able to give my statement of support for the CEC, for its president and what it stands for. Within that meeting there were a bunch of parents from my school community but also from across the city and from across the district. I did openly say I was an educator in District 14, so you know it’s not hard for them to figure out what school I work at.” After the meeting, James’s social media came under scrutiny from Zionist and right-wing forces, and a behind-the-scenes slander campaign against him began. “I found out recently that emails from parents were going out to my admin about my statements, saying that I’m calling for the murder of their Jewish children, that they were adamant to keep me away from their kids because of that and I’m not a safe person to be around.” James continued: “My admin has never once sat down with me to talk about this and has never once mentioned this or brought this up to me. Then on December 5th the New York City Parent Alliance [a recently formed Zionist group] created a leaflet with my name and my occupation, and included screenshots of my posts. “They called me antisemitic. They said I should not be working with kids and that I am calling for the death of Jewish people. Then an e-mail campaign began with an e-mail, prepared beforehand, and sent to my boss, to my superintendent, to the chancellor and to elected officials, calling for my removal from the classroom because I had made antisemitic remarks such as calling Israel a settler colonial nation and things of that nature. “Shortly after that, the cops visited my school around dismissal to talk to me and basically putting the onus on me by saying that because of my outspokenness on social media, these were threats. That was jarring. “Around December 13th I was called into my first disciplinary meeting and in that meeting my boss had a stack of screenshots and told me that I need to watch my tone on social media, to not use incendiary, one-sided language. She pointed out that terms like “genocide,” “colonialism,” “imperialism” or phrases like “from the river to the sea” were alienating our school community and making people feel unsafe and uncomfortable. “I told my boss that all of this was done outside of my work hours. I told her that if these concerns were so great and people do feel this way, that I would appreciate being pulled into a conversation with them. I don’t know why I have to wait for a disciplinary meeting to hear these things, where I can’t really defend myself. “My boss told me that there are just some things that I shouldn’t be too loud about, that I shouldn’t really speak up about, because it draws that kind of negative attention. That just took me aback and I think it was at that moment I realized that the administration does not have my back at all. My mind boggled because I’ve been at the school for eight years and in those eight years, I’ve had nothing but a clean record. My work ethic speaks for itself, and I have great relationships with students, staff and families. “Before February break, I was suspended for three days without pay. This once again was relating to social media posts. [Zionist] parents created an uproar, and I was informed by other colleagues who were in e-mail chains that the parents who reached out were again saying that I was calling for the murder of their children and to keep me away from their kids because I am not a safe person, and that the keffiyeh that I’m wearing is equivalent to a swastika.” We asked James if the United Federation of Teachers (UFT), of which he is a member, had defended him. “They haven’t done much,” he said. “I haven’t really heard from my district rep although I know that my union rep in my school building has reached out. I don’t feel like my union at large is really doing anything. They haven’t really spoken up about the targeted harassment against other union members. For me I don’t feel like they’re doing anything at all. At this point so much harm has been caused.”

Flint, Michigan teachers organize sickout over district’s decision to overturn pay raises –=-On Wednesday, 119 public school teachers in Flint called in sick, forcing the cancellation of classes across the school district. The job action was initiated by rank-and-file educators to oppose the unilateral decision by the Democratic Party-controlled school board to overturn their labor agreement and renege on promised pay increases. The agreement, reached last October between district officials and the United Teachers of Flint (UTF), included the first pay increase after years of wage freezes and other concessions agreed to by the UTF. For years, teachers have eked by on salaries as low as $38,000 a year, barely above the poverty level. On January 17, the school board voted unanimously to abrogate the contract. Large numbers of teachers turned out to protest at the last school board meeting in mid-February, where Board President Joyce Ellis-McNeal said the district had a $14 million deficit and had to be “fiscally responsible.” Teachers organized the sickout after frustration exploded over the UTF leadership’s refusal to call a strike and its impotent protests, including organizing a “vote of no confidence” in the school board. Poorly paid teachers face overcrowded classrooms and the challenges of teaching in a city where almost 70 percent of the children grow up in poverty, five times the US average, according to the University of Michigan Center for Poverty Solutions. These challenges were made worse by the lead poisoning of the city’s water supply 10 years ago, which has led to an increase in attention deficit hyperactivity disorder (ADHD), dyslexia and other learning disabilities. After the sickout, the UTF and Michigan Education Association leaders moved in to shut down the job action. Union officials held a press conference Wednesday afternoon where they announced that schools would reopen Thursday. MEA Uniserv Director Bruce Jordan and UTF President Karen Christian claimed that the union would call an official strike if the Flint Board of Education does not resolve the dispute over a settlement agreement, but they did not publicly announce a date. Later Wednesday evening, educators protested outside of the school board meeting. “We feel that [the abrogation of the contract] was a slap in the face,” one Flint teacher told the World Socialist Web Site. “We don’t feel appreciated; we are undervalued. Children will not get the services that they need for a quality education. In some areas, half of the teachers are substitutes and are not qualified. “Subs have no teacher training. Some get emergency certifications, and many are not certified at all. Substitutes don’t have to graduate from college, they only need a certain amount of credits. They have to take a skills test and a background check, and they can be a teacher. In our building, four of 10 teachers are substitutes.” She added, “Many teachers work second jobs. Imagine working for 10 years and making under $40,000 a year. Almost all the younger teachers are working second jobs.”

Colleges begin receiving student FAFSA information after delays -Colleges and universities are beginning to receive financial aid information on students after months of delays, the Department of Education announced Monday. The administration said it began sending information to a “few dozen schools” on Saturday, marking the next step in the Free Application for Federal Student Aid (FAFSA) system. The department would not name the first schools to receive the financial aid data. After it receives feedback from the small set and works through any technical issues, it plans to ramp up its efforts to send out information to more colleges. FAFSA reforms and changes were supposed to be solidified by the end of December, already a delay from the typical October start date for applications to open. But hiccups caused the forms not to be fully available until the middle of January, with numerous bugs having to be worked on in the process. After that, the department had to delay sending financial aid information to the schools until now. Only around 3.6 million students have filled out the FAFSA forms, according to the department, much lower than the typical 17 million a year. Students are hoping to receive financial aid offers from schools at the beginning of April. Typically, they only have until May 1 to decide on a school, but some colleges have extended that timeline due to the FAFSA delays. Republicans have called for the Government Accountability Office (GAO) to investigate the FAFSA reform process, while Democrats have sent a letter to the Department of Education asking how the agency will help ensure families aren’t negatively impacted by these delays.

Pandemic-era Medicaid extensions increased postpartum insurance coverage, data reveal - During the first month of the COVID-19 pandemic in the United States, the Families First Coronavirus Response Act (FFCRA) prevented Medicaid programs from disenrolling people during the public health emergency. For the first time in history, Medicaid-enrolled postpartum mothers were allowed insurance for more than 60 days past birth. This policy change, and other extensions to Medicaid made in 2021, led to a 40% decline in postpartum lack of insurance, according to a new study inJAMA Health Forum. The authors suggest that increasing maternal insurance coverage in the postpartum year is a strong first step to fighting increasing US maternal death rates, which are high compared to other Western countries. "A lot of postpartum maternal deaths are occurring in the late postpartum period, or beyond 43 days postpartum, which is actually around the time Medicaid coverage has historically ended." said senior author Lindsay Admon, MD, in a press release from the University of Michigan.The study compared outcomes among 47,716 participants who had a Medicaid-paid birth in 21 states with continuous pre-policy (2017 to 2019) and post-policy (2020 and 2021) participation in the Pregnancy Risk Assessment Monitoring System. Participants were 18.9% Hispanic, 26.2% Black, 36.3% White, and 18.6% of other race or ethnicity, and 64.4% were under the age of 30. Outcomes assessed included health insurance, contraceptive use, breastfeeding, and postpartum depression.The authors found that the FFCRA was associated with an 8% increase in postpartum Medicaid coverage and a 40% reduction in being uninsured among those with a Medicaid-paid birth, but was not associated with other outcomes. From baseline, lack of insurance decreased among Black and White people with Medicaid-paid births by 96.9% and 69.3%, respectively.

Study finds racial, ethnic disparities in broad-spectrum antibiotics in kids - A single-center study of children hospitalized with acute respiratory infections found that children in certain racial and ethnic groups were more likely to receive broad-spectrum antibiotics than White children, researchers reported late last week in the Journal of the Pediatric Infectious Diseases Society.For the retrospective cohort study, researchers from the University of Washington, Seattle Children's Research Institute, and Seattle Children's Hospital analyzed all patients aged 18 years and younger hospitalized with respiratory illnesses at Seattle Children's Hospital from October 2020 to April 2023. While studies conducted in pediatric emergency department settings have identified racial disparities in antibiotic prescribing, prescribing disparities in pediatric inpatient settings have not been well documented. The primary outcome of the study was any antibiotic use and any use of broad-spectrum antibiotics.Of the 1,779 patients included in the analysis, roughly half received at least one dose of a systemic antibiotic, with no statistically significant difference in antibiotic receipt by racial or ethnic group. But in an adjusted analysis that excluded children with conditions that generally warrant antibiotics, Asian children were nearly five times as likely (adjusted odds ratio [aOR], 4.92; 95% confidence interval [CI], 1.35 to 17.9) to receive broad-spectrum antibiotics when compared with non-Hispanic White children. When the analysis was further adjusted to remove intensive care unit admission and insurance, Asian children (aOR, 1.63; 95% CI, 0.94 to 2.85) remained more likely than non-Hispanic White children to receive broad-spectrum antibiotics, along with Hispanic (aOR, 1.97; 95% 1.24 to 3.13), non-Hispanic Black (aOR, 2.49; 95% CI, 1.16 to 5.36), and unknown/other (aOR, 1.77; 95% CI, 1.08 to 3.13) children.The authors say the findings are surprising, since studies conducted in ambulatory settings have generally found that Black and Hispanic children are less likely to receive antibiotics for viral respiratory tract infections and bronchitis than White children. Furthermore, there's no biological or medical reason for differences across racial and ethnic groups.

UK study highlights repeat antibiotic prescriptions for respiratory infections - A new study of general practices in England found that repeat within-episode antibiotic use accounts for a significant proportion of all antibiotics prescribed for respiratory tract infections (RTIs), researchers reported late last week in the Journal of Infection. Repeat within-episode antibiotic prescribing occurs when a patient who has received an initial prescription receives a repeat prescription because of persisting symptoms. While 54% of RTI consultations in UK primary care result in an antibiotic prescription, and RTI patients frequently reconsult their general practitioner because of ongoing symptoms, data on repeat within-episode antibiotic prescribing for RTIs are lacking. To assess the magnitude of the practice and associated factors, a team of English and Dutch researchers conducted a population-based cohort study among 530 samples from English general practitioners (GPs). The researchers identified 905,964 RTI episodes with at least one antibiotic prescription from March 2018 through February 2022. Nearly half (48.6%) involved adults consulting their GP for an upper RTI. In children, 89.9% of episodes were related to upper RTI. The overall proportion of within-episode repeat prescriptions was 12.7%. In adults, within-episode repeat prescribing rates were higher for lower RTI (19.9%) than for upper RTI (10.5%). In children, the rates were similar for lower RTI (10.5%) and upper RTI (10.0%). Most episodes occurred more than 7 days after the initial prescription. Frequent RTI-related GP visits and prior within-RTI-episode repeat antibiotic prescriptions were the main factors associated with repeat prescriptions in both adults and children, irrespective of RTI type. Other factors included age less than 2 years or more than 65 years. Among those aged 2 to 64 years, allergic rhinitis, chronic obstructive pulmonary disease, and oral corticosteroids were associated with repeat prescriptions.The study authors say clinicians should emphasize to patients that while the natural course of most RTIs is considerably longer than a single course of antibiotics, a single course is likely to be microbiologically adequate. They suggest the practice should be a target for antimicrobial stewardship interventions. "Reducing within-episode antibiotic prescriptions could represent a 'quick win' for antimicrobial stewardship teams," they wrote.

CDC continues to receive reports of MIS-C in kids following COVID infections -Cases of multisystem inflammatory syndrome (MIS-C), a rare but serious COVID-19 complication in children, have decreased from the earlier pandemic months but continue to be reported, the Centers for Disease Control and Prevention (CDC) reported today in Morbidity and Mortality Weekly Report (MMWR). The CDC saw a relative increase in MIS-C cases in the fall of 2023, when the United States was experiencing a rise in COVID activity in the general population. Of 117 MIS-C cases reported in 2023, half involved intensive care unit (ICU) care. Of 112 kids with MIS-C who were eligible for immunization with COVID vaccine, 92 (82%) were unvaccinated. And, of 20 vaccinated children, 60% had waned immunity at the time of their MIS-C illness. "COVID-19 vaccination remains important for preventing MIS-C," the CDC said. Incidence of the condition peaked in late 2020 and early 2021. The condition typically occurs 2 to 6 weeks after COVID infection. MIS-C causes different body parts to become inflamed, including the heart, lungs, kidneys, brain, skin, eyes, and gastrointestinal tract. Though the condition can be serious or fatal, most children recover after medical care.

Vaccines cut risk of post-COVID heart failure, blood clots for at least 6 months, data suggest --A large European study published in Heart suggests that COVID-19 vaccines reduce the risk of heart failure and blood clots in veins or arteries for at least 6 months after SARS-CoV-2 infection. University of Oxford investigators conducted a staggered cohort study using the electronic health records of 10.2 million vaccinated and 10.4 million unvaccinated COVID-naïve people based on national COVID-19 vaccination campaigns in the United Kingdom, Spain, and Estonia from January to July 2021.The study period was dominated by the Alpha and then Delta variants. Participants included adults of all ages and those at high risk for poor COVID-19 outcomes.The study, which used vaccination as the time-varying exposure, included all COVID-19 vaccines available in Europe during the study period: AstraZeneca/Oxford, Pfizer/BioNTech, Johnson & Johnson (J&J), and Moderna.Study outcomes of interest were ischemic stroke (IS), hemorrhagic stroke, transient ischemic attack (TIA), ventricular arrhythmia/cardiac arrest, myocarditis/pericarditis, myocardial infarction (MI, or heart attack), heart failure (HF), pulmonary embolism (PE), and deep vein thrombosis (DVT). Venous thromboembolism (VTE) was used as an aggregate of PE and DVT, and arterial thrombosis/thromboembolism (ATE) was a composite of IS, TIA, and MI. While COVID-19 vaccines have proven effective against infection, hospitalization, and death, there have been reports of unusual blood clots after receipt of adenovirus-based COVID-19 vaccines (AstraZeneca and J&J), the authors noted, adding that a link was found between mRNA vaccines (Pfizer and Moderna) and a small risk of myocarditis."On the other hand, SARS-CoV-2 infection can trigger cardiac and thromboembolic complications," they wrote. "Previous studies showed that, while slowly decreasing over time, the risk for serious complications remain high for up to a year after infection."Also, the risk of clots and myocarditis, which is inflammation of the heart muscle, is much higher after COVID-19 infection than after vaccination.COVID vaccine effectiveness against HF, VTE, and ATE was 22%, 53%, and 45%, respectively, in the month after SARS-CoV-2 infection and 53%, 72%, and 61% at 3 to 6 months. A comparison of the Pfizer and AstraZeneca COVID-19 vaccines suggested a larger reduction in VTE from the former in the first month after vaccination, but no other differences were noted.

Study finds COVID-19 had greater impact on life expectancy than previously believed -- A new study published in The Lancet reveals never-before-seen details about staggeringly high mortality from the COVID-19 pandemic within and across countries. Places such as Mexico City, Peru, and Bolivia had some of the largest drops in life expectancy from 2019 to 2021. The research, which presents updated estimates from the Global Burden of Disease Study (GBD) 2021, provides the most comprehensive look at the pandemic's toll on human health to date, indicating that global life expectancy dropped by 1.6 years from 2019 to 2021, a sharp reversal from past increases. Among GBD's other key findings, child mortality continued to drop amid the COVID-19 pandemic, with half a million fewer deaths among children under 5 years old in 2021 compared to 2019. Mortality rates among children under 5 decreased by 7% from 2019 to 2021. "For adults worldwide, the COVID-19 pandemic has had a more profound impact than any event seen in half a century, including conflicts and natural disasters," says co-first author Dr. Austin E. Schumacher, Acting Assistant Professor of Health Metrics Sciences at the Institute for Health Metrics and Evaluation (IHME) at the University of Washington. "Life expectancy declined in 84% of countries and territories during this pandemic, demonstrating the devastating potential impacts of novel pathogens." Researchers from IHME identified high mortality during the COVID-19 pandemic in places that were previously less recognized and/or reported. For example, the study reveals that after accounting for the age of the population, countries such as Jordan and Nicaragua had high excess mortality due to the COVID-19 pandemic that was not apparent in previous all-age excess mortality estimates. In analyzing subnational locations not previously investigated, the South African provinces of KwaZulu-Natal and Limpopo had among the highest age-adjusted excess mortality rates and largest life expectancy declines during the pandemic in the world. Conversely, the places with some of the lowest age-adjusted excess mortality from the pandemic during this period included Barbados, New Zealand, and Antigua and Barbuda. During the COVID-19 pandemic, mortality among older people worldwide rose in ways unseen in the previous 70 years. While the pandemic was devastating, killing approximately 16 million people around the globe in 2020 and 2021 combined, it did not completely erase historic progress—life expectancy at birth rose by nearly 23 years between 1950 and 2021.

By 2022, COVID pandemic had shaved 1.6 years from global life expectancy, research reveals --In a stunning reversal of decades of progress, global life expectancy at birth fell 1.6 years from 2019 to 2021, with 16 million of 131 million total deaths in 2020 and 2021 directly or indirectly attributable to COVID-19, reveals one of the most comprehensive studies of its kind published yesterday in The Lancet.The Global Burden of Diseases (GBD), Injuries, and Risk Factors Study 2021 Collaborators analyzed trends in death rates and life expectancy in 204 countries and territories and 811 subnational locations from 1950 to 2021, with a focus on the 2020-2021 COVID-19 pandemic period. The data, obtained from registries, surveys, censuses, and other sources, include more than 607 billion estimates of 371 diseases and injuries and 88 risk factors. An ongoing effort, the GBD is the largest and most comprehensive study measuring health losses in global locations over time. More than 11,000 collaborators in 160 countries contribute to the research, which is coordinated by the Institute for Health Metrics and Evaluation (IHME) at the University of Washington. About 131 million people around the world died from any cause in 2020-2021 combined, with 15.9 million more deaths than expected due to COVID-19 infection or pandemic-related social, economic, or behavioral factors, such as delays in seeking healthcare. Age-standardized death rates decreased 62.8% from 1950 to 2019 and then rose 5.1% in 2020-2021, but death rates among children younger than 5 years continued to fall, albeit more slowly (4.7 million in 2021, down from 5.2 million in 2019). Regional differences in child death rates, however, were stark, with one of four child pandemic deaths occurring in South Asia, and two of every four deaths occurring in sub-Saharan Africa. All-cause death rates were higher among males than females aged 15 years and older (21.9% vs 16.6%) in 2020-2021 than in 2019. In 2020 or 2021, excess death rates surpassed 150 deaths per 100,000 people in 80 countries and territories, while 20 countries saw negative excess death rates. After adjustment for population age, countries such as Jordan and Nicaragua had high excess COVID-related death rates. In analyzing subnational locations not previously investigated, the South African provinces of KwaZulu-Natal and Limpopo had among the highest excess death rates and largest life expectancy decreases, while some of the lowest excess death rates were seen in countries such as Barbados, New Zealand, Antigua, and Barbuda. Global life expectancy climbed 22.7 years from 1950 to 2021, from 49.0 to 71.7 years, but from 2019 to 2021, it dropped 1.6 years, reversing historical trends. Thirty-two countries (15.7%) saw increased life expectancy.

Non-COVID hospital deaths rose in pandemic, varied by setting -Amid COVID-19 pandemic-related healthcare disruptions, the likelihood of in-hospital death rose significantly for six time-sensitive, non-COVID conditions and varied by urban or rural setting, finds a study published yesterday in JAMA Network Open.A team led by researchers from the Agency for Healthcare Research and Quality compared the odds of in-hospital death among adults with non–COVID-related heart attack, hip fracture, gastrointestinal bleeding, pneumonia, sepsis, and stroke at 3,813 US hospitals from March 2020 to December 2021 compared with January 2017 to March 2020. They looked at differences by month and for COVID-19 community transmission.A total of 50.3% of patients were men, 38.5% were ages 18 to 64 years, 45.0% were 65 to 84, and 16.4% were 85 or older. Among 18.6 million hospitalizations, the chances of in-hospital death among sepsis patients rose 27% from before to during the pandemic at urban hospitals (odds ratio [OR], 1.27) and 35% at rural hospitals (OR, 1.35). The likelihood of in-hospital death also rose for pneumonia patients in both urban (OR, 1.48) and rural (OR, 1.46) settings.Increases in death from sepsis and pneumonia had a dose-response link with community COVID-19 transmission for hospitals in both rural (sepsis, 22% vs 54%; pneumonia, 30% vs 66%) and urban (sepsis, 16% vs 28%; pneumonia, 34% vs 61%) areas. The risk of death among heart attack patients increased 9% (OR, 1.09) at urban hospitals and fluctuated according to community COVID-19 transmission. The odds of death among patients with hip fracture rose at rural hospitals (OR, 1.32) and among those with gastrointestinal bleeding at urban locations (OR, 1.15). There was no significant change in risk of death from stroke in either setting Delayed care, resource constraints, and emergency department crowding by COVID-19 patients likely contributed to the worse outcomes, the authors said. "The pandemic may have intensified urban-rural disparities in treatment and outcomes for some of the time-sensitive conditions," they wrote. "Mobilizing strategies tailored to the different needs of urban and rural hospitals may help reduce the likelihood of excess deaths during future public health crises."

Study: Men with key anti-inflammatory genetic variant almost 80% less likely to die of COVID - Hospitalized male COVID-19 patients younger than 75 who have a certain variant of a key anti-inflammatory gene are at much lower risk of experiencing severe inflammation and dying of the disease, New York University researchers reported yesterday in The Journal of Infectious Diseases.The team obtained blood samples from 2,589 hospitalized COVID-19 patients to examine the link between single-nucleotide variants of the interleukin-1 receptor antagonist (IL1RN), markers of inflammation and death from March 2020 to March 2021.Of the 2,589 patients, 124 men (4.8%) had the protective rs419598 IL1RN variant. More than half of the patients were older than 60 years and obese, factors that raise the risk of COVID-19 death. The overall death rate was 15.3%. More men than women (240 men [60.5% of all deaths] and 157 women [39.5%]) died of COVID-19, with women 24% less likely to die than men (13.1% vs 17.3%).Men with rs419598 had significantly lower inflammatory biomarker concentrations and a lower death rate than those with another studied genotype (10.0% vs 17.8%). The most pronounced association was seen in men younger than 75 years, who had a 78% lower death rate (3.1% vs 14.0%)."Our analysis offers substantial evidence of the biological link between the severe inflammation seen in SARS-CoV-2 and that which occurs in rheumatoid arthritis," senior author Steven Abramson, MD, said in an NYU news release. He added that previous research has shown that rheumatoid inflammation is lower in patients who have one of the three studied IL1RN variants.

Viral persistence, reactivation, and mechanisms of long COVID - Abstract: The COVID-19 global pandemic caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infection has infected hundreds of millions of individuals. Following COVID-19 infection, a subset can develop a wide range of chronic symptoms affecting diverse organ systems referred to as post-acute sequelae of SARS-CoV-2 infection (PASC), also known as long COVID. A National Institutes of Health-sponsored initiative, RECOVER: Researching COVID to Enhance Recovery, has sought to understand the basis of long COVID in a large cohort. Given the range of symptoms that occur in long COVID, the mechanisms that may underlie these diverse symptoms may also be diverse. In this review, we focus on the emerging literature supporting the role(s) that viral persistence or reactivation of viruses may play in PASC. Persistence of SARS-CoV-2 RNA or antigens is reported in some organs, yet the mechanism by which they do so and how they may be associated with pathogenic immune responses is unclear. Understanding the mechanisms of persistence of RNA, antigen or other reactivated viruses and how they may relate to specific inflammatory responses that drive symptoms of PASC may provide a rationale for treatment.

Brisk US flu activity continues as COVID indicators drop further The nation's flu activity remained elevated last week, with an increase in test positivity, as levels of two other respiratory viruses—COVID-19 and respiratory syncytial virus (RSV)—continued their steady declines, the Centers for Disease Control and Prevention (CDC) said in updates today.In its respiratory virus snapshot of all three diseases, the CDC said illness levels remain elevated in many parts of the country. Sixteen jurisdictions are reporting high or very high activity, down from 22 the previous week.RSV indicators are declining in all parts of the country, with levels now below the epidemic threshold in 6 of 10 regions.Flu activity ebbs a bit in the first weeks of January, but has been on the rebound since February, mainly driven by rises in regional activity. States in the Central and Midwest regions are currently reporting the highest activity.The percentage of respiratory tests that were positive for flu last week at clinical labs rose to 15.4%, and labs are seeing roughly equal proportions of the 2009 H1N1 and H3N2 strains of influenza A and influenza B, the CDC said in its latest weekly FluView update.Other indicators showed declines, including outpatient visits for flulike illness, which are at 3.7% and above the national baseline. Flu hospitalizations also declined last week, continuing a downward trend since January. Seniors make up the highest proportion of flu hospitalizations, though levels are elevated for all age-groups. Meanwhile, emergency department visits for flu are highest in children.Overall deaths were up slightly, and the CDC reported 13 more pediatric flu deaths, raising the season's total to 116. The deaths occurred from late December through early March. Nine deaths were due to influenza A, three from influenza A, and one from a coinfection involving 2009 H1N1 and influenza B.The CDC also reported 2 more pediatric flu deaths from the 2022-23 season, putting that total at 184.In COVID data updates today, the CDC reported declines in both of its severity markers. Hospitalizations declined 13.5% from the previous week, and deaths dropped 4.8% over the same period.Among early indicators, national test positivity declined 1.5% compared to a week ago and is at 5.2% nationally. Emergency department visits dropped 24.8% and are still highest in children younger than 12 months old and in seniors.Wastewater SARS-CoV-2 detections, considered another early marker, remain at the moderate level. Levels are still highest in the South, but, even there, levels are dropping steadily.In variant proportion updates, JN.1 remained dominant, with its offshoot JN.1.13 rising to 9.5% from 4.6% the previous week.

Chicago, California report more measles cases Amid a small but steady rise in measles cases nationally, Chicago health officials reported a second case at a migrant shelter and California reported its third case of the year, which involves a child who had recently returned from international travel.The second case at the migrant shelter in the Pilsen neighborhood of Chicago involves another young child who is hospitalized and is listed in good condition, the Chicago Department of Public Health (CDPH) said yesterday in astatement. The first patient has recovered and is no longer infectious.Officials said the cases aren't related to another case reported last week in Chicago. The city has now confirmed three cases.CDPH Commissioner Olusimbo Ige, MD, MPH, said most Chicago residents are vaccinated and are not at risk, but urged unvaccinated people to get vaccinated as soon as possible. "It is by far the best protection against measles, which for the first time in years is in our city," she said, adding, "Because of how contagious measles is, I anticipate seeing more cases."The city's other earlier case, announced last week, involved a person who had not traveled but had interactions with domestic and international travelers. Elsewhere, Sacramento County Public Health announced on March 8 that a measles infection has been confirmed in a child who was seen at the University of California, Davis Medical Center's emergency department (ED) on the afternoon of March 5.Officials warned that unvaccinated people or those with unknown vaccination status who were at the ED during that period are at risk of contracting measles. They are working with health partners in surrounding counties to identify patients who may have been exposed and to assess their immunization status. UC Davis Health said its infection prevention team has the situation under control and that the hospital is working with county health officials to notify about 300 people who were in the emergency department at the time a child who returned from travel outside the country was being evaluated for suspected measles.

Chicago and Arizona report more measles cases --Two more measles cases are confirmed in an outbreak at a Chicago migrant shelter, and health officials in Arizona's Coconino County reported two new cases, one confirmed and one probable.Illinois and Arizona are among 17 US jurisdictions that have already reported cases this year, part of a global rise in cases occurring amid vaccination gaps.At an Infectious Diseases Society of America (IDSA) media briefing on measles today, Sarah Lim, MD, a medical specialist with the Minnesota Department of Health, said that, in the first months of 2024, the country has had almost as many measles cases as it did for all of 2023.She said a drop in vaccination rates in the wake of the COVID pandemic gives the highly contagious measles virus the potential to trigger large outbreaks.Joshua Barocas, MD, with the University of Colorado School of Medicine, said many cases are mild, but measles can be a devastating disease, with deaths that are fully preventable. He said the measles, mumps, and rubella (MMR) vaccine is a safe and highly effective vaccine that can help people and their communities. "There's no shame in getting caught up now. Now is the time," he said. "We need to welcome people with open, nonjudgmental arms."The two new cases at the migrant shelter in the Pilsen neighborhood of Chicago are both adults and bring the number of cases confirmed at the location to four, the Chicago Department of Public Health (CDPH)announced yesterday. The two latest patients are in stable condition.The two earlier cases at the shelter both involved children, one of whom has recovered and another who is hospitalized and reported to be in good condition. The CDPH said it and its health partners have assessed nearly all residents of the shelter and administered the MMR vaccine to more than 900 shelter residents. Another 700 residents were found to be immune from previous vaccination or earlier infection and are allowed to leave and enter the shelter again. Newly vaccinated residents have been instructed to stay at the shelter for 21 days from the date of vaccination, a period when the vaccine confers full immunity.Chicago officials had earlier reported another unrelated measles case. The five infections reported this year are the city's first in 5 years.In Arizona, health officials in Coconino County—home to Flagstaff—yesterday reported one confirmed and one probable measles case.They identified five locations where people may have been exposed: three medical locations, a fitness center, and a fabric store.Kim Musselman, MSW, the county's health and human services director, said, "Unvaccinated individuals are at highest risk of developing the disease if exposed. The best protection against measles is to receive the measles vaccine."In February, three earlier cases were reported by Arizona officials, all in Maricopa County.

"Major Measles Outbreak" Reported In US As Migrant Shelters Become Infectious Disease Breeding Grounds - The radical progressives in the Biden administration are responsible for the greatest migrant invasion this nation has ever seen but also an emerging public health crisis, as millions of unvaccinated and undocumented illegals (some with infectious diseases) are being piled into migrant shelters nationwide like cattle. Daily Mail reports the US is on the verge of a "major measles outbreak," with cases in the first two months of the year nearly eclipsing those in the previous year. " ... as doctors warn many young physicians have never even seen a patient infected with the virus. Hundreds of people are already feared to be infected in California and Arizona after cases were confirmed in people in the states who visited local hospitals," the media outlet said. It's important to recognize that migrant shelters are becoming breeding grounds for the spread of infectious diseases. Notably, it's the Democrats, often referred to as the 'party of science,' who are enabling this public health crisis to materialize while the pharma-industrial complex secretly cheers as the next crisis will need more vaccines. Earlier on Tuesday, Elon Musk responded to Fox News' Bill Melugin's post on X. The billionaire said "!" in response to a CNN report that a measles outbreak in a Chicago migrant shelter is quickly worsening. New data from the CDC shows 45 measles cases were recorded in the first two months across 17 states, nearly surpassing the 58 cases recorded in the full year of 2023. Besides corporate media blaming a low vaccination rate, maybe - just maybe - overcrowded shelters with migrants from third-world countries are the most likely root cause of the public health crisis. None of these migrants were screened at the border for contagious diseases - and were able to walk right over - some were even flown in on airplanes, and others were bussed into sanctuary cities by a shadowy network of taxpayer-funded governmental organizations. Besides future Democrat voters, you'll never guess the reason why migrants were shipped in by the millions (that answer is found here: "Shadowy Network Of NGOs Supplies ..."). The open southern border is a major national security crisis that is quite literally a ticking time bomb about to go off. It's also quickly morphing into a public health crisis.

Chicago measles total rises to 12 cases -Amid a small but steady rise in infections nationally, Chicago has now reported 12 measles cases, 10 of them linked to people who recently arrived at a local migrant shelter.In a weekly update, the Chicago Department of Public Health said 6 of the cases involve children and 6 are in adults. A local media report said 2 of the patients had attended separate Chicago public schools, 1 of them reportedly a child who is staying at the migrant shelter.The head of Chicago Public Schools, Pedro Martinez, sent a letter to parents saying the district was working with health officials to determine vaccination status for all school-age children at the shelter. He also urged other school parents to ensure that students are up to date with their vaccinations.A team from the Centers for Disease Control and Prevention (CDC) arrived in Chicago this week to support the outbreak response, which has included contact tracing, immunization at migrant shelters, and efforts to vaccinate people at the city's landing zone as they arrive in Chicago.Illinois is among 17 US jurisdictions that have reported measles cases this year, part of a global rise in cases fueled partly by immunization gaps. As of March 8, the CDC had reported 45 cases, nearly as many for all of 2023. The CDC recently made a few tweaks to its measles vaccination recommendations for international travelers, urging people to consult their doctors at least 6 weeks before travel if they are unsure of their vaccination status. The previous recommendation was 1 month before travel to allow vaccination, if needed. New data from ongoing Kaiser Family Foundation polling on health misinformation found that 82% of adults had not heard of or read the false claim that getting the measles vaccine is more dangerous than getting infected with measles. Among parents who had responded to the question in the poll in late February, almost one in five (19%) said they had heard the false claim. Of parents, 25% said the false claim is definitely or probably true, compared with 19% of all adults.

More than 600 dead in spreading DR Congo mpox outbreak as Republic of Congo reports its first cases --Through November 12, 2023, the ongoing clade 1 mpox outbreak in the Democratic Republic of the Congo (DRC) sickened nearly 13,000 people—the most ever recorded in a year—and killed nearly 600, according to a rapid communication published yesterday in Eurosurveillance.Today the country's health ministry and the DRC office of the World Health Organization updated those numbers, noting that, for the full year, 14,626 suspected cases were reported, with 654 deaths, for a case-fatality rate (CFR) of 4.5%. On yesterday's US Centers for Disease Control and Prevention (CDC) and Infectious Diseases Society of America clinician call, Agam Rao, MD, of the CDC's US Public Health Service, said that 3,576 suspected mpox cases and 265 deaths have been reported in the DRC through the first 9 weeks of 2024, for an estimated CFR of 7.4%.Both reports come as the neighboring Republic of Congo reports its first mpox cases.To characterize the causative mpox strain in the DRC and determine whether commonly used tests can detect those strains, an international research team sequenced mpox viral genomes from 10 hospitalized patients in the Kamituga health zone in South Kivu, DRC. The patients, 5 men and 5 women, were in their late teens to mid-20s, and most were sex workers.Last week, scientists reported that heterosexual transmission is helping fuel the DRC outbreak.As of November 12, 12,569 suspected cases of the primarily sexually transmitted infection had been reported, with an estimated case-fatality rate of 4.6% and cases diagnosed in DRC regions without a history of mpox, such as South Kivu and Kinshasa.Of the 10 study patients, nearly complete mpox genomic sequences were available for 6. All were categorized as clade 1 but were a distinct substrain from all other clade 1 sequences, which the authors said suggests that the South Kivu outbreak resulted from a separate viral introduction, probably of animal origin. The six sequences had several mutations, pointing to ongoing circulation over some time.A check to determine whether commonly used mpox polymerase chain reaction (PCR) tests could detect the mutated sequences showed that while the generic primers and probe maintained their function, the specific clade 1 PCR target gene was absent. "Due to the deletion, the rapid US CDC [Centers for Disease Control and Prevention] method to identify Clade I in newly diagnosed mpox cases is most likely not reliable for detection of the novel sub-lineage identified in the current study," the researchers wrote.Yesterday, the Associated Press reported that the Republic of Congo's health ministry published an internal report this week on the detection of 43 mpox cases in 9 of 12 of the country's departments. The government did not comment on the report, which was not officially distributed to the media and appears to have been intended for internal use, the AP story said. Scientists have warned that sexual transmission of mpox in Africa, reported for the first time late last year, could make the disease difficult to contain.

Study finds mpox DNA can persist in the body for up to four weeks --DNA from the mpox virus can be found in different parts of the body for up to four weeks after symptom onset, according to a study led by researchers at Unity Health Toronto, the Sunnybrook Research Institute and the University of Toronto. The researchers analyzed samples from 64 men who contracted mpox, including participants from the Mpox Prospective Observational Cohort Study led by Darrell Tan, an infectious disease physician at St. Michael's Hospital, part of Unity Health Toronto—where some of Toronto's first patients with mpox were identified and cared for—and associate professor in the department of medicine and the Institute of Medical Science at U of T's Temerty Faculty of Medicine and in the Institute of Health Policy, Management and Evaluation (IHPME) at the Dalla Lana School of Public Health. They found that persistence of mpox virus DNA varied depending on where the samples were taken from. Among the key findings was that the DNA was detectable in nearly half of genital skin swabs and one in five skin swabs from other sites a week after symptoms had resolved. The study, which was published in Open Forum Infectious Diseases, is one of several projects supported by the mpox rapid research response launched by the Emerging and Pandemic Infections Consortium (EPIC), an institutional strategic initiative, and its hospital partners during the global outbreak of mpox—previously known as monkeypox—in 2022. According to the World Health Organization, nearly 94,000 confirmed cases of mpox, including 179 deaths, have been reported from 117 countries since January 2022. As of September 2023, 1,515 cases have been confirmed in Canada, mostly in Ontario and Quebec. "Even though we've known about mpox for over 70 years, it was new to us because we hadn't seen it outside the endemic regions," said Robert Kozak, one of the study's authors and a clinical microbiologist at Sunnybrook Research Institute and assistant professor in the department of laboratory medicine and pathobiology at Temerty Medicine. "There was still a lot about the virus and disease that we didn't know," To answer key questions about viral shedding, Kozak teamed up with Tan and Sharmistha Mishra, an infectious disease physician at St. Michael's Hospital and associate professor in the Temerty Faculty of Medicine's department of medicine and Institute of Medical Science and IHPME. The researchers used a technique called quantitative polymerase chain reaction (qPCR) to determine the persistence of mpox virus DNA. Samples were taken from six different sites on the body—genital region, nasal cavity, semen, skin, throat and urine—and over an extended period of time. On average, mpox DNA was detected in skin swabs from the genital and perianal region and from other skin sites at 30 and 22 days after symptom onset, respectively. These findings are consistent with the sexually transmitted nature of mpox during the recent global epidemic, which primarily affected gay and bisexual men as well as men who have sex with men. The researchers were unable to detect viral DNA in a large proportion of semen samples and nasal cavity swabs taken when individuals first presented with symptoms, whereas in urine and throat swab samples, mpox DNA persisted for roughly two weeks after symptom onset. Interestingly, the researchers did not observe a difference in the length of viral DNA persistence between people who received the antiviral drug tecovirimat and those who did not. Tan noted that while study participants were not randomly assigned to receive the drug, these results underscore the uncertainty around tecovirimat's effectiveness in treating mpox infections. He added the study provides several key learnings for his clinical colleagues. "First, we've documented the breadth of clinical samples in which mpox DNA can be identified and therefore can be used to confirm a diagnosis. Our findings also reinforce that it's worthwhile for clinicians to collect such samples in individuals where an mpox diagnosis is being considered, even after symptoms of feeling unwell are gone," Tan said. The researchers caution that just because mpox DNA can be detected up to four weeks after symptom onset, it doesn't mean that individuals are infectious for that long.

Study spotlights high incidence of typhoid fever in sub-Saharan Africa - High incidence of typhoid fever, and the threat of antibiotic-resistant typhoid strains, in sub-Saharan Africa highlight the need for typhoid conjugate vaccines (TCVs), according to a hospital-based surveillance study published this week in The Lancet Global Health. The 4-year Severe Typhoid in Africa study, led by researchers with the International Vaccine Institute, aimed to address regional gaps in typhoid burden data, characterize levels of antibiotic resistance, and evaluate disease severity in six countries (Burkina Faso, the Democratic Republic of the Congo [DRC], Ethiopia, Ghana, Madagascar, and Nigeria). Researchers enrolled and analyzed data on patients who presented with fever or reported fever for 3 consecutive days within the previous 7 days. Typhoid fever was defined as a febrile illness in whichSalmonella enterica serovar Typhi was isolated from blood cultures collected on enrollment. Of the 27,866 participants recruited from May 2016 through May 2020, blood cultures were performed for 27,544. Clinically significant organisms were detected in 2,136 (7.7%) of blood cultures, with Salmonella Typhi isolated in 346 (16.2%) of 2,055 cultures. Four countries (Burkina Faso, the DRC, Ghana, and Madagascar) had an overall adjusted typhoid incidence of more than 100 cases per 100,000 person-years of observation, with the highest observed in the DRC (315 cases). Rural settings reported the highest incidence.Of the 346 Salmonella Typhi isolates tested, 172 (57%) of 302 were resistant to ampicillin and 46 (16%) of 280 were showed ciprofloxacin non-susceptibility; the DRC reported the highest prevalence of ciprofloxacin non-susceptibility (24%). Forty-three (16%) of 264 isolates were multidrug-resistant. The study authors say the increased rates of resistance could eventually render typhoid fever untreatable, and that introduction of TCVs in these countries could contribute substantially to efforts to control typhoid fever.

Data show global declines in TB incidence, deaths in young people Global tuberculosis (TB) incidence, mortality, and disability-adjusted life years (DALYs) have decreased significantly in adolescents and young adults since 1990, but the incidence of drug-resistant TB increased, Chinese researchers reported today in Pediatrics.Using data from the Global Burden of Disease Study 2019, researchers from Peking University and Tsinghua University calculated the percentage of relative changes in TB incidence, deaths, and DALYs in people aged 10 to 24 from 1990 to 2019. They assessed temporal changes using estimated annual percentage changes (EAPCs).Globally, the number of incident TB cases in adolescents fell from 2.23 million in 1990 to 1.82 million in 2019, while the number of TB deaths fell from 0.11 million to 0.6 million . The number of DALYs declined from 8.74 million to 4.87 million. Incidence, deaths, and DALYs per 100,000 population saw relative declines of 32.3%, 56.6%, and 53.7%, respectively, with EAPCs of 1.28%, 3.06%, and 2.83%.Similar decreasing trends occurred across sex, age, sociodemographic index regions, and in most regions and countries. But TB incidence decreased faster in female adolescents than male, and increases in incidence were observed in sub-Saharan African countries, with the largest seen in South Africa (EAPC, 3.51). In contrast to those trends, the incidence of extensively drug-resistant TB rose 11.2% each year, and multidrug-resistant TB without extensive resistance climbed 3.3% each year.

More than 80% of TB patients lack persistent cough, study finds -More than 80% of people in Asia and Africa who have culture-confirmed pulmonary tuberculosis (TB) don't have one of the symptoms most commonly associated with the disease, according to a study published yesterday in The Lancet Infectious Diseases.The study by an international team of scientists, which aimed to explore the prevalence of subclinical pulmonary TB, found that more than 80% of TB patients in 12 high-burden countries in Asia and Africa did not have a persistent cough, while more than 60% had no cough at all. More than a quarter had no other symptoms associated with the disease.The lack of a persistent cough is significant because it's one of the primary symptoms that triggers the diagnostic process for TB in HIV-negative patients. That means patients not reporting a persistent cough could face delays in diagnosis and treatment of a disease that killed 1.3 million people in 2022. TB is the second-leading cause of death from a single infectious agent, after COVID-19.The findings could help explain why there's such a significant gap each year between the number of new TB cases reported globally (7.5 million in 2022) and the estimated number of people who develop the disease (10.6 million in 2022)."A persistent cough is often the entry point for a diagnosis, but if 80% of those with TB don't have one, then it means that a diagnosis will happen later, possibly after the infection has already been transmitted to many others, or not at all," corresponding study author Frank Cobelens, MD, PhD, a professor of global health at Amsterdam University Medical Center, said in a press release from his institution.

Study links social vulnerability with higher risk of resistant pneumococcal infections Higher levels of social vulnerability may increase the likelihood of having a resistant Streptococcus pneumoniaeinfection, researchers reported yesterday in Clinical Infectious Diseases.Using S pneumoniae isolates collected from hospitalized and ambulatory patients at 177 US facilities from 2011 through 2022, researchers from Merck and Becton, Dickinson & Company evaluated associations between antibiotic resistance and the social vulnerability index (SVI). Created by the Centers for Disease Control and Prevention and the Agency for Toxic Substances and Disease Registry, the SVI measures four themes that contribute to social vulnerability: socioeconomic status (SES), household characteristics, racial and ethnic minority status, and housing type and transportation.Of the 8,008 S pneumoniae isolates collected from 574 US counties in 39 states, the overall rate of antimicrobial resistance (AMR) was 49.9%, with 13.4% of isolates reported as multidrug-resistant. A multivariable analysis found that higher SVI scores were associated with increased risk of AMR, with the strongest links found for SES and household characteristics.On average, a decile increase of SES, indicating greater vulnerability, was associated with a 1.28% increased risk of AMR (95% confidence interval [CI], 0.61% to 1.95%). A decile increase of household characteristic score, indicating household members ages 17 and younger or 65 and older, was associated with a 0.81% increased risk of AMR (95% CI, 0.13% to 1.49%). No associations were found with racial and ethnic minority status, housing type and transportation, or overall SVI scores. Resistant S pneumoniae infections account for roughly 830,000 deaths globally each year. The authors say that, in addition to shedding light on the role that social vulnerability may play in increasing the risk of acquiring a resistant S pneumoniae infection, the findings have important implications for pneumococcal vaccination, which has proven to be an effective strategy for reducing pneumococcal disease, including infections caused by resistant S pneumoniae strains.

Women with HPV, metabolic syndrome may be at nearly triple the risk of death -Women infected with high-risk strains of human papillomavirus (HPV) who also have metabolic syndrome (MetS) are at nearly triple the risk for all-cause death compared with women with neither condition, a decade's worth of US data suggest.The findings, from researchers at York University in Toronto, were published last week in PLOS One. Data on 5,101 respondents (3,274 women) aged 18 to 65 years with data on HPV and MetS were taken from seven consecutive cycles of the US National Health and Nutrition Examination Survey (NHANES) from 2003 to 2016, with follow-up to 2019. Average follow-up was 9.4 years. HPV is a vaccine-preventable sexually transmitted infection that can cause cancers of the cervix, vulva, vagina, penis, anus, and throat. MetS is a combination of conditions (ie, high blood pressure, high blood glucose, excess fat around the waist, and abnormal cholesterol levels) that increases the risk of heart disease, stroke, type 2 diabetes, and death from any cause.MetS has been demonstrated to increase HPV persistence, which can in turn raise the risk of cervical and other cancers. Of the more than 200 HPV strains, only a few are considered high-risk, causing 4.5% of all cancers around the world. The high-risk strains—HPV 16 and 18—cause roughly 70% of all cervical cancers."HPV is the most prevalent sexually transmitted infection [STI] and has been referred to as the common flu of STIs," senior author Catriona Buick, PhD, said in a York University news release. "In most cases, the body will clear HPV fairly quickly, but lingering cases of high-risk HPV can develop into precancerous changes in the cervix and in some cases over many years cervical cancer." Using International Agency for Research on Cancer data, the 5,101 participants were classified as having no HPV (1,619), low-risk HPV (1,138), probable HPV (672), or high-risk HPV (1,672; 22% with type 16 and 10% with type 18). Women aged 18 to 24 years made up half of the high-risk HPV group, and a quarter of the women who had MetS also had high-risk HPV. During follow-up, 240 respondents died of any cause (no HPV, 46 deaths; low-risk, 60; probable, 37; and high-risk, 97). While HPV status alone wasn't tied to death in fully adjusted models, cross-classification into MetS/HPV strata revealed that women with high-risk HPV and MetS were at 2.6 times the risk for all-cause death compared with the no-MetS/no-HPV group. There was no significant association between HPV, MetS, and death in men. "Further work is necessary to separate the temporal, age, vaccination, and sex effects of HPV diagnosis in these relationships using prospective studies with detailed histories of HPV infection and persistence."The different findings in women and men may be partially due to differences in HPV vaccination and screening, with more women than men receiving both, the researchers noted.

Multiple organ attack and immune dysregulation: Study reveals how the chikungunya virus leads to death -- The chikungunya virus, transmitted by Aedes aegypti and Aedes albopictus mosquitoes and responsible for more than 900 deaths in Brazil since it arrived around ten years ago, is capable of spreading through the blood, reaching multiple organs and crossing the blood-brain barrier, which protects the central nervous system. The mechanisms of action observed for the first time in fatal cases by a group of Brazilian, American and British researchers are reported in an article published in Cell Host & Microbe. The findings reinforce the need to update treatment and surveillance protocols. With more than 10 million cases recorded in around 125 countries over the past 20 years, including 2 million in Brazil alone, where it has been endemic for more than a decade, the disease caused by the chikungunya virus(CHIKV) is still mistakenly considered to be less deadly than dengue. To help dispel this myth, researchers conducted the most comprehensive analysis to date on the subject. Last year, the group reported the high lethality of CHIKV in Ceará, the state with the highest number of cases in Brazil. The study analyzed data from 32 deceased patients. It included test results for the presence of CHIKV in the body, as well as laboratory and autopsy information. The following were performed in samples of blood serum, cerebrospinal fluid and other tissues: histopathology (a technique that consists of analyzing paraffin-fixed tissues under a microscope), quantification of cytokines (signaling proteins secreted by defense cells), metabolomics (analysis of the set of metabolites present in the serum), proteomics (set of proteins) and viral genomic analysis, as well as real-time reverse transcription-polymerase chain reaction (RT-qPCR), a laboratory technique that allows the early detection and quantification of viruses based on their genetic material. One of the findings that most caught the researchers' attention was the presence of CHIKV in cerebrospinal fluid samples, indicating its ability to cross the blood-brain barrier, the physical layer that protects the central nervous system and normally prevents pathogens from entering.According to the article, this "invasion" occurs through two mechanisms: First, the virus infects CD14⁺CD16⁺ monocytes (defense cells that have CD14 and CD16 molecules on their surface), and in the presence of high levels of CCL-2 (an inflammation-regulating protein that is part of the immune system), migrates across the barrier and is transported to the brain. Second, the infection affects proteins that are important for holding the epithelial cells of the blood-brain barrier together.

Quick takes: Next-gen coronavirus vaccines, H9N2 avian flu case in China, fatal plague in New Mexico | CIDRAP

An international research consortium that specializes in human-challenge studies has announced the launch of a $57 million project to test inhaled and nasal vaccines with a goal of stopping infection from SARS-CoV-2 and other coronaviruses, the Coalition for Epidemic Preparedness Innovations (CEPI)announced yesterday. The project is led by Imperial College London and is cofounded by the European Union's Horizon Union Programme and CEPI.
China has reported another human infection involving H9N2 avian flu, the first of 2024, according to a weekly avian flu update from Hong Kong's Centre for Health Protection. The patient is a 6-year-old boy from Anhui province whose symptoms began on January 3. The report did not say how the child contracted the virus. H9N2 infections are typically mild and reported in children. The virus is known to circulate in poultry in some Asian countries.
The New Mexico Department of Health last week reported a fatal plague case, which involves a man from Lincoln County who had been hospitalized. The infection is the state's first since 2021, and the man's death is the first plague-related fatality since 2020. Rodents can harbor the plague bacterium, Yersinia pestis. The disease can spread to humans through bites from infected fleas or from direct contact with animals, including rodents, wildlife, and pets.

Quick takes: Polio in 3 nations, widespread cholera outbreaks, avian flu in US poultry | CIDRAP

Three countries reported more polio cases this week, all involving circulating vaccine-derived poliovirus type 2 (cVDPV2), according to the latest weekly update from the Global Polio Eradication Initiative (GPEI). Mali confirmed a case in Bamako, which is included in its 2023 total, which is now at 16. Nigeria reported one case in Sokoto, its fourth of 2024. And Yemen recorded three cases in three locations, which boost its total for 2023 to seven.
In its cholera update covering February, the World Health Organization (WHO) said yesterday that 20 countries from three regions reported 37,269 cases, 332 of them fatal, reflecting a 12% decrease from January. Also in February, Comoros reported its first cholera outbreak since 2008, which followed the arrival of a traveler from Tanzania who died from a suspected cholera infection. The WHO said the global cholera response continues to be affected by a critical shortage of oral cholera vaccine.
The US Department of Agriculture Animal and Plant Health Inspection Service (APHIS) has reportedhighly pathogenic avian flu outbreaks in two states, including a commercial turkey farm in South Dakota's Hutchinson County that houses more than 31,000 birds. APHIS also reported an outbreak involving a backyard flock in Klamath County, Oregon.

Quick takes: H5N1 avian flu in US mammals, Sudan polio reemergence, Bolivian Oropouche virus cases | CIDRAP

The US Department of Agriculture (USDA) Animal and Plant Health Inspection Service (APHIS) hasreported four more H5N1 avian flu detections in US mammals, the first since late December. They include three striped skunks from Stevens County, Washington, and a mountain lion from Montana's Granite County. The virus had been previously detected in both species. H5N1 continues to be reported in US wild bird populations in several states, along with sporadic outbreaks in poultry flocks.
Sudan's health ministry announced it will launch a polio vaccination campaign in April following a new emergence of circulating vaccine-derived poliovirus type 2 (cVDPV2) in January, the World Health Organization (WHO) Eastern Mediterranean Regional Office said today. The virus was found in six wastewater samples collected in Port Sudan, the capital of Red Sea state. The detection comes 14 months after the country reported a cVDPV2 outbreak from an unrelated emergence.
Four Oropouche virus cases have been reported from Bolivia, the third country in the Americas to report cases this year, according to a media report citing Pando department health officials that was flagged byProMED Mail, the online reporting system of the International Society for Infectious Diseases. Pando department is in northern Bolivia in an Amazon rainforest area bordering Brazil and Peru. Both Brazil and Peru have recently reported cases of Oropouche virus, transmitted to humans through biting midges and some mosquito species.

Avian flu detected again in Antarctic penguins --Highly pathogenic avian influenza (HPAI) has been detected for a second time in Antarctic penguins, this time on South Georgia, where the virus was found in samples from both gentoo and king penguins, a British research team and South Georgia's government announced yesterday.The new findings follow the first detection of H5N1 in Antarctic-region penguins in January, which affected gentoo penguins off the coast of the Falklands Islands, part of the Antarctic subregion. Continuing its southward expansion, the virus had already been detected in Antarctic seabirds and mammals, including elephant seals and fur seals.In late February, the virus was detected on Antarctica's mainland for the first time when Spanish researchers confirmed the virus in samples from dead seabirds that Argentinian scientists found near their research base.Since last August, animal health groups have warned about the risk of H5N1 spread to Antarctic wildlife, especially since some species, such as penguins, live in dense colonies and haven't been exposed to the virus before.The government of South Georgia and the South Sandwich Islands announced its highly pathogenic avian flu detection in October, which affected brown skuas. Yesterday, it announced that samples collected in early February from one colony of gentoo penguins and one colony of king penguins on South Georgia tested positive for HPAI.Officials said HPAI has now been confirmed at 23 sites across South Georgia.The British Antarctic Survey (BAS), which has two research stations on South Georgia, said it is working closely with South Georgia government officials. The BAS added that the samples were tested at the international reference lab in Weybridge, United Kingdom. It said it has suspended field work involving close contact with affected species, in line with strict biosecurity measures.Norman Ratcliffe, PhD, a BAS bird ecologist who has worked with South Georgia's penguins and seabirds, said the virus has been on South Georgia since October, and experts are surprised that penguins have only just become infected, due to high nesting density and proximity to other species. Ratcliffe said mortality in gentoo penguins has been localized and brief, but scientists will continue to monitor impacts from the virus. He said Marconi penguins, which gather in large groups, are vulnerable but will be dispersing to the sea, where transmission will be lower. "Gentoo and king penguins, however, continue to form communal roosts or to breed, respectively, throughout the winter and so may remain at risk."

Man pleads guilty to scheme to create giant sheep hybrids for captive hunting -- A Montana man pleaded guilty Tuesday to two felony charges connected to an effort to create a giant sheep hybrid for captive hunting, the Justice Department announced. Arthur “Jack” Schubarth, 80, owns and operates Sun River Enterprises LLC, also known as Schubarth Ranch, according to the Justice Department. The press release describes the ranch as being engaged in purchasing, selling and breeding of “alternative livestock,” which can include mountain sheep and mountain goats — with the primary market of captive hunting operations.Schubarth was accused of conspiring with at least five others to create a larger hybrid species of sheep between 2013 and 2021 in an effort to get higher prices from shooting preserves, the press release states. He was charged with conspiring to violate the Lacey Act and then violating the act.The Lacey Act is meant to combat the illegal trafficking of wildlife, fish and plants, according to the Department of Agriculture. The Justice Department said Schubarth brought parts of the largest sheep in the world from Kyrgyzstan into the United States, but did not declare the importation. The Marco Polo argali sheep are protected by the Convention on International Trade in Endangered Species and the U.S. Endangered Species Act and are also prohibited in Montana to “protect native sheep from disease and hybridization,” according to the Justice Department. This kind of sheep is native to higher elevations of the Pamir region of Central Asia and can weigh more than 300 pounds with horns that can grow up to 5 feet long. Schubarth sent parts of the argali sheep to a laboratory to create cloned embryos that he implanted in ewes on his ranch. This resulted in the birth of one genetic male Marco Polo argali, which he used semen from to impregnate other species of ewes in an effort to create a hybrid breed. He was also accused of making false veterinary inspection certificates to move the sheep in and out of Montana. “This was an audacious scheme to create massive hybrid sheep species to be sold and hunted as trophies,”

Could cleaner air be driving rise in Legionnaire's disease? -Legionnaire's disease (LD) cases rose ninefold between 2000 and 2018, and the reasons for the dramatic global rise have been a scientific mystery. This week, a research team proposed a surprising factor: a drop in air pollution.The study shedding new light on LD cases comes amid new data from the US Centers for Disease Control and Prevention (CDC) showing that Legionella-related outbreaks were the leading cause of drinking water–related outbreaks from 2015 to 2020.The study probing the reasons for the rise in LD was conducted by a research team from New York who examined several factors that have been suggested in the scientific literature, with an eye toward looking for other explanations. Their findings appear this week in PNAS Nexus.Legionella bacteria naturally occur in freshwater but can grow and spread in water systems such as cooling towers, hot tubs, and hot water tanks. Infections can occur when people inhale aerosolized bacteria or when contaminated water is aspirated into the lungs. Legionella pneumophilia infections are known to disproportionately affect vulnerable subgroups, including minority groups and people with underlying health conditions.In the past, scientists have weighed many factors behind the steady rise in cases, from the aging population to environmental factors.For the study, they examined epidemiologic patterns in New York, one of the states with the highest LD burden, and focused on cooling towers, which have been identified as the source in several outbreaks.When they weighed other factors such as precipitation, temperature, and ultraviolet light, they found that air concentration of sulfur dioxide—a component of air pollution—decreased in New York and the country as a whole over the same period when LD cases rose.They identified a possible relationship between the two factors based on observational data and calculations. Normally, airborne water droplets containing Legionella take in sulfuric acid from ambient air, making water droplets acidic and inhospitable for the bacteria. As sulfur dioxide acid levels dropped over the years with declining air pollution, Legionella bacteria survived longer in airborne droplets, raising the risk of infection.

Over 80% Of Tattoo Inks Contain Unlisted Substances That Can Cause Organ Damages, Allergies: Study -- The vast majority of tattoo inks sold in the United States are contaminated with unlisted ingredients that can cause serious health issues, including organ damages, according to a recent study. The study, published in the Analytical Chemistry journal on Feb. 22, investigated nine different brands of tattoo ink common in the United States, from minor to major brands.Out of the 54 inks of the nine brands analyzed by researchers, 45 (83 percent) were found to contain “unlisted additives and/or pigments,” the study stated.“Major, unlisted adulterants include polyethylene glycol, propylene glycol, and higher alkanes. Many of the adulterants pose possible allergic or other health risks.”Over half of the inks contained unlisted polyethylene glycol, which causes organ damages following repeated exposure. Fifteen inks contained propylene glycol, a potential allergen. Some contained a compound called 2-phenoxyethanol that posed health risks to nursing infants while other inks were contaminated with an antibiotic used to treat urinary tract infections.“Taken together, the results from this study highlight the potential for a significant issue around inaccurate tattoo ink labeling in the United States,” the study stated.The research was unable to identify whether unlisted ingredients were added unintentionally or whether the manufacturer was provided with contaminated materials. It is also unknown whether the manufacturer incorrectly labeled the inks.Risks associated with tattooing usually focus on skin cancer and reaction to the pigments. However, ink additives can be dangerous as well, including having negative impacts beyond the skin. If a person with a tattoo starts experiencing reactions, unlisted ingredients can make it challenging to ascertain what reaction is happening and why it is occurring.

California bill aims to cut ‘forever chemicals’ in menstrual products - — A California lawmaker whose bill to rid menstrual products of a toxic chemical class was vetoed last year is back with a new proposal that she says addresses Gov. Gavin Newsom’s concerns.Assemblymember Diane Papan, a Democrat from San Mateo, held a press conference Monday to promote A.B. 2515, which would prohibit the manufacture, distribution or sale of menstrual products that contain intentionally added PFAS by 2025 and assess alternative chemicals that could replace them by 2027.The new bill maintains its predecessor’s timeline and the previous bill’s civil penalty for violations. The main change is granting regulatory oversight to the Department of Toxic Substances Control and allowing consumers to sue over alleged harms from menstrual products that intentionally contain the chemical. Papan said she incorporated the Department of Toxic Substances into the new bill per the Democratic governor’s request. “We think we’ve addressed those concerns,” she said at a Monday press conference.

US Chamber backs ‘forever chemicals’ - The U.S. Chamber of Commerce announced new lobbying and advertising efforts aimed at protecting “forever chemicals” it deems “critical.”The campaign, dubbed the “Essential Chemistry for America” initiative, “will educate policymakers and business leaders about the role of essential chemistry in virtually every aspect of our lives, and advocate for sound, science and risk-based regulations and policies,” the Chamber’s website says.“As the leading voice of business with members in virtually every sector of the economy, we’re increasingly concerned that overly broad regulatory approaches threaten access to modern fluorochemistries, so we’re taking action to ensure their availability,” Marty Durbin, the Chamber’s senior vice president of policy, said in a statement.

Nanoplastics linked to heart attack, stroke and early death, study finds -- People with microplastics or nanoplastics in their carotid artery tissues were twice as likely to have a heart attack, stroke or die from any cause over the next three years than people who had none, a new study found.Carotid arteries, which lie on each side of the neck and carry blood to the brain, can become clogged with fatty cholesterol plaques in a similar fashion as the arteries leading into the heart, a process known as atherosclerosis.“To date, our study is the first that associated the plastic contamination with human diseases,” said Raffaele Marfella, lead author of the study published Wednesday in the New England Journal of Medicine.“Our data must be confirmed by other studies and on larger populations,” said Marfella, professor of internal medicine and director of the department of medical and surgical sciences at the University of Campania Luigi Vanvitelli in Naples, Italy, in an email. “However, our study convincingly highlights the presence of plastics and their association with cardiovascular events in a representative population affected by atherosclerosis.”Pediatrician Dr. Philip Landrigan, professor of biology at Boston College and director of the Program for Global Public Health and the Common Good and the Global Observatory on Planetary Health, said the study provided evidence that tiny plastics may be associated with cardiovascular disease outcomes in humans.“Although we do not know what other exposures may have contributed to the adverse outcomes among patients in this study, the finding of microplastics and nanoplastics in plaque tissue is itself a breakthrough discovery that raises a series of urgent questions,” Landrigan wrote in an accompanying editorial.“Should exposure to microplastics and nanoplastics be considered a cardiovascular risk factor? What organs in addition to the heart may be at risk? How can we reduce exposure?” asked Landrigan, who was not involved in the new study.“What is widely known is that many plastics from bicycle helmets and blood bags to drinking water pipes and wind turbines help protect us, improve healthcare outcomes, and contribute to a more sustainable world,” said Kimberly Wise White, vice president of regulatory and scientific affairs for the American Chemistry Council, an industry association.“To help reduce new sources of microplastic in our environment, plastic makers have a goal for all US plastic packaging to be reused, recycled, or recovered by 2040. To get there, we’re investing billions of dollars in infrastructure improvements and advocating for effective policies to help collect and recycle more used plastics to keep them from entering our environment in the first place,” Wise White said in an email.

16,000 plastic chemicals exist, many of them hazardous and unregulated, report says - Plastics and the chemicals used to create them have been increasingly linked to numerous harms to human health and the environment. And with new plastic chemicals entering the market all the time, it’s been difficult for regulators and policy makers to determine the scope of the problem. Now, for the first time, researchers have pulled together scientific and regulatory data to develop a database of all known chemicals used in plastic production. It’s a staggering number: 16,000 plastic chemicals, with at least 4,200 of those considered to be “highly hazardous” to human health and the environment, according to the authors. “Only 980 of those highly hazardous chemicals have been regulated by agencies around the world, leaving us with 3,600 chemicals that are unregulated — and these are only the known chemicals,” said Martin Wagner, first author and project lead of the PlastChem Report, released Thursday. “There are many more unregulated chemicals that we’re just unaware of how they may be hazardous to our own health or the environment,” said Wagner, an associate professor of biology at the Norwegian University of Science and Technology in Trondheim. The report is an important one, said pediatrician and biology professor Dr. Philip Landrigan, director of the Program for Global Public Health and the Common Good and the Global Observatory on Planetary Health at Boston College. “It’s the most comprehensive catalog of the chemicals in plastics that I’ve seen today,” said Landrigan, who was not involved in the report’s creation. Landrigan, however, was the lead author of a massive undertaking by the Minderoo – Monaco Commission on Plastics and Human Health, a global consortium of scientists, health care workers and policy analysts charged with following plastics from creation to final product. In its March 2023 report, the consortium determined that “plastics are associated with harms to human health at every single stage of the plastic lifecycle,” Landrigan said. “This new report underscores what we found: Plastics pose a very real threat to human health,” he added. “The plastics and the chemicals in them require a much tighter regulation than they have had up until now.” Kimberly Wise White, vice president of regulatory and scientific affairs for the American Chemistry Council, told CNN in email that “unfortunately, today’s report seeks to advance a hazard framework that ignores real-world exposures and paints an incomplete picture for regulators and the public. This contrasts with risk assessments, used to underpin the most effective chemical management laws.” Of the 16,000 plastic chemicals, 10,000 have no safety or hazard data, the report found. The PlastChem Report report outlines a systematic approach to identify and prioritize chemicals of concern that can be used by agencies and regulators around the world, including those attending the April meeting of the International Negotiating Committee on Plastic Pollution. The committee is part of the United Nations Environment Programme, which has committed to developing a Global Plastics Treaty between 175 nations by the end of 2024. “The most important criterion we used is toxicity,” Wagner said. “Many of these chemicals are known to be very toxic for human health or the environment. They are carcinogenic or mutagenic or toxic to reproduction. Some have organ-specific toxicity, typically the liver, as that is where many of the chemicals are absorbed from circulation.” Other chemicals like phthalates, bisphenols, flame retardants and pesticides are also endocrine disruptors, interfering with the body’s hormones and contributing to obesity, low birth weight, gestational diabetes, some cancers, birth defects and neurodevelopmental disorders, Wagner said.

East Palestine, Ohio train disaster: Safety experts told railroad “controlled burn” which released toxic chemicals was unnecessary, NTSB says --The “controlled release and burn” which released toxic chemicals from derailed tanker cars into the town of East Palestine, Ohio last year was not necessary, the head of the National Transportation Safety Board stated in testimony before Congress last week.NTSB Chair Jennifer Homendy stated that experts from OxyVinyls, the maker of the toxic chemicals onboard the Norfolk Southern train, had traveled to East Palestine and told Norfolk Southern officials that the chemicals were not in danger of exploding.The “controlled release and burn” of five tanker cars carrying vinyl chloride, a toxic substance, was carried out on February 6, 2023, three days after the train derailed near East Palestine. In that crash, 38 cars of a 151-car freight train derailed. 11 of the 38 derailed cars carried toxic chemicals, several of which caught fire at the time of the derailment.At the time, Norfolk Southern claimed that five remaining tankers were in danger of exploding, justifying the decision to drain them and burn off their contents. This claim was widely questioned by public safety experts last year, who noted that a more likely explanation was that this dangerous maneuver was being carried out to return the rail to operations as quickly as possible. However, Norfolk Southern’s account was not publicly contradicted by government safety officials at the time.The “controlled release and burn” was nothing of the sort. Charges placed on the tanker cars were detonated and contents of the cars were allowed to dump onto the ground, where it was set on fire in a towering inferno which sent flames hundreds of yards into the air and smoke billowing out for miles. This move contaminated the soil, ground water and atmosphere of the surrounding region with vinyl chloride and dioxins. Paul Thomas, vice president of health, environment, safety and security at OxyVinyls, the manufacturer of the vinyl chloride, testified at a Congressional hearing in June that on three separate occasions they informed Norfolk Southern that it was their opinion that the chemical was not undergoing polymerization, a chemical reaction that could lead to an explosion, and that the tankers did not have to be detonated.Instead, they recommended that the cars be allowed to cool and then drained of the vinyl chloride.Both safety experts and residents of East Palestine, Ohio questioned the decision to detonate five rail cars carrying vinyl chloride.“We basically nuked a town with chemicals so we could get a railroad open,” hazardous material expert Sil Caggiano said. Caggiano told the WSWS that had Norfolk Southern not exploded the cars and instead allowed them to cool, they would have had to remove and clean up the rail cars before they could open the tracks. “The alternatives to what they did would have taken too long and cost them too much money. If they had put the fire out, they would still have had to handle every one of those containers and its contents as hazardous waste, all non-marketable, and they would have to have gotten rid of all that contamination. This way, they don’t have contamination anymore. It burned up and it spread over God knows how much. They got off very cheap in my book.”Residents who spoke with the WSWS in the days and weeks after the explosion expressed the belief that the explosion and a premature lifting of an evacuation order was done in order to allow Norfolk Southern to reopen rail traffic on the very busy route.“This doesn’t surprise me,” said one resident who asked that her name not be used. “We all felt they just wanted to get trains running again. This is a busy track, trains run day and night. One about every 15 minutes. Once the Governor lifted the evacuation order, a train was coming within 5 minutes.“They didn’t care how many people were getting sick, it was all about the money to them. They came into our homes with little handheld readers, not much bigger than barcode scanners you see in supermarkets, and told us it was safe.“Now we find they weren’t even testing for some of the chemicals that were on that train.

As water erupts from lithium exploration site, so do fears over project - After a test site in southeastern Utah erupted with brackish waters this month, critics of a new technique to mine lithium are once again raising questions about whether the process could contaminate water supplies across the West or stress already limited resources. An exploratory well at the Green River Lithium Project, near the small town of Green River, overflowed with “mildly brackish” water on March 8, according to A1 Lithium, a subsidiary of Australian company Anson Resources. The unanticipated surge of water from an aquifer 1,500 feet underground totaled nearly 10,000 barrels, or about 420,000 gallons, the company said in statement. The episode in Utah highlights emerging concerns about water quality and quantity in the parched West as companies push to find new sources of metals like lithium for electric vehicle batteries. While companies have traditionally mined for the mineral, a growing number of companies like Anson are looking to an emerging suite of technologies dubbed “direct lithium extraction,” which directly removes lithium from brine in salt flats and bodies of water like California’s Salton Sea.

Severe storm system spawns tornadoes in Alabama and Georgia, U.S. – 4 YouTube videos A powerful storm system has been wreaking havoc across the Gulf Coast for several days spawning a series of tornadoes and causing significant flash flooding across the Southeast. The tornado activity was concentrated in southern Alabama and Georgia, impacting rural communities. In southern Georgia, the National Weather Service issued a Tornado Warning near Cogdell on Saturday afternoon, March 9 (LT). Coffee County emergency managers also reported a tornado touchdown west of Brixton earlier that day, which resulted in some roof damage. Meanwhile, in Ward Bridge, Alabama, radar confirmed a tornado signature as spotters reported trees downed early Saturday morning, though no injuries were reported. Additionally, in a rural area of Nahunta, Brantley County, Georgia, at least one mobile home was destroyed and several others damaged after a tornado swept through the area on Saturday afternoon. The event resulted in at least 15 people displaced and 500 without power. “Heather Mikels was in a mobile home when the tornado hit,” Live Storms Media reported. “Her property sustained damage less than a block west of the mobile home that was completely destroyed. It’s not believed anyone was in the flattened structure when the tornado hit.” YouTube video The aftermath of these tornadoes has prompted the National Weather Service in Jacksonville to plan surveys in Southeast Georgia to assess the damage and confirm the number of tornadoes that occurred. The storm system also brought torrential rains to South Carolina, leading to Flash Flooding Warnings in Charleston. The combination of heavy rains, delivering nearly 50 mm (2 inches) in three hours, and high tides resulted in widespread flooding. Police in Isle of Palms and Charleston reported numerous roads impassable or closed to smaller vehicles due to high water levels and flooding. North Charleston saw similar flooding issues, compounded by wind gusts of 65 – 94 km/h (40 – 58 mph) that caused additional damage, including blown-out windows at a downtown business.

Prolonged winter storm targets interior portions of Northeast, U.S. - A prolonged winter storm will affect interior portions of the Northeast tonight into Monday, March 11, 2024. Additionally, snow squalls are likely over portions of the central Appalachians through the northern Mid-Atlantic on Sunday, the NWS Weather Prediction Center warns. Heavy, wet snow will blanket portions of the northern Appalachians tonight and last into Monday. Residents can expect disruptions to daily life in much of the interior Northeast that include hazardous travel conditions and possible tree damage/power outages. Snow squalls are likely across portions of the Upper Ohio Valley and northern Mid-Atlantic on Sunday morning and afternoon. Bursts of heavy snow, gusty winds and rapid decline i “An intensifying low pressure system that brought another round of moderate to heavy rain across the northern Mid-Atlantic to New England Saturday night into Sunday morning will continue to track northeast through coastal New England,” NWS forecaster Kong noted at 07:00 UTC on Sunday, March 10. As much as 15 to 30 cm (6 to 12 inches) of heavy wet snow can be expected across northern New England, especially over the higher elevations of upstate New York, Vermont, New Hampshire and Maine where winter storm warnings are in effect “Meanwhile, much of the East Coast will be drying out today after yesterday’s rainfall but blustery winds from the northwest will usher in chilly air,” Kong said. “The cold air passing over the relatively warm waters of the Great Lakes will promote lake-effect snow showers and localized snow squalls downwind from the lower Great Lakes toward the central Appalachians today.” The snow showers are expected to linger into Monday but they will gradually taper off as the huge storm will take some time to move farther away into the Canadian Maritimes.

Tornado outbreak strikes Indiana and Ohio, numerous injuries, 2 fatalities reported - (3 videos) A severe storm system spawned eight tornadoes across Indiana, Ohio, and Texas on March 14, 2024, resulting in numerous injuries and widespread property damage. The most critical impact occurred in Winchester, Indiana, where significant injuries were reported by the Indiana State Police, and in Ohio, where multiple structures were destroyed and two people lost their lives. A series of tornadoes tore through parts of Indiana, Ohio, and Texas on Thursday, March 14, causing numerous injuries and significant structural damage. The National Weather Service (NWS) Storm Prediction Center received reports of eight tornadoes: five in Ohio, two in Indiana, and one unconfirmed in Texas. The most severe impact was felt in Winchester, Indiana, where the State Police reported “many significant injuries” following a tornado’s destructive path through the community. According to Randolph County Sheriff Art Moystner, the tornado damaged a Walmart store and a Taco Bell. “Travel throughout the county is restricted to emergency management workers only,” Moystner said. Although initial reports mentioned three deaths in Winchester, no fatalities have been confirmed there, State Police Superintendent Douglas Carter said. Indiana Task Force One has been deployed to assist with search efforts in the affected area, approximately 112 km (70 miles) northeast of Indianapolis. Up to half of the structures in the small town of Selma, west of Winchester, were damaged by a possible tornado, emergency management officials said. In Ohio, tornadoes were reported in Mercer, Hancock, Auglaize, Logan, and Huron counties, leaving behind a trail of destruction. Lakeview in Ohio’s Logan County saw multiple buildings damaged or destroyed by a tornado that touched down near the southern end of Indian Lake, impacting the villages of Lakeview and Russells Point, said Sheri Timmers, a spokesperson for Logan County. Logan County Sheriff Randall Dodds said that there were two deaths at the Geiger Mobile Home Park in Lakeview. Near Plymouth in Ohio’s Huron County, some 120 km (75 miles) NE of Indian Lake, emergency management officials posted on Facebook that there was a “confirmed large and extremely dangerous tornado.” Damage assessments in the Ohio River communities of Hanover and Lamb in Indiana indicated significant destruction of homes and other structures, though, fortunately, no injuries were reported. Storms also struck Jefferson County, with homes damaged and power lines downed. Across the state line in Kentucky, Governor Andy Beshear reported storm damage in Gallatin and Trimble counties, with over 100 structures potentially affected. The extent of the injuries and the full scope of the storm’s damage continues to be assessed. Large damaging hail, wind gusts, and a few tornadoes remain a threat from far northeast Texas to the Ohio Valley overnight, NWS said. References:

Deaths reported in Logan County after violent storms rip through central Ohio – Multiple deaths have been reported after a series of storms and possible tornadoes ripped through Logan County and other central Ohio areas Thursday night. The county is currently dealing with a “mass casualty event,” according to Logan County EMA, with numerous trees downed and homes damaged. Police in Washington Township confirmed deaths from Lakewood, Midway and Orchard Island.A spokesperson with Mary Rutan Hospital in Logan County told NBC4 the hospital has seen 19 patients in the ER with weather-related injuries. All the injuries were bone fractures and concussions.The hospital said they were under a mass casualty event due to a surge in patients, but that they are not at capacity and still have beds available.The Ohio Emergency Management Agency stated the Logan County Emergency Management Agency is not requesting volunteers for the time being and urged Ohioans to avoid the area, as it is still an active scene.Several roads are closed and many homes have been destroyed. The high school, which is closed for students Friday, is being used as a shelter for people who have been displaced from their homes.Delaware County was hit hardest in terms of power outages and there is severe damage to people’s property due to lightning, downed power lines and fallen trees. Sheriff Tracy Whited confirmed several roads are closed due to storm damage, particularly in Berlin Township, Berkshire Township and the Village of Galena. As well, all schools in the Olentangy district are closed.

Strong storms and tornadoes leave at least 3 dead and destroy buildings in Indiana and Ohio | CNN — Damaging storms and tornadoes swept through Indiana and Ohio on Thursday evening, leaving at least three people dead, destroying parts of towns and prompting search and rescue efforts, officials said. “I can best describe it as a bomb going off … unbelievable damage,” Sheriff Randall Dodds of Logan County, Ohio, told CNN on Friday morning. An EF3 tornado hit Logan County, killing three people, Dodds said. It was one of more than a half dozen tornadoes across six states, including an EF3 in Winchester, Indiana, which destroyed or damaged dozens of homes. Survey teams from the National Weather Service were still combing through the wreckage Friday and could find evidence of more tornadoes, or the tornadoes were even stronger. “Nothing prepared me in regard to what we’d been hearing and (seeing) in the pictures to actually seeing the damage,” Ohio Gov. Mike DeWine said. “There is a tremendous amount of damage here,” DeWine said after touring the Indian Lake community in Logan County on Friday. Storm damage is seen in Winchester, Indiana, on March 15, 2024. Storm damage is seen in Winchester, Indiana, on March 15, 2024. Bill Kirkos/CNN The storms injured at least 38 people in Indiana and more than 20 in Ohio, officials said. Mar 15, 2024; Lakeview, Ohio, USA; Tyler Schmitt helps clean up his brotherâ€šÃ„Ã´s home after a tornado struck the Lakeview, Ohio community. RELATED ARTICLE Help victims of the Midwest tornadoes Ohio Lt. Gov. Jon Husted says he was impressed by how selfless people were after such devastation. “Neighbors were bringing their chain saws and generators to help those who needed them. You see the resilience in the commitment to each other,” Husted said. Approximately 19 people were treated Thursday night for weather-related injuries in the Mary Rutan Health facility in Logan County, a spokesperson for the facility said. Parts of Logan County suffered “a significant amount of damage,” the county emergency management agency said, with Indian Lake, Lakeview and Russells Point particularly hard hit. DeWine also took the time to thank first responders and the community for coming together to help their fellow neighbors. The Ohio governor added the Indian Lake community will come back. “That’s the message I got from everybody. We will be back; we are coming back,” DeWine said. Damage was also significant in Indiana. Up to half of the buildings in Selma – a town of about 700 people near Winchester – appear damaged in the wake of a severe thunderstorm which may have brought a tornado, the Delaware County Emergency Management Agency said. More than 30 million people from Texas to South Carolina are at risk Friday for severe storms capable of producing large hail, damaging wind gusts, heavy rainfall and a few tornadoes. Parts of Texas, Alabama and Mississippi have the greatest chance for severe weather. Amber Fagan rushed to the village of Lakeview in Logan County on Thursday night after a friend described a scene of “complete devastation,” Fagan said. “Buildings that were once there are no longer there. The buildings that are still standing either have their roofs blown off or their windows are gone,” Fagan, the president and CEO of the Indian Lake Area Chamber of Commerce, told CNN on Friday. She said her friend’s business is gone and the library and another city building were also damaged. A nearby house was on fire and another was “completely leveled,” Fagan said. Alena Roberts shared video from Lakeview which appeared to show damaged buildings along a road. An EF1 tornado also struck part Mercer County in west-central Ohio, according to a preliminary report by the weather service in Wilmington, Ohio. The impacted area is mostly farmland, and at least one home and one hog barn were damaged, Mike Robbins, the county emergency management director, told CNN by phone. To the east, outside the Mercer County seat of Celina, a storm damaged several trailer homes and three people sustained minor injuries, Robbins said. In Winchester, Indiana, state police were helping with search and rescue efforts after a “damaging tornado” struck the area, and temporary shelters have been set up for residents, agency spokesperson Sgt. Scott Keegan said on social media. The EF3 tornado injured more than three dozen people in Winchester, but there were no deaths reported, according to Randolph County emergency officials. Three of those injured were believed to be in critical condition, Mayor Bob McCoy said Friday morning. Twenty-two homes were destroyed and 110 others were badly damaged, the mayor said. Jacob Hudson and his children were at a Walmart in Winchester when the tornado bore down Thursday night. “Everyone’s cell phones went off at the same time for a tornado warning,” Hudson said. An employee directed Hudson and his children to shelter in a family restroom. “After about 10 minutes we opened the door thinking nothing was gonna happen,” Hudson said. But then, a Walmart employee “came running in at us screaming ‘it’s hitting right now!’” Hudson shut the door. They heard wind and banging sounds as the power went out and emergency lights came on. Once the noise had stopped and the family retreated from their shelter, Hudson said he saw “crazy debris,” downed power lines and smelled a possible gas leak. “The parking lot was littered with sheet metal, plywood, carts everywhere,” Hudson said. Over 100 structures along with other infrastructure and utilities were damaged in Kentucky by severe storms Thursday night, according to state officials. Kentucky Gov. Andy Beshear declared a state of emergency Friday afternoon in response to damage from severe storms, according to the news release. Milton, Kentucky, near the Indiana border saw “considerable damage” from the storms, the fire department said. “Please avoid Milton if at all possible,” Milton Fire and Rescue said in a social media post Thursday. Across the Ohio River in Jefferson County, Indiana, homes were damaged and trees and power lines were knocked down after a reported tornado moved through Thursday, Sgt. Stephen Wheeles of the Indiana State Police posted on X. CNN Weather says a tornado was observed in the area along the Ohio River.

Severe weather outbreak leaves at least 3 dead across multiple states | Fox Weather – A deadly severe weather outbreak swept across the Southern Plains and Midwest into the Ohio Valley on Thursday, spawning at least 20 tornadoes and leaving trails of damage across multiple states. Three people have been killed in one tornado in Ohio, while dozens were injured in a tornado in Indiana, according to local and state officials.The three deaths in Ohio occurred when a tornado tore through Logan County on Thursday night, according to Chief Deputy Joe Kopus with the sheriff's office. Heavy damage was also reported throughout Lakeview, Midway, Orchard Island and Russel's Point. As of Saturday morning, Logan County authorities said search and rescue had been completed as crews begin to move into the recovery phase. "The area is still very dangerous," officials said in a joint statement with the Logan County EMA and Logan County Sheriff’s Office. "We urge caution to everyone. Damage assessments will begin tomorrow (Sunday)." A powerful tornado was seen spinning through Fryburg, Ohio, on Thursday. A deadly severe weather outbreak swept across the Southern Plains and Midwest into the Ohio Valley, spawning several tornadoes and leaving trails of damage across multiple states. The National Weather Service said at least nine tornadoes struck Ohio, with the Logan County twister being the strongest at an EF-3.Nearby Mercer County also sustained tornado damage, with emergency management reporting at least 3 injuries."We have several homes damaged," Mercer County Emergency Management Director Mike Robbins told FOX Weather. PowerOutage.us reported nearly 20,000 electrical outages in Ohio at the height of the storm, with many occurring between the Interstate 70 and 90 corridors. A tornado that struck New Washington, Ohio caused extensive damage to homes and power poles along its 10-mile path from Crawford County into Richland County, according to the National Weather Service in Cleveland. The agency rated the storm an EF-2 with estimated wind speeds of 120 mph. Another tornado - this one rated EF-1 - damaged five homes and several farm buildings in Hancock County near Orange Township, the NWS said.Another tornado tore through the town of Winchester, Indiana, leaving 38 injured, but so far no deaths, according to Randolph County Emergency Management. Twelve of the injured required hospitalization, but locals consider it a miracle that no one was killed.Urban search and rescue teams are on the scene helping first responders in searching damaged structures, but there are no reports of anyone missing. The NWS office in Indianapolis surveyed of the some damage and determined that winds speeds reached 155-165 mph, making the twister an EF-3. Nearby Delaware County reported that at least 50% of structures in the town of Selma were damaged, but there were no reports of life-threatening injuries. One resident of Winchester, Indiana said a massive tornado that swept through the historic town sounded like a freight train. A supercell that rolled through southern Indiana and northern Kentucky produced at least one tornado caught on video as it crossed the Ohio River near Madison, Indiana. Local National Weather Service offices issued Tornado Warnings for the thunderstorm. According to PowerOutage.us, at least 5,000 customers in the immediate area lost electricity. Photos and video from the region showed debris being lofted by the twister. Damage was reported in the towns of Milton and Carrollton along the Ohio River in Kentucky.The NWS office in Louisville dispatched a team of meteorologists to Milton, Kentucky, to assess damage and determine how strong the tornado was on the Enhanced Fujita Scale.According to the team, some damage was consistent with an EF-2 tornado with winds greater than 110 mph. Kentucky Governor Andy Beshear declared a state of emergency after the severe storms and reported more than 100 buildings suffered damage. Indiana State Police deployed to Jefferson County in the southern part of the state said multiple homes were damaged between Hanover and Madison and encouraged drivers to avoid the region.Several patrol cars were also said to have been damaged by hailstones the size of baseballs.Aside from the tornadoes, millions were under threat of severe weather throughout Thursday evening and night. The National Weather Service issued over 90 Tornado Warnings and 350 Severe Thunderstorm Warnings across 11 states, stretching over 1,000 miles from Texas to Pennsylvania. Amid the storms, spotters reported 342 instances of severe-weather events, including at least eight tornadoes and 120 reports of damaging wind gusts. Thursday's outbreak came on the heels of a rather stormy Wednesday too, when around 100 reports of severe weather were recorded by the National Weather Service, making it now the fifth-most active day of 2024. In Alma, Kansas, a report of softball-sized hail (4 inches in diameter) tied the largest hail report of the year so far. A significant tornado was spotted outside of the town of Alta Vista in Northeast Kansas on Wednesday evening. FOX Weather Storm Trackers were also in the right place at the right time and captured video of a supercell producing a large tornado outside of the town of Alta Vista in northeastern Kansas. There were no reports of significant damage, but about 200 customers in the rural area experienced a power outage.

Major winter storm hits Denver, Front Range foothills expect over 120 cm (4 feet) of snow, Colorado - (two videos)A significant winter storm has brought heavy snowfall to Colorado, particularly affecting areas from Denver to the state’s ski resorts, resulting in widespread flight cancellations and major highway closures. The National Weather Service in Boulder reports more than 60 cm (2 feet) of snow in the Front Range foothills and predicts totals could exceed 120 cm (4 feet) in some mountainous areas by Friday morning, March 15, 2024. The storm has closed schools and government offices, forced the cancellation of hundreds of flights and led to the closure of Interstate 70, a crucial route linking Denver with popular ski resorts. According to the National Weather Service in Boulder, the Front Range foothills have already seen more than 30 cm (2 feet) of snow, with metro Denver receiving up to 25 cm (10 inches) by early Thursday morning. Forecasts predict that the Denver area could see more than 30 cm (1 foot) of snow, while some foothills and mountain areas might accumulate more than 120 cm (4 feet) by Friday morning. Despite a brief pause in snowfall Thursday morning, meteorologists warn of heavier snow resuming in the afternoon and evening. The Denver area is expected to receive an additional 15 – 30 cm (6 – 12 inches) of snow, with 35 – 66 cm (14 – 26 inches) more forecasted for the foothills. Areas farther east will see lighter amounts. Denver Mayor Mike Johnston said the city has not seen anything similar in recent years. The storm disrupted local infrastructure and posed significant challenges for emergency services, with the Colorado State Patrol advising residents to stay home due to difficulties in reaching stranded motorists. YouTube video YouTube video In response to the snowstorm, Denver initiated a snow clearance plan, deploying 36 residential plows early Thursday to clear pathways to main streets. Denver International Airport remained operational, albeit with significant disruptions. Approximately 800 flights were either canceled or delayed, impacting travel plans for thousands of passengers. The winter storm in Colorado is part of a broader pattern of severe weather affecting parts of the country, with Kansas and Missouri experiencing hail storms and tornadoes.

Los Angeles hillside collapse threatens homes, forces evacuations, California - An early-morning landslide on March 13, 2023, caused significant damage to a house under construction and posed a threat to several other homes in the 3700 block of North Ventura Canyon Avenue, Los Angeles. The Los Angeles Fire Department reported no injuries, and several residents were evacuated as a precaution. The landslide led to the red-tagging of at least one building and prompted the deployment of LAFD Drone Operators to assess the situation further. A landslide in the early hours of March 13, 2023, hit the 3700 block of North Ventura Canyon Avenue in Sherman Oaks. The Los Angeles Fire Department (LAFD) was called to the scene at 02:51 LT following reports of a downed tree and electrical wires in the backyard of a residence. Upon arrival, crews discovered a significant hillside collapse affecting at least three homes, with one under-construction house suffering heavy damage. Several people have been safely evacuated from the impacted area as a precaution. A thorough search by firefighters confirmed that there were no injuries. To mitigate further risk, LAFD is actively removing water from a local swimming pool to reduce weight and stress on the hillside. The Department of Building and Safety has assessed the affected structures and hillsides, resulting in the red-tagging of at least one building, indicating it is unsafe to occupy.

Newfoundland’s St. John’s breaks daily March snowfall record, Canada - 2 YouTube videos - St. John’s, the capital of Newfoundland, Canada, received 53 cm (20.9 inches) of snow on March 8, 2024, breaking the previous daily March snowfall record of 50 cm (19.7 inches) registered on March 4, 2005. This marks the second storm to bury parts of the region in less than a month. March 8, 2024, now stands as the snowiest March day recorded for St. John’s International Airport, with records going back to 1942, The Weather Network reports. The huge snowdrifts had residents in awe, blocking homes from view and making cleanup a challenge. Meanwhile, some other areas of the Avalon Peninsula recorded as much as 90 cm (35.4 inches) of snow in just two days. YouTube video The storm started affecting the region Thursday evening, March 7 and the snow just kept falling, leaving the region in massive amounts of snow, and closing all facilities and buses in the capital city, St. John’s. “It’s pretty crazy, almost like Snowmageddon. That’s something a lot of people are saying. Today’s scene reminded many of the record-breaking blizzard back in January of 2020, a storm so fierce it was given the nickname Snowmageddon,” NTV’s Beth Penney reported.

Historic drought drains crucial Sau Reservoir to a trickle, Spain - Spain’s Catalonia region is experiencing its worst drought on record, with the Sau Reservoir, a crucial water source, severely depleted as seen in March 2024 satellite images. The past three years have marked the driest period since 1914, prompting the Catalan government to declare a drought emergency on February 1, 2024, and impose water consumption restrictions on its residents and businesses. Northeastern Spain’s Catalonia region is enduring a severe drought, marked by three consecutive years of record low rainfall, impacting its water reserves and agricultural vitality. The situation has escalated to the point where one of Catalonia’s largest reservoirs, the Sau Reservoir, has been significantly depleted, as evidenced by satellite imagery from March 2024. The Meteorological Service of Catalonia has documented 2023 as the second-driest year in the past 110 years, only surpassed by 2022. This ongoing drought has been declared the worst on record by the meteorological agency, with parts of Catalonia receiving less than half the average rainfall from January to early March 2024, affecting both crops and reservoir levels. In response, the Catalan government announced a drought emergency on February 1, 2024, introducing water consumption restrictions for the region’s six million residents, along with businesses and agricultural operations. This emergency declaration is invoked when reservoir levels fall below 16%, with the region’s reservoirs reporting an average level of 14% as of March 8, 2024. The Sau Reservoir is located 80 km (50 miles) from Barcelona. It was created in 1966 as a key water source for Barcelona and surrounding towns. However, the reservoir has seen its water levels drop to 1% of capacity in early March 2024, a stark contrast to its usual 65% capacity around this time of year. The drought has also revealed historical artifacts, including the structures of the submerged village of Santa Romà de Sau and an 11th-century church, now visible due to the receding waters.

Torrential rains in West Sumatra cause destructive landslides, fatal floods, Indonesia - Heavy rains affecting West Sumatra since Thursday, March 7, 2024, caused destructive floods and landslides that left at least 21 people dead and 6 others missing, officials said Sunday, March 10, 2024. On Friday, March 8, a large landslide sent tons of mud and debris down a mountain and into a river which then burst its banks and ravaged several mountainside villages in the Pesisir Selatan district of West Sumatra province. By Saturday, rescue operations had managed to recover seven bodies from the most severely affected village of Koto XI Tarusan, with an additional three bodies found in two adjacent villages. The National Agency for Disaster Management (BNPB) updated the death toll to 21 by Sunday, March 10, after finding six more bodies in Pesisir Selatan and three in the neighboring district of Padang Pariaman. The agency also reported at least two injuries resulting from the flash flood and stated that search efforts are ongoing for 6 individuals still unaccounted for. The floods and landslides affected up to 37 265 houses across West Sumatra, with 666 of them sustaining damage, three completely washed away, and extensive damage to infrastructure. This includes 26 bridges and two irrigation units that were damaged, significantly disrupting local transport and agriculture. Additionally, 45 worship places and 25 schools were submerged, 13 roads were affected, more than 113 ha (279 acres) of land, and 5 public facility units. BNPB said power outages and roads obstructed by thick mud and debris have significantly hindered rescue operations. Even though the water has now receded, residents are still constrained by the need for food and clean water, and electricity is still out, Abdul Muhari, the Head of BNPB Disaster Data, Information and Communication Center said Sunday. The urgent needs that residents need include tents, food, blankets and sleeping mattresses.

Heavy rain and snow leave more than 1 600 homes destroyed or damaged, Afghanistan - Heavy rains and snow affecting Afghanistan over the last 3 weeks destroyed or damaged more than 1 650 homes and claimed the lives of 60 people. The severe weather has also led to the loss of nearly 178 000 livestock. Afghanistan has seen an unusually dry start of the winter this season but weather patterns are now changing, leading to widespread destruction and loss of life. According to a statement from the government’s disaster ministry on March 13, 2024, heavy rains and snow claimed the lives of 60 people and injured 23 others since February 20. Approximately 1 645 homes have been reported as destroyed or damaged, affecting numerous families across the country. The agricultural sector has also suffered, with close to 178 000 livestock casualties reported. Particularly hard-hit is the western province of Herat, which has been subject to flash floods triggered by the heavy rainfall beginning on the evening of March 11. The provisional data suggests that about 250 houses have been destroyed in Herat alone, with vast areas of farmland also flooded. This region is still recovering from the impact of a trio of devastating earthquakes that struck in October, claiming nearly 1 500 lives and damaging or destroying around 30 000 homes.

Thousands of high temperature records broken across Africa - A wave of exceptionally hot weather has led to the shattering of thousands of temperature records across Africa on March 11, 2024. Nations from Cameroon to Mauritius have experienced unprecedented heat, marking historic highs for the month of March. “Records were smashed in nearly every single country from north to south and west to east,” climatologist and weather historian Maximiliano Herrera reported. “Never happened anything like this anywhere in the world in climatic history,” Herrera added. According to Herrera, this is the most extraordinary event in climatic history. “What’s happening today will be remembered for generations. Thousands of records are been brutalized all over Africa from North to South in an area of millions of square kilometers. No event in world climatic history gets even close.” In Cameroon, Garoua recorded a staggering 45.5 °C (113.9 °F), setting a new national record for the hottest March day. Similarly, Ghana’s Navrongo reached 43.8 °C (110.84 °F), also marking a national record for March. Niger saw its monthly records broken at almost all monitoring stations, with temperatures soaring to 45 °C (113 °F) in Tillabery, 44.5 °C (112.1 °F) in Birni N Konni, 44 °C (111.2 °F) in Dosso, and 43.4 °C (110.12 °F) in Magaria. Burkina Faso recorded monthly highs across the board, with Ouagadougou hitting 44.1 °C (111.38 °F), both Boromo and Fada Ngourma at 43.7 °C (110.66 °F), Ouahigouya reaching 43.2 °C (109.76 °F), and Po at 42.8 °C (109.04 °F). Mali reported its hottest day in history with Bougouni reaching 44 °C (111.2 °F), and Comoros also recorded its hottest day ever at 36.1 °C (96.98 °F). Mauritius saw a March record with 35.1 °C (95.18 °F) registered on Agelaga Island, and Ascension Island experienced its hottest night in history with a minimum temperature of 27.5 °C (81.5 °F). Hundreds of records were also broken all over South Africa, Namibia, Zamia, and Botswana, Herrera reported.

U.S. sees warmest December-February on record -- The Lower 48 states just experienced their warmest winter on record this year, with extreme temperature departures from average observed across the northern tier of the country, according to new NOAA data. The "Lost Winter" of 2023-2024 will be known for its lack of cold, snow and ice. Instead, it will be known as a wet winter across the East Coast, parts of the Central states, and especially Southern California. According to NOAA, some of the typically coldest states in the country saw record-setting warmth: North Dakota, Minnesota, Wisconsin, Iowa, Michigan, New York, Vermont and New Hampshire.For the country as a whole, the meteorological winter (December, January and February) had an average temperature that was 5.4°F above average for the season, beating the winter of 2015-2016 for the title. Parts of the Upper Midwest had temperature anomalies that exceeded the 20th century average (1901-2000) by more than 10°F, which is an unusually large margin for a seasonal record. Consistently above-average temperatures across the Midwest and Great Lakes led to just 2.7% lake ice coverage on Feb. 11, the lowest on record for that time of year, NOAA found. Globally, February was the warmest such month on record and the ninth-straight warmest month the planet has seen, according to the Copernicus Climate Change Service. In addition to the states that set warmest winter records, 22 additional states had a top-10 warmest winter, NOAA found.A combination of an El Niño event in the tropical Pacific Ocean, human-caused climate change and random weather variability likely contributed to the record warm winter. For much of the U.S., winter is the fastest-warming season, making record-shattering winters easier to pull off over time. It offers a preview of winters to come as the climate continues to warm. Cold snaps are getting shorter and snowfall reductions are being seen across much of the country, with winter seasons that start later and end earlier.

Average global surface temperatures rose to more than 1.5 degrees Celsius above preindustrial levels in 2023 - A statement by the Copernicus Climate Change Service last week confirmed that the surface temperature on Earth, averaged over the course of all of 2023, was 1.56 degrees Celsius warmer than the preindustrial average. The data confirm 2023 as the hottest year in human history and herald an ever greater toll in damage caused and lives lost as global warming continues unabated. The high temperatures continued in January and February of this year. January was 1.52 degrees Celsius above the preindustrial record and February was 1.77 degrees Celsius above the preindustrial record. The Copernicus data also revealed the extent of sea ice lost in the Arctic and the Antarctic, both of which are long-term indications of the state of global warming. Compared to the 1981–2010 baseline, the amount of sea ice in the Arctic during February was 0.7 million square kilometers below average, a reduction of more than 4 percent from previous decades. The loss in the Antarctic has been much more drastic; the extent of Antarctic sea ice fell to 0.9 million square kilometers below average, a lost of 28 percent compared to 1981–2010. While both cases are not records (the current February sea ice loss records were set in 2017 for the Arctic and 2023 for the Antarctic), they continue the sharply downward trend of sea ice loss in both regions. Commenting on the record high temperatures, Carlo Buontempo, director of Copernicus, noted: “February joins the long streak of records of the last few months. As remarkable as this might appear, it is not really surprising as the continuous warming of the climate system inevitably leads to new temperature extremes. The climate responds to the actual concentrations of greenhouse gases in the atmosphere so, unless we manage to stabilize those, we will inevitably face new global temperature records and their consequences.” Buontempo’s comments are referencing two facts about climate change. First, it has been known for more than a century that carbon dioxide, water vapor and other gases in the atmosphere trap heat from the Sun, and that even slight changes in the atmosphere’s composition can drastically alter how much of that heat is trapped. Second, it has been proven from careful studies over the past several decades that the release of carbon dioxide, methane and other so-called greenhouse gases by the anarchic nature of capitalist production has directly contributed both to trapping this extra heat, what is called global warming, and to increasingly catastrophic ecologic consequences. The most dramatic of these consequences are collective known as “extreme weather”: hotter and longer heatwaves, more powerful hurricanes, lengthier droughts, more devastating floods and more acres burned by wildfires. Every year, millions are temporarily or permanently displaced and tens of thousands die in such “natural disasters,” none of which has ever been seriously addressed by the capitalist governments. It’s also worth emphasizing the long timescales over which climate change occurs. After the Paris Accords were signed in 2015, the United Nations Intergovernmental Panel on Climate Change (IPCC) was commissioned to write a report on how global warming could be limited to 1.5 degrees Celsius by the end of the century to limit the worst effects of the crisis. The Special Report was released in 2018 and showed that even with the most drastic cuts to carbon dioxide and other greenhouse gas emissions, global warming would exceed 1.5 degrees Celsius somewhere between 2030 and 2050, would likely peak at 1.75 degrees Celsius and might not come back below the figure of 1.5 degrees Celsius until next century. In other words, even in the unrealistic scenario in which CO₂ emissions reach net-zero in 2040, a warming by at least 1.5 degrees Celsius is “locked in.” And in the intervening years, emissions did not fall but continued to rise, resulting in a world in which a warming of more than 1.5 degrees Celsius was reached not in 2030, but in 2023. The IPCC special report can also be used to understand how the delayed effect of past emissions are causing the current crisis. Greenhouse gases put into Earth’s atmosphere now result in warming about two decades later. Conversely, the warming now was caused by emissions from about two decades ago. And to have avoided, for example, the extreme weather that has emerged in the past 10–15 years, greenhouse gas emissions would have had to be curtailed 30–40 years ago.

Europe unprepared for rapidly growing climate risks, report finds --Europe is not prepared for the rapidly growing climate risks it faces, the European Environment Agency (EEA) has said in its first risk assessment, reports the Guardian, adding: “From wildfires burning down homes to violent weather straining public finances, the report says more action is needed to address half of the 36 significant climate risks with potentially severe consequences that it identifies for Europe. Five more risks need urgent action, the report says.” European Environment Agency executive director Leena Ylä-Mononen tells the Financial Times: “This is a wake-up call for the financial industry and the insurance industry.” She continues: “It’s not that we face a major financial shock tomorrow, but it is accumulating. If we start talking about major investments in general into our infrastructure or if we make wrong choices in investing in the way we are constructing our society…the risks are getting higher and higher.” The FT adds: “Europe is the fastest-warming continent in the world, with temperatures rising at roughly twice the global rate. A long-term global average temperature rise of 1.5C from the pre-industrial era would correlate to 3C across Europe. The impact of that could be dire, according to [the EEA report], which warns that without ‘decisive action’, ‘hundreds of thousands of people would die from heatwaves, and economic losses from coastal floods alone could exceed €1tn a year.” The article continues: “In a draft response to the EEA report, seen by the Financial Times, the European Commission said that it planned to set ‘minimum climate resilience requirements’ for all spending under the next EU budget from 2027. It would also establish a committee to plan strategies for financing adaptation measures. The commission’s draft report, subject to change before its publication on Tuesday, also warned of ‘risk of conflicts’ between member states over water resources, a drop in productivity because of extreme heat and an increase in diseases such as West Nile virus and dengue fever, until now prevalent mainly in tropical regions.”Reuters quotes the response of Kate Levick, associate director at climate thinktank E3G: “There's a particular role for finance ministers to essentially look at what happens to balance sheets, in terms of assets and liabilities at national level, as a result of climate risk.” And Politico has an article headlined: “Five things we learned from the EU’s big (and first) climate risk report”, which includes: “Restoring nature isn’t optional.”

Greta Thunberg, 40+ Other Climate Activists Block Entrance to Swedish Parliament == Greta Thunberg and over 40 other activists blocked the entrance to the Swedish parliament on Monday, demanding action on the climate crisis. The activists held signs that said "Climate Justice Now," and Thunberg expressed her dissatisfaction with how the Swedish government is handling the global emergency."Sweden is unfortunately not unique in completely ignoring the climate crisis, not treating it as an emergency at all. But actively trying to greenwash, deceive, and lie in order to make it seem like they are doing enough and that they are moving in the right direction, when in fact the exact opposite is happening," Thunberg said.Thunberg went on to say that Sweden is "very good at greenwashing," even though the country has "very high emissions per capita." She said the country cannot claim to be a climate leader.“The climate justice movement has for decades tried to get our message across, and scientists and the most affected people have been sounding the alarm for even longer than that,” she said. “But the people in power have not been listening. They have been actively ignoring and silence those speaking out.”Thunberg has faced the risk of going to jail over her climate protests repeatedly in recent years, and she has continued to sound the alarm that countries are not doing enough to fight the climate crisis.The Swedish government has been facing intense criticism recently for enacting policies that will likely increase its carbon emissions. Thunberg vowed to continue her resistance to such policies."The climate crisis is only going to get worse and so it is all our responsibilities, all of those who have an opportunity to act must do so. We encourage everyone who can to join us and to join the climate justice movement," Thunberg said.

US carbon pipeline company pledges no oil recovery, but Bakken drillers want it (Reuters) - Summit Carbon Solutions, which is trying to build the biggest carbon dioxide capture pipeline in the United States to transport and bury greenhouse gases, has repeatedly pledged its project will not be used by drillers to boost output from oil fields. But Summit has a different message for prospective clients, including North Dakota’s oil sector, according to a Reuters review of state regulatory filings and recordings of public appearances by company executives: if you want to use our project for enhanced oil recovery (EOR), where gas is pumped into oil fields to increase production, just write a check. The dual messages illustrate Summit's efforts to court broad support for its $5.5 billion project, which could capture as much as 18 million metric tons of CO2 annually from 57 Midwest ethanol plants and store it underground at a site in North Dakota. Whether Summit succeeds at its goal to break ground in 2025 and begin operations in 2026 is a major test for carbon capture and storage, a key tool in the fight against climate change but which faces obstacles like unproven scalability and public apprehension. The ethanol industry wants Summit to sequester its carbon to drive down its carbon intensity and draw lucrative tax credits from state and federal clean fuel programs. But the oil industry wants to use the pipeline for EOR, reflecting a belief among drillers in North Dakota’s Bakken that oil recovery is necessary to reverse the once-booming region’s flagging output. North Dakota oil players launched the group Friends of Ag and Energy in December to promote carbon pipelines like Summit's, including through thousands of dollars of radio ads. With the Summit project, "the potential is there, the size of the prize in the Bakken is significant, and ultimately, I see a tremendous long-term opportunity," North Dakota Petroleum Council (NDPC) president Ron Ness told Reuters.Summit has long maintained, in both sworn testimony to state pipeline regulators and on its website that it does not intend to use its project for EOR. "The Summit Carbon Solutions project will not be used for enhanced oil recovery," the website reads. "Summit does not intend to ship CO2 for use in EOR," the company told the Iowa Utilities Board (IUB) last August. Environmental groups generally oppose EOR because of its potential to extend the life of the fossil fuels industry. But more recently, Summit officials have indicated that using the pipeline to ship carbon for boosting oil production is a future likelihood. "Today, we don’t have any shippers who want to ship CO2 for EOR. When that changes, we will likely move it for that purpose," said Wade Boeshans, Summit's executive vice president, at a December 20 event held by Friends of Ag and Energy in Bismarck, North Dakota. Summit attorney Bret Dublinske told the IUB in a January 19 filing that the company "does not ultimately control" whether future customers would use the pipeline for EOR. And Bruce Rastetter, chairman of Summit's parent company Summit Agricultural Group, also said on a North Dakota radio show on February 7 that the company is open to EOR.

The carbon storage race is underway in East Texas as big oil looks to cash in on climate incentives - Oil rigs are drilling a new type of well in East Texas, where carbon dioxide pipelines, top-tier geology and a slew of industrial emissions are kicking off a race to cash in on climate-change-fueled incentives.Chevron started drilling test wells last month for its 142,000-acre carbon storage project in Jefferson County and offshore Port Arthur, including what is believed to be the first offshore test well in the U.S. drilled as part of the emerging carbon capture and storage industry. It joins Exxon Mobil, Occidental Petroleum, BP and others that have recently drilled wells east of Houston to collect subsurface data needed to obtain federal permits for projects that would inject carbon dioxide deep underground.Test wells and land deals mark the first leg of the race to develop the new breed of projects. The opening gun was fired with the Biden administration’s Inflation Reduction Act, which promised $85 per ton to companies that captured climate-warming CO2 from a smokestack rather than emitting it, a significant increase from earlier levels. Break-even costs for carbon capture projects in the Houston area are likely to be between $60 and $70 per ton, including transportation and storage, said Brad Johnston, a geologist and research analyst for Enverus. The increased federal incentives leave room for profit that wasn’t there before. “That bump up from $50 to $85 was definitely a game changer,” Johnston said. For context, Chevron's "Bayou Bend" project in East Texas, a joint venture with Talos and Equinor, could store more than 1 billion metric tons of carbon dioxide.Texas oil companies such as Exxon believe the emerging industry’s worth could growto trillions of dollars a year as demand for climate solutions grows. The International Energy Agency describes carbon mitigation as “an important technology for achieving global net-zero emissions.”Many industrial emitters are still weighing the value proposition of installing equipment capable of capturing their carbon emissions, said Rohan Dighe, a Wood Mackenzie research analyst specializing in carbon capture, utilization and storage, known as CCUS.“The tough part is how do you convince an emitter to install the capture facility and then to pay a storage provider for their services?” Dighe said. “That's the real question.” Relatively low transportation and storage costs in East Texas and Louisiana, made possible by favorable geology that allows for more storage and existing pipelines that don’t need to be built, help the cost-benefit analysis, said Enverus' Johnston. The existing pipelines also allow for fewer points of friction with landowners.“There's a pushback on pipelines,” said Paola Perez Pena, principal research analyst for clean energy technology at S&P Global Commodity Insights. “So if you can have a project that is close to an already built CO2 pipeline with capacity, then you have a much higher probability that your project is gonna move ahead.” The geologic opportunity here, too, is “world class,” Johnston said, as it allows for nearly unlimited storage capacity.James Frank Howell said he knew he had something good below his 12,000-acre cattle ranch in Liberty when Exxon and Oxy approached him almost simultaneously about leasing subsurface rights to the property. “This is the cream of the cream right here,” Howell said, smiling, as a breeze tugged at his cowboy hat. Howell ultimately signed with a smaller firm, Houston-based Verde CO2. He said he grew excited about the new industry’s prospects and felt a smaller company dedicated solely to it might start stashing away carbon more quickly. Verde President Jon Grimmer said the company will likely install around 20 wells on Howell’s property — six for CO2 injection and about 14 more to monitor the plume’s movement underground, as required by the federal permitting process. Reaching deals like these with landowners, which give them a percentage of injection revenues, can be tricky because the industry is new and has its risks, Johnston said. For example: century-old oil wells that don’t appear on maps could surprise operators and allow for CO2 to leak. “You don't want a bunch of other wells in there that could potentially act as leakage pathways,” Johnston said. “That's a big risk factor that you'll have to get over.”

New Resource for WV Landowners on Leasing for Pore Space -- Marcellus Drilling News - In February, MDN brought readers the news that Tenaska, one of the largest privately operated companies in the U.S., is building a carbon capture and sequestration (CCS) hub spanning tens of thousands of acres in Pennsylvania, Ohio, and West Virginia (see Landmen Knocking Doors in PA, OH, WV to Sign for CCS, Pore Rights). Landmen are “knocking on doors again” in all three states, looking to sign up landowners to store carbon dioxide deep underground. The West Virginia Surface Owners’ Rights Association (WVSORA) has done some research and is offering its advice to landowners about leasing pore space.

Cattle Farming Excluded From EU Rules for Livestock Pollution - The European Parliament approved new watered-down rules to cut pollution from livestock farms and factories on Tuesday, following months-long protests by farmers who have raised concerns about their livelihoods and the future of their practice in the region. The new industrial emission directive, approved with 393 votes in favour, 173 against, and 49 abstentions, targets pig and poultry farmers with more than 350 and 280 livestock units, respectively, tightening limits on waste disposal, water consumption, raw material use, and polluting gases such as methane and ammonia. Europe’s agricultural sector, and cattle farming in particular, are responsible for the release of huge amounts of methane, a potent greenhouse gas with 28 times greater global warming potential than carbon dioxide, and ammonia, which contributes to the formation of secondary particles. The latter alone contributes about 50% of PM2.5 air pollution in the European Union. “Only 30% of the largest industrial scale pig and poultry farms would be in the scope of the revised directive,” said EU Environment Commissioner Virginijus Sinkevicius. Indeed, farms raising pigs in an extensive or organic manner or for a limited period of time in a year are excluded from the new regulations. The original directive revision proposal advanced by the European Commission in 2022 would have imposed strict limits on all pig and poultry farms with over 150 livestock units, targeting approximately 185,000 of Europe’s largest farms. But what raised concerns among environmentalists is the notable absence of cattle farming, which was also part of the original proposal, after a push from Bulgaria, Germany, Italy, Poland and other European countries to include fewer farms in the directive. The Commission is expected to assess the need to add cattle farming to the legislation by the end of 2026. The vote came after months of intense protests from European farmers voicing their frustration about high taxes, rising costs, and increased competition with foreign countries. At the centre of these Europe-wide protests, however, is also a list of sustainability policies advances by the EU to revamp the €55 billion (US$59.4) Common Agricultural Policy (CAP), the EU’s oldest and costliest policy that implements a system of agricultural subsidies and other programmes, with farmers arguing that the new green rules will decrease competitiveness with countries that have less stringent environmental regulations. Tuesday’s vote comes after the EU last month conceded derogations on some green rules that would have required farmers to set aside land to promote biodiversity and healthy soil. “Today’s vote shows Parliament’s commitment to the zero pollution goals of the Green deal and the health of Europeans,” said MEP Radan Kanev, adding that the legislation recognises the struggles of European businesses and farmers and is a demonstration that environmental goals can be achieved “without placing an additional administrative burden” on them.

California’s largest tribe votes to oppose offshore wind - California’s largest federally recognized Native American tribe says it is “gravely concerned” about offshore wind off the state’s northern coast, where the Biden administration’s climate policies have spurred the nascent industry.Offshore wind is in its early stages in the deep waters of the Pacific Ocean, thanks to the Biden administration’s 2022 sale of offshore wind leases to developers off the coast of California. The state also has committed to installing 25 gigawatts of offshore wind by 2045 to decarbonize its grid, galvanizing industry interest.But the renewable industry’s growth is now facing opposition from the Tribal Council for the Yurok Tribe, which voted on March 6 to formally oppose the industry.

Climate-Science Deniers, Right-Wing Think Tanks, and Fossil Fuel Shills Are Plotting Against the Clean Energy Transition | Sierra Club -- LAST JULY, a small group of rabble-rousers boarded a trio of powerboats, banners and bullhorns in hand. They were headed for the massive floating construction site of an offshore wind farm 35 miles from the eastern tip of Long Island, New York. As the boats motored through the swells, the self-styled activists broke into a chorus of pleas for the wind farm construction to cease—chants likely intended less for the still-faraway workers than for the camera there to capture footage. "Hear this message: We're here to save the whales!" called out a man in a black polo shirt. "If you were a fossil fuel project, you would have been shut down long ago." That apparent conservation activist was, in fact, an infamous climate change disinformation artist: Marc Morano, who's done more than perhaps any other person to manufacture doubt about global warming. From his perch at Climate Depot, the blog he's run since 2009, Morano has elevated fake climate experts, encouraged the harassment of real climate scientists, and promoted the myth of "global cooling." More recently, Morano has been talking about whales—specifically, the idea that the higher-than-usual number of dead ones washing ashore along the East Coast is the result of President Joe Biden's push to develop 30 gigawatts of offshore wind power by the end of the decade. In fact, the spate of whale strandings began in January 2016, before most survey activity for ocean turbines had even begun. Federal agencies are still investigating "unusual mortality events" for three whale species, but regulators and academic researchers say there's no evidence of a link to wind development. Since 2019, hundreds of gray whales have also washed up dead on the West Coast, where offshore wind development is only now getting underway. The clearest common factor is rising ocean temperatures, which are disrupting whales' feeding and migration patterns. In other words, climate change. But no matter—video of Morano's boat protest landed on Fox News and spread like a ripple through the social media groups that have sprouted to oppose offshore wind. Morano and company's mission failed, as construction continued on the 12 turbines that now compose one of the largest offshore wind farms built to date in the United States. In December, New York flipped the switch on South Fork Wind, which will deliver renewable power to some 70,000 homes in the state. But figures like Morano may be gaining ground in a larger mission: twisting public opinion against renewable energy in other would-be host communities. Morano works at the Committee for a Constructive Tomorrow, part of a sprawling climate-denial machine assembled with funding from fossil fuel interests like ExxonMobiland the Charles Koch Foundation and dark-money groups like DonorsTrust. Between 1998 and 2014, ExxonMobil and its foundation gave more than half a million dollars to the committee, which did not respond to a request for comment. DonorsTrust gave the group nearly $8 million between 2008 and 2017, according to federal tax data. Today, as both the science and the tangible effects of a warming planet become irrefutable, it's increasingly rare to encounter the kind of outright climate denial these groups pioneered. Instead, it's being replaced by what misinformation experts call "climate delayism"—a coordinated campaign to undermine climate solutions. For fossil fuel ideologues, sowing misinformation about wind and solar power is proving to be an effective stall tactic. Public opinion surveys show that renewable energy remains popular with a bipartisan majority of Americans; in a poll from The Washington Post and the University of Maryland, seven out of 10 people said they'd be comfortable with a wind farm in their own community. But in New Jersey—where Morano's group has gone so far as to buy billboards reading "Save Whales Stop Windmills"—nearly half of all the state's residents now believe that such a connection probably exists, according to an August poll from Monmouth University. "There is absolutely zero evidence that any of the offshore wind activity has been involved in any of those strandings," says Douglas Nowacek, a professor of marine conservation technology at Duke University. Claims that noise from offshore wind surveys are driving whales into harm's way don't hold water, according to Nowacek—and it bears noting that seismic surveys for oil and gas are far louder. Many of the dead whales have borne signs of ship strikes or entanglement in fishing gear.

BLM's new mission: Protect landscape in West’s 'sea of solar' - — Empty land stretches out for miles here, dotted with the survivor plants of the desert: Mojave yuccas, Parish club cholla and a few stout Joshua trees that seem to wilt under the scorching sun. But this corner of the Pahrump Valley, just minutes from the urban sprawl of Las Vegas, over the coming months and years could be turned into a utility-scale green energy hub, covered with solar panels, transmission lines, and miles of roads and fences. Standing near a small road off a state highway on a warm morning last October, Beth Ransel took in the valley landscape, stretching her hand from the barely visible outline of the town of Pahrump to the Spring Mountains to the north. “If everything is approved and built, this will be a sea of solar,” said Ransel, supervisory project manager for the Bureau of Land Management’s Southern Nevada District Energy and Infrastructure Team. Those solar panels — perhaps enough to power nearly 1 million homes — are part of BLM’s push to build out renewable energy infrastructure across federal land in the West. Both the solar industry and the Biden administration see the miles of federal desert lands in Nevada, Arizona, California and other Western states as the best chance the nation has to quickly ramp up the utility-scale solar projects necessary to wean U.S. electricity off fossil fuels in the face of a changing climate. This effort comes with a big challenge for BLM: boost solar on an expedited timeline, while still trying to protect parts of previously untouched landscapes. While the desert lands might look barren to some, they are teaming with life. Not just plants like the Joshua trees and cactus, but also kit foxes, road runners and the federally protected Mojave Desert tortoise. Opponents worry, for example, that the biological soil crust that holds down dust, and allows rainwater to flow over the surface for miles, will be crushed. But to Kevin Emmerich and Laura Cunningham, the co-founders of the Nevada-based Basin and Range Watch, the planned solar build-out in the Pahrump Valley and nearby Indian Springs Valley will be devastating no matter what steps BLM requires the industry to take during project construction. They have lobbied BLM to encourage the industry to site projects on already disturbed lands, as well as promote rooftop solar. Basin and Range Watch in particular requested BLM carve out a 58,000-acre protected area in nearby Indian Springs Valley, mostly to shield it from the onslaught of proposed solar power projects and transmission lines. As of now, part of one solar project, and a section of the proposed 470-mile-long Greenlink West Transmission Project that has fueled the surge in proposed solar in the region, would cut through the area. During a recent visit to the site, Emmerich, a former National Park Service ranger, and Cunningham, who trained as a wildlife biologist, walked among the Mojave yuccas and Parish club cholla on their would-be area of critical environmental concern, or ACEC. Cunningham crouched down to inspect an unusual-looking cholla, and speculated that it might be a newly identified species of the cactus native to the Mojave Desert. She took photos and sent them to a biologist at the University of California, Riverside. “This is exactly the kind of intact landscape they should be trying to save,” Cunningham said.

Report: EVs beat gas cars on climate emissions — in the long run - The production of battery-powered vehicles creates more carbon dioxide than making those that run on gasoline, a new report says. But EVs overcome the emissions difference relatively quickly.An average EV produced in the U.S. in 2023 will close the gap in about 2.2 years or 25,000 miles, according to analysis released Monday by Bloomberg New Energy Finance.After that, electric vehicles emit significantly less CO2 than internal combustion vehicles, particularly when considering how long a typical car stays in service. And the advantage likely will increase as electric generation becomes cleaner, the paper said.“Just like any car, you have to remember they’re going to be on the road about 10 years,” said Corey Cantor, a senior associate at BNEF who helped write the study.

Biden administration expected to soon announce strategy for placing electric truck charging infrastructure in busy stretches: sources The Biden administration is expected to soon issue a strategy for placing charging infrastructure for electric freight trucks in strategic and busy corridors, two sources told The Hill.One source said that the strategy could be announced on Tuesday.Proponents of this approach argue that it could allow for more infrastructure to be available where a lot of trucking occurs, possibly making it easier for companies to invest in electric trucks rather than gas-powered trucks. Officials from the Transportation Department and Energy Department did not immediately provide comments. The anticipated announcement comes as the administration is also slated to soon issue a rulerequiring a greater share of new heavy-duty trucks to be electric. In 2032, it could result in 35 percent of medium-heavy duty truck sales and 40 percent of heavy-heavy duty truck sales being electric. The rule is currently under White House review and is scheduled to be finished this month — though the schedule is not always followed. Criticism that the trucking industry has had of that rule has included that it underestimates the costs and feasibility challenges of building up significant truck charging infrastructure — a complaint the anticipated strategy may aim to combat.

New energy vehicles account for 77.6% of China’s public transport system: minister --“New energy” vehicles (NEVs, mostly electric vehicles) account for 77.6% of China’s public transport system, says Xinhua, citing transport minister Li Xiaopeng on the sidelines of the “two sessions” political meetings in Beijing. The outlet says Li added that “new energy and clean energy equipment have been more widely used” in China’s transport system. State-run newspaper China Daily quotes Ministry of Ecology and Environment (MEE) head Huang Runqiu saying during a press conference at the “two sessions” that, “despite unfavourable meteorological conditions last year, China managed to [make]…steady improvements in its environmental quality”. Industry newspaper China Energy News also covers the press conference, adding that Huang said that the MEE will work with other departments to “continue…cracking down on third-party environmental service agencies taking part in falsification [of environmental data]”. Bloomberg says that the price of China’s carbon allowances in its emissions trading system has reached an all-time high, due to pending regulatory changes, under which “participants found to have withheld or misreported emissions data will face fines of as much as 2m yuan [$280,000] and will be allocated fewer pollution allowances in the future”. Xinhua has published a summary of a speech given by Huang on Saturday, in which he said that China “should take the construction of the first ‘beautiful China’ zone as a focus point”. China Energy Net reports that Jin Zhuanglong, minister of industry and information technology, said at the “two sessions” that “rapidly forming new productive forces of high quality” is a “key task” for China.Meanwhile, Reuters reports that China’s coal imports are expected to remain stable or decrease in 2024 despite an “expected increase in overall demand”, according to officials, state-run utilities and traders. Bloomberg says that, according to deputy secretary-general of the China National Coal Association Zhang Hong, China is nearing “peak coal consumption”, although consumption will plateau due to its “role in helping to address energy security concerns”.

Massive explosion in Pittsburgh area home kills man and woman; cause under investigation -- A massive explosion killed two people and destroyed a house in the Pittsburgh area near the Ohio River, authorities said Tuesday. Aerial images from the scene in Crescent Township in the northwest Pittsburgh suburbs showed smoking ruins with the structure reduced to rubble and some large pieces lodged in trees above. Allegheny County emergency dispatchers said the blast was reported shortly before 9 a.m. Tuesday. The blast was “severe, absolutely extreme,” and “You could feel it in your chest," said Chief Andrew Tomer of the Crescent Township fire department. It was heard and felt throughout Crescent and nearby townships and even across the river. Tomer and others at the fire department immediately saw “a column of white smoke up in the air followed by a thick column of black smoke," he said. The explosion “completely leveled” the home, with arriving units reporting “fire throughout the foundation” and fire along the hillside, Tomer said. The blast also damaged at least two other homes, he said. A private gas well and two propane tanks on the scene were secured, he said. A man and woman were found dead at the scene, he said. The county medical examiner’s office will confirm their identities and determine the cause and manner of death. The cause of the explosion is under investigation by the Allegheny County fire marshal's office and the federal Bureau of Alcohol, Tobacco, Firearms and Explosives. The county's emergency services department said the scene “is in a remote location and we’re asking everyone to avoid the area in order to allow responders access.” On Aug. 12, a blast in the borough of Plum about 25 miles (40 kilometers) away in the same county killed six people and destroyed three homes. Authorities said the cause was under investigation, but the explosion occurred inside one of the homes, ruling out an outside cause including wells, pipelines and other utilities.

Senate committee OKs conservation, mine cleanup bills - The Senate Environment and Public Works Committee approved legislation Tuesday on conservation and EPA cleanup work at abandoned mines.The panel passed by voice vote S. 3791 to reauthorize the America’s Conservation Enhancement Act, which was signed into law in 2020. Chair Tom Carper (D-Del.) and ranking member Shelley Moore Capito (R-W.Va.) introduced the bill last month.It would reauthorize programs like the North American Wetlands Conservation Fund, the Chesapeake Bay Program and the National Fish and Wildlife Foundation. The bill also seeks to protect livestock from predators and combat invasive species. S. 3858, the “Legacy Mine Cleanup Act,” from Sens. Mark Kelly (D-Ariz.) and Cynthia Lummis (R-Wyo.), would permanently authorize EPA’s Office of Mountains, Deserts and Plains. The program coordinates the cleanup of former mining sites, including many on tribal land.

UN official says group moving on deep-sea mining regulations - A top U.N. regulator said Friday that mining of the world’s ocean floors should not move forward without rules in place, but that his agency cannot stop companies from trying to move ahead if countries can’t agree on a framework.Michael Lodge, secretary-general of the International Seabed Authority, told reporters at a news conference that there’s widespread agreement that safety and environmental rules are needed before mining takes place. He dismissed calls for the group to instead prohibit all ocean mining.A growing number of countries and environmental groups have called for the body to impose a moratorium on mining of the deep seas until the effects of such a practice can be more fully studied and understood. “We are still working on the basis that everybody wants to see regulations and there should be no mining without regulation,” Lodge said. “That seems to dispose of the so-called moratorium issue that there’s been some publicity about in previous years.”

Asteroid 2024 EL3 flew past Earth at just 0.09 LD - A newly-discovered asteroid designated 2023 EL3 flew past Earth at a distance of just 0.09 LD / 0.00024 AU (36 040 km / 22 394 miles) from the center of our planet at 10:31 UTC on March 11, 2024. This is the 18th known asteroid to fly past Earth within 1 lunar distance since the start of the year and the second so far this month. 2024 EL3 belongs to the Apollo group of asteroids. Characteristics that define the Apollo asteroids include having a semi-major axis greater than that of Earth (greater than 1 AU or approximately 150 million km (93 million miles)) and a perihelion distance (the closest point to the Sun in their orbit) of less than 1 AU, which allows their orbits to intersect with Earth’s orbit. This object was first observed by ATLAS Chile, Rio Hurtado on March 12 — one day after it made the close approach to our planet.

Asteroid 2024 EJ4 flew past Earth at just 0.07 LD - A newly-discovered asteroid designated 2024 EJ4 flew past Earth at a distance of just 0.07 LD / 0.00018 AU (26 246 km / 16 308 miles) from the center of our planet at 17:22 UTC on March 13, 2024. This is the 19th known asteroid to fly past Earth within 1 lunar distance since the start of the year and the third so far this month. It is also the closest flyby of the year and the 38th closest on record. 2024 EJ4 was first observed at Catalina Sky Survey, Arizona on March 13 at 04:30 UTC – less than 13 hours before its close approach to our planet. It belongs to the Apollo group of asteroids and has an estimated diameter between 3.5 and 5.8 m (11.5 – 19 feet).

Driller Nominates Wildlife Area in Belmont County, OH for Fracking -- In January 2023, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The new law allows shale drilling under (but not on top of) Ohio state-owned land, including state parks. HB 507 encourages (pushes for) more drilling under state-owned land. The special commission created to award contracts — called the Ohio Oil & Gas Land Management Commission (OGLMC) — met in September to consider 12+ “nominations” or requests to drill received at that point (see Ohio Comm. Says 12.5% Royalties for State Land Drilling Too Cheap). More nominations have continued to roll in, including a nomination to drill under Egypt Valley Wildlife Area in Belmont County.

New Request to Drill in Belmont County's Egypt Valley Wildlife Area - - Following on the heels of the Ohio Dept of Natural Resources awarding bids for drilling under state property, another similar request has been made according to an article in the Marcellus Drilling News. According to sources, an unidentified driller has asked the state to open up the Egypt Valley Wildlife Area in Belmont County to the oil and gas extraction industry. This is the first new request to open state lands to drilling since the Oil and Gas Land Management Commission signed leases last month for minerals under a state park and two wildlife areas. This request could add Egypt Valley to a list of other state-owned, protected lands whose subsurface mineral rights were sold last month to out-of-state oil and gas drillers. That list includes Salt Fork State Park in Guernsey County, the Valley Run Wildlife Area in Carroll County and the Zepernick Run Wildlife Area in Columbiana County, and possibly, with approval by the Oil and Gas Land Management Commission, the Egypt Valley Wildlife Area in Belmont County. The Egypt Valley Wildlife Area is a 14,300 acres former surface mining area in northwestern Belmont County and has been administered by the ODNR since the mid 1990’s.

Public Employees Retirement System of Ohio Has $16.72 Million Stock Holdings in Williams Companies, Inc - Public Employees Retirement System of Ohio trimmed its holdings in The Williams Companies, Inc. (NYSE:WMB - Free Report) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 496,422 shares of the pipeline company's stock after selling 54,995 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Williams Companies were worth $16,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC). A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Moneta Group Investment Advisors LLC increased its position in Williams Companies by 96,588.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 63,423,739 shares of the pipeline company's stock valued at $2,086,641,000 after buying an additional 63,358,143 shares in the last quarter. Geode Capital Management LLC increased its position in Williams Companies by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 27,149,522 shares of the pipeline company's stock valued at $883,679,000 after buying an additional 686,381 shares in the last quarter. Clearbridge Investments LLC increased its position in Williams Companies by 6.6% in the 2nd quarter. Clearbridge Investments LLC now owns 23,515,457 shares of the pipeline company's stock valued at $767,309,000 after buying an additional 1,451,317 shares in the last quarter. Morgan Stanley increased its position in Williams Companies by 0.7% in the 4th quarter. Morgan Stanley now owns 19,750,630 shares of the pipeline company's stock valued at $649,796,000 after buying an additional 136,216 shares in the last quarter. Finally, Royal Bank of Canada increased its position in Williams Companies by 85.8% in the 1st quarter. Royal Bank of Canada now owns 16,352,215 shares of the pipeline company's stock valued at $546,327,000 after buying an additional 7,551,749 shares in the last quarter. 85.76% of the stock is owned by institutional investors and hedge funds. The Williams Companies, Inc, together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission & Gulf of Mexico segment comprises Transco and Northwest natural gas pipelines; and natural gas gathering and processing, and crude oil production handling and transportation assets in the Gulf Coast region, as well as various petrochemical and feedstock pipelines.

Utica Shale Academy Finds Use for Donated Equipment - – Some donated equipment from the now closed coal-fired W.H. Sammis Power Plant in Stratton will be put to use at the Utica Shale Academy. Utica Shale Academy Superintendent Bill Watson and Bryan Donnelli, the project manager of B&B Wrecking and Excavating of Cleveland, which has been tasked with dismantling the Energy Harbor-owned plant that closed in July, determined $132,400 worth of items could be used by the school. The items include a transmitter calibration unit, eight sets of lockers, jib cranes, six toolboxes, ceiling mounts for training monitors, a training station, electrical training modules, training tables, heavy equipment hydraulic testing equipment, heavy equipment tools, a cabinet, welder generators for heavy equipment course, an internal pump trainer and a variety of valves, gauges, parts and leads for industrial maintenance training. The donation also included two conference tables, small circular tables, 10 8-foot tables, fire extinguishers in wall cabinets, executive desks and chairs. Watson said he learned about the items through a parent, and that the items were not being included in the pending auction for liquidation of the plant. He wrote to B&B officials that donating the items could support students specializing in the trades, such as welding, heavy equipment, industrial maintenance and robotics. “Considering the recent closure of the W.H. Sammis Power Plant, we find ourselves presented with a unique opportunity to turn a moment of transition into a catalyst for positive change,” Watson wrote in the proposal for the donation. “Such a donation would not only enhance the practical learning experience of our students, but also symbolize a meaningful investment in the future workforce of our community.” The items were picked up by instructors and school administrators on a recent professional development day and will be used to open the new programming at the Williams Collaboration Center, in administrative offices, classrooms and for potential other offerings through Youngstown State University. Utica Shale Academy currently serves about 190 students, many at-risk, with plans in the works to expand enrollment up to 350 students. Additionally, the school is planning to provide potential recovery-to-work programs for adults to help drug addicts and returning citizens.

Smart Sand, Inc. sees record 2023 sales, eyes expansion -- Smart Sand, Inc., a premier provider of frac sand and integrated proppant supply solutions, has announced robust financial and operational performance for both the fourth quarter and the full year of 2023. While the company experienced a seasonal slowdown in the fourth quarter, resulting in lower-than-expected revenues and a net loss, it still managed to report record annual sales volume and revenues. Smart Sand sold 4.5 million tons of sand, generating $296 million in revenue for the year. For the upcoming quarters, the company anticipates a significant increase in sales volume and is focusing on expanding its market share, capacity, and product solutions. Smart Sand achieved record annual sales volume of 4.5 million tons and revenues of $296 million in 2023. Q4 2023 saw a seasonal slowdown with revenues at $61.9 million and a net loss of $4.8 million. The company maintained its workforce in anticipation of a strong Q1 2024, with sales volume expected to rise 25-40% compared to Q4 2023. Smart Sand is expanding its industrial product solutions and last-mile business, expecting a 50% increase in sales and service revenues, respectively. The company is optimistic about the growth potential in the Northern White sand market and the Canadian market. Smart Sand plans to increase market share and expand capacity in key markets. Two new terminals in Ohio are expected to be operational by Q2, enhancing access to the Marcellus and Utica Shale basins. A 50% increase in industrial sand sales is projected for 2024. The company anticipates a 5% to 10% increase in sales volumes for the full year 2024 compared to 2023. The Q4 net loss was primarily due to reduced sales volumes and higher operating expenses. Seasonal slowdowns impacted Q4 results, with a decrease in volumes and revenues.

CNX Resources Cuts 2024 Natural Gas Output Guidance, Delays Production Activities Amid Oversupply - -- CNX Resources (CNX) said Tuesday it expects its output this year to be lower than previously estimated as an oversupplied natural gas market has prompted it to delay completion activities on three Marcellus Shale pads consisting of 11 wells.The company said it now expects to produce between 540 and 560 billions of cubic feet equivalent this year, down roughly 30 Bcfe from the midpoint of the previous guidance range.It also said it now expects capital expenditures this year of $525 million to $575 million, down $50 million from the midpoint of the previous guidance range.CNX said it is maintaining the flexibility to return to its long-term production target of about 580 Bcfe next year.

CNX Joins Appalachian Peers in Curbing Production to Combat Low Natural Gas Prices - Appalachian Basin producer CNX Resources Corp. said Tuesday it is tapping the brakes on production growth and slashing output guidance for 2024 in response to the current natural gas price slump. The Pittsburgh-based firm “will delay completions activities on three upcoming Marcellus Shale pads consisting of 11 wells to avoid bringing incremental volumes into the current oversupplied market,” management said. As a result, the company is now expecting 2024 production volumes of 540-560 Bcfe, down roughly 30 Bcfe from the midpoint of the previous forecast. “Additionally, the company maintains the flexibility to return to its previously stated long-term production volume target of approximately 580 Bcfe in 2025,” the firm said.

CNX Delays Completing 11 Wells, Slicing Production 30 Bcfe in ’24 -- CNX Resources, headquartered in Pittsburgh, is the latest major Marcellus/Utica driller to announce a pullback in spending and production due to low-low prices that natural gas is fetching. Yesterday, CNX announced the company will “delay completions activities on three upcoming Marcellus Shale pads consisting of 11 wells to avoid bringing incremental volumes into the current oversupplied market.” The delay means CNX will spend $50 million less on drilling in 2024 and produce 30 billion cubic feet per day (Bcf/d) less over the course of this year.

Pennsylvania plugs 200th orphan well — The Shapiro administration celebrated 200 orphan oil and gas wells plugged on Tuesday. That's double the amount of wells plugged five months ago, thanks in part to what Gov. Josh Shapiro said is "the important bipartisan priority that is capping and plugging orphaned and abandoned wells all across Pennsylvania." A funding boost from the state and federal governments to plug the wells have kickstarted the small-scale program. The wells, hundreds of thousands of them spread across mostly western and northern Pennsylvania, are remnants of the state’s oil and gas industry dating back to the 1850s. Shapiro has proposed $11 million in his budget to plug more wells, in addition to $25 million received from the federal government to get more plugged. DEP has hired more staff to work through the well-plugging program: figuring out if a well still has a legal owner who could be held financially liable, preparing contracts for pluggers, and doing the administrative work. And private pluggers have grown their staff, too. “We have tripled our well plugging workforce, we have tripled the quantity of equipment we have dedicated toward well plugging, and we vastly expanded the various services we offer,” said Tyler Shank, vice president of Penn Mechanical Group, who plugged the 200th well in DEP’s program. Shank noted that the state has found at least 500 wells to plug in Butler County alone. Statewide, the problem only gets harder to ameliorate. “It’s a liability for our commonwealth that’s been over 100 years in the making,” DEP Acting Secretary Jessica Shirley said. “We’re currently estimating that the average cost to plug a well is $100,000, so this problem is about $1 billion in liabilities that we’re tackling head-on. We’re not ignoring it and we’re not pushing it off.” The Shapiro administration so far has spent about $28 million on plugging projects, she noted. Shirley called every well a “ticking time bomb” for its potential risks to people and nature — the wells can be found in rural, urban, and suburban Pennsylvania, and poor record-keeping means that many of them are invisible to state officials. “This particular work is creating thousands of jobs in the private sector,” said Rep. Tim Bonner, R-Grove City, who thanked the governor for prioritizing well-plugging. A recent report from the Ohio River Valley Institute estimated that plugging the wells across Pennsylvania, Ohio, West Virginia, and Kentucky would create about 16,000 jobs. . “Today, Pennsylvania is facing the consequences of a legacy left by an industry that made a buck off our natural resources and then got away with abandoning these gas wells without properly plugging them. That, to me, is unacceptable.” “Wherever it’s possible, we will make sure that those responsible for these wells pay for the plugging, not the taxpayers,” Shapiro said.

NY Assembly Passes Bill to Ban Using CO2 to “Frack” Wells Last month, MDN told you that several New York Democrat legislators introduced a new bill to ban the use of carbon dioxide (CO2) in any process to extract natural gas or oil in the Empire State (see NY Democrats Release Bill to Ban Use of CO2 in Gas Extraction). Following pressure from Big Green groups like Food & Water Watch, the corrupt Democrat legislators in the NY Assembly voted yesterday 97-50 to adopt this illegal bill. Now, it’s on to the Senate, where we’re sure corrupt Senators will pass it, too. Welcome to the People’s Republic of New York.

Natural gas is a winner for Pennsylvania and the whole country - Thanks to the prolific Marcellus and Utica shale plays, our state is one of the highest natural gas producers in the country – second only to Texas. As a result, the commonwealth plays a crucial role in powering our country. But this shouldn’t come as a surprise. Our region has a history of being rich in natural resources. From the days of the first oil discovery to providing the coal and steam that helped to power the industrial revolution to today, where we are at the forefront of natural gas production and innovation. Pennsylvania is a major player when it comes to energy production. This status as an energy leader has also helped to grow the Commonwealth’s economy. According to a report released last fall, in 2022 alone, the energy sector generated more than $41 billion in economic activity for the state. When looking at the natural gas industry specifically as it relates to Pennsylvania, in 2022, more than $3 billion was paid in state and local taxes, with an additional $2.6 billion in federal taxes. The industry has also helped to grow private sector jobs in Pennsylvania. This includes those positions directly tied to the industry and the numerous downstream and indirect jobs and opportunities that have been created as a result of natural gas drilling in the state. In fact, more than 123,000 jobs within the commonwealth are supported by the natural gas industry. These are good-paying jobs that in turn help to promote thriving communities. In some cases, the industry has breathed new life into areas that had been stagnant for decades – presenting new opportunities for growth and revitalization. But the benefits of natural gas don’t end there. Natural gas has proven to be a cleaner energy source. The data from government resources shows that there is a direct correlation between lower emissions and the use of natural gas. Pennsylvania is the perfect case study. As natural gas usage has increased, the state’s greenhouse gas emissions have gone down. Between 2005 and 2018, there was a 40% reduction in volatile organic compounds and an 81% reduction in nitrogen oxides. So, in addition to being abundant, affordable and reliable, we can also add environmentally beneficial to the list of why natural gas is a win for Pennsylvania and our country as a whole.

Marshall County Mineral Rights Owners Looking To New Leasing Agreements – The collective lease agreements held by a group of Marshall County mineral rights owners with oil and gas companies are expiring, and this time they say they won’t deal with land agents wishing to sign them. The group’s representatives are only going to deal directly with the companies, explained mineral rights owner Gabriel Fried, who organized the last contracts for the Krishna-Kay Hill Group. On Sunday afternoon, he addressed about 25 members of the group who gathered in the community reception room at the Krishna compound in New Vrindaban. Fried suggested they needed to discuss strategy moving forward. “I have informed some of the land men that we won’t deal with any land agents,” he said. “We’re only going to negotiate directly with the company. We don’t want somebody in the middle taking anything, and we don’t want the waste of time going back and forth with somebody else. “It’s important that we stand together as having a large mass of land to lease gives us a lot of bargaining power.” The group’s current lease for Utica shale is held by EQT and is set to expire in early April. Their contracts for Marcellus shale already have expired, and were held by SWN, Fried explained. This means the group’s Marcellus shale holdings are now open, and the Utica shale available also will soon be up for lease, he continued. “We have been getting a lot of offers,” Fried said. “We formed a group and negotiated a really good contract 10 years for Utica. … We’re bringing our group back together with our lease expiring. “We’re trying to put together as big and strong a group as we can to make sure the individuals are being taken care of.” He noted “the government has already bought and sold us out,” and referenced a law pertaining to forced pooling in West Virginia that allows oil and gas companies to proceed with drilling if 75% of owners involved accept the deal a company offers them. “It really minimizes what individuals get,” Fried continued. “They get terrible contracts, terrible (contract) language, bad bonus money, and bad royalties. “It just puts it in the hands of big business to do whatever they want, and we need to protect ourselves against that. So we are meeting together as a group and developing a large enough body of properties to get us that bargaining power to be able to protect everybody – both environmentally and financially.” Fried told the group they’ve had “pretty good success working together.” “We’re getting good royalties, and good up front money, and hopefully good lease language as well – which is critical.”

WV Mineral Rights Group Cut Out Landmen, Deal Direct w/Drillers --Marcellus Drilling News - In the early days of the Marcellus/Utica, landowners often formed groups to negotiate lease terms on behalf of all members. It’s a smart move as it tends to deliver better lease terms — more money for a signing bonus, better royalty rates, and better language in the contract. In fact, MDN got its start when editor Jim Willis noticed a group of 300 landowners (many of them farmers) in nearby Deposit, NY, signed a lease deal with XTO Energy for $90 million (see this story). It made more than one millionaire! Some of the leases signed by landowner groups years ago are now expiring and in one case — in Marshall County, WV — group members are once again shopping their land as an entire block, looking for drillers who will give them the best terms.

Backspin: EQT acquires pipeline business spun off in 2018 - In a reversal of recent history, on Monday (Mar. 11) Pittsburgh-based natural gas producer EQT announced it is buying back gas pipeline giant Equitrans Midstream Corp. in a $5.5 billion, all-stock deal. EQT spun off Equitrans (ETRN:NYSE) in 2018. The reunion will create a $35 billion company that EQT describes as “a premier vertically integrated natural gas business.”The deal means that EQT will now control the controversial, under-construction Mountain Valley gas pipeline, a $7.6 billion project to move gas from Appalachia’s Marcellus and Utica shale region some 300 miles across West Virginia to Virginia and North Carolina and potentially to a terminal for export of liquified natural gas.In recounting the deal, the Financial Times of London said EQT “spun off Equitrans Midstream in 2018 owing to pressure from activist investor JANA Partners. That left the former with the upstream business focused on gas exploration and production and the latter on storage and transport.”JANA Partners is a New York activist hedge fund founded in 2001 by Barry Rosenstein with an investment philosophy that includes socially responsible investing. Speaking to reporters announcing the deal, EQT CEO Toby Rice said Mountain Valley “is critically important for the energy security of that region and the U.S.” EQT believes Mountain Valley will not only enable LNG exports but will capitalize on a growing need for electricity to power a regional boom in computing-heavy artificial intelligence companies.In a company news release, Rice said, “As we enter the global era of natural gas, it is imperative for U.S. natural gas companies to evolve their business models to compete on the global stage against vertically integrated rivals. We have identified multiple, high confidence near-term synergies, with significant upside from future infrastructure optimization projects that we believe will drive material value creation for shareholders over time.”Bloomberg commented that the EQT consolidation “is the latest sign that the US fossil fuel sector may be moving back toward favoring the vertical integration of so-called upstream (production), midstream (pipeline and storage) and downstream (refining) assets. In January, gas-station owner Sunoco LP agreed to buy midstream operator NuStar Energy LP for about $6.5 billion.”The Bloomberg analysis continued, “Monday’s deal also adds to a string of recent transactions between midstream companies announced in North America, including ONEOK Inc.’s purchase of Magellan Midstream Partners LP in September and Energy Transfer LP’s takeover of Crestwood Equity Partners LP in November.”

EQT’s Rice Touts Natural Gas ‘Competitive Advantage’ in $5B-Plus Recombination Deal with Equitrans - EQT Corp., the largest natural gas producer in the United States, agreed Monday to buy former entity Equitrans Midstream Corp., bringing back together Appalachian-based giants in what executives said was a game-changing opportunity. The all-stock transaction, estimated Monday at around $5.5 billion, would hold 27.6 Tcfe of proved reserves across nearly two million net acres. Net production would be around 6.3 Bcfe/d net, with 8 Bcfe/d-plus of gathering throughput across 3,000-plus miles of pipeline. EQT in 2018 had spun off Equitrans to focus on exploration and production. The all-stock merger on Monday was valued at around $5.5 billion, and it carries an enterprise value estimated at $35 billion.

Mizuho Downgrades EQT Corporation to Neutral with Revised Price Target - Mizuho’s recent downgrade of EQT Corporation to a Neutral rating from Buy comes with a revised price target of $39.00, down from $46.00. This decision was influenced by factors such as the company’s FY23 reserves, 2024 guidance, and its proposed merger with Equitrans Midstream Corporation. The merger, an all-stock transaction, is expected to create a combined company with an enterprise value exceeding $35 billion. The downgrade was primarily driven by concerns over near-term leverage issues and net asset value dilution following the Equitrans deal. EQT reported fourth-quarter revenue below expectations and adjusted EPS that fell short of consensus estimates. Looking ahead to FY24, the company anticipates sales volume of 2,200 – 2,300 Bcfe and maintenance capital expenditures between $1.950 billion and $2.050 billion. Mizuho’s analyst suggests that EQT will focus on debt reduction and asset integration, potentially leading to excess cash flows being directed towards cash returns. EQT Corporation operates in the Marcellus and Utica shales in the Appalachian Basin, with a focus on multiwell pad development projects for operational efficiency and sustainability. The company’s revenue primarily comes from natural gas reserves in the U.S., particularly in the Marcellus Shale field. On March 13, 2024, EQT stock had a somewhat lackluster performance as it traded in the middle of its 52-week range and below its 200-day simple moving average. The stock opened at $34.39, which was $0.13 lower than its previous close. Throughout the trading day, the price of EQT shares decreased by $0.45, resulting in a 1.30% drop. This price movement indicates that investors may have been hesitant to buy into EQT on this particular day. EQT Corporation (EQT) experienced a relatively stable performance in terms of its financials compared to the previous year and quarter. According to data from CNN Money, the company reported a total revenue of $5.07 billion for the past year, which decreased by 58.24% compared to the previous year. However, the total revenue remained flat since the last quarter at $1.37 billion. Similarly, EQT reported a net income of $1.74 billion for the past year, which held flat since the previous year. The net income for the last quarter was $502.06 million, also holding flat since the previous quarter. Earnings per share (EPS) for EQT stood at $4.22 for the past year, showing a decrease of 3.63% compared to the previous year. The EPS for the last quarter was $1.13, holding flat since the previous quarter. Overall, EQT’s financial performance on March 13, 2024, indicated stability in its revenue, net income, and earnings per share compared to the previous year and quarter. Despite a decrease in total revenue and EPS compared to the previous year, the company managed to hold flat since the last quarter, which could be seen as a positive sign for investors. It will be interesting to see how EQT continues to navigate the market and whether it can sustain its current performance in the coming quarters.

Encore Energy Provides Update for Shale Oil Drilling in Kentucky | Marcellus Drilling News - Kentucky is not known as a hotbed of shale drilling activity. The Marcellus/Utica does not extend under the Bluegrass State. However, as we wrote about back in 2017, Kentucky does have the Berea Sandstone which contains oil deposits (see Fracking Comes to Kentucky – Encore Drills First Horizontal Oil Wells). In 2017 we brought you the news that Encore Energy was just beginning to drill shale wells looking to extract oil from the Berea. Fast forward to today, and there are over 100 horizontal wells permitted, drilled and/or producing in the Berea in Lawrence County. The horizontal Berea play is the most active and prolific oil and gas field operation in Kentucky.

Elba Island LNG Secures Positive Environmental Assessment from FERC - Federal regulators have found that Kinder Morgan Inc. (KMI) and its partners in Elba Island LNG could proceed with a 0.4 million metric tons/year (mmty) expansion project without significant environmental impact. Elba Liquefaction Co. LLC, a joint venture between KMI, Blackstone Credit and an undisclosed third party, filed a request with FERC last October to approve an optimization project for the liquefied natural gas terminal in Chatham County, GA. Staff with the Federal Energy Regulatory Commission concluded in a recently published environmental assessment that the firm could upgrade its existing equipment and add new processing equipment and liquid nitrogen vaporizers without exceeding its environmental authorizations.

Historic Lows for Henry Hub Cash; Natural Gas Futures Flounder — Soft near-term fundamentals keeping pressure on natural gas futures at the front of the curve through midday trading April Nymex contract down 3.7 cents to $1.677/MMBtu as of 1:56 p.m. ET; May off 2.9 cents at $1.794 LNG export demand down to 12.6 Bcf/d in latest Wood Mackenzie estimates Deliveries to Freeport well below capacity at 746,514 Dth for Wednesday, per NGI’s LNG Export Tracker Sixth straight surplus-padding storage report expected from U.S. Energy Information Administration (EIA) Thursday NGI modeling light 3 Bcf withdrawal, versus 87 Bcf five-year average pull At 2,334 Bcf, Lower 48 inventories already 257 Bcf above maximum of 2019-2023 range as of March 1, EIA data show Global Forecast System seen trending colder in midday run by showing “less pronounced warmer break”...

EIA Cuts U.S. Natural Gas Price Forecast Amid Warm Winter Temps, Stout Supply - The U.S. Energy Information Administration (EIA) is slashing its projected 2024 average Henry Hub natural gas spot price by 14% versus its month-earlier forecast after observing record lows for the benchmark in February, the agency said Tuesday. EIA, in its latest Short-Term Energy Outlook (STEO), modeled an average Henry Hub price of $2.27/MMBtu for 2024, with prices expected to then climb to $2.94 on average for 2025. Natural gas price movements in Mexico closely track those in the United States because of Mexico’s heavy reliance on U.S. pipeline imports. Henry Hub averaged only $1.720 in February, a record low when adjusting for inflation, EIA said. Mexico’s IPGN natural gas price index averaged $3.765/MMBtu in January, the latest month for which official data is available...

Delfin seeks DOE extension for FLNG project - Delfin Midstream, the US developer of a floating LNG export project in the Gulf of Mexico, is seeking a five-year extension for its LNG export authorizations from the US Department of Energy. The firm is also in talks with South Korea’s Samsung Heavy to reserve a shipbuilding slot for the first FLNG unit. In October last year, Delfin LNG, a unit of Delfin Midstream, won more time from the US FERC to put into service the project’s onshore facilities in Louisiana. Delfin now has time until September 28, 2027, to construct and make available for service the onshore facilities. The company plans to install up to four self-propelled FLNG vessels that could produce up to 13.3 mtpa of LNG or 1.7 billion cubic feet per day of natural gas as part of its Delfin LNG project. Besides this project, it also aims to install two FLNG units under the Avocet LNG project. According to a filling with the DOE dated March 1, Delfin now requests for a conditional extension of its existing long-term, multi-contract authority, as well as related short-term authority, to export LNG from its project. LNG will be exported to any country which has, or in the future develops, the capacity to import LNG via ocean-going carriers and with which the US either has a free trade agreement or does not have such a FTA but with which trade is not prohibited by US law or policy. Delfin said it is “uniquely situated” as the only FLNG project that has received non-FTA export authorization from DOE and the only LNG export project with conditional approval and a favorable record of decision from the Maritime Administration (MARAD). The firm submitted the request 90 days prior to the existing commencement deadline in its non-FTA order, which is June 1, 2024.

Golden Pass, Delfin Take Final Capacity for Kinder Morgan's Texas-Louisiana Expansion Project - Kinder Morgan Inc.’s (KMI) Texas-Louisiana Expansion project, aimed at bringing additional natural gas supply to the Gulf Coast, is now fully subscribed after two LNG exporters signed on as customers. Natural Gas Pipeline Company of America LLC (NGPL), a KMI subsidiary, told FERC in a recent filing it has inked agreements to supply the Golden Pass and Delfin liquefied natural gas projects in Texas and Louisiana. The deals would cover the remaining 130 MMcf/d in capacity available on the proposed expansion, according to NGPL. “Both the Delfin and Golden Pass precedent agreements provide for primary delivery points in Louisiana,” KMI’s Regulatory Director Francisco Tarin wrote in the filing. It is NGPL’s “understanding that the end use of the gas to be transported is...

NextDecade expects FID on fourth Rio Grande LNG train in H2 2024 - US LNG firm NextDecade still expects to take a final investment decision to build the fourth liquefaction train at its Rio Grande LNG export project in Texas in the second half of 2024. NextDecade confirmed this in its fourth quarter business update issued on Monday. The LNG firm said achieving a positive FID of this fully permitted expansion capacity at the Rio Grande LNG Facility will be subject to, among other things, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. Moreover, the company has started certain pre-FID activities for train 4, including the FEED and EPC contract processes with Bechtel. NexDecade expects to finalize the train 4 EPC contract in the first half of 2024. The company’s partner TotalEnergies has LNG purchase options of 1.5 mtpa for each of train 4 and train 5. If TotalEnergies exercises its LNG purchase options, NecDecade currently estimates that an additional 3 mtpa of LNG must be contracted on a long-term basis for each train prior to making a positive FID for the respective train. NextDecade said it continues to advance commercial discussions with “various potential counterparties” and expects to finalize commercial arrangements for train 4 in the coming months to support the FID of train 4 in the second half of 2024. The firm said in a project update in November last year that it expects to sanction the fourth liquefaction train in the second half of 2024 and confirmed this target in January this year. In July, NextDecade took the final investment decision on the first three Rio Grande trains and completed $18.4 billion project financing. It awarded the $12 billion EPC contract to Bechtel. .

EIA Slashes 2024 Henry Hub Natural Gas Forecast After Record Low February Prices - The U.S. Energy Information Administration (EIA) is slashing its projected 2024 average Henry Hub natural gas spot price by 14% versus its month-earlier forecast after observing record lows for the benchmark in February, the agency said Tuesday. EIA, in its latest Short-Term Energy Outlook (STEO), modeled an average Henry Hub price of $2.27/MMBtu for 2024, with prices expected to then climb to $2.94 on average for 2025. Henry Hub averaged just $1.72 in February, a record low when adjusting for inflation, the agency said. Unsurprisingly for those that closely follow natural gas markets, EIA found that heating degree days have thus far lagged historical norms this winter, totaling 8% below the 10-year average. Residential/commercial demand this winter is poised to come in 9% less than the previous five-year winter average

Natural Gas Futures Lose Ground for Sixth Session as Henry Hub Spot Price Sinks to 15-Year Low – Natural gas futures fell Wednesday, pressured lower by weak near-term fundamentals sending cash prices to new lows and a looming government storage report Thursday that could show a net injection into natural gas stocks for the week of March 8, The April Nymex contract settled at $1.658/MMBtu, down 5.6 cents day/day, for its sixth consecutive decline. NGI’s Spot Gas National Avg. dropped 15.0 cents to $1.135, its second lowest level ever since the price series began in 2013. West Texas sank further into the negative. In Louisiana, the benchmark Henry Hub declined 27.5 cents to average $1.240, its lowest level since Hurricane Ike in 2008. The slump in spot prices comes as spring-like weather suppressed gas demand...

US natgas prices rise 5% on larger-than-expected storage withdrawal (Reuters) -U.S. natural gas futures rebounded from an early two-week low to gain 5%on Thursday after a weekly report showed a larger-than-expected storage withdrawal last week. Front-month gas futures NGc1 for April delivery on the New York Mercantile Exchange rose 8.3 cents, or 5%,to settle at $1.741 per million British thermal units (mmBtu). The U.S. Energy Information Administration (EIA) said utilities pulled a larger-than-expected 9 billion cubic feet (bcf) of gas out of storage during the week ended March 8. That was more than the 3-bcf withdrawal analysts forecast in a Reuters poll, and compares with a withdrawal of 65 bcf during the same week a year ago and a five-year (2019-2023) average decrease of 87 bcf for this time of year. The decline left gas stockpiles about 37% above normal levels for this time of year. The EIA report showed "a bigger withdrawal than expected, but it is still a small withdrawal compared to historical averages", "It is not really a bullish number," "The weather's been very mild even for this time of year and there are some expectations for a little bit of a cold front to come through, so that might help the market," . Prices fell as low as $1.511 per mmBtu on Feb. 27, their lowest since June 2020, as near-record output, mostly mild weather and low heating demand this winter allowed utilities to leave significantly more gas in storage than usual for this time of year. Those low prices will boost U.S. gas use to a record high in 2024, but cause gas production to drop for the first year since 2020 when the COVID-19 pandemic destroyed demand for the fuel, according to the U.S. Energy Information Administration's (EIA) latest outlook. Financial firm LSEG said gas output in the Lower 48 U.S. states has fallen to an average of 100.3 billion cubic feet per day (bcfd) so far in March, down from 104.1 bcfd in February. That compares with a monthly record of 105.5 bcfd in December 2023. Output is down as several energy firms, including EQT and Chesapeake Energy, delay well completions and cut back on other drilling activities. EQT is currently the biggest U.S. gas producer, and Chesapeake will soon become the biggest producer after its merger with Southwestern Energy. LSEG forecast gas demand in the Lower 48 states, including exports, would rise from 109.2 bcfd this week to 111.4 bcfd next week, lower than its outlook on Wednesday.

US natgas prices head for weekly fall on mild weather outlook (Reuters) - U.S. natural gas futures fell about 5% on Friday for a second straight weekly loss, pressured by forecasts for mild weather leading to lower gas demand for heating. Front-month gas futures NGc1 for April delivery on the New York Mercantile Exchange fell 8.6 cents to settle at $1.655 per million British thermal units (mmBtu). Prices were down about 8% for the week. "We think overall gas demand for the remainder of March will be relatively tepid. We just have a super mild winter and now we're sitting here with more gas in storage than we normally would at this time of year," s Meteorologists projected weather across the Lower 48 states would remain warmer than normal through March 18 before turning to near- to colder-than-normal levels from March 19-26. Meanwhile, prices rose more than 8% on Thursday after the U.S. Energy Information Administration (EIA) said utilities pulled a larger-than-expected 9 billion cubic feet (bcf) of gas out of storage during the week ended March 8. This was more than the 3-bcf withdrawal analysts forecast in a Reuters poll, and compares with a withdrawal of 65 bcf during the same week a year ago and a five-year (2019-2023) average decrease of 87 bcf for this time of year. In late February, prices plummeted to $1.511 per mmBtu, marking their lowest level since June 2020. This decline was attributed to several factors, including near-record output, predominantly mild weather conditions, and diminished heating demand throughout the winter season, which led to higher volumes of gas storage. U.S. natgas production will decline this year while demand will rise to a record high, the U.S. EIA said in its Short Term Energy Outlook on Tuesday. The agency also projected those low gas prices would boost domestic gas consumption from a record 89.09 bcfd in 2023 to 89.68 bcfd in 2024 before easing to 89.21 bcfd in 2025 as prices rise. Financial firm LSEG forecast gas demand in the Lower 48 states, including exports, would fall from 110.7 bcfd this week to 110.4 bcfd next week. LSEG said gas output in the Lower 48 U.S. states has fallen to an average of 100.1 billion cubic feet per day (bcfd) so far in March, down from 104.1 bcfd in February. That compares with a monthly record of 105.5 bcfd in December 2023. Liquefied natural gas (LNG) exporter Venture Global LNG on Thursday delivered to U.S. regulators a proposed protective order seeking to keep documents on the construction of a Louisiana export facility confidential.

US weekly LNG exports drop to 23 shipments - US liquefied natural gas (LNG) exports dropped in the week ending March 6 compared to the week before, according to the Energy Information Administration. The agency said in its weekly natural gas report that 23 LNG carriers departed the US plants between February 29 and March 6, three shipments less compared to the week before. Citing shipping data provided by Bloomberg Finance, the agency said the total capacity of these LNG vessels is 87 Bcf. Natural gas deliveries to US terminals down 3.1 percent Average natural gas deliveries to US LNG export terminals decreased by 3.1 percent (0.4 Bcf/d) week over week, averaging 13.4 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Texas fell 6.7 percent (0.3 Bcf/d), while natural gas deliveries to terminals in South Louisiana fell 2.2 percent (0.2 Bcf/d) to 8.8 Bcf/d. The agency said that ongoing repairs at the Freeport LNG terminal in Texas resulting from the January 2024 winter storm have reduced sendout capacity from the facility. Natural gas deliveries to terminals outside the Gulf Coast were flat week over week at 1.2 Bcf/d. Cheniere’s Sabine Pass plant shipped eight cargoes and the company’s Corpus Christi facility sent four shipments during the week under review. Sempra Infrastructure’s Cameron LNG terminal shipped four cargoes, while Venture Global’s Calcasieu Pass LNG terminal sent three cargoes during the week under review. Also, the Cove Point terminal sent two LNG cargoes and the Elba Island LNG terminal and the Freeport terminal each shipped one cargo. Henry Hub slightly up This report week, the Henry Hub spot price rose 3 cents from $1.63 per million British thermal units (MMBtu) last Wednesday to $1.66/MMBtu this Wednesday. The price of the April 2024 NYMEX contract increased 4.4 cents, from $1.885/MMBtu last Wednesday to $1.929/MMBtu this Wednesday. Moreover, the price of the 12-month strip averaging April 2024 through March 2025 futures contracts climbed 1.2 cents to $2.829/MMBtu.

Cheniere’s Corpus Christi LNG expansion project almost 53 percent complete - The Stage 3 expansion project at Cheniere’s Corpus Christi LNG export plant in Texas is almost 53 percent complete, and the US LNG exporting giant is working to start production at the first train later this year. Cheniere’s Corpus Christi liquefaction plant now has three operational trains with each having a capacity of about 5 mtpa.In June 2022, Cheniere took a final investment decision on the Corpus Christi Stage 3 expansion project worth about $8 billion and compatriot Bechtel officially started construction on the project in October the same year.The project was 51.4 percent complete in December last year.It includes building seven midscale trains, each with an expected liquefaction capacity of about 1.49 mtpa.Cheniere’s unit Corpus Christi Liquefaction said in the January construction report filed with the US FERC last week that overall project completion for the Stage 3 project is 52.7 percent.Stage 3 engineering and procurement are 86 percent and 72.9 percent complete, respectively, while subcontract and direct hire construction work are 69.5 percent and 12.3 percent complete, respectively.

TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound | Hart Energy The Lower 48’s oil and gas landscape is in for some pruning as rig counts are forecast to fall, especially in the Permian Basin, according to an outlook from TPH&Co., the energy business of Perella Weinberg Partners.Taking into account fourth-quarter 2023 earnings and upstream operators’ 2024 guidance, TPH is reducing its near-term outlook for the Lower 48, with the “Permian (-10 rigs), Northeast (-10 rigs) and Eagle Ford (-9 rigs) primarily driving the decline into the third quarter, troughing at 533 rigs (vs. prior 563 rigs and TPH spot of 575 rigs),” Jeff LeBlanc, a TPH analyst, wrote in a March 12 report.For the week of March 8, the Lower 48 rig count stood at 606, according to Baker Hughes. The Permian was running 313 rigs, the Eagle Ford with 52 and the Marcellus Shale with 32.TPH’s outlook is primarily based on the public operators executing on their plans, with guidance indicating a decline of five rigs in the Permian, seven in the Eagle Ford and eight in the Northeast. However, TPH said “continued churn should bias private aggregate activity lower over the next 6-9 months.”“Year-to-date reductions have been most severe in the Haynesville (-11 rigs), but with a handful of reductions still pending, we expect basin activity to ultimately trough at ~35 rigs (~4 rigs below spot levels),” LeBlanc said in the report.Year-over-year, the Haynesville has seen the rig count fall by 29 rigs, with 38 currently running, according to Baker Hughes. The cuts come as E&Ps reduce activity in the face of declining natural gas prices. Gas-focused E&Ps in the Haynesville, Marcellus and Utica shales, including EQT Corp., Chesapeake Energy, Comstock Resources and Antero Resources have announced reductions in drilling and completions. Most recently, CNX Resources said March 12 it would delay completions on 11 Marcellus wells to “avoid brining incremental volumes into the current oversupplied market.”

More Work Expected at Freeport LNG After Train Inspections – Train 3 at Freeport LNG was in the process of restarting on Friday, according to a source with knowledge of the matter. An electrical motor that was damaged by severe cold in January has been repaired and is back online. Feed gas nominations were up slightly Friday. Following inspections, Freeport will now make upgrades requiring more work on Trains 1 and 2. An inspection on Train 2 is currently “progressing well,” the source said. Train 1 will be shut down for inspections and work once Train 2 is finished. FERC again excluded Venture Global LNG Inc.’s CP2 project from the agenda for next week’s meeting and will not decide on the company’s application for approval that was filed in 2021.

Fire contained after oil tanks ignite at quarry outside DC - — Several oil tanks caught on fire late Thursday morning at a quarry in the Maryland suburbs of Washington sending thick plumes of black smoke into the air that were visible for miles. The fire was contained by early afternoon while three tanks continued to burn, Montgomery County Fire and Rescue spokesperson Pete Piringer said during a 2 p.m. news conference. Officials said no injuries were reported. Piringer said two of the tanks contained liquid asphalt and the third contained used motor oil.

Crews cleaning up diesel spill at Seabee Base -- A clean-up took place at the Naval Construction Battalion Center in Gulfport following a diesel spill. Officials say about 1,800 gallons of diesel fuel were accidently discharged into a drainage ditch Saturday. The fuel was contained “within installation boundaries,” according to the Seabee Base. Officials do not expect there to be any risk to public health or safety- or impacts to residents living on base. “Contractors specially trained in oil spill removal swiftly responded within 24 hours of the incident’s detection, initiating cleanup efforts promptly,” a press release from the Seabee Base read. “Members of the Navy On-Scene Coordinator (OSC) program arrived March 11 from installation headquarters, Navy Region Southeast, to lead clean-up efforts and to evaluate the site for environmental, safety and health impacts. The Navy OSC is working closely with state officials to ensure the response meets federal and state requirements.” The clean-up efforts are ongoing.

US energy industry methane emissions are triple what government thinks, study finds American oil and natural gas wells, pipelines and compressors are spewing three times the amount of the potent heat-trapping gas methane as the government thinks, causing $9.3 billion in yearly climate damage, a new comprehensive study calculates. But because more than half of these methane emissions are coming from a tiny number of oil and gas sites, 1% or less, this means the problem is both worse than the government thought but also fairly fixable, said the lead author of a study in Wednesday’s journal Nature.The same issue is happening globally. Large methane emissions events around the world detected by satellites grew 50% in 2023 compared to 2022 with more than 5 million metric tons spotted in major fossil fuel leaks, the International Energy Agency reported Wednesday in their Global Methane Tracker 2024. World methane emissions rose slightly in 2023 to 120 million metric tons, the report said.“This is really an opportunity to cut emissions quite rapidly with targeted efforts at these highest emitting sites,” said lead author Evan Sherwin, an energy and policy analyst at the U.S. Department of Energy’s Lawrence Berkeley National Lab who wrote the study while at Stanford University. “If we can get this roughly 1% of sites under control, then we’re halfway there because that’s about half of the emissions in most cases.”Sherwin said the fugitive emissions come throughout the oil and gas production and delivery system, starting with gas flaring. That’s when firms release natural gas to the air or burn it instead of capturing the gas that comes out of energy extraction. There’s also substantial leaks throughout the rest of the system, including tanks, compressors and pipelines, he said.“It’s actually straightforward to fix,” Sherwin said.In general about 3% of the U.S. gas produced goes wasted into the air, compared to the Environmental Protection Agency figures of 1%, the study found. Sherwin said that’s a substantial amount, about 6.2 million tons per hour in leaks measured over the daytime. It could be lower at night, but they don’t have those measurements.The study gets that figure using one million anonymized measurements from airplanes that flew over 52% of American oil wells and 29% of gas production and delivery system sites over a decade. Sherwin said the 3% leak figure is the average for the six regions they looked at and they did not calculate a national average.Methane over a two-decade period traps about 80 times more heat than carbon dioxide, but only lasts in the atmosphere for about a decade instead of hundreds of years like carbon dioxide, according to the EPA.About 30% of the world’s warming since pre-industrial times comes from methane emissions, said IEA energy supply unit head Christophe McGlade. The United States is the No. 1 oil and gas production methane emitter, with China polluting even more methane from coal, he said.Last December, the Biden administration issued a new rule forcing the U.S. oil and natural gas industry to cut its methane emissions. At the same time at the United Nations climate negotiations in Dubai, 50 oil companies around the world pledged to reach near zero methane emissions and end routine flaring in operations by 2030. That Dubai agreement would trim about one-tenth of a degree Celsius, nearly two-tenths of a degree Fahrenheit, from future warming, a prominent climate scientist told The Associated Press.Monitoring methane from above, instead of at the sites or relying on company estimates, is a growing trend. Earlier this month the market-based Environmental Defense Fund and others launched MethaneSAT into orbit. For energy companies, the lost methane is valuable with Sherwin’s study estimate it is worth about $1 billion a year.About 40% of the global methane emissions from oil, gas and coal could have been avoided at no extra cost, which is “a massive missed opportunity,” IEA’s McGlade said. The IEA report said if countries do what they promised in Dubai they could cut half of the global methane pollution by 2030, but actions put in place so far only would trim 20% instead, “a very large gap between emissions and actions,” McGlade said.“It is critical to reduce methane emissions if the world is to meet climate targets,” said Cornell University methane researcher Robert Horwath, who wasn’t part of Sherwin’s study. “Their analysis makes sense and is the most comprehensive study by far out there on the topic,” said Howarth, who is updating figures in a forthcoming study to incorporate the new data.The overflight data shows the biggest leaks are in the Permian basin of Texas and New Mexico. “It’s a region of rapid growth, primarily driven by oil production,” Sherwin said. “So when the drilling happens, both oil and gas comes out, but the main thing that the companies want to sell in most cases was the oil. And there wasn’t enough pipeline capacity to take the gas away” so it spewed into the air instead.Contrast that with tiny leak rates found in drilling in the Denver region and the Pennsylvania area. Denver leaks are so low because of local strictly enforced regulations and Pennsylvania is more gas-oriented, Sherwin said. This shows a real problem with what National Oceanic and Atmospheric Association methane-monitoring scientist Gabrielle Petron calls “super-emitters.” “Reliably detecting and fixing super-emitters is a low hanging fruit to reduce real life greenhouse gas emissions,” Petron, who wasn’t part of Sherwin’s study, said. “This is very important because these super-emitter emissions are ignored by most ‘official’ accounting.”Stanford University climate scientist Rob Jackson, who also wasn’t part of the study, said, “a few facilities are poisoning the air for everyone.”“For more than a decade, we’ve been showing that the industry emits far more methane than they or government agencies admit,” Jackson said. “This study is capstone evidence. And yet nothing changes.”

Texas sues Biden administration over finalized methane rule - The state of Texas on Friday sued the Biden administration over an Environmental Protection Agency (EPA) rule restricting methane emissions finalized earlier Friday morning. The lawsuit was requested in late January by the Texas Railroad Commission, the state’s primary oil and gas regulator, while the rule was still being finalized. In a request to Texas Attorney General Ken Paxton (R), the commission asked for legal action on the rule. Paxton responded Friday with a legal petition against the federal rule. The EPA estimates the rule, first announced in 2023, could cut up to 58 million tons of methane emissions by 2038. It adds more stringent requirements for practices such as flaring and plugging leaks. While methane dissipates from the atmosphere faster than carbon dioxide, it is far more potent at trapping heat in the atmosphere. In a statement in February, the Railroad Commission called the rule “extremely unreasonable, and time-consuming, given that there have been vast improvements with reduced methane emissions in the state.” “The new rules will create an undue burden on regulators as well as the oil and gas industry, by forcing further emission reductions in remote, unmanned locations,” the commission said. Environmental advocacy and legal groups blasted the vote by the commission and the complaint from Paxton’s office, noting the hazards associated with methane. “The EPA’s strong methane rule will force significant cuts to this dangerous pollution, and we’re ready to go to court to defend it against the Texas lawsuit or any other baseless industry attacks,” Maggie Coulter, a senior attorney at the Center for Biological Diversity’s Climate Law Institute, said in a statement. “For way too long oil and gas companies have gotten away with venting and ignoring leaks of this extraordinarily powerful greenhouse gas, and that has to stop. Curbing methane pollution is important, but it has to be part of a larger plan to fight the climate emergency with a swift, just transition to renewables.” An EPA spokesperson told The Hill the agency does not comment on pending litigation.

Plan to drill for oil and gas near Aurora Reservoir is raising red flags – A proposed 166-well oil and gas project in suburban Denver could imperil a decades-long, multimillion-dollar effort to prevent carcinogenic chemicals stored on one of the nation’s most contaminated industrial sites from leaking into groundwater, letters from federal and state officials show. Regulators expressed concern in May that drilling underneath and near the Lowry Landfill Superfund site could cause small cracks in bedrock cradling millions of gallons of toxic waste in 78 unlined trenches. These fissures could allow contaminants to enter an aquifer system that millions of Coloradans rely on, the U.S. Environmental Protection Agency wrote to Civitas, the operator requesting permission to drill. The EPA oversees a complex 40-year effort to protect the health of millions of people living around the site.The agency’s concerns stem from the issues that have long surrounded hydraulic fracturing, or fracking, a drilling process that has led Colorado in the last decade to become the nation’s fourth largest oil-producing state. The method involves pumping sand and millions of gallons of water and chemicals roughly a mile under the surface to crack shale, and release oil and gas. Civitas is one of the top five producers in Colorado. “The EPA is concerned that hydraulic fracturing surrounding and underneath the site could lead to a significant unintended release of hazardous substances,” the agency wrote in May to Dan Harrington, who leads Civitas’ development initiatives. This “contamination is held in place by a bedrock layer which could, under certain conditions, be subject to microfractures from fracking.” In response, Civitas sent a letter to the EPA in September and committed not to drill under the site, saying: “This precaution is not due to any risk associated with oil and natural gas development, but a desire to protect the Superfund remedy that is in place and operating effectively.” The EPA cited the company’s commitment when asked if it is still apprehensive about Civitas’ plans to drill near the site and said in an email that it will “continue to coordinate with all parties to evaluate these and other site concerns.” Civitas did not return repeated requests for comment. Civitas refiled its drilling plan on Feb. 23 after making a series of revisions requested by state regulators. A 60-day public comment period ends April 23, and a hearing on the proposal is scheduled in front of the Energy and Carbon Management Commission for June 26.The operator’s agreement not to drill under the Superfund site failed to reduce the anxiety of scores of households near the 50-square-mile proposed oil and gas project, which includes wells near the Aurora Reservoir. The facility is part of a system of reservoirs that store drinking water for about 390,000 people and is a popular recreation area. Drilling currently exists about five miles from the Superfund site. Civitas is proposing well pads much closer — within about two miles. But horizontal pipes that extend beneath the proposed production area could come even closer to the site boundary.

TC Energy's Keystone oil pipeline restarts after going offline - (Reuters) TC Energy's Keystone oil pipeline resumed service after going offline and temporarily restricting a major conduit of Canadian oil to the United States, which sent oil prices higher.The 622,000 barrel-per-day pipeline has been dogged by problems, including a 2022 spill in rural Kansas.TC said in a statement late afternoon that Keystone was safely operating after briefly suspending service as a precautionary measure.The Calgary, Alberta-based company said it had confirmed the pipeline's integrity and no oil was released. Earlier, TC notified shippers of the outage, citing operational issues but not offering specifics, one industry source said. The company did not say how much of the Keystone network was down or for how long."With Keystone, we're seeing a pattern of these sporadic outages," said Rory Johnston, founder of the Commodity Context newsletter. "Western Canada is so often operating on a knife’s edge of crude egress capability." Keystone, stretching 4,850 km (3,000 miles), transports oil from Alberta to Nebraska, where it splits, with one arm running east to the Midwest and the other running south to the U.S. crude storage hub in Cushing, Oklahoma, and to the Gulf, where it is processed by refiners or exported.Last month, executive vice-president of liquids Bevin Wirzba told analysts on a quarterly call that TC had inspected 80% of the Keystone system during the year since the Kansas spill and found no potential issues with the pipeline's integrity.The main alternative to Keystone is Enbridge's Mainline, which is running in March at 25% apportionment for light oil and 20% apportionment for heavy oil.The discount on Western Canada Select (WCS) heavy crude for April delivery grew to as much as $16.30 per barrel in Alberta compared to West Texas Intermediate, from as little as $15.75, according to brokerage CalRock. At Cushing, WCS traded at a discount of $7.30 per barrel, shrinking 40 cents on the prospect of Canadian supplies becoming tighter at the hub, brokers said.The Keystone outage happened as shippers await completion of the Trans Mountain pipeline expansion, which will nearly triple capacity of a line moving oil from Alberta to the British Columbia coast, providing long-awaited relief to Canada's pipeline congestion.

North Dakota reports pair of oil, brine spills - InForum | Fargo, Moorhead and West Fargo news, weather and sports— The North Dakota Department of Mineral Resources' Oil and Gas Division reported two oil and produced water spills have happened in recent days in the western portion of the state. The first of the spills was a release of 300 barrels, or about 12,500 gallons, of produced water, which occurred Saturday, March 9, west of Killdeer in Dunn County. Horizon-Olson LLC reported to the state that the spill was the result of an equipment failure or malfunction, the department stated via press release. All of the water was recovered from the site, the state added. The second spill took place Monday, March 11, near Renville in Bottineau County and included 10 barrels, or about 420 gallons, of oil and 500 barrels or about 20,500 gallons, of produced water. Scout Energy Management LLC reported the spill the same day. At that time, all of the oil and 490 barrels of produced water had been recovered. According to materials from North Dakota State University Extension, produced water, also known as brine, is concentrated ocean water that travels through rocks and is a byproduct of oil and gas extraction. State inspectors have visited both spill locations and will monitor any additional cleanup efforts.

Coast Guard investigates possible oil spill off Huntington Beach - Los Angeles Times --The U.S. Coast Guard is investigating an oil sheen off the coast of Huntington Beach that stretches about two miles long and half a mile wide, officials said Friday. Officials received a report about 6:50 p.m. Thursday of an unknown substance about 1½ miles offshore, and local emergency responders were on site through the night, the agency said. Early Friday, Coast Guard officials flew over the site and confirmed an oil sheen almost three miles offshore that they said was not from natural statedcauses. Orange County Supervisors Don Wagner and Katrina Foley both posted on social media about the incident Friday morning to their constituents. “Early thoughts are that it’s from a platform,” Foley posted on X at 8:05 a.m. The Coast Guard reported the oil sheen was near platforms Emmy and Eva and potential sources for it have been contacted, but none have been officially identified. Wagner stated on X that “Emergency personnel are on scene and working to identify the source.” By Friday night, roughly 85% of the sheen — or about 85 gallons — had been recovered, according to the Coast Guard. Operations were halted for the evening, but a helicopter was set to inspect the area again at first light Saturday.Officials were still investigating the source of the substance, as well as assessing any wildlife impacts. One oiled grebe was recovered Friday, the Coast Guard said.The city of Huntington Beach has not announced any beach closures, but mariners have received a safety alert to stay out of the area. A KTLA-TV helicopter captured images and video of a dark, reflective substance floating across the water, and locals have started to see some of that oil washing ashore. “We’re seeing some tarballs coming up on the [Huntington] Dog Beach,” Foley said by phone.As of Friday evening, neighboring beach cities were not reporting any signs of oil residue on their shores.Newport Beach officials said police officers and lifeguards had been deployed to monitor the coast for any signs of petroleum.“The spill is not believed to pose a threat to Newport Beach,” city officials said in astatement.In Long Beach, city officials said beaches there remain open with no visible impacts.Costa Mesa resident Kent Adams was out on a walk with his dog on Friday morning when he noticed a Frisbee-sized spot of oil washed up on the south entrance to the dog park. “You rarely see that,” said Adams. “I usually stay away from the beach if I know about them, because I don’t want it all over her.” With still no identifiable source, the California Department of Fish and Wildlife has joined with other agencies in trying to determine if the oil sheen is from an active spill, state Sen. Dave Min (D-Irvine) said in a statement. Gov. Gavin Newsom commented on social media that state officials “are actively monitoring” the situation in collaboration with “local, state and federal partners.” A representative for the Center for Biological Diversity, a nonprofit environmental group based in Arizona, said California officials need to take stronger action to remove the offshore oil rigs to protect the ocean and marine life.

Update: Cause of oil sheen off California still undetermined, but contained, Coast Guard says – What caused a 2-mile long oil sheen spotted offshore of Huntington Beach late last week is still unclear, but enough has been cleaned up for the emergency response effort to come to an end, United States Coast Guard officials announced Monday afternoon. The sheen spotted March 7 prompted quick response from the United Command, a group of several agencies that combine efforts to contain oil off the coast, formed following the 2021 oil spill in the same area that reached shore and impacted everything from beach access to businesses along the coastline. Preliminary laboratory results of samples of the oil analyzed by the Office of Spill Prevention and Response – part of the Department of Fish and Wildlife – confirmed the release is lightly weathered crude oil and not a refined product, such as gasoline or diesel, but the Petroleum Chemistry Lab was unable to definitively identify the oil source, the Coast Guard said in its announcement Monday. Clumps of tar lay among the other debris on Huntington Dog Beach in Huntington Beach on Saturday morning, March 9, 2024. The United States Coast Guard received a report on Thursday evening, March 7, from the National Response Center about a 2-mile-long oil sheen off Huntington Beach's coast. (Photo by Mark Rightmire, Orange County Register/SCNG) Clumps of tar lay among the other debris on Huntington Dog Beach in Huntington Beach on Saturday morning, March 9, 2024. The United States Coast Guard received a report on Thursday evening, March 7, from the National Response Center about a 2-mile-long oil sheen off Huntington Beach’s coast. (Photo by Mark Rightmire, Orange County Register/SCNG) The samples are consistent with local crude oil, officials said, with characteristics of the Monterey Formation, and not imported oil that may have been brought by ship to California. The lab results were also inconsistent with archived samples from oil platforms in the area. Earlier in the day, US Coast Guard public affairs specialist Richard Uranga said samples were thought to be from natural sources of seepage. But later in the day, a Coast Guard update said lab results were also inconsistent with archived samples from the area of both refinery oil and naturally released oil. The samples do not match any in the CDFW database that covers the past 25 years, said Coast Guard Petty Officer Richard Brahm. “That’s really where we’re at. They’ll keep taking samples of all this stuff until maybe they get a hit, or maybe they don’t,” he said. “I wish we had an answer. It’s definitely from the area, but we can’t pinpoint where it came from.” The Coast Guard received a report about 7 p.m. on Thursday, March 7, from the National Response Center about the sheen on the ocean’s surface off Huntington Beach’s coast. It was first spotted about 2.8 miles off Huntington Beach near two oil platforms, Emmy and Eva. It was visually confirmed at first light the next day and containment efforts began. Operations are now complete, currently in the “decontamination phase” cleaning booms and boats, Uranga said. The preliminary laboratory results indicate that the oil samples analyzed from this incident are more characteristic of freshly produced oil than heavily weathered oil, which is associated with typical natural seeps, according to the USCG statement. According to the National Oceanic Atmospheric Administration, crude oil entering the ocean is known as “seeps” and add about five million gallons of oil into the ocean each year. While seeps are from a natural source, they can appear similar appearance and behavior and have similar effects as oil released during drilling and other human activities. Both natural and processed oil can have environmental impacts and be toxic to fish, sea stars and shrimp, with the toxic effects largely limited to the immediate area of the release. More than 1,000 birds each year are oiled in Southern and Central California, primarily due to natural seeps, according to NOAA. In this latest incident, two oiled birds died and several more were brought in for observation and cleaning, officials said. Tar balls washed ashore in the areas of Huntington Beach’s Dog Beach.

Oil cleanup underway off Huntington Beach, California coast – Multiple agencies in Southern California are responding to an oil spill off the coast of Huntington Beach, including the care of oil-covered wildlife. The U.S. Coast Guard Los Angeles-Long Beach Command Center received a report March 7th of a substance more than 2 miles off the coast of Huntington Beach. Teams with the Coast Guard Pollution Responders completed a flight over the area and discovered an oil sheen in the Pacific Ocean spanning 2.5 miles long and half a mile wide. A Unified Command with representatives from the US Coast Guard (USCG), California Department of Fish and Wildlife’s Office of Spill Prevention and Response (CDFW-OSPR), and Orange County Sheriff’s Department are responding to an oil sheen observed offshore of Huntington Beach, March 8, 2024. A Unified Command with representatives from the US Coast Guard (USCG), California Department of Fish and Wildlife’s Office of Spill Prevention and Response (CDFW-OSPR), and Orange County Sheriff’s Department are responding to an oil sheen observed offshore of Huntington Beach, March 8, 2024. (U.S. Coast Guard) The oil is located between the oil processing platforms known as Emmy and Eva, according to the Coast Guard. Reuters reported on Friday that Amplify Emergy Corp. subsidiary Beta Offshore reported a spill of produced water from its offshore Platform Elly, causing the company to shut down the pipeline. According to Reuters, the same platform caused a large oil spill disaster in October 2021, shutting down area beaches. Coast Guard officials said a discharge of produced water was released from Platform Elly on March 8. However, the "characteristics of the produced water from Platform Elly do not align with what was observed from the sheen. At this time, we do not believe the sheen and the discharge are related." The Coast Guard continues to investigate the source of the oil. There are no beach or fishery closures because of the spill. California's Office of Environmental Health Hazard Assessment does not believe a public health threat exists. The Oiled Wildlife Care Network has been surveying the shoreline and recovering any wildlife affected by the oil. As of Saturday, four live birds were taken in for care, and three were covered in oil. Another injured snowy plover, which was not covered in oil, was also taken in for care.

US Coast Guard says no oil sheen seen off California after spill (Reuters) -The U.S. Coast Guard said an overflight on Sunday no longer detected an oil sheen off the coast of Huntington Beach, California, after oil spill discovered on Friday was cleaned up. The agency said offshore recovery assets would be demobilized after they recovered about 85 gallons (322 liters) of product from the ocean. "Shoreline cleanup teams continue to observe tar balls along the beaches in Huntington Beach and will continue to remove them as needed," the agency said, adding they had already removed about 800 pounds (363 kg) of oily waste and tar balls. The agency spotted the oil spill on Friday about 2.8 miles (4.5 km) off Huntington Beach, near two drilling platforms. An investigation into the cause of the oil spill is currently under way, the agency said on Saturday. Beta Offshore, a subsidiary of Amplify Energy (NYSE:AMPY) Corp reported a potential spill of produced water from its offshore Platform Elly off Huntington beach on Friday, according to a regulatory filing, causing the company to shut down a pipeline. The Coast Guard on Sunday said reports of Platform Elly reporting a discharge of produced water on the morning of March 8 are correct, but the "characteristics of the produced water from Platform Elly do not align with what was observed from the sheen." "Currently, we do not believe the sheen and the discharge are related," the agency added.

Update: Cause of oil sheen off California still undetermined, but contained, Coast Guard says – What caused a 2-mile long oil sheen spotted offshore of Huntington Beach late last week is still unclear, but enough has been cleaned up for the emergency response effort to come to an end, United States Coast Guard officials announced Monday afternoon. The sheen spotted March 7 prompted quick response from the United Command, a group of several agencies that combine efforts to contain oil off the coast, formed following the 2021 oil spill in the same area that reached shore and impacted everything from beach access to businesses along the coastline. Preliminary laboratory results of samples of the oil analyzed by the Office of Spill Prevention and Response – part of the Department of Fish and Wildlife – confirmed the release is lightly weathered crude oil and not a refined product, such as gasoline or diesel, but the Petroleum Chemistry Lab was unable to definitively identify the oil source, the Coast Guard said in its announcement Monday. The samples are consistent with local crude oil, officials said, with characteristics of the Monterey Formation, and not imported oil that may have been brought by ship to California. The lab results were also inconsistent with archived samples from oil platforms in the area. Earlier in the day, US Coast Guard public affairs specialist Richard Uranga said samples were thought to be from natural sources of seepage. But later in the day, a Coast Guard update said lab results were also inconsistent with archived samples from the area of both refinery oil and naturally released oil. The samples do not match any in the CDFW database that covers the past 25 years, said Coast Guard Petty Officer Richard Brahm. “That’s really where we’re at. They’ll keep taking samples of all this stuff until maybe they get a hit, or maybe they don’t,” he said. “I wish we had an answer. It’s definitely from the area, but we can’t pinpoint where it came from.” The Coast Guard received a report about 7 p.m. on Thursday, March 7, from the National Response Center about the sheen on the ocean’s surface off Huntington Beach’s coast. It was first spotted about 2.8 miles off Huntington Beach near two oil platforms, Emmy and Eva. It was visually confirmed at first light the next day and containment efforts began. Operations are now complete, currently in the “decontamination phase” cleaning booms and boats, Uranga said. The preliminary laboratory results indicate that the oil samples analyzed from this incident are more characteristic of freshly produced oil than heavily weathered oil, which is associated with typical natural seeps, according to the USCG statement. According to the National Oceanic Atmospheric Administration, crude oil entering the ocean is known as “seeps” and add about five million gallons of oil into the ocean each year. While seeps are from a natural source, they can appear similar appearance and behavior and have similar effects as oil released during drilling and other human activities. Both natural and processed oil can have environmental impacts and be toxic to fish, sea stars and shrimp, with the toxic effects largely limited to the immediate area of the release. More than 1,000 birds each year are oiled in Southern and Central California, primarily due to natural seeps, according to NOAA. In this latest incident, two oiled birds died and several more were brought in for observation and cleaning, officials said. Tar balls washed ashore in the areas of Huntington Beach’s Dog Beach. Waste disposal company US Ecology was contracted for the cleanup by the Coast Guard, with an estimated 1,050 pounds of oil waste, such as tar balls, collected and disposed of and 85 gallons of oil collected from the water.

Huntington Beach Oil Sheen Appears to Be Result of Natural Seepage - The oil sheen spotted in Huntington Beach last week appears to be natural seepage of crude bubbling up from the ocean floor, a Coast Guard spokesman said, but its definitive source remained unclear Tuesday. The Coast Guard was in “decontamination phase” as of Monday morning as the agency cleans its equipment and works on disposing of the oil waste, Coast Guard Petty Officer Richard Uranga said. Tests of oil from the area’s oil-drilling rigs did not match the crude that was originally spotted in a roughly 2.5-mile-long sheen Thursday evening, Uranga said. So experts believe it is likely from natural seepage, Uranga added. What was unusual about the incident was how much crude was seen, he said. Usually, natural seepage goes unnoticed, he added. “We don’t know what caused so much to appear,” he said. Coast Guard officials issued a statement Monday saying experts could not “definitively identify the oil source.” But, according to the statement, the samples analyzed “confirm that the release is lightly weathered crude oil and not a refined product like gasoline or diesel. They also indicate that the samples are consistent with local crude oil with characteristics of the Monterey Formation and not imported crude oil that may be brought by ship to California.” The experts discounted that it had anything to do with a discharge of produced water from oil Platform Elly Friday morning. The Coast Guard has collected 1,050 pounds of oil waste and recovered 85 gallons of oil from the sheen, Uranga said. The 1,000-yard safety zone that had been established in the area was lifted, Uranga said. It’s unknown how much the recovery costs are at this time, since efforts are ongoing. The Coast Guard’s Sector Los Angeles-Long Beach Command Center said it received a report at 6:50 p.m. Thursday of an unknown substance in the water 1.5 miles off the coast of Huntington Beach. Coast Guard Pollution Responders got underway at 6:30 a.m. Friday with a Newport Harbor Patrol boat to investigate. A Coast Guard helicopter also conducted an overflight in the area at sunrise that morning. Upon investigation, an oil sheen was discovered that spanned 2.5 miles in length and a half-mile in width, roughly 2.8 miles off Huntington Beach near platforms Emmy and Eva, according to the Coast Guard. Despite not having drones to review the oil sheen, the Coast Guard was “still able to get visual information,” Uranga said.

US leads global oil production for sixth straight year- EIA (Reuters) - U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday.In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said."The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added.The EIA says it is unlikely that the record will be broken by another country in the near term.Elsewhere, Saudi Arabia's government in January ordered Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), one million bpd below a target announced in 2020.Global benchmark Brent fell on Monday, dipping below $82 a barrel, as persistent geopolitical concerns in the Middle East and Russia collide with jitters about softening demand in China. Recently, OPEC+ members led by Saudi Arabia and Russia agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.

US to drive oil and gas project starts in North America up to 2028 -New build projects drive the upcoming projects landscape, constituting 83% of the total across the oil and gas value chain. North America will witness 558 oil and gas projects commencing operations between 2024 and 2028 across the value chain. Of these, 74 will be upstream projects (excluding the US L48 projects) and 263 will be midstream with refinery and petrochemicals at 102 and 119 respectively. In midstream, the trunk/transmission pipelines segment alone constitutes 44% of all projects, followed by oil storage and liquefied natural gas with 18% and 17% respectively. New build projects drive the upcoming projects landscape in North America, constituting 83% of the total. The share of new build projects is especially high in the midstream sector, accounting for 52% of total new build projects across the value chain. The upstream (fields) sector has the highest number of expansion projects, accounting for 33% of total expansion projects in the value chain. In North America, 37% of the projects are in the construction and commissioning stages and are likely to commence operations during the 2024 to 2028 outlook period. 31% of the projects are in the early stages (feasibility/front-end engineering design) and the rest have been approved or await approval. The US dominates the upcoming projects landscape in North America, accounting for 71% of the total projects expected to begin operations by 2028. Further details of North American projects can be found in GlobalData’s new report, North America Oil and Gas Projects by Development Stage, Capacity, Capex, Contractor Details of All New Build and Expansion Projects to 2028

Shareholder proposal calls on Enbridge to disclose indirect emissions from pipelines — Energy giant Enbridge Inc. is urging shareholders at its upcoming annual meeting to vote against a proposal calling on the company to do more to disclose the climate impact of its pipeline business. The shareholder proposal filed by Investors For Paris, a group that aims to hold publicly traded companies accountable for their net-zero promises, calls on Enbridge to disclose the "Scope 3" or end-use emissions produced by the oil and natural gas it transports in its pipeline network. "If a company’s financial viability is dependent on scope 3 emissions being released — as is the case with Enbridge — then it is critical that investors have a full and complete picture of these emissions," the proposal states. The term "Scope 3" refers to emissions that a company is indirectly responsible for, such as the greenhouse gases generated when a customer uses the company's product. Most major Canadian energy firms currently disclose the emissions they produce themselves in their day-to-day business operations, but have been far more reluctant to take accountability for end-use emissions, such as those produced when consumers burn fossil fuels in their cars. Including Scope 3 emissions in their climate disclosures would massively increase the size of the carbon footprint that energy companies must report to investors and the public. Enbridge itself currently discloses the Scope 3 emissions produced by its natural gas utility business, by tallying the emissions generated when customers burn natural gas to heat their homes. But it doesn't provide an accounting of the end use of the fossil fuel products it transports in its pipeline business. Duncan Kenyon, director of corporate engagement with Investors For Paris, said that's a problem because shareholders need to know whether the company's portfolio is aligned with a future that will increasingly depend on renewables and other forms of clean energy. "Many shareholders actually understand that Scope 3 isn't just a greenhouse gas reporting metric, it's actually a trend metric showing where the company is going in terms of adopting and responding to the energy transition," Kenyon said. "It's a metric that highlights the exposure risk of the company to energy transition." Scope 3 emissions are an increasing area of focus for shareholder proposals. In the past two years, according to a database by Ceres, an organization which tracks climate-related shareholder resolutions, more than 30 proposals related to Scope 3 disclosures have been brought forward at the general meetings of major North American publicly traded companies. Investors for Paris brought a similar resolution to Enbridge's annual meeting last year, at which time approximately 25 per cent of shareholders voted in favour of the company adopting more extensive Scope 3 disclosure practices. In its response to this year's proposal, Enbridge said it is currently unable to accurately and reliably track third-party use of the oil and natural gas it transports for customers. The company said it takes Scope 3 emissions seriously, and in 2021 began reporting the "emissions intensity" of the energy it transports via pipeline. But it said there have been no clear regulatory guidelines or widely accepted methodologies developed to report on end-use emissions from products that Enbridge moves, but doesn't own.

LNG Canada first phase nears completion -- After years of careful planning, robust community engagement, and safe construction, the first phase of the LNG Canada LNG export facility is nearing completion in Kitimat, in the traditional territory of the Haisla Nation in British Columbia (B.C.). With construction work almost complete, commissioning and start-up activities are set to begin, marking another significant milestone for the project, the largest private investment in Canadian history.Commercial operations are expected to start by the middle of 2025. The first LNG carrier to sail from the facility and down the Douglas Channel will supply made-in-B.C. LNG to joint venture participants and their customers.The impacts are already being felt. More than 30 000 Canadians have worked on the project to date, with almost 9000 Canadians employed at the Kitimat site in January this year alone. The cumulative value of the project’s contracts and subcontracts to local, Indigenous, and other businesses in B.C. has already exceeded CAN$4.7 billion and includes more than CAN$3.8 billion to Indigenous-owned and local area businesses.It also includes a CAN$500 million contract with HaiSea Marine, a joint venture between the Haisla Nation and North Vancouver-based Seaspan that will provide harbour and escort tugboat services to LNG Canada with its innovative fleet of battery-powered and low emissions vessels.LNG Canada also pledged, under the B.C. government’s LNG Framework, to protect the province’s air, land and water, and ensure British Columbians receive a fair return for their natural gas. The project has been designed with the lowest carbon intensity of any large scale LNG export facility operating today: emissions that are 35% lower than the world’s best performing facilities and 60% lower than the global weighted average.Along with its five joint venture participants, LNG Canada continues to explore pathways to a potential Phase 2 expansion, which can unlock additional revenues to government and benefits for B.C. communities and businesses, and deliver more lower carbon LNG to countries trying to achieve their energy transition goals, all while maintaining alignment with CleanBC, the province’s plan to lower overall emissions.

Tourmaline Cutting WCSB ‘24 Natural Gas Production Amid Low Prices, Remains ‘Super Constructive’ on ‘25 - Tourmaline Oil Corp., the largest natural gas producer in Canada, is reducing 2024 natural gas production in the Western Canadian Sedimentary Basin (WCSB) by about 100 MMcf/d from previous guidance, or 4% essentially eliminating any gas growth in 2024, “and we definitely think that’s the right thing to do,” CEO Mike Rose said. Tourmaline is anticipating 2024 average production of 580,000-590,000 boe/d, up from fourth quarter 2023 production of 557,000 boe/d that was 9% higher than 4Q2022, and the 2023 full year average production of about 520,000 boe/d, that was up 4% over the 2022 average. Rose said given continuing weak natural gas prices, the Calgary-based producer plans to decrease capital expenditures in 2024 by about 7.4% year/year to C$2.13 billion ($1.58...

Atlantic LNG shipping rates up, European prices climb for second week - Atlantic spot LNG freight rates rose this week, while European prices increased for the second week in a row. Last week, spot charter rates for the global LNG carrier fell to their lowest since June 2023. “Freight rates have continued to trade in a tight range, with the Spark30S Atlantic spot rate increasing by $2,500 to $50,250 per day, and the Spark25S Pacific rate falling by $2,000 to $51,500 per day,” Qasim Afghan, Spark’s commercial analyst, told LNG Prime on Friday. “Spark30S Atlantic freight rates have traded within a $4,750 per day range since late January, and the Spark25S Pacific rates have traded within a $8,000 per day range, marking a relatively stable start to 2024,” he said. LNG freight rates have not been impacted despite the fact that LNG carriers are still avoiding the Suez Canal due to the situation in the Red Sea. In addition, due to a drought situation impacting the Panama Canal, LNG transits through the waterway keep declining as well and vessels are choosing other routes to deliver their cargoes. In Europe, the SparkNWE DES LNG front month rose compared to the last week. The NWE DES LNG for March delivery was assessed last week at $7.401/MMBtu. “The SparkNWE DES LNG price is reported at $7.861/MMBtu, corresponding to a $0.46/MMBtu week-on-week increase,” Afghan said. “This is the second consecutive weekly increase in SparkNWE DES LNG price,” he said.

Shell to Expand LNG Trading, Carve Out Lower Emissions through AI and Efficiencies - Shell plc upended its energy transition strategy on Thursday, citing lower power sales and stronger demand for natural gas, but it still expects to reach net-zero carbon emissions by 2050. Under pressure from investors to focus on the core oil and natural gas business, the London-based major updated its carbon reduction ambitions in the Energy Transition Report 2024. “We believe the world will continue to need oil and gas for many years – produced with much lower emissions – alongside cleaner energy such as advanced biofuels, renewable power and hydrogen,” CEO Wael Sawan said. “We expect LNG will play a critical role in the transition. It continues to provide a secure supply of energy in many European countries. It also offers flexibility to electricity grids..

YPF expects FID on first phase of Argentina LNG project in 2025 - Argentina’s state-owned oil and gas company YPF expects to take a final investment decision on the first phase of the planned Argentina LNG export project it is developing with Malaysia’s Petronas in 2025, according to YPF’s CEO, Horacio Marin. YPF and a Petronas’ unit in Argentina signed a joint study and development agreement on September 1, 2022 to work on the potential development of the Argentina integrated LNG project, Argentina GNL, to liquefy natural gas from Vaca Muerta’s vast shale gas resources.The project will include upstream gas production, dedicated pipeline and infrastructure development, LNG production, as well as marketing and shipping.YPF initially said the first phase of the project includes a production of 5 million tonnes of LNG per year. In the future, the capacity could rise to 25-30 million tonnes of LNG per year, the firm previously said.Last year, YPF and Petronas also signed an initial land lease deal for the LNG export project with the port of Bahia Blanca in Buenos Aires to carry out technical, economic, maritime, soil, and environmental studies.“It is well known that Vuaca Muerta has world-class gas reserves, far exceeding local demand. To capture this opportunity, unlocking our shale gas potential, we plan to lead the unique Argentinian LNG project,” Marín said during YPF’s 2023 earnings presentation on March 7.“As previously announced, the full project targets total processing capacity between 25 and 30 mtpa and should represent the key way to place Vaca Muerta shale gas in the global market, turning YPF and Argentina into a world-class LNG exporter,” he said.He said that the first stage of the project “aims to bring to Argentina an existing floating LNG facility with an initial capacity between one and two mtpa by 2027.”Marin did not provide further info on the FLNG.Petronas may move one of the company’s existing two units from Malaysia to Argentina.Currently, Petronas operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu as well as the 1.5 mtpa PFLNG Dua, both located offshore Sabah. It has also a third FLNG with a capacity of 2 mtpa on order in South Korea.Marin said the second stage of the LNG project consists of the construction of two new floating LNG faculties, representing a capacity of around 8-9 mtpa by 2030.

CEO: Aramco in talks to invest more in LNG - Energy behemoth Aramco is in talks to further invest in liquefied natural gas, including in US LNG projects, according to Aramco’s CEO, Amin Nasser. Saudi Arabia’s Aramco made its first international investment in LNG last year to capitalize on rising LNG demand. In September, Aramco agreed to buy a minority stake in MidOcean Energy, the LNG unit of US-based energy investor EIG for $500 million. The agreement includes the option for Aramco to increase its shareholding and associated rights in MidOcean in the future. MidOcean is currently in the process of acquiring interests in four Australian LNG projects, and it has recently also purchased a stake in LNG terminal operator Peru LNG from a unit of South Korean conglomerate SK. Asked about whether Aramco is interested in investing in LNG in the US and other countries during the company’s 2023 earnings call on Monday, Nasser said, “for sure, we are interested in LNG.” “We are investing in LNG via MidOcean in Australia and we are currently looking for opportunities in the US,” he said. Nasser said that Aramco is “currently in discussions with different entities with regard to that growth market for capacity of LNG.”

Nuclear Power Additions Not Expected to Significantly Cut Into South Korea’s LNG Demand - South Korea’s plans to bring online more nuclear power capacity could cut natural gas demand this summer, but the strategy is unlikely to curb demand the way it has in Japan. “Korea’s nuclear projects have been under construction for some time, and Japan will be far ahead with switching their plants back on once they meet seismic risk requirements, but both countries will continue to need LNG,” David Hewitt of Hewitt Energy Perspectives told NGI. South Korea’s gas demand could decline slightly this summer as it commissions a new nuclear reactor and a coal-fired plant, but the country’s installed power capacity exceeds demand. It is also switching out a percentage of its coal capacity with gas, which could further support liquefied natural gas longer-term.

Iran-Pakistan gas pipeline revival - The stars appear to be finally aligning for the long-awaited Iran-Pakistan (IP) gas pipeline. Driven by necessity and bolstered by the current global environment, Pakistan has set its sights on commencing and swiftly completing a small 80-kilometre stretch of the pipeline. Originally envisioned to span 785km in total, running from the Iran border through Balochistan to Sindh and extending to Punjab, this humbler endeavour aims to achieve its initial milestone in record time. Iran has already fulfilled its part of the deal by completing the construction of its seventh cross-country gas pipeline, starting from Asalouyeh and stretching 1,172km to Iranshahr. From there, it extends another 270km to the border of Pakistan, as indicated by the available online details. Amidst the politico-economic repercussions of conflicts such as those in Gaza and Ukraine, alongside inflationary pressures and risks to financial and property markets in the West, particularly in an election year in many places, the focus of Western nations is understandably absorbed by their own challenges. As a result, a small pipeline deal between two nations in which they have no immediate stake may not command much attention. Moreover, China’s mediation in thawing relations between Saudi Arabia and Iran amid the turbulent Middle East context has also contributed to Pakistan’s confidence regarding economic relations with energy-abundant Iran. The energy sector hierarchy in Islamabad has privately confirmed the end of confusion regarding the IP pipeline. They assert there is now a certain level of clarity within the relevant quarters to proceed with the project. However, as the cabinet of Prime Minister Shehbaz Sharif’s government has yet to be announced and the portfolio of the minister of petroleum remains undecided, no official — not even the spokesperson of the Petroleum Division — seems inclined to comment on the recent developments and future prospect of the IP pipeline. This reluctance to speak may stem from sensitivities surrounding the matter. Meanwhile, Nadeem Javed Bajwa, the Managing Director and CEO of Inter State Gas Systems Pvt Ltd (ISGS), the company tasked with building the pipeline, remains inaccessible despite multiple attempts to reach him for his input. There is a prevailing perception that Pakistan, under the caretaker government, hastily decided to proceed with building the pipeline following the tit-for-tat missile strikes with Iran. Although tensions between Iran and Pakistan have since eased, concerns persist regarding the looming threat of a potential $18 billion penalty for failing to complete the IP project in time. As per information shared by senior sources within energy circles, the ISGS has been assigned the responsibility for the project. It has also been determined that resources to cover the construction cost will be accessed from a dedicated fund established for the purpose. During the last PPP rule in the country (2008-2013), the government imposed a Gas Infrastructure Development Cess Act on businesses to generate funds internally aimed at strengthening and expanding Pakistan’s gas infrastructure. Despite encountering resistance and legal obstacles, insiders revealed that the government managed to mobilise about Rs330bn through this gas levy. It is reported that the government has allocated and released Rs42bn ($152 million) for the construction of the project, they added. “The long-delayed project is now being prioritised owing to the widening demand/supply gap and the cost-effectiveness of piped gas compared to LPG imports,” stated a high-ranking official of ISGS. “We have the full backing of the Special Investment Facilitation Council (SIFC),” he added.

Iran oil exports hit five-year high - -- Iran’s oil minister said on 10 March that the nation’s crude oil exports had reached a five-year high since 2018 despite the US sanctions on Tehran’s energy sector. Oil minister Javad Owji said, “At the beginning of this administration, oil production in [Iran's] Khuzestan province stood at 1.7 million barrels per day, which has now reached 2.7 million barrels per day.” The minister also noted that natural gas production has grown by five percent. Iranian refineries have boosted production capacity through projects implemented by Iranian specialists after multiple foreign nations withdrew due to US sanctions. Owji made these statements on the sidelines of the contract signing ceremony for the South Pars gas field pressure-boosting project. “Sanctions have not hindered our development growth,” Owji said. "If we examine the past 40 years, in which year did the Ministry of Petroleum report that the economic growth of oil and gas was over 20% every quarter? … Our economic growth in the first, second, and third months of 1402 [solar hijri year from 21 March 2023–19 March 2024] was over 20%. Let's judge now: Has the embargo hindered our growth?” When Owji was asked about former president Donald Trump’s potential return to the US presidential seat, the oil minister said Trump's return would not affect Iran. “In this government, we signed good contracts with powerful Russian companies, and some fields have been put into operation. Twenty thousand barrels of our production are from the fields with which we have contracts. Some other fields are also on the agenda of the oil company, which is ending the negotiations.” During Trump’s presidency, brutal sanctions were reinstated on Iran after walking out of the nuclear deal in May 2018, despite Iran’s full compliance with the conditions put forth in the Joint Comprehensive Plan of Action (JCPOA). One of the goals that Washington had was to reduce Iran’s oil exports to near zero. Tehran has, on multiple occasions, denounced the sanctions as an act of “economic war” and “economic terrorism.”

Saudi Aramco posts $121bn profit in 2023 -- Saudi oil giant, Aramco, on Sunday, reported that it made $121bn in profit last year, down from its 2022 record due to lower energy prices. Aramco’s results still marked the company’s second-highest-ever result, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices, according to the Associated Press. However, lower results also squeeze the kingdom as it embarks on a massive development project under its assertive crown prince to wean itself off oil revenues. Aramco had reported a $161bn profit in 2022, likely the largest ever reported by a publicly traded company. “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing to the Tadawul stock market. Despite being lower this year, Aramco boosted the dividends due to its stockholders to over $31bn in the fourth quarter, according to filings. The energy giant had planned a conference call on Monday to discuss its results. Aramco reported overall revenue of $440bn last year, down from $535bn in 2022. “Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds,” said Aramco CEO Amin Nasser, in a statement.

Saudi Aramco Boosting Domestic Natural Gas Output and Eyeing International LNG Investments - State-owned Saudi Arabian Oil Co., better known as Aramco, is targeting a 60% increase by 2030 in its natural gas production from 2021 levels as domestic consumption rises in the Kingdom. Speaking to investors during a conference call on Monday, CEO Amin Nasser and CFO Ziad Al-Murshed discussed an array of projects underway to boost gas, oil, liquids and renewables projects, including solar and hydrogen. Aramco is working “to create and capture additional value from our operations, positioning the company for a future in which we believe oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions,” Nasser said.

Oil prices decline as MidEast supply worries fade, Brent crude at $81.50/bbl - Oil prices experienced a decline, with the global benchmark Brent dropping below $82 per barrel, on Monday. This downward trend occurred as worries diminished about potential disruptions to supply due to conflicts in the Middle East. Additionally, concerns about softened demand in China contributed to the bearish sentiment. Brent futures saw a decrease of 58 cents, settling at $81.50 per barrel at 1444 GMT, while U.S. West Texas Intermediate (WTI) slipped by 93 cents, or 1.2%, reaching $77.08. Both benchmarks concluded last week with losses, influenced by bearish Chinese data indicating diminished demand in the world's top crude importer. Brent saw a decline of 1.8%, though the contract has maintained above $80 a barrel for more than a month. Meanwhile, WTI ended 2.5% lower.

China's crude oil imports increased during the first two months of the year compared to the same period in 2023, although they were lower than in the previous months, according to data released on Thursday. This reflects a continuing trend of reduced purchases by the world's largest buyer.
Yemen's Iran-aligned Houthis have been conducting attacks on ships in the Red Sea and Gulf of Aden since November, claiming it as a show of support for Palestinians during Israel's conflict with Hamas.
Over the weekend, U.S., French, and British forces intercepted dozens of drones in the Red Sea region after Houthis targeted the bulk carrier Propel Fortune and U.S. destroyers in the area, as reported by the U.S. military.
U.S. job growth picked up pace in February, an increase in the unemployment rate and a slowdown in wage gains maintained the possibility of an anticipated June interest rate cut. The upcoming U.S. inflation data, scheduled for release on Tuesday, adds further uncertainty to the market sentiment.
Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, commonly referred to as OPEC+, reached an agreement to prolong voluntary oil production reductions of 2.2 million barrels per day into the second quarter, addressing the supply side of the oil market.

The Oil Market Traded Lower on Monday as Uncertainty Around the Timing of U.S. Interest Rate Cuts Weighed on the Market - The oil market traded lower on Monday as uncertainty around the timing of U.S. interest rate cuts weighed on the market. The market is awaiting the release of a possible higher than expected consumer price index reading on Tuesday, which could muddy the path for monetary policy. The market was also pressured ahead of monthly reports due this week from the IEA, OPEC and the EIA. The crude market retraced some of Friday’s losses in overnight trading before it sold off to a low of $76.79 early in the session. It later retraced its early losses and posted a high of $78.47 by mid-day and settled in a sideways trading range as traders took a wait and see stance ahead of the data expected this week. The April WTI contract ended the session down 8 cents at $77.93 and the May Brent contract settled up 13 cents at $82.21. The product markets ended the session higher, with the heating oil market settling up 1.09 cents at $2.6518 and the RB market settling up 5.33 cents at $2.5805.Citi Research reiterated its 0-3 month price target of $80/barrel for Brent, while it updated its first quarter price forecast to $81/barrel from a previous forecast of $78/barrel. It extended its near-term neutral-to-moderately bearish view through the second quarter due to larger than expected supply disruptions during the first quarter and ongoing tensions in the Middle East.S&P Global Commodities at Sea is estimating Northwest Europe is expected to receive 3.13 million mt of diesel and gasoil in March, up 8.3% from February. The three largest source of these imports are The U.S., India and Saudi Arabia.The EIA said U.S. crude oil production lead global oil production for a sixth consecutive year, with a record breaking average production of 12.9 million bpd. In December, U.S. crude oil production reached a new monthly record high of over 13.3 million bpd. The EIA said it is unlikely that the record will be broken by another country in the near term.S&P Global analysts are forecasting U.S. crude oil production growth while slowing in 2024 will still reach 13.97 million b/d by December 2024. The analysts warned though if WTI prices fall below $65 per barrel for an extended period, producers may reduce the activity levels to protect their cash flows.Source stated that Saudi Aramco plans to meet full contractual crude oil volumes to most Asian buyers in April, but will reduce supply of heavier oil to Chinese and Indian customers due to oilfield maintenance.IIR Energy said U.S. oil refiners are expected to shut in about 1.3 million bpd of capacity in the week ending March 15th, increasing available refining capacity by 393,000 bpd. Offline capacity is expected to fall to 999,000 bpd in the week ending March 22nd.

Oil Range-Bound as OPEC, EIA Eye Tighter Market Balances -- West Texas Intermediate (WTI) futures nearest delivery and Brent crude settled Tuesday's session slightly lower. This was despite the Organization of the Petroleum Exporting Countries (OPEC) and U.S. Energy Information Administration (EIA) forecasting oil market fundamentals will continue to strengthen in the second quarter, reflecting an extension of voluntary production cuts by the OPEC+ coalition and robust demand growth in North America and Asia-Pacific regions. In its Monthly Oil Market Report released this morning, OPEC left global oil demand projections for an annual increase of 2.2 million barrels per day (bpd) unchanged. The lion's share of the growth was realized in developing countries outside the Organization for Economic Cooperation and Development (OECD) bloc. "The major non-OECD economies of China and India, alongside other developing Asian nations, are anticipated to maintain their growth momentum and play a significant role in driving global economic growth, while growth across the OECD economies is projected at relatively lower rates," according to OPEC. Robust demand projections for 2024 coincide with lower estimates for production growth outside of OPEC+ coalition, according to the report, which was downgraded by 120,000 bpd from the prior month to 1.19 million bpd. In 2024, the main drivers for oil supply growth are expected to be the U.S., Canada, Brazil and Norway. The largest declines are anticipated in Russia and Mexico. Meanwhile, OPEC+ on March 3 announced an extension of voluntary production cuts of 2.2 million bpd through the second quarter with Russia pledging additional cuts to its export quotas. Because of that extension, EIA estimates global oil markets will tighten significantly more this year than previously estimated. Washington-based energy watchdog notes the current OPEC+ agreement has two types of production cuts -- the officially stated production targets by all coalition members, and the secondary cuts that are additional voluntary reductions pledged by some OPEC+ participants on Nov. 30, 2023. "Because some OPEC+ members are extending these voluntary production cuts and because Russia added new voluntary production cuts, we now expect forecast global oil inventories will fall by 900,000 bpd in 2Q24. Last month, we had expected inventories to remain relatively unchanged in 2Q24," said OPEC in its STEO this afternoon. As a result of tighter market balances, the price of Brent crude will average around $88 per barrel (bbl) for the second quarter, which is $4 bbl higher than in February's forecast. EIA expects the price of Brent crude to remain relatively flat for the rest of the year before increasing inventories -- when OPEC+ supply cuts are set to expire -- will start putting slight downward pressure on the price in 2025. "It remains to be seen how strictly the latest round of voluntary OPEC+ production cuts are adhered to, which has the potential to add additional oil supplies back on the market and lessen the expected tightness in near-term oil balances and the corresponding upward pressure on oil prices," said EIA. At settlement, WTI futures for April delivery softened $0.37 to $77.56 bbl and while Brent for May delivery edged lower to $81.92 bbl, down $0.29. Front-month RBOB contract added a modest $0.0059 to settle at $2.5864 gallon, and April ULSD futures declined to $2.6165 gallon, down $0.0353.

Oil prices settle slightly down after US boosts crude output forecast (Reuters) -Oil prices dipped on Tuesday, settling slightly lower after a higher-than-expected forecast for U.S. crude oil production and bearish economic data, but persistent geopolitical tensions limited declines. Brent futures for May delivery settled 29 cents lower at $81.92 a barrel. The April U.S. West Texas Intermediate (WTI) crude contract ended 37 cents lower at $77.56. U.S. consumer prices increased solidly in February, the U.S. Bureau of Labor Statistics said, pinning nagging inflation largely on higher costs for gasoline and shelter. "This does show a second month of an increase," . "Consensus in the markets says the Fed will not move to lower rates until June," he added. On Tuesday, OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement. On the supply side, U.S. Energy Information Administration (EIA) raised its 2024 outlook for domestic oil output growth by 260,000 barrels per day to 13.19 million barrels, versus a previously forecast rise of 170,000 bpd. The boosted forecast could be due to higher assumed oil prices, said UBS analyst Giovanni Staunovo. U.S. crude stocks fell 5.521 million barrels in the week ended Mar. 8, according to market sources citing American Petroleum Institute figures on Tuesday. Last week, economic data from China, the world's biggest oil buyer, suggested softening demand even as crude imports increased in the first two months of the year from a year earlier. "Bearish demand sentiment and growing non-OPEC supply leave little room for the market to be bullish on oil prices at this time," Hopes of a ceasefire in Israel's war against Hamas have faded, with negotiations deadlocked in Cairo while Israel and Lebanon's Hezbollah continue to exchange fire. Though the Gaza conflict has not led to significant oil supply disruptions, Yemen's Iran-aligned Houthis have been attacking ships in the Red Sea and Gulf of Aden since November in solidarity with Palestinians. Airstrikes attributed to a U.S.-British coalition hit port cities and small towns in western Yemen on Monday and the Houthis said on Tuesday that they had fired missiles at what they described as a U.S. ship in the Red Sea. Traders are becoming inured to such attacks, . "The inventory of oil that might be affected is not lost, it is just delayed - and with the new shipping times being part of the new norm, 'delayed' will eventually not be applicable," he said. In Russia, the world's second-largest oil exporter, a Ukrainian attack on energy facilities set ablaze Lukoil's NORSI refinery.

WTI Dips After Smaller Crude Draw; Pump-Prices Set To Soar As Gasoline Stocks Plunge -- Oil prices surged higher this morning after a Ukrainian drone struck one of Russia’s biggest refineries and API's report overnight signaling shrinking US crude stockpiles. API

Crude -5.52mm (+400k exp)
Cushing -998k
Gasoline -3.75mm
Distillates -1.16mm

DOE

Crude -1.54mm (+400k exp)
Cushing -220k
Gasoline -5.66mm - biggest draw since Nov
Distillates +888k

The official data showed a smaller draw than API (but not a build as expected). Gasoline stocks plunged... The Biden administration continued its 600-700k barrel weekly addition to the SPR (13th week in a row)... US Crude production decline once again... WTI was hovering just above $79.50 ahead of the official data and dipped below on the smaller crude draw...

The Oil Market on Wednesday Rallied Over 2% Following the Release of a Supportive EIA Inventory Report The oil market on Wednesday rallied over 2% following the release of a supportive EIA inventory report and a second day of Ukrainian drone attacks on Russian refining facilities. On Tuesday evening, the API reported an unexpected draw of 5.5 million barrels in crude stocks, providing the market with some support in overnight trading. The market retraced some of its gains and posted a low of $77.57, but quickly bounced off that level and never looked back. The news of the drone attacks on Russian regions, causing disruptions in Russia’s refining operations provided the market with further support. The oil market rallied to $79.73 in light of the EIA reporting an unexpected draw in crude stocks of over 1.5 million barrels and a larger than expected draw in gasoline stocks. It later settled in a sideways trading range before further buying on the close pushed the market to a high of $79.75. The April WTI contract settled up $2.16 at $79.72 and continued to trend higher as it posted a new high of $79.90 in the post settlement period. The May Brent contract settled up $2.11 at $84.03. Meanwhile, the product markets also settled sharply higher, with the heating oil market settling up 6.86 cents at $2.6851 and the RB market settling up 7.51 cents at $2.6615 following the larger than expected draw in gasoline stocks.The EIA reported that after six consecutive weeks of builds, total U.S. crude stocks unexpectedly fell by 1.536 million barrels in the week ending March 8th to 447 million barrels. U.S. crude oil imports fell by 1.731 million barrels on the week to 5.491 million barrels, the lowest level since March 2023. The EIA also reported a larger than expected draw in U.S. gasoline stocks of 5.662 million barrels on the week to 234.1 million barrels. Gasoline stocks in the U.S. Gulf Coast fell by 588,000 barrels on the week to 78.4 million barrels, the lowest level since November 2022. IIR Energy reported that U.S. oil refiners are expected to shut in about 1.2 million bpd of capacity in the week ending March 15th, increasing available refining capacity by 451,000 bpd. Offline capacity is expected to fall to 885,000 bpd in the week ending March 22nd.Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday. Russia's 340,000 bpd Ryazan oil refinery shut down two primary oil refining units on Wednesday following a fire caused by a drone attack. Separately, the Leningrad region's Governor, Alexander Drozdenko, said a drone was destroyed on its approach to the Kinef oil refinery in the region. Also, operations of the 112,000 bpd Novoshakhtinsk oil refinery in Russia’s southern Rostov region resumed following a drone attack. The Rostov region’s Governor, Vasily Golubev, said the operations of the refinery were halted on Wednesday after downed drones fell on its territory.Russia’s President Vladimir Putin said the Ukrainian drone attacks in Russian regions “are aimed at, if not frustrating the elections in Russia, then interfering with them.” The Russian Defense Ministry said its forces intercepted 58 drones overnight in the Belgorod, Bryansk, Voronezh, Kursk, Ryazan and Leningrad regions.Enbridge said the Gray Oak crude oil pipeline in Texas is operating normally following the completion of planned maintenance.

Oil prices up 3% to 4-month high on US crude stock drop, Russian refinery attacks (Reuters) - Oil prices rose about 3% to a four-month high on Wednesday on a surprise withdrawal in U.S. crude inventories, a bigger-than-expected drop in U.S. gasoline stocks and potential supply disruptions after Ukrainian attacks on Russian refineries. Brent futures rose $2.11, or 2.6%, to settle at $84.03 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.16, or 2.8%, to settle at $79.72. That was the highest close for Brent since Nov. 6. The U.S. Energy Information Administration (EIA) said energy firms pulled a surprise 1.5 million barrels of crude from stockpiles during the week ended March 8. That compares with the 1.3 million barrel build analysts forecast in a Reuters poll and the 5.5 million barrel withdrawal shown in data from the American Petroleum Institute (API), an industry group. EIA/A , U.S. gasoline futures , meanwhile, showed the biggest price increase across the energy complex, rising about 2.9% to their highest since September 2023 after EIA said energy firms pulled a much larger-than-expected 5.7 million barrels of gasoline from stockpiles last week. That compares with the 1.9 million-barrel withdrawal from gasoline stocks that analysts forecast in a Reuters poll. "Gasoline is driving us today. There is growing concerns about growing tightness with a combination of seasonal maintenance and other outages," That increase in gasoline prices boosted the gasoline- and 321- crack spreads, which measure refining profit margins, to their highest since August and September 2023, respectively. In Russia, Ukraine struck oil refineries in a second day of heavy drone attacks, causing a fire at Rosneft's biggest refinery in what Russian President Vladimir Putin said was an attempt to disrupt his country's presidential election this week.“As Russian refining capacity is damaged by Ukrainian drone strikes, this can result in Russia exporting less diesel fuel with a potential for Russia to start importing gasoline and that of course will affect prices around the world," said Andrew Lipow, president of Lipow Oil Associates in Houston.Putin told the West that Russia was technically ready for nuclear war and that if the U.S. sent troops to Ukraine, it would be considered a significant escalation of the conflict. Putin, however, also said he saw no need for the use of nuclear weapons in Ukraine.Oil and the wider financial markets also found support from sentiment that the latest data on U.S. inflation will not derail interest rate cuts by midyear.Lower rates can boost economic growth and support oil demand.The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, stuck to its forecast for oil demand growth of 2.25 million barrels per day (bpd) in 2024, higher than many other forecasts.

The IEA Raised its Demand Growth Forecast and Lowered its Supply Projection for This Year The oil market extended its gains on Thursday amid the IEA outlook suggesting a tighter oil market. The IEA raised its demand growth forecast and lowered its supply projection for this year. It forecast demand will increase by 1.3 million bpd in 2024, up 110,000 from its previous forecast, while it cut its supply forecast and now expects oil supply to increase by 800,000 bpd to 102.9 million bpd this year. The oil market posted a low of $79.57 on the opening on Wednesday and continued on its upward trend. The market, which was well supported by the IEA outlook, extended its gains to $1.90 as it rallied to a high of $81.62 in afternoon trading. The market later traded in a sideways trading range ahead of the close. The April WTI contract settled up $1.54 at $81.26, while the May Brent contract settled up $1.39 at $85.42. The product market also continued its upward trend, with the heating oil market settling up 2.37 cents at $2.7088 and the RB market settling up 4.18 cents at $2.7033. The IEA said the settling down of post-pandemic turbulence and a cloudy economic outlook will rein in demand growth this year, even as shipping disruptions provide a short-term increase. The IEA sees growth this year at 1.3 million bpd, down a full million bpd from 2023, but up by 110,000 bpd from its previous month's forecast as Houthi attacks in the Red Sea have helped lengthen supply routes. Global oil demand will average a record 103.2 million bpd this year. The IEA sees global oil demand growth in the first quarter of 2024 increasing by 270,000 bpd to 1.7 million bpd. It said oil on water reached 1.9 billion barrels, the second highest level since the height of the pandemic. Meanwhile, global on-land oil stocks fell for a seventh month the lowest level since at least 2016. It said that if the OPEC+ voluntary cuts are held through 2024, it sees the market in a slight deficit rather than a surplus.Analysts said U.S. motorists are likely to see gasoline prices move higher in the coming weeks as major refinery outages have cut supplies ahead of a seasonal increase in demand. According to data from the motorist group AAA, the national average price for a gallon of gasoline has increased more than 9% from the start of the year to around $3.40/gallon since March 8th, the highest since early November.S&P Global Commodities at Sea data shows that diesel shipments from the Middle East to Europe averaged 374,000 b/d in February, up from the 318,000 b/d shipped in January. These shipments are expected to grow further in March as refinery operations in Saudi Arabia and Kuwait continue to rise this month. Oman’s diesel exports to Europe this month are already running at double the pace they were in February.The EIA forecast that near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada and Brazil, offsetting voluntary production cuts by OPEC+. It said OPEC+ petroleum liquids production will fall by 1 million bpd in 2024, while non-members’ supply will grow 1.4 million bpd, led by the U.S. In 2025, OPEC+ petroleum liquids production will increase by 900,000 bpd as production cuts expire, while non-OPEC+ output will increase by a further 1.1 million bpd. The EIA said global petroleum and liquids supply was 101.8 million bpd in 2023 and is expected to increase by 400,000 bpd in 2024 and 2 million bpd in 2025. U.S. oil production reached 13.3 million bpd in 2023 and is expected to increase by 400,000 bpd in 2024 and 800,000 bpd in 2025.

ICE Brent Futures Tops $85 on Bullish Oil Market Outlooks -- The international crude benchmark Brent contract for May delivery on the Intercontinental Exchange settled above $85 per barrel (bbl) for the first time this year on Thursday after major forecasting agencies this week warned of an expanding supply deficit in the global oil market exacerbated by extended production cuts by the OPEC+ coalition and strengthening demand fundamentals in North America and the Asia-Pacific region. The International Energy Agency (IEA) this morning lifted its outlook for global oil consumption growth by 110,000 barrels per day (bpd) this year to 1.3 million bpd, citing better-than-expected economic performance in the U.S. and surging demand for bunker fuels. "Ongoing Houthi shipping attacks in the Red Sea kept a firm bid under crude prices. With oil tankers taking the longer route around Africa, more oil was kept on water, further tightening the Atlantic Basin market and sending crude's forward price structure deeper into backwardation," said IEA in today's monthly Oil Market Report. Despite the upgrade, IEA's estimate is less bullish compared to demand growth assessments from the Organization of the Petroleum Exporting Countries (OPEC) and U.S. Energy Information Administration (EIA) released on Tuesday. Out of the three forecasters, OPEC adopted the most bullish outlook on global oil consumption, projecting demand growth of 2.2 million bpd in 2024 and 1.8 million bpd next year. OPEC continues to see strong demand gains stemming from air travel and increased road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities, particularly in the Asia-Pacific region. Similarly, capacity additions and petrochemical margins in China and the Middle East are expected to contribute to oil demand growth. On the supply side, OPEC, IEA and EIA forecast slowing production gains from non-OPEC+ countries that, when combined with supply cuts from within the coalition, will lead to a growing supply deficit in the second quarter. For the year, IEA sees global production will still increase by 800,000 bpd to 102.9 million bpd, including downward adjustments to OPEC+ output. In its report, IEA assumes OPEC+ will hold voluntary production cuts of 2.2 million bpd in place through the end of 2024, unwinding them only when such a move is confirmed by the producer alliance. In comparison, EIA lowered its global production growth outlook to 400,000 bpd, down by a sizable 200,000 bpd from the previous month's outlook. "Because some OPEC+ members are extending voluntary production cuts into the second quarter and because Russia added new voluntary production cuts, we now expect oil markets to be much tighter in 2Q24 than we previously expected," said EIA in Tuesday's Short-term Energy Outlook. EIA further noted the current OPEC+ agreement has two types of production cuts. The first cuts are officially stated production targets and the second are additional voluntary cuts pledged by some OPEC+ participants. As a result, EIA estimates global oil inventories will fall by 900,000 bpd in the second quarter compared to previously envisioned stock levels to remain relatively unchanged. At settlement, NYMEX April West Texas Intermediate futures advanced $1.54 to $81.26 bbl, and ICE May Brent futures rallied $1.39 to $85.42 bbl. April ULSD futures on NYMEX added $0.0237 to $2.7088 gallon, while front-month RBOB futures moved up $0.0418 to $2.7033 gallon.

Crude Flat on Session after Midweek Rally on Fundamentals -- West Texas Intermediate and Brent crude ended flat on the session Friday, stalling near four-month highs. The RBOB and ULSD contracts pushed higher, lent support by firmer U.S. demand fundamentals and supply risk after Russian oil refineries came under drone attacks amid a systemic campaign against the country's energy infrastructure. This week saw at least five separate drone strikes on the Russian refining complex, forcing some of the country's largest crude processing facilities to halt operations. According to preliminary estimates, at least 15% of Russia's refining capacity has been disrupted in recent days that, according to authorities, could lead to a short-term increase in crude oil exports. In an interview with TASS News on Thursday, Russian Deputy Energy Minister Pavel Sorokin said Russia's domestic fuel market is well-supplied but warned "that crude-processing capacity will be lower this year, likely leading to higher oil exports." Russia's Energy Minister Nikolay Shulgin said last month that Russia reduced crude-processing activity by 7% since the beginning of the year due, in part, to ongoing drone attacks by the Ukrainian military. A drone strike on Rosneft's largest refinery, Ryazan NPK CJSC with a refining capacity of 397,000 barrels per day (bpd) located in the central region west of the Urals, was forced to shut two crude units and a vacuum unit following a drone attack March 13, according to Industrial Info Resources. A drone attack March 12 on Lukoil's 354,561 bpd Nizhegorodnefteorgsintez Refinery in Russia, could keep units at the refinery shut for several months because of the extent of the damage, said IIR. Russia is a major supplier of middle distillates to the global markets, with roughly half the diesel it produces shipped internationally. WTI futures were also lifted this week by a bullish weekly inventory report from the U.S. Energy Information Administration (EIA) showing commercial crude stockpiles declined for the first time in six weeks through March 8, as domestic refiners concluded most of their seasonal maintenance programs. U.S. refinery capacity utilization increased for the second straight week through March 8 to the highest level since mid-January at 86.8%, with refiners processing 390,000 bpd more crude compared to the previous week's average. RBOB futures rallied to a $2.7240-gallon six-month high Friday following deeper-than-expected refinery turnaround activity this season, with gasoline inventories plunging 5.7 million barrels (bbl) during the first week of March while gasoline supplied to the U.S. market held above 9 million bpd for the second straight week, reaching a 9.044 million bpd 11-week high last week. Monthly outlooks by the International Energy Agency (IEA), Organization of the Petroleum Exporting Countries (OPEC) and the EIA this week forecasting tighter than previously anticipated market balances in the second quarter on the back of ongoing production cuts from OPEC+ and firmer demand fundamentals in the United States were also bullish for oil futures. IEA on Thursday lifted its outlook for global oil consumption growth by 110,000 bpd this year to 1.3 million bpd, citing better-than-expected economic performance in the United States and surging demand for bunker fuels. "Ongoing Houthi shipping attacks in the Red Sea kept a firm bid under crude prices. With oil tankers taking the longer route around Africa more oil was kept on water, further tightening the Atlantic Basin market, and sending crude's forward price structure deeper into backwardation," said IEA in its latest monthly Oil Market Report. OPEC is more bullish, projecting global demand growth of 2.2 million bpd this year and 1.8 million bpd in 2025. At settlement, NYMEX April WTI futures slipped $0.22 to $80.83 bbl after trading at a $81.62 four-month high on the spot continuous chart on Thursday. ICE May Brent futures were little changed on the session at $85.34 bbl, trading at a $85.69 bbl four-month high on a spot continuous basis on Thursday. NYMEX April ULSD futures advanced $0.0182 to $2.7270 gallon, paring an increase to a $2.7372 three-week high, while April RBOB futures added $0.0175 with a $2.7208 gallon settlement.

Oil prices settle lower, but tally a gain of 4% for the week Upside breakout shows 'path of least resistance' higher right now, chart watchers say - Oil futures finished with a loss on Friday, easing back a day after climbing to a four-month high - but prices still posted a weekly gain of 4%, buoyed by a drop in U.S. crude inventories and a stronger demand forecast from the International Energy Agency. Drone attacks on Russian energy facilities by Ukraine and a continued pledge by major oil producers to voluntarily cut production also helped lift crude prices this week, analysts said. West Texas Intermediate crude for April delivery fell 22 cents, or 0.3%, to settle at $81.04 a barrel on the New York Mercantile Exchange, for a 3.9% weekly gain, according to Dow Jones Market Data.May Brent crude4, the global benchmark, edged down by 8 cents, or about 0.1%, at $85.34 a barrel on ICE Futures Europe, leaving it up 4% for the week.April gasoline RBJ24 added nearly 0.7% to $2.72 a gallon, for a weekly rise of 7.7%, while April heating oil HOJ24 climbed 0.7% to $2.73 a gallon, gaining 3.3% for the week.Natural gas for April delivery NGJ24 settled at $1.66 per million British thermal units, down 4.9%, with Friday's losses contributing to an 8.3% loss on the week. Losses for front-month futures for WTI and Brent crude on Friday followed gains a day earlier that lifted prices for both to their highest settlements since Nov. 2. "The indicative smooth uptrend suggests that the wildest part of the rally is yet to come," "The medium-term uptrend in oil began at the December lows," he said, adding that at that time, oil was "actively bought in attempts to break below the 200-week moving average." Touching this mark was also a "turning point in 2023, kicked off a strong rally in 2020, and provided crucial support in 2019." It's important to note, however, that this "isn't just a technical level," as the Organization of the Petroleum Exporting Countries and Russia have increased support for the price over the past five years by announcing quota cuts to break through that technical level. Among other supportive factors, the Paris-based IEA on Thursday said it now sees growth of 1.3 million barrels a day, or mbd, versus a previous forecast of 1.2 mbd. Crude prices had climbed sharply Wednesday after data from the Energy Information Administration showed a fall in U.S. crude inventories last week. Attacks on Russian energy infrastructure and continued uncertainty tied to the Israel-Hamas war also contributed to the rise in oil prices, analysts said. "Bottom line, an early 2024 rally has emerged in the oil market after months of consolidation in the upper $60s to low $70s, and yesterday's new closing high above $81/barrel (for WTI), a four-month high, helps to technically reiterate that the path of least resistance is higher right now," analysts at Sevens Report Research said in a note. "The slew of bullish fundamental news paired with the bullish demand details in Wednesday's weekly EIA report all are supportive of a continued move higher in oil," they wrote.

A fire broke out on a gas pipeline in the Tyumen region in Russia | УНН -- In russia, a large-scale fire broke out on a gas pipeline in the Khanty-Mansi Autonomous Okrug (KhMAO) of the Tyumen region. This was reported by the russian media, UNN writes. Details It is noted that the explosion occurred at the Bobrovsky linear production department of main gas pipelines, as reported by local residents. It is noted that the incident occurred on a gas pipeline near the village of Likhma. The fire was quite powerful - the fire and smoke column were visible "several kilometers away". The russian media, citing the press service of the russian Emergencies Ministry, reported that no one was allegedly injured in the explosion on the territory of the pharmacy near the village of Likhma. The emergency services of the region assured that the area "was uninhabited. In the russian city of Kursk, a fire broke out on the territory of an oil depot. The local governor said that the fire was allegedly caused by a Ukrainian drone attack.

Israeli Drone Strike Kills Hamas Member and Civilian in Southern Lebanon - Continuing the attacks in southern Lebanon, an Israeli drone today struck a car traveling near the city of Tyre, killing a Hamas member and a civilian bystander, and wounding two others.The slain Hamas member was identified as Hadi Mustafa, described by Israel as a “significant figure” who directed terror squads attacking Israeli and Jewish targets worldwide. Mustafa actually lived in Rashideh refugee camp in Lebanon, and while Hamas television identified him as a “military leader,” these sources also denied he was a senior figure in the Hamas movement.Israel claimed Mustafa worked under Samir Fendi, assassinated on January 2 in Beirut, in the course of the slaying of negotiator Saleh Arouri. The civilian killed and two others wounded in southern Lebanon were not identified, though the slain man was reportedly a Syrian who was riding a motorcycle passing the targeted car during the attack.This attack comes just a day after the attack on northeastern Lebanon, near Baalbek, which killed two people and wounded 20 others. Israel said that attack was in response to roughly 100 rockets fired against the Golan Heights from southern Lebanon.Lebanese officials say the increase in number and severity of Israeli strikes is a military response to faltering political settlement negotiations. They expressed concern that this ramped-up response would only make things worse.

Gaza war: UNRWA says Rafah aid centre hit by Israeli forces – BBC-- The UN agency for Palestinian refugees says a member of staff was killed and 22 others were injured when Israeli forces hit a food distribution centre in Rafah, in the southern Gaza Strip. UNRWA chief Philippe Lazzarini said attacks on its facilities had "become commonplace in blatant disregard to international humanitarian law".The Hamas-run health ministry said an Israeli air strike killed five people. The Israeli military said it killed a Hamas commander in a "precise strike".It identified him as Mohammed Abu Hasna and alleged that he had been a "combat support operative" in Hamas's military wing in the Rafah area.A man with that name was on a list of five fatalities given by health officials.Rafah is crammed with an estimated 1.5 million Palestinians who are seeking shelter from Israel's ground offensive elsewhere in Gaza.The UN's secretary general has warned that a threatened Israeli assault on the city could "plummet the people of Gaza into an even deeper circle of hell".The war in Gaza began when Hamas gunmen attacked southern Israel on 7 October, killing about 1,200 people and taking 253 others as hostages.More than 31,200 people have been killed in Gaza in the military campaign that Israel launched in response, according to the Hamas-run health ministry.Wednesday's strike reportedly hit the eastern side of the UNRWA food distribution centre, which is in the eastern part of Rafah.UNRWA spokeswoman Juliette Touma told the BBC that up to 60 people were believed to have been working at the facility, which also served as a warehouse for food and other critical supplies."We know that it is the Israeli forces who were responsible. Our teams were on site and they reported back the casualties," she said.Pictures of the aftermath showed a pool of blood in a courtyard outside a blue-and-white painted warehouse, and another pool just inside the doorway of the building, next to boxes of aid.

Israel Bombs Food Distribution Center in Gaza, Killing Five - The UN agency for Palestinian refugees (UNRWA) food distribution center in Gaza was hit by an Israeli airstrike, killing five. The bombing of the facility is the latest in a series of Israeli attacks on food distribution in Gaza. The Israeli military operations in Gaza and restrictions on aid entering the Strip have placed hundreds of thousands of Palestinians on the brink of starvation. Witnesses, Gazan health officials, and the UN reported that Israel attacked the UNRWA warehouse in Rafah on Wednesday, killing five people, including one UNRWA worker. Officials reported that scores were injured in the attack without providing a number. The Israeli onslaught in Gaza has had a massive impact on aid workers. One Palestinian in Rafah said the attack was particularly concerning because UNRWA sites are generally considered safer. “It’s a UNRWA center, expected to be secure,” one resident said. Over the past five months, 165 UNRWA workers have been killed, and over 150 of the agency’s buildings in Gaza have been hit.The attack on the food distribution center comes as famine is taking hold in Gaza. Over two dozen people, mostly children, have starved to death in recent weeks. Israel has significantly reduced aid transfers into Gaza since hostilities flared last October.What little aid makes it into the Strip has been, at times, attacked by Israeli forces. Earlier this month, Israeli forces opened fire on a crowd that attempted to take food from a convoy of aid trucks, killing over 100 people.According to the Tel Aviv-based +972 Magazine, Israeli forces regularly hit “power targets,” such as “public buildings,” “universities, banks, and government offices” to “exert ‘civil pressure’ on Hamas.” The practice is a form of collective punishment, a war crime.While numerous Israeli officials have publicly stated they intend to destroy all of Gaza and ethnically cleanse the 2.3 million Palestinians living in the Strip, the White House has largely refused to condemn Israel’s war crimes or limit US military support to Tel Aviv.

Five dead, 22 injured after Israel strike UN food distribution centre in southern Gaza - Global News Network Liberia - Israel said on Wednesday that its airstrike on a UN food distribution centre in southern Gaza killed a Hamas commander who had been targeted but Palestinian health officials said it also killed four more people including a UN worker. The Israeli military said the strike killed Mohammad Abu Hasna, whom it described as a Hamas militant who provided intelligence to the group on Israeli troops' positions and was "also involved in taking control of humanitarian aid and distributing it to Hamas terrorists." The name Mohammad Abdel-Halim Abu Hasna appears on the list of five fatalities from the strike, provided by Gaza health officials. There was no immediate confirmation from Hamas that he was a member of the group now battling against Israeli forces in Gaza. Earlier, the main UN agency for Palestinians (UNRWA) said one of its facilities had been hit in Rafah, an area in southern Gaza where more than half of Gaza's 2.3 million population is sheltering. At least one UNRWA staff member was among the five killed and 22 others were injured, the agency said and the facility's coordinates had been shared with the Israeli military. "Today’s attack on one of the very few remaining UNRWA distribution centres in the Gaza Strip comes as food supplies are running out, hunger is widespread and, in some areas, turning into famine," said UNRWA chief Philippe Lazzarini. Hamas has denied Israel's accusations and says Israel is using famine to pressure the Palestinian population. Israeli Prime Minister Benjamin Netanyahu said on Wednesday he was determined to have UNRWA replaced by other agencies without harming aid distribution, citing alleged links between the agency and Hamas militants. In Washington, US Secretary of State Antony Blinken at a news briefing said he had not yet received details of the incident but said Israel must protect safety of humanitarian workers despite tough conditions. AID With the Gaza war now in its sixth month, The UN has warned that at least 576,000 people in Gaza – one-quarter of the population – are on the brink of famine and global pressure has been growing on Israel to allow more access to the enclave. On Tuesday, the United Nations used a new land route to deliver food to northern Gaza for the first time in three weeks. "We have been taking efforts to facilitate more aid into northern Gaza," Israeli government spokesperson Tal Heinrich told journalists on Wednesday. "This was a pilot to prevent Hamas from taking over the aid as they often do." The US, Jordan and others have conducted airdrops of aid in Gaza and on Tuesday a ship carrying 200 tonnes of aid left Cyprus in a pilot project to open a sea corridor to deliver supplies. While UN officials have welcomed new aid routes, they stress there is no substitute for land access. Since the Gaza war began, violence has also risen in the Israeli-occupied West Bank, with stepped up Israeli military raids and Palestinian street attacks. On Wednesday, Israeli officials said a 15-year-old Palestinian stabbed a soldier and a guard at a checkpoint between the West Bank and Jerusalem before being shot dead. In separate incidents, Israeli forces killed two Palestinians during a raid in Jenin, the official Palestinian news agency WAFA said, while a 13-year-old Palestinian was killed by Israeli forces on the outskirts of Jerusalem, in what Israeli police described as a violent riot.

Israel acknowledges strike on U.N. facility, says it targeted Hamas commander - The Washington Post -- The U.N. agency for Palestinian refugees said in a statement Wednesday that at least one of its staff members was killed and 22 were injured when Israeli forces struck one of its food distribution centers in southern Gaza. The Israeli military acknowledged the strike, saying it had targeted a Hamas commander. The Israel Defense Forces said in a statement that it had killed Muhammad Abu Hasna in the strike on the building in Rafah, describing him as “involved in taking control of humanitarian aid and distributing it to Hamas terrorists.” Hamas on Wednesday confirmed the death of Abu Hasna, whom Hamas said was the deputy head of police operations in Rafah. The U.N. Relief and Works Agency (UNRWA) said the distribution center near the Egyptian border had been hit even though the coordinates of the center had previously been shared with Israel and other parties to the conflict. UNRWA did not provide additional details on the nature of the attack or identify the staff member who was killed. Local human rights organizations reported that five people were killed. The Washington Post could not immediately confirm a higher death toll. The attacks on police and a U.N. aid facility occurred during a massive hunger crisis in Gaza that relief agencies say has been caused in large part by Israel’s obstruction of relief supplies to the enclave. Israel has previously carried out strikes on police, including those responsible for protecting aid convoys, prompting the remaining officers to withdraw and leaving the trucks and supplies exposed to looting by criminal gangs and desperate civilians. In recent weeks, as aid deliveries collapsed, at least 27 people have died of malnutrition and dehydration at hospitals in northern Gaza, where the needs are particularly acute, according to the Gaza Health Ministry. More than 31,272 people have been killed in Gaza since the war began, said the Health Ministry, which does not distinguish between civilians and combatants. Advertisement Israel has denied limiting aid deliveries to Gaza, instead blaming the bottlenecks on humanitarian groups it says are unable to distribute the relief at a fast-enough pace. Aid agencies say a limited amount of entry points, an onerous Israeli inspection process and Israeli attacks on aid convoys and the local police that guard them have severely hampered relief efforts.

Israel Accused Of Torturing UN Workers To Obtain False Testimony About UNRWA by Caitlin Johnstone - A recently released UNRWA document says its staff report having been tortured while detained by Israeli forces, who pressed them to provide false statements about ties between the agency and Hamas.“The document said several UNRWA Palestinian staffers had been detained by the Israeli army, and added that the ill-treatment and abuse they said they had experienced included severe physical beatings, waterboarding, and threats of harm to family members,” Reuters reports, saying UNRWA workers “reported having been pressured by Israeli authorities into falsely stating that the agency has Hamas links and that staff took part in the Oct. 7 attacks.” This is another one of those stories about Israeli offenses that are so stunning that at first you can mistakenly believe you must not be reading it correctly — especially since the western political-media class haven’t been treating it like the jarring news that it is. If we had anything remotely like an objective news media in the western world, reports that Israel tortured United Nations staff to get them to make false statements against a UN aid agency would be the top story everywhere for days.Many, including myself, speculated that torture was involved in obtaining the Israeli “intelligence” behind initial claims of UNRWA staff involvement in the October 7 attack when this narrative first surfaced back in January. A senior Israeli official told Axios at the time that Israeli intelligence agencies came upon the information about the UNRWA staffers largely through “interrogations of militants who were arrested during the Oct. 7 attack.” Israel has an extensive history of using torture in its interrogations, and there’s no reason to believesuch methods haven’t been used on captured Hamas fighters in recent months — but reports that it was actual UN staff being tortured are something new.We may be certain that if it was Hamas being accused of torturing workers for international aid agencies in order to extract false confessions, we’d never hear the end of it. To this day unsubstantiated rumors of mass systemic sexual violence on October 7 continue to dominate the headlines resulting in scandalous instances of journalistic malpractice, despite the Israeli spinmeisters behind those reports having a much worse track record than UNRWA in thetruth-telling department and UNRWA standing much less to gain than Israel by lying.But that’s what the information ecosystem looks like in the shadow of the empire. The flimsiest allegations against enemies of the US-centralized power alliance are spun as gospel truth and kept in the headlines for months, while even the most damning evidence against the empire never gets anything better than a cursory nod from the mass media and is then promptly memory-holed as the daily news churn moves on.

Video Shows Israeli Soldiers Executing Unarmed Palestinian Man - Soldiers are seen laughing after shooting a helpless Gazan during a raid on Shati refugee campIsrael’s military said it has launched a probe into leaked footage which appears to show IDF troops boasting about the summary execution of an elderly man in Gaza. Tel Aviv insists the graphic video is “edited,” and claims the unarmed Palestinian was a suspected “terrorist.”Obtained by Al Jeezera, the bodycam video reportedly shows a November IDF raid on a refugee camp in northern Gaza, an area left in ruin after months of Israeli strikes. The four-minute clip opens as an IDF unit sweeps a building in the camp, with soldiers heard calling out for “terrorists.”When one soldier asked whether any of his fellow troops had seen a person inside, another soldier replied: “We opened the door. He fluttered – came in my direction and did like this,” proceeding to wave his arms to demonstrate while imitating the man’ cries for help.“I killed him with four bullets,” the soldier added, going on to note the man was not armed and “hid beside his bed” before he was shot. “You took him down? Excellent,” the first soldier is heard saying. “Respect.”Younis Tirawi, a Palestine journalist, posted on X footage from a body camera that seems to show the incident. Responding to questions from the Times of Israel, the Israeli military claimed the video was “edited,” though did not specify how. It added that IDF troops were under fire in the Shati refugee camp at the time the footage was captured and went on to note that the “circumstances of the incident are under investigation.”.When the unit re-entered the building for another sweep, an elderly Palestinian man could be seen sprawled out on the floor, apparently dead from his injuries. The IDF later acknowledged he was not armed.Al Jazeera identified the man as 73-year-old Atta Ibrahim, also reporting that the victim’s family has demanded answers about his death and place of burial.“The location in question was attacked after shooting was carried out against our forces from the area,” the IDF continued. “During the search, weapons were found and shooting was carried out against an unarmed man who was suspected of being a terrorist and was moving towards the soldier who came to search the house.” Though the military maintained that it does “everything in order not to harm civilians,” the leaked video is not the first of its kind out of Gaza in recent months. In addition to countless clips showing the relentless bombing of civilian infrastructure across the territory, another disturbing video filmed in Gaza City last November appears to show the moment an Israeli sniper opened fire on a Palestinian woman fleeing the fighting. She was carrying a white flag at the time she was shot and was accompanied by a child.

Israeli troops launch massive invasion of Jenin - Israeli troops carried out a large incursion into the occupied West Bank city of Jenin and its refugee camp on 12 March, killing two Palestinians and injuring several others. Intense clashes between the Israeli army and the resistance in Jenin took place for hours throughout the city and camp.Army forces made their way from the Muqabilah opening towards the city of Jenin shortly before midnight, according to a correspondent for the Jenin al-Qassam telegram channel. “Israeli forces stormed the city and the adjacent refugee camp of Jenin with dozens of military vehicles and bulldozers supported by drones and special undercover units,” Palestinian news agency WAFA reported, citing locals and Palestinian security sources. Witnesses confirmed that Israeli bulldozers inflicted massive damage on the city’s infrastructure, deliberately destroying roads and sewage lines, as is customary during Israeli raids in Jenin.Heavy clashes broke out between the army and the resistance, which targeted Israeli forces with numerous explosive devices. “Our fighters detonated a number of pre-prepared high-explosive devices against occupation vehicles in several areas inside the Jenin camp,” the Al-Aqsa Martyrs’ Brigade said in a statement early on 13 March, as clashes continued to rage across the camp.

Israel's Security Chief Cheers Killing of Palestinian Child - Israeli National Security Minister Itamar Ben-Gvir has commended a border guard who killed a young Palestinian boy playing in occupied East Jerusalem, describing the 12-year-old child as a “terrorist.”In posts to his Telegram channel on Tuesday, Ben-Gvir claimed the border officer “shot a terrorist” who had tried to “use firecrackers” against Israeli forces the night prior, arguing the guard did “exactly what was expected of him” in executing the unarmed preteen.“I salute the soldier who killed the terrorist who tried to shoot fireworks at him and the troops. This is exactly how you should act against terrorists – with determination and precision,” he added in another post.The minister was referring to the fatal shooting of a 12-year-old Palestinian, later identified as Rami al-Halhouli, who was killed as he and other youths played with fireworks in East Jerusalem’s Shufat refugee camp earlier this week. Playing with fireworks is customary amongst children during Ramadan.

Israel To Move Civilians to 'Humanitarian Islands' Before Invasion - The Israeli military announced that it plans to relocate the 1.5 million Palestinians taking refuge in Rafah to “humanitarian islands.” After Tel Aviv said it was planning to attack Rafah, the White House urged Israel to develop a strategy for evacuating civilians first. Israel’s chief military spokesman, Rear Admiral Daniel Hagari, said the Palestinians would be relocated to other areas of Gaza. “We need to make sure that 1.4 million people or at least a significant amount of the 1.4 million will move. Where? To humanitarian islands that we will create with the international community,” he told reporters. Several top US officials have stated that before attacking, Israel must have a plan for the Palestinian civilians sheltering in Rafah, the southernmost city in the Gaza Strip. The White House issued similar demands before Tel Aviv commenced on other cities in the Strip, such as Khan Younis. Israel has responded by issuing Palestinians convoluted instructions on where to evacuate. Additionally, the communications blackout in Gaza caused by the Israeli war makes obtaining accurate information difficult for hundreds of thousands of war-weary residents and refugees. Israeli forces have repeatedly attacked regions deemed “safe zones,” as well as civilians traveling along the paths that were marked as evacuation routes by Israel.Hagari claimed Palestinians would find food and shelter provided by international aid organizations in the “humanitarian islands.” However, those who have fled to other safe zones have reported a lack of aid and facilities. The military spokesman did not say when the evacuation or the assault on Rafah would begin.Rafah is the last city in the Strip not decimated by the five-month-long Israeli onslaught, which has destroyed most of the infrastructure in the Strip and killed more than 31,000. Combined with the bombardment, Israel severely limited aid shipments to Gaza, putting hundreds of thousands of Palestinians on the verge of famine.

Israel kills more than 60 Gazans in latest breadline massacre Israeli troops carried out yet another massacre of Gazans waiting to receive food aid Thursday, killing 60 people and injuring 160, the Euro-Med Monitor reported. The shooting took place in the Kuwait roundabout on the outskirts of Gaza City. People seeking aid were targeted with gunfire from tanks, helicopters and drones. Footage circulating on social media showed dozens of bodies lying close together, covered in blood. The massacre appeared to be the largest since February 29, when Israeli forces killed 112 people and injured 700 more when they opened fire on people attempting to receive aid in the same location. Commenting on the latest killing, the Euro-Med Monitor wrote, “Amid conditions of famine created by Israel’s government, the Israeli army continues to deliberately commit massacres in the besieged enclave. The Israeli targeting of civilians while they attempt to obtain humanitarian aid has persisted for the fifth consecutive day now, with the total number of casualties from the ‘Flour Massacres’ reaching over 500 deaths.” Survivors of the massacre described how they were attempting to gather food for their starving families when Israeli forces abruptly opened fire. One survivor, Ibrahim Al-Najjar, said, according to the Euro-Med Monitor, that “he tried to get a bag of flour for his children at the Kuwait roundabout, but that he and others were subjected to live ammunition and artillery shells despite gathering in an area previously designated as safe by Israel’s army.” In a statement, Gaza’s Health Ministry called the attack “a new, premeditated massacre.” Thursday’s act of mass murder took place just one day after Israeli troops killed six Palestinians waiting for aid in the same location. Also Wednesday, Israeli forces carried out a strike on a United Nations food distribution center in Rafah, killing six people and injuring 22 more. UNRWA Commissioner-General Philippe Lazzarini said that the strike targeted “one of the very few remaining UNRWA distribution centres in the Gaza Strip … as food supplies are running out, hunger is widespread and, in some areas, turning into famine.” Almost the entire population of Gaza is facing hunger. At least 23 children are reported to have died from malnutrition and dehydration in northern Gaza over the past month, and the most basic food items are either unavailable or priced at unobtainable levels. The New York Times reported that rice was being sold for $11 per pound, more than 10 times the normal cost.

Pope Francis Receives Backlash After Calling on Ukraine to Negotiate With Russia - Pope Francis is facing backlash from Kyiv for his remarks suggesting Ukraine should go to the negotiating table to work out a diplomatic settlement with Russia. In comments made during an interview conducted last month with RSI, the Swiss broadcaster, the Catholic leader once again offered to act as a mediator between the two warring sides. The Ukrainian government has criticized the Pope and reaffirmed their refusal to negotiate with the Kremlin.The Pope is under fire for saying Kyiv should have the “courage of the white flag,” utilizing the same phrasing prompted in a question by his interviewer as was subsequently clarified by the Vatican. Interviewer Lorenzo Buccella put it to the Pope like this, “In Ukraine, some call for the courage of surrender, of the white flag. But others say that this would legitimize the stronger party. What do you think?”The Catholic leader responded, “It is one interpretation, that is true… I think that the strongest one is the one who looks at the situation, thinks about the people and has the courage of the white flag, and negotiates.” He continued, “When you see that you are defeated, that things are not going well, it is necessary to have the courage to negotiate.”“Negotiations are never a surrender,” the Pope added, “It is the courage not to carry a country to suicide.” Pope Francis said “international powers” should assist these talks. When asked if he would offer up his services as a potential mediator, the Pope answered affirmatively “I am here.” He implored, “Do not be ashamed of negotiating, before things get worse.”Ukraine’s top diplomat, Dmytro Kuleba, fired back “Our flag is a yellow and blue one. This is the flag by which we live, die, and prevail. We shall never raise any other flags.” Ukraine’s foreign minister went on to thank the Pope, however, for his “constant prayers for peace” and said he hopes he will soon visit Ukraine. Kyiv’s ambassador to the Vatican, Andrii Yurash vowed to refuse diplomacy with Russia. “[We will not be] peace talking with Hitler,” he continued, “If we want to finish [the] war, we have to do everything to kill [the] dragon.” Anton Gerashchenko, formerly an adviser to Ukraine’s Interior Ministry, blasted the Catholic leader, insisting “It does seem strange that the pope doesn’t urge to defend Ukraine, doesn’t condemn Russia as an aggressor who killed tens of thousands of people, doesn’t urge Putin to stop, but calls on Ukraine to raise the white flag instead.” Archbishop Sviatoslav Shevchuk, the head of the Ukrainian Greek Catholic Church, also rebuked the Pope. During a meeting with Ukrainians in New York City, he said “Ukraine is wounded, but unconquered! Ukraine is exhausted, but it stands and will endure. Believe me, it never crosses anyone’s mind to surrender.”Pope Francis has previously come under fire from the halls of power in Ukraine for telling young Russian Catholics they should be proud of their national heritage, as well as for his condemnation of Kyiv’s car bomb assassination outside Moscow which killed journalist Darya Dugina. As a result of the Joe Biden administration’s proxy war with Russia, Ukraine has lost 20% of its country and roughly half a million Ukrainian soldiers have been slaughtered or severely wounded. After helping to provokethe war, the Pentagon seized upon the opportunity to back Kyiv with the aim of “weakening” Russia and crippling its military. With peace talks seemingly ruled out by the West, the Bulletin of Atomic Scientistswarns humanity has never been closer to outright nuclear war. Efforts to bleed Russia’s military and economic strength have failed. As EUROCOM chief General Christopher Cavoli explained to Congress last year, Russia’s navy and air force have taken negligible losses and its ground forces are “bigger today” than when the war began. The Pentagon is exhausting its own weapons stocks to support Kyiv’s failing war effort, while Russia’s capacity to produce armor and ammo has outstripped the entire NATO alliance. Conversely, Ukraine has depleted its air defenses, ammunition, artillery, and manpower. So many Ukrainian troops have been killed that the average age of a soldier fighting Russia is at least 43. Last week, following a meeting with Zelensky, Turkish President Recep Tayyip Erdogan again said his government was “ready to host a peace summit that Russia will attend too.” According to media reports, the Ukrainian president balked at the proposal and declared he “does not see a place for Russia” at such a summit.

Russia claims it killed 234 fighters in attempted border incursion -- Hundreds of armed Russians stormed the country’s border from Ukraine in an attempted incursion against the Russian government, which the country’s military stopped, the Russian Defense Ministry said Tuesday. The ministry said its military killed 234 fighters who claimed to be anti-Kremlin Russian citizens. The group said it is independent of the Ukrainian military and government, though Moscow blamed Kyiv for the attack. The Russian military “thwarted an attempt by the Kyiv regime to make a breakthrough into the border territory of the Russian Federation in the Belgorod and Kursk regions,” the ministry said in a Telegram statement Tuesday. “The terrorist formations, having suffered significant losses, were driven back,” the post continued, noting the fighters were armed with tanks and armored vehicles. “There were no violations of the state border.” The ministry claimed the Russian military destroyed seven tanks and three American-built Bradley fighting vehicles.

Putin To Move Troops to NATO Border in Response to War Games - As the North Atlantic Alliance wraps up its massive Nordic Response 24 war drills, Russian President Vladimir Putin is threatening to deploy troops and weapons systems alongside his country’s shared 800-mile border with Finland.This comes amid a rash of hostile rhetoric in NATO capitals about sending alliance troops to Ukraine as Kiev’s war effort is failing, including from heads of state such as French President Emmanuel Macron. Helsinki recently joined NATO and Finnish Prime Minister Petteri Orpo is talking up increased military spending aimed at Russia.On Wednesday, in an interview with Russian state media, Putin said the decision by Stockholm and Helsinki to join NATO in the wake of Moscow’s invasion and the US-led alliance’s proxy war was an “absolutely senseless step from the point of view of ensuring their own national interests.”He continued, “We generally had ideal relations with Finland. Simply perfect. We did not have a single claim against each other, especially territorial, not to mention other areas. We didn’t even have troops; we removed all the troops from there, from the Russian-Finnish border.”The Russian leader went on to conclude, “However, it is up to them to decide. That’s what they decided. But we didn’t have troops there, now we will.”The NATO alliance is currently carrying out major war games in Finland, Sweden, and Norway with 20,000 troops from 13 countries, fifty naval vessels, and 100 warplanes. At the same time, Orpo is warning the Kremlin is preparing for a “long conflict with the West.” Speaking to the European Parliament, the Finnish leader implored member states to increase military spending and coordinate against Russia.“[Russia] represents a permanent and essential military threat to Europe… If we, as a united Europe, fail to respond sufficiently to this challenge, the coming years will be filled with danger and the looming threat of attack,” Orpo said.“Russia is not invincible,” he then declared. Orpo added that the European Union must be responsible for its own defense and not be held hostage by American elections, suggesting Republican front-runner Donald Trump would not be as supportive of the Washington-led military bloc.Denmark, a founding member of NATO, announced on Wednesday that it would be boosting its military budget by nearly $6 billion over the next five years. Al Jazeera reported, “The increased funding will be used both to boost Denmark’s military capacity and provide aid to Ukraine. It will also go towards an expansion of conscription, which will be extended from four to 11 months and will include women for the first time.”

UK teacher dismissed for discussing Gaza in response to a pupil’s question - Zara [an alias], a dedicated English teacher for over 20 years, contacted the World Socialist Web Site to speak about her dismissal as a supply teacher for speaking to her pupils about the situation in Gaza during a class debate on propaganda and the power of words. Her comments are posted below. *** A key part of teaching English is helping students to develop the skill of reading between the lines. We must teach those skills in the English Language paper 1 and 2 and the English Literature paper. They are analytical skills. A large part of what the exam boards ask in their questions is basically recognising bias in text, which includes looking at propaganda and tone. The background of an author and their own views and what they went through—a lot of that seeps through in the writing. Pupils must be able to recognise what message the writer is trying to get across. There are the hidden meanings to recognise, such as satire or bias. Context is a key part, whether it is a Shakespearian text or Victorian, to truly understand the characters and events in their time. And if it is a modern text too, followed by how you can make links to what is happening now. You are getting pupils to think and be critical and analytical so they can express their views and opinions on what is happening to them and around the world. It is a vital skill, and they are supposed to be quite open and explore that and discuss that. This is what encourages them to be open minded and critical. For 20 or so years, it has been fine. Whether it was teaching [George Orwell’s] Animal Farm, dealing with Stalin and Russia, Lord of the Flies or works related to World War One or Two, such as The Diary of Anne Frank, and the Holocaust. I never thought there would come a time where we are not allowed to talk about things as openly as we once did. I started at a school I had worked at before and with a good relationship with the students. In the second week we were looking at The Book Thief and how Jews were being treated by the Nazis, rounded up, starving in chains, and paraded through the streets. So much of this was resonating with what is happening in real time—how Palestinians are being treated in Gaza and the West Bank. In one lesson about propaganda and the power of words, part of the lesson was for pupils to think about and express their ideas on Hitler’s propaganda. We had a discussion on climate change protests and someone asked about the Gaza protests in London. Hundreds of thousands of people march through central London in protest at the genocide on Gaza and UK involvement in the bombing of Yemen, January 14, 2024 It reminded me that when the war in Ukraine broke out, we had to change a whole scheme of work to involve today’s politics. Why should we suddenly glorify Ukraine? It seemed like there was an agenda. Ironically the lesson I was challenged over was about the power of words and propaganda. A pupil asked whether Hamas was a terrorist organisation. I was totally neutral and explained this and did not express a personal view. Some of the children were discussing about how the Palestinians are trying to defend their land. My job is not to engage in a political discussion with them, so I drew things to a close and we finished reading the chapter. I encouraged them at the end to not argue, but to listen to each other’s differing views and to understand each other. We’ve not been given any guidance about how to talk about this. We are expected to teach about things like the Holocaust, which are political, and now we are expected us to keep our lips sealed on Gaza. Why? On the day after the discussion, I had just arrived in the classroom and was asked to have a word with the safeguarding officer, with a replacement teacher staying with the pupils. When I got to the office, management started to question me about what happened in the lesson. I was asked, “Did you draw a map?” I said, “If you call that squiggle on the board to explain where Gaza and the West Bank is, then yes, I did draw a bit of a map.” They responded, “So you told them to educate themselves? Did you tell them where to go and educate themselves?” They then asked why didn’t you go straight to safeguarding when this happened? I said it was at the end of the day and I did write a text, but I didn’t send it and so I showed it to them. They said this would be discussed with the deputy head and they didn’t want me to be around the kids as I was still under investigation. I felt so upset as they were making out that I was a criminal. The safeguarding officer said they were going to have to let me go as parents had complained about the lesson. I couldn’t believe what I was hearing and said, “Surely by you doing this now, you are encouraging that child and his family to think what he said was right. That’s the message you are sending out. Effectively, you have shown that the pro-Palestinian people’s voices will be silenced.” They were not bothered because I was only a supply teacher, otherwise they would have had to go through lengthy procedures.

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Saturday, March 16, 2024

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