Tag Archives: Business

China GDP and other key economic data delayed amid 2022 Communist Party Congress


Hong Kong
CNN Business
 — 

China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy.

The country’s National Bureau of Statistics updated its schedule on Monday, with the dates for a series of economic indicators – including the closely-watched GDP growth – marked as “delayed.” The indicators, which had been scheduled for release on Tuesday, also include quarterly retail sales, industrial production and monthly unemployment rates.

The bureau did not give a reason for the delay or set a new publication date.

Separately, the country’s customs authority also postponed the release of monthly trade data, which were initially scheduled to come out on Friday.

The delay of the highly anticipated data coincides with the week-long 20th Communist Party National Congress in Beijing, where Chinese leader Xi Jinping is expected to secure a norm-breaking third term in power. Priorities presented at the gathering will also set China’s trajectory for at least the next five years.

“The delay suggests that the government believes that the 20th Party Congress is the most important thing happening in China right now and would like to avoid other information flows that could create mixed messages,” said Iris Pang, chief economist for Greater China at ING Group, in a research note on Tuesday.

Other analysts believe it could be because the data sets are not pretty.

“My forecast is for a further decline of 1.2% [on a quarterly basis for China’s GDP]. This would mean China had joined the US in a technical recession,” said Clifford Bennett, Chief Economist at ACY Securities.

The delay would make sense “from an image management perspective,” he said. Some economists call two consecutive quarters of contraction a technical recession.

China’s GDP declined 2.6% in the second quarter from the previous one, reversing a 1.4% growth in the January-to-March period. On a year-on-year basis, the economy expanded 0.4% in the second quarter.

Analysts have widely expected third-quarter growth to remain weak, as strict Covid curbs, an intensifying crisis in real estate, and slowing global demand continue to pressure the economy.

Economists polled by Reuters have expected China’s GDP to expand by 3.4% in the third quarter from a year earlier. That would fall far short of the government’s full-year growth target of around 5.5%.

Many international organizations, including the IMF and World Bank, have recently downgraded China’s GDP growth forecasts for this year.

Bennett expected the third-quarter GDP data to be released after the Party Congress.

“Whenever the release occurs, we should all be prepared for some global financial market reaction if the world’s two largest economies are both in recession this year, ” he said.

China’s economy is facing mounting challenges. Growth has stalled, youth unemployment is at a record high, and the housing market is in shambles. Constant Covid lockdowns have not only wreaked havoc on the economy, but also sparked rising social discontent.

In the 20th Party Congress report released on Sunday, Xi renewed his pledge to grow China into a “medium developed country” by 2035.

That would mean China needs to grow at an average growth rate of around 4.7% a year from 2021 to 2035, according to Larry Hu, chief China economist for Macquarie Group.

Hu added that the target might be hard to meet, as the economy faces several structural headwinds, such as the property downturn, an aging population, and rising US-China tensions.

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Biden launches student loan forgiveness application



CNN
 — 

President Joe Biden on Monday announced the formal launch of the federal application for Americans seeking student loan forgiveness, the latest phase of his plan that is expected to provide debt relief to as many as 43 million borrowers.

“Today, I’m announcing millions of people working and middle-class folks can apply and get this relief. And it’s simple and it’s now. It’s easy,” Biden said in remarks from the White House alongside Education Secretary Miguel Cardona. “This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time.”

Individuals seeking to apply for student debt relief can now fill out the form in English or Spanish at Studentaid.gov. The form includes information on the debt relief, who qualifies for it and how it works. It asks applicants for information including their full name, Social Security number, date of birth, phone number and an email address. A beta version of the website was launched on Friday evening and Biden said over 8 million Americans used the website over the weekend to fill out their applications.

Biden in August announced his decision to cancel up to $10,000 in student loan debt for individuals making less than $125,000 a year or as much as $20,000 for eligible borrowers who were also Pell Grant recipients.

Borrowers must have federally held student loans to qualify. In addition to federal Direct Loans used to pay for an undergraduate degree, federal PLUS loans borrowed by graduate students and parents may also be eligible if the borrower meets the income requirements.

Individuals who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years are eligible for up to $10,000 of their federal student loan debt forgiven. The income thresholds are based on adjusted gross income.

The formal launch of the application marks the next phase of a massive technical undertaking for federal agencies and student loan servicers to provide broad relief to tens of millions of borrowers.

The President credited “a talented group of data scientists and engineers across the federal government” who “built and tested and launched this new application in just weeks.” In the few days of beta testing the application, Biden said, the website “handled more than 8 million applications without a glitch or difficulty.”

“As millions of people fill out the application, we’re going to make sure the system continues to work as smoothly as possible so that we can deliver student loan relief for millions of Americans as quickly and as efficiently as possible,” he added.

The Department of Education is facing several lawsuits challenging the student loan forgiveness policy. A US district judge could soon decide whether to temporarily block the program from taking effect after hearing a motion for a preliminary injunction last week. That could put student loan cancellation on hold until the judge issues a final ruling on the case.

Asked at the end of his remarks about litigation challenging the plan, Biden said he thinks the administration’s plan will hold up in court.

During his remarks on Monday, Biden also took aim at Republican critics of his student debt relief plan, calling their outrage “wrong” and “hypocritical.”

“I will never apologize for helping working Americans and middle-class people as they recover from the pandemic. Especially not the same Republicans who voted for a $2 trillion tax cut in the last administration, mainly benefited the wealthiest Americans and the largest corporations and didn’t pay for a penny of it and racked up the deficit,” he added.

Borrowers whose federal student loans are guaranteed by the government but held by private lenders, many of which were made under the former Federal Family Education Loan program and Federal Perkins Loan program, are currently excluded – unless a borrower applied to consolidate those loans into Direct loans by September 29.

Asked by CNN’s MJ Lee about those with privately held loans being ineligible for the mass relief, Cardona said the administration is “moving as quickly as possible to provide relief to as many people as possible.”

This is a breaking story and will be updated.

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Russia: Military jet crashes in residential area, state media reports



CNN
 — 

A Russian SU-34 fighter jet crashed into a residential building in the western city of Yeysk, which lies on the Sea of Azov, during a training flight Monday, according to Russian state media.

The incident was due to one of the engines catching fire, reported RIA Novosti, which cited Russia’s defense ministry.

“According to the report of the ejected pilots, the cause of the plane crash was the ignition of one of the engines during take-off. At the site of the crash of the Su-34 in the courtyard of one of the residential quarters, the plane’s fuel ignited,” the ministry said in a statement to RIA.

“A SU-34 aircraft crashed while climbing to perform a training flight from the military airfield of the Southern Military District,” the ministry added.

Images and videos of the crash’s aftermath showed smoke billowing and fire blazing next to a residential block.

Russian President Vladimir Putin instructed authorities to provide all necessary assistance to the victims of the military jet crash, the Kremlin said in a statement, adding that Putin has received reports from the ministers and the head of the region on the situation.

A
t least four people have died, authorities said, and some 25 people were injured, some severely.

Officials have opened an investigation into the incident, according to the prosecutor’s office of the Krasnodar Krai region and the military prosecutor’s office of the Southern Military District.

An eyewitness told Russian state media TASS that firefighters and ambulances have arrived at the scene.

“Plane crashed in our city … Ambulances and firefighters are coming from all over the city, helicopters are in the air,” said the eyewitness, as quoted by TASS.

The residential building has nine floors, according to another resident who spoke to TASS. A separate eyewitness said an entire house was on fire.

The Russian Ministry of Emergency Situations told RIA that the area of the fire caused by the crash is 2,000 square meters wide.

According to the head of the affected district in Yeysk, Roman Bublik, the residents of a nine-story building that caught fire will be provided with all the necessary support.

Veniamin Kondratyev, the Governor of Krasnodar Krai region, said in a statement that he is on his way to the city.

“Emergency services are already working on the spot – all regional fire and rescue garrisons are engaged in extinguishing the fire,” he said in a statement on his Telegram channel.

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Bright, powerful burst of gamma rays detected

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CNN
 — 

Multiple space and ground-based telescopes witnessed one of the brightest explosions in space when it reached Earth on October 9. The burst may be one of the most powerful ever recorded by telescopes.

Gamma-ray bursts, or GRBs, are the most powerful class of explosions in the universe, according to NASA. Scientists have dubbed this one GRB 221009A, and telescopes around the world continue to observe its aftermath.

“The exceptionally long GRB 221009A is the brightest GRB ever recorded and its afterglow is smashing all records at all wavelengths,” said Brendan O’Connor, a doctoral student at the University of Maryland and George Washington University in Washington, DC, in a statement.

“Because this burst is so bright and also nearby, we think this is a once-in-a-century opportunity to address some of the most fundamental questions regarding these explosions, from the formation of black holes to tests of dark matter models.”

Scientists believe the creation of the long, bright pulse occurred when a massive star in the Sagitta constellation — about 2.4 billion light-years away — collapsed into a supernova explosion and became a black hole. The star was likely many times the mass of our sun.

Gamma rays and X-rays rippled through the solar system and set off detectors installed on NASA’s Fermi Gamma-ray Space Telescope, the Neil Gehrels Swift Observatory and the Wind spacecraft, as well as ground-based telescopes like the Gemini South telescope in Chile.

Newborn black holes blast out powerful jets of particles that can move at close to the speed of light, releasing radiation in the form of X-rays and gamma rays. Billions of years after traveling across space, the black hole’s detonation finally reached our corner of the universe last week.

Studying an event like this can reveal more details about the collapse of stars, how matter interacts near the speed of light and what conditions may be like in distant galaxies. Astronomers estimate that such a bright a gamma ray burst may not appear again for decades.

The burst’s source sounds distant, but astronomically speaking it’s relatively close to Earth, which is why it was so bright and lasted for so long. The Fermi telescope detected the burst for more than 10 hours.

O’Connor was the leader of a team using the Gemini South telescope in Chile, operated by the National Science Foundation’s National Optical-Infrared Astronomy Research Laboratory, or NOIRLab, to observe the aftermath on October 14.

“In our research group, we’ve been referring to this burst as the ‘BOAT’, or Brightest Of All Time, because when you look at the thousands of bursts gamma-ray telescopes have been detecting since the 1990s, this one stands apart,” said Jillian Rastinejad, a doctoral student at Northwestern University in Illinois who led a second team using Gemini South.

Astronomers will use their observations to analyze the signatures of any heavy elements released by the star’s collapse.

The luminous burst also provided an opportunity for two devices aboard the International Space Station: the NICER (or Neutron star Interior Composition Explorer) X-ray telescope and Japan’s Monitor of All-sky X-ray Image, or MAXI. Combined, the two devices are called the Orbiting High-energy Monitor Alert Network, or OHMAN.

It was the first time the two devices, installed on the space station in April, were able to work together to detect a gamma-ray burst, and meant the NICER telescope was able to observe GRB 221009A three hours after it was detected.

“Future opportunities could result in response times of a few minutes,” said Zaven Arzoumanian, NICER science lead at Goddard Space Flight Center in Greenbelt, Maryland, in a statement.

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Hearing aids: Americans can now buy them over the counter



CNN
 — 

Pete Couste said it was his wife who first noticed that he was turning up the TV louder than she liked.

“I couldn’t hear the words in movies as much anymore,” admitted Couste, who lives just outside Washington, DC.

Watching TV isn’t Couste’s only problem. In his church choir, he can’t always hear his part and get the pitch right. It’s also affected his work at the Fire Safety Research Institute, a nonprofit that generates safety research. The 61-year-old said he feels less effective judging audio quality when his team makes their life-saving videos for firefighters.

“It is affecting all parts of my life,” he said.

He saw an audiologist who said he needed hearing aids, but they would have cost him more than $6,000. “I thought, ‘Maybe this can wait,’ ” Couste said.

That was seven years ago.

The wait may be over for Couste and millions of other Americans. On Monday, for the first time, adults with mild to moderate hearing loss in the US will be able to buy over-the-counter hearing aids. Those who are under 18 or who have severe hearing loss will still need a prescription.

In July, President Joe Biden signed an executive order meant to promote competition; it encouraged the US Food and Drug Administration allow over-the-counter, prescription-free hearing aids, and the FDA announced the long-awaited rule change in August. The move ushers in options that should be cheaper and possibly even better.

Now, instead of getting a prescription and having a custom fitting with a hearing health professional, adults can buy hearing aids directly from a store or online. Some doctors estimate that 90% of the population with hearing loss could benefit from these over-the-counter devices.

Experts say the move is a “game-changer.”

“We’ve been working for years for affordable and accessible hearing health care,” said Barbara Kelley, executive director of the Hearing Loss Association of America. “We’re really looking forward to Monday.”

Couste is certainly not alone in forgoing hearing aids because they were too expensive, Kelley said. Only about 16% of the tens of millions of people with hearing loss use a hearing aid, according to the National Institute on Deafness and Other Communication Disorders.

The number of people with hearing loss is substantial. About 1 in 8 people in the US ages 12 and older has hearing loss in both ears, and the rate increases significantly with age. About a quarter of people 65 to 74 have hearing loss, and that goes up to 50% around age 75.

On average, people spend at least $4,000 out of pocket for devices for both ears, according to a 2020 study published in the medical journal JAMA. Prices can vary: Large retailers may offer a pair for about $1,400, but some can cost as much as $6,000 per ear, depending on the technology.

The FDA rule allowing for over-the-counter hearing aids didn’t change how the devices are covered. While private insurers pay for treatment after the loss of a limb or even cover the cost of Viagra, most do not cover hearing aids. Most Medicare plans won’t pay for them, either. Only about half of state Medicaid programs do.

Until now, five companies have controlled 90% of the global marketplace for hearing aids. That kind of consolidation meant there was little price competition.

With the change, many more companies are expected to enter the market. Experts say that existing manufacturers will also develop lower-cost over-the-counter devices in addition to their current offerings.

The White House said Monday that hearing aids are available or coming soon at Walgreens, CVS, Walmart, Best Buy and Hy-Vee, with some models priced as low as about $200 for a pair.

Sony has a couple of models that pair with an app that lets users personalize settings and find additional support. The CRE-C10 sells for $999.99 and has a battery life for up to 70 hours of continuous use. The CRE-E10 has more of an earbud-like design and a rechargeable battery; it is Bluetooth compatible to stream music or audio. It will be available for $1,299.99 on the Sony website and at Amazon, Best Buy and other retailers.

Bose also teamed up with Lexie Hearing to offer the B1 model for $899 a pair. The B2, for $999, adds a rechargeable battery that works for up to 18 hours. Both models are Bluetooth-enabled, can be tuned by the wearer and pair with a mobile app for support. They’ll be sold online, at drugstores and at stores like Best Buy.

Best Buy says that nearly 300 of its stores will offer a “hearing experience,” which will include about 10 over-the-counter hearing aids and PSAPs, or personal sound amplification products. Those enhance sound but don’t need to meet FDA standards, unlike hearing aids, which have to meet the FDA’s high standards for labeling, manufacturing and safety, like other medical devices.

Best Buy is encouraging customers to take a hearing assessment on its website before coming into the store to work with trained associates to pick out a new device.

Hearing aids aren’t just nice to have; they are essential for physical and mental health.

People with hearing loss who do not have hearing aids are more likely to report poor health overall, and they are less likely to leave home or exercise, studies have found.

There’s a link between hearing loss and general frailty and an increasing risk of falls, which are the second leading cause of unintentional deaths worldwide, according to the World Health Association.

Several studies have also found an link between hearing loss and poorer mental health and psychosocial health.

Hearing loss can lead to depression, loneliness and isolation – even dementia.

With hearing aids becoming easier to access, “I have a big smile on my face right now,” said Dr. Frank Lin, director of the Cochlear Center for Hearing and Public Health. He has been consulting with the government on this issue for eight years.

Lin said there has been little innovation in this space because of the way the market has been regulated.

“In 1977, because of the technology at the time, the only way for hearing aids to be safe and effective is if they were programmed and fitted and professionally adjusted by a licensed provider,” he said. “But the market and that technology has changed dramatically.

“This will allow companies like Samsung, Apple, Google – companies that are already making innovative earbuds – they can now enter the market. They really couldn’t before.”

Kelley said that if you plan to buy an OTC hearing aid, make sure to read the return policy. The FDA did not require companies to offer one, as Kelley’s group pushed, but any return policy should be listed on the package.

Check how long you have before you can return them, too. Hearing aids are different than glasses; it can take your brain up to four weeks to adjust to hearing in a new way.

Test them in different circumstances over a few weeks to see whether they’re the right fit. Do they help in a crowded room, or are they better at work? It’s not one size fits all.

Couste said he will check with his insurance company to see whether it will pick up any of the cost of an OTC device. But finally, after all these years, he thinks he’ll soon be able to hear better.

“I am looking forward to it,” Couste said. “I truly am.”

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5 things to know for Oct. 17: Hearing aids, Ukraine, January 6, Immigration, Nigeria



CNN
 — 

‘Tis the season for overpriced costumes and confiscating unwrapped candy. Halloween is right around the corner and several cities may boast about being the spookiest place in the US – but only three cities have the haunting histories to truly earn the title.

Here’s what else you need to know to Get Up to Speed and On with Your Day.

(You can get “5 Things You Need to Know Today” delivered to your inbox daily. Sign up here.)

For the first time, adults in the US will be able to buy over-the-counter hearing aids beginning today instead of getting a prescription and having to wait for a custom fitting. According to the FDA, adults with mild to moderate hearing loss can now buy hearing aids directly from a store or online – and for a lower price. The high cost of hearing aids has long been a barrier for many people who have hearing problems. Traditional prescription hearing aids cost on average $2,000 per ear, and many people need two of them. While those who are under 18 or who have severe hearing loss will still need a prescription, experts are calling the move a “game changer.” Tens of millions of people have hearing loss, but only about 16% of them use a hearing aid, according to the National Institute on Deafness and Other Communication Disorders.

Air raid sirens rang out in Ukraine today as Russia attacked Kyiv with “kamikaze” drones, according to Ukrainian officials, who repeated their calls for Western allies to supply Ukraine with more advanced air defense systems. Kamikaze drones, or suicide drones, are small, portable aerial weapon systems that are hard to detect and can be fired at a distance. They can be easily launched and are designed to hit behind enemy lines and be destroyed in the attack. The Ukrainian military and US intelligence say Russia is using Iranian-made drones, but Iran denies supplying Russia with such weapons. The attacks come after Moscow fired hundreds of missiles at civilian targets in deadly strikes across Ukraine last week.

CNN on scene in Kyiv after ‘Kamikaze’ drones hit Ukrainian capital

President Joe Biden said on Saturday the video and testimony shared at last week’s January 6 hearing was “devastating” and said the committee overall has made an “overwhelming” case. The final hearing ahead of the midterms from the House select committee investigating the attack on the US Capitol revealed new evidence and testimony that then-President Donald Trump knew he had lost his bid for reelection even as he continued efforts to overturn the results. In a significant move, the January 6 committee also voted last week to subpoena Trump, but it’s not expected that he will comply. A member of the committee also told CNN on Sunday the panel will ask former Secret Service Assistant Director Tony Ornato to testify again. The committee believes Ornato was a central figure who could provide valuable information about Trump’s movements and intentions leading up to and during the riot. 

Why Jan. 6 committee is asking Secret Service agent to testify again

With the arrival of migrant buses showing no sign of slowing, officials in New York City have constructed large emergency tents that will soon house hundreds of people traveling from the southern border. This comes after NYC Mayor Eric Adams declared a state of emergency last week, warning that the growing number of new arrivals was overwhelming homeless shelters, straining resources and could end up costing the city $1 billion. Meanwhile, Texas Gov. Greg Abbott said he has no plans to stop sending the buses, arguing that he’s exposed liberal leaders who are buckling under pressure that’s a fraction of what border states like his deal with daily. According to the latest tally from New York this weekend, more than 19,400 asylum seekers had entered the city’s shelter system in recent months.

More than 600 people have been killed in the worst flooding Nigeria has seen in a decade, the country’s humanitarian affairs ministry said in a statement on Sunday. According to the ministry, more than 2 million people have been affected by flooding that has spread across parts of the country’s south after a particularly wet rainy season. More than 200,000 homes have been destroyed or partially damaged, the ministry added. Earlier this month, Nigeria’s National Emergency Management Agency warned of catastrophic flooding for various states, noting that three of Nigeria’s overfilled reservoirs were expected to overflow. 

NASA images show decimating reach of worst flood this region has seen in a decade

This Netflix show breaks the record for most jump scares in one episode

If loud noises or lightning-fast effects make you jump easily, beware of this new show on Netflix. 

25 creepy-cute dishes for a Halloween potluck

Bone appétit! Who can resist goblin up these festive appetizers and snacks?

Tennessee football fans tear down goalpost, throw it into river

It got pretty rowdy after the University of Tennessee football team defeated the Alabama Crimson Tide. Watch the video here.

What will happen to all those stuffed bears left as tribute for the Queen?

You guessed it. All of those cute Paddington Bears will be donated to a children’s charity, Buckingham Palace announced.

How Marshalls, TJ Maxx and Ross offer such deep discounts

If you’re a fan of designer deals, you’re in luck. Analysts say that the current inventory pileup across retail stores will make its way to off-price chains. 

7 billion

That’s about how many snow crabs disappeared from the waters around Alaska in recent years, resulting in the cancellation of the Alaska snow crab harvest for the first time ever. Officials cited overfishing as their rationale for canceling the harvest season, but human-caused climate change is also a significant factor in the crabs’ alarming disappearance, according to Michael Litzow, a lab director for NOAA Fisheries.

“I’m your chef, I’m not your doctor.”

– Restauranteur and celebrity chef Guy Fieri, responding to criticism about the type of food he features on his show “Diners, Drive-ins and Dives.” In an interview with CNN’s Chris Wallace, Fieri acknowledged that some of the dishes featured on his show could be unhealthy if consumed in large quantities. But he added that viewers should be responsible about their eating choices and “eat in moderation.”

Wild temperature swings in the East as the Mississippi River sees some relief


01:42

– Source:
CNN

Check your local forecast here>>>

Living in the Netherlands’ futuristic homes

It may look like aliens live here, but the only inhabitants in this futuristic village are humans. (Click here to view)

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Alaska crab season cancelled after billions vanish



CNN
 — 

The Alaska snow crab harvest has been canceled for the first time ever after billions of the crustaceans have disappeared from the cold, treacherous waters of the Bering Sea in recent years.

The Alaska Board of Fisheries and North Pacific Fishery Management Council announced last week that the population of snow crab in the Bering Sea fell below the regulatory threshold to open up the fishery.

But the actual numbers behind that decision are shocking: The snow crab population shrank from around 8 billion in 2018 to 1 billion in 2021, according to Benjamin Daly, a researcher with the Alaska Department of Fish and Game.

“Snow crab is by far the most abundant of all the Bering Sea crab species that is caught commercially,” Daly told CNN. “So the shock and awe of many billions missing from the population is worth noting – and that includes all the females and babies.”

The Bristol Bay red king crab harvest will also be closed for the second year in a row, the agencies announced.

Officials cited overfishing as their rationale for canceling the seasons. Mark Stichert, the groundfish and shellfish fisheries management coordinator with the state’s fish and game department, said that more crab were being fished out of the oceans than could be naturally replaced.

“So there were more removals from the population than there were inputs,” Stichert explained at Thursday’s meeting.

Between the surveys conducted in 2021 and 2022, he said, mature male snow crabs declined about 40%, with an estimated 45 million pounds left in the entire Bering Sea.

“It’s a scary number, just to be clear,” Stichert said.

But calling the Bering Sea crab population “overfished” – a technical definition that triggers conservation measures – says nothing about the cause of its collapse.

“We call it overfishing because of the size level,” Michael Litzow, the Kodiak lab director for NOAA Fisheries, told CNN. “But it wasn’t overfishing that caused the collapse, that much is clear.”

Litzow says human-caused climate change is a significant factor in the crabs’ alarming disappearance.

Snow crabs are cold-water species and found overwhelmingly in areas where water temperatures are below 2 degrees Celsius, Litzow says. As oceans warm and sea ice disappears, the ocean around Alaska is becoming inhospitable for the species.

“There have been a number of attribution studies that have looked at specific temperatures in the Bering Sea or Bering Sea ice cover in 2018, and in those attribution studies, they’ve concluded that those temperatures and low-ice conditions in the Bering sea are a consequence of global warming,” Litzow said.

Temperatures around the Arctic have warmed four times faster than the rest of the planet, scientists have reported. Climate change has triggered a rapid loss in sea ice in the Arctic region, particularly in Alaska’s Bering Sea, which in turn has amplified global warming.

“Closing the fisheries due to low abundance and continuing research are the primary efforts to restore the populations at this point,” Ethan Nichols, an assistant area management biologist with the Alaska Department of Fish and Game, told CNN.

Stichert also said that there might be some “optimism for the future” as a few, small juvenile snow crabs are starting to appear in the system. But it could be at least three to four more years before they hit maturity and contribute to the regrowth of the population.

“It is a glimmer of optimism,” Litzow said. “That’s better than not seeing them, for sure. We get a little bit warmer every year and that variability is higher in Arctic ecosystems and high latitude ecosystems, and so if we can get a cooler period that would be good news for snow crab.”

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Postal worker holdup leads to muscle car theft ring arrests

DETROIT (AP) — Thieves are using cloned key fobs to steal Dodge muscle cars and other high-powered vehicles directly from dealerships and even automakers in Michigan, then selling them for tens of thousands of dollars less than their value, according to authorities and court records.

For one Ohio-based theft ring, it all came crashing down after a January holdup of a U.S. postal worker led authorities to connect several men to brazen car thefts in the Detroit area, long home to the country’s biggest automakers, including Dodge, which is now owned by international conglomerate Stellantis.

Investigators then discovered that new Chargers, Challengers, Durangos and Ram pickups worth $50,000 to $100,000 were turning up in Ohio, Indianapolis and East Cost shipping ports after being sold on the street for $3,500 to $15,000, according to a criminal complaint.

Thieves in the Detroit area are primarily going after Dodge vehicles with Hellcat engines, including Chargers and Challengers — “the fast ones,” Sgt. Jerry Hanna with the Macomb Auto Theft Squad said.

“If a patrol car gets them, they are not stopping and they’re faster than patrol cars. They’re 150 mph all day,” he said.

Instead of stealing them off the street, they’re driving them straight off dealership and assembly plant lots.

Just this year, about a half-dozen vehicles — primarily Dodge Ram TRX pickups — were taken from a lot outside an assembly plant in Macomb County.

After security measures were stepped up at some lots with Dodge vehicles, more than a dozen 2022 Ford F-150 Raptor pickup trucks were swiped from a plant lot in June in suburban Dearborn. More than a dozen Ford Mustang’s were stolen in early September from the automaker’s assembly plant in Flat Rock, southeast of Detroit.

Thieves have targeted Dodges by using handheld electronic “pro pads” — a locksmith’s tool that can clone keys by plugging into interior ports in the vehicles, according to the federal complaint in the Ohio case.

Authorities weren’t looking for stolen vehicles when they stopped Devin Rice on Jan. 31 after a postal worker in Shaker Heights, outside Cleveland, was robbed at gunpoint of a mailbox key. But court records show that a search of his car and then his home turned up not just stolen mail, bogus checks, and credit and debit cards, but also a Ram pickup, a Range Rover SUV and a Dodge with a Hellcat engine — all stolen.

Rice and others were indicted in federal court in Ohio in June. Jaylen Harris, Lavelle Jones and Hakim Benjamin are charged with conspiracy and interstate transport of stolen vehicles. Rice, Harris and Jones also are charged with mail theft. Their trials are scheduled next year.

Harris’ attorney declined comment. The AP left email and phone messages seeking comment from attorneys for Benjamin, Rice and Jones.

Harris told the FBI that he and Jones had been in contact through Instagram with people in the Detroit area to get stolen vehicles, according to the complaint. Harris said those thieves “were also selling to buyers in other areas, including Chicago and Indianapolis,” the complaint said.

Videos posted on social media show how the high-horsepower vehicles outpaced and evaded police.

A judge stated in a detention order that “Benjamin drove a 2022 Dodge Challenger valued at $95,000 at 120 mph down Ohio’s State Route 2 on a Sunday evening in February.”

“Spike strips were eventually needed to remind Benjamin that the law required him to comply with police orders” the judge wrote.

About two years ago, police in Ohio’s Ottawa County began noticing the vehicles blasting along state Route 2. The sheriff’s office got calls about reckless driving, Capt. Aaron Leist said.

“These cars are going 140-150 mph. All have the Hellcat engines. We had a lot of pursuits. We did not catch them all,” he said.

Investigators learned the vehicles mostly were being stolen in the Detroit area and taken to Cleveland. Some also were destined for Memphis, Tennessee, Leist said.

“We started working with (Stellantis) in early 2022,” he said. “They would call us and tell us `We have these cars missing.’”

A spokeswoman for Stellantis declined to comment.

Added security measures at some lots have included concrete barriers, according to law enforcement.

Then last fall, a dealership’s showroom northwest of Detroit was broken into. Someone drove a Ram pickup through the building’s glass wall and “all the other cars followed suit,” said Jeff Schneider, general manager at Szott Chrysler Dodge Jeep Ram in Highland Township.

“I think they were able to find some keys in a desk drawer and used them,” he added.

Police tracked one of the stolen cars, a Durango Hellcat SRT valued at about $100,000, to a suburb northwest of Detroit. The driver had crashed into a brick wall while fleeing. A 2021 Dodge Durango GT, 2021 Dodge Ram TRX and a 2017 Dodge Charger Hellcat SRT were later recovered.

Authorities arrested four people. They were not believed to have stolen the vehicles, but to have paid $5,000 for one.

“In the Detroit area they are selling them for like $3,500,” Hanna said. “Once they get that money in their pockets they go out and steal another one.”

For dealerships and their insurance companies, the cost is high. Even recovered vehicles can’t be sold for what they were once worth.

Schneider said his dealership came up with an “old school” solution: parking boots.

“It’s a deterrent that works amazingly,” he said. “We put boots on all the Hellcats.”

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‘Mark Zuckerberg is telling us he doesn’t think he has a core business’: Meta Analyst

Facebook parent company Meta Platforms (META) stock is getting cooked as the technology company spends money manufacturing virtual reality hardware, generating awareness, and finding friends for a future in the metaverse.

The advertising budgets of its customers are tightening as companies restructure costs amid macroeconomic challenges — which even leads an optimistic analyst to say the third quarter for Meta Platforms is ‘make or break’.

“I think the stock is back to questions around, really, core fundamentals,” AB Bernstein Senior Analyst Mark Shmulik told Yahoo Finance. “Folks can understand that that’s [the metaverse] like a more long-term initiative. I imagine investors would love it if they were spending a lot less on it.”

Advertisers tend to run digital marketing campaigns where the largest audience, targeting capabilities and conversion rates reside — for a decade, Meta subsidiaries Facebook and Instagram have been that venue. Corporate budgeting during macroeconomic uncertainty makes experiencing the value of ad spends through realized sales even more paramount.

“The macro environment continues to deteriorate. We think many ad-driven companies will miss their fourth-quarter earnings,” Needham Senior Analyst Laura Martin told Yahoo Finance “And in Meta’s case, not only is just the macro environment deteriorating, but they’re losing a lot of user time to TikTok. And that continues to happen.”

According to research conducted by Piper Sandler, TikTok is the favorite social media app among teens and the margin has only widened for the Bytedance-owned company when compared to Facebook and Instagram.

“I think Mark Zuckerberg is telling us he doesn’t think he has a core business,” Martin said. “He is moving to Reels because it competes with TikTok. He is moving to the metaverse, and he’s changed the name of this company, which tells me he doesn’t think his core business that he built 15 years ago is actually a business anymore.”

Finding legs in the metaverse

Facebook spent $10 billion in 2021 in early efforts to build the metaverse and Mark Zuckerberg informed shareholders in 2022 that the company will continue spending heavily to create the metaverse and will bleed money for three to five years.

Meta Official Big Game Ad | Still Image

The big bet may have an outsized reliance on the ability of Meta to sell metaverse experiential hardware and a reason to be there.

“If you take a look at the motivations behind it, we’ve gone through these changes in the past from desktop to mobile,” Shmulik said “And so they [Meta] understand that at some point, there’s going to be another computing platform change. They don’t want to be stuck in the application layer.”

At Meta Connect, Facebook Founder & CEO Mark Zuckerberg introduced a $1,500 VR headset, with the prevailing plan that a suite of familiar workplace collaboration applications may jumpstart engagement in the metaverse.

Accenture, Zoom, and Microsoft also announced a metaverse partnership with Meta platforms. Microsoft offers a significant friend in virtual reality with the commitment to bring its productivity tools and gaming cloud technology to the experience.

“I think what he’s talking about in terms of changing the world of computing for consumers is really innovative and interesting and risky, but bringing on the CEO yesterday of both Microsoft and Accenture? Great — says he’s got some great enterprise partners,” Martin said. “And I don’t think consumers want to pay $1,500. I think that’s the exception. But I think Accenture can pay to buy thousands of $1,500 goggles.”

Brad Smith is an anchor at Yahoo Finance. Follow him on Twitter @thebradsmith.

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China’s Xi calls for military growth as party congress opens

BEIJING (AP) — Chinese leader Xi Jinping on Sunday called for faster military development and announced no change in policies that have strained relations with Washington and tightened the ruling Communist Party’s control over society and the economy.

China’s most influential figure in decades spoke as the party opened a congress that was closely watched by companies, governments and the public for signs of official direction. It comes amid a painful slump in the world’s second-largest economy and tension with Washington and Asian neighbors over trade, technology and security.

Party plans calls for creating a prosperous society by mid-century and restoring China to its historic role as a political, economic and cultural leader. Beijing has expanded its presence abroad including a multibillion-dollar Belt and Road Initiative to build ports and other infrastructure across Asia and Africa, but economists warn reversing market-style reform could hamper growth.

“The next five years will be crucial,” Xi said in a televised speech of one hour and 45 minutes to some 2,000 delegates in the cavernous Great Hall of the People. He repeatedly invoked his slogan of the “rejuvenation of the Chinese nation,” which includes reviving the party’s role as economic and social leader in a throwback to what Xi regards as a golden age after it took power in 1949.

The congress will install leaders for the next five years. Xi, 69, is expected to break with tradition and award himself a third five-year term as general secretary and promote allies who share his enthusiasm for party dominance.

The party’s military wing, the People’s Liberation Army, needs to “safeguard China’s dignity and core interests,” Xi said, referring to a list of territorial claims and other issues over which Beijing says it is ready to go to war.

China, with the world’s second-largest military budget after the United States, is trying to extend its reach by developing ballistic missiles, aircraft carriers and overseas outposts.

“We will work faster to modernize military theory, personnel and weapons,” Xi said. “We will enhance the military’s strategic capabilities.”

Xi cited his government’s severe “zero-COVID” strategy, which has shut down major cities and disrupted travel and business, as a success. He gave no indication of a possible change despite public frustration with its rising cost.

The congress will name a Standing Committee, the ruling inner circle of power. The lineup will indicate who is likely to succeed Premier Li Keqiang as the top economic official and take other posts when China’s ceremonial legislature meets next year.

Analysts are watching whether a slump that saw economic growth fall to below half of the official 5.5% annual target might force Xi to compromise and include supporters of market-style reform and entrepreneurs who generate wealth and jobs.

Xi gave no indication when he might step down.

During his decade in power, Xi’s government has pursued an increasingly assertive foreign policy while tightening control at home on information and dissent.

Beijing is feuding with Japan, India and Southeast Asian governments over conflicting claims to the South China and East China Seas and a section of the Himalayas. The United States, Japan, Australia and India have formed a strategic group dubbed the Quad in response.

The party has increased the dominance of state-owned industry and poured money into strategic initiatives aimed at nurturing Chinese creators of renewable energy, electric car, computer chip, aerospace and other technologies.

Its tactics have prompted complaints that Beijing improperly protects and subsidizes its fledgling creators and led then-President Donald Trump to hike tariffs on Chinese imports in 2019, setting off a trade war that jolted the global economy. Trump’s successor, Joe Biden, has kept those penalties in place and this month increased restrictions on Chinese access to U.S. chip technology.

The party has tightened control over private sector leaders including e-commerce giant Alibaba Group by launching anti-monopoly, data security and other crackdowns. Under political pressure, they are diverting billions of dollars into chip development and other party initiatives. Their share prices on foreign exchanges have plunged due to uncertainty about their future.

The party has stepped up censorship of media and the internet, increased public surveillance and tightened control over private life through its “social credit” initiative that tracks individuals and punishes infractions ranging from fraud to littering.

Last week, banners criticizing Xi and “zero COVID” were hung from an elevated roadway over a major Beijing thoroughfare in a rare protest. Photos of the event were deleted from social media, and the popular WeChat messaging app shut down accounts that forwarded them.

Xi said the party would build “self-reliance and strength” in technology by improving China’s education system and attracting foreign experts.

The president appeared to double down on technology self-reliance and “zero COVID” at a time when other countries are easing travel restrictions and rely on more free-flowing supply chains, said Willy Lam, a politics specialist at the Chinese University of Hong Kong.

Xi was joined on stage by party leaders including his predecessor as party leader, Hu Jintao, former Premier Wen Jiabao and Song Ping, a 105-year-old party veteran who sponsored Xi’s early career. There was no sign of 96-year-old former President Jiang Zemin, who was party leader until 2002.

The presence of previous leaders shows Xi faces no serious opposition, said Lam.

“Xi is making it very clear he intends to hold onto power for as long as his health allows him to,” he said.

Xi made no mention of Russia’s invasion of Ukraine, which Beijing refuses to criticize. He defended a crackdown on a pro-democracy movement in Hong Kong, saying the party helped the former British colony “enter a new stage in which it has restored order and is set to thrive.”

Xi’s government also faces criticism over mass detentions and other abuses against mostly Muslim ethnic groups and the jailing of government critics.

Amnesty International warned that extending Xi’s time in power will be a “disaster for human rights.” In addition to conditions within China, it pointed to Beijing’s efforts to “redefine the very meaning of human rights” at the United Nations.

Xi said Beijing refuses to renounce the possible use of force against Taiwan, the self-ruled island democracy the Communist Party claims as its territory. The two sides split in 1949 after a civil war.

Beijing has stepped up efforts to intimidate Taiwanese by flying fighter jets and bombers toward the island. That campaign intensified further after House Speaker Nancy Pelosi in August became the highest-ranked U.S. official to visit Taiwan in a quarter-century.

“We will continue to strive for peaceful reunification,” Xi said. “But we will never promise to renounce the use of force. And we reserve the option of taking all measures necessary.”

Taiwan’s government responded that its 23 million people had the right to determine their own future and would not accept Beijing’s demands. A government statement called on China to “abandon the imposition of a political framework and the use of military force and coercion.”

The Communist Party leadership agreed in the 1990s to limit the general secretary to two five-year terms in an effort to prevent a repeat of power struggles from earlier decades. That leader also becomes chairman of the commission that controls the military and holds the ceremonial title of national president.

Xi made his intentions clear in 2018 when he had a two-term limit on the presidency removed from China’s Constitution. Officials said that allowed Xi to stay if needed to carry out reforms.

The party is expected to amend its charter this week to raise Xi’s status as leader after adding his personal ideology, Xi Jinping Thought, at the previous congress in 2017.

The spokesperson for the congress, Sun Yeli, said Saturday the changes would “meet new requirements for advancing the party’s development” but gave no details.

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